TCREUR_Public/050218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, February 18, 2005, Vol. 6, No. 35

                            Headlines

C Z E C H   R E P U B L I C

SATI: Administrator Gives up; Declares Bankruptcy


F R A N C E

ALSTOM SA: Restructuring of Utility Boilers Biz to Cost 340 Jobs
BULL SA: Outlook Revised to Positive on Improved Performance


G E R M A N Y

ANNIES BAD: Appoints Pluta Provisional Administrator
AUTOHAUS UNKELBACH: Claims Filing Period Expires Next Month
AVANTI TRANSPORT: Frankfurt Court Accepts Bankruptcy Application
CONAL BAUARTIKEL: Sets First Creditors Meeting April
HEINKEL AG: Reports Better Annual Figures, Albeit in Red

ICS INSURANCE: Provisional Administrator Takes over Operations
IRATEX MODEVERTRIEBS: Calls First Creditors Meeting
KARSTADTQUELLE AG: Asks Barclays, Goldman Sachs for more Money
LUCK GMBH: Aachen Court Appoints Provisional Administrator
MESSESERVICE GMBH: Under Bankruptcy Administration
VIERKOTTER & CO.: Gives Creditors Until March to File Claims


H U N G A R Y

MALEV HUNGARIAN: Dr. Janos Gonci Replaces Outgoing CEO


I T A L Y

IMPREGILO SPA: Gavio Denies Acquisition Talks
PARMALAT FINANZIARIA: Court Refuses Transfer of Fraud Trials
PARMALAT FINANZIARIA: Files Second Suit Versus Deutsche Bank


L U X E M B O U R G

STOLT-NIELSEN: Sets Conference Call Next Week


N O R W A Y

PETROLEUM GEO-SERVICES: Preliminary Annual Results Out Next Week


R U S S I A

CHEMIST: Undergoes Bankruptcy Supervision Procedure
FLAKON: Proofs of Claim Deadline March 29
KOLCHUGINO-SHAKHTO-STROY: Files for Bankruptcy
KRANOYARSK-PROM-KHIM-STROY: Declared Insolvent
KURSK-AGRO-MASH: Appoints E. Alekseev Insolvency Manager

NORTH-OIL-PROCESSING: Gives Creditors Until March to File Claims
RAEVSKIY SUGAR: Undergoes External Management Procedure
RYAZHSK-AGRO-KHIM: Last Day for Filing of Claims March 29
SARATOV-GLASS: Saratov Court Opens Bankruptcy Proceedings
SPRING: Assets Worth RUB9.9 Mln Up for Auction Next Week
YUKOS OIL: Deutsche Bank Claims Group Framed Jurisdiction
YUKOS OIL: Khodorkovsky Hands 60% Menatep Stake to Nevzlin


S W E D E N

CONCORDIA BUS: Misses Yet Another Interest Payment
CONCORDIA BUS: Corporate Credit Ratings on Verge of Default
SKANDIA INSURANCE: Expects Positive Financial Effects in Q4
SKANDIA INSURANCE: Slowly Regaining Footing


S W I T Z E R L A N D

SWISS INTERNATIONAL: EBIT Improves to -CHF122 Million in 2004


U K R A I N E

LVIV' RUBBER: Temporary Insolvency Manager Enters Firm
NAFTOHIMEKOLOGIYA: Declares Bankruptcy
OBERIG: Undergoes Bankruptcy Supervision Procedure
ORIHIVKA-SUGAR: Declared Insolvent
PROKSIM-TRADING: Succumbs to Insolvency

SAMARSKI STAVKI: Court Brings in Insolvency Manager
TECHSERVICE: Lugansk Court Opens Bankruptcy Proceedings
UKOOPPOSTACHMASH: Under Bankruptcy Supervision
ZHASHKIVSKIJ SUGAR: Liquidator Takes over Operations
ZHOVTEN: Vinnitsya Court Names N. Voznyakevich Liquidator


U N I T E D   K I N G D O M

ABC COMMUNICATIONS: Appoints Liquidator from Tenon Recovery
ARJOWIGGINS LYNX: Members Decide to Wind up Firm
ARTESIAN HOLDINGS: Barclays Bank Appoints Robson Rhodes Receiver
ASHWORTHS FOODS: Creditors Meeting Set Next Month
BALMTECH LIMITED: Hires Ernst & Young as Liquidator

BLANCHIN TEXTILES: Hires Administrator from Milner Boardman
COMMERCIAL INVESTMENTS: Receivers Take over Helm
CONSAFE ENGINEERING: Bank of Scotland Appoints Receiver
CONSTANT SERVICES: Members Pass Winding-up Resolution
COUNTRYMAN PUBLISHING: Members General Meeting Set March

COWARD HOLDINGS: Calls in Liquidator from Vantis Redhead
CUSTOM GROUP: Slips into Receivership
CYRUS INTERNATIONAL: Members Appoint Gilderthorps Liquidator
DDI EUROPE: Joint Administrators from Kroll Limited Move in
D R & B HOLDINGS: Sets Creditors Meeting Next Week

GAMLESTADEN LIMITED: Members Final Meeting Set Next Month
GENESIS FIRE: Names Begbies Traynor Administrator
GIGGS & BINNS: Calls in Milner Boardman & Partners Administrator
GRANYTE PAINTS: Begbies Traynor Liquidators Take over Firm
HANSON & ROBERTSON: Sets Annual Creditors Meeting Next Week

LESBOURNE HOLDINGS: Appoints Brebner Allen & Trapp Liquidator
MILLFIELD ARTS: Calls in Joint Liquidators from Numerica
P D HOMES: Calls in Administrators from Grant Thornton
PERIPHONICS LIMITED: Hires PricewaterhouseCoopers as Liquidator
RALEIGH COURT: Hires R. M. Woolfson as Liquidator

ROCKWELL AUTOMATION: Final Meeting Set March
SIMON MARKETING: Members Final Meeting Set Next Month
SLOAN & POOLE: Final Meeting of Members Set
ST CATHERINE'S: Liquidator's Final Report Out Next Month
THIRSTY WORK: In Administrative Receivership
TOWNHOUSE CLUB: Cardiff Exclusive Club Goes Bust
U.K. COAL: Cutting Coal Supply Targets to Drax


                            *********


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


SATI: Administrator Gives up; Declares Bankruptcy
-------------------------------------------------
The administrator of Sati has opted to apply for bankruptcy
proceedings, according to ISI Emerging Markets.  Citing the
firm's inability to meet long-term obligations, Zdenek Svancara
filed the application with the Municipal Court in Prague.

Securities Commission (KCP) spokeswoman Ivana Sedlackova puts
Sati's debt in the tens of millions of crowns.  It has a pending
complaint against the firm's management for alleged breach of
fiduciary duties and embezzlement.

Sati has been under forced administration since Dec. 30, 2004.
According to KCP, the company has failed to meet capital
requirements for a while now, has inadequate control system and
poor registration of client's assets.


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


ALSTOM SA: Restructuring of Utility Boilers Biz to Cost 340 Jobs
----------------------------------------------------------------
Alstom S.A. on Wednesday informed trade union representatives
regarding the restructuring plan of its Utility Boilers
business.  This business is part of Alstom's Power Turbo
systems/Power Environment Sector and focuses on supplying new
clean-coal boilers, and providing products and services to coal-
based power plants.

The need to right-size Alstom's Utility Boilers business has
been forced by a decline in the accessible market for new
equipment utility boiler orders in Europe and the U.S., with a
shift of the substantial proportion of the market to Asia.

The final project was defined following extensive consultation
with employee representatives and the evaluation of several
different solutions.  The project recognizes the need to
maintain a local presence and access to the retrofit markets,
and to keep our technical competencies and experience base.

Consequently, the final project considers:

(a) Right-sizing of the European Operation on two locations in
    Germany and in France,

In Stuttgart, Germany, it is planned to re-adjust the
organization to its areas of highest contribution, resulting in
a reduction of the work force.  It is envisaged that 200 (out of
300) positions would be retained.

In France, it is envisaged that approximately 50 positions (out
of 250 currently in Velizy) would be retained and located in the
Paris region.

(b) Right-sizing of the U.S. Operation,

In Windsor (Connecticut) the implementation of tools and
processes would lead to productivity improvements resulting in a
reduction of up to 40 positions.

The Project has been presented to the European Works Forum
Select Committee on Wednesday.  Further consultations will be
done with employee representatives.  Measures will be taken to
minimize the impact of this plan on all concerned sites.

CONTACT:  ALSTOM S.A.
          Press Relations
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 41 49 27 40
          E-mail: internet.press@chq.alstom.com

          Investor Relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: investor.relations@chq.alstom.com


BULL SA: Outlook Revised to Positive on Improved Performance
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on French
IT group Bull S.A. to positive from stable, primarily reflecting
the sequential stabilization, in second-half 2004, of the
company's business performance, including revenues and EBIT,
growing bookings, and rising free cash flow.  At the same time,
Standard & Poor's affirmed its 'B-' long-term corporate credit
rating on the group.

