TCREUR_Public/050225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, February 25, 2005, Vol. 6, No. 40

                            Headlines

C Y P R U S

HELLENIC BANK: Profit Warning Triggers Ratings Review


F R A N C E

EURO DISNEY: Wraps up Restructuring


G E R M A N Y

AUTO-SCHRUMPF: Bielefeld Court Appoints Interim Administrator
BORUSSIA DORTMUND: Shareholder Ups Stake; Calls Others to Follow
CASSEA GESELLSCHAFT: Under Bankruptcy Administration
ELBRACHT MASCHINENBAU: Cedes Control to Interim Administrator
GERRESHEIMER HOLDINGS: EUR150 Million Senior Notes Rated Caa1

INFINEON TECHNOLOGIES: Phasing out Munich Perlach Plant
LAZARUS-TELEBUS: Administrator's Report Out March
LUTZ DIGITALER: Creditors Meeting Set Next Month
TWD GMBH: Weak Trading Pushes Textile Maker to Insolvency


I T A L Y

BANCAPULIA SPA: Long-term, Short-term Ratings Affirmed at 'BB/B'
IMPREGILO SPA: Gemina Chairman Seeks Additional Loan
PARMALAT U.S.A.: Farmland Wants to Reject GE Capital Lease Pact


K Y R G Y Z S T A N

ELEKTROTERM: Public Auction Set Next Week
KOKDOBO: Sets Public Auction March 11


N E T H E R L A N D S

BUHRMANN N.V.: Plans to Buy back US$520 Mln Preference Shares C
BUHRMANN N.V.: Issuing US$150 Mln Notes to Fund Share Buyback
BUHRMANN N.V.: Rating Unaffected by Plan to Repurchase C Shares
BUHRMANN N.V.: Senior Implied Rating Affirmed at Ba3
HAGEMEYER N.V.: Full-year Net Loss Down Nearly 50% to EUR164 Mln
HAGEMEYER N.V.: To Shut down Newey & Eyre Site
NEW SKIES: Liquidator Distributes Final Sale Proceeds


R U S S I A

BUILDER: Gives Creditors Until Next Month to File Claims
KAMEA: Kareliya Court Names V. Podolyanchik Insolvency Manager
KOLOMNA-AGRO-PROM-TRANS: Under Bankruptcy Supervision
MOSMETROSTROYA: Deadline for Proofs of Claim Next Week
OMSKIY: Creditors Have Until March to File Claims

RAMENSKIY: Bankruptcy Hearing Resumes April
REPAIR-TECHNICAL ENTERPRISE: Under Bankruptcy Supervision
SALSK-SEL-KHOZ-STROY: To Hold Public Auction Today
SZHBI (FERRO-REINFORCED GOODS): Insolvency Manager Moves in
TAYSHET-WOOD-EXPORT: Court Sets Next Hearing March 31

YUBILEYNYJ: Claims Filing Period Expires March 29
YUKOS OIL: Asks Judge Clark to Extend Lease Decision Period
YUKOS OIL: Responds to Deutsche Bank's Dismissal Motion
YUKOS OIL: U.S. Judge Throws out Chapter 11 Petition
YUKOS OIL: Mulls Options After Rejection of Chapter 11 Petition


S P A I N

IZAR: SEPI Firm on Sale of Civilian Shipyards


S W E D E N

ESSELTE GROUP: Reports US$31.8 Million Full-year Net Loss


U K R A I N E

CHERVONIJ MAYAK: Declared Insolvent
KRINIKIVSKE: Temporary Insolvency Manager Enters Firm
OLEVSK' FLAX: Zhitomir Court Opens Bankruptcy Proceedings
RADNA-PRODUCT: Declared Insolvent
RAJAGROHIM: Court Names G. Bilodid Liquidator

SEZONNIJ ODYAG: Bankruptcy Supervision Begins
UROZHAJ: Insolvency Manager Takes over Helm
VELKAM: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ACCURACY INTERNATIONAL: In Administrative Receivership
AQUARIUS (2001): Hires Grant Thornton as Administrator
CAONO PLC: EUR125 Million Notes Rated B3
CLEVELEY CARS: Calls in Administrators from Grant Thornton
CLIFF BREWERY: Liquidator from Ensors Moves in

COMPLETE FIRE: Appoints Thompson Partnership Administrator
CONNEX LEASING: Hires Numerica as Liquidator
CRANE FOUNDRY: Appoints Butcher Woods Limited Administrator
DEVRO HOLDINGS: Winding-up Report Out Mid-March
D-FINE LEISURE: In Administrative Receivership

EGG PLC: Posts GBP107 Mln Pre-tax Loss After French Biz Failure
EURO-SEAS LIMITED: Names PricewaterhouseCoopers Liquidator
FENCLOCKS (SUFFOLK): Sets Creditors Meeting Next Week
G H MAUGHAN: Calls in Administrators from Grant Thornton
GOSHAWK INSURANCE: Sells Subsidiary to Pay Debt

H L FRIEL: Creditors Meeting Next Week
J&N INTERNATIONAL: Names Milner Boardman Administrator
KALEIDOSCOPE COLOURATION: Hires Begbies Traynor as Administrator
KAVANAGH & MANNION: Joint Administrators from PKF Move in
MSA REALISATIONS: Meeting of Creditors Set Next Week

NYED PLUS: Creditors Convene Today
PERSIMMON TECHNOLOGIES: Names Numerica Administrator
PHOENIX SOFTWARE: Hires Administrators from KPMG
PROFESSIONAL SPIRIT: Calls in Administrator from Bridgers
ROGUE CATERING: Hires Begbies Traynor to Liquidate Business

SEARCHWIDE LIMITED: Administrator from Moore Stephens Moves in
SLW ARCHITECTURAL: Fortis Bank Appoints Ernst & Young Receiver
SMARTPANORAMA (UK): Hires KPMG as Administrator
SPD LIMITED: Meeting of Creditors Next Week
STERLING EXECUTIVE: Creditors to Hire Liquidator Mid-March

STRATHCLYDE PROPERTY: Calls First Creditors Meeting
TPT FIRE: Hires Joint Administrators from Tenon Recovery
TRENRATE LIMITED: Calls in Administrators from Leonard Curtis
WESTWOOD DECORATORS: Administrators from Begbies Traynor Move in


                            *********


===========
C Y P R U S
===========


HELLENIC BANK: Profit Warning Triggers Ratings Review
-----------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Baa2 long-term foreign currency debt and deposit
ratings, the Prime-2 short-term foreign currency deposit and
commercial paper ratings and the D+ Financial Strength Rating of
Hellenic Bank.

Moody's notes that it changed the outlook on the bank's D+ FSR
in April 2004 reflecting a negative trend in Hellenic's
financial indicators.  The rating action was triggered by
Hellenic's recent announcements that it expects to incur a net
loss for FY2004 of similar magnitude to that of FY2003.
Although the bank expects a material improvement in pre-
provision profitability, elevated provisioning expenses relating
to its credit portfolio will hit its bottom-line profitability.

Moody's review will focus on Hellenic's financial fundamentals
-- in the light of the trends in its credit portfolio and
profitability -- and on the planned remedial actions to address
these issues.  Moody's added that Hellenic's current debt and
deposit ratings impute a certain level of external support from
the authorities, commensurate with the current level of the
bank's FSR, its size and importance within the domestic banking
system.  Moody's review of the deposit and debt ratings will
assess whether the degree of such support is sufficient to
maintain these ratings at their current levels, should the
review lead to a lower FSR.

