TCREUR_Public/050217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 17, 2005, Vol. 6, No. 34

                            Headlines

A U S T R I A

BAUHOLDING STRABAG: Rating Outlook Changed to Stable


C Z E C H   R E P U B L I C

DISCOVERY TRAVEL: Plans to Appeal Bankruptcy


G E R M A N Y

BAUGESCHAFT JENS: Gives Creditors Until Next Week to File Claims
BERATUNG UND SANIERUNGS: Court Accepts Bankruptcy Application
DIGA DRESCHER: Calls First Creditors Meeting
HAUSEL FENSTERBAU: Darmstadt Court Appoints Administrator
HWB GESELLSCHAFT: Creditors Meeting March 18

RINOL AG: Misses 2004 Targets
WALTER BAU: More Groups Bid for Profitable Units
WALTER BAU: Bauholding Strabag Acquires Four Main Units


H U N G A R Y

PANNONPLAST RT: Books HUF1.8 Billion Full-year Loss


I T A L Y

ALITALIA SPA: Urges E.U. Commission to Wrap up Probe May
ALITALIA SPA: Hikes Fuel Surcharge
AVIO HOLDING: Rating Cut to 'B' on Parent's Proposed PIK Notes
PARMALAT SPA: Challenges U.S. Debtors' Treatment of Claims


K Y R G Y Z S T A N

ALMASH: Creditors Meeting Next Week
BLVZ: Offers 49% Stake for KGS42 Million
ORTOK-BEL: Gives Creditors Until April 11, 2005 to File Claims
SEBERMET: Sets Proofs of Claim Deadline
TORT-GUL: Under Bankruptcy Supervision
TUNGUCH: Public Auction of Assets Next Week


L U X E M B O U R G

MILLICOM INTERNATIONAL: Full-year Profit Down to US$68.2 Million


N E T H E R L A N D S

NEW SKIES: US$355 Million Secured Bank Loan Rated 'BB-'
UNITEDGLOBALCOM INC.: Achieves Record Customer Growth


N O R W A Y

PAN FISH: Reports NOK145.3 Mln 4th-quarter After-tax Loss


P O L A N D

BRE BANK: Restated Accounts Show PLN278 Million Loss
BRE BANK: Individual Rating Upgraded to 'D/E'
ELEKTRIM SA: ET/Telco Attacks PTC Stake Sale Plans


R U S S I A

BUILDING ENTERPRISE: Undergoes Bankruptcy Supervision Procedure
GAVRILOV-YAMSKIY DAIRY: Declared Insolvent
GREEN-WOOD: Creditors Have Until Next Week to File Claims
MEDVENSKAYA: Insolvency Manager to Temporarily Oversee Business
MERIDIAN: Deadline for Proofs of Claim Next Month

METROMEDIA INTERNATIONAL: Ends Merger Talks; Sells PeterStar
METROMEDIA INTERNATIONAL: Gets US$9.3 Mln Dividend from Magticom
NIZHNEVARTOVSKAYA: Tyumen Court Appoints Insolvency Manager
OBYACHEVSKIY DAIRY: Names A. Parollo Insolvency Manager
SAFIRT: Declared Insolvent

TAMBOV-TOP-PROM: To Hold Public Auction Next Week
VERKHOPADENGSKOYE: Applies for Bankruptcy Proceedings
YUKOS OIL: Wants to Hire Beck Redden Special Conflicts Counsel


U K R A I N E

GLORIUS: Court Appoints Temporary Insolvency Manager
KOLUMB: Insolvency Manager Takes over Operations
PTAHA: Court Grants Debt Moratorium Request
REMEKS: Under Bankruptcy Supervision
TREST SOUTHEAST: Court Orders Debt Moratorium


U N I T E D   K I N G D O M

ACE INVESTMENTS: Members Pass Special Winding-up Resolution
ALBANY CONSTRUCTION: Hires Purnells as Liquidator
ALBION REAL: Members Final Meeting Next Month
AMBERCREST LIMITED: Creditors to Choose Liquidator Next Week
A.P.S. SHEET: Hires Liquidator from Critchleys

ARDENCRAIG LIMITED: Creditors Opt for Liquidation
ARIGO LIMITED: First Creditors Meeting Next Week
ASHLING ENTERPRISES: Hires Administrator from Portland Business
A & T BEERS: Appoints MBI Equity Ltd. Liquidator
BPL DIRECT: Members Pass Extraordinary Resolution

BRITISH LINEN: Sets Deadline for Filing of Claims
CARTERTON ESTATES: Sets Final Meeting of Creditors March
CENTATEK LIMITED: Calls in Liquidator from Ideal Corporate
CHARTER GROUP: Liquidator's Final Report Out Next Month
COB CONSTRUCTION: Members Decide to Call in Liquidator

FAST LANE: Names Alexander Lawson & Co. Administrator
FIRST EUROPEAN: Calls in Administrator from Ian Holland
GLOBE TRUST: Sets Final Meeting March
HATTON COURT: In Administrative Receivership
MAINTENANCE SERVICES: Members Pass Winding-up Resolutions

MID ESSEX: Joint Administrators from Thompson Move in
MITSUBISHI CHEMICAL: Names PricewaterhouseCoopers Liquidator
MOSAADA CENTRE: Hires Begbies Traynor as Administrator
NETWORK RAIL: King's Cross Station Expansion Gets Green Light
O'DONNELL CONSULTANCY: Liquidator Takes over Helm

OR INDUSTRIAL: Hires Critchleys to Liquidate Company
PARKSIDE FLEXIBLE: Creditors Meeting Set Next Week
QXL RICARDO: Accepts Management Buyout Offer
RAMCO ENERGY: Amends Offshore Montenegro Deal
RICHARDS TEXTILES: Former Workers Risk Forfeiting Pensions

SHORTS BROTHERS: Axing Hundreds to Contain Slump
SILVERTECH INTERNATIONAL: Meeting of Creditors Set in Two Weeks
TEMBER DEVELOPMENTS: Hires Liquidator from Critchleys
TEMPLE UNDERWRITING: Hires Mazars to Liquidate Firm
TRB INTERNATIONAL: Names Butcher Woods Administrator


                            *********


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


BAUHOLDING STRABAG: Rating Outlook Changed to Stable
----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Austria-based engineering and construction company Bauholding
Strabag SE (BHS) to stable from positive following an
acquisition announcement.  At the same time, Standard & Poor's
affirmed its 'BB' long-term corporate credit and senior
unsecured debt ratings on BHS.

"The outlook revision follows an announcement that BHS has
agreed to acquire German construction company Dywidag Holding
GmbH, part of insolvent construction company Walter Bau AG,"
said Standard & Poor's credit analyst Tommy Trask.  "The
continued difficult market conditions in Germany, combined with
the risks and necessary restructuring associated with the
acquisition, reduce the likelihood of BHS reaching the financial
measures required for an upgrade in the near term."

The acquisition of Dywidag will allow BHS to grow in the
relatively stable road construction business and constitutes a
step toward consolidation of the very fragmented German
construction industry.  Nevertheless, it introduces integration
and financial risks such as potential losses due to contract
exposure not revealed in the due-diligence process, and
increases BHS' exposure to the difficult German construction
market.  The acquisition is also expected to add a moderate
amount to BHS' debt and pension provisions.

The ratings on BHS are constrained by the cyclical, competitive,
and capital-intensive nature of the construction industry, and
by BHS' large exposure to the weak German construction sector.
The ratings are supported by the company's leading market
position in road construction in Central and Eastern Europe, its
good geographical diversification, and integrated low-cost
operations.

"Standard & Poor's expects that the merger with Dywidag will be
successful and that unforeseen losses due to contract exposure
will be minimal," added Mr. Trask.

Additional major acquisitions could, however, put negative
pressure on the ratings.  Conversely, a turnaround in the German
construction market could have a positive impact on the ratings.
The ratio of funds from operations to gross debt is expected to
remain in line with the rating level at more than 20% (adjusted
for operating leases, unfunded postretirement obligations, 50%
of nontrade-related guarantees, and net of excess available
liquidity).

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          GROUP E-MAIL ADDRESS
          CorporateFinanceEurope@standardandpoors.com

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at


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


DISCOVERY TRAVEL: Plans to Appeal Bankruptcy
--------------------------------------------
Tour operator Discovery Travel has fallen into bankruptcy after
incurring more than CZK13 million in debt, Czech News Agency
says.

Bankruptcy assets administrator Michal Mares says about 30
claims have been filed against the company at the Prague
Municipal Court.  The company is appealing the bankruptcy.
Discovery operates flights from Zlin region to Prague and from
Prague to other European cities.

CONTACT:  DISCOVERY TRAVEL PRAHA
          Ostrovni 22
          110 01 Praha 1
          Phone: 224 933 443
          Fax: 224 933 434
          E-mail: ivanka.zidkova@discovery-travel.cz
          Web site: http://www.discovery-travel.cz


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


BAUGESCHAFT JENS: Gives Creditors Until Next Week to File Claims
----------------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Baugeschaft Jens Huhn & Torsten Radtke GbR on Jan. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 21, 2005
to register their claims with court-appointed provisional
administrator Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 10:00 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  BAUGESCHAFT JENS HUHN & TORSTEN RADTKE GBR
          Haus 42, Liebknechtstr. 35, 39108 Magdeburg
          Contact:
          Jens Huhn, Manager
          K.-Liebknecht-Str. 55 a, 39365 Sommersdorf OT
          Sommerschenburg

          Torsten Radtke, Insolvency Manager
          Tismarstr. 26, 39108 Magdeburg


BERATUNG UND SANIERUNGS: Court Accepts Bankruptcy Application
-------------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Beratung und Sanierungs GmbH on Jan. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 16, 2005 to
register their claims with court-appointed provisional
administrator Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 10:10 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  BERATUNG UND SANIERUNGS GMBH
          Magdeburg, Berliner Chaussee 66, 39114 Magdeburg
          Contact:
          Michael Wolfgang Feustel, Manager
          Hansapark 45, 39116 Magdeburg

          Heiko Rautmann, Insolvency Manager
          Editharing 31, 39108 Magdeburg
          Phone: 0391/5066030
          Fax: 0391/5066033


DIGA DRESCHER: Calls First Creditors Meeting
--------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against DIGA Drescher GmbH & Co. Bau + Sanierung KG on Jan. 14.
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 Rainer Bachert.

Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 9:00 a.m. at the district court
of Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstr.
14), 1. Stockwerk/Raum 232 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:  DIGA DRESCHER GMBH & CO. BAU + SANIERUNG KG
          Contact:
          Ilko Oujkanov, Manager
          Hebelstr. 5, 68161 Mannheim

          Rainer Bachert, Insolvency Manager
          Hauptstr. 161, 68259 Mannheim
          Phone: 0621/43288990


HAUSEL FENSTERBAU: Darmstadt Court Appoints Administrator
---------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Hausel Fensterbau GmbH on Jan. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 23, 2005 to register their
claims with court-appointed provisional administrator Marc
Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on March 30, 2005, 10:00 a.m. at the district court
of Zimmer 4, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  HAUSEL FENSTERBAU GMBH
          Im Wolfsgrund 24, 64739 Hochst/Odw
          Contact:
          Hans-Peter Hausel, Manager
          Im Wolfsgrund 26, 64739 Hochst/Odw

          Marc Schmidt-Thieme, Insolvency Manager
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


HWB GESELLSCHAFT: Creditors Meeting March 18
--------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against HWB Gesellschaft fur Technische Ersatzteile mbH on Jan.
26.  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 Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on March 18, 2005, 9:15 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
3. OG Altbau, A 341 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:  HWB GESELLSCHAFT FUR TECHNISCHE ERSATZTEILE MBH
          Frankenstr. 3, 40476 Dusseldorf
          Contact:
          Heinz Werner Begenat, Manager
          Wendersstr. 5, 40472 Dusseldorf

          Dr. Biner Bahr, Insolvency Manager
          Jagerhofstrasse 29, 40479 Dusseldorf


RINOL AG: Misses 2004 Targets
-----------------------------
Industrial flooring specialist Rinol AG has reportedly failed to
achieve its 2004 turnover and earnings forecasts, Borsen Zeitung
says.