Owing to Bull's tight grip on costs, second-half 2004 EBITDA
fully benefited from the slight 1.3% sequential sales increase
during the period, lifting the EBITDA margin to 5.6%, from 5.1%
in first-half 2004.

Sustained profits, continued moderation in capital expenditures,
and favorable working-capital changes boosted the company's free
cash flow after exceptional items to a solid EUR50 million
(US$64.9 million) in second-half 2004, from EUR18 million in the
first half.

"Also noteworthy is the company's book-to-bill ratio of 1.11x in
second-half 2004, after five consecutive half-year periods at
less than 1x," said Standard & Poor's credit analyst Patrice
Cochelin.

While the 1.11x level alone is not enough to guarantee revenue
stabilization, the higher figure particularly denotes gradually
improving prospects for Bull's hardware revenues.  At Dec. 31,
2004, the company showed on-balance-sheet debt of about EUR45
million.

"The positive outlook chiefly reflects the possibility of an
upgrade in the next 12 months if the company confirms the
stabilization of its business performance, including revenues,
EBIT, free cash flow, and bookings," added Mr. Cochelin.

Despite fierce competition in its markets, Bull, thanks to its
successful restructuring, is expected to benefit from renewed
credibility with its clients.  Management should consequently be
able to focus on stabilizing the revenue base and maintaining
tight cost control

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

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

          BULL S.A.
          Media
          Marie-Claude Bessis
          Phone: + 33 (0) 1 39 66 70 55
            Or   + 33 (0) 6 80 64 18 81
          E-mail: marie-claude.bessis@bull.net


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


ANNIES BAD: Appoints Pluta Provisional Administrator
----------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Annies Bad und Heizung GmbH on Jan. 20.  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 Stefan Kahnt of Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 2005, 9:00 a.m. at Saal 24, im
Gerichtsgebaude, Furstenstrasse 21 in Chemnitz, statt at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ANNIES BAD UND HEIZUNG GMBH
          Chemnitzer Strasse 117, 09212 Limbach-Oberfrohna
          Contact:
          Daniel Annies, Manager

          PLUTA
          Stefan Kahnt, Insolvency Manager
          Leipziger Str. 62, 09113 Chemnitz
          Web site: http://www.pluta.net


AUTOHAUS UNKELBACH: Claims Filing Period Expires Next Month
-----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Autohaus Unkelbach GmbH on Jan. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 1, 2005 to register their claims with
court-appointed provisional administrator Dr. Andreas Schulte-
Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting on April 8, 2005, 10:00 a.m. at the district court
of Bonn -- Insolvenzgericht -- Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22 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:  AUTOHAUS UNKELBACH GMBH
          Vorgebirgsstrasse 97, 53913 Swisttal
          Contact:
          Anita Glaub, Manager
          Andreas Glaub, Manager
          Willi Unkelbach, Manager

          Dr. Andreas Schulte-Beckhausen, Administrator
          Oxfordstr. 2, 53111 Bonn
          Phone: 0228/985210
          Fax: 0228/9852122


AVANTI TRANSPORT: Frankfurt Court Accepts Bankruptcy Application
----------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against AVANTI Transport und Kurier GmbH on Dec. 17,
2004.  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 Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:25 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  AVANTI TRANSPORT UND KURIER GMBH
          Frankfurt, Gwinnerstrasse 38, 60388 Frankfurt am Main
          Contact:
          Dieter Mrotzek, Manager

          Gotz Lautenbach, Insolvency Manager
          Zeilweg 42, 60439 Frankfurt am Main
          Phone: 069/9637610
          Fax: 069/963761145


CONAL BAUARTIKEL: Sets First Creditors Meeting April
----------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against CONAL Bauartikel GmbH on Dec. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 2, 2005
to register their claims with court-appointed provisional
administrator Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 9:45 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  CONAL BAUARTIKEL GMBH
          Robert Bosch Strasse 11
          65719 Hofheim am Taunus

          Ottmar Hermann, Insolvency Manager
          Bleichstrasse 2-4, 60313 Frankfurt am Main
          Phone: 069/9130920
          Fax: 069/91309230


HEINKEL AG: Reports Better Annual Figures, Albeit in Red
--------------------------------------------------------
Loss-making solid-liquid separation specialist Heinkel AG
finished 2004 in the red, but this time its net loss dropped to
EUR1.9 million from EUR3.9 million.

According to Borsen Zeitung, annual turnover jumped to EUR19.8
million from EUR15.8 million in 2003.  Still, management warns
the company's liquidity and survival remain threatened by one
European pharmaceutical group, which has not paid its
outstanding bill.  It did not identify the company.

CONTACT:  HEINKEL AKTIENGESELLSCHAFT
          Gottlob-Grotz-Strasse 1
          D- 74321 Bietigheim-Bissingen
          Phone: +49 7142 356-0
          Fax: +49 7142 356-269
          E-mail: info@heinkel.de
          Web site: http://www.heinkel.de


ICS INSURANCE: Provisional Administrator Takes over Operations
--------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against ICS Insurance Company Services GmbH on Jan.
18.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 22,
2005 to register their claims with court-appointed provisional
administrator Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 9:20 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt. at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ICS INSURANCE COMPANY SERVICES GMBH
          Coventrystrasse 32, 65934 Frankfurt am Main
          Contact:
          Alfred Martin, Manager

          Dr. Rainer Eckert, Insolvency Manager
          Schumannstrasse 34b, 60325 Frankfurt/Main
          Phone: 069/74748980
          Fax: 069/747489810


IRATEX MODEVERTRIEBS: Calls First Creditors Meeting
---------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Iratex Modevertriebs-GmbH on Jan. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 22, 2005
to register their claims with court-appointed provisional
administrator Karl-Heinz.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 9:30 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  IRATEX MODEVERTRIEBS-GMBH
          Kolnerstrasse 1, 65760 Eschborn
          Contact:
          Dieter Baumgartner, Manager

          Karl-Heinz Trebing, Insolvency Manager
          Hanauer Landstrasse 287-289, 60314 Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


KARSTADTQUELLE AG: Asks Barclays, Goldman Sachs for more Money
--------------------------------------------------------------
Troubled retail giant KarstadtQuelle is reportedly holding talks
with investment banks Barclays Capital and Goldman Sachs over
additional credit lines, Die Welt says.  The company is
accordingly close to wrapping up a deal that would allow it to
avail of EUR300-400 million in loans.  This new loan is over and
above its existing 3-year EUR1.75 billion credit line.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


LUCK GMBH: Aachen Court Appoints Provisional Administrator
----------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Luck GmbH on Jan. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 11, 2005 to register their claims
with court-appointed provisional administrator Helmut Irmen.

Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 11:45 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14 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:  LUCK GMBH
          Kolpringstr. 5, 52388 Norvenich

          Helmut Irmen, Insolvency Manager
          An der Windmuhle 80, 52399 Merzenich
          Phone: 02421/30830
          Fax: 02421/308320


MESSESERVICE GMBH: Under Bankruptcy Administration
--------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Messeservice GmbH on Jan. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 4, 2005 to
register their claims with court-appointed provisional
administrator Christa Heim.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 9:00 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  MESSESERVICE GMBH
          Schmidtstrasse 49/53, 60326 Frankfurt am Main
          Contact:
          Ivana Dukic, Manager
          Alpenroder Strasse 14, 65936 Frankfurt am Main

          Christa Heim, Insolvency Manager
          Lorsbacherstrasse 4, D-65719 Hofheim/Ts.
          Phone: 06192/954658/59
          Fax: 06192/954660


VIERKOTTER & CO.: Gives Creditors Until March to File Claims
------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Vierkotter & Co. GmbH on Jan. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 10, 2005 to register their
claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 10:15 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 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:  VIERKOTTER & CO. GMBH
          Hans-Bockler-Str. 10, 40764 Langenfeld
          Contact:
          Rolf Vierkotter, Manager
          Balkhausen 75, 42659 Solingen

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf


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


MALEV HUNGARIAN: Dr. Janos Gonci Replaces Outgoing CEO
------------------------------------------------------
An extraordinary general assembly of Malev Hungarian Airlines
shareholders was held on 11 February 2005.  The general assembly
accepted the termination of former CEO Laszlo Sandor's
employment on the basis of mutual agreement and the denunciation
of his membership in the Board of Directors.  The general
assembly appreciated Mr. Sandor's work.

The general assembly stated that under the direction of Mr.
Sandor, the national airline was able to decrease its losses
significantly, although he failed to achieve the main target:
zero balance.

The former chairman and CEO leaves without severance pay, at the
same time he is willing to support the new management in the
next two months, and conduct the handover for the sake of smooth
transition.