Headquartered in Nicosia, Cyprus, Hellenic Bank had total assets
of CYP2.5 billion (EUR4.3 billion) as of December 31, 2003.

CONTACT:  HELLENIC BANK LTD.
          200, Lemesos Avenue & Athalassas Avenue
          P.O. Box 24747,1394 Nicosia, Nicosia
          Phone: 22860000
          Fax: 22762716
          E-mail: hellenic@hellenicbank.com
          Web site: http://www.hellenicbank.com


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


EURO DISNEY: Wraps up Restructuring
-----------------------------------
Euro Disney S.C.A. announced on Wednesday the official
completion of its legal and financial restructuring following
the final settlement of the Company's share capital increase.

Accordingly, the terms of the Memorandum of Agreement between
the Company, The Walt Disney Company and the Company's lenders
and subsequent related documentation are now fully effective.

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris which includes: Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,033 additional third-party rooms located on the
site), two convention centers, Disney Village (a dining,
shopping and entertainment center) and a 27-hole golf facility.

The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.  Euro Disney
S.C.A.'s shares trade in Paris (SRD), London and Brussels.

These materials are not an offer to sell or a solicitation to
buy any securities in the rights offering in France, the United
States or any other jurisdiction.  The rights offering has been
made only by means of an offering document complying with the
applicable securities laws of the jurisdiction or jurisdictions
in which such rights offering shall be made.  The securities
offered in the rights offering have not been and will not be
registered under the United States Securities Act of 1933 and
may not be offered or sold in the United States or in any other
jurisdiction absent registration, an applicable exemption from
registration requirements or qualification under the applicable
securities laws of such jurisdiction.

                            *   *   *

Euro Disney announced Tuesday the success of its EUR253.3
million (issue premium included) share capital increase launched
on 20 January.  The offering provided existing shareholders the
preferential rights to purchase 2.8 billion new shares at
EUR0.09 per share.

At the closing of the centralization period, total subscriptions
exceeded shares offered by approximately 9%, demonstrating
investor confidence in the Company's future.  About 3.1 billion
total shares were subscribed, of which 2.6 billion shares were
subscribed on a non-reducible basis and 496.3 million were
subscribed on a reducible basis.  The method by which
applications for reducible shares will be scaled down will be
published early next week.

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Investor Relations
          Fiona Lord Duarte
          Phone: +331 64 74 58 55
          Fax: +331 64 74 56 36
          E-mail: fiona.lord.duarte@disney.com


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


AUTO-SCHRUMPF: Bielefeld Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Auto-Schrumpf jun.-GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 16, 2005 to register their
claims with court-appointed provisional administrator Axel
Geese.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

Auto-Schrumpf sells and repairs motor vehicles.

CONTACT:  AUTO-SCHRUMPF JUN.-GMBH
          Am Presswerk 1 - 5, 33647 Bielefeld
          Contact:
          Rudiger Schrumpf, Manager
          Hainteichstrasse 1, 33613 Bielefeld

          Axel Geese, Insolvency Manager
          Adenauerplatz 4, 33602 Bielefeld


BORUSSIA DORTMUND: Shareholder Ups Stake; Calls Others to Follow
----------------------------------------------------------------
Sadettin Saran, a shareholder in troubled soccer club Borussia
Dortmund, expressed optimism the group could revive itself,
Borsen Zeitung says.

Mr. Saran, in a TV interview, said he believes the former
European Champions League winner would achieve a turnaround.  He
is currently working with U.S. partners on a financing concept
for the ailing club.  To set an example, Mr. Saran will increase
his stake in Borussia from 5% to between 15% and 20%.

Borussia recently admitted a deep financing problem, which is
"threatening its existence."  Suffering from thinning television
income and bloated payroll, the club posted EUR27 million in
operating loss for the second half of 2004 and expects its full-
year operating loss to swell to EUR68.8 million.  Following the
announcement, creditor banks granted the club a debt moratorium
until 2006 to 2007 and promised to extend short-term loans to
pay players' salaries.

CONTACT:  BORUSSIA DORTMUND GMBH & CO. KGAA
          Rheinlanddamm 207-209
          44137 Dortmund
          Phone: +49 (2 31) 9 02 00
          Web site: http://www.borussia-dortmund.de


CASSEA GESELLSCHAFT: Under Bankruptcy Administration
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against CASSEA Gesellschaft fur Kulturmarketing und
Markenkultur mbH 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, 9:15 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 30, 2005, 9:00 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  CASSEA GESELLSCHAFT FUR KULTURMARKETING UND
          MARKENKULTUR MBH
          c/o Hansa Theater, Alt-Moabit 48, 10555 Berlin

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


ELBRACHT MASCHINENBAU: Cedes Control to Interim Administrator
-------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Elbracht Maschinenbau GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 20, 2005 to register their
claims with court-appointed provisional administrator Andreas
Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ELBRACHT MASCHINENBAU GMBH
          Osningstr. 9, 33332 Gutersloh
          Contact:
          Erwin Friedrich Wilhelm Elbracht

          Andreas Stratenwerth, Insolvency Manager
          Lemgoer Str. 4, 33604 Bielefeld


GERRESHEIMER HOLDINGS: EUR150 Million Senior Notes Rated Caa1
-------------------------------------------------------------
Moody's Investors Service assigned a rating of Caa1 on
Gerresheimer Holdings GmbH EUR150 million senior notes due 2015
and concluded the review of the previous ratings of its
subsidiary, Gerresheimer Group, which have been withdrawn.  The
new ratings were provided in connection with the new financial
structure used to finance the buyout of Gerresheimer by
affiliates of Blackstone Group.  The notes rating reflects their
position in the capital structure, behind significant levels of
secured operating company debt, as well as the benefit of senior
subordinated guarantees from operating companies.  The rating
outlook on all debt is stable.

These ratings were assigned to Gerresheimer Holdings GmbH:

(a) EUr150 million senior notes due 2015 rated Caa1;

(b) Senior implied rating of B2;

(c) Senior unsecured issuer rating of Caa1.

Moody's has not rated the new senior secured bank facilities of
Gerresheimer's subsidiaries.

The prior ratings of Gerresheimer's subsidiary, which has been
renamed Gerresheimer Group, have been withdrawn.  Withdrawn
ratings are:

(a) Senior implied and bank facility ratings of B1;

(b) Senior unsecured issuer rating of B3.

The ratings reflect Gerresheimer's high senior leverage and
total leverage following the transaction, as well as cash flow,
which is modest relative to the increased debt service
requirements and increased debt balance.  Pro-forma consolidated
debt to EBITDA at the issuer level (assuming the transaction
occurred at fiscal year end November 2004) would have been 4.6
times versus 3.1 times actual.  The company's existing cash flow
levels are sufficient to service interest and required
amortization, but allow little room for error or market
volatility.  EBITDAR less capex to interest plus rents would
have been about 1.3 times pro-forma for the last twelve months,
versus over 1.5 times actual.  Gerresheimer will need to improve
operating income in order to reduce debt by more than the
required amortization.

The ratings also incorporate the likelihood that Gerresheimer
will adopt a more aggressive growth strategy under its new
owners, indicated by an unused acquisition facility, and
recognize the company's difficulty executing operational change
in the past.  The ratings continue to recognize financial
pressures from the company's high pension liabilities of about
EUR160 million which are not included in the debt numbers cited
above, and from its high fixed asset base, which results in a
high level of fixed costs and maintenance expenses over the
medium term.