Rinol, which has yet to publish its 2004 results, reportedly
booked EUR8.2 million in pre-tax losses in the first nine months
of 2004, up from EUR3.1 million.  The group is expected not to
include restructuring expenses and loan provisions in its 2004
report.  Rinol, which has been using its December credit line to
maintain liquidity, aims to break even by June.

CONTACT:  RINOL AG
          Benzstrasse 2
          71272 Renningen
          Phone: + 49 7159 164-0
          Fax: + 49 7159 5152
          E-mail: info@rinol.com
          Web site: http://www.rinol.com


WALTER BAU: More Groups Bid for Profitable Units
------------------------------------------------
Several other construction groups have joined the race to
acquire profitable parts of insolvent building group Walter Bau,
says Financial Times Deutschland.

The latest bidders are Hochtief, the country's largest
construction group; French firm Vinci, one of the world's
biggest contractors; and Austrian builder Alpine Mayreder.  They
will try to outbid local groups Bilfinger Berger and Ed. Zublin
and Austrian firm Strabag.

Walter Bau filed for insolvency on February 1 after failing to
get the nod of 27 creditor banks on its restructuring plan that
would have allowed it to open a EUR1.5 billion credit line.
Walter Bau's move triggered a string of insolvency filings by 30
subsidiaries, affecting half its 9,400 employees.

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

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at

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

          HOCHTIEF AG
          Opernplatz 2
          45128 Essen
          Phone: +49-201-824-0
          Fax: +49-201-824-2777
          Web site: http://www.hochtief.de

          BILFINGER BERGER AG
          Carl-Reiss-Platz 1-5
          68165 Mannheim
          Phone: +49-621-4590
          Fax: +49-621-459-2366
          Web site: http://www.bilfingerberger.de

          BAUUNTERNEHMUNG E. HEITKAMP GMBH
          D-44652 Herne
          Langekampstrasse 36
          D-44647 Herne
          Postfach 20 03 65
          Phone: +49 (0) 23 25/57-00
          Fax: +49 (0) 23 25/57-37 55
          E-mail: kommunikation@hdh-online.com
          Web site: http://www.heitkamp.de

          VINCI
          1 cours Ferdinand-de-Lesseps
          92851 Rueil-Malmaison Cedex
          France
          Phone: +33-1-47-16-35-00
          Fax: +33-1-47-51-91-02
          Web site: http://www.groupe-vinci.com

          ALPINE MAYREDER BAU GMBH
          Alte Bundesstrasse 10
          5071 Salzburg-Wals
          Austria
          Phone: 0662/8582-0
          Fax: 0662/8582-31
          Web site: http://www.alpine.at


WALTER BAU: Bauholding Strabag Acquires Four Main Units
-------------------------------------------------------
Austrian building giant Bauholding Strabag has acquired four
subsidiaries of insolvent construction group Walter Bau, the
Associated Press says.

Walter Bau revealed Strabag has taken over its Dywidag Holding
division composed of four operating businesses.  The businesses
include an Austria-based unit, an international construction
unit, a road-building arm and Walter Heilit Verkehrswegebau
GmbH.  Walter refused to disclose the sale price.

Walter Bau declared insolvency at the start of the month after
its creditor banks refused to approve its restructuring, denying
it access to a EUR1.5 billion credit line.

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

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at


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


PANNONPLAST RT: Books HUF1.8 Billion Full-year Loss
---------------------------------------------------
Loss-making plastic manufacturer Pannonplast Rt. reported
another disappointing year, Budapest Business Journal says.
Although 2004 revenues amounted to HUF26.5 billion, the company
still booked losses of HUF1.8 billion.

Fourth quarter figures were no good as well.  Revenue in the
period dropped 14% from HUF7.5 billion to HUF6.5 billion.  The
HUF820 million loss for the period was the only consolation, as
this represented a 30% decline from last year.  Pannonplast axed
457 employees in 2004.

The company manufactures a wide range of plastic finished
products, including sewage and hot/cold water pressure pipes and
fittings, mid-voltage insulators, plastic technical components
and other products for industries and households.

CONTACT:  PANNONPLAST MUANYAGIPARI RT.
          Nagytetenyi ut 216-218
          1225 Budapest,
          Phone: +36 1 207 1936
          Fax: +36 1 207 1525
          Web site: http://www.pannonplast.hu


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


ALITALIA SPA: Urges E.U. Commission to Wrap up Probe May
--------------------------------------------------------
Alitalia expects the ongoing probe by the European Commission on
its restructuring plan to end in May, Reuters says.

The regulator launched an in-depth investigation on Alitalia's
restructuring plan on January 19, after expressing
dissatisfaction with documents submitted by the government.  The
European Commission wants to make sure the plan does not contain
illegal state aid.

Transport Commissioner Jacques Barrot had earlier indicated the
probe might last 18 months.  Alitalia hopes the probe will be
concluded in time for a planned EUR1.2 billion capital increase
in April or May.

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


ALITALIA SPA: Hikes Fuel Surcharge
----------------------------------
Passengers of troubled Alitalia have to bear a ticket price hike
after the national carrier raised its fuel surcharge to 10%, La
Stampa says.

According to Alitalia, the hike was needed to cope with rising
fuel costs.  The percentage of hike, however, will depend on the
destination.  Meanwhile, Alitalia chief executive Giancarlo
Cimoli reportedly cancelled a Friday meeting with unions.  Mr.
Cimoli is proposing a 40% decrease in union privileges, which
would help the carrier cut operating costs.

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


AVIO HOLDING: Rating Cut to 'B' on Parent's Proposed PIK Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Italy-based aerospace group Avio
Holding S.p.A. to 'B' from 'B+' following Avio's announcement
that its ultimate parent company, Aero Invest 1 S.A., is
considering issuing EUR350 million ($454.5 million) of
subordinated floating-rate pay-in-kind (PIK) notes due 2015.
The outlook is stable.

At the same time, Standard & Poor's lowered to 'CCC+' from 'B-'
its subordinated debt rating on Avio's EUR200 million notes due
2013, issued by wholly owned subsidiary ASPropulsion Capital
B.V.

In addition, Standard & Poor's assigned its 'B' long-term
corporate credit rating to Aero Invest 1 S.A. and its 'CCC+'
long-term debt rating to Aero Invest 1's above-mentioned
proposed EUR350 million subordinated floating-rate PIK notes.
The rating on the notes is subject to final documentation.  Avio
and Aero Invest 1 have the same corporate credit rating as they
are both holding companies and considered to be the same
economic entity.

The money raised through the PIK notes will be used to
repurchase a EUR162 million vendor loan from Italian automotive
group Fiat and to make shareholder distributions.

"Such application of funds indicates a more aggressive financial
policy than anticipated," said Standard & Poor's credit analyst
Barbara Castellano.

"Moreover, although we do not expect the proposed PIK notes to
affect Avio's cash flow generation, they still represent
additional debt that might need to be refinanced in the future,
and therefore add to Avio's overall debt burden."

Standard & Poor's expects the civil-engines business to improve
from its current levels.  Avio's profitability is, however,
likely to be pressured by a sustained period of dollar weakness.

"We expect the company to use its free cash flow to reduce
leverage to a ratio of total debt to EBITDA of less than 6x,
which is more consistent with the rating," added Ms. Castellano.

"In addition, we assume that the proposed PIK notes will not
have a cash impact."

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

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


PARMALAT SPA: Challenges U.S. Debtors' Treatment of Claims
----------------------------------------------------------
Parmalat S.p.A. and its affiliates Parmalat Netherlands B.V.;
Parmalat Finance Corporation B.V.; Curcastle, Archway Cookies
L.L.C.; and Fratelli Strini Costruz Meccaniche S.r.l. timely
filed proofs of claim against the U.S. Debtors asserting both
liquidated and unliquidated claims.  The Parmalat S.p.A.
Creditors assert nearly $475,000,000 in aggregate liquidated
claims.

In an apparent attempt to disenfranchise the Parmalat S.p.A.
Creditors, Joseph D. Pizzuro, Esq., at Curtis, Mallet-Prevost,
Colt & Mosle, LLP in New York, relates that the U.S. Debtors
issued ballots which value those liquidated claims at
approximately $54.00 for voting purposes in connection with the
U.S. Debtors' Plans.  Despite the fact that they never objected
to a single claim filed by the Parmalat S.p.A. Creditors, the
U.S. Debtors also issued the Parmalat S.p.A. Creditors a series
of ballots valued at $1.00 each.

Mr. Pizzuro contends that the arbitrary devaluation of the
Parmalat S.p.A. Creditors' claims has no support in the
Bankruptcy Code, the Bankruptcy Rules or the Bankruptcy Court'
order approving the U.S. Debtors' Disclosure Statement.  The
arbitrary assignment of a $1.00 value to the Parmalat S.p.A.
Creditors' ballots also gravely understates the actual voting
power to which the creditors are lawfully entitled.

Accordingly, the Parmalat S.p.A. Creditors ask the U.S.
Bankruptcy Court for the Southern District of New York to
correct their ballots and temporarily allow each of the
Liquidated Claims for voting purposes only:

   (a) $149,093,855.62 in Parmalat S.p.A.'s favor against
       Farmland;

   (b) $164,653,147.34 in Parmalat S.p.A.'s favor against
       Parmalat U.S.A.;

   (c) $15,640.30 in Fratelli's favor against Farmland;

   (d) $607,005.43 in Archway's favor against Farmland; and

   (e) $160,237,925.36 in the Parmalat S.p.A. Creditors' favor
       against the U.S. Debtors.

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.
          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


===================
K Y R G Y Z S T A N
===================


ALMASH: Creditors Meeting Next Week
-----------------------------------
The temporary insolvency manager of LLC ALMASH will hold a
creditors meeting on February 21, 2005, 11:00 a.m. at Bishkek,
Micro-district Kok-Jar House 18, App. 67.

Agenda:

(a) Final report of the temporary insolvency manager; and

(b) Others

For more information, call (0-312) 43-19-86.


BLVZ: Offers 49% Stake for KGS42 Million
----------------------------------------
The bidding organizer and the temporary insolvency manager of
JSC BLVZ will sell the 49% stake of LLC SLVZB on February 28,
2005, 11:00 a.m. at Kyrgyzstan, Bishkek, Sovetskaya Str. 220.
Starting price is KGS42,292,895.54.

Auction conditions:

(a) Bidder with highest offered price wins;

(b) Business plan to develop and modernize the plant; and

(c) Retention of product lines.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of BLVZ.  Bids must be
submitted on or before February 27, 2005, 5:00 p.m. at Bishkek,
Sovetskaya Str. 220.  For more information, call (0-312) 62-51-
94 or 62-39-69.


