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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 24, 2005, Vol. 6, No. 39

                            Headlines

F R A N C E

CLUB MEDITERRANEE: Accor Refutes Public Offer Rumors


G E R M A N Y

ARTLINE REPRODUKTIONS: Falls into Bankruptcy
BOCKENHOLT-BREADLINERS: Applies for Bankruptcy Proceedings
BWS BLINDENWOHNSTATTE: Administrator to Deliver Report March
ESOTRONIC COMPUTER: Sets First Creditors Meeting April
FAYETTE SHIPPING: Cedes Control to Provisional Administrator

GERRESHEIMER ALPHA: Rated 'B+' After LBO, Refinancing
GEUENICH AUTOTECHNIK: Under Bankruptcy Administration
HEIDELBERGCEMENT AG: Expects Demand to Continue to Fall at Home
HEINZ KIENEMANN: Braunschweig Court Appoints Administrator
HP BAU: Court Appoints Peter Buhmann Administrator
MSN GMBH: Creditors Have Until Next Month to File Claims


I R E L A N D

ELAN CORPORATION: Pain Reliever Cleared in Europe


I T A L Y

IMPREGILO SPA: Consortium Dangles EUR80 Million Cash Injection


N E T H E R L A N D S

LYCOS EUROPE: Full-year Net Loss Reduced by 19% to EUR45.5 Mln


N O R W A Y

STOLT OFFSHORE: Full-year Results in Black


R U S S I A

ALMETYEVSKOE CARGO: Applies for Bankruptcy Proceedings
BELNIKOVSKOYE: Last Day for Filing of Claims March 29
KIRS-CABEL: Proofs of Claim Deadline Expires Next Week
KRASNOUFIMSKIY EXPERIMENTAL: Declared Insolvent
MANTUROVSKOYE AUTO-TRANSPORT: Sets Deadline for Proofs of Claim

METROMEDIA INTERNATIONAL: PeterStar Buyer Also Eyes U.S. Unit
NEYSKOYE AUTO-TRANSPORT: Undergoes Bankruptcy Supervision
PERVOMAYSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Resumes April
SPETS-STROY: Court Names S. Lakaeva Insolvency Manager
VLADIMIRSKIY TRACTOR: Deadline for Proofs of Claim March
VOLGOGRADSKIY STEEL-WIRE-ROPE: Succumbs to Bankruptcy


S P A I N

CABLEUROPA S.A.U.: Earns Upgrade After Successful Refinancing


U K R A I N E

BORZHAVA: Zakarpatska Court Opens Bankruptcy Proceedings
FIRST UKRAINIAN: 'B-' Long-term Rating Affirmed; Outlook Stable
KALANCHAKSKIJ TIN: Bankruptcy Supervision Begins
KRAMATORSK' BEER: Court Grants Debt Moratorium Request
MIKOLAIV' CONFECTIONERY: Insolvency Manager Takes over Helm

NIZHNYANSKE: Applies for Bankruptcy Proceedings
SPETSAVTOMATIKA: Declared Insolvent
STALKON: Donetsk Court Freezes Debt Payment
TEHNIKS: Falls into Bankruptcy
TSEMENT: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

1ST LEISURE: Calls in Liquidator
ALGOOD CONSTRUCTION: Members Pass Winding-up Resolution
ARDAGH GLASS: Earns Negative Outlook on Additional PIK Issuance
ARTLODGE LTD.: Members Decide to Wind up Firm
BAE SYSTEMS: Reduces SAAB Stake to 20%

BRAYDEAL LIMITED: Members Final Meeting Later Next Month
BYBATCH ENTERPRISES: Liquidator's Final Report Out March
CATCHFORM LIMITED: Calls in Liquidator from Ward & Co.
CHARTER KITCHENS: Members Pass Winding-up Resolutions
CHROMATICS LIMITED: Calls Creditors Meeting

CLONMEL LIMITED: Hires Joint Liquidators from BDO Stoy Hayward
COLORZONE PVCU: Members Decide to Wind up Firm
CONSERVATORIES AND WINDOWS: Names Alexander Lawson Liquidator
COOPER RYBRANDT: Hires Abbey Taylor Ltd. to Liquidate Assets
DAR HOLDINGS: Members Opt for Liquidation

DUMYAT INVESTMENT: Final General Meeting Mid-March
FARNELL DIRECT: Calls in Liquidator from Taylor Rowlands
FIDELITY FINE: Shareholders Call in Begbies Traynor
FOCUS (FINANCE): Fitch Assigns 'B' Rating to Mezzanine Notes
FOCUS (INVESTMENTS): Gets 'B+' Rating Following Reorganization

FOCUS WICKES: Moody's Gives New Group Holdings Caa1 Rating
GLENVARIGILL COMPANY: Revised Books Show GBP5.3 Mln Pre-tax Loss
HALESOWEN STEEL: Members Decide to Wind up Firm
ILFORD IMAGING: Management Buyout Offer Bests Two Other Bids
JOHNSONS CARPENTRY: Liquidator from Butcher Woods Moves in

LA OFFICE: Appoints Vantis Business Recovery Liquidator
LONDON RADIOSURGICAL: Business for Sale
MARTLET NATURAL: Creditors Meeting Set Next Week
MAWDSLEY'S LIMITED: Appoints Administrators from KPMG
MAYFLOWER CORPORATION: Commercial Vehicle Acquires U.S. Arm

MOWLEM PLC: Splits Construction Services into Three Units
MRM ENGINEERING: Appoints Administrators from Tenon Recovery
NBP WHITELAM: Hires Liquidator from Bates Weston
NTL VENTURES: Appoints Joint Liquidators from Deloitte & Touche
PEARL ASSURANCE: Moody's May Downgrade Rating

PNC TELECOM: Seeks Resumption of Share Trading on AIM
PORTMAN PRODUCTS: Plastic Molding Business for Sale
S.K.I (UK): Creditors Meeting Next Week
SOUTHERN TECHNICAL: Names Bridgestones Administrator
STODDARD INTERNATIONAL: Closing Shop After 168 Years in Business

TEMA ENGINEERING: Unsecured Creditors to Meet Next Week
THIRSTY WORK: Mineral Water Business Up for Sale
THORNTONS PLC: Confident of Meeting Full-year Market Forecast


                            *********


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


CLUB MEDITERRANEE: Accor Refutes Public Offer Rumors
----------------------------------------------------
A number of newspaper articles have speculated on the
possibility of Accor making a public offer for Club
Mediterranee, based on the fact that Richelieu Finance has
increased its holding in Club Mediterranee.

In response, Accor would like to state that the allegations
concerning Accor are unfounded, that it is not preparing any
public offer for Club Mediterranee and that it does not act in
concert with any other Club Mediterranee shareholder.  This
complies fully with the information disclosed to Autorite des
Marches Financiers (France's stock market authorities), on
October 28, 2004.

With 158,000 people in 140 countries, Accor is the European
leader and one of the world's largest groups in travel, tourism
and corporate services, with two major international activities:

    -- hotels: nearly 4,000 hotels (462,000 rooms) in 90
       countries, casinos, travel agencies, and restaurants;

    -- services to corporate clients and public institutions: 14
       million people in 34 countries use a broad range of
       services (food vouchers, people care and services,
       incentive, loyalty programs, events) engineered and
       managed by Accor.

                            *   *   *

The firm had a full year loss of EUR44 million in 2003 on sales
of EUR1.6 billion.  The figure was EUR94 million (US$125
million) the prior year.

CONTACT:  CLUB MEDITERRANEE S.A.
          (Euronext Paris: CU)
          11 rue de Cambrai
          75957 Paris Cedex 19, France
          Phone: +33-1-53-35-35-53
          Fax: +33-1-53-35-32-73
          Web site: http://www.clubmed.com


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


ARTLINE REPRODUKTIONS: Falls into Bankruptcy
--------------------------------------------
The district court of Flensburg opened bankruptcy proceedings
against Artline Reproduktions- und Medientechnik GmbH on Feb. 2.
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 Sigrun Romer.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 11:05 a.m. at Saal A 220 im
Amtsgericht Flensburg 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:  ARTLINE REPRODUKTIONS- UND MEDIENTECHNIK GMBH
          Contact:
          Franz Josef Bickmann, Manager
          Ochsenweg 302, 24941 Flensburg

          Sigrun Romer, Insolvency Manager
          Westerallee 12, 24937 Flensburg


BOCKENHOLT-BREADLINERS: Applies for Bankruptcy Proceedings
----------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Bockenbolt-Breadliners Backerei BV & Co. KG on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 18, 2005
to register their claims with court-appointed provisional
administrator Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting on April 8, 2005, 10:05 a.m. at the district court
of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B 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:  BOCKENHOLT-BREADLINERS BACKEREI BV & CO. KG
          Rudolf-Diesel-Strasse 53/55, 59399 Olfen
          Contact:
          Jolantha Elisabeth Faber, Manager
          Bekkendammerweg 1, 7478 PC Diepenheim

          Wolfgang Lorisch, Insolvency Manager
          Kurt-Schumacher-Str. 48, 45699 Herten
          Phone: 02366/10820
          Fax: +492366108282


BWS BLINDENWOHNSTATTE: Administrator to Deliver Report March
------------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against BWS Blindenwohnstatte in Weissensee
gemeinnutzige Betriebs GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 1, 2005 to register their
claims with court-appointed provisional administrator Dr.
Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 9:45 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 28, 2005, 9:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  BWS BLINDENWOHNSTATTE IN WEISSENSEE GEMEINNUTZIGE
          BETRIEBS GMBH
          Auerbacher Str. 7,14193 Berlin

          Dr. Wolfgang Schroder, Insolvency Manager
          Genthiner Str. 48, 10785 Berlin


ESOTRONIC COMPUTER: Sets First Creditors Meeting April
------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Esotronic Computer GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 2, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 10:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 30, 2005, 10:10 at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218.

CONTACT:  ESOTRONIC COMPUTER GMBH
          Kornerstr. 19-21, 10785 Berlin

          Dr. Christoph Schulte-Kaubrugger, Administrator
          Genthiner Str. 48, 10785 Berlin


FAYETTE SHIPPING: Cedes Control to Provisional Administrator
------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Fayette Shipping Germany GmbH on Jan. 25.
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 Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:50 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:  FAYETTE SHIPPING GERMANY GMBH
          Platz der Einheit 1, 60327 Frankfurt am Main
          Contact:
          Vesselin Vassilev

          Andre K. Gabel, Insolvency Manager
          Bockenheimer Anlage 7, 60322 Frankfurt am Main
          Phone: 069/1505963
          Fax: 069/15059647


GERRESHEIMER ALPHA: Rated 'B+' After LBO, Refinancing
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Germany-based packaging group
Gerresheimer Alpha GmbH (Gerresheimer), the new parent company
of the Gerresheimer group.  The outlook is stable.

At the same time, Standard & Poor's withdrew its 'BB-' long-term
corporate credit rating on Gerresheimer B.V. (formerly known as
Gerresheimer Packaging Holdings B.V.).  The rating actions
follow the group's acquisition by funds managed by The
Blackstone Group.

In addition, Standard & Poor's assigned its 'B+' corporate
credit rating to the group's wholly owned subsidiary,
Gerresheimer Holdings GmbH, and its 'B-' debt rating to
Gerresheimer Holdings' proposed EUR150 million (US$198 million)
senior notes.  The outlook is stable.

"The ratings primarily reflect the increase in leverage that was
needed to fund the acquisition of Gerresheimer by private equity
funds managed by the Blackstone Group and subsequent
refinancing," said Standard & Poor's credit analyst Vanessa
Brathwaite.  Following the transaction, the group had net cash
debt of EUR587 million, including EUR182 million in unfunded
pension liabilities but excluding EUR80.5 million of shareholder
and vendor loans.

Standard & Poor's expects Gerresheimer to increase operating
cash flow in the next 12 months, to a level that will allow the
group to meet its debt service needs and fully fund capital
expenditures.  The ratings factor in the expectation that the
group will use its acquisition facility to fund small bolt-on
acquisitions.

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

          GERRESHEIMER GROUP
          Morsenbroicher Weg 191
          D-40470 Dusseldorf
          E-mail: info@gerresheimer.com
          Web site: http://www.gerresheimer.com/

          Corporate PR und Marketing
          Burkhard Lingenberg
          Phone: +49 (0)211 / 6181-251
          Fax: +49 (0)211 / 6181-241
          E-mail: b.lingenberg@gerresheimer.com


GEUENICH AUTOTECHNIK: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Geuenich Autotechnik Handelsgesellschaft mbH on Jan. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 17, 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, 10:55 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21 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:  GEUENICH AUTOTECHNIK HANDELSGESELLSCHAFT MBH
          Friedrichplatz 16, 52351 Duren
          Contact:
          Ingeborg Geuenich, Manager
          Bergstrasse 25 a, 52399
          Merzenich und Erich Geuenich, Manager
          Beethovenring 39, 52399 Merzenich

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


HEIDELBERGCEMENT AG: Expects Demand to Continue to Fall at Home
---------------------------------------------------------------
HeidelbergCement AG said the international economic environment
remained varied in the fourth quarter of 2004.  The environment
in the construction industry varied significantly in the
individual countries.  In Germany the gross domestic product
increased by 1.6%, which is just below the average for the euro
zone.  However, construction activity once again recorded a
decline amounting to 2.5%.