The ratings are supported by Gerresheimer's long history,
specialized product niche, and strong customer relationships.
Improved operating margins, offset in part by lower top-line
growth due to declines in U.S. dollar exchange rate, provide
thin but adequate service coverage levels of about 1.5 times on
a pro-forma basis.  Gerresheimer has successfully transitioned
to a largely specialized product base with higher margins and
meaningful entry barriers protecting existing product lines and
customer relationships.  Moody's believes that backup credit
lines provide adequate liquidity at this time, and notes that
the ability to defer some maintenance expense over the short
term provides limited financial flexibility.  The company
intends to borrow a meaningful portion of bank facilities in
U.S. dollars, which will partially hedge its currency risk.

The senior implied and senior unsecured issuer ratings have been
assigned at the Gerresheimer Holdings level.  However, the
ratings recognize the potential refinancing or cash flow
pressures from structurally subordinated shareholder and vendor
loans at holding companies.  The issuer's parent companies have
incurred about EUR80 million of shareholder and vendor loans.
The EUR55 million shareholder loan may be serviced in kind or in
cash, subject to subsidiaries' ability to upstream cash under
restricted payments provisions, while interest on the vendor
loan accrues in kind.

The rating outlook is stable.  Moody's believes that
Gerresheimer's operating margins are likely to remain at least
at current levels and could rise over time as a result of an
accumulation of recently completed operating improvements.
Nonetheless, increased debt service costs (including interest
and required amortization) will limit Gerresheimer's debt
reduction unless the company is able to significantly improve
top line or operating margin.  A more aggressive acquisition
posture could increase debt, but could also increase operating
income and debt service if they are appropriately priced and
integrated efficiently.  The impact to the ratings from any
significant acquisition will be evaluated at the time.

Ratings could rise if Gerresheimer is able to continue its trend
of margin improvement and uses the additional cash to reduce
debt beyond its required amortization.  A sustainable
improvement of more than 200 basis points in operating margins,
combined with stable or declining debt levels, could result in a
rating or outlook improvement.  Ratings could decline if the
company is not able to maintain current margin and top line
levels, or if it faces liquidity constraints as a result of
unexpected working capital swings or covenant breaches which
restrict availability to credit lines.  An unexpected event,
which temporarily or permanently damages production at any
furnace could also have longer term rating impact.

The rating of the notes recognizes their structural
subordination to the debt and obligations of subsidiaries, and
the receipt of a senior-subordinated level guarantee from direct
and indirect subsidiaries.  The notes are a senior unsecured
obligation of Gerresheimer Holdings.  The issuer is the parent
of the borrower of the bank debt, Gerresheimer Group Holdings,
which is also a holding company with no assets.  Moody's
believes that a number of covenants, including provisions in
Restricted Payments and Debt Incurrance tests, are somewhat
weaker than is typical for notes at this level, reducing
protection to debtholders.

Note holders benefit from legally subordinated level guarantees
of operating subsidiaries representing a material proportion of
consolidated EBITDA and assets, in addition to a first priority
interest in the Proceeds Loan by which notes proceeds are being
downstreamed to the Gerresheimer Group Holdings, and a second-
lien interest in the shares of Gerresheimer Group Holdings.
Given significant amounts of secured debt and subsidiary
obligations, as well as low tangible asset coverage, Moody's
believes that holders of the notes could be impaired in a
distressed scenario.

Gerresheimer Holdings GmbH, organized under the laws of Germany
with principal offices in Dusseldorf, is a producer of specialty
glass packaging primarily for the pharmaceutical, cosmetics, and
specialty food markets.  Gerresheimer operates 17 facilities in
Europe, the U.S., and Mexico.  Revenues were EUR529 million for
the fiscal year ended November 2004.

CONTACT:  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


INFINEON TECHNOLOGIES: Phasing out Munich Perlach Plant
-------------------------------------------------------
Infineon Technologies AG plans to restructure its chip
manufacturing within the manufacturing cluster Perlach,
Regensburg and Villach.  Production from Munich Perlach will
largely be transferred to Regensburg and to a lesser extent to
Villach.  Manufacturing at Munich Perlach will be phased out by
early 2007.

Currently there are about 800 employees in Munich Perlach.  The
restructuring will be done in a manner that is as socially
acceptable as possible.  Infineon is looking into the
possibility of further employment within the company for those
affected.  Supportive personnel measures for the remaining time
of production and the phase-out are being discussed with the
relevant works council.

The reason for this decision is the structure of the plant in
Munich Perlach.  While it was founded about 20 years ago as a
research facility, the plant is currently focused on the
manufacturing of semi-conductor elements for special
technologies.  High-frequency products make up the largest share
of the manufactured volume.  However, the function of these
products is increasingly being integrated into the fine-
structure CMOS-chips, which cannot be manufactured in Perlach.
As such, these products face a phase-out in Perlach, which means
that the volume of high-value special technology will continue
to decrease in the near future.

Further use of the production capacity is not feasible from an
economical and technological point of view.  Munich Perlach only
uses 150mm silicon wafers for its manufacturing.  For many
technologies, this no longer corresponds to technical or
economic standards.  As the manufacturing standard for logic
products corresponds to 200mm wafer, the cost disadvantage of
the 150mm manufacturing vis-a-vis the 200mm manufacturing is
considerable and will continue to increase.

With the transfer of the remaining technologies to Regensburg
and Villach, the manufacturing will largely be shifted to 200mm.
The transfer and phase-out of the plant in Munich Perlach will
take two years.

About Infineon

Infineon Technologies AG (FSE/NYSE: IFX), Munich, Germany,
offers semiconductor and system solutions for automotive,
industrial and multi-market sectors, for applications in
communication, as well as memory products.  With a global
presence, Infineon operates through its subsidiaries in the U.S.
from San Jose, CA, in the Asia-Pacific region from Singapore and
in Japan from Tokyo.  In fiscal year 2004 (ending September),
the company achieved sales of EUR7.19 billion with about 35,600
employees worldwide.  Infineon is listed on the DAX index of the
Frankfurt Stock Exchange and on the New York Stock Exchange
(ticker symbol: IFX).  Further information is available at
http://www.infineon.com.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com


LAZARUS-TELEBUS: Administrator's Report Out March
-------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against LAZARUS-TELEBUS Betriebsfuhrungs- und
Tragergesellschaft mbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 19, 2005 to register their claims
with court-appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 9:10 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 13, 2005, 9:05 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  LAZARUS-TELEBUS BETRIEBSFUHRUNGS- UND
          TRAGERGESELLSCHAFT MBH
          Wendenschlossstr. 129,12557 Berlin

          Udo Feser, Insolvency Manager
          Uhlandstr. 165/166, 10719 Berlin


LUTZ DIGITALER: Creditors Meeting Set Next Month
------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Lutz Digitaler Medien Service GmbH on Feb.
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until April 19,
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 7, 2005, 9:15 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 13, 2005, 9:10 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  LUTZ DIGITALER MEDIEN SERVICE GMBH
          Sophie-Charlotten-Strasse 92,14059 Berlin

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


TWD GMBH: Weak Trading Pushes Textile Maker to Insolvency
---------------------------------------------------------
Textile manufacturer TWD GmbH caved in to economic pressure and
filed for insolvency proceeding, shedding its loss-making
operation, Suddeutsche Zeitung says.