ORTOK-BEL: Gives Creditors Until April 11, 2005 to File Claims
--------------------------------------------------------------
Ortok-Bel, which recently became insolvent, will accept all
proofs of claim until April 11, 2005 at Osh, Lenina Str. 330.
For more information, call (0-502) 22-51-62.


SEBERMET: Sets Proofs of Claim Deadline
---------------------------------------
Sebermet, which recently became insolvent, will accept all
proofs of claim until April 11, 2005 at Talas, Otorbayeva Str.
East Industry Zone.  For more information, call (0-34-22) 4-25-
89 or 4-33-15.


TORT-GUL: Under Bankruptcy Supervision
--------------------------------------
The Department on Bankruptcy Issues under the State Committee of
Property of the Kyrgyz Republic appointed Tair Atahanov (License
Number 0352) temporary insolvency manager on January 6, 2005.
Creditors will meet on February 11, 2005.  Proxies must have
authorization to vote.

CONTACT:  Mr. Tair Atahanov
          Temporary Insolvency Manager
          Phone: (0-312) 42-82-19


TUNGUCH: Public Auction of Assets Next Week
-------------------------------------------
The Suluktu Court of the Batken region will sell the properties
of JSC Tunguch on February 21, 2005, 10:00 at Suluktu,
Bokonbayev.

For sale are:

(a) Two-storey administrative building,

(b) Unfinished building,

(c) Electric motors,

(d) Cranes,

(e) Bunkers,

(f) Safes,

(g) Weighing machine, and

(h) Other technical equipment

To participate, bidders must deposit an amount equivalent to 10%
of the starting price M. Myrzamamytov, Officer of the Court.

CONTACT:  SULUKTU CITY COURT
          Phone: (0-36-53) 2-33-72
                 (0-36-53) 2-33-66


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


MILLICOM INTERNATIONAL: Full-year Profit Down to US$68.2 Million
----------------------------------------------------------------
Highlights of results for the quarter and year ended Dec. 31,
2004:

(a) Record quarterly total subscriber increase for Q4 04 of
    859,968(i);

(b) 27% increase in revenues for Q4 04 to US$255.7 million (Q4
    03: US$201.1 million)*;

(c) 33% increase in EBITDA for Q4 04 to US$123.8 million (Q4 03:
    US$92.8 million)*;

(d) Profit for Q4 04 of US$25.9 million (Q4 03: loss of US$10.2
    million);

(e) Earnings per common share for Q4 04 of US$0.28 (Q4 03: loss
    of US$0.16);

(f) 44% increase in revenues for the year to Dec 2004 to
    US$919.3 million (2003: US$638.6 million)*;

(g) 43% increase in EBITDA for the year to Dec 2004 to US$455.3
    million (2003: US$317.8 million)*;

(h) Profit for the year to Dec 2004 of US$68.2 million (2003:
    US$178.8 million); and

(i) Earnings per common share for the year to Dec 2004 of
    US$0.82 (2003: US$2.74).

Millicom International Cellular S.A., (MICC) (Stockholmsborsen
and Luxembourg Stock Exchange: MIC), the global
telecommunications investor, announces results for the quarter
and year ended December 31, 2004.

Financial summary for the years ended December 31, 2004 and
2003*

                     Dec 31            Dec 31             Change
                      2004              2003
                   (unaudited)
Worldwide
subscribers
(unaudited) (i)
-  proportional    5,332,259       4,025,577                32%
cellular (ii)
-  total cellular  7,713,201       5,690,542                36%

US$ `000
Revenues            919,253          638,649                44%

Operating profit    455,263          317,816                43%
before interest,
taxes,
depreciation and
amortization, EBITDA(iii)

EBITDA margin        49.5%            49.8%                  -

Profit for the      68,241          178,823                  -
year

Basic earnings        0.82             2.74                  -
per common share
(US$)

Diluted earnings      0.77             2.26                  -
per common share
(US$)

Weighted average    83,335            65,312                 -
number of shares
(thousands)

Weighted average
number of shares    90,312            80,500                  -
and potential
dilutive shares
(thousands)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(i) Subscriber figures represent the worldwide total number of
subscribers of cellular systems in which Millicom has an
ownership interest.

Subscriber figures exclude divested operations.

(ii) Proportional subscribers are calculated as the sum of
Millicom's percentage ownership of subscribers in each
operation.

(iii) EBITDA; operating profit before interest, taxation,
depreciation and amortization, is derived by deducting cost of
sales, sales and marketing costs, and general and administrative
expenses from revenues.

* Due to local issues in El Salvador, Millicom discontinued
consolidating its operation in El Salvador on a proportional
basis from May 2001 to September 15, 2003.  Figures for 2003
exclude divested operations for financial results down to and
including EBITDA and include El Salvador from September 15 to
December 31, 2003 only.

Figures for 2004 include El Salvador and exclude divested
operations for financial results, down to and including EBITDA.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Marc Beuls, Millicom's President and Chief Executive Officer
stated: "Millicom had a strong year with increasing growth in
subscribers quarter on quarter and total growth in revenues for
the year of 44%.  Today Millicom has reached a total of 8
million subscribers across its operations.  This excellent
momentum has been created by a combination of additional
investment in GSM and price elasticity in our main markets.  In
2004 Millicom rolled out GSM across Central and South America
and we have rebranded our GSM offering under the Tigo brand.
Tigo has enabled Millicom to attract higher spending customers,
particularly in Central America, which is our largest region in
terms of revenues.  In November we launched a GSM network in
Pakistan leading to rapid growth, so that by the year end we had
more than one million customers in this market and Paktel has
added in excess of 275,000 new GSM customers to date.  The other
key driver to growth in 2004 has been the price elasticity we
experienced following tariff reductions for customers,
particularly in Vietnam, which have driven minutes of use for
our existing customers, as well as enabling us to penetrate
these markets more rapidly as cellular services become more
affordable.

"This strong growth was achieved whilst operating at an annual
EBITDA margin of just below 50%.  The margin in the fourth
quarter of 48% was impacted by the launch of the GSM service by
Paktel in Pakistan.  It will take Paktel more than two years to
reach the margins it was experiencing prior to the launch of
GSM.  This will erode Millicom's overall margin somewhat over
that period of time.

"In December 2004 and January 2005 Millicom successfully raised
and settled some $400 million, split evenly between equity and
convertible debt, and the proceeds of this will be used
primarily for funding our businesses in Vietnam and Pakistan.
Negotiations for an extension of our co-operation with VMS in
Vietnam are ongoing and a decision on the future of the co-
operation is expected in the second quarter.  In Pakistan,
Millicom extended Paktel's license and is waiting to be offered
formal terms by the regulator to extend Pakcom's license."

                            *   *   *

In November, Standard & Poor's Ratings Services assigned its 'B-
' senior unsecured debt rating to the proposed US$175 million to
US$200 million convertible bond offering by Millicom.  At the
same time Standard & Poor's affirmed its 'B+' long-term
corporate credit rating and remaining 'B-' senior unsecured debt
ratings on Millicom.  The outlook remains negative.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          Marc Beuls
          President and Chief Executive Officer
          Phone:  +352 27 759 327
          Web site: http://www.millicom.com

          ANDREW BEST
          Investor Relations
          Phone:  +44 20 7321 5022


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


NEW SKIES: US$355 Million Secured Bank Loan Rated 'BB-'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating to the proposed US$230 million replacement term loan B
and US$125 million revolving credit facility of satellite
operator New Skies Satellites B.V.  A recovery rating of '1'
also was assigned to the loan, indicating a high expectation for
full recovery of principal in the event of a payment default or
bankruptcy.

Outstanding ratings on New Skies, including the 'B+' corporate
credit rating, were affirmed.  The outlook is stable.  The 'B+'
rating on the existing credit facility will be withdrawn once
the new facility closes.

New Skies is obtaining the replacement term loan as part of a
proposed credit facility amendment that will allow ongoing
dividends following a proposed IPO and reduce excess cash sweep
requirements.  The new term loan will replace the existing term
loan B, which had an outstanding balance of US$460 million as of
Dec. 31, 2004.  The company is also expanding its undrawn
revolving loan to US$125 million from US$75 million.  New Skies
plans to repay US$230 million of the existing loan with proceeds
from a US$168 million cash refund from Boeing Co. for the
company's NSS-8 satellite, which is under construction, and a
proposed US$300 million IPO of common stock.  Proceeds will also
be used to pay US$216.5 million in special dividends and US$7.0
million in fees to New Skies' owner, The Blackstone Group, as
well as US$22.5 million in financing spreads and expenses.

"Following the IPO, ratings on New Skies will reflect the
company's shareholder-oriented financial policy, industry
overcapacity and pricing weakness, relatively small company size
with limited cushion to absorb potential operating softness,
lower EBITDA margins than peers', and customer concentration,"
said Standard & Poor's credit analyst Eric Geil.  "These factors
are tempered by the good margin potential of the fixed satellite
business, barriers to entry due to orbital slot scarcity and
high satellite launch costs, few cost-effective technological
substitutes in point-to-multipoint applications, and a measure
of revenue predictability from multiyear contracts."

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found at
http://www.standardandpoors.com.

CONTACT:  NEW SKIES SATELLITES
          Rooseveltplantsoen 4
          2517 KR The Hague
          The Netherlands
          Phone: +31 70 306 4100
          Fax: +31 70 306 4101
          Web site: http://www.newskies.com


UNITEDGLOBALCOM INC.: Achieves Record Customer Growth
-----------------------------------------------------
UnitedGlobalCom, Inc. (UGC) (UCOMA) announced subscriber
operating results for the fourth quarter and fiscal year end
2004.

(a) Excluding the impact of acquisitions, UGC added 254,200 net
    new Revenue Generating Units (RGUs) during the fourth
    quarter, up 72% from the same period last year on an organic
    basis; and

(b) Together with the 298,600 RGU additions during the first
    nine months of 2004 (which also excludes acquisitions), UGC
    added a total of 552,800 RGUs for the full year 2004, an
    increase of 75% over 2003 results on an organic basis.

Total RGUs at December 31, 2004 were 11.64 million, compared to
9.14 million at the end of 2003, and include the organic growth
above as well as the results of Noos, acquired in July 2004, and
three additional acquisitions that closed in the fourth quarter.
Together, these acquired operations added 1.95 million RGUs to
the December 31, 2004 total.

A detailed table of subscriber statistics at December 31, 2004
will be included in our upcoming press release regarding UGC's
fourth quarter and full year 2004 financial results.

Mike Fries, President and Chief Executive Officer of UGC, said:
"We had a very strong fourth quarter and have comfortably
exceeded our public guidance target for full year subscriber
growth.  Several factors contributed to this performance,
including continued high demand for our broadband Internet
access products, stronger than expected sales of our digital
video offerings in France, and the early success of our new
Voice over IP (VoIP) services in The Netherlands and Hungary."

"In addition, the strong momentum that we generated in the
fourth quarter of last year has carried over into early 2005.
We expect that continued new product launches, in particular the
expansion of VoIP services across Europe, should help deliver
meaningfully higher subscriber growth this year compared to
2004."