The general assembly recalled Mr. Miklos Polgar and Mr. Kalman
Nagy, members of the Board of Directors from their positions.
The shareholders of Malev co-opted Zoltan Bodnar, Gabor Galla,
Dr. Janos Gonci, Gyorgy Haris, Peter Honig, Peter Krauth and
Laszlo Pal into the Board of Directors.  The new members will
perform until 5 May 2006, as with the current members.  The
extraordinary general assembly has elected Mr. Gonci CEO.

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


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


IMPREGILO SPA: Gavio Denies Acquisition Talks
---------------------------------------------
Motorway operator Gavio denied holding talks with Generale
Mobiliare Interessenze Azionarie (Gemina) over a planned capital
injection into Impregilo, Il Sole 24 Ore says.

Reports have been circulating that a consortium comprised of
Gavio, investment bank Efibanca, and engineering group Condotte,
are bidding for a 20-25% stake in troubled Impregilo.  Recent
news also said the Romiti family, main shareholder of Gemina,
has been holding talks with the Gavio group.

Marcellino Gavio, the motorway operator's head downplayed the
reports saying, while it was possible Condotte was holding talks
with Gemina, his group was not.

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

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


PARMALAT FINANZIARIA: Court Refuses Transfer of Fraud Trials
------------------------------------------------------------
The trial of former Parmalat executives for various financial
crimes will stay in Milan, local judge Cesare Tacconi ruled on
Wednesday, according to news agency ANSA and Apcom.

Massimo Dinoia, lawyer of former Parmalat legal consultant
Giampaolo Zini, had asked for the transfer to Brescia because of
conflict of interest concerning one judge.  Mr. Dinoia alleged
that judge Lucia Massarotto in Milan was also among the
thousands of creditors seeking damages in the case.  Judge
Tacconi noted, however, that judge Massarotto had already
renounced her right to claim damages.

Prosecutors in Milan are suing 27 people, including former
Parmalat boss Calisto Tanzi and three accounting firms, for
market rigging and other charges in relation to the financial
scandal that led Parmalat to declare bankruptcy in December
2003.

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

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


PARMALAT FINANZIARIA: Files Second Suit Versus Deutsche Bank
------------------------------------------------------------
Parmalat Finanziaria has filed a second lawsuit against Deutsche
Bank, Reuters reports.  Filed in the northern city of Parma on
Monday, the suit seeks to recover EUR160 million from the bank,
a source familiar with the case said.

The company brought the first lawsuit against the German bank in
August last year.  This lawsuit seeks EUR17 million for a deal
that helped the bank reduce its exposure to the firm.  Parmalat
has sued other banks as well for their role in arranging deals
both in Italy and abroad prior to its bankruptcy filing in
December 2003.  Parmalat's collapse is considered one of
Europe's largest financial scandals.

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

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


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


STOLT-NIELSEN: Sets Conference Call Next Week
---------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
will hold a live presentation and a conference call to discuss
the fourth quarter and year-end 2004 results on Wednesday, Feb.
23, 2005 at 4:00 p.m. CET (10:00 a.m. EST; 3:00 p.m. GMT) at
Vika Atrium, Conference Center.

Participating in the presentation and the call will be:

(a) Mr. Niels G. Stolt-Nielsen - Chief Executive Officer, Stolt-
    Nielsen S.A.

(b) Mr. Jan Chr. Engelhardtsen - Chief Financial Officer, Stolt-
    Nielsen S.A.

(c) Mr. Otto H. Fritzner - Chief Executive Officer, Stolt-
    Nielsen Transportation Group

Anyone wishing to participate in the call should dial +1 800-
946-0742 (in U.S.) or +0 800-028-7957 (in UK) or +800-15505 (in
Norway) or +1 719-457-2650 (international) at that time.  Phone
lines will open 10 minutes before the call.

If you cannot participate in this call there is a Postview
facility (a taped recording of the conference call) available
directly after the conference call until 11:00 p.m. CET (5:00
p.m. EST; 10:00 p.m. GMT) on Thursday, Feb. 24, 2005.  For
access dial +1 888-203-1112 (in U.S.) or +1 719-457-0820
(outside U.S.) and quote the call reservation number: 2403894.

A copy of the presentation will be posted to the Investor
Relations page of the company's Web site -- http://www.stolt-
nielsen.com -- shortly before the call.

Alternatively, a Live Web cast conference call is available via
the company's Web site http://www.stolt-nielsen.comcommencing
on Wednesday, Feb. 23, 2005 at 4:00 p.m. CET (10:00 a.m. EST;
3:00 p.m. GMT).  A playback of the conference call commences on
Wednesday, Feb. 23, 2005 after 6:00 p.m. CET (12:00 noon EST;
5:00 p.m. GMT).

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          8 Sound Shore Drive
          Greenwich, CT 06836
          U.S.A.
          Phone: +1 203 625 3604
          Fax: +1 203 625 3525
          E-mail: rlemanski@stolt.com


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


PETROLEUM GEO-SERVICES: Preliminary Annual Results Out Next Week
----------------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE and NYSE: PGS) announced that
it will release its 2004 fourth quarter and preliminary year-end
financial results on Friday, Feb. 25, 2005 at approximately 3:00
p.m. Central European Time (CET) (9:00 a.m. Eastern Time (ET)).
A Web cast and conference call have been scheduled that same day
at 3:30 p.m. CET (9:30 a.m. ET), to discuss PGS' fourth quarter
and preliminary year-end financial results.  Details of the Web
cast and conference call numbers will be announced at a later
date.

As previously communicated, the Company's primary financial
reporting is under U.S. GAAP.  However, because the previous
quarters in 2004 have been reported under Norwegian GAAP, and
because the "fresh-start reporting" the Company uses for U.S.
GAAP reporting was effective Nov. 1, 2003, the Company will be
releasing also the 2004 fourth quarter and preliminary year-end
financial results under Norwegian GAAP to provide analysts and
investors comparative financial information.  2004 quarterly
financial information based on U.S. GAAP is expected to be
provided mid-March.

In conjunction with this reporting, it should be noted that, as
previously announced, PGS has entered into an agreement to sell
its E&P subsidiary, Pertra A.S.  In PGS' 2004 financial report,
the revenues and expenses of Pertra will be included in ongoing
revenues and expenses in the consolidated statement of
operations.  In PGS' 2005 First Quarter financial report the
gain on sale and the revenues and expenses of Pertra will be
reported as discontinued operations.  In the First Quarter 2005
financial report and all subsequent reports, all historical
financial statements will be reclassified to report Pertra as
discontinued operations.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs)
and owns a small oil and gas company.  PGS operates on a
worldwide basis with headquarters at Lysaker, Norway.  For more
information on Petroleum Geo-Services visit http://www.pgs.com.

                            *   *   *

The company's second-quarter net loss was US$28.1 million, down
from a net loss of US$51.8 million in the same period last year.

CONTACT:  PETROLEUM GEO-SERVICES A.S.A.
          Ola Bosterud
          Sam R. Morrow
          Phone: +47 6752 6400

          Renee Sixkiller
          U.S. Investor Services
          Phone: +1 281 679 2240


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


CHEMIST: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on open joint stock company
Chemist.  The case is docketed as A12-34005/04-s57.  Mr. A.
Shirochenko has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 400005, Russia,
Volgograd, 7th Gvardeyskaya Str. 2A, Office 400.

CONTACT:  CHEMIST
          400012, Russia,
          Volgograd, Pionerskaya Str. 1

          Mr. A. Shirochenko
          Temporary Insolvency Manager
          400005, Russia, Volgograd,
          7th Gvardeyskaya Str. 2A, Office 400


FLAKON: Proofs of Claim Deadline March 29
-----------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Flakon after finding the close joint stock company
insolvent.  The case is docketed as A40-18407/04-103-7, 14 "B".
Ms. L. Ustinovskaya has been appointed insolvency manager.
Creditors have until March 29, 2005 to submit their proofs of
claim to 117418, Russia, Moscow, Post User Box 54.

CONTACT:  FLAKON
          Russia, Moscow,
          Bolshaya Novodmitrievskaya Str. 36/4

          Ms. L. Ustinovskaya
          Insolvency Manager
          117418, Russia, Moscow,
          Post User Box 54.


KOLCHUGINO-SHAKHTO-STROY: Files for Bankruptcy
----------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Kolchugino-Shakhto-Stroy after finding the
open joint stock company insolvent.  The case is docketed as
A27-12092/2004-4.  Ms. I. Rakitina has been appointed insolvency
manager.  Creditors have until March 29, 2005 to submit their
proofs of claim to 652500, Russia, Kemerovo region, Leninsk-
Kuznetskiy, Kirova Pr. 55.