During 2004, Group turnover increased by 8.8% to EUR6,929
million (previous year: EUR6,372).  Both the first-time
consolidation of Indocement with a plus of EUR411 million and
currency effects -- especially from the reduced US dollar
exchange rate -- with a minus of EUR185 million, were
significant influential factors.  Adjusted for currency and
consolidation effects, turnover rose by 5.8%.  In particular,
operating improvements were achieved in North America, Africa-
Asia-Turkey and Central Europe East.  The complete annual
accounts of HeidelbergCement will be published on March 23,
2005.

Cement and Clinker Sales Volumes Exceed 65 Million Tons

During 2004, the cement and clinker sales volumes increased to
65.2 million tons (previous year: 51.1 tons).  This is largely
attributable to the first-time consolidation of Indocement.
Welcome increases in sales volumes were achieved in North
America, Central Europe East, Africa and China.  Excluding
consolidation effects, the sales volumes rose by 2.2% compared
with the previous year.

Balance Sheet Risks Eliminated

As part of the pre-audit of the 2004 annual accounts, a decision
was made to carry out a thorough revaluation of balance sheet
items, which will lead to one-time extraordinary charges in the
region of up to EUR700 million.  The majority of this is due to
the revaluation of goodwill for the Western Europe and Northern
Europe regions, as well as for Indocement.  Other significant
amounts result from the laying of restructuring provisions for
the Belgian-Dutch cement business and valuation adjustments for
deferred tax assets.

The extraordinary charges are mainly non-cash items.  They will
result in a loss for the Group for the 2004 financial year in
the amount between EUR350 million and EUR400 million.  The
Managing Board and Supervisory Board will make a decision
regarding the proposed dividend for the HeidelbergCement AG at a
later date.

Capital Increase

Above this, the Managing Board of HeidelbergCement AG has
resolved, with the consent of the Supervisory Board, to
implement a capital increase with subscription rights for
shareholders following the extraordinary charges in 2004.  In
order to strengthen the equity base, the company expects cash
proceeds in the amount of around EUR270 million.  The share-
offer price amounts to EUR35 per share.  For 13 existing shares,
shareholders may subscribe for one new share.

Changes in the Managing Board and Supervisory Board

On February 1,2005, Dr. Bernd Scheifele was appointed Chairman
of the Managing Board of HeidelbergCement, succeeding Hans
Bauer.  Dr. Bernd Scheifele was previously Chairman of the
Managing Board of Phoenix Pharmahandel Aktiengesellschaft & Co
KG and Chairman of the Supervisory Board of HeidelbergCement.
Hans Bauer, who began his career at HeidelbergCement, was
appointed to the Managing Board in 1997 and named Chairman in
2001.  After more than 35 years of successful work for
HeidelbergCement, Hans Bauer went into retirement at the end of
January.

The Supervisory Board elected Fritz-Jurgen Heckmann, who has
been a member of the Supervisory Board of HeidelbergCement since
2003, as Dr. Scheifele's successor in the post of Chairman of
the Supervisory Board.

Prospects

The varied trend in the global economy should continue in 2005,
albeit slightly weakened.  Once again, the growth impetus is
expected from the United States, Asia and the middle and Eastern
European countries.  Growth remains limited in the euro zone and
weak in Germany.

In view of the international economic environment, we anticipate
moderate increases in sales volumes for 2005.  In Germany,
demand continues to decline.  The development of turnover will
benefit from the proceeds situation in numerous markets.  Rising
energy costs and freight rates will increase pressure on costs.

HeidelbergCement has set a new course in order to consistently
take advantage of attractive opportunities for growth to enlarge
its international market position on the basis of a risk-free
balance sheet.  In operational terms, we focus on increasing the
efficiency in all areas to further reduce the costs
significantly.

Heidelberg, February 22, 2005

Full copy of HeidelbergCement's 2004 interim report can viewed
at http://bankrupt.com/misc/heidelbergcement_2004.pdf.

CONTACT:  HEIDELBERGCEMENT AG
          P.O. Box 10 4420
          69120 Heidelberg
          Phone: +49 6221/481-227
          Fax: +49 6221/481-217
          E-mail: info@heidelbergcement.com
          Web site: http://www.heidelbergcement.com


HEINZ KIENEMANN: Braunschweig Court Appoints Administrator
----------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Heinz Kienemann Bauunternehmung Gesellschaft mit
beschrankter Haftung on Jan. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 9, 2005 to register their claims with
court-appointed provisional administrator Stefan Ebeling.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 11:15 a.m. at the district court
of Braunschweig, An der Martinikirche 8, 38100 Braunschweig 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:  HEINZ KIENEMANN BAUUNTERNEHMUNG GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Pillmannstr. 17, 38112 Braunschweig
          Contact:
          Stephan Wendland, Twete 5, 38527 Meine

          Stefan Ebeling, Insolvency Manager
          Kurt-Schumacher-Strasse 21, D-38102 Braunschweig
          Phone: (0531) 2436826
          Fax: (0531) 24368331


HP BAU: Court Appoints Peter Buhmann Administrator
--------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against HP Bau & Montage GmbH Rekonstruktion-Neubau-Baubetreuung
on Jan. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 28, 2005 to register their claims with court-appointed
provisional administrator Peter Buhmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 11:15 a.m. at Saal D132,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  HP BAU & MONTAGE GMBH REKONSTRUKTION-NEUBAU-
          BAUBETREUUNG
          Friebelstr. 71 in 01217 Dresden

          BUHMANN
          Peter Buhmann, Insolvency Manager
          Radeberger Str. 45, 01099 Dresden
          Web site: http://www.Inso-RA.de


MSN GMBH: Creditors Have Until Next Month to File Claims
--------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against MSN - GmbH Maschinen- und Stahlbau on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 18, 2005
to register their claims with court-appointed provisional
administrator Rolf-Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 10:30 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:  MSN - GMBH MASCHINEN- UND STAHLBAU
          An der Wasserwiese 27 a - 29, 52249 Eschweiler
          Contact:
          Erwin Kwade, Manager
          Hastenrather Weg 53, 52249 Eschweiler

          Rolf-Dieter Monning, Insolvency Manager
          Julicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


=============
I R E L A N D
=============


ELAN CORPORATION: Pain Reliever Cleared in Europe
-------------------------------------------------
Elan Corporation, plc announced that the European Commission has
granted marketing approval for PRIALT(TM) (ziconotide) for the
treatment of severe, chronic pain in patients who require
intrathecal (IT) analgesia.

"The EC approval of PRIALT, along with the U.S. approval in
December 2004, signal the successful completion of years of
research, development, and commitment on the part of Elan to
bring this innovative therapy to market," said Lars Ekman, MD,
PhD, executive vice president and president, Research and
Development, Elan.

"PRIALT can offer new hope for patients in Europe as the first
new IT analgesic approved in more than two decades.  We are
deeply gratified today that physicians and patients now have a
significant option for the treatment of severe chronic pain, an
area in which there is tremendous unmet medical need."

This approval follows a positive opinion in November 2004 by the
European Committee for Medicinal Products for Human Use (CHMP),
the human medicines scientific body of the European Medicines
Agency.  Marketing approval of PRIALT was based on the treatment
of more than 1,000 patients, including three pivotal clinical
studies, which evaluated the efficacy and safety of IT PRIALT in
patients with severe chronic pain that was not adequately
managed despite a regimen of systemic and/or IT analgesics.

PRIALT has been awarded orphan drug status in the European
Union, which designates it as a product used for the diagnosis,
prevention or treatment of life-threatening or very serious rare
disorders or conditions.

PRIALT, developed by scientists at Elan, is in a class of non-
opioid analgesics known as N-type calcium channel blockers.
PRIALT is the synthetic equivalent of a naturally occurring
conopeptide found in a marine snail known as Conus magus.
Research suggests that the mechanism of action of PRIALT works
by targeting and blocking N-type calcium channels on nerves that
transmit pain signals.

"PRIALT is the first new IT analgesic for severe chronic pain in
many years and in many cases represents an effective alternative
to currently available opioids, with no evidence of the
development of tolerance to treatment over time, drug addiction
or respiratory depression," said Ann Ver Donck, MD, one of the
clinical investigators for PRIALT and pain therapy specialist,
Multidisciplinary Pain Centre, Brugge, Belgium.

"Patients and physicians alike should be encouraged by the body
of research supporting PRIALT, which now includes one of the
largest and most comprehensive safety databases available for
any IT therapy."

The approval of PRIALT was based on three independent pivotal
studies, each of which demonstrated significant improvement on
the Visual Analog Scale of Pain Intensity, a well-accepted pain
outcome measure.

Results of the PRIALT Pivotal Studies

The results of the PRIALT pivotal studies were previously
announced upon U.S. Food and Drug Administration approval of
PRIALT. The data from the most recent Phase III study will be
presented this week at the American Academy of Pain Medicine
meeting in Palm Springs, California.  In two other Phase III
clinical studies, IT-administered PRIALT was found to
significantly reduce severe chronic pain in a variety of opioid-
resistant patient populations with neuropathic pain and pain
related to cancer and AIDS.  The results of the first fast-
titration study were published last year in the Journal of the
American Medical Association (Jan. 7, 2004, Vol. 291, No. 1).
The results of the second fast-titration study are currently in
preparation for publication.

PRIALT Safety

PRIALT has been evaluated as an IT infusion in more that 1,000
patients participating in chronic pain studies.  The longest
treatment duration to date has been more than six years.

The four most commonly reported adverse drug reactions (ADRs) in
long-term clinical studies were dizziness, nausea, nystagmus and
confusion. Most ADRs were mild to moderate in severity and
resolved over time.

Information about PRIALT is available through a toll-free number
in EUROPE, 00-800-2683-4736.

About Severe Chronic Pain

Severe chronic pain is defined as pain lasting longer than six
months and has multiple causes, such as failed back surgery,
injury, accident, cancer, AIDS, and other nervous system
disorders.

About Elan

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

CONTACT:  ELAN CORPORATION
          Media Contacts:
          Anita Kawatra
          Phone: 212-407-5740 or 800-252-3526

          Investor Contacts:
          Emer Reynolds
          Phone: 353 1 709 4000 or 800-252-3526

          BIOGEN IDEC
          Elizabeth Woo
          Phone: 617-679-2812

          Amy Brockelman
          Phone: 617-914-6524


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


IMPREGILO SPA: Consortium Dangles EUR80 Million Cash Injection
--------------------------------------------------------------
Impregilo's major shareholder, Generale Mobiliare Interessenze
Azionarie (Gemina), accepted Monday a non-binding offer from a
group of local investors, La Stampa.

A consortium comprised of motorway operators Gavio and
Autostrade, engineering group Techint and private equity firm
Autostrade, proposed to create a holding company, which will
inject EUR80 million into Impregilo in exchange for a 10% stake
in the construction group.  Part of the stake would be chipped
away from Gemina's 25% holding in Impregilo.

The consortium intends to gradually increase its stake to 30% at
most, so as to avoid a regulatory obligation to launch a
takeover bid.  The offer, however, would proceed only when
Impregilo's creditor banks agree to reschedule its medium- and
long-term debt and extend new credit lines.

Impregilo has been trying to raise EUR800 million to repay
EUR550 million in bonds due in May and June, and maintain its
operations.

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

          AUTOSTRADE S.p.A.
          Via A. Bergamini, 50
          00159 Rome
          Phone: +39-06-4363-1
          Fax: +39-06-4363-4090
          Web site: http://www.autostrade.it

          COMPAGNIA TECNICA INTERNAZIONALE S.p.A.
          Via Monte Rosa, 93
          20149 Milano
          Phone: +39 02 4384.1
          Fax: +39 02 4693026
          E-mail: techint-milano@techint.it
          Web site: http://www.techint.it

          INVESTINDUSTRIAL S.p.A.
          Via dei Bossi, 4
          20121 Milan
          Phone: +39 02 802 7761
          Fax: +39 02 8901 1223
          Web site: http://www.investindustrial.com


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


LYCOS EUROPE: Full-year Net Loss Reduced by 19% to EUR45.5 Mln
--------------------------------------------------------------
LYCOS Europe, one of the leading European portal providers, was
able to continue its chosen growth course over the whole of 2004
and increased its total revenues by 22% to EUR103.8 million,
compared to EUR85.0 million in the same period the year before.

The increase in revenues is an expression of the successful
strategic orientation and consolidation of the Paid Services &
Shopping and Internet Access divisions.  Compared to last year,
revenues from Paid Services & Shopping rose by 65% in the
financial year 2004.  In total, LYCOS Europe generated more than
60% of the revenues outside the volatile advertising business.

Despite extended sales and marketing activities on the German
market in the newly launched broadband Internet access product
sector in particular, LYCOS Europe succeeded in improving its
EBITDA (Earnings Before Interest, Taxes, Depreciation, and
Amortization) by 15% from EUR (40.5) million (2003) to -EUR34.2
million in the financial year 2004.  Net loss was reduced by 19%
from -EUR56.1 million in 2003 to -EUR45.5 million in the
financial year 2004.