About UnitedGlobalCom

UGC is a leading international provider of video, voice, and
broadband Internet services with operations in 16 countries,
including 13 countries in Europe.  Based on the Company's
operating statistics at December 31, 2004, UGC's networks
reached approximately 16.0 million homes passed and served over
11.6 million RGUs, including approximately 9.4 million video
subscribers, 1.4 million broadband Internet subscribers, and
803,500 telephone subscribers.

                            *   *   *

In January, Standard & Poor's Ratings Services placed its
ratings on UnitedGlobalCom, Inc., including the 'B' corporate
credit rating, and related entities on CreditWatch with positive
implications.  This action follows the announced merger
agreement between UGC and its approximate 53% economic owner
Liberty Media International, Inc. -- LMI.

CONTACT:  UNITEDGLOBALCOM INC.
          Web site: http://www.unitedglobal.com
          Richard S.L. Abbott, Investor Relations -- UGC
          Phone: +44 20 7 838 2004
          E-mail: ir@unitedglobal.com

          Claire Appleby, Investor Relations -- UGC Europe
          Phone: (303) 220-6682
          E-mail: ir@ugceurope.com

          Bert Holtkamp, Corporate Communications -- UGC Europe
          Phone: + 31 (0) 20 778 9447
          E-mail: communications@ugceurope.com


===========
N O R W A Y
===========


PAN FISH: Reports NOK145.3 Mln 4th-quarter After-tax Loss
---------------------------------------------------------
During 2004 Pan Fish (OSE:PAN has focused on reducing its
production costs, which are now falling steadily.  Pan Fish
improved its operating results before depreciation (EBITDA) in
2004 by more than NOK450 million compared with the year before.
The board of directors has started an initiative to secure the
funding needed to give the company adequate financial solidity
and freedom of action.

Major Improvement in Operating Result in 2004

Pan Fish made an operating profit before depreciation (EBITDA)
of NOK171.3 million in 2004, compared with a loss of NOK277.8
million in 2003.  In the fourth quarter 2004 the company made an
operating profit before depreciation of NOK6.6 million compared
with a profit of NOK19.0 million in the corresponding period of
2003.

Capital Increase

2003 and 2004 saw a major restructuring process within the
company, which is now focused on the goal of becoming the most
cost-effective supplier of quality salmon.  To be able to attain
this goal, it is critical to bring production back up to the
level at which it was when reconstruction started, a level which
is also commensurate with the value of the company's existing
infrastructure and which will also further reduce the cost per
kilo of salmon produced to the established goal.  After
consultation with the banks and major shareholders, the board of
directors has initiated a refinancing of the company, and feels
that a capital increase may realistically be undertaken during
2005.

"With a slimmed down organization that is optimized for the
production of high quality salmon, Pan Fish is well positioned
for sustainable growth at the start of 2005.  Price increases
and good sales volumes in December and into the first quarter of
2005 give grounds for optimism.  Clarification of the E.U.'s new
Safeguard regulations will also create a more predictable market
and will probably force Chilean producers to rein in their
growth," says Pan Fish CEO Atle Eide.

"Salmon from established salmon producing countries should be
given preference over the Chilean salmon, because our production
is subject to very strict regulations with regards to fish
health and medication," he said.  Mr. Eide adds that Norway also
has a considerable competitive advantage in that Norwegian
producers are able to supply fresh salmon to the important E.U.
market 365 days per year.

(NOK million)                   Q4-04  Q4-03    2004    2003
Gross operating revenues        550.0  808.6  2336.4  3 013.7
EBITDA                            6.6   19.0   171.3   -277.8
EBIT                           -106.6 -210.3   -78.2 -1 360.0
Loss before tax                -142.2 -316.7  -232.3  -1824.3
Loss after tax                 -145.3 -402.4  -235.3  -2258.5


Operations and Outlook

Fish farming: The company's fish farming business generated
operating revenues of NOK363.9 million in the fourth quarter,
compared with NOK675.7 million in the corresponding period the
year before.  Operating revenues for 2004 as a whole totaled
NOK1,920.8 million, compared with NOK2,755.6 million in 2003.
15,778 tons round weight of fish were harvested in the fourth
quarter 2004, compared with 21,392 tons round weight in the
fourth quarter 2003.  In 2004 as a whole 66,379 tons round
weight of fish was harvested, compared 93,589 tons in 2003.

Revenues were lower as a result of the reduction in harvesting
volumes and because Pan Fish no longer resells third-party fish.
However, the company has achieved a further reduction in
production costs per kilo since the pervious quarter.  When the
production volume is brought back up to a level that exploits
existing production capacity, the cost per kilo will fall still
further.  Pan Fish will ensure that any increase in production
volumes will always be at a rate that is deemed prudent with
regard to good fish health and biological safety on the one hand
and the need to maintain a healthy market balance on the other.

VAP: The company's value added products (VAP) business, which
comprises Pan Fish France and Vestlax Hirtshals, achieved
operating revenues totaling NOK208.3 million in the fourth 2004,
compared with NOK369.3 million in the same period the year
before.  Gross operating revenues for 2004 as a whole amounted
to NOK641.9 million, compared with NOK1,023.7 million in 2003.
The fall in revenues is primarily due to the fact that Norsk
Sjomat is not included in the 2004 figures and that Vestlax
Hirtshals did not produce satisfactory results in 2004.

Pan Fish France and Vestlax Hirtshals are both among the largest
processing units for salmon products in Europe.  The major
restructuring process undertaken in 2004 has made both these
businesses more robust and cost-effective, and Pan Fish expects
additional cost reductions to be achieved through further
streamlining and the coordination of their sales activities.

Outlook

The price of Atlantic salmon in the E.U. market has been rising
steadily since December and on into 2005, and sales volumes have
been good.  On 5 February 2005 the E.U.'s Safeguard regulations
came into effect.  The regulations, which set quotas and minimum
prices for salmon being imported into the E.U. from external
producers, are intended to prevent the uncontrolled import and
dumping of salmon.  Increased Chilean production and the above-
mentioned new restrictions on access to European markets will
probably lead to a squeeze on prices in the American market,
which has been showing signs of saturation.

"Pan Fish is continuing to work towards the realization of its
vision to supply the global market with quality salmon at the
lowest production costs in the industry.  We have accepted the
challenge of implementing an extensive restructuring process in
a difficult market and are now reaping the benefits in the form
of much more efficient salmon production.  Given that the
company is secured satisfactory long-term financing, Pan Fish is
well positioned for sustainable growth and is optimistic about
its ability to restore the company to its position as one of the
world's leading producers of Atlantic salmon," says Pan Fish CEO
Atle Eide.

A full copy of the financial report is available free of charge
at: http://bankrupt.com/misc/PanFish_4Q2004.pdf

CONTACT:  PAN FISH
          Atle Eide, CEO
          Phone: +47 911 52 977


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


BRE BANK: Restated Accounts Show PLN278 Million Loss
----------------------------------------------------
BRE Bank has surprised investors and analysts with a greater
than expected loss due to adjustments in the value of its
assets, Warsaw Business Journal reports.  It overestimated
assets by PLN400 million.  Upon adjustment, its result was found
to be a loss of PLN278 million instead of a gross profit of
PLN116 million.

According to the report, the restatement is related to
management changes that took place at the firm last autumn.
BRE's long-time president Wojciech Kostrzewa was replaced by
Slawomir Lachowski after the former transferred to media holding
ITI as its CEO.  Mr. Lachowski reviewed the bank's finances and
launched radical changes.

Mr. Lachowski explained: "The corrections didn't have a
significant influence on the fact that operating results have
improved a lot."  According to him, the one-time corrections
saved its strategic business extra costs.

Krzysztof Kokot, vice-president responsible for corporate
clients, admitted management had overestimated expectations.  He
resigned immediately after the publication of 2004.  BRE posted
its largest ever quarterly loss of PLN385.9 million for the
fourth quarter.

BRE's operating revenues from corporate banking, its core
business, was down PLN30 million from 2003 figures.  Despite the
loss, the bank maintained its solvency ratio at 9.99%, which is
well above the safe level of 8%.  It expects a 12% return on
equity in 2005 and a gross profit of PLN250 million.

CONTACT:  BRE BANK
          ul. Senatorska 18
          00-950 Warszawa, skr. poczt. 728
          Phone: (0 22) 829 00 00
          Fax: (0 22) 829 00 33
          Web site: http://www.brebank.com


BRE BANK: Individual Rating Upgraded to 'D/E'
---------------------------------------------
Fitch Ratings upgraded the Individual rating of BRE Bank to
'D/E' from 'E' following the improvement in its capitalization
as a result of support received from its majority shareholder,
Commerzbank (rated 'A-') Positive Outlook)

At the same time Fitch has affirmed the Long-term, Short-term
and Support ratings of BRE at 'BBB+', 'F2' and '2' respectively,
based on the potential support from Commerzbank.  The Outlook on
BRE's Long-term rating is Positive.

BRE announced earlier this week a net loss for 2004 of PLN278.4
million, caused by write-downs of PLN400.6 million, mainly
relating to its investment in the pension fund PTE Skarbiec-
Emerytura and other strategic investments to bring them in line
with market valuation.  At that date BRE's reported consolidated
total capital ratio was 9.99%.  Fitch notes that the bank's
capitalization has been augmented by the sale of its mortgage
subsidiary, BRE Bank Hipoteczny, to a fully owned Commerzbank
subsidiary, which has reduced the level of risk-weighted assets
that BRE holds.  In addition, BRE has issued a further EUR100m
of Tier 2 capital this month, which has been bought entirely by
a Commerzbank subsidiary.

Fitch welcomes the cleanup of the balance sheet by BRE, and
understands that this is a one-off event and should not be
repeated.  However, the agency still considers BRE's level of
capitalization to be weak, especially given the high proportion
of Tier 2 capital (approximately half of total capital).  Fitch
also has concerns regarding the high level of loan growth
planned by BRE. These concerns are reflected in the Individual
rating of 'D/E'.

BRE Bank is 72.16% owned by Commerzbank.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460

          Claudia Nelson, London
          Phone: +44 20 7417 4269

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080

          BRE BANK
          ul. Senatorska 18
          00-950 Warszawa, skr. poczt. 728
          Phone: (0 22) 829 00 00
          Fax: (0 22) 829 00 33
          Web site: http://www.brebank.com


ELEKTRIM SA: ET/Telco Attacks PTC Stake Sale Plans
--------------------------------------------------
Elektrim Telekomunikacja (ET/Telco) considers the offer for its
stake in Polska Telefonia Cyfrowa (PTC) by Germany's Deutsche
Telekom as too low, according to Agence France-Presse.

Last week, Deutsche Telekom said it would exercise a right to
buy the stake held by Elektrim S.A. -- ET/Telco's 49% owner --
in the mobile phone operator.  In November, an arbitration court
in Vienna ruled that the 1999 transfer of Elektrim of its stake
in PTC was illegal.  It gave Elektrim two months to withdraw
from El/Telco, failure of which will give Deutsche Telekom right
to buy the shares.

Deutsche Telekom, which already holds 49% of PTC, is offering
EUR250 million (US$324.2 million) for Elektrim's stake.  The
figure is equal to the adjusted market value of PTC shares when
it was founded by Elektrim and French group Vivendi Universal in
1999.  Vivendi holds another 49% of ET/Telco, the remaining
shares are held by Imer, a company controlled by Vivendi.

"Deutsche Telekom and Elektrim are trying to take over PTC at
below the market price," Michel Picot, chairman of ET/Telco's
supervisory board, told Warsaw press on Tuesday.