TWD, which employs around 900 people, booked a loss for 2004 and
posted a turnover of more than EUR196 million.  The group blamed
its financial demise to weak product demand, intense rivalry
from low-wage nations and rising material cost.

TWD plans to discontinue its unprofitable activities.  First to
be affected are branch offices and production sites across the
country and abroad.  TWD, through lawyer-receiver Michael Jaffe,
also plans to hold talks with employees over cost-saving
measures.

CONTACT:  TWD GMBH
          Kunertstrasse 1
          D-94469 Deggendorf
          Phone: +49-9901 / 79 - 0
          Fax: +49-9901 / 79 - 224
          Web site: http://www.twd.de


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


BANCAPULIA SPA: Long-term, Short-term Ratings Affirmed at 'BB/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Italian local bank bancApulia S.p.A. to positive from stable,
reflecting the bank's good track record in credit risk, and some
positive trends in both profitability and capitalization.  At
the same time, Standard & Poor's affirmed bancApulia's 'BB'
long-term and 'B' short-term counterparty credit ratings.

"The positive outlook on bancApulia indicates that the long-term
rating could be raised in the future, should the bank
demonstrate its ability to strengthen its earnings generation
capacity and its capital ratios, and to maintain its currently
low credit-risk levels," said Standard & Poor's credit analyst
Alberto Buffa di Perrero.

The bank needs to reinforce efficiency with regard to
profitability, reaching and maintaining more adequate levels
over time.  In addition, capital should exceed the bank's newly
self-imposed target of a minimum Tier 1 ratio of 6%.  Regarding
credit risk, the bank's retail lending is relatively unseasoned,
but is not expected to generate significant provisioning needs
in the near future, given bancApulia's conservative lending
criteria and the high collateralization associated with these
kinds of loans.

"The ratings reflect bancApulia's successful track record in
limiting the credit risks deriving from operating in the
economically weak southern Italian region of Puglia," said Mr.
Buffa di Perrero.  The ratings also reflect the potential risks
associated with very strong loan growth, as well as the bank's
concentration in the construction sector, below-average
efficiency, and improving -- albeit still weak -- capital
ratios.

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
          FIG_Europe@standardandpoors.com

          BANCAPULIA SPA
          San Severo (Fg) - Via Tiberio Solis, 40
          Centralino
          Phone: 0882 20.11.11 (10 linee)

          Segreteria Generale (Diretto)
          Phone: 0882 22.43.27
          Fax: 0882 22.52.14 / 0882 20.13.40
          SWIFT APUL IT 3B


IMPREGILO SPA: Gemina Chairman Seeks Additional Loan
----------------------------------------------------
The chairman of Impregilo's major shareholder, Generale
Mobiliare Interessenze Azionarie (Gemina), renewed talks with
creditor banks, La Stampa says.

Gemina recently accepted a non-binding offer from a group of
local investors.  The consortium, comprised of motorway
operators Gavio and Autostrade, engineering group Techint,
steelmaker Tenaris 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.  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.  This caused Cesare Romiti,
Gemina's chairman, to initiate new rounds of talks with the
banks, hoping to avail further credits.

The creditor banks, which include San Paolo IMI, Banca Intesa,
Unicredit and Capitalia, are reportedly discontented with the
offer since Impregilo had said it needed around EUR800 million
to repay EUR550 million worth of bonds due May and June, and
maintain its operations.

Meanwhile, Astaldi, the country's second-largest construction
group, is reportedly mulling whether to join the consortium or
to launch a separate bid.  Astaldi is also reportedly
considering a partnership with French builder Eiffage.

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

          TENARIS S.A.
          13, Rue Beaumont
          L-1219 Luxembourg
          Phone: +352-26-4789-78
          Fax: +352-26-4789-79
          Web site: http://www.tenaris.com

          ASTALDI S.p.A.
          Via G.V. Bona, 65
          00156 Rome
          Phone: +39 06 417661
          Fax: +39.06.41766720
          Web site: http://www.astaldi.it

          EIFFAGE S.A.
          143, avenue de Verdun
          92130 Issy-les-Moulineaux
          Phone: +33-1-41-08-38-38
          Fax: +33-1-41-08-38-08
          Web site: http://www.eiffage.fr

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          SANPAOLO IMI S.p.A.
          Piazza San Carlo 156
          10121 Turin
          Phone: +39-011-5551
          Fax: +39-011-555-2989
          Web site: http://www.sanpaolo.it

          UNICREDIT S.p.A.
          Via Dante, 1
          16121 Genoa
          Phone: +39-02-8862-1
          Fax: +39-02-8862-8503
          Web site: http://www.credit.it

          CAPITALIA S.p.A.
          Via Marco Minghetti 17
          00187 Rome
          Phone: +39-06-6707-1
          Fax: +39-06-6707-0652
          Web site: http://www.capitalia.it


PARMALAT U.S.A.: Farmland Wants to Reject GE Capital Lease Pact
---------------------------------------------------------------
On April 30, 2003, GE Capital Public Finance, Inc., and Farmland
Dairies, LLC entered into an equipment lease wherein GE Capital
agreed to purchase from and lease back to Farmland certain
equipment owned by Farmland and located at Farmland's facilities
in Wallington, New Jersey; Brooklyn, New York; and Grand Rapids,
Michigan.  The purchase price for the equipment was
US$100,000,000.

Under the Lease, Farmland was required to make US$2,500,000
quarterly "rental" payments to GE Capital, plus interest on the
outstanding balance.  Before defaulting, Farmland has made two
quarterly payments on August 1, 2003, for US$3,278,875; and on
November 4, 2003 for US$3,216,970.

Farmland received notices of default on three various dates from
GE Capital in connection with the Lease.  As of its bankruptcy
petition date, Farmland's outstanding obligations under the
Lease were approximately US$96,000,000.

On March 30, 2004, the U.S. Bankruptcy Court for the Southern
District of New York authorized Parmalat U.S.A. Corporation and
its debtor-affiliates to incur postpetition financing from GE
Capital.  Pursuant to the DIP Credit Agreement, Farmland granted
to GE Capital as additional security under the Lease, second
mortgages on the real estate owned by Farmland at New Jersey,
Michigan, and New York.

On July 8, 2004, GE Capital filed a proof of claim for
US$96,226,489, representing the amount allegedly due under the
Lease.

Subsequently, Farmland has determined that rejecting the Lease
as of the effective date of its Plan is in the best interest of
its estate.  To assume the Lease, Farmland would have to cure
the default, compensate GE Capital for any actual pecuniary
loss, and provide GE Capital with adequate assurance of future
performance.  However, Farmland is financially incapable of
curing the Lease and making adequate assurance of future
performance.  Farmland says its finances are insufficient to
cover either initial cure payments or the future payments under
the Lease.  Because assumption of the Lease is clearly not a
viable option for Farmland, Farmland seeks the Court's authority
to reject the Lease with GE Capital.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.  (Parmalat Bankruptcy News, Issue No. 44; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


ELEKTROTERM: Public Auction Set Next Week
-----------------------------------------
The bidding organizer and insolvency manager of OJSC ELEKTROTERM
will sell its properties on Feb. 28, 2005, 2:00 p.m. at
Karabalta, Kojomberdieva Str. 3.