In the financial year 2004 the EUR57.8 million cost of revenues
remained on an almost constant level (2003: EUR56.8 million),
while at the same time the increase in revenues rose to EUR18.8
million.  The gross margin therefore improved by 33% to 44%.  In
relation to the fourth quarter 2004, revenues amounted to
EUR33.3 million and therefore increased by 43% compared to the
same period the year before (Q4/2003: EUR23.3 million), making
this LYCOS Europe's highest quarterly revenues within the last
three years.

The significant improvement in revenues can be mainly attributed
to revenue increases in the Internet Access division (EUR11.2
million; +100 percent compared to the same period last year) and
the Paid Services & Shopping division (EUR9.3 million; +88
percent compared to the same period last year).

The EBITDA result improved by 54% from -EUR11.8 million in the
fourth quarter 2003 to -EUR5.5 million in the fourth quarter
2004.  This was mainly due to the positive development in total
revenues as well as the company's continual cost-cutting
measures.  Cash, cash equivalents and short and long-term
deposits decreased by 31% from EUR175.2 million on December 31,
2003, to EUR121.7 million on December 31, 2004.  Costs of
acquisitions amounted to EUR22.1 million.  A fall in cash and
cash-items of only EUR2.0 million was noted in the last quarter
2004, which corresponds to a year-on-year improvement of 74%.
This positive development is attributed to a good operative
result as well as cost savings and non-recurring externalities
in the fourth quarter 2004.

LYCOS Europe's financial statements have been prepared in
accordance with the United States generally accepted accounting
principles (U.S.-GAAP).

CONTACT:  LYCOS EUROPE N.V.
          Richard Holkade 36
          2033 PZ Haarlem,
          The Netherlands
          Phone: +31-23-750-1111
          Fax: +31-23-553-0390
          Web site: http://www.lycos.de


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


STOLT OFFSHORE: Full-year Results in Black
------------------------------------------
Highlights of 2004 results:

(a) Full year net profit ahead of breakeven target,

(b) Field completion of all loss making legacy contracts,

(c) Contract awards in the year total over US$2.2 billion,

(d) Restructured balance sheet with net debt reduced from $356
    million to US$66 million net cash

Post Year End Events

(a) Letters of Intent for 63 contracts, totaling US$707 million,
    since Dec. 1, 2004,

(b) Paragon Engineering sale for US$15 million completes
    disposal program of non-core assets and businesses,
    yielding US$119 million in total,

(c) Placement of Stolt-Nielsen holding with U.S. and European
    institutions brings free float to 100%,

(d) Revised Board composition[1]

Tom Ehret, Chief Executive Officer, Stolt Offshore, said: "2004
was a year of extraordinary transition.  Against a backdrop of
twelve months of rapid change, and whilst continuing to focus on
achieving effective operational control and execution
excellence, Stolt Offshore successfully re-established its
commercial track record by building up and maintaining its
backlog to 15 months of revenue.

At the end of this period Stolt Offshore is firmly re-positioned
as a leading deepwater offshore contractor.  The Company is
truly independent, both in terms of the engineering solutions it
brings to clients and its broad international shareholder base.
The year end backlog, standing at US$1.8 billion gives us strong
earnings visibility and we believe the industry outlook is for a
sustained up-cycle in our core offshore and deepwater markets."

Operating Review

The Group's return to profitability for the full year confirms
the effectiveness of the recovery process that was put in place
eighteen months ago.  Better risk management and project
controls resulted in significant operational benefits, albeit
with marked variations in regional and quarterly delivery.

Africa and Mediterranean Region (AFMED)

During the fourth quarter the offshore phase of the Bonga
project completed, as did the formerly suspended Yokri contract.
The region has seen a return to profitability as a result of a
successful operational turnaround involving improving risk
management to deliver better project execution.  AFMED has
benefited from higher activity as well as from the settlement of
variation orders and outstanding claims on the last of the
legacy contracts.  The deepwater SURF market for this region
continues to generate a high level of tendering activity and
good future prospects.

Northern Europe and Canada Region (NEC)

The fourth quarter results were affected by seasonality and one
trenching contract that were downgraded.  In an otherwise very
successful year, significant management resources were dedicated
to preparation for the US$250 million Langeled pipelay project
utilizing the LB200, which is to commence in the second quarter
of 2005.  NEC also committed engineering and project management
resources to support project work in the AFMED and AME regions.
North America and Mexico Region (NAMEX) - Pipelay from the DLB
801 continued on a series of projects offshore Trinidad.  After
a major delay due to a mechanical incident reported in the third
quarter, the work resumed, but was severely disrupted in the
fourth quarter by the particularly harsh sea conditions offshore
Trinidad prevalent at this time of year.  Inspection,
maintenance and repair work in the Gulf of Mexico following
Hurricane Ivan continued at a high level throughout the fourth
quarter.

South America Region (SAM)

The fourth quarter results were impacted by thruster problems on
both the Seaway Condor and Seaway Harrier.  Otherwise, the long-
term ship charters and other diving and ROV activities continued
in line with expectations throughout the year.  During the
period there was an increasing focus of resources on several
major tenders, including long term ship contracts and
construction contracts, due to commence in late 2005 and beyond.

Asia and the Middle East Region (AME)

This regional business saw improved performance during the
fourth quarter and full year. The initial phases of the Santos
Casino and the Sakhalin construction projects progressed
according to plan.  The Seaway Hawk has now relocated to this
region where she is being actively marketed for SURF work.  As a
trend the deepwater SURF market is now strengthening in this
region with some sizeable projects emerging.

Financial Review

Sales revenue for the quarter of US$381.4 million is higher than
the third quarter of 2004 and the fourth quarter of 2003 due to
the successful negotiation of variation orders and claims on
contracts, which were concluded during the quarter, notably on
the Bonga and Yokri projects.

An impairment charge of US$5.2 million was recorded in the
fourth quarter, principally in respect of trenching and other
mobile assets, for which future levels of utilization were
highlighted in the budget process as being low.

The foreign exchange gain of US$4.4 million in the fourth
quarter resulted from cash balances held in currencies other
than the U.S. dollar.

The effective tax rate for the full year is influenced by
withholding taxes in Africa, which are based on turnover rather
than net profits.  In the fourth quarter the company reviewed
its provisions for unresolved tax disputes and valuation
allowances against deferred tax assets, resulting in a net
benefit for the quarter.

It should be noted that at year-end, advance billings on
projects totaled US$148 million, compared to US$112 million at
the end of the third quarter.

During the year, the Company raised US$165 million in new equity
through a Private Placement and subsequent issue of Common
Shares.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Board Composition: Mark Woolveridge (Chairman of the Board),
James Hurlock (Vice Chairman of the Board and Chairman of the
Nomination Committee), Trond Westlie (Chairman of the Audit
Committee), Frithjof Skouveroe (Chairman of the Compensation
Committee), Haakon Lorentzen, George Doremus, Tom Ehret (Chief
Executive Officer).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Stolt_Offshore.pdf.

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Deborah Keedy
          Phone: (U.K.) +44 1932 773764
                     or +44 1932 773767
          Phone: (U.S.) +1 877 603 0267 (toll free)
          E-mail: julian.thomson@stoltoffshore.com
                  deborah.keedy@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (UK)
          Ellen Gonda (US)
          Phone: (U.K.) +44 207 404 5959
          Phone: (U.S.) +1 212 333 3810
          E-mail: phandley@brunswickgroup.com
                  egonda@brunswickgroup.com


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


ALMETYEVSKOE CARGO: Applies for Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Almetyevskoe Cargo Auto-Transport Enterprise
(TIN 1644010271) after finding the open joint stock company
insolvent.  The case is docketed as A65-17087/2004-SG4-26.  Mr.
O. Aleksandrov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 450059, Russia, Tatarstan
republic, Kazan, Post User Box 27.

CONTACT:  ALMETYEVSKOE CARGO AUTO-TRANSPORT ENTERPRISE
          Russia, Tatarstan republic,
          Almetyevsk, Polevaya Str. 7

          Mr. O. Aleksandrov
          Insolvency Manager
          450059, Russia, Tatarstan republic,
          Kazan, Post User Box 27


BELNIKOVSKOYE: Last Day for Filing of Claims March 29
-----------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Belnikovskoye after finding the open joint
stock company insolvent.  The case is docketed as A31-5151/18.
Mr. A. Balashov has been appointed insolvency manager.

Creditors have until March 29, 2005 to submit their proofs of
claim to Russia, Kostroma region, Neyskiy region, Nozhma,
Lesnaya Str. 2a.  A hearing will take place at the Arbitration
Court of Kostroma region on May 12, 2005, 9:10 a.m.

CONTACT:  BELNIKOVSKOYE
          Russia, Kostroma region, Neyskiy region,
          Nozhma, Lesnaya Str. 2a

          Mr. A. Balashov
          Insolvency Manager
          Russia, Kostroma region, Neyskiy region,
          Nozhma, Lesnaya Str. 2a

          The Arbitration Court of Kostroma region
          Russia, Kostroma, Shagova Str. 20


KIRS-CABEL: Proofs of Claim Deadline Expires Next Week
------------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Kirs-Cabel - Production of Agricultural
Products after finding the open joint stock company insolvent.
The case is docketed as A28-185/04-244/10.  Mr. V. Frolov has
been appointed insolvency manager.  Creditors have until March
1, 2005 to submit their proofs of claim to 610035, Russia,
Kirov, Vorovskogo Str. 78, Room 23.

CONTACT:  KIRS-CABEL - PRODUCTION OF AGRICULTURAL PRODUCTS
          612820, Russia,
          Kirov region, Lugovaya Str. 1a

          Mr. V. Frolov
          Insolvency Manager
          610035, Russia, Kirov,
          Vorovskogo Str. 78, Room 23

          The Arbitration Court of Kirov Region
          610017, Russia, Kirov,
          K. Libknekhta Str. 97


KRASNOUFIMSKIY EXPERIMENTAL: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Krasnoufimskiy Experimental Factory after
finding the open joint stock company insolvent.  The case is
docketed as A60-155112/2004-S1.  Mr. S. Sivkov has been
appointed insolvency manager.  Creditors have until March 29,
2005 to submit their proofs of claim to 624134, Russia,
Sverdlovsk region, Novouralsk-4, Post User Box 92.

CONTACT:  KRASNOUFIMSKIY EXPERIMENTAL FACTORY
          Russia, Sverdlovsk region,
          Krasnoufimsk, Mizerova Str. 66

          Mr. S. Sivkov
          Insolvency Manager
          624134, Russia, Sverdlovsk region,
          Novouralsk-4, Post User Box 92


MANTUROVSKOYE AUTO-TRANSPORT: Sets Deadline for Proofs of Claim
---------------------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Manturovskoye Auto-Transport Enterprise
after finding the open joint stock company insolvent.  The case
is docketed as A31-6381/18.  Mr. V. Markov has been appointed
insolvency manager.  Creditors have until March 29, 2005 to
submit their proofs of claim to 157300, Russia, Kostroma region,
Manturovo, Kostromskaya Str. 5.

CONTACT:  MANTUROVSKOYE AUTO-TRANSPORT ENTERPRISE
          157300, Russia, Kostroma region,
          Manturovo, Kostromskaya Str. 5

          Mr. V. Markov
          Insolvency Manager
          157300, Russia, Kostroma region,
          Manturovo, Kostromskaya Str. 5


METROMEDIA INTERNATIONAL: PeterStar Buyer Also Eyes U.S. Unit
-------------------------------------------------------------
On February 17, 2005, Metromedia International Group, Inc., a
Delaware corporation (the Registrant) and the direct parent of
NWE Capital (Cyprus), Ltd., a company organized under the
Companies Law of Cyprus, entered into a Share Purchase Agreement
with First National Holding S.A., a societe anonyme organized
under the laws of Luxembourg (FNH), Emergent Telecom Ventures
S.A., a societe anonyme organized under the laws of Switzerland
(ETV), and Pisces Investment Limited, a company organized under
the Companies Law of Cyprus and wholly owned subsidiary of FNH
and ETV (the Buyers).

Pursuant to the Share Purchase Agreement, the Registrant agreed
to sell to the Buyers, and the Buyers agreed to purchase from
the Seller, all of the authorized, issued and outstanding share
capital of the Company for US$215 million in cash.  Consummation
of the transaction set forth in the Purchase Agreement is
principally subject only to a vote of the holders of the
Registrant's common stock and the continued accuracy of certain
customary representations concerning the Registrant's ownership
of and authority with respect to the interests being sold.

Assuming approval by the holders of the Registrant's common
stock, the Registrant presently expects to consummate the Share
Purchase during the third quarter of 2005.

The Purchase Agreement contains certain termination rights for
each of the Registrant and the Buyers and further provides that,
upon termination of the Purchase Agreement under specified
circumstances involving an alternative transaction, the
Registrant may be required to pay to the Buyers a termination
fee of US$4,450,000 plus an amount for the documented out-of-
pocket fees and expenses (in an amount not to exceed
US$2,000,000) incurred by or on behalf of the Buyers in
connection with the due diligence process and the negotiation,
execution and delivery of the Purchase Agreement.

The foregoing description of the Purchase Agreement does not
purport to be complete and is qualified in its entirety by
reference to the Purchase Agreement, which is filed as Exhibit
10.1 hereto and incorporated herein by reference.