CONTACT:  KOLCHUGINO-SHAKHTO-STROY
          652500, Russia, Kemerovo region,
          Leninsk-Kuznetskiy, Kirova Pr. 55

          Ms. I. Rakitina
          Insolvency Manager
          652500, Russia, Kemerovo region,
          Leninsk-Kuznetskiy, Kirova Pr. 55


KRANOYARSK-PROM-KHIM-STROY: Declared Insolvent
----------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Kranoyarsk-Prom-Khim-Stroy after finding the
open joint stock company insolvent.  The case is docketed as
A33-15395/04-s4.  Mr. V. Stankevich has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 660133, Russia, Krasnoyarsk, P. Zheleznyaka Str. 17.

CONTACT:  KRANOYARSK-PROM-KHIM-STROY
          660004, Russia, Krasnoyarsk,
          26 Bakinskikh Komissarov Str. 44

          Mr. V. Stankevich
          Insolvency Manager
          660133, Russia,
          Krasnoyarsk, P. Zheleznyaka Str. 17


KURSK-AGRO-MASH: Appoints E. Alekseev Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Kursk-Agro-Mash after finding the open joint
stock company insolvent.  The case is docketed as A35/2986/04
"g".  Mr. E. Alekseev has been appointed insolvency manager.

Creditors have until March 29, 2005 to submit their proofs of
claim to:

(a) Kursk-Agro-Mash
    305007, Russia, Kursk, Engelsa Str. 115

(b) Insolvency Manager
    305009, Russia, Kursk,
    Ostrovskogo Str. 8, Apartment 22

(c) The Arbitration Court Of Kursk Region
    305004, Russia, Kursk, K. Marksa Str. 25


NORTH-OIL-PROCESSING: Gives Creditors Until March to File Claims
----------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against North-Oil-Processing
after finding the close joint stock company insolvent.  The case
is docketed as A-75-280-B/04.  Mr. A. Kotelnikov has been
appointed insolvency manager.  Creditors have until March 29,
2005 to submit their proofs of claim to 614036, Russia, Perm,
Leonova Str. 23-1.

CONTACT:  NORTH-OIL-PROCESSING
          Russia, Tyumen region,
          Kogalym, Molodyezhnaya Str. 26-39

          Mr. A. Kotelnikov
          Insolvency Manager
          614036, Russia,
          Perm, Leonova Str. 23-1


RAEVSKIY SUGAR: Undergoes External Management Procedure
-------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
external management bankruptcy procedure on open joint stock
company Raevskiy Sugar Refinery.  The case is docketed as A07-
30933/04-G-MOG.  Mr. A. Lobanov has been appointed external
insolvency manager.

CONTACT:  Mr. A. Lobanov
          External Insolvency Manager
          Russia, Bashkortostan republic,
          Alsheevskiy region, Raevskiy,
          Magistralnaya Str. 2
          Phone: 8 (917) 44-88-764


RYAZHSK-AGRO-KHIM: Last Day for Filing of Claims March 29
---------------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
proceedings against Ryazhsk-Agro-Khim after finding the
agricultural chemical company insolvent.  The case is docketed
as A54-2106/04-S6.  Ms. A. Kochetkova has been appointed
insolvency manager.  Creditors have until March 29, 2005 to
submit their proofs of claim to 390023, Russia, Ryazan, Novaya
Str. 102.

CONTACT:  RYAZHSK-AGRO-KHIM
          Russia, Ryazan region, Ryazhsk,
          Maksima Gorkogo Str. 105A

          Ms. A. Kochetkova
          Insolvency Manager
          390023, Russia,
          Ryazan, Novaya Str. 102


SARATOV-GLASS: Saratov Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Saratov-Glass after finding the open joint
stock company insolvent.  The case is docketed as A57-180B/04-
12.  Ms. L. Kemaykina has been appointed insolvency manager.
Creditors have until March 29, 2005 to submit their proofs of
claim to 410041, Russia, Saratov, Lomonosova Str. 1.

CONTACT:  SARATOV-GLASS
          410041, Russia,
          Saratov, Lomonosova Str. 1

          Ms. L. Kemaykina
          Insolvency Manager
          410041, Russia,
          Saratov, Lomonosova Str. 1


SPRING: Assets Worth RUB9.9 Mln Up for Auction Next Week
--------------------------------------------------------
The bidding organizer and insolvency manager of limited
liability company Spring will sell its property on Feb. 25, 2005
at 12:00 noon.  The public auction will take place at 628181,
Russia, Khanty-Mansiyskiy autonomous region Yugra, Tyumen
region, Nyagan, Mira Str. 6A, Building 2.  Up for sale is a
hotel including seven cars for a starting price of RUB9,980,000
exclusive of VAT.

Preliminary examination and reception of bids are done daily
until Feb. 20, 2005.  The list of documentary requirements is
available at 628126, Russia, Khanty-Mansiyskiy autonomous region
Yugra, Tyumen region, Oktyabrskiy region, Priobye, Stroiteley
Str. 13, Apartment 1.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810567230100130 at West-Siberian SB Tyumen, BIC 047102651,
correspondent account 30101810800000000651, TIN 8610006600,
OKONKH 61110, OKPO 39355038 on or before Feb. 20, 2005

CONTACT:  Mr. V. Davydov
          Insolvency Manager/Bidding Organizer
          628126, Russia, Khanty-Mansiyskiy autonomous region
          Yugra, Tyumen region, Oktyabrskiy region, Priobye,
          Stroiteley Str. 13, Apartment 1


YUKOS OIL: Deutsche Bank Claims Group Framed Jurisdiction
---------------------------------------------------------
Deutsche Bank on Wednesday accused Yukos Oil of manufacturing
jurisdiction to avail of bankruptcy protection in the U.S.,
Reuters says.

On the first day of a two-day hearing on whether or not the
Houston bankruptcy court has jurisdiction, Deutsche Bank lawyer
Hugh Ray said Yukos bigwigs backdated documents to gain a
litigation advantage in a U.S. court rather than in a Russian
court.  Mr. Ray added the case is a "two-party dispute between
the Russian government and a Russian debtor."

The bank, along with Gazpromneft, is trying to persuade U.S.
Bankruptcy Judge Letitia Clark to dismiss the case for lack of
jurisdiction over a Russian company subject to Russian law.
Yukos has filed a companion lawsuit against the two groups.

Yukos filed for bankruptcy protection in Houston on Dec. 14,
2004 in an effort to block the December 19 auction of its
production unit Yuganskneftegaz.  Yukos also attempted to
circumvent a US$27.5 billion back-tax bill, saying it was a
"massive, politically motivated, unlawful action."  The oil
giant, however, failed to stop the auction, despite restrictions
imposed by the Houston court.  The Russian government sold off
Yuganskneftegaz for US$9.4 billion to Baikal Finance, which was
eventually acquired by state-owned oil group Rosneft.

Yukos claims it is a victim of an orchestrated move to "destroy"
it and former owner Mihkail Khodorkovsky, who is currently
facing trial for fraud and tax evasion.

Yukos Chief Financial Officer Bruce Misamore was also grilled
during the hearing.  Mr. Misamore admitted setting up Yukos
U.S.A. and creating two Texas bank accounts, each holding US$27
million, to bolster its case in the U.S.  Mr. Misamore, who
managed his finance duties from his Houston home, said the money
in the accounts would be used to cover company costs and legal
fees.

Mr. Misamore said, "We put it here to add additional substance
in the U.S."

Through the hearing, Mr. Ray accused Mr. Misamore of signing
documents stating that funds were transferred on and around Dec.
14, when Yukos filed its Chapter 11 bankruptcy claim.  Mr. Ray
said the papers were drawn up weeks later. Mr. Misamore admitted
backdating the documents, but insisted the fund transfer was
done on the dates listed.

Another Yukos executive who took the hot seat was Chief
Executive Officer Steven Theede.  Mr. Theede said Yukos filed
for bankruptcy protection in the U.S. because they do not expect
a fair trial in Russia.  He added U.S. courts also offered more
flexibility for Yukos to restructure.

"It gives us a kind of life after death alternative," Mr. Theede
told the court.

Judge Clark is expected to rule on the case within days of the
hearings.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com

          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

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

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


YUKOS OIL: Khodorkovsky Hands 60% Menatep Stake to Nevzlin
----------------------------------------------------------
Vladimir Todres at Bloomberg News reports that Mikhail
Khodorkovsky, founder and former CEO of Yukos Oil Company, has
handed over 60% of his stake in Group Menatep to Leonard Nevzlin
on December 19, 2004.  Group Menatep holds approximately 40% of
Yukos shares.

Mr. Nevzlin, a close ally of Mr. Khodorkovsky, has occupied top
positions in Yukos and Menatep since 1991, and used to own 8% of
Group Menatep shares, according to MosNews.  After Russia issued
an arrest warrant for him, Mr. Nevzlin has taken up residence in
Israel.

            Nevzlin's Statement on Change in Ownership

"I intend to act in the interests of all YUKOS shareholders by
defending their interests using the most effective means
possible.  It has never been more important to have the
continued solidarity of our shareholders.