"The joint agenda of these two parties is to get shares in PTC
at a token price," he said, reminding that Vivendi paid the full
market price to acquire its shares.  Officials put ET/Telco's
current market value at around EUR2 billion.

A Warsaw court upheld the Vienna ruling early this month.
ET/Telco's legal service argues the Polish court had not seen
all the evidence.

Philippe Houdouin, president of ET/Telco's management board said
ET/Telco was not sure Deutsche Telekom's call option was valid.
He said their concern is that an investment of EUR1.8 billion
from Vivendi can be expropriated in an illegal way.  Vivendi
injected EUR1.2 billion into ET/Telco in 1999 to save Elektrim
from bankruptcy.  It added EUR600,000 in 2001 to solve
Elektrim's cash problems.

Mr. Houdouin said his company was willing to strike a
compromise, but not a re-transfer of PTC shares to Elektrim to
protect both ET/Telco as a company and its holding in PTC.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


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


BUILDING ENTERPRISE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on limited liability company
Building Enterprise #2 (TIN 0277052016).  The case is docketed
as A07-41398/04-G-ADM.  Mr. Z. Isanbekov has been appointed
temporary insolvency manager.

Creditors have until March 10, 2005 to submit their proofs of
claim to 150057, Russia, Bashkortostan republic, Ufa,
Oktyabrskoy Revolyutsii Str. 63a.  A hearing will take place on
March 10, 2005.

CONTACT:   BUILDING ENTERPRISE #2
           450112, Russia, Bashkortostan republic,
           Ufa, Gorkogo Str. 69a

           Mr. Z. Isanbekov
           Temporary Insolvency Manager
           150057, Russia, Bashkortostan republic, Ufa,
           Oktyabrskoy Revolyutsii Str. 63a


GAVRILOV-YAMSKIY DAIRY: Declared Insolvent
------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Gavrilov-Yamskiy Dairy (TIN 76160001029)
after finding the open joint stock company insolvent.  The case
is docketed as A82-4517/04-3-B/24.  Mr. V. Mayorov has been
appointed insolvency manager.  Creditors have until March 29,
2005 to submit their proofs of claim to 150051, Russia,
Yaroslavl, Post User Box 410.

CONTACT:  GAVRILOV-YAMSKIY DAIRY
          152240, Russia, Yaroslavl region,
          Gavrilov-Yam, Pobedy Str. 2-a

          Mr. V. Mayorov
          Insolvency Manager
          150051, Russia, Yaroslavl,
          Post User Box 410


GREEN-WOOD: Creditors Have Until Next Week to File Claims
---------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Green-Wood after finding the limited
liability company insolvent.  The case is docketed as A32-
43322/2004-2/249B.  Mr. V. Ryzhov has been appointed insolvency
manager.  Creditors have until Feb. 21, 2005 to submit their
proofs of claim to 350033, Russia, Krasnodar, Zheleznodorozhnaya
Str. 24, Apartment 31.

CONTACT:  GREEN-WOOD
          350001, Russia, Krasnodar region, Krasnodar,
          Novorossiyskaya Str. 43, Building 1

          Mr. V. Ryzhov
          Insolvency Manager
          350033, Russia, Krasnodar,
          Zheleznodorozhnaya Str. 24, Apartment 31


MEDVENSKAYA: Insolvency Manager to Temporarily Oversee Business
---------------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Medvenskaya Of Kursk Region after finding
the poultry farm insolvent.  The case is docketed as A35-
4501/04.  Mr. S. Bulgakov has been appointed insolvency manager.
Creditors have until March 21, 2005 to submit their proofs of
claim to Russia, Kursk, Radisheva Str. 58, Apartment 14.

CONTACT:  MEDVENSKAYA OF KURSK REGION
          Russia, Kursk region

          Mr. S. Bulgakov
          Insolvency Manager
          Russia, Kursk,
          Radisheva Str. 58, Apartment 14
          Phone/Fax: (0712) 581899


MERIDIAN: Deadline for Proofs of Claim Next Month
-------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Meridian after finding the limited liability
company insolvent.  The case is docketed as A70-9842/3-2004.
Mr. N. Dmitriev has been appointed insolvency manager.
Creditors have until March 21, 2005 to submit their proofs of
claim to 625000, Russia, Tyumen, D. Bednogo Str., 98/2, office
301.

CONTACT:  MERIDIAN
          625000, Russia, Tyumen region, Zavodoukovskiy region,
          Padun, Zavodskaya Str. 21

          Mr. N. Dmitriev
          Insolvency Manager
          625000, Russia, Tyumen,
          D. Bednogo Str. 98/2, Office 301


METROMEDIA INTERNATIONAL: Ends Merger Talks; Sells PeterStar
------------------------------------------------------------
Metromedia International Group, Inc. announces with respect to
the previously announced proposed merger of the Company that:

(a) The exclusivity period granted to the investor group
    comprised of Emergent Telecom Ventures S.A., First National
    Holding S.A. (FNH) and Baring Vostok Capital Partners
    (Cyprus) Limited for completion of its due diligence review
    of the Company and negotiation and execution of a definitive
    merger agreement expired on February 14, 2005 without the
    signing of such a transaction agreement between the Company
    and the Investor Group;

(b) The Company's Board of Directors has determined that the
    Investor Group's previously announced proposal to acquire
    the Company at an enterprise value of US$300 million no
    longer provides adequate consideration to the Company's
    stakeholders in light of better than expected 2004 operating
    results at Magticom Ltd., the Company's business venture in
    the country of Georgia operating a wireless communications
    network, and a favorable change in the currency exchange
    rate of Georgian Lari to U.S. Dollars;

(c) The Company has reached an agreement, subject to final
    documentation and approval by the Company's Board of
    Directors, with Emergent and FNH for a sale of the
    Company's entire interest in PeterStar, the leading
    competitive local exchange carrier in St. Petersburg,
    Russia, for a purchase price of US$212 million; and

(d) Although the Company is currently working to finalize the
    sale of PeterStar, it is continuing to explore all available
    strategic alternatives.

There can be no assurances that any transaction with Emergent
and FNH will take place nor can any assurance be given with
respect to the timing, terms or exact nature of any such
transaction.  Details of the terms of a final agreement, if any,
reached between the Company, on the one hand, and Emergent and
FNH, on the other hand, will be disclosed upon signing of a
definitive agreement.

About Metromedia International Group

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

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Web site: http://www.metromedia-group.com
          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


METROMEDIA INTERNATIONAL: Gets US$9.3 Mln Dividend from Magticom
----------------------------------------------------------------
Metromedia International Group, Inc. announces recent
developments concerning its investments and business operations
in the country of Georgia.

Magticom Ltd., the Company's Georgian mobile telephony business
venture, issued a dividend of US$27.0 million, net of 10%
Georgian dividend withholding taxes.  By virtue of its then
34.5% indirect interest in Magticom, the Company received
approximately US$9.3 million of this dividend.

The dividend principally reflects Magticom's performance in the
second-half of 2004.

Following the issuance of the dividend, the Company completed a
restructuring of its interest in Magticom on terms reflecting
those contained in the previously announced memorandum of
understanding, dated April 23, 2004, between the Company and Dr.
George Jokhtaberidze, the co-founder of Magticom.

As part of the restructuring, the Company purchased an
additional 8.3% interest in Magticom from Dr. Jokhtaberidze;
increasing the Company's ownership interest in Magticom to
42.8%.  The Company and Dr. Jokhtaberidze placed their
respective Magticom ownership interests into a holding vehicle
(ITC LLC) owned 50.1% by the Company and 49.9% by Dr.
Jokhtaberidze.  ITC LLC now owns, directly and indirectly, 85.5%
of Magticom; and the Company now has the largest effective
ownership interest in Magticom and is able to exert operational
control over Magticom.

A wholly owned subsidiary of the Company issued a promissory
note in the amount of US$23,085,896 to Dr. Jokhtaberidze in
payment of the additional 8.3% Magticom interest the Company
obtained.  This payment amount reflects Magticom's actual
performance for 2004, and differs from the amount set forth in
earlier Company filings which were based on 2003 Magticom
results.  As security for the promissory note, the Company has
assigned to Dr. Jokhtaberidze its right to receive a portion of
its future dividends from Magticom until the loan is paid in
full.

Following the aforementioned restructuring of Magticom
interests, ITC LLC paid US$15 million to the Georgian government
to cancel all of the Georgian government's rights under the
previously announced memorandum of understanding between the
Georgian government and a wholly-owned subsidiary of the Company
providing for such subsidiary to issue an assignable option to
purchase a 20% ownership interest in Magticom to the Georgian
government.  The $15 million payment was fully funded with cash
contributions to ITC LLC made by the Company and Dr.
Jokhtaberidze in proportion to their respective 50.1% and
49.9% ownership shares of ITC LLC.

Finally, a wholly-owned subsidiary of the Company paid US$5
million to purchase an additional 51% ownership interest in
Telecom Georgia, a Georgian long-distance transit operator, from
the Georgian government, bringing the Company's total ownership
interest in Telecom Georgia to 81%.

About Metromedia International Group

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

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


NIZHNEVARTOVSKAYA: Tyumen Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Nizhnevartovskaya after finding the drilling
company insolvent.  The case is docketed as A75-323B/2004-
1538/2005.  Mr. S. Trotsenko has been appointed insolvency
manager.  Creditors have until Feb. 21, 2005 to submit their
proofs of claim to 628605, Russia, Tyumen region,
Nizhnevartovsk, Druzhby Narodov Str. 6, Office 1.

CONTACT:  NIZHNEVARTOVSKAYA
          628606, Russia, Tyumen region, Nizhnevartovsk,
          Post User Box 218, Industrialnaya Str. 19

          Mr. S. Trotsenko
          Insolvency Manager
          628605, Russia, Tyumen region, Nizhnevartovsk,
          Druzhby Narodov Str. 6, Office 1


OBYACHEVSKIY DAIRY: Names A. Parollo Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Obyachevskiy Dairy after finding the
agricultural production company insolvent.  The case is docketed
as A29-3365/04-3B.  Mr. A. Parollo has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 167000, Russia,
Komi republic, Sykryvkar, Ordzhonikidze Str. 49A, Room 303a.  A
hearing will take place on Dec. 23, 2004, 3:00 p.m.

CONTACT:  OBYACHEVSKIY DAIRY
          Russia, Komi republic, Obyachevo

          Mr. A. Parollo
          Insolvency Manager
          167000, Russia, Komi republic, Sykryvkar,
          Ordzhonikidze Str. 49A, Room 303a


SAFIRT: Declared Insolvent
--------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Safirt after finding the limited liability
company insolvent.  The case is docketed as A63-144/04-S5.  Mr.
M. Baronov has been appointed insolvency manager.  Creditors
have to submit their proofs of claim to 355029, Russia,
Stavropol, Przhevalskogo Str. 5, Apartment 1.

CONTACT:  SAFIRT
          Russia, Stavropol region, Stavropol

          Mr. M. Baronov
          Insolvency Manager
          355029, Russia, Stavropol,
          Przhevalskogo Str. 5, Apartment 1
          Phone: (8652) 37-07-75


TAMBOV-TOP-PROM: To Hold Public Auction Next Week
-------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Tambov-Top-Prom will sell its property on Feb. 25, 2005.