Voting Agreement

On February 17, 2005, the Registrant entered into a Voting
Agreement with Pisces, Metromedia Company, a Delaware general
partnership, Stuart Subotnick, the Trust, dated as of May 30,
1984, as amended and restated, John W. Kluge, as grantor, and
John W. Kluge, Manufacturers Hanover Trust Company (n/k/a J.P.
Morgan Chase Bank) and Stuart Subotnick, as trustees (the New
York Trust), and the Trust, dated as of December 14, 2001,
between John W. Kluge, as Grantor and Stuart Subotnick and J.P.
Morgan Trust Company of Delaware, as Trustees (the Florida
Trust, and together with Metromedia, Mr. Subotnick and the New
York Trust, the Principal Stockholders).

Pursuant to the terms of the Voting Agreement, the Principal
Stockholders agreed to vote, or provide a consent with respect
to his or its shares of common stock of the Registrant, at such
time as the Registrant conducts a meeting of, or otherwise seeks
a vote or consent of, the holders of the Registrant's common
stock for the purpose of approving the Share Purchase, in favor
of the Share Purchase and against any action or agreement that
would compete with, impede or interfere with the approval of the
Share Purchase.  In addition, the Principal Stockholders granted
to Pisces his or its irrevocable proxy and attorney-in-fact to
vote his or its shares of common stock of the Registrant in
accordance with the preceding sentence.  The Voting Agreement
expires upon the earlier of the closing of the Share Purchase or
the termination of the Purchase Agreement in accordance with its
terms.

The foregoing description of the Voting Agreement does not
purport to be complete and is qualified in its entirety by
reference to the Voting Agreement, which is filed as Exhibit
10.2 hereto and incorporated herein by reference.

Additional Information and Where to Find it:

The Registrant intends to file with the U.S. S.E.C. a proxy
statement and other relevant documents in connection with the
proposed sale of the Registrant's interest in the Company to the
Buyers.  Investors and security holders of the Registrant are
urged to read the proxy statement and other relevant documents
when they become available because they will contain important
information about the Registrant, the Buyers and the proposed
sale.  Investors and security holders of the Registrant may
obtain free copies of the proxy statement and other relevant
documents filed with the U.S. S.E.C. (when they become
available) at the U.S. S.E.C.'s Web site at http://www.sec.gov,
and at the Registrant's Web site at http://www.metromedia-
group.com.

In addition, investors and security holders of the Registrant
may obtain free copies of the proxy statement (when it becomes
available) by writing to 8000 Tower Point Drive, Charlotte, NC
28227, Attention: Investor Relations, or by e-mailing to
investorrelations@mmgroup.com.

The Registrant and its directors, executive officers, certain
members of management and certain employees may be deemed to be
participants in the solicitation of proxies in respect of the
proposed sale.  A description of the interests in the Registrant
of its directors and executive officers is set forth in the
Registrant's annual report on Form 10-K for the fiscal year
ended December 31, 2003 filed with the U.S. S.E.C. on May 26,
2004 and in the Registrant's proxy statement for its 2003 annual
meeting of stockholders filed with the U.S. S.E.C. on October
20, 2003.

Additional information regarding the persons who may, under the
rules of the U.S. S.E.C., be deemed participants in the
solicitation of proxies in connection with the proposed sale,
and a description of their direct and indirect interests in the
proposed sale, will be set forth in the proxy statement when it
is filed with the U.S. S.E.C.

A full copy of the sale document is available free of charge at
http://bankrupt.com/misc/Metromedia_Sale_a.pdf

                            *   *   *

First National Holding S.A. (FNH), Emergent Telecom Ventures
S.A. and Pisces Investment Limited are the same companies that
recently entered into a definitive agreement to purchase the
entire interest of Metromedia in ZAO PeterStar for US$215
million in cash.  PeterStar is the leading competitive local
exchange carrier in St. Petersburg, Russia.

Consummation of the transaction set forth in the agreement is
principally subject only to a vote of a majority of the holders
of the Company's common stock and the continued accuracy of
certain customary Company representations concerning its
ownership of, and authority with respect to the sale of, the
interests being sold.  Assuming approval by a majority of the
holders of the Company's common stock, the Company presently
expects to consummate the sale of PeterStar during the third
quarter of this year.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Headquarters: Charlotte, North Carolina
          Web site: http://www.metromedia-group.com
          Contact:
          Mark Hauf, Chief Executive Officer
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


NEYSKOYE AUTO-TRANSPORT: Undergoes Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
Neyskoye Auto-Transport Enterprise.  The case is docketed as
A31-9146/18.  Mr. A. Kovalev has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to Russia, Kostroma, Pabochij Pr. 48, Apartment 38.  A hearing
will take place on April 14, 2005, 9:20 a.m.

CONTACT:  NEYSKOYE AUTO-TRANSPORT ENTERPRISE
          Russia, Kostroma region,
          Neya, Lenina Str. 134.

          Mr. A. Kovalev
          Insolvency Manager
          Russia, Kostroma,
          Pabochij Pr. 48, Apartment 38


PERVOMAYSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Resumes April
-------------------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
Pervomayskiy Wood-Prom-Khoz.  The case is docketed as A31-
9375/18.  Mr. D. Timofeev has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 156002, Russia, Kostroma region, Erokhova Str. 8.  A hearing
will take place on April 21, 2005, 9:00 a.m.

CONTACT:  PERVOMAYSKIY WOOD-PROM-KHOZ
          157490, Russia, Kostroma region, Makaryevskiy region,
          Pervomayka, Pervomayskaya Str. 3

          Mr. D. Timofeev
          Temporary Insolvency Manager
          156002, Russia, Kostroma region,
          Erokhova Str. 8


SPETS-STROY: Court Names S. Lakaeva Insolvency Manager
------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Spets-Stroy (TIN 4343000010) after finding
the open joint stock company insolvent.  The case is docketed as
A72-2668/04-21/15-B.  Ms. S. Lakaeva has been appointed
insolvency manager.  Creditors have until March 29, 2005 to
submit their proofs of claim to 432980, Russia, Ulyanovsk, Post
User Box 5069.

CONTACT:  SPETS-STROY
          432002, Russia, Ulyanovsk,
          Entuziastov Str. 1a

          Ms. S. Lakaeva
          Insolvency Manager
          432980, Russia, Ulyanovsk,
          Post User Box 5069


VLADIMIRSKIY TRACTOR: Deadline for Proofs of Claim March
--------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Vladimirskiy Tractor Factory (TIN
3302000877) after finding the open joint stock company
insolvent.  The case is docketed as A11-3956/2004-K1-37B.  Mr.
A. Shepetov has been appointed insolvency manager.  Creditors
have until March 29, 2005 to submit their proofs of claim to
600000, Russia, Vladimir, Traktornaya Str. 43.

CONTACT:  VLADIMIRSKIY TRACTOR FACTORY
          600000, Russia, Vladimir,
          Traktornaya Str. 43

          Mr. A. Shepetov
          Insolvency Manager
          600000, Russia,
          Vladimir, Traktornaya Str. 43


VOLGOGRADSKIY STEEL-WIRE-ROPE: Succumbs to Bankruptcy
-----------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Volgogradskiy Steel-Wire-Rope Plant (TIN
344018006434) after finding the open joint stock company
insolvent.  The case is docketed as A12-14028/04-s24.  Mr. B.
Mikhalev has been appointed insolvency manager.  Creditors have
until March 1, 2005 to submit their proofs of claim to 400031,
Russia, Volgograd, Bakhturova Str. 12.

CONTACT:  VOLGOGRADSKIY STEEL-WIRE-ROPE PLANT
          400031, Russia,
          Volgograd, Bakhturova Str. 12

          Mr. B. Mikhalev
          Insolvency Manager
          400031, Russia,
          Volgograd, Bakhturova Str. 12


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


CABLEUROPA S.A.U.: Earns Upgrade After Successful Refinancing
-------------------------------------------------------------
Standard & Poor's Ratings raised its long-term corporate credit
rating on Spanish cable operator Cableuropa S.A.U. to 'B-' from
'CCC+'.  At the same time, the rating on guaranteed subsidiary
ONO Finance PLC's senior unsecured notes was raised to 'CCC'
from 'CCC-'.  The outlook is stable.

The rating action follows Cableuropa's recent announcement that
it has signed and closed a new EUR1.25 billion senior secured
bank facility to refinance the existing senior credit facilities
of Cableuropa and Retecal, the cable operator with which
Cableuropa will merge later this year.  The rating action
affects approximately EUR449 million of outstanding unsecured
notes obligations.

"The upgrade reflects Cableuropa's improved financial
flexibility and reinforced balance sheet after the refinancing
of its bank facility," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "The new senior secured facility
provides the group with flexibility to continue growing its
enlarged business and to better control its future," said Mr. de
Torres Zabala.

The stable outlook reflects the benefits of Cableuropa's long-
term financing structure as well as the expectations that
management will continue to grow the company's operations and
advance toward the completion of the network buildout phase,
while carefully balancing revenue and subscriber growth and
available financial resources.  Rating upside would arise over
time if the company shows steady progress toward positive free
cash flow, placing it in a sound position to meet its financial
commitments (notably the amortization of its credit facility
starting in 2007) and allowing it to gradually reduce financial
leverage.

The IPO, which is in principle planned by the group for 2005, is
not factored into the current ratings, as the implementation of
such a transaction is dependent on a number of conditions, among
which capital market conditions and the potential application of
the cash proceeds is as yet undetermined.  Successful execution
of the IPO would most likely allow for debt reduction, hence
credit upside.

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

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

          CABLEUROPA, S.A.U.
          Calle Basauri 7-9, Urbanizacion la Florida
          28023 Aravaca, Madrid, Spain
          Phone: +34-91-180-93-00
          Fax: +34-91-180-93-44
          Web site: http://www.ono.es


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


BORZHAVA: Zakarpatska Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
proceedings against Factory Borzhava after finding the close
joint stock company insolvent.  Mr. Viktor Dorchi has been
appointed liquidator/insolvency manager.  The company holds
account number 260093549 at JSPPB Aval, Uzhgorod branch, MFO
312345.

Creditors may submit their proofs of claim to:

(a) BORZHAVA
    90200, Ukraine, Zakarpatska region,
    Beregovo, Silvaya Str. 8

(b) Mr. Viktor Dorchi
    Liquidator/Insolvency Manager
    Ukraine, Zakarpatska region,
    Beregovo, Silvaya Str. 8

(c) ECONOMIC COURT OF ZAKARPATSKA REGION
    88000, Ukraine, Zakarpatska region,
    Uzhgorod, Kotsubinski Str. 2a


FIRST UKRAINIAN: 'B-' Long-term Rating Affirmed; Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed First Ukrainian International Bank's
(FUIB) ratings at Long-term 'B-', Short-term 'B', Individual 'D'
and Support '5'.  The Outlook for the Long-term rating remains
Stable.

The ratings were affirmed after an announcement that
International Finance Corporation (IFC), the European Bank for
Reconstruction and Development (EBRD), the Deutsche
Investitionsund Entwicklungsgesellschaft GmbH (DEG) and Fortis
Bank (Netherlands) are planning to sell their stakes in FUIB to
System Capital Management Group (SCM).  As a result, SCM, which
is ultimately controlled by a leading Ukrainian businessman, is
expected to increase its stake in FUIB to 99% from 49%.

Fitch does not at present anticipate that this change in
ownership will have any significant negative consequences on the
bank's activities.  This reflects the fact that the foreign
shareholders have not been actively involved in the day-to-day
management of FUIB since mid-2004.  However, prior to this,
Fortis, in particular, had participated actively in the bank's
development and the strengthening of its risk management
function.  Covenants imposed by the foreign shareholders
(maximum exposure to one customer, one related party and all
related parties of 25%, 15% and 30% of equity, respectively)
will cease to apply following the completion of the sale, but
Fitch has been informed that the bank's management intends to
continue to observe these limits.

Notwithstanding the affirmation of the ratings, Fitch will
continue to closely monitor developments at the bank,
specifically funding stability, liquidity profile, risk appetite
and operations with related parties.  The agency notes that a
significant deterioration in any of these, or other, aspects of
the bank's risk profile could still lead to a negative rating
action in the future.

FUIB was founded in 1991.  Its head office functions are divided
between the industrial city of Donetsk, in southeastern Ukraine,
and the capital, Kiev.  At end-Q304, FUIB was among the 15
largest banks in Ukraine by assets.  Although traditionally a
corporate bank, FUIB has also diversified its funding base
through development of its operations with individuals.  Prior
to the planned sale, the IFC, EBRD and DEG each owns 10% of the
bank, while Fortis has a 20% stake.

Further details on the rationale for the bank's current ratings
can be found in Fitch's announcement dated 2 February 2005 on
http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          James Watson
          Phone: +7 095 956 9901

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

          FIRST UKRAINIAN INTERNATIONAL BANK
          2a Universytetska Str.
          Donetsk, 83000, Ukraine
          Phone: (380) (62) 332 4500, 332 4501
          Fax: (380) (62) 332 4700
          E-mail: info@fuib.com
          Web site: http://www.fuib.com


KALANCHAKSKIJ TIN: Bankruptcy Supervision Begins
------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Kalanchakskij Tin Plant (code EDRPOU
01734307).  The case is docketed as 6/278-B.  Arbitral manager
Mrs. Svitlana Tkachenko has been appointed temporary insolvency
manager.  The company holds account number 260051367 at JSPPB
Aval, MFO 352093.