"On behalf of the principal shareholders, I express my deep
appreciation to Victor Gerachenko, co-chairman of the Group's
board of directors, and to the members of the board themselves.
They have defended the interests of the company and its
shareholders with the highest level of professionalism in the
face of pressure exerted by authorities within the Russian
government.

"Despite the continuing attack on the company, we want to
believe in the pragmatism and rationalism of government leaders.
We have not lost all hope that the authorities may decide to
adopt a more balanced and constructive conclusion to the crisis
the government has created.

"Unfortunately, YUKOS employees are the victims.

"They bear the brunt of the consequences from the forced
destruction of the most successful company in Russia.  I feel a
responsibility for the future of these employees and will do my
utmost to support those affected by the persecution of YUKOS.

"I am sincerely grateful to those who have supported us not only
abroad, but in Russia, where an individual making the most
symbolic expression of solidarity is threatened with the loss of
personal rights and freedoms."

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 US$12,276,000,000 in total assets
and US$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


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


CONCORDIA BUS: Misses Yet Another Interest Payment
--------------------------------------------------
Following discussions with the advisors to the Ad Hoc Committee
of the Subordinated Notes, Concordia Bus AB proposes to take
advantage of the 30-day grace period under the Senior
Subordinated Notes to consider further the coupon payment due on
15 February 2005.

The Ad Hoc Committee advisors, Houlihan Lokey Howard & Zukin and
Cadwalader, Wickersham & Taft LLP, are said to represent in
excess of 85% of the total outstanding Subordinated Notes.

Bingham McCutchen LLP, is representing an Ad Hoc Committee of
the Senior Secured Notes issued by Concordia Bus Nordic AB,
which is said to comprise a majority of the outstanding Senior
Secured Notes.  Concordia Bus Nordic AB has decided it is now
appropriate to pay the remaining 16.1% balance of the coupon
payment under the Senior Secured Notes, which was due 1 February
2005.

The operating businesses continue to provide full bus services
to passengers and customers.  The Group plans to announce its
fourth quarter results on April 21.

                            *   *   *

Early in the month, the company said it is taking advantage of
the 30-day grace period to fully pay the interest on its 9.125%
Senior Secured Notes due 2009.  Concordia Bus paid only 83.9% of
the interest due Feb. 1.

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


CONCORDIA BUS: Corporate Credit Ratings on Verge of Default
-----------------------------------------------------------
Standard & Poor's Ratings Services said its 'CC' long-term
corporate credit ratings on Sweden-based bus services provider
Concordia Bus AB remain on CreditWatch with negative
implications following a second missed interest payment.

The ratings on Concordia were initially placed on CreditWatch on
Dec. 17, 2004, over concerns that the group would have
difficulty in meeting its next interest rate payments, totaling
EUR11.8 million ($15.4 million), due in February 2005.  Since
then, the group's liquidity situation has not improved and, on
Feb. 15, 2005, Concordia elected not to pay the semiannual
coupon on its EUR160 million subordinated notes, due 2010.

The company has stated that it will consider options for payment
of the interest coupon within the 30-day grace period included
in the indenture of the notes.  Concordia also announced that it
would pay the residual balance of interest outstanding on its
senior secured notes, which fell due on Feb. 1, 2005, within the
30-day grace period applying to the notes.  Concordia remains in
negotiations with noteholders and shareholders regarding plans
for a recapitalization to strengthen its balance sheet.

"If payment is not made for the outstanding balance on the
subordinated notes during the grace period, the subordinated
debt rating would be lowered to 'D'," said Standard & Poor's
credit analyst Leigh Bailey.  "At the same time, the long-term
corporate credit rating on Concordia would be lowered to 'SD'
(selective default)".

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

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

          CONCORDIA BUS AB
          Solna Strandvag 78
          17154 Solna, Sweden
          Phone: +46-854630000
          Web site: http://www.concordiabus.com


SKANDIA INSURANCE: Expects Positive Financial Effects in Q4
-----------------------------------------------------------
Skandia Insurance's result is affected by external factors such
as changes in the stock market and interest rates.  Future
revenues, which are based on fund values, increase or decrease
as a result of these factors.

According to information presented in conjunction with the
interim report for the third quarter of 2004, a 1% increase in
the stock market would have a one-time effect on the operating
result of +SEK84 million and a 1% decrease would have a one-time
effect on the operating result of -SEK6 million.

Through the third quarter of 2004, financial effects were
positive in the amount of SEK185 million.  Financial effects for
the fourth quarter are expected to be positive and are estimated
to be in the range of SEK450 million to SEK550 million.

Discontinued Operations

To facilitate comparisons, figures in the group overview, as
earlier in the year, will be reported excluding discontinued
operations.  This means that the capital gain from the sale of
the Japanese operation is not included in the operating result.

Comparative Figures

Starting with the reporting for the first quarter of 2004, all
tables with a geographic breakdown have been adapted to the new
organizational structure that was presented in a press release
on April 16, 2004.

Skandia's year-end report for 2004 will be released on 28
February 2005.

A full copy of its financial statement is available free of
charge at http://bankrupt.com/misc/Skandia_results.pdf.

CONTACT:  SKANDIA INSURANCE
          Harry Vos
          Head of Investor Relations
          Phone: +46-8-788 3643


SKANDIA INSURANCE: Slowly Regaining Footing
-------------------------------------------
On Feb. 17, the Swedish Insurance Federation said it is
publishing the industry's quarterly statistics for the fourth
quarter of 2004.  These statistics also include information
about Skandia's sales development.  Consequently, in respect of
the stock exchange listing agreement, Skandia is releasing sales
information for the fourth quarter of 2004.

Skandia's market position in the Swedish market stabilized
during the latter part of 2004, from a low level at the start of
the year.  This stabilization reflects an improved work approach
and contact interface with our distributors and customers.  The
fee reduction for unit-linked assurance that was carried out in
November has still not had any effect on new sales as per the
fourth quarter.

The effect of the improvements that have been carried out is
expected to begin showing during 2005.  Sales and new sales
increased during the fourth quarter.  Some of this increase is
seasonal, however, it can also be credited to greater interest
in Skandia's products.

Market Shares for the Full Year

Skandia's market share of new business for life and unit linked
assurance decreased during the full year 2004 to 19.6%, compared
with 25.1% for the full year 2003.  Compared with the third
quarter (on a moving 12-month basis), the decrease was 0.7%.

For Skandia Unit Linked Assurance, the market share was 18.0% in
2004, compared with 25.9% for the full year 2003.  The
corresponding market share for Skandia Liv in the traditional
life segment was 21.6% (24.3%).

Market Shares for Individual Quarters

The quarter-on-quarter trend shows that Skandia's market share
reached its lowest level during the first quarter of 2004, at
16.1% for life and unit linked assurance.  The market share
during the fourth quarter was 23.4%.

For Skandia Unit Linked Assurance, the market share increased
from 16.6% during the first quarter to 21.2% during the fourth
quarter.  Skandia Liv showed an increase from 15.5% to 25.8%.

Sales During Fourth Quarter

Combined sales (excluding Skandia Liv) decreased by 2% during
the fourth quarter compared with the same quarter a year ago, to
SEK2,541 million (SEK2,607 million).  Compared with the third
quarter of 2004, sales rose 17%.

Unit Linked Assurance

Sales of unit-linked assurance decreased by 6% during the fourth
quarter compared with the same quarter a year ago, to SEK1,893
million (SEK2,019 million).  Compared with the third quarter of
2004, sales rose 6%.

New sales of unit-linked assurance decreased by 19% during the
fourth quarter compared with the same quarter a year ago.
Compared with the third quarter of 2004, new sales rose 44%.

As previously reported, discontinued savings in the form of
premium reductions and conversions of several-year contracts to
paid-up policy status have been at a high level.  This level
stabilized gradually in 2004 and began subsiding toward the end
of the year.  Conversion of contracts to paid-up policy status
is still at a high level compared with the assumptions that form
the basis of the embedded value calculations.  Therefore, the
outcome compared with operative assumptions in the embedded
value calculations will remain negative during the fourth
quarter.

As in previous years, in its year-end accounts for 2004 Skandia
will be adapting the assumptions used in the embedded value
calculation.  During the year, extensive measures were carried
out to create the conditions for a permanent improvement in
Skandia's market position in Sweden.  For the Swedish
operations, this will give rise to an adjustment of -- among
other things -- the assumptions on surrenders (including paid-up
policies), changes in the cost level and fee structure, and
asset management charges.  With respect to the Swedish
operations, this adjustment is expected to be negative for a
combined total of SEK450-550 million during the fourth quarter.

Skandia Liv

Sales in 2004 amounted to SEK12,170 million (SEK12,865 million).
Skandia Liv's sales for the fourth quarter were unchanged
compared with the same quarter a year ago, at SEK3,489
(SEK3,513).  Compared with the third quarter of 2004, sales rose
32%.