For sale are:

(a) Lots 1-7: Constructions, inventories, raw materials,
    finished commodity and unfinished production;

(b) Lot 8: State Commercial Stock valued at KGS214,300

To participate, the bidder must submit an amount equivalent to
10% of the starting price and the necessary documents to the
insolvency manager on or before Feb. 25, 2005.  For more
information, call (0-502) 32-75-34.


KOKDOBO: Sets Public Auction March 11
-------------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Kokdobo will sell its properties on March 11, 2005, 11:00
a.m. at Talas, Frunze Str. 287, Regional State Administration
Building, 2nd Floor, Room 217.

For sale are:

(a) Vegetable warehouse.  Starting price: KGS184,000.

(b) Administrative building.  Starting price: KGS96,300.

To participate, the bidder must submit an amount equivalent to
20% of the starting price and submit necessary documents to the
insolvency manager.  For more information, call (0-34-22) 5-28-
54 or 5-36-26.


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


BUHRMANN N.V.: Plans to Buy back US$520 Mln Preference Shares C
---------------------------------------------------------------
Buhrmann N.V. has reached a conditional agreement with U.S.
private equity investors Apollo Management and Bain Capital and
some other investors to repurchase all outstanding Preference
Shares C.

The agreement is conditional on Buhrmann successfully raising
the funds required to satisfy the negotiated repurchase price of
US$520 million, the consent of Buhrmann's banking syndicate and
the receipt of the necessary shareholder approvals.  Provided
that all conditions are fulfilled, the repurchase of the Pref Cs
is expected to be completed in early April 2005.

CEO's Statement

Commenting on the proposed transaction Buhrmann President and
CEO Frans Koffrie said: "We are pleased to have this opportunity
to improve the position of our existing ordinary shareholders by
limiting potential dilution through the conversion of the Pref
Cs.  Our solid 2004 results, strengthened financial position,
current interest rate environment, as well as the weakness of
the U.S. dollar, provide a favorable background for this
refinancing.  It will enable Buhrmann to optimize its financing
costs and should benefit shareholders through Buhrmann realizing
a more efficient and robust capital structure as well as a more
transparent corporate governance structure."

Funding of the Transaction

It is planned that the funding for this transaction will be
raised through a combination of a discounted rights issue of
approximately EUR250 million (60%), the issue of new debt
securities of US$150 million (27%) and the remainder through the
utilization of cash on hand (13%).  This combination is expected
to maintain Buhrmann's current credit standing, while cost of
capital is affected favorably.  The transaction is subject to
obtaining an amendment to our Senior Credit Facility.

The proposed rights issue is being fully underwritten by a
syndicate of banks that has agreed to underwrite up to 43
million shares at a minimum issue price of EUR5.82 per share.

Under IFRS, the effect of the planned repurchase and related
funding proposal on Earnings Per Share is accretive on an annual
pro-forma basis by EUR2 cents and increasing over time (e.g.
EUR4 cents in 2007).  For more information see
http://www.buhrmann.com

CONTACT:  BUHRMANN N.V.
          Ewold de Bruijne, Manager Corporate Communications
          Phone: +31-(0)20-651-1034


BUHRMANN N.V.: Issuing US$150 Mln Notes to Fund Share Buyback
-------------------------------------------------------------
Buhrmann U.S. Inc. plans to issue US$150 million Senior
Subordinated Notes due 2015.  The Notes will be issued in
private placements and are expected to be resold by the initial
purchasers to qualified institutional buyers under Rule 144A
under the Securities Act of 1933, and outside of the United
States in accordance with Regulation S under the Securities Act
of 1933.

Buhrmann N.V., the Company's parent, intends to use the net
proceeds from the sale of the Notes and other available funds to
repurchase the Company's outstanding Preference Shares C.

The Notes to be offered have not been registered under the
Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration requirements.  This news release shall not
constitute an offer to sell or a solicitation of an offer to buy
such Notes in any jurisdiction in which such an offer or sale
would be unlawful.

CONTACT:  BUHRMANN N.V.
          P.O. Box 23456
          1100 DZ Amsterdam
          The Netherlands
          Phone: +31 20 651 11 11
          Fax: +31 20 651 10 05
          Web site: http://www.buhrmann.com


BUHRMANN N.V.: Rating Unaffected by Plan to Repurchase C Shares
---------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on The Netherlands-based office products distributor
Buhrmann N.V. (BB-/Stable/--) were unaffected following the
group's announcement that it is repurchasing its outstanding
EUR335 million (US$438 million) preference C shares for a
relatively conservative mixture of equity (60%) and debt and
cash balances (40%).  The transaction is subject to the
obtaining of an amendment to the group's senior credit facility
and shareholder approval.

Standard & Poor's has historically viewed Buhrmann's preferred A
and C shares as 'debt like' in nature and factored this into its
financial ratio calculations and, therefore, the ratings.  Pro
forma for the transaction (including expected premiums, accrued
dividends, and transaction costs that are likely to be
incurred), the group's debt-protection measures are likely to
improve modestly thanks to the group's sizable rights issue of
EUR250 million, which will be used to finance the share
repurchase.  The group's lease-adjusted funds from operations to
net debt (adjusted for leases and preferred A shares) are
estimated to be about 18%, which is in line for the ratings.

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

          BUHRMANN N.V.
          P.O. Box 23456
          1100 DZ Amsterdam
          The Netherlands
          Phone: +31 20 651 11 11
          Fax: +31 20 651 10 05
          Web site: http://www.buhrmann.com


BUHRMANN N.V.: Senior Implied Rating Affirmed at Ba3
----------------------------------------------------
Moody's Investors Service assigned a (P)B2 rating to the
proposed issuance of senior subordinated notes by Buhrmann U.S.
Inc.  Concurrently, Moody's affirmed Buhrmann's existing
ratings.  The outlook for all ratings is stable.  The rating is
prospective, assuming the proposed transactions are completed,
that 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.

Ratings assigned: US$150 million senior subordinated notes due
2015 at Buhrmann U.S. Inc. rated (P)B2.

Ratings affirmed:

(a) Senior implied rating at Buhrmann N.V. affirmed at Ba3,

(b) Senior unsecured issuer rating at Buhrmann N.V. affirmed at
    B2,

(c) EUR730 million senior credit facilities at Buhrmann U.S.
    Inc. affirmed at Ba3,

(d) US$150 million senior subordinated notes due 2014 at
    Buhrmann U.S. Inc. affirmed at B2,

(e) EUR115 million convertible notes at Buhrmann N.V. affirmed
    at B2

The affirmation of Buhrmann's existing ratings follows the
company's announcement that it intends to raise approximately
US$325 million in a rights issue and US$150 million from the
issuance of senior subordinated notes due 2015 which will be
used to repay the company's Preference C shares.  In its
calculation of total adjusted leverage, Moody's has historically
included the company's Preference C and Preference A shares,
which has resulted in debt protection measures that are strained
for the rating category.  The affirmation of the rating reflects
Moody's view that the company's metrics are now more consistent
with its Ba3 rating category as a result of the approximate
EUR210 million expected reduction of net adjusted debt.

The proposed senior notes issuance also serves to lengthen the
company's debt maturity profile since the Preference C shares
mature in 2010 whilst the proposed notes will mature in 2015.
Whilst Moody's expects the transaction to result in an increase
in cash interest expense of below EUR10 million and by a slight
increase in dividends given the rights issue, the agency is
comfortable with the company's ability to meet these additional
requirements through internally generated cash flows.  The
repayment of the Preference C shares also helps to streamline
Buhrmann's capital structure.