Creditors may submit their proofs of claim to:

(a) KALANCHAKSKIJ TIN PLANT
    Ukraine, Herson region,
    Kalanchakskij district, Mirne,
    Perekopska Str. 9

(b) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


KRAMATORSK' BEER: Court Grants Debt Moratorium Request
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Kramatorsk' Beer Plant (code
EDRPOU 05394653) on December 31, 2004 and ordered a moratorium
on satisfaction of creditors' claims.  The case is docketed as
42/210B.  Arbitral manager Mr. Geza Yanin (License Number AA
779261) has been appointed temporary insolvency manager.  The
company holds account number 2600900905083 at Ukreksimbank,
Kramatorsk branch, MFO 334817.

Creditors may submit their proofs of claim to:

(a) KRAMATORSK' BEER PLANT
    84333, Ukraine, Donetsk region,
    Kramatorsk,

(b) Mr. Geza Yanin
    Temporary Insolvency Manager
    83000, Ukraine, Donetsk region,
    50-Richya SRSR, 108/225

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


MIKOLAIV' CONFECTIONERY: Insolvency Manager Takes over Helm
-----------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Mikolaiv' Confectionery Factory (code EDRPOU
31268633) on December 17, 2004 after finding the limited
liability company insolvent.  The case is docketed as 14/391.
Arbitral manager Mr. Segij Kirilichenko (License Number AA
783201) has been appointed liquidator/insolvency manager.  The
company holds account number 26001000358001 at JSC Ukrinbank,
Mikolaiv branch, MFO 326580.

CONTACT:  MIKOLAIV' CONFECTIONERY FACTORY
          54055, Ukraine, Mikolaiv region,
          Sadova Str. 25

          Mr. Segij Kirilichenko
          Liquidator/Insolvency Manager
          54001, Ukraine, Mikolaiv region,
          Admiralska Str. 14/3

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


NIZHNYANSKE: Applies for Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Nizhnyanske (code EDRPOU 00412487) on
December 24, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 13/234-B.  Mr. A. Gorban
(License Number AA 485236) has been appointed
liquidator/insolvency manager.

CONTACT:  NIZHNYANSKE
          Ukraine, Hmelnitskij region,
          Derazhnya district, Nizhnye

          Mr. A. Gorban
          Liquidator/Insolvency Manager
          29008, Ukraine, Hmelnitskij region,
          Skovoroda Str. 14/151

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


SPETSAVTOMATIKA: Declared Insolvent
-----------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Spetsavtomatika (code EDRPOU 30196186) on
January 5, 2005 after finding the limited liability company
insolvent.  The case is docketed as 7/118-04.  Mrs. Talagayeva
Ludmila (License Number AA 783019) has been appointed
liquidator/insolvency manager.

CONTACT:  SPETSAVTOMATIKA
          41600, Ukraine, Sumi region,
          Konotop, Chervonozavodska Str. 5

          Mrs. Talagayeva Ludmila
          Liquidator/Insolvency Manager
          41600, Ukraine, Sumi region,
          Konotop, Uspansko-Troitska Str. 39, a/b 4


STALKON: Donetsk Court Freezes Debt Payment
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Stalkon (EDRPOU 01412236) on
December 6, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 42/194.  Arbitral
manager Mrs. Chilimova A. (License Number AA 250447) has been
appointed temporary insolvency manager.  The company holds
account number 26006900175347 at First Ukrainian International
Bank, Mariupol branch, MFO 335742.

Creditors may submit their proofs of claim to:

(a) KALANCHAKSKIJ TIN PLANT
    87500, Ukraine, Donetsk region,
    Mariupol, Stanislavskij Str. 5

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


TEHNIKS: Falls into Bankruptcy
------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Tehniks (code EDRPOU 20817855) on December
9, 2004 after finding the limited liability company insolvent.
The case is docketed as 6/233-4/118.  Arbitral manager Mrs.
Galina Kovalko (License Number AA 250455) has been appointed
liquidator/insolvency manager.  The company holds account number
2600347079 at JSPPB Aval, Chervonograd branch, MFO 325570.

CONTACT:  TEHNIKS
          80100, Ukraine, Lviv region,
          Chervonograd, Shashkevich Str. 7

          Mrs. Galina Kovalko
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Chervonograd, Klusivska Str. 18/29

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


TSEMENT: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Tsement (code EDRPOU 06671586) on
October 11, 2004.  The case is docketed as 7/156 B.  Arbitral
manager Mr. Leonid Shishkin (License Number AA 779304) has been
appointed temporary insolvency manager.  The company holds
account number 26005301171586 at Prominvestbank, Zhitomir
branch, MFO 311056.

CONTACT:  TSEMENT
          10025, Ukraine, Zhitomir region,
          Zavodska Str. 2

          Mr. Leonid Shishkin
          Temporary Insolvency Manager
          10029, Ukraine, Zhitomir region,
          Chapayev Str. 7


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


1ST LEISURE: Calls in Liquidator
--------------------------------
At the extraordinary general meeting of 1st Leisure Supplies
Limited on Feb. 10, 2005 held at Salters Cottage, Lower Sandy
Down, Boldre, Lymington, Hampshire the special resolution to
wind up the company was passed.  Paul Michael McConnell of 38-42
Newport Street, Swindon, Wiltshire has been appointed liquidator
of the company.


ALGOOD CONSTRUCTION: Members Pass Winding-up Resolution
-------------------------------------------------------
At the extraordinary general meeting of the members of Algood
Construction Limited on Feb. 11, 2005 held at Trafalgar House,
Grenville Place, London NW7 3SA, the extraordinary resolution to
wind up the company was passed.  Filippa Connor of B & C
Associates, Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA has been appointed liquidator of the company.

CONTACT:  B & C ASSOCIATES
          Trafalgar House, Grenville Place,
          Mill Hill, London NW7 3SA


ARDAGH GLASS: Earns Negative Outlook on Additional PIK Issuance
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Guernsey-based glass packaging group Ardagh Glass Ltd. to
negative from stable, following the group's issue of additional
debt in the form of pay-in-kind (PIK) notes.

At the same time, Standard & Poor's assigned its 'BB' long-term
corporate credit rating to the group's newly formed holding
company, Canoa PLC, which will change its name to Ardagh Glass
Group PLC (Ardagh).  The outlook is negative.  In addition,
Standard & Poor's assigned its 'B+' long-term rating to
Ardagh's proposed EUR125 million (US$165 million) of senior PIK
notes.  All other ratings were affirmed, including the 'BB'
corporate credit rating on Ardagh Glass Ltd.

"The outlook revision primarily reflects that although no short-
term cash flow impact is expected from the proposed PIK notes
(especially in the first few years), the notes still represent
additional debt that might need to be refinanced in the future
as the notes are callable after 3.5 years," said Standard &
Poor's credit analyst Vanessa Brathwaite.  "The notes will,
therefore, add to Ardagh's overall debt burden, and will result
in a weakening of the group's cash flow protection measures."

Ardagh will use the proceeds of the proposed PIK transaction to
fund its growth strategy as well as to fund the buyout of
minorities.  After the proposed transaction, Ardagh will have
pro forma total debt for Dec. 31, 2004, of EUR430.5 million
including the PIK notes and EUR31 million of unfunded pension
liabilities.

The negative outlook reflects Standard & Poor's expectation that
Ardagh's cash flow protection measures will be stretched for the
rating category due to the increased leverage from the PIK
notes, and the currently difficult operating environment through
volatile input costs and capacity additions.  The ratings assume
that the proceeds of the PIK notes will be used to grow the
business and not returned to shareholders, and that any
acquisitions would be immediately cash flow enhancing.  To
maintain the ratings, Ardagh will need to improve operating cash
flows to offset the increased debt levels.

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

          ARDAGH GLASS LTD.
          7 New Street St. Peter Port
          Guernsey GY1 4BZ, Channel Islands
          E-mail: glass@ardaghglass.com
          Web site: http://www.ardaghglass.com


ARTLODGE LTD.: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of Artlodge
Ltd. on Feb. 16, 2005 held at 43 Blackstock Road, London N4 2JF,
the extraordinary resolution to wind up the company was passed.
Andreas Georgiou Kakouris of 43 Blackstock Road, London N4 2JF
has been nominated liquidator of the company.


BAE SYSTEMS: Reduces SAAB Stake to 20%
--------------------------------------
BAE SYSTEMS plc announces its intention to sell up to 15.175
million series B shares in the capital of Saab AB by way of an
accelerated bookbuilt placing of such Shares to institutional
investors.  The Shares represent approximately 14% of the share
capital by economic rights of Saab.

The number of Shares to be sold in to the Placing and the
placing price will be decided at the close of the accelerated
bookbuilding period and a further announcement will be made by
BAE Systems thereafter.  ABN AMRO Rothschild has been appointed
as the sole bookrunner and global co-ordinator for the Placing.
Hoare Govett Limited is a corporate broker to BAE Systems.

ABN AMRO Rothschild will now approach institutional investors
with immediate effect.  Pricing and allocation of the Placing is
expected to occur after close of the London market on 24
February 2005.  ABN AMRO Rothschild as sole bookrunner has
absolute discretion to determine the close of the bookbuilding
period and the timing of the allocations.  It is anticipated
that settlement of the Placing (which will be on a T+3 basis)
will take place on 2 March 2005.

Of the 15.175 million Shares, BAE Systems has granted ABN AMRO
Bank N.V. (London branch) (on behalf of ABN AMRO Rothschild) an
option (the 'over-allotment option') over 1.975 million Shares,
which is exercisable during the period commencing with the date
the Placing price is announced and ending 30 days after such
announcement.  Pursuant to the over-allotment option, ABN AMRO
Bank N.V. (London branch) (on behalf of ABN AMRO Rothschild) may
require BAE Systems to sell up to 1.975 million Shares at the
placing price.

With the sale of 15.175 million Shares (inclusive of the over-
allotment option) BAE Systems' economic ownership in Saab after
the Placing would fall to slightly over 20%.  BAE Systems
currently intends to retain its remaining holding in Saab as a
long-term investment.  In addition BAE Systems has agreed to a
lock-up period of 365 days after pricing of the Placing, subject
to various exceptions, including the consent of ABN AMRO
Rothschild (not to be unreasonably withheld).

In accordance with an available exemption from the Swedish
prospectus regime, the Placing is being made without a
prospectus given that the minimum allocations, if any, to a
Swedish investor will be at least SEK 300,000.

Should you have any questions with respect to the Placing,
please contact Andy Wrathall at BAE Systems (Phone: +44 1252
383455) or Richard Heald/Pim van der Velden at ABN AMRO
Rothschild (Phone: +44 20 7678 8000).

                            *   *   *

MEMBERS OF THE GENERAL PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN
THE PLACING.  THIS ANNOUNCEMENT IS DIRECTED ONLY AT PERSONS WHO
HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS
WHO FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2001 (AS AMENDED)
(THE 'ORDER') OR ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO
(D) ('HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS,
ETC') OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO
AS 'RELEVANT PERSONS').  THE INFORMATION REGARDING THE PLACING
SET OUT IN THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR RELIED ON
BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT ACTIVITY
TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT
PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN

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


BRAYDEAL LIMITED: Members Final Meeting Later Next Month
--------------------------------------------------------
The final meeting of the members of Braydeal Limited will be on
March 23, 2005 at 11:00 a.m.  It will be held at the offices of
Grant Thornton UK LLP, Earl Grey House, 75-85 Grey Street,
Newcastle upon Tyne NE1 6EF.

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, Earl Grey House, 75-85 Grey Street,
Newcastle upon Tyne NE1 6EF not later than 12:00 noon, March 22,
2005.

CONTACT:  GRANT THORNTON
          Earl Grey House,
          75-85 Grey Street,
          Newcastle upon Tyne NE1 6EF
          Phone: 0191 261 2631
          Fax: 0191 261 4994
          Web site: http://www.grant-thornton.co.uk


BYBATCH ENTERPRISES: Liquidator's Final Report Out March
--------------------------------------------------------
Name of companies:
Bybatch Enterprises Limited
Cedarcrown Properties Limited

The final meeting of the members of these companies will be on
March 30, 2005 at 10:00 a.m.  It will be held at the offices of
Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ.

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 Piper Thompson, Mulberry House, 53 Church Street,
Weybridge, Surrey KT13 8DJ not later than 12:00 noon, March 29,
2005.

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


CATCHFORM LIMITED: Calls in Liquidator from Ward & Co.
------------------------------------------------------
At the extraordinary general meeting of Catchform Limited (t/a
Mayfield Tyres Birmingham) on Feb. 8, 2005 held at Flint &
Thompson, 1325A Stratford Road, Hall Green, Birmingham, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Barry John Ward of Ward & Co, Bank House, Shaw
Street, Worcester has been appointed liquidator of the company.


CHARTER KITCHENS: Members Pass Winding-up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of Charter
Kitchens Limited on Feb. 10, 2004 held at Kings Hotel, High
Street, Newport, Gwent NP9 1QU, the extraordinary and ordinary
resolutions to wind up the company were passed.  Neil Henry and
Michael Simister of Lines Henry, 27 The Downs, Altrincham WA14
2QD have been appointed joint liquidators of the company.