The assets for sale are:

Lot 1: Construction buildings, equipment and vehicles.  Starting
       price: RUB4,559,508 inclusive of VAT;

Lot 2: 1006 units of MBP. Starting price: RUB158,068 (inclusive
       of VAT);

Lot 3: Building.  Starting price: RUB17,000 (inclusive of VAT).

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 4:00 p.m. until Feb. 22, 2005.  The list of
documentary requirements is available at 339200, Tambov,
Sovetskaya Str. 183B.  To participate, bidders must deposit an
amount equivalent to 10% of the starting price to the settlement
account 40702810861000104166 at OSB #8594 in Tambov,
correspondent account 30101810800000000649, BIC 046850649 on or
before Feb. 23, 2005.

CONTACT:  Mr. V. Iradionov
          Insolvency Manager/Bidding Organizer
          339200, Tambov, Sovetskaya Str. 183B
          Phone: (0752) 53-18-13


VERKHOPADENGSKOYE: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Verkhopadengskoye after finding the open
joint stock company insolvent.  The case is docketed as A05-
25294/04-6.  Mr. V. Kilchikov has been appointed insolvency
manager.  Creditors have until March 29, 2005 to submit their
proofs of claim to 163000, Russia, Arkhangelsk, Volodarskogo
Str. 36a.

CONTACT:  VERKHOPADENGSKOYE
          Russia, Arkhangelsk region, Shenkurskiy region,
          Obozerskiy, p/o Ivanovskoye, Vyatisnskaya

          Mr. V. Kilchikov
          Insolvency Manager
          163000, Russia, Arkhangelsk,
          Volodarskogo Str. 36a
          Phone: (8182) 20-90-97


YUKOS OIL: Wants to Hire Beck Redden Special Conflicts Counsel
--------------------------------------------------------------
According to Zack A. Clement, Esq., at Fulbright & Jaworski,
L.L.P. in Houston, Texas, prior to the Petition Date, Fulbright
& Jaworski ran a conflicts search concerning JPMorgan Chase
Bank, N.A., because it would be a defendant in an adversary
proceeding filed by Yukos Oil Company to enforce the automatic
stay against the Russian Government, the bidders for
Yuganskneftegas and the auction financiers.

In its Initial and First Bankruptcy Rule 2014 and Supplemental
Disclosures, Fulbright & Jaworski did not identify its
representations of Bank One Corporation as matters relating to
JPMorgan Bank or JPMorgan Chase & Co, the ultimate parent
company.  When Bank One and JPMorgan merged in November 2004,
the matters in which Fulbright & Jaworski represented Bank One
and its affiliates, including Bank One, N.A., had not been named
in its conflicts systems as JPMorgan or JPMorgan Bank matters.

When Fulbright & Jaworski learned about the connection between
Bank One and JPMorgan Bank on January 10, 2005, the firm
promptly filed a Second Supplemental Disclosure on January 12,
describing these matters.

On January 13, 2005, JPMorgan and three other financial
institutions represented by Bracewell & Patterson stipulated
with the Debtor that all discoveries against the Four Banks
would be stayed until at least February 22, 2005.  Under the
Stipulation, the Four Banks simply had to answer whether:

   (1) they participated in the Auction-related transactions
       concerning the Yuganskneftegas Stock or assets; and

   (2) they have any current communications related to a future
       transaction concerning Yuganskneftegas.

In connection with these negotiations, the Debtor was informed
that the entity which had been planning to make the loan to
Gazprom and that would be the party to the January 13
Stipulation was JPMorgan Bank.  Bracewell & Patterson placed
JPMorgan Bank on the caption of the Stipulation.

On January 14, 2005, JPMorgan and JPMorgan Bank demanded
Fulbright & Jaworski to withdraw from representing the Debtor
adverse to JPMorgan entities in the Automatic Stay Adversary
Proceeding.  The JPMorgan Entities stated they are represented
by Fulbright & Jaworski in the litigation between JPMorgan and
Mirant Mid-Atlantic, LLC.  In fact, Fulbright & Jaworski is
representing SEMA OP4 LLC, SEMA OP5 LLC, SEMA OP6, Morgantown
OL3, LLC, Morgantown OL4 LLC, Dickerson OL2 LLC, and Dickerson
OL3 LLC -- limited liability corporations affiliated with First
Chicago, which in turn, is wholly owned by JPMorgan Capital
Corporation, whose ultimate parent is JPMorgan.

As a result of the conflict of interest, the Debtor seeks the
Court's authority to employ Beck Redden & Secrest as its Special
Conflicts Counsel to handle all aspects of the Automatic Stay
Adversary Proceeding concerning JPMorgan Bank, JPMorgan or any
of its affiliates.

As Special Conflicts Counsel, Beck Redden will handle other
matters where Fulbright & Jaworski might have a direct conflict
and other litigation matters as the Debtor might request.

As various parties, some as yet unknown, participate in future
transactions concerning the Yuganskneftegas Stock and assets,
Mr. Clement relates that the Debtor intends to sue them for
their knowing facilitation of the Russian Government's illegal
expropriation.

However, it is impossible to know in advance which companies in
the energy industry or the finance industry will participate in
these Future Transactions.  Fulbright & Jaworski has a
substantial number of clients in these industries.  If it
becomes appropriate to add additional parties to the Automatic
Stay Adversary with which Fulbright & Jaworski has a conflict,
either to enjoin certain announced Future Transactions or to sue
them for money damages, the Debtor will ask Beck Redden to
handle the Automatic Stay Adversary Proceeding or whatever other
legal proceedings are brought concerning those entities.

Beck Redden will be compensated at these hourly rates:

   Partners               $290 to $350
   Counsel                $210 to $285
   Associates             $175 to $310
   Paraprofessionals       $90 to $120

Beck Redden will also be reimbursed for expenses and services,
including secretarial overtime, travel, copying, faxing,
document processing, court fees, transcript fees, long distance
phone calls, postage, messengers, overtime meals and
transportation.

The Debtor will provide a $500,000 retainer to Beck Redden to be
held as security.

Eric J.R. Nichols, a partner at Beck Redden, assures the Court
that the firm is a "disinterested person," as defined in Section
101(14) of the Bankruptcy Code and as required by Section 327(a)
of the Bankruptcy Code.

                      JPMorgan Bank Responds

JPMorgan Bank does not believe that the appointment of Beck
Redden will resolve the conflict inherent in Fulbright &
Jaworski's continuing involvement in the Automatic Stay
Adversary Proceeding with respect to claims made against the
remaining Bank Defendants, including ABN Amro, BNP Paribas,
Calyon, Deutsche Bank and Dresdner Kleinwort Wasserstein, Inc.

Thomas A. Connop, Esq., at Locke Liddell & Sapp, LLP, in Dallas
Texas, explains that the Automatic Stay Adversary Proceeding
involves identical causes of action and similar facts as against
each of the Bank Defendants and JPMorgan Bank.  In fact, the
complaint does not differentiate between JPMorgan Bank and the
Bank Defendants in any way.  Thus, any action taken by Fulbright
& Jaworski to advance the Automatic Stay Adversary Proceeding
against the Bank Defendants will necessarily be adverse to
JPMorgan Bank and therefore constitutes a breach of applicable
ethical rules.

To the extent Fulbright & Jaworski engages in discovery against
the Bank Defendants, it can be expected to see documentation and
communication that was sent to and from JPMorgan Bank.  To the
extent Fulbright & Jaworski deposes personnel of the Bank
Defendants, facts regarding JPMorgan may be revealed.

Furthermore, the actions and strategies developed by Fulbright &
Jaworski in relation to the Debtor's purported claims against
the Bank Defendants in the Automatic Stay Adversary Proceeding
are likely to be adopted and followed, or otherwise materially
impact the advice rendered by Beck Redden.  Thus, Fulbright &
Jaworski will, as a practical matter, continue to be involved
with or influence that part of the Automatic Stay Adversary
Proceeding that relates to JPMorgan Bank.  Mr. Connop says this
may render Beck Redden a "shadow" counsel rather than the
independent conflicts counsel required to be in place to comply
with the relevant ethical rules.

JPMorgan Bank has asked Fulbright & Jaworski to provide it with
an explanation as to how it plans to remove the serious concerns
set forth.  Until a satisfactory response is received, JPMorgan
Bank reserves all of its rights to take any and all appropriate
action, including seeking to disqualify Fulbright & Jaworski
from representing the Debtor in the Automatic Stay Adversary
Proceeding.

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


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


GLORIUS: Court Appoints Temporary Insolvency Manager
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Production-Commercial Firm Glorius
(code EDRPOU 21514134) on January 4, 2005.  The case is docketed
as 24/402-b.  Mr. Mikola Parhatskij (License Number AA 116157)
has been appointed temporary insolvency manager.  The company
holds account number 26007012950029 at Ukrcibbank, Kyiv regional
branch, MFO 300733.

Creditors may submit their proofs of claim to:

(a) GLORIUS
    Ukraine, Kyiv region,
    Kerchenska Str. 11/63

(b) Mr. Mikola Parhatskij
    Temporary Insolvency Manager
    04060, Ukraine, Kyiv region, a/b 19

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


KOLUMB: Insolvency Manager Takes over Operations
------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Kolumb (code EDRPOU 30663605) after finding
the company insolvent.   The case is docketed as 19/216 (04).
Mr. Yurij Zinchenko (License Number AA 779213) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600525301 at JSCB Metalurg, Zaporizhya branch,
MFO 313582.

Creditors may submit their proofs of claim to:

(a) KOLUMB
    69000, Ukraine, Zaporizhya region,
    Klubna Str. 2

(b) Mr. Yurij Zinchenko,
    Liquidator/Insolvency Manager
    70200, Ukraine, Zaporizhya region,
    Gulyajpole, Spartakivska Str.8

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


PTAHA: Court Grants Debt Moratorium Request
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Agricultural LLC Ptaha (code EDRPOU
00852045) on December 21, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
42/204 B.  Arbitral manager Mrs. Yanina Geza (License Number AA
779261) has been appointed temporary insolvency manager.  The
company holds account number 2600498071 at JSCB Ukrsocbank,
Yenakiyevske branch, MFO 334527.

Creditors may submit their proofs of claim to:

(a) PTAHA
    86221, Ukraine, Donetsk region,
    Shahtarskij district, Stepova Str. 2

(b) Mrs. Yanina Geza
    Temporary Insolvency Manager
    83059, Ukraine, Donetsk region,
    Razenkov Str. 10

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


REMEKS: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Remeks (code EDRPOU 19073680) on
December 21, 2004.  The case is docketed as 20/71 b.  Mr.
Oleksandr Klinchev (License Number AA 783089) has been appointed
temporary insolvency manager.  The company holds account number
26000107175 at JSB Ukrkomunbank, MFO 304988 and account number
26002000345980 at CB Finances and credit, Lugansk branch, MFO
304717.