The stable outlook reflects Moody's view of Buhrmann's solid
competitive positions and brands, improvements in its operating
performance as evidenced by its preliminary FY04 earnings and
its ability to remain broadly cash flow positive during cyclical
downturns.  However Buhrmann's ratings are constrained by the
cyclicality of its business, its competitive market environment
and high financial leverage.

An upgrade would require a reduction in total adjusted leverage,
including its Preference A Shares, towards 4.0x, retained cash
flow to adjusted net debt in the mid teens and evidence that
recent margin and cash flow improvements can be sustained.

Pro forma for the transaction, FY04 adjusted leverage falls to
4.9x from 5.3x, however total cover reduces from 2.4x to 2.2x.
Ratings could come under pressure if debt protection metrics
weaken from current pro forma levels as the result of weaker
than expected operating performance or the result of corporate
activity such as a debt-funded acquisition.

Structurally, the proposed senior subordinated notes will be
issued by Buhrmann U.S. Inc. and will rank pari passu to the
company's existing senior subordinated notes and subordinated
convertible notes.  The proposed notes will benefit from a
senior subordinated guarantee from Buhrmann's operating
subsidiaries that account for c. 70% of consolidated revenues
and assets.  The notes have been assigned a (P)B2 rating, i.e.
two notches below the senior implied to reflect the significant
amount of priority debt ranking ahead of the notes.

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.

Buhrmann N.V., headquartered in Amsterdam, The Netherlands, is
the world's leading provider of office products and related
services to businesses.  The company is also a major distributor
of graphic equipment and supplies.  For the year ended 31
December 2004, Buhrmann reported preliminary net sales of EUR5.5
billion.

CONTACT:  BUHRMANN N.V.
          P.O. Box 23456
          1100 DZ Amsterdam
          The Netherlands
          Phone: +31 20 651 11 11
          Fax: +31 20 651 10 05
          Web site: http://www.buhrmann.com


HAGEMEYER N.V.: Full-year Net Loss Down Nearly 50% to EUR164 Mln
----------------------------------------------------------------
Highlights of 2004 results:

(a) 2004 performance fully in line with outlook as previously
    communicated;

(b) Full-year 2004 sales of EUR5.4 billion, 3.5% organic growth
    [1];

(c) EBITDA HY2 2004 of EUR49 million, like-for-like EUR32
    million better than HY2 2003 EBITDA;

(d) Net loss FY 2004 at EUR164 million, almost half 2003 net
    loss;

(e) Free cash flow (before proceeds from divestments) HY2 2004
    of EUR63 million positive; EUR76 million negative for the
    full year;

(f) PPS average net working capital as a percentage of sales
    reduced to 14.2% (2003: 16.4%);

(g) Hagemeyer may consider issuing a subordinated convertible
    bond to optimize its current financing structure.

Key data

(x Eur million)                    2004      2003      2003

                                                Like-for-like[2]

Net sales                       5,426.7    6,337.8   5,561.1

EBITDA
(before exceptional items)        41.0       40.6     (4.5)

EBITA (before exceptional items)   (1.4)      (9.3)   (51.5)

Exceptional items                 (32.2)    (126.0)  (183.2)

EBITA (after exceptional items)   (33.6)    (135.4)  (234.7)

Net result                       (164.1)    (318.0)

Net result per ordinary share (Eur)[3]
                                   (0.32)     (2.91)

Shares outstanding on December 31 (x millions)
                                  516.1      109.5


Free cash flow (before proceeds from divestments)
                                  (75.8)     (137.6)

Net interest-bearing debt        (476.4)     (926.9)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] See glossary of terms (Annex IX)

[2] Like-for-like: adjusted for the impact of the 2003
    divestments and/or transfer of Tech Pacific, Stokvis Tapes
    Group and Puma (not including effect of 2004 divestments)

[3] Based on actual number of shares outstanding at the end of
    the year
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Rudi de Becker, CEO said: "Although Hagemeyer is still showing a
significant loss for 2004, in line with expectations, we are
nevertheless pleased with the progress made in all key areas of
our business.  The year 2004 was a year of recovery and
rebuilding for Hagemeyer.  Our main priority for 2004 was to
stop further business decline and to resume growth.  Our organic
sales growth of 3.5% after several years of decline, the
considerable improvement of our operating profit and the
reduction of our net loss, the strengthening of our position in
all our regions, and the improvement of our financial all clear
indicators that the initial phase of Hagemeyer's turnaround is
on track."

A full copy of the financial report is available free of charge
at http://bankrupt.com/misc/Hagemeyer_2004.pdf

                            *   *   *

Not for release, distribution or publication into or in the
United States, Australia, Canada, or Japan

CONTACT:  HAGEMEYER N.V.
          Emilie de Wolf
          Phone: +31 (0) 35-69 57 676
          E-mail: press@hagemeyer.com
          Web site: http://www.hagemeyer.com


HAGEMEYER N.V.: To Shut down Newey & Eyre Site
----------------------------------------------
Loss-making maintenance, repair and operation giant Hagemeyer
N.V. will close down the Runcorn site of its Newey & Eyre
business in September, The Guardian says.

Hagemeyer will replace the site with a series of regional
warehouses, in line with its plan to revive its British
operations.  Hagemeyer said its British operations remain its
"biggest turnaround challenge," despite a 4% hike in sales on an
organic basis.  Its U.K. arm posted GBP48 million in losses, a
slight improvement from GBP76 million in deficit in 2003.

Hagemeyer expects its new distribution method would permit it to
better serve Newey & Eyre's 175 chains.  Rod Stoyel, chief
executive of Hagemeyer's British operations, said, "Electrical
wholesaling distribution is all about having stock in branches
and available to our customers."

The new warehouses will likely add 180 more jobs to Hagemeyer's
4,500 U.K. staff.  The group said it hopes to relocate as many
Runcorn employees as possible.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          1411 GE Naarden
          Phone: +31-35-695-76-11
          Fax: +31-35-694-43-96
          Web site: http://www.hagemeyer.com


NEW SKIES: Liquidator Distributes Final Sale Proceeds
-----------------------------------------------------
New Skies Satellites N.V., in liquidation, on Wednesday
announced that the company's liquidator has resolved to make a
final liquidation distribution to New Skies' shareholders of
US$0.41 per ordinary share, representing 5.15% of the net
proceeds of the sale and to pay in addition the net interest
earned on undistributed funds.  Notice is hereby given of the
final distribution.

Holders of ordinary shares traded at Euronext Amsterdam and
American Depository Shares (ADSs) traded on the New York Stock
Exchange are entitled to a distribution on the shares that are
registered in their name on February 21, 2005, at the close of
business.  Holders of ordinary shares traded on Euronext
Amsterdam will receive through the affiliated institutions with
Euroclear Nederland on February 24, 2005 an amount per share of
EUR0.3104, which will including interest be EUR0.3144.  Holders
of ADSs traded on the New York Stock Exchange will receive an
amount per share of US$0.41 on February 24, 2005.

Holders of registered shares that were registered as such in New
Skies' share register on February 21, 2005 are entitled to an
amount per share of US$0.41.  Distributions with respect to
registered shares will be made directly by New Skies.