CONTACT:  LINES HENRY
          27 The Downs,
          Altrincham WA14 2QD


CHROMATICS LIMITED: Calls Creditors Meeting
-------------------------------------------
The creditors of Chromatics Limited will meet on March 17, 2005
at 11:00 a.m.  It will be held at the Imperial Hotel, First
Avenue, Hove, East Sussex BN3 2GU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU not later than 12:00 noon, March 16, 2005.

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


CLONMEL LIMITED: Hires Joint Liquidators from BDO Stoy Hayward
--------------------------------------------------------------
At the extraordinary general meeting of Clonmel Limited on Feb.
11, 2004 held at 85 Great North Road, Hatfield, Hertfordshire
AL9 5BS, the subjoined extraordinary resolution to wind up the
company was passed.  Geoffrey Stuart Kinlan and Anthony
Sanderson of BDO Stoy Hayward LLP, Prospect Place, 85 Great
North Road, Hatfield, Hertfordshire AL9 5BS have been appointed
joint liquidators of the company.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


COLORZONE PVCU: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Colorzone
PVCU Limited on Feb. 10, 2005 held at 111 Hagley Road,
Edgbaston, Birmingham B16 8LB, the extraordinary and ordinary
resolutions to wind up the company were passed.  Andrew W.
Thompson and Daniel P. Hennessy have been appointed joint
liquidators of the company.


CONSERVATORIES AND WINDOWS: Names Alexander Lawson Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of Conservatories And
Windows Direct Limited on Feb. 15, 2004 held at 641 Green Lanes,
London N8 0RE, the subjoined extraordinary resolution to wind up
the company was passed.  Ninos Koumettou of Alexander Lawson &
Co, 641 Green Lanes, London N8 0RE has been appointed liquidator
of the company.


COOPER RYBRANDT: Hires Abbey Taylor Ltd. to Liquidate Assets
------------------------------------------------------------
At the extraordinary general meeting of Cooper Rybrandt Limited
on Feb. 10, 2005 held at The Auction Centre, St Marys House,
Barkston Road, Carlton Industrial Estate, Carlton, Barnsley S71
3HU, the subjoined extraordinary resolution to wind up the
company was passed.  Tracy Ann Taylor of Abbey Taylor Ltd,
Blades Enterprise Centre, John Street, Sheffield S2 4SU has been
appointed liquidator of the company.

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


DAR HOLDINGS: Members Opt for Liquidation
-----------------------------------------
At the extraordinary general meeting of the members of Dar
Holdings Limited on Feb. 4, 2005 held at The Gables, 6 High
Street, Weedon Lois, Towcester, Northamptonshire NN12 8PL, the
special resolution to wind up the company was passed.  Gavin
Geoffrey Bates of BRI Business Recovery & Insolvency, 3 The
Quadrant, Coventry CV1 2DY has been appointed liquidator of the
company.

CONTACT:  BRI BUSINESS RECOVERY & INSOLVENCY
          3 The Quadrant, Coventry CV1 2DY


DUMYAT INVESTMENT: Final General Meeting Mid-March
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Dumyat Investment Trust Plc
                        (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of Dumyat Investment
Trust Plc will be held at Ten George Street, Edinburgh EH2 2DZ,
on March 14, 2005, at 10:00 a.m. for the purpose of having a
final account laid before it showing how the winding-up of the
Company has been conducted and the property of the Company
disposed of, and of hearing any explanations that may be given
by the Liquidator.

Members are entitled to attend in person or alternatively by
proxy.  A Member may vote according to the rights attaching to
his shares as set out in the Company's Articles of Association.
A Resolution will be passed only if a majority of those voting
in person or by proxy vote in favor.  Proxies must be lodged
with me at or before the Meeting.

T. M. Burton, Liquidator
February 11, 2005

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


FARNELL DIRECT: Calls in Liquidator from Taylor Rowlands
--------------------------------------------------------
At the extraordinary general meeting of Farnell Direct Limited
on Feb. 15, 2005 held at Taylor Rowlands, 8 High Street, Yarm,
Stockton on Tees TS15 9AE, the subjoined extraordinary
resolution to wind up the company was passed.  John Harvey
Madden of Taylor Rowlands has been appointed liquidator of the
company.


FIDELITY FINE: Shareholders Call in Begbies Traynor
---------------------------------------------------
At the extraordinary general meeting of the members of Fidelity
Fine Foods Limited on Feb. 11, 2005 held at 30 Park Cross
Street, Leeds LS1 2QH, the extraordinary and ordinary
resolutions to wind up the company were passed.  Michael Edward
George Saville and Rob Sadler of Begbies Traynor, 30 Park Cross
Street, Leeds LS1 2QH have been appointed joint liquidators of
the company.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street, Leeds LS1 2QH
          Web site: http://www.begbies.com


FOCUS (FINANCE): Fitch Assigns 'B' Rating to Mezzanine Notes
------------------------------------------------------------
Fitch Ratings assigned Focus (Finance) plc's proposed GBP100
million mezzanine notes due 2015 a rating of 'B' with a Stable
Outlook.  The agency also assigned Focus (Investments) Ltd., a
subsidiary of Focus (Finance) plc (together 'Focus'), a Senior
Unsecured rating of 'B+', a Senior Secured rating of 'BB-' and
Short-term rating of 'B'.  The rating Outlook is also Stable.

The assigned ratings are subject to review of the final bond
documentation.  Under the proposed recapitalization and
following the disposal of Wickes, Focus will redeem the
outstanding GBP190 million 10.0% Mezzanine Notes due 2011 and
the EUR140 million 9.25% Mezzanine Notes due 2011, issued by
Focus Wickes (Finance) plc in July 2003.

The Senior Unsecured rating of 'B+' reflects the market position
of Focus in the still growing and largely fragmented U.K. do-it-
yourself (DIY) market.  Focus's market position and flexibility
are weaker when compared to larger competitors and the previous
Focus-Wickes entity.  An EBITDA margin of 9.1% (before store
closure costs) is low when compared to larger players.  However,
credit measures are improved with net leverage of 3.7x and
lease-adjusted leverage of 5.9x, compared to the previous Focus-
Wickes transaction of 4.4x and 6.1x respectively.  Although
largely reflecting the smaller size of the recapitalized group,
these ratios are appropriate for the assigned rating category,
although are at the high end.

"Whilst Fitch recognizes the cash flow flexibility of the group
and the degree of liquidity available at closing, concerns arise
from the recent sales slowdown and the increasingly competitive
trading environment which places Focus at a disadvantage
compared to its main competitors due to its lower economies of
scale," says Pablo Mazzini, Associate Director at Fitch's
Leveraged Finance group.

Although competition from Homebase or B&Q will likely increase
in line with their expansionary plans, this seems to be
affecting primarily the market share of independent retailers in
line with Focus's niche location of its stores in smaller towns.
Interest rate rises appear to have had a cooling effect on
retail sales and the housing market.  This has impacted on DIY
sales across all major players in 1Q05 and may continue to
prevent heavily-indebted consumers from undertaking DIY projects
on the back of a potential lower number of property transactions
in the future.

The business provides a good level of EBITDA cash conversion,
underpinned by fairly modest capex requirements.  Cost savings
have arisen and will continue to be generated from the closure
of some stores in non-core locations, increasing direct sourcing
and enhanced buying power derived from collaborative
partnerships and rationalization of its supplier base.  Fitch
believes that the relative strength of future cash flows and the
liquidity available at closing should allow Focus to meet its
debt commitments in the foreseeable future.  However, a large
and continuing shortfall in retail spending may put operating
margins and the ratings under pressure.

Despite its second security over the same security package as
senior lenders and the non-release guarantee from Focus
(Investments) Ltd., the rating of the Mezzanine Notes at 'B'
reflects the weak recovery outlook for Noteholders given the
structurally subordinated position of the Notes in the capital
structure.  The liens and upstream guarantees are structured to
fall away on an asset sale upon a senior enforcement action
while the Notes will have a typical high-yield standstill period
of 179 days.  However, the structural enhancements relative to a
traditional high yield bond provide some comfort as the second
liens and subordinated guarantees would likely be taken into
account by any administrator under the U.K. insolvency regime.

The 'BB-' rating assigned to the Senior Facilities reflects
their structural seniority, enhanced by their first ranking
fixed and floating charge over all of the group's assets.
However, the going concern value of the group in a distressed
situation appears to be limited relative to the enlarged Focus-
Wickes entity, which is compounded by the absence of meaningful
collateral support and large proportion of leasehold properties.

CONTACT:  FITCH RATINGS
          Pablo Mazzini, Leveraged Finance, London
          Phone: +44 0207 417 3540

          Jonathan Pitkanen, Corporates, London
          Phone: +44 0207 417 4201

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

          FOCUS WICKES LIMITED
          Gawsworth House, Westmere Drive
          Crewe Cheshire CW1 6XB, United Kingdom
          Phone: +44-1270-501-555
          Fax: +44-1270-250-501
          Web site: http://www.focusdiy.co.uk


FOCUS (INVESTMENTS): Gets 'B+' Rating Following Reorganization
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Focus (Finance) PLC and Focus
(Investments) Ltd., which are parent companies of U.K. "do-it-
yourself" (DIY) retailer Focus Retail Group Ltd., following the
group's financial reorganization.  The outlook on both entities
is stable.

At the same time, Focus Investments' proposed GBP285 million
(US$544 million) senior secured credit facilities were assigned
a 'BB-' long-term rating -- which is one notch above the
corporate credit rating -- with a recovery rating of '1',
indicating Standard & Poor's expectation of full recovery of
principal for senior lenders in the event of a payment default.
In addition, Focus Finance's proposed GBP100 million second
secured mezzanine notes have been rated 'B', one notch below the
corporate credit rating.  All the ratings are subject to
satisfactory final documentation.

Standard & Poor's withdrew all its ratings on the predecessor
parent companies of Focus Retail Group Ltd. -- Focus Wickes
(Finance) PLC and Focus Wickes (Investments) Ltd. -- including
its 'B+' long-term corporate credit rating.  This is because
financial debt outstanding at these entities is expected to be
redeemed (with funds set aside by the group).

"The ratings on Focus Finance and Focus Investments reflect the
Focus group's highly leveraged financial profile," said Standard
& Poor's credit analyst Sunita Kara.  "This is partly offset by
the expectation of relatively stable free cash flow generation
that should enable the group to gradually deleverage, in
addition to the group's number-three position in the growing and
largely non-cyclical U.K. DIY retail market."

The group is expected to gradually deleverage and maintain a
financial profile in-line with the ratings through its free cash
flow generation.  In addition, the group is also expected to
broadly maintain its operating performance in the face of a
weaker consumer-spending environment.

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

          FOCUS WICKES LIMITED
          Gawsworth House, Westmere Drive
          Crewe Cheshire CW1 6XB, United Kingdom
          Phone: +44-1270-501-555
          Fax: +44-1270-250-501
          Web site: http://www.focusdiy.co.uk


FOCUS WICKES: Moody's Gives New Group Holdings Caa1 Rating
----------------------------------------------------------
Moody's Investors Service assigned a rating of (P)B3 to Focus
(Finance) plc's GBP100 million Mezzanine Notes due 2015 and B1
rating on the secured credit facilities at Focus (Investments)
Ltd.  Concurrently Moody's withdrew ratings on the company's
legacy debt following the repayment and cancellation of those
instruments and also withdrew its previous senior implied and
unsecured issuer ratings.

This concludes the review of Focus Wickes Group Ltd. (replaced
by New Focus Group Holdings 3 Ltd. as parent) initiated on 20
December 2004.  The new ratings are provided in connection with
the new financial structure put in place after the disposal of
the company's Wickes business.

Ratings assigned:

(a) Senior Implied rating assigned to New Focus Group Holdings 3
    Ltd at B1,

(b) Senior unsecured issuer rating assigned to New Focus Group
    Holdings 3 Ltd. at Caa1,

(c) GBP285 million senior secured credit facilities at Focus
    (Investments) Ltd. rated B1,

(d) GBP100 million Mezzanine Notes due 2015 at Focus (Finance)
    plc rated (P)B3

Ratings withdrawn:

(a) Senior implied rating of B1 at Focus Wickes Group Ltd.,

(b) Unsecured issuer rating of B3 at Focus Wickes Group Ltd.,

(c) Senior secured credit facilities rated B1 at Focus Wickes
   (Investments) Ltd.,

(d) GBP190 million 10% Mezzanine Notes due 2011 rated B3 at
    Focus Wickes (Finance) plc,

(e) EUR140 million 9.25% Mezzanine Notes due 2011 rated B3 at
    Focus Wickes (Finance) plc

The outlook for all ratings is stable.

The B1 senior implied rating reflects financial risks from the
company's high leverage following its recapitalization after the
disposal of the Wickes business.  Pro forma for the disposal and
new debt issuance, total lease adjusted leverage/EBITDAR is 6.5x
or 6.0x using adjusted EBITDAR, which in Moody's opinion is very
high and is similar to the leverage exhibited at the time of the
company's initial rating in July 2001 and again at the
recapitalization in 2002/2003.