CONTACT:  REMEKS
          Ukraine, Lugansk region,
          Frunze Str. 107

          Mr. Oleksandr Klinchev
          Temporary Insolvency Manager
          Ukraine, Lugansk region,
          50 Rokiv Zhovtnya Str. 32/2

          Postal address:
          91022, Ukraine, Lugansk region,
          Lermontov Str. 1g, Room 301

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


TREST SOUTHEAST: Court Orders Debt Moratorium
---------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Trest Southeast Clearing (code
EDRPOU 30838703) on December 29, 2004 and ordered a moratorium
on satisfaction of creditors' claims.  The case is docketed as
15/216 B.  Arbitral manager Mr. Andrij Sabadash (License Number
AA 779358) has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) TREST SOUTHEAST CLEARING
    83048, Ukraine, Donetsk region,
    Titov Avenue, 15

(b) Mr. Andrij Sabadash
    Temporary Insolvency Manager
    83122, Ukraine, Donetsk region,
    Kujbishev Str. 248/16

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


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


ACE INVESTMENTS: Members Pass Special Winding-up Resolution
-----------------------------------------------------------
At the extraordinary general meeting of the members of Ace
Investments Limited on Jan. 28, 2005 held at 4 Dancastle Court,
14 Arcadia Avenue, London N3 2HS, the special resolution to wind
up the company was passed.  Mark Reynolds of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been
appointed liquidator of the company.

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


ALBANY CONSTRUCTION: Hires Purnells as Liquidator
-------------------------------------------------
At the extraordinary general meeting of the members of Albany
Construction (SW) Limited on Jan. 28, 2005 held at Falmouth
Road, Helston, Cornwall TR13 8JX, the extraordinary resolution
to wind up the company was passed.  Ray Purnell of Purnells,
Trewoon, Poldhu Cove, Mullion, near Helston, Cornwall TR12 7JB
has been nominated liquidator of the company.

CONTACT:  PURNELLS
          Trewoon, Poldhu Cove,
          Mullion, near Helston,
          Cornwall TR12 7JB


ALBION REAL: Members Final Meeting Next Month
---------------------------------------------
Name of companies:
Albion Real Estate Corporation Limited
Barbican Real Estate Corporation Limited
Calibre Real Estate Corporation Limited

The final meeting of the members of these companies will be on
March 14, 2005 commencing at 12:00 noon and thereafter at 15-
minute intervals.  It will be held at 186 City Road, London EC1V
2NU.

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

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


AMBERCREST LIMITED: Creditors to Choose Liquidator Next Week
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Ambercrest Limited
                         (In Liquidation)

Notice is hereby given that by Interlocutor of the Sheriff at
Hamilton, dated December 10, 2004, I was appointed Interim
Liquidator of Ambercrest Limited.

The First Meeting of the Liquidation, called in accordance with
section 138(4) of the Insolvency Act 1986 and in accordance with
Rule 4.12 of the Insolvency (Scotland) Rules 1986, will be held
within the offices of French Duncan at 375 West George Street,
Glasgow G2 4LW, at 12:00 noon, on February 18, 2005, for the
purpose of choosing a Liquidator, appointing a Liquidation
Committee and considering the other Resolutions specified in
Rule 4.12(3) of the aforementioned Rules.

Creditors are entitled to vote at the Meeting only if they have
lodged their claims with me at or before the Meeting.  Creditors
may vote either in person or by proxy form, which may be lodged
with me at or before the Meeting.

Annette Menzies, Interim Liquidator
January 27, 2005

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


A.P.S. SHEET: Hires Liquidator from Critchleys
----------------------------------------------
At the extraordinary general meeting of A.P.S. Sheet Metal
(Farnborough) Limited on Jan. 28, 2005 held at Marlborough
House, Charnham Lane, Hungerford, Berkshire RG17 0EY, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Susan Margaret Roscoe of Critchleys,
Greyfriars Court, Paradise Square, Oxford OX1 1BE has been
appointed liquidator of the company.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


ARDENCRAIG LIMITED: Creditors Opt for Liquidation
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF ARDENCRAIG LIMITED
                        (In Liquidation)

I, Ian William Wright, Haines Watts, 1st Floor, James Miller
House, 98 West George Street, Glasgow G2 1PJ, hereby give notice
pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986,
that I was appointed Liquidator of Ardencraig Limited by
Resolution of the First Meeting of Creditors held on January 28,
2005.  A Liquidation Committee was not established.

Accordingly, I hereby give notice that I do not intend to
summons a further Meeting for the purpose of establishing a
Liquidation Committee unless one tenth in value of the Creditors
require me to do so in terms of section 142(3) of the Insolvency
Act 1986.  All Creditors who have not already done so are
required to lodge their claims with me by July 28, 2005.

I. W. Wright, Liquidator
January 28, 2005

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


ARIGO LIMITED: First Creditors Meeting Next Week
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Arigo Limited
                        (In Liquidation)

I, Graham H Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that
I was appointed Interim Liquidator of Arigo Limited on January
18, 2005 by Interlocutor of the Sheriff at Glasgow.

Notice is also given pursuant to section 138 of the Insolvency
Act 1986 and Rule 4.12 of The Insolvency (Scotland) Rules 1986,
as amended by The Insolvency (Scotland) Amendment Rules 1987,
that the First Meeting of Creditors of the company will be held
within Kintyre House, 209 West George Street, Glasgow G2 2LW, on
February 25, 2005, at 11:00 a.m. for the purpose of choosing a
Liquidator and determining whether to establish a Liquidation
Committee.

A resolution at the meeting is passed if a majority of those
voting have voted in favor of it.  A Creditor will be entitled
to vote at the meeting only if a claim has been lodged with me
at the meeting or before the meeting at my office and it has
been accepted for voting purposes in whole or in part.

For the purpose of formulating claims, creditors should note
that the date of commencement of the liquidation is January 18,
2005.  Proxies may also be lodged with me at the meeting or
before the meeting at my office.

Graham H. Martin, Interim Liquidator
January 24, 2005

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


ASHLING ENTERPRISES: Hires Administrator from Portland Business
---------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125,
008767) have been appointed joint administrators for Ashling
Enterprises Limited.  The appointment was made Feb. 7, 2005.
The company manages construction and civil engineering.

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


A & T BEERS: Appoints MBI Equity Ltd. Liquidator
------------------------------------------------
At the extraordinary general meeting of A & T Beers Limited on
Feb. 4, 2005 held at Tunsgate Square, 98-110 High Street,
Guildford GU1 3HE, the extraordinary and ordinary resolutions to
wind up the company were passed.  Michael Bowell of MBI Equity
Ltd of First Floor, Suite 5, Tunsgate Square, 98-110 High
Street, Guildford, Surrey GU1 3HE has been appointed liquidator
of the company.

CONTACT:  MBI EQUITY LTD
          First Floor, Suite 5,
          Tunsgate Square, 98-110 High Street,
          Guildford, Surrey GU1 3HE


BPL DIRECT: Members Pass Extraordinary Resolution
-------------------------------------------------
At the extraordinary general meeting of the members of BPL
Direct Limited on Feb. 1, 2005 held at 100-102 St James Road,
Northampton NN5 5LF, the extraordinary resolution to wind up the
company was passed.  Gavin Geoffrey Bates and Peter John Windatt
of BRI Business Recovery and Insolvency, 100-102 St James Road,
Northampton NN5 5LF have been appointed joint liquidators of the
company.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF


BRITISH LINEN: Sets Deadline for Filing of Claims
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF British Linen Properties Plc
                        (In Liquidation)

I, F J Gray of Kroll Limited, Afton House, 26 West Nile Street,
Glasgow G1 2PF, give notice that on December 6, 2004 I was
appointed Liquidator by Resolution of Members.

Notice is hereby given that Creditors of British Linen
Properties Plc, which is being voluntarily wound up, are
required, on or before June 6, 2005 to send in their full names,
their addresses and descriptions, full particulars of their debt
or claims and the names and addresses of their Solicitors, if
any, to F. J. Gray of Afton House, 26 West Nile Street, Glasgow
G1 2PF, the Liquidator of the said Company, and, if so required
by notice in writing from the said Liquidator, are, personally
or by their Solicitors, to come in and prove their debt or
claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution.

F. J. Gray, Liquidator
January 25, 2005

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


CARTERTON ESTATES: Sets Final Meeting of Creditors March
--------------------------------------------------------
The final meeting of Carterton Estates Limited will be on March
23, 2005 at 10:00 a.m.  It will be held at Numerica, 4th Floor,
Southfield House, 11 Liverpool Gardens, Worthing, West Sussex
BN11 1RY.

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

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


CENTATEK LIMITED: Calls in Liquidator from Ideal Corporate
----------------------------------------------------------
At the extraordinary general meeting of Centatek Limited on Feb.
4, 2005 held at Ideal Corporate Solutions Limited, Tarleton
House, 112a-116 Chorley New Road, Bolton BL1 4DH, the
extraordinary resolution to wind up the company was passed.
Andrew Rosler of Ideal Corporate Solutions Limited, Tarleton
House, 112a-116 Chorley New Road, Bolton BL1 4DH has been
appointed liquidator of the company.

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


CHARTER GROUP: Liquidator's Final Report Out Next Month
-------------------------------------------------------
The final meeting of the members of Charter Group Developments
Limited will be on March 14, 2005 at 2:30 p.m.  It will be held
at Silbury Court, 420 Silbury Boulevard, Central Milton Keynes,
Buckinghamshire MK9 2AF.

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

CONTACT:  MERCER & HOLE
          Silbury Court,
          420 Silbury Boulevard, Central Milton Keynes


COB CONSTRUCTION: Members Decide to Call in Liquidator
------------------------------------------------------
At the extraordinary general meeting of the members of Cob
Construction Company (UK) Ltd. on Feb. 9, 2005 held at The Guild
Room, Hope Baptist Church, Peverell Park Road, Plymouth, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Geoffrey John Kirk has been appointed liquidator
of the company.


FAST LANE: Names Alexander Lawson & Co. Administrator
-----------------------------------------------------
Ninos Koumettou (IP No 2240) has been appointed administrator
for Fast Lane Forwarding Limited.  The appointment was made Jan.
31, 2005.  The company is a general freight broker.

CONTACT:  ALEXANDER LAWSON & CO.
          641 Green Lanes,
          London N8 0RE


FIRST EUROPEAN: Calls in Administrator from Ian Holland
-------------------------------------------------------
I. D. Holland (IP No 02346) has been appointed administrator for
First European Communications Limited.  The appointment was made
Feb. 8, 2005.  Its registered office is located at The Clock
House, 87 Paines Lane, Pinner, Middlesex HA5 3BZ.

CONTACT:  IAN HOLLAND + CO
          The Clock House, 87 Paines Lane,
          Pinner, Middlesex HA5 3BZ


GLOBE TRUST: Sets Final Meeting March
-------------------------------------
The final meeting of the members of Globe Trust Limited will be
on March 14, 2005 at 3:00 p.m.  It will be held at Silbury
Court, 420 Silbury Boulevard, Central Milton Keynes,
Buckinghamshire MK9 2AF.

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

CONTACT:  MERCER & HOLE
          Silbury Court,
          420 Silbury Boulevard, Central Milton Keynes


HATTON COURT: In Administrative Receivership
--------------------------------------------
The Royal Bank of Scotland called in Dilip Dattani and Patrick
Ellward (Office Holder Nos 7915, 8702) joint administrative
receivers for Hatton Court Limited (Reg No 04419670, Trade
Classification: 9305).  The application was filed Jan. 26, 2005.

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


MAINTENANCE SERVICES: Members Pass Winding-up Resolutions
---------------------------------------------------------
At the extraordinary general meeting of the members of
Maintenance Services (Electrical) Limited on Feb. 4, 2005 held
at Fortune Peat, Abacus House, Acorn Business Park, Tower Park,
Poole, Dorset BH12 4NZ, the subjoined special and ordinary
resolutions to wind up the company were passed.  Nicholas James
Peat of Fortune Peat, Abacus House, Acorn Business Park, Tower
Park, Poole, Dorset BH12 4NZ has been appointed liquidator of
the company.