De-listing

Trading in the company's ordinary shares on Euronext Amsterdam
and the ADSs on the New York Stock Exchange has been suspended
as of November 3, 2004.  The effective date of de-listing on
Euronext Amsterdam will be February 24, 2005, barring unforeseen
circumstances.  The listing at the New York Stock Exchange has
already been discontinued at its initiative immediately
following the first distribution.

New Skies shareholders, who traded their shares through Euronext
Amsterdam, can obtain details of the intended final distribution
and subsequent de-listing from their bank or stockbroker.

About New Skies Satellites N.V. in liquidation

On June 5, 2004, New Skies Satellites N.V. signed a definitive
agreement for the sale of substantially all of its assets and
liabilities to New Skies Satellites B.V., an affiliate of The
Blackstone Group, a leading private investment firm, for $956
million in cash, equivalent to approximately $7.96 per fully
diluted share.  New Skies Satellites N.V. in liquidation began
formal liquidation proceedings in the Netherlands following the
closing of the transaction on November 2, 2004.  Its former
business and operations are now being operated by the acquiring
company, New Skies Satellites B.V

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


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


BUILDER: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------
The Arbitration Court of Karachaeva-Cherkessiya republic
commenced bankruptcy proceedings against Builder after finding
the open joint stock company insolvent.  The case is docketed as
A25-483/03-8k.  Ms. V. Karnaukhova has been appointed insolvency
manager.

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

(a) Builder
    Russia, Karachaeva-Cherkessiya republic,
    Zelemchukskaya St. Rodnikovskaya Str. 58

(b) Insolvency Manager
    369009, Russia, Karachaeva-Cherkessiya republic,
    Cherkessk-9, Post User Box 37

(c) The Arbitration Court Of Karachaeva-Cherkessiya Republic
    Russia, Karachaeva-Cherkessiya republic,
    Cherkessk, Novaya Str. 4


KAMEA: Kareliya Court Names V. Podolyanchik Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Kamea after finding the close joint stock
company insolvent.  The case is docketed as A26-2515/04-18.  Ms.
V. Podolyanchik has been appointed insolvency manager.

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

(a) Kamea
    186790, Russia, Kareliya republic,
    Sortavala, Promyshlennaya Str. 2

(b) Insolvency Manager
    185030, Russia, Kareliya republic,
    Petrozavodsk, Post User Box 114


KOLOMNA-AGRO-PROM-TRANS: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Kolomna-Agro-
Prom-Trans.  The case is docketed as A41-K2-20370/04.  Mr. A.
Zorin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 119311, Russia,
Moscow, Stroiteley Str. 7, Room 1, Office 1.

CONTACT:  KOLOMNA-AGRO-PROM-TRANS
          140472, Russia, Moscow region,
          Kolomenskiy region, Lukeryino, Voropaevka

          Mr. A. Zorin
          Insolvency Manager
          119311, Russia, Moscow,
          Stroiteley Str. 7, Room 1, Office 1


MOSMETROSTROYA: Deadline for Proofs of Claim Next Week
------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Mosmetrostroya after finding the wood processing factory
insolvent.  The case is docketed as A40-63145/04-95-58B.  Mr. I.
Sarkisyan has been appointed insolvency manager.  Creditors have
until March 1, 2005 to submit their proofs of claim to 107143,
Russia, Moscow, 1st Irtyshskiy Proezd, 3.

CONTACT:  MOSMETROSTROYA
          107143, Russia, Moscow,
          1st Irtyshskiy Proezd, 3

          Mr. I. Sarkisyan
          Insolvency Manager
          107143, Russia, Moscow,
          1st Irtyshskiy Proezd, 3


OMSKIY: Creditors Have Until March to File Claims
-------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on close joint stock company Omskiy.  The
case is docketed as K/E-141/04.  Mr. K. Kiselevskiy has been
appointed temporary insolvency manager.

Creditors have until March 1, 2005 to submit their proofs of
claim to 664043, Russia, Omsk, K. Libknekhta Str. 35 (13th
floor).  A hearing will take place on May 14, 2005, 11:30 a.m.

CONTACT:  OMSKIY
          Russia, Omsk region, Omskiy

          Mr. K. Kiselevskiy
          Temporary Insolvency Manager
          664043, Russia, Omsk,
          K. Libknekhta Str. 35 (13th floor)


RAMENSKIY: Bankruptcy Hearing Resumes April
-------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Ramenskiy (TIN
5040025804).  The case is docketed as A41-K2-25140/04.  Mr. V.
Dobryshkin has been appointed temporary insolvency manager.

Creditors have until March 1, 2005 to submit their proofs of
claim to:

(a) Meat Combine Ramenskiy
    141100, Russia, Moscow region,
    Ramenskoye, Kranoarmeyskaya Str. 131

(b) Temporary Insolvency Manager
    111250, Russia, Moscow,
    Krasnokazarmennaya Str. 9

A hearing will take place on April 12, 2005, 10:00 a.m.


REPAIR-TECHNICAL ENTERPRISE: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on open joint stock company Repair-
Technical Enterprise.  The case is docketed as A17-1224/04-14-B.
Mr. I. Borzov has been appointed temporary insolvency manager.

Creditors have until March 1, 2005 to submit their proofs of
claim to Russia, Ivanovo, Bagaeva Str. 17, Office 201.  A
hearing will take place on March 11, 2005, 9:30 a.m.

CONTACT:  REPAIR-TECHNICAL ENTERPRISE
          Russia, Ivanovo region,
          Neyskiy region, Nozhma, Lesnaya Str. 2a

          Mr. I. Borzov
          Temporary Insolvency Manager
          Russia, Ivanovo,
          Bagaeva Str. 17, Office 201

          The Arbitration Court of Kostroma Region
          Russia, Ivanovo,
          Bogdana Khmelnitskogo Str. 59b, Room 309


SALSK-SEL-KHOZ-STROY: To Hold Public Auction Today
--------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Salsk-Sel-Khoz-Stroy will sell its property on Feb. 25,
2005, 10:00 a.m.  The public auction will take place at Russia,
Rostov-na-Donu, Nakhichevanovskiy Per. 64.  Up for sale is an
incomplete building for a starting price of RUB1,182,857
(inclusive of VAT).

The list of documentary requirements is available at Russia,
Rostov-na-Donu, Nakhichevanovskiy Per. 64, Office 1007.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the settlement account
40702810998480000056, correspondent account 3010181030000000889,
at BIC 046015889, TIN 61530006321.

CONTACT:  SALSK-SEL-KHOZ-STROY
          Russia, Rostov-na-Donu,
          Nakhichevanovskiy Per. 64, Office 1007
          Phone: (8632) 92-31-02


SZHBI (FERRO-REINFORCED GOODS): Insolvency Manager Moves in
-----------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Szhbi (Ferro-Reinforced Goods) (TIN
5036006534) after finding the close joint stock company
insolvent.  The case is docketed as A41-K2-9290/04.  Ms. E.
Mukhina has been appointed insolvency manager.  Creditors have
until March 29, 2005 to submit their proofs of claim to 119311,
Russia, Moscow, Stroiteley Str. 7, Building 1, Office 1.