New sales decreased by 30% in 2004.  During the fourth quarter,
new sales decreased by 14% compared with the same quarter a year
ago.  Compared with the third quarter of 2004, new sales rose
8%.

Investment income was favorable in 2004.  The collective funding
ratio was 101% as per Dec. 31, 2004.

Skandia Liv will be raising its bonus rate to 4% as from 1 March
2005.

Skandia Sweden

Sales, SEKmillion           Q4 2004       Q4 2003

Unit linked assurance       1,893         2,019

Mutual funds                   34            84

Direct sales of funds         479           380

Other                         135           124

Total (excl. Skandia        2,541         2,607
Liv)


                             2004           2003

Unit linked assurance        8,243          8,567

Mutual funds                   300            344

Direct sales of funds        2,010          2,681

Other                          552            484

Total (excl. Skandia        11,105          12,076
Liv)


New sales,
unit-linked assurance
Fourth quarter                  443            544
Full year                     1,668          2,292

Definitions

Sales pertain to paid-in premiums and deposits in funds from
Skandia's customers.

New Sales

New sales pertain to single and regular premiums from unit-
linked contracts entered into in 2004, recalculated to full-year
figures.  According to industry practice, new sales are defined
as regular premiums recalculated to full-year figures plus 1/10
of single premiums during the period.

CONTACT:  SKANDIA INSURANCE
          Gert Engman
          Executive Vice President
          Skandia, and General Manager,
          Skandia Sweden
          Phone: +46-8-788 25 00

          Harry Vos
          Head of Investor Relations
          Phone: +46-8-788 36 43

          Urban Backstrom
          President and CEO, Skandia Liv
          Phone: +46-8-788 21 41


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


SWISS INTERNATIONAL: EBIT Improves to -CHF122 Million in 2004
-------------------------------------------------------------
Swiss International Air Lines (Group) achieved earnings before
interest and taxes of -CHF122 million for the 2004 business
year.  The result compares to an EBIT of -CHF498 million (before
restructuring costs) for the previous year.

Swiss reported earnings before interest and taxes of -CHF122
million for 2004 on consolidated total income from operating
activities of CHF3.642 million.  For the previous year, Swiss
recorded an EBIT of -CHF498 million (-CHF703 million after
restructuring costs) on consolidated total income from operating
activities of CHF4.126 million.

The EBIT result for 2004 was affected by both impairments and
non-recurring income amounts.  Impairments to regional aircraft
and buildings reduced the EBIT for 2004 by a total of CHF174
million.  The result also includes non-recurring income of
CHF163 million.  This consists of book gains of CHF68 million
related to the agreement reached in the legal dispute with HOLCO
in the second quarter, and of CHF95 million in non-recurring
income in the fourth quarter deriving largely from a one-off
gain connected with the surrender of slots at London Heathrow,
for which British Airways made a part-payment in the fourth
quarter, and from provision adjustments.

The consolidated net loss for 2004 amounted to CHF140 million,
which compares to a consolidated net loss of CHF687 million for
the previous year.  Cash and cash equivalents totaled CHF481
million on Dec. 31, 2004.

These provisional figures are unaudited.

The full financial statements for 2004 will be published on
March 11, 2005 and presented in detail at a media conference.
SWISS will not be commenting further on its 2004 results until
such time.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


LVIV' RUBBER: Temporary Insolvency Manager Enters Firm
------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Lviv' Rubber Technical Products
Plant (code EDRPOU 00152419).  The case is docketed as 6/309-
29/270.  Mr. Y. Gula (License Number AA 419202) has been
appointed temporary insolvency manager.  The company holds
account number 260093858 at JSPPB Aval, Lviv regional branch,
MFO 325570.

CONTACT:  LVIV' RUBBER TECHNICAL PRODUCTS PLANT
          79019, Ukraine, Lviv region,
          Zhovkivska Str. 22

          Mr. Y. Gula
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Polubotok Str. 11/71

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


NAFTOHIMEKOLOGIYA: Declares Bankruptcy
--------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Naftohimekologiya (code EDRPOU
13407128).  The case is docketed as 22/142-b.  Mr. Sivolobov
Maxim (License Number AA 783237) has been appointed temporary
insolvency manager.  The company holds account number
26004396047006 at CB Privatbank, Lugansk branch, MFO 304795.

Creditors may submit their proofs of claim to:

(a) NAFTOHIMEKOLOGIYA
    93120, Ukraine, Lugansk region,
    Lisichansk, Sverdlov Str. 416

(b) Mr. Sivolobov Maxim
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Osipenko, 6/39

    Postal address:
    Ukraine, Lugansk region,
    Mistechko Shorsa, 31/96

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


OBERIG: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Oberig (code EDRPOU
03731336).  The case is docketed as 5/560-04.  Mr. S. Malahov
(License Number AA 250370) has been appointed temporary
insolvency manager.  The company holds account number 2600811935
at JSPPB Aval, Vinnitsya regional branch, MFO 302247.

Creditors may submit their proofs of claim to:

(a) OBERIG
    22500, Ukraine, Vinnitsya region,
    Lipovets, Shevchenko Str. 33

(b) Mr. S. Malahov
    Temporary Insolvency Manager
    2100, Ukraine, Vinnitsya region,
    Keletska Str. 126/137

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


ORIHIVKA-SUGAR: Declared Insolvent
----------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Orihivka-Sugar (code EDRPOU 00372279) on
December 16, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 7/378-10/157.  Arbitral
manager Mr. Sergij Boltik (License Number AA 779134) has been
appointed liquidator/insolvency manager.  The company holds
account number 26009179732001at CB Privatbank, Lubenske branch,
MFO 331401.

CONTACT:  ORIHIVKA-SUGAR
          Ukraine, Poltava region,
          Lubenskij district, Novoorihivka

          Mr. Sergij Boltik,
          Liquidator/Insolvency Manager
          36009, Ukraine, Poltava region,
          Kondratenko Str. 6, 2nd floor

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


PROKSIM-TRADING: Succumbs to Insolvency
---------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Proksim-Trading (code EDRPOU 31380139) on
January 5, 2005 after finding the limited liability company
insolvent.  The case is docketed as 19/80 (04).  Arbitral
manager Mr. Dmitro Gerashenko (License Number AA 250439) has
been appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) PROKSIM-TRADING
    69037, Ukraine, Zaporizhya region,
    40 Rokiv Radyanskoyi Ukraini Str. 40

(b) Mr. Dmitro Gerashenko
    Liquidator/Insolvency Manager
    69037, Ukraine, Zaporizhya region,
    Rekordna Str. 20

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


SAMARSKI STAVKI: Court Brings in Insolvency Manager
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Samarski Stavki (code EDRPOU 30835613) on
December 22, 2004 after finding the limited liability company
insolvent.  The case is docketed as 15/146 B.  Arbitral manager
Mr. O. Samsonov (License Number AA 116081) has been appointed
liquidator/insolvency manager.

CONTACT:  SAMARSKI STAVKI
          84000, Ukraine, Donetsk region,
          Oleksandrivskij district, Vesela gora

          Mr. O. Samsonov
          Liquidator/Insolvency Manager
          85030, Ukraine, Donetsk region,
          Dobropilskij district, Krivorizhya,

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


TECHSERVICE: Lugansk Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Techservice (code EDRPOU 32787394) on
December 24, 2004 after finding the limited liability company
insolvent.  The case is docketed as 22/143b.  Arbitral manager
Mrs. Vera Chugunova (License Number AA 487830) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600330121301 at Prominvestbank, Stahanov branch,
MFO 304353.

Creditors may submit their proofs of claim to:

(a) TECHSERVICE
    Ukraine, Lugansk region,
    Stahanov, Vodoprovidna Str. 21

(b) Mrs. Vera Chugunova
    Liquidator/Insolvency Manager
    91011, Ukraine, Lugansk region,
    Lutuginska Str. 123/6

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


UKOOPPOSTACHMASH: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Joint Enterprise Ukooppostachmash (code
EDRPOU 01728933) on October 25, 2004.  The case is docketed as
4/166 B.  Mrs. Oksana Krutous (License Number AA 630050) has
been appointed temporary insolvency manager.  The company holds
account number 26000301171672 at Prominvestbank, Zhitomir
central branch, MFO 311056.

Creditors may submit their proofs of claim to:

(a) UKOOPPOSTACHMASH
    Ukraine, Zhitomir region,
    Stanishivskij Square, 7

(b) Mrs. Oksana Krutous
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Shidna Str. 81/35

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


ZHASHKIVSKIJ SUGAR: Liquidator Takes over Operations
----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against OJSC Zhashkivskij Sugar Plant (code EDRPOU
00373669) on December 30, 2004 after finding the limited
liability company insolvent.  The case is docketed as 08/4952.
Arbitral manager Mr. Pshenichnij Sergij (License Number AA
116162) has been appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) ZHASHKIVSKIJ SUGAR PLANT
    Ukraine, Cherkassy region, Zhashkiv

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


ZHOVTEN: Vinnitsya Court Names N. Voznyakevich Liquidator
---------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Zhovten (code EDRPOU 03730779) on November
25, 2004 after finding the limited liability company insolvent.
The case is docketed as 10/102-04.  Arbitral manager Mr. N.
Voznyakevich (License Number AA 249802) has been appointed
liquidator/insolvency manager.  The company holds account number
260451622 at JSPPB Aval, Nemirivske branch, MFO 302247.