CONTACT:  FORTUNE PEAT
          Abacus House
          Acorn Business Park
          Tower Park, Poole, Dorset
          Phone: 01202 380300
          Fax:   01202 380400
          E-mail: mikefortune@fortunepeat.co.uk
          Web site: http://www.fortunepeat.co.uk


MID ESSEX: Joint Administrators from Thompson Move in
-----------------------------------------------------
Andrew Thompson and Daniel Hennessy (IP Nos 5807, 1388) have
been appointed joint administrators for Mid Essex Fabrications
Limited.  The appointment was made Jan. 20, 2005.  The company
manufactures fabricated metal.

CONTACT:  THE THOMPSON PARTNERSHIP
          The Old Halsall Arms,
          2 Summerwood Lane,
          Halsall L39 8RJ


MITSUBISHI CHEMICAL: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------------
At the extraordinary general meeting of Mitsubishi Chemical
(U.K.) Plc. on Jan. 31, 2005, the special and ordinary
resolutions to wind up the company were passed.  Jonathan Sisson
and Richard Setchim of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
the company.

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


MOSAADA CENTRE: Hires Begbies Traynor as Administrator
------------------------------------------------------
Peter Gotham (IP No 004117) has been appointed administrator for
social work company Mosaada Centre For Single Women.  The
appointment was made Feb. 4, 2005.  Its registered office is
located at Unit 326, 75 Whitechapel Road, London E1 1DU.

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


NETWORK RAIL: King's Cross Station Expansion Gets Green Light
-------------------------------------------------------------
'Passengers are the winners' Network Rail said as it welcomes
the news that its expansion plan for King's Cross station is to
go-ahead.

The Department for Transport on Tuesday gave the funding green
light for the expansion plans for the station that will
transform the experience for more than 40 million passengers who
use this key London terminus each year.

The key features of the expansion scheme are:

(a) A new 3,000 sq. m. concourse -- over three times the size of
    the existing one providing new integrated transport links
    with international and domestic services from St. Pancras,
    as well as London Underground;

(b) Restoring the Grade 1 listing faŘade of the station by
    demolishing the 'temporary' current single-storey front to
    the station; and

(c) The creation of a new open piazza in front of the station,
    larger than Leicester Square, which will contribute to the
    wider development of the King's Cross area.

Overall, the combined cost of the Network Rail Western Concourse
and the London Underground Northern Ticket Hall is forecast to
be around GBP400 million and facilitate growth from
approximately 40 million to 50 million passengers using the
overground station each year within ten years.

Speaking upon hearing the news, Network Rail Deputy Chief
Executive Iain Coucher said: "The passenger is the winner here
as the station will be transformed by this much needed
investment.  The expansion plans will create a world-class
transport hub.  We are excited by this news and look forward to
working with the DfT and London Underground to develop the plans
further and then taking it through planning and listed building
consent with the support of the London Borough of Camden."

Network Rail will now take the project forward by moving to
submit a planning application to the London Borough of Camden.
The timetable going forward will depend upon the progress of
that application, as well as the funding and programmes for the
London Underground works.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


O'DONNELL CONSULTANCY: Liquidator Takes over Helm
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF O'Donnell Consultancy Services Ltd.
                     (In Compulsory Liquidation)

I, David K. Hunter, hereby give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986, that I was appointed
Liquidator of O'Donnell Consultancy Services Ltd. by Resolution
of the Creditors present a the Meeting of Creditors held on
January 24, 2005.

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

David K. Hunter, Liquidator
January 25, 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


OR INDUSTRIAL: Hires Critchleys to Liquidate Company
----------------------------------------------------
At the extraordinary general meeting of OR Industrial Computers
Limited on Jan. 28, 2005 held at Marlborough House, Charnham
Lane, Hungerford, Berkshire RG17 0EY, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Susan Margaret Roscoe of Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BE has been appointed liquidator of the
company.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


PARKSIDE FLEXIBLE: Creditors Meeting Set Next Week
--------------------------------------------------
Name of companies:
Parkside Flexible Packaging Limited
Parkside Flexibles Limited
Parkside International Limited

The creditors of these companies will meet on Feb. 25, 2005 at
12:30 p.m.  It will be held at Crowne Plaza Hotel Leeds,
Wellington Street, Leeds LS1 4DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon, Feb.
24, 2005.

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


QXL RICARDO: Accepts Management Buyout Offer
--------------------------------------------
Internet auction portal QXL Ricardo has recommended an offer
worth at least GBP17 million from Tiger Acquisition Corporation,
a group led by its management, Reuters reports.

The offer, which values the firm at 1,000 pence a share,
includes an extra GBP10 in cash to be provided by a Litigation
Entitlement unit once QXL is able to regain its Polish business.
The unit's management is mired in a scandal relating to
misappropriation of funds.

A rival bidder, Florissant, which previously offered 800 pence,
said in a statement it was considering its options following
Tiger's increased offer and urged shareholders to take no
action.

News of the recommendation buoyed shares in QXL, giving it a
market value of around GBP18 million on Monday.

QXL is advised by Evolution Securities.  Deloitte Corporate
finance is advising Tiger and Hawkpoint Partners and ISB
Corporate Finance are advising Florissant.

CONTACT:  QXL RICARDO PLC
          Landmark House
          Hammersmith Bridge Road
          London W6 9EJ
          Phone: +44 (0) 208 962 7100
          Web site: http://www.qxl.com


RAMCO ENERGY: Amends Offshore Montenegro Deal
---------------------------------------------
Ramco Energy plc, the Aberdeen based independent exploration and
production company, announces that its wholly owned subsidiaries
Medusa (Montenegro) Limited and Medusa Oil & Gas Limited have
reached agreement to restructure their exploration interests in
the Adriatic Sea offshore Montenegro.

In the restructuring agreement with Hellenic Petroleum S.A.
(Hellenic) of Greece, Ramco has agreed to exchange its interests
in all three blocks for an option to rejoin the acreage after
the first exploration well has been drilled.

Ramco through its subsidiaries holds a 40% interest in all three
blocks offshore Montenegro and has undertaken certain
obligations to fund an exploration well and other technical
work.

These obligations will be undertaken by Hellenic, and the
related Ramco performance bond will be released, following the
completion of negotiations with the Government of Montenegro and
completion of other legal formalities required to transfer the
interests in the blocks.

Following the drilling of an exploration well on the acreage
Ramco will have 120 days to elect to rejoin the acreage for an
interest of up to 15% in all of the blocks.  Ramco's past costs
in Montenegro will be taken into consideration in the
calculation of the exercise price for the interest in the event
that it elects to exercise the option.

                            *   *   *

Exploration group Ramco says it is currently trying to negotiate
the rescheduling of its debt with lenders after encountering
problems with a major project.  The company had to take
exceptional charge of GBP93 million last year, largely due to
troubles at its Seven Heads field off the Cork coast.  As a
result, the company registered a GBP104.1 million pre-tax loss
for 2003.

Uncertainty over the level of gas reserves at the field in
January lowered shares in the company to less than 10% of their
pre-disclosure level.  The glitch prevented the company from
filing its report in April.

CONTACT:  RAMCO ENERGY
          Steven Bertram, Group Financial Director
          Phone: 01224 352 200

          COLLEGE HILL
          Nick Elwes
          Phone: 020 7457 2020


RICHARDS TEXTILES: Former Workers Risk Forfeiting Pensions
----------------------------------------------------------
About 1,000 former workers of collapsed Aberdeen firm Richards
Textiles may not be illegible for pension under the government's
compensation scheme due to a technicality, BBC News reports.

The Department for Work and Pensions has ring-fenced GBP400
million under the scheme to pay those who lost their pensions
when their companies collapsed.  But Richards employees may be
excluded from the grant because the firm had kept trading even
after its pension scheme collapsed.  The pension fund went into
receivership in November.

Consultations are still ongoing to determine who will receive
compensation.  Ministers are expected to announce details some
time this year.  Richards fell into receivership for the second
time in three years in November.  It survived an uncertain
future about two years ago after Ian Suttie bought it out of
receivership.  The company has been operating for two hundred
years, becoming one of the city's largest private sector
employers at one point.


SHORTS BROTHERS: Axing Hundreds to Contain Slump
------------------------------------------------
Aerospace company Shorts Brothers Plc on Tuesday advised
employees of job cuts in line with its Canadian parent's drive
to streamline production.

The Belfast-based company said up to 280 workers will be
dismissed, and further redundancies may also take place later in
the year.  In October, Bombardier said it is scaling back
production rates of a number of aircraft due to the global
airline market slump.

A total of 556 cuts are planned for 2005.  The first wave was
scheduled for January but was delayed.  Some 100 jobs were saved
along the way after outsourced jobs were returned to Belfast.
The second wave is slated in July.

The company hopes the next round of job cuts will be made
through voluntary redundancy and early retirement as well as
redeployment of staff in the firm.

The cutbacks will reduce the firm's workforce to 5,300.  Shorts'
workforce of 7,600 has dwindled since the 11 September attacks
in the U.S. in 2001.

CONTACT:  SHORTS BROTHERS PLC
          PO Box 241
          Airport Road,
          Belfast BT36 6XA Tel:
          Phone: +44 (0) 1232 462909
          Fax: +44 (0) 1232 733647
          E-mail: mckeever@shorts.co.uk
          Web site: http://www.bombardier.com


SILVERTECH INTERNATIONAL: Meeting of Creditors Set in Two Weeks
---------------------------------------------------------------
The unsecured creditors of Silvertech International Limited will
meet on Feb. 28, 2005 at 2:00 p.m.  It will be held at
PricewaterhouseCoopers LLP, Kintyre House, 209 West George
Street, Glasgow G2 2LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Kintyre House, 209
West George Street, Glasgow G2 2LW not later than 12:00 noon,
Feb. 25, 2005.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          United Kingdom
          Phone: [44] (141) 248 2644
          Fax: [44] (141) 242 7481
          Web site: http://www.pwc.com


TEMBER DEVELOPMENTS: Hires Liquidator from Critchleys
-----------------------------------------------------
At the extraordinary general meeting of Tember Developments
Limited on Jan. 25, 2005 held at Lower End Farmhouse, 87 Lower
End, Leafield, Witney, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Anthony John
Harris of Critchleys, Greyfriars Court, Paradise Square, Oxford
OX1 1BE has been appointed liquidator of the company.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


TEMPLE UNDERWRITING: Hires Mazars to Liquidate Firm
---------------------------------------------------
At the extraordinary general meeting of Temple Underwriting
Agency Limited on Feb. 7, 2005 held at 24 Bevis Marks, London
EC3A 7NR, the subjoined special resolution to wind up the
company was passed.  David Richard Thorniley and Roderick John
Weston of Mazars LLP, 24 Bevis Marks, London EC3A 7NR have been
appointed joint liquidators of the company.

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


TRB INTERNATIONAL: Names Butcher Woods Administrator
----------------------------------------------------
Roderick Graham Butcher (IP No 8834) has been appointed
administrator for TRB International Limited.  The appointment
was made Jan. 24, 2005.

CONTACT:  BUTCHER WOODS LIMITED
          79 Caroline Street,
          Birmingham B3 1UP


                            *********


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

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

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

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