Whilst the company has successfully integrated acquisitions and
achieved cost savings over the last four years, the re-
leveraging of the now smaller business places added pressure on
the company to continue to grow top-line and margins.

The rating also incorporates increased operational risks from
the company's smaller size, lower margin and less diversified
profile following the Wickes disposal and execution risk given
the company's extensive store refurbishment and expansion plan.
Finally the rating reflects the more difficult retail
environment in the U.K. and slower housing market, which have
resulted in a slow-down in growth in the DIY sector as
demonstrated by weaker recent trading by both Focus and some of
its peers, as well as heightened competition in certain market
segments.

The ratings are supported by Focus' No. 3 market position in the
U.K. and a management team that has a track record of successful
consolidation in the U.K. DIY market and whose focus on
developing the Wickes store format over the past two years
culminated in its profitable disposal to Travis Perkins in
February 2005.

The B1 senior implied rating is weakly positioned given the
leverage and credit profile of the remaining entity.
Nevertheless, the stable outlook reflects Moody's view that the
company's operating margins are likely to improve over the
medium term although cost improvements may be diluted by cost
inflation.  However, increased debt service costs will limit the
company's ability to achieve meaningful debt reduction without
an improvement in margins and top line.

Moody's notes the fact that concurrent with the
recapitalization, GBP30 million has been earmarked for a
shareholder distribution that is deferred until December 2005
and is contingent upon the company achieving operational and
leverage targets.  Within the senior credit facilities, GBP10
million is provided to cover potential warranty claims arising
from the disposal of Wickes and any unused amount after the
warranty period ends may be distributed to shareholders.  Both
of these distributions are incorporated into the current rating,
however beyond those distributions, the stable outlook is
predicated on the company using free cash flow to reduce debt.

Over the medium term, the company's ratings are expected to
strengthen in the category in line with operating performance
improvements.  However, ratings could rise if Focus is able to
improve its margins and use additional cash to reduce debt
beyond its scheduled amortization requirements, for example
lease adjusted debt/EBITDAR below 5.0x.

Ratings could decline if the company is not able to maintain its
current margins and top line levels, or if it faces liquidity
constraints as a result of unexpected working capital swings or
covenant breaches which would restrict availability to credit
lines.

On 11 February 2005 the company completed the disposal of its
Wickes division for total consideration of GBP986 million.
Pursuant to the disposal, the company refinanced its existing
senior credit facilities and mezzanine notes with GBP285 million
of new senior credit facilities, GBP100 million of proposed
mezzanine notes due 2015.  The company also repaid GBP549
million in shareholder loans and made a shareholder distribution
of GBP85.5 million.  The existing shareholders, i.e. affiliates
of Duke Street and Apax Partners and management remain in place
having rolled over approximately GBP147.5 million of equity to
the new structure.

The senior secured credit facilities benefit from an extensive
security package over Focus (Investments) Limited and all of its
material subsidiaries, however the fact that the facilities
represent c. 67% of the total financial indebtedness of the
company at close (c. 74% if fully drawn) precludes notching
above the senior implied rating.

The proposed mezzanine notes benefit from a senior unsecured
guarantee from the parent and senior subordinated guarantees by
subsidiaries that are borrowers or obligors under the senior
credit facilities.  Moody's notes the benefits to the notes of
the second priority security lien over the assets that secure
the senior facilities but the two notch differential from the
senior implied rating reflects the impact of the sizeable amount
of priority debt in the capital structure combined with weak
asset coverage.

The notes will be sold in a privately negotiated transaction
without registration under the United States Securities Act of
1933 under circumstances reasonably designed to preclude a
distribution thereof in violation of the Act.

The assigned prospective rating assumes there will be no
material variations to the draft legal documentation reviewed by
Moody's and assumes that these agreements are legally valid,
binding and enforceable.

Company Summary

Headquartered in Crewe, U.K. Focus Group Limited, which is the
operating company of New Focus Group Holdings 3 Ltd., is the
third largest DIY retailer, by market share, in the U.K.  Pro
forma for the disposal of its Wickes business, the company
generated total turnover of GBP828 million for the 53 weeks
ended 31 October 2004.

CONTACT:  FOCUS Wickes Limited
          Gawsworth House, Westmere Drive
          Crewe Cheshire CW1 6XB, United Kingdom
          Phone: +44-1270-501-555
          Fax: +44-1270-250-501
          Web site: http://www.focusdiy.co.uk


GLENVARIGILL COMPANY: Revised Books Show GBP5.3 Mln Pre-tax Loss
----------------------------------------------------------------
The re-stated financial report of Glenvarigill Company Ltd.
showed pre-tax loss of GBP5.3 million, more than GBP2.6 million
of which are exceptional losses, according to The Herald.

The report, the first since the car dealer was spin-off from
Drambuie drinks group in 2002, was published only this week
after a thorough review.  The review discovered that the
original account contained questionable assets and balances
treated as exceptional items in the profit and loss account.
There are also unrecorded liabilities, which should have been
included in the balance sheet at the end of the previous
accounting period.

The adjustment left the stand-alone firm with a balance sheet
deficit.  Bank of Scotland has to provide GBP5 million in a
preference share swap to keep it afloat.

The review was undertaken after former finance director Gavin
Manson left the company upon completion of the spin-off.  He
authored the spin-off with managing director Tim Bartlett.

Mr. Bartlett denied Mr. Manson's departure was related to the
accounting failures.  He refused to comment on whether
Glenvarigill had raised issues with KPMG, which was and remains
Glenvarigill's auditor, according to the report.

CONTACT:  Glenvarigill Company Ltd
          3 Roseburn Terrace,
          Edinburgh EH12 5NG
          Phone: 0131 313 2500
          Fax: 0131 313 2600
          Web site: http://www.glenvarigill.co.uk


HALESOWEN STEEL: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of Halesowen
Steel Engineers Limited on Feb. 9, 2005 held at 111 Hagley Road,
Edgbaston, Birmingham B16 8LB, the extraordinary and ordinary
resolutions to wind up the company were passed.  Andrew W.
Thompson and Daniel P. Hennessy have been appointed joint
liquidators of the company.


ILFORD IMAGING: Management Buyout Offer Bests Two Other Bids
------------------------------------------------------------
Troubled black-and-white film manufacturer Ilford Imaging
shrugged off liquidation threat following a successful
management buyout, The Telegraph says.

Ilford's management, led by chairman and managing director Phil
Harris, bought the group for an undisclosed amount, outbidding
two other offers.  The deal was completed after changes were
implemented on Ilford's pension fund, which has a GBP30 million
shortfall and was closed last month.  The management will
reportedly extract their funds from loans, a sale and from
leaseback of its Cheshire site and other properties.  The
management buyout also secured 380 jobs at the group.  Ilford
will trade anew as Ilford Photo.

Les Ross, joint receiver and partner at Grant Thornton, said:
"There's still a professional enthusiasm and a market for
monochrome film.  It's just not what it was."

Ilford went into receivership in August after sales of its
monochrome photographic supplies, which are manufactured at its
Mobberley site, dropped by 26% in the first half of 2004.
Ilford has blamed the booming digital camera market for the
demise of its black-and-white film business.

CONTACT:  ILFORD IMAGING U.K. LTD.
          Town Lane, Mobberley
          Knutsford WA16 7JL
          Phone: 01565 650000
          Fax: 01565 872734
          Web site: http://www.ilford.com


JOHNSONS CARPENTRY: Liquidator from Butcher Woods Moves in
----------------------------------------------------------
At the extraordinary general meeting of Johnsons Carpentry &
Joinery Limited on Feb. 4, 2005 held at 79 Caroline Street,
Birmingham B3 1UP, the extraordinary and ordinary resolutions to
wind up the company were passed.  Roderick Graham Butcher of
Butcher Woods, 79 Caroline Street, Birmingham B3 1UP has been
appointed liquidator of the company.


LA OFFICE: Appoints Vantis Business Recovery Liquidator
-------------------------------------------------------
At the extraordinary general meeting of La Office Limited on
Feb. 11, 2005 held at The White Cottage, 19 West Street, Epsom,
Surrey KT18 7BS, the subjoined extraordinary resolution to wind
up the company was passed.  Robert Leonard Harry Knight of
Vantis Business Recovery, The White Cottage, 19 West Street,
Epsom, Surrey KT18 7BS has been appointed liquidator of the
company.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street,
          Epsom, Surrey, KT18 7BS
          Phone: 01372 743816
          Fax: 01372 720940
          E-mail: epsom@vantisplc.com
          Web site: http://www.vantisplc.com


LONDON RADIOSURGICAL: Business for Sale
---------------------------------------
The administrator, Stephen Cork, offers for sale the business
and assts of The London Radiosurgical Centre Limited.

The company provides facilities to treat brain disorders using
Gamma Knife stereotactic rediosurgery.

Features:

(a) Turnover of GBP1 million;

(b) One of only three Gamma Knife Facilities in the U.K.;

(c) Leasehold premises in Harley Street, London WI; and

(d) Contracts principally with the NHS.

CONTACT:  SMITH & WILLIAMSON
          Bartlett House
          9-12 Basinghall Street
          London EC2V 5NS
          Phone: 020 7600 2801
          Fax: 020 7726 6201/2
          Web site: http://www.smith.williamson.co.uk

          Colin Hardman
          E-mail: mch2@smith.williamsom.co.uk


MARTLET NATURAL: Creditors Meeting Set Next Week
------------------------------------------------
The creditors of Martlet Natural Foods Limited will meet on
March 2, 2005 at 3:00 p.m.  It will be held at The Diamond
Centre, Nene Park, Diamond Way, Irthlingborough, Wellingborough,
Northamptonshire NN9 5QF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be lodged with Grant Thornton UK LLP,
Byron House, Cambridge Business Park, Cowley Road, Cambridge CB4
0WZ not later than 12:00 noon, March 1, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Byron House
          Cambridge Business Park
          Cowley Road
          Cambridge CB4 0WZ
          Phone: 01223 225600
          Fax: 01223 225619
          Web site: http://www.grant-thornton.co.uk


MAWDSLEY'S LIMITED: Appoints Administrators from KPMG
-----------------------------------------------------
Richard John Hill and Jonathan Scott Pope (Office Holder Nos
9334, 8027) have been appointed administrators for Mawdsley's
Limited.  The appointment was made Feb. 15, 2005.

CONTACT:  KPMG LLP
          100 Temple Street
          Bristol BS1 6AG
          Phone: (0117) 905 4000
          Fax: (0117) 905 4001
          Web site: http://www.kpmg.co.uk


MAYFLOWER CORPORATION: Commercial Vehicle Acquires U.S. Arm
-----------------------------------------------------------
Mayflower Corporation has sold its U.S. operations to Commercial
Vehicle Group, Inc., Auto Industry says.

Commercial Vehicle Group, Inc. will take over the assets and
liabilities of Mayflower Vehicle Systems North American
Commercial Vehicle Operations (MVS).  The deal was worth
US$107.5 million.

MVS, which manufactures buses and trucks for the North American
commercial vehicle sector, booked US$207 million in revenues and
an EBITDA of US$25 million.

Mayflower Corporation went into receivership in April 2004 after
irregularities in its books were exposed.

CONTACT:  MAYFLOWER CORPORATION PLC
          Mayflower House
          London Road
          Loudwater
          High Wycombe Bucks HP1D 9RF
          Phone: 01494 450145
          Fax: 01494 450607
          Web site: http://www.mayflowercorp.com


MOWLEM PLC: Splits Construction Services into Three Units
---------------------------------------------------------
Following an extensive review of the business, Mowlem plc Chief
Executive Simon Vivian has decided to restructure and refocus
Mowlem's Construction Services operation.

With effect from 1 March 2005, the single construction Division
through which Mowlem currently delivers all its building and
infrastructure services will be superseded by three separately
managed Divisions -- Mowlem Building, Mowlem Infrastructure and
Mowlem Engineering, each with its own Managing Director.

Reporting into Simon Vivian, the three new MDs will be Chris
Pape (Mowlem Building); Peter Clay (Mowlem Infrastructure); and
Norman Davies (Mowlem Engineering).

Current CSD Managing Director, Willie Smith, will transfer to a
new central role, Group Risk Director, in which he will take
responsibility for risk assessment and management across all of
Mowlem's construction and services businesses.

Another change resulting from the restructuring will see
Mowlem's Major & Special Projects Division take responsibility
for all construction work on Mowlem's large PFI projects.  This
work is currently delivered through a series of regional
offices.

The creation of a dedicated engineering Division will, for the
first time, pull together a diverse range of Mowlem businesses
that currently undertake such work.  Also, under the new
structure, some smaller Building and Infrastructure business
units will be consolidated to create larger businesses with
significantly higher turnover and profitability.

Commenting on the changes, Simon Vivian said: "I see this
restructuring bringing many benefits.  The consolidation of some
smaller businesses will allow for more effective integration and
improved synergies, bringing associated cost efficiencies.  The
creation of a dedicated engineering operation will allow us to
focus more sharply on this large sector, while the creation of a
dedicated construction resource for PFI and other major projects
will enhance our integrated PFI offering and open up new
opportunities for us."