CONTACT:  ZHOVTEN
          Ukraine, Vinnitsya region,
          Nemirivskij district, V. Bushinka

          Mr. N. Voznyakevich
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 2-A, Room 712
          Phone: (0432) 39-97-85

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


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


ABC COMMUNICATIONS: Appoints Liquidator from Tenon Recovery
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF ABC Communications (Aberdeen) Ltd.
                         (In Liquidation)

I, Alexander Iain Fraser, of Tenon Recovery, 33 Albyn Place,
Aberdeen AB10 1YL, hereby give notice that pursuant to Rule 4.18
of the Insolvency (Scotland) Rules 1986, that by Interlocutor
dated January 18, 2005, the Sheriff at Stonehaven Sheriff Court
appointed me liquidator of ABC Communications (Aberdeen) Ltd.

No Liquidation Committee was established at the First Meeting of
Creditors.  Accordingly, I hereby give notice that I do not
intend to summon a further Meeting for the purpose of
establishing a Liquidation Committee unless one-tenth, in value,
of the Creditors require it in terms of section 142(3) of the
Insolvency Act 1986.

A. I. Fraser, Liquidator

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


ARJOWIGGINS LYNX: Members Decide to Wind up Firm
------------------------------------------------
The final meeting of the members of Arjowiggins Lynx Limited
will be on March 31, 2005 at 10:00 a.m.  It will be held at the
offices of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton SO15 2EW.

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 b represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW not later than 12:00 noon, March 30, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


ARTESIAN HOLDINGS: Barclays Bank Appoints Robson Rhodes Receiver
----------------------------------------------------------------
Barclays Bank Plc called in Simon Peter Bower and Geoffrey Paul
Rowley (Office Holder Nos 8338, 8919) joint administrative
receivers for Artesian Holdings Limited (Reg No 03115274, Trade
Classification: 4100).  The application was filed Feb. 8, 2005.
The company collects, purifies and distributes water.

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


ASHWORTHS FOODS: Creditors Meeting Set Next Month
-------------------------------------------------
The creditors of Ashworths Foods Limited will meet on March 1,
2005 at 11:00 a.m.  It will be held at the offices of Unity
Corporate Recovery & Insolvency, Clive House, Clive Street,
Bolton BL1 1ET.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Unity Corporate Recovery & Insolvency of Clive
House, Clive Street, Bolton BL1 1ET not later than 12:00 noon,
Feb. 28, 2005.

CONTACT:  UNITY CORPORATE RECOVERY & INSOLVENCY
          Clive House, Clive Street,
          Bolton BL1 1ET


BALMTECH LIMITED: Hires Ernst & Young as Liquidator
---------------------------------------------------
At the general meeting of Balmtech Limited, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Martin Fishman and Patrick Joseph Brazzill of
Ernst & Young LLP, 1 More London Place, London SE1 2AF, be have
been appointed joint liquidators of the company.

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


BLANCHIN TEXTILES: Hires Administrator from Milner Boardman
-----------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Blanchin Textiles Limited.  The
appointment was made Feb. 9, 2005.  Its registered office is
located at Wira House, Ring Road, West Park, Leeds LS16 6EB.

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


COMMERCIAL INVESTMENTS: Receivers Take over Helm
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

   IN THE MATTER OF Commercial Investments (Aberdeen) Limited
                        (In Receivership)

I, Fraser James Gray, and Stuart Charles Edward Mackellar,
Chartered Accountants, of Kroll Limited, Afton House, 26 West
Nile Street, Glasgow G1 2PF, hereby give notice that we were
appointed Joint Receivers of the whole property and assets of
Commercial Investment (Aberdeen) Limited in terms of section 51
of the Insolvency Act 1986.

In terms of section 59 of the said Act, preferential Creditors
are required to lodge their formal claims with us within six
months of the date of this notice.

Fraser J Gray, Joint Receiver
February 2, 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


CONSAFE ENGINEERING: Bank of Scotland Appoints Receiver
-------------------------------------------------------
Bank of Scotland called in John C. Reid and James B. Stephen
(Office Holder Nos 0085596, 009273) joint administrative
receivers for Consafe Engineering (UK) Limited (Reg No
01389051).  The application was filed Feb. 1, 2005.  The company
manufactures metal structure and parts.

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


CONSTANT SERVICES: Members Pass Winding-up Resolution
-----------------------------------------------------
At the extraordinary general meeting of the members of Constant
Services Limited on Feb. 4, 2005 held at Hill Path, Pilgrims
Way, Guildford GU4 8AD, the special and ordinary resolutions to
wind up the company were passed.  Laurence G. Factor of the firm
Newman & Partners Insolvency & Recovery Services Limited,
Lynwood House, 373-375 Station Road, Harrow, Middlesex HA1 2AW
has been appointed liquidator of the company.

CONTACT:  NEWMAN & PARTNERS INSOLVENCY &
          RECOVERY SERVICES LIMITED
          Lynwood House, 373-375 Station Road,
          Harrow, Middlesex HA1 2AW


COUNTRYMAN PUBLISHING: Members General Meeting Set March
--------------------------------------------------------
The general meeting of the members of Countryman Publishing
Limited will be on March 17, 2005 at 10:00 a.m.  It will be held
at 26-28 Bedford Row, London WC1R 4HE.

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 David Rubin & Partners, 26-28 Bedford Row, London WC1R 4HE
not later than 12:00 noon, March 16, 2005.

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


COWARD HOLDINGS: Calls in Liquidator from Vantis Redhead
--------------------------------------------------------
At the extraordinary general meeting of Coward Holdings Plc on
Feb. 3, 2005 held at Duchess House, 83 Duchess Drive, Newmarket,
Suffolk CB8 8AJ, the special and ordinary resolutions to wind up
the company were passed.  Jeremy Stuart French of Vantis Redhead
French Limited, 43-45 Butts Green Road, Hornchurch, Essex RM11
2JX has been appointed liquidator of the company.

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


CUSTOM GROUP: Slips into Receivership
-------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Custom Group Services Ltd.
                        (In Receivership)

I, Ian Scott McGregor of Begbies Traynor, 4th Floor, 78 St
Vincent Street, Glasgow G2 5UB, hereby give notice that I was
appointed Receiver of the whole property and undertaking of
Custom Group Services Ltd. in terms of Section 51 of the
Insolvency Act 1986 on January 26, 2005.

In terms of Section 59 of the said Act, preferential Creditors
are required to lodge their formal claims with me within six
months of this date.

I. Scott McGregor, Receiver

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com


CYRUS INTERNATIONAL: Members Appoint Gilderthorps Liquidator
------------------------------------------------------------
At the extraordinary general meeting of the members of Cyrus
International Limited on Feb. 9, 2005 held at Tenon, The Old
Mill, Park Road, Shepton Mallet, Somerset BA4 5BS, the special
resolutions to wind up the company were passed.  Robert Stanley
Gilderthorp of Gilderthorps, 22 Paul Street, Shepton Mallet,
Somerset BA4 5LA has been appointed liquidator of the company.

CONTACT:  GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


DDI EUROPE: Joint Administrators from Kroll Limited Move in
-----------------------------------------------------------
Name of companies:
DDI Europe Limited
DDI Group Limited
DDI Marlow Limited
DDI Precision Limited
DDI Sales Limited
DDI Tolworth Limited
Lunar Solutions Limited

A. J. Wolstenholme (IP No 008995) has been appointed joint
administrator for these companies.  The appointment was made
Feb. 9, 2005.  These companies manufacture electrical equipment
and fabricated metal products.

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


D R & B HOLDINGS: Sets Creditors Meeting Next Week
--------------------------------------------------
The creditors of D R & B Holdings Limited will meet on Feb. 23,
2005 at 10:30 a.m.  It will be held at Stanton Manor Hotel,
Stanton Saint Quintin, near Chippenham, Wiltshire SN14 6DQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Pannell House, 6-7 Litfield Place, Clifton,
Bristol BS8 3LX not later than 12:00 noon, Feb. 22, 2005.