CONTACT:  MOWLEM PLC
          Brian O'Neill
          Phone: 020 8568 9111

          CARDEW GROUP
          Jonathan Rooper
          Phone: 020 7930 0777


MRM ENGINEERING: Appoints Administrators from Tenon Recovery
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF MRM Engineering Limited

Notice is hereby given that on Feb. 9, 2005, we, Alexander Iain
Fraser and Thomas Campbell MacLennan, both of Tenon Recovery, 33
Albyn Place, Aberdeen AB10 1YL, were appointed administrator of
MRM Engineering Limited, by notice of appointment lodged in
Aberdeen Sheriff Court, Castle Street, Aberdeen.

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


NBP WHITELAM: Hires Liquidator from Bates Weston
------------------------------------------------
At the extraordinary general meeting of NBP Whitelam Homes
Limited on Feb. 4, 2005 held at the offices of Ward Hadaway,
Sandgate House, 102 Quayside, Newcastle upon Tyne NE1 3DX, the
special and ordinary resolutions to wind up the company were
passed.  Russell John Carman of Bates Weston, The Mills, Canal
Street, Derby has been appointed liquidator of the company.

CONTACT:  BATES WESTON
          The Mills, Canal Street, Derby


NTL VENTURES: Appoints Joint Liquidators from Deloitte & Touche
---------------------------------------------------------------
At the extraordinary general meeting of Ntl Ventures Limited on
Feb. 14, 2005 held at ntl House, Bartley Wood Business Park,
Hook, Hampshire RG27 9UP, the special and ordinary resolutions
to wind up the company were passed.  James Robert Drummond Smith
and Nicholas James Dargan of Deloitte & Touche LLP, Athene
Place, 66 Shoe Lane, London EC4A 3WA have been appointed joint
liquidators of the company.

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


PEARL ASSURANCE: Moody's May Downgrade Rating
---------------------------------------------
Moody's Investors Service placed its financial strength ratings
at Pearl Assurance plc and National Provident Life (Baa3 IFSR),
and subordinated debt rating at finance company NPI Finance plc
(Ba3 subordinated debt), under review for possible downgrade.

The rating review follows the approval on February 21, 2005 by
shareholders of current owner HHG to sell its Life Services
division (including Pearl Assurance and National Provident Life)
to Life Company Investor Group.  The sale process requires
further Court and regulatory approval and is scheduled to
complete in early April.

Life Company Investor Group is a U.K.-based company established
by Sun Capital Partners (formed in 2001 with the life industry
as a particular focus) and TDR Capital (private equity fund
manager) to make long-term investments in the closed life fund
sector.  The proposed deal represents the company's first
acquisition of U.K. life insurance businesses.

Moody's review for possible downgrade reflects the possibility
for the financial security of policyholders and debtholders in
the Life Services Division to be adversely affected by the
approach of the new owners to running the life funds.  In
particular, as a result of the new parent's expectations in
terms of the return on their investment, changes to the
management of the life funds may be taken, including the areas
of bonus policy, investment strategy and approach to management
of the life funds' capital (including management of statutory
solvency), which may imply weaker policyholder financial
strength and increased likelihood of suspension of bondholders'
interest coupon payments going forwards.  Moody's will evaluate
the extent to which these elements are likely to materialize as
part of its review process.

These ratings were placed under review for possible downgrade:

(a) Pearl Assurance plc Long-Term Fund Baa3 IFSR,

(b) National Provident Life Ltd Baa3 IFSR,

(c) NPI Finance plc (guaranteed by National Provident Life) Ba3
    subordinated debt

CONTACT:  PEARL ASSURANCE PLC
          The Pearl Centre, Lynch Wood
          Peterborough PE2 6FY
          United Kingdom
          Phone: +44-1733-470-470
          Web site: http://www.pearl.co.uk


PNC TELECOM: Seeks Resumption of Share Trading on AIM
-----------------------------------------------------
At a board meeting held on 17 February 2005, PNC Telecom plc
agreed to issue a convertible loan note, underwritten by the
Directors being Messrs Leo Knifton and Joseph Case, for
GBP120,000 convertible at a price of 0.1p per Ordinary Share at
any time for seven years ending 16 February 2012.  A total of
120,000,000 Ordinary Shares are issuable under the convertible,
representing 72% of the enlarged issued share capital.

It was further resolved at the board meeting to issue 5 million
warrants to subscribe for Ordinary Shares at 0.1p each, to each
of Joseph Case and Leo Knifton.  These Directors receive no
other remuneration in order to preserve the Company's limited
funds.

Beaumont Cornish Limited has been appointed as the Company's
Nominated Adviser and Falcon Securities (U.K.) Limited has been
appointed as the Company's Broker.

The Company's shares were suspended from trading on 15 September
2004 at the Company's request whilst the new Board investigated
its financial affairs and sought to ensure its solvency.  As the
convertible loan note provides funding for the Company's working
capital requirements and the Directors' investigations into the
Company's past financial affairs are making progress, the
Directors have asked for the trading of the Company's shares on
AIM to recommence on 22 February 2005.

Under the AIM Rule 12, the issue of the convertible loan note
and warrants to the two Directors of the Company is a related
party transaction.  Beaumont Cornish Limited, the company's
Nominated Adviser, considers that the terms of the issue are
fair and reasonable insofar as the Company's shareholders are
concerned.

The Company will make further announcements in due course when
circumstances require.

CONTACT:  PNC TELECOM PLC
          Leo Knifton
          Phone: +44 (0) 207 251 2762

          BEAUMONT CORNISH LIMITED
          Nominated Advisers
          Phone: +44 (0) 207 628 3396

          Roland Cornish/Noelle Greenaway


PORTMAN PRODUCTS: Plastic Molding Business for Sale
---------------------------------------------------
The joint administrators offer for sale the business and assets
of Portman Products Limited, one of country's leading plastic
blow-molders.

Features:

(a) Established customer base;

(b) ISO 9002 certified;

(c) 14 molding machines having 5-60 liter capacity;

(d) Annual turnover of GBP2.6 million; and

(e) Operates form 5,600-square-meter leasehold premises in East
    Midlands.

Deadline for submission of bids is Feb. 27, 2005.

CONTACT:  ELWELL WATCHORN & SAXTON LLP
          2 Axon, Commerce Road
          Lynchwood
          Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk

          Graham Wolloff
          Phone: (+44) 01733 235253


S.K.I (UK): Creditors Meeting Next Week
---------------------------------------
The creditors of S.K.I (UK) Limited will meet on March 3, 2005
at 2:00 p.m.  It will be held at Numerica, 66 Wigmore Street,
London W1U 2HQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica, 66 Wigmore Street, London W1U 2HQ not
later than 12:00 noon, March 2, 2005.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


SOUTHERN TECHNICAL: Names Bridgestones Administrator
----------------------------------------------------
Robert Cooksey and Jonathan Lord (IP Nos 9040, 9041) have been
appointed administrators for Southern Technical Services (UK)
Limited.  The appointment was made Feb. 7, 2005.  The company is
engaged in other building installation.

CONTACT:  BRIDGESTONES
          125-127 Union Street,
          Oldham OL1 1TE


STODDARD INTERNATIONAL: Closing Shop After 168 Years in Business
----------------------------------------------------------------
Troubled carpet maker Stoddard International will close down
after 168 years of trading after receivers Ernst & Young failed
to locate a buyer, The Guardian says.

Stoddard will cease production at its Kilmarnock site, affecting
179 jobs.  The group, which already sent 266 employees packing
in mid-January, will continue working within four weeks to
fulfill outstanding orders.

During its heydays, the company sold carpets to the Scottish
parliament, embassies and even provided the red carpet for the
Queen's wedding.  Stoddard also made three carpets used in the
film Titanic.  With customer favoring cheaper products, demand
for its traditional Axminster product gradually declined.
Its results in September showed half-year pre-tax losses before
exceptionals of GBP3.2 million, up from GBP2.6 million.
Stoddard reportedly collapsed with GBP9 million in debt and has
been losing GBP0.1 million a week.

CONTACT:  STODDARD INTERNATIONAL PLC
          Riverside Mill, Barbadoes Road
          Kilmarnock,
          East Ayrshire KA1 1SX
          Phone: +44-1563-578-000
          Fax: +44-1563-578-011
          Web site: http://www.stoddardcarpets.com

          ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


TEMA ENGINEERING: Unsecured Creditors to Meet Next Week
-------------------------------------------------------
The unsecured creditors of Tema Engineering Services Limited
will meet on March 4, 2005 at 11:00 a.m.  It will be held at
Menzies Corporate Restructuring, 17-19 Foley Street, London W1W
6DW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW not later than 12:00 noon, March 3, 2005.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


THIRSTY WORK: Mineral Water Business Up for Sale
------------------------------------------------
The Joint administrative receivers, Simon Bower and Geoff
Rowley, offer for sale the business and assets of Thirsty Work
Watercoolers Limited.

Features:

(a) Nationally recognized mineral water brand -- Ashe Park;

(b) Branded glass bottling turnover for nine months to Sept.
    2004 of around GBP2 million;

(c) Glass bottle filling line with 16,000 p.h capacity;

(d) Cooler bottle filling line with 720 p.h capacity;

(e) Cooler bottle co-packing agreement;

(f) Abstraction license for 76,700 cubic meters per annum;

(g) Leasehold premises in Hampshire; and

(h) 40 employees.

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.rsmi.co.uk

          Liz Warren
          Phone: +44 (0) 20 7865 2476
          Fax: +44 (0) 20 7253 4629
          E-mail: elizabeth.warren@rsmi.co.uk


THORNTONS PLC: Confident of Meeting Full-year Market Forecast
-------------------------------------------------------------
Thorntons PLC, the manufacturer, retailer and distributor of
high quality confectionery and other sweet foods, reported
results for the 28 weeks ended 8th January 2005.

Highlights

                              2005      2004      Change

Turnover                     GBP119.7m   GBP109.3m    +9.5%
Profit before tax             GBP13.3m   GBP12.1m    +10.4%
Cash inflow from operating    GBP23.3m   GBP17.2m    +35.3%
activities
Earnings per share (basic)     13.56p    12.12p      +11.9%
Dividend per share              1.95p    1.95p
Unchanged
Net debt                    (GBP14.4m)  (GBP20.9m)  down 30.9%
Gearing                         29.4%       43.8%   down 32.8%

(a) Profit before tax up 10.4% on turnover increased by 9.5%,

(b) Own shop like for like sales up 0.8%,

(c) Commercial sales up GBP9.8 million to GBP13.4 million,

(d) Cash flow remains strong

(e) Dividend unchanged at 1.95p

Statement of Christopher Burnett, Executive Chairman

Sales in the first six months of this financial year grew by
9.5% to GBP119.7 million.  Profit before tax increased by 10.4%
to GBP13.3 million."

Sales

Sales through our own shops declined by 0.3% to GBP85.4 million,
although we had eleven fewer shops than last year.  On a like
for like basis, sales for the first half were up 0.8%.   As
experienced by many retailers, Christmas trading, our biggest
selling season, began slowly compared with last year, but picked
up strongly in the final few days.  Franchise sales were up by
9.3% to GBP8.6 million but there were 20 more outlets than in
the first half last year.  On a like for like basis sales were
down 4.1%.

The biggest increase in sales in the first half related to
growth in the distribution of Thorntons branded products through
other retailers.  Sales increased by GBP9.8 million to GBP13.4
million, an increase of 270%.  Private label sales rose by
2.7% to GBP9.1 million.

Profit before Tax

The increase in profit before tax of GBP1.2 million to GBP13.3
million was after an additional stock write down of GBP1.4
million following a detailed review of closing stock and a more
rigorous application of the Group's write down policy.  There
was also an exceptional charge of GBP1.2 million related to
redundancy and other costs as part of our on-going program to
reduce costs.

Cash Flow

The cash flow from operating activities remained strong at
GBP23.3 million, an increase of GBP6.1 million compared with
last year.  This contributed to a reduction in net debt of
GBP6.5 million and gearing at the period end was 29.4%.

Dividend

The Board has decided to declare an unchanged interim dividend
of 1.95 pence per share.  The interim dividend will be paid on
29 April 2005 to shareholders on the register at close of
business on 1 April 2005.

Outlook

The retail environment remains both competitive and challenging
and the second six months performance, as usual, will depend on
the sales achieved over Easter, but, subject to a satisfactory
performance during that period, we remain confident that the
results for the full year will meet market expectations.

It is now almost two years since the Group began, as part of the
Outward Growth strategy, to sell Thorntons branded products
through other retailers.  In that time sales have grown rapidly
and for the full year will be in the region of GBP20 million.

The Board are continuing to monitor the strategy of Outward
Growth, to ensure that own shop and franchise sales are not
being impacted upon and that sales of Thorntons products through
other retailers are not adversely affecting brand and customer
service values going forward.

Financial statements are available free of charge at
http://bankrupt.com/misc/Thorntons_Interim28w2005.htm

CONTACT:  THORNTONS PLC
          Christopher Burnett, Executive Chairman
          Phone: 01773 540550
                 020 7466 5000
          Peter Burdon, Chief Executive
          Phone: 01773 540550
          John Wall, Finance Director
          Phone: 01773 540550

          BUCHANAN COMMUNICATIONS
          Charles Ryland/Tim Anderson/James Strong
          Phone: 020 7466 5000


                            *********


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

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

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

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