CONTACT:  PKF
          Pannell House, 6-7 Litfield Place,
          The Promenade, Clifton, Bristol BS8 3LX
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


GAMLESTADEN LIMITED: Members Final Meeting Set Next Month
---------------------------------------------------------
The final meeting of the members of Gamlestaden Limited will be
on March 24, 2005 at 10:30 a.m.  It will be held at KPMG, 8
Salisbury Square, London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG Corporate Recovery, 8 Salisbury Square, London EC4Y
8BB not later than 12:00 noon, March 23, 2005.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
            Or +44 0207 694 3533
          Web site: http://www.kpmg.co.uk


GENESIS FIRE: Names Begbies Traynor Administrator
-------------------------------------------------
Gary Bell and Richard W. Traynor (IP Nos 008710, 006730) have
been appointed administrators for Genesis Fire & Safety Ltd.
The appointment was made Feb. 7, 2005.  Its registered office is
located at Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP.

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


GIGGS & BINNS: Calls in Milner Boardman & Partners Administrator
----------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Giggs & Binns Limited.  The
appointment was made Feb. 9, 2005.  Its registered office is
located at 127 London Road, Hazel Grove, Stockport, Cheshire SK7
4HH.

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


GRANYTE PAINTS: Begbies Traynor Liquidators Take over Firm
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Granyte Paints Limited

Notice is hereby given that on Jan. 27, 2005, I, Paul Finnity
and Peter Andrew Blair, both of Begbies Traynor, Regency House,
21 The Ropewalk, Nottingham NG1 5DU was appointed liquidator of
Granyte Paints Limited, which registered office is located at
Regency House, 21 The Ropewalk, Nottingham NG1 5DU.

Paul Finnity, Joint Liquidator
January 27, 2005

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax: 0115 945 4845
          E-mail: nottingham@begbies-traynor.com
          Web site: http://www.begbies.com


HANSON & ROBERTSON: Sets Annual Creditors Meeting Next Week
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Hanson & Robertson (Life & Pensions) Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 105 of the
Insolvency Act 1986, that an Annual Meeting of Creditors of
Hanson & Robertson (Life & Pensions) Limited will be held at the
offices of Ritsons, Chartered Accountants, 28 High Street,
Nairn, on Wednesday, February 23, 2005, at 10:30 a.m. for the
purpose of having laid before them an account showing how the
winding-up has been conducted and the Company's property
disposed of during the year ended November 27, 2004, and hearing
any explanations that may be given by the Liquidator.

A Creditor entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.  A
proxy need not be a Creditor of the Company. A proxy for use at
the Meeting must be lodged at the address shown below no later
than 12:00 noon on Tuesday February 22, 2005.

William Leith Young, Liquidator
January 28, 2005

CONTACT:  RITSONS
          28 High Street
          Nairn, IV12 4AU
          Phone: 01667453048
          E-mail: nairn@ritsonsca.com
          Web site: http://www.ritsonsca.com


LESBOURNE HOLDINGS: Appoints Brebner Allen & Trapp Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of Lesbourne Holdings
Limited on Feb. 2, 2005 held at Old Exchange House, 128 Queen
Victoria Street, London EC4V 4BJ, the subjoined special
resolution to wind up the company was passed.  Martin N.
Widdowson of Brebner Allen & Trapp, The Quadrangle, 180 Wardour
Street, London W1F 8LB has been appointed liquidator of the
company.

CONTACT:  BREBNER ALLEN & TRAPP
          The Quadrangle,
          180 Wardour Street,
          London W1F 8LB


MILLFIELD ARTS: Calls in Joint Liquidators from Numerica
--------------------------------------------------------
At the extraordinary general meeting of Millfield Arts Trust
Limited on Feb. 1, 2005 held at 66 Wigmore Street, London W1A
3RT, the special, ordinary and extraordinary resolutions to wind
up the company were passed.  Nicholas Hugh O'Reilly and Sarah
Megan Rayment of Numerica, PO Box 2653, 66 Wigmore Street,
London W1A 3RT have been appointed joint liquidators of the
company.

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


P D HOMES: Calls in Administrators from Grant Thornton
------------------------------------------------------
Samantha Keen and Nigel Morrison (IP Nos 9250, 8938) have been
appointed administrators for property developers P D Homes
Limited.  The appointment was made Feb. 10, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


PERIPHONICS LIMITED: Hires PricewaterhouseCoopers as Liquidator
---------------------------------------------------------------
Name of companies:
Periphonics Limited
X-Cel Communications Limited

At the extraordinary general meeting of these companies on Feb.
8, 2005, the special and ordinary resolutions to wind up the
company were passed.  Tim Walsh and Richard Setchim of
PricewaterhouseCoopers LLP, One Kingsway, Cardiff have been
appointed joint liquidators of the company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          One Kingsway
          Cardiff CF10 3PW
          United Kingdom
          Phone: [44] (29) 2023 7000
          Fax: [44] (29) 2080 2400, 2404
          Web site: http://www.pwc.com


RALEIGH COURT: Hires R. M. Woolfson as Liquidator
-------------------------------------------------
At the extraordinary general meeting of Raleigh Court
(Middlesborough Limited) on Feb. 9, 2005 held at 1 Bentinck
Street, London W1U 2ED, the subjoined special resolution to wind
up the company was passed.  Robert Melvyn Woolfson of 1 Bentinck
Street, London W1U 2ED has been appointed liquidator of the
company.


ROCKWELL AUTOMATION: Final Meeting Set March
--------------------------------------------
The final meeting of the members of Rockwell Automation UK
Limited will be on March 18, 2005 at 11:00 a.m.  It will be held
at the offices of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT.

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

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


SIMON MARKETING: Members Final Meeting Set Next Month
-----------------------------------------------------
The final meeting of the members of Simon Marketing
International Limited will be in March 21, 2005 at 10:15 a.m.
It will be held at the offices of Grant Thornton UK LLP, 31
Carlton Crescent, Southampton SO15 2EW.

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 Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW not later than 12:00 noon, March 18, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


SLOAN & POOLE: Final Meeting of Members Set
-------------------------------------------
The final meeting of the members of Sloan & Poole Limited will
be on March 11, 2005 at 10:30 a.m.  It will be held at the
offices of Sale Smith & Co, Carmella House, 3 & 4 Grove Terrace,
Walsall, West Midlands WS1 2NE.

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:  SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE


ST CATHERINE'S: Liquidator's Final Report Out Next Month
--------------------------------------------------------
The final meeting of the members of St Catherine's House Limited
will be on March 11, 2005 at 11:00 a.m.  It will be held at
Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2 9LZ.

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:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


THIRSTY WORK: In Administrative Receivership
--------------------------------------------
Barclays Bank Plc called in Simon Peter Bower and Geoffrey Paul
Rowley (Office Holder Nos 8338, 8919) joint administrative
receivers for Thirsty Work Watercoolers Limited (Reg No
03025603, Trade Classification: 4100).  The application was
filed Feb. 8, 2005.  The company collects, purifies and
distributes water.

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


TOWNHOUSE CLUB: Cardiff Exclusive Club Goes Bust
------------------------------------------------
The London office of Bond Partners has appointed receivers to
the private club run by Townhouse Club Ltd. in Cardiff,
according to icWales.  A creditors meeting is set February 23.

The club will continue to trade normally while under
receivership.  Mark Haynes, the landlord of the building and
Townhouse Club Ltd.'s biggest shareholder, plans to take the
company forward.  He has the right to continue to run the club
until the receiver can put a value on the business.

Mr. Hayes assured he would honor membership deals struck with
Townhouse Club Ltd. under his management.  He is considering
renaming the business Park House in the future.  The club has
1,000 members.  It is renting a Burges House next to Cardiff's
civic center.

All but one of the firm's staff has decided to stay, according
to Mr. Hayes.

CONTACT:  TOWNHOUSE CLUB LTD.
          18 Park Place,
          CARDIFF SOUTH GLAMORGAN, CF10 3PD
          Phone: 02920345208


U.K. COAL: Cutting Coal Supply Targets to Drax
----------------------------------------------
Mining group U.K. Coal has warned Drax it will not be able to
meet supply contracts due to geological problems at Kellingley
Colliery, reports say.

U.K. Coal said its coal delivery to the country's biggest coal-
fired power station in the year to March will be 750,000 tons
short of what it promised about eight months ago.  A further gap
of 500,000 tons a year up to 2009 should also be expected.  The
two signed a five-year supply agreement for 14 million tons, or
almost 3 million tons annually, only in July last year.

Drax plans to seek compensation from U.K. Coal.  It said the
changes will take GBP10 million from its 2005 earnings and up to
GBP5 million from 2006.

In January, U.K. Coal said unforeseen geological problems had
had an impact on plans for Kellingley.  It subsequently reduced
production target to 1.7 million tons and cut 180 people from
its 700-strong workforce.  It has been a disappointing year for
the mining sector.

CONTACT:  U.K. COAL PLC
          Gordon McPhie,
          Chief Executive
          Phone: 01302 751 751

          GAVIN ANDERSON & COMPANY
          Liz Morley
          Financial
          Phone: 020 7554 1400

          Stuart Oliver
          Operational
          Phone: 01525 381 759


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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