CONTACT:  SZHBI (FERRO-REINFORCED GOODS)
          142115, Russia, Moscow region,
          Podolsk, Pravdy Str. 24

          Ms. E. Mukhina
          Insolvency Manager
          119311, Russia, Moscow,
          Stroiteley Str. 7, Building 1, Office 1
          Phone: (095) 930-10-25


TAYSHET-WOOD-EXPORT: Court Sets Next Hearing March 31
-----------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Tayshet-Wood-
Export.  The case is docketed as A197076/04-29.  Mr. V.
Polygalov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 664007, Russia,
Irkutsk, Yamskaya Str. 12.  A hearing will take place on March
31, 2005.

CONTACT:  TAYSHET-WOOD-EXPORT
          Russia, Irkutsk region,
          Tayshetskiy region, Razgon

          Mr. V. Polygalov
          Temporary Insolvency Manager
          664007, Russia, Irkutsk,
          Yamskaya Str. 12
          Phone/Fax: (3952) 206-190

          The Arbitration Court Of Irkutsk Region
          664025, Russia,
          Irkutsk, Gagarina Avenue, 70


YUBILEYNYJ: Claims Filing Period Expires March 29
-------------------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Yubileynyj (TIN 601000198) after finding the
close joint stock company insolvent.  The case is docketed as
A52/633/2004/4.  Mr. S. Kovalenko has been appointed insolvency
manager.  Creditors have until March 29, 2005 to submit their
proofs of claim to 180020, Russia, Pskov, Izhorskogo Batalyona
Str. 24.

CONTACT:   YUBILEYNYJ
           612820, Russia, Pskov region,
           Lugovaya Str. 1a

           Mr. S. Kovalenko
           Insolvency Manager
           180020, Russia, Pskov,
           Izhorskogo Batalyona Str. 24


YUKOS OIL: Asks Judge Clark to Extend Lease Decision Period
-----------------------------------------------------------
Yukos Oil Company and its debtor-affiliates' assets include a
number of executory contracts and unexpired leases, including
nonresidential real property leases and oil and gas production
licenses.

Zack A. Clement, Esq., at Fulbright & Jaworski L.L.P. in
Houston, Texas, tells the Court that the majority of the
Unexpired Leases are leases used by the Debtor to operate its
oil and gas business.  "The Unexpired Leases are integral to the
Debtor's continued operations as it seeks to reorganize."

Section 365(d)(4) of the Bankruptcy Code provides that any
unexpired nonresidential leases are deemed rejected if they are
not assumed within the first sixty days after the Petition Date.

The Debtor has not yet completed its review of all of its
Unexpired Leases.  Thus, it cannot determine exactly which
Unexpired Leases should be assumed, assigned, or rejected.

The Debtor believes that due to the necessity that the Debtor
keep its immediate and primary focus on:

    -- conducting discovery in its on-going adversary
       proceeding,

    -- attempting to protect its remaining assets from further
       expropriation,

    -- preparing for trial on the Motion to Dismiss its Chapter
       11 Bankruptcy Case, and

    -- focusing on working towards confirmation of its Plan of
       Reorganization,

it will be impossible for it to adequately assess whether to
assume or reject the Unexpired Leases within the statutory 60-
day period provided for in Section 365(d)(4) of the Bankruptcy
Code.

Under Section 365(d)(4), the United States Bankruptcy Court for
the Southern District of Texas can, for cause, extend the period
during which the Debtor must assume or reject the Unexpired
Leases.

By this motion, the Debtor asks Judge Clark to extend its lease
decision period until the effective date of any plan of
reorganization.

The Debtor intends to remain current on all of its postpetition
rent obligations.

The Court will convene a hearing on the Debtor's request at
10:00 a.m., on March 10, 2005.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed US$12,276,000,000 in total assets
and US$30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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

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

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

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


YUKOS OIL: Responds to Deutsche Bank's Dismissal Motion
-------------------------------------------------------
Seven shareholders and a secured creditor joined in Yukos Oil
Company's response to Deutsche Bank's Motion to Dismiss the
bankruptcy case, and incorporate in full Yukos' arguments:

    (1) Capital International, Inc., as investment advisor to
        Emerging Markets Growth Fund, Inc. and Capital
        International Emerging Markets Fund,

    (2) Prosperity Capital Management (U.K.) Limited,

    (3) Fran Scola, as investment advisor to Stonor Group
        Limited,

    (4) Dirndale Limited,

    (5) Grand Matanzaz Limited,

    (6) Hulley Enterprises, Ltd.,

    (7) Yukos Universal Ltd.

    (8) Moravel Investments Ltd., an affiliate of Hulley and
        Yukos Universal, and a secured creditor of Yukos Oil
        Company.

                    Pre-trial Statements Filed

(1) Deutsche Bank

According to Jeffrey E. Spiers, Esq., at Andrews Kurth, LLP in
Houston, Texas, the Court relied on the "credibility" of the
testimony of Bruce Misamore, Yukos chief financial officer, in
deciding to grant the temporary restraining order prohibiting
certain potential bidders and each of the other defendants
except the Russian Federation from participating in the auction
of Yuganskneftegas, Yukos' main oil producing unit.

Deutsche Bank AG, after the benefit of discovery, asserts that
Mr. Misamore's testimony was not credible in a number of
respects.

During discovery, Deutsche Bank learned that the only two bases
Yukos continues to claim as assets as of the Petition Date are:

    (i) a laptop, which Mr. Misamore brought on the plane with
        him from London to Houston, which may not have even been
        purchased by Yukos; and

   (ii) approximately US$480,000, which was transferred from a
        non-debtor entity, to the bank account of Yukos U.S.A.,
        a non-debtor subsidiary, less than two hours before
        Yukos filed its bankruptcy petition.

Mr. Spiers asserts that neither the laptop nor the US$480,000 is
a "property" of Yukos for purposes of Section 109(a) of the
Bankruptcy Code.

"Given that Yukos is merely a shell corporation, the only
interests possibly served by Yukos' bankruptcy filing in the
United States are that of Yukos' management, who themselves are
employees of, and paid by, an entity other than Yukos," Mr.
Spiers tells Judge Clark.  "Moreover, aside from not conducting
any actual business operations in Russia or elsewhere, Yukos
owns no real or personal property in the United States."

Evidence will show that Yukos orchestrated an elaborate scheme,
which included manipulating documents and making repeated
misrepresentations to the Court, in an attempt to create and
enhance an argument in support of eligibility as a debtor under
Section 109, Mr. Spiers continues.

Mr. Spiers points out that Yukos made material misstatements and
has omitted to inform the Court of relevant information on
numerous occasions:

    * At the TRO Hearing, Mr. Misamore testified that Yukos had
      US$2 million in cash that it owned on deposit in a bank
      account in the name of Yukos U.S.A.  Discovery showed that
      as of the Petition Date, the account contained at most
      US$480,590.32, transferred to it from a Fulbright &
      Jaworski trust account within two hours prior to the
      Chapter 11 filing.

    * Yukos continues to represent to the Court that it borrowed
      US$1.5 million, which it then deposited into the Yukos
      U.S.A. account prepetition, when in fact the loan did not
      occur until postpetition, and Yukos U.S.A., not Yukos, was
      the borrower.

    * Yukos continues to mislead the Court into believing that
      the funds on deposit at Yukos U.S.A. will be necessary to
      fund Yukos' postpetition operations when in fact Yukos has
      no postpetition operations, and the purpose of the money
      is merely to "create a better case for jurisdiction" and
      Yukos always intended that the money "will just be placed
      on deposit for the time being and not spent . . . " and
      "will be sort of an advance for safe keeping. . . ."

    * Yukos has deliberately back-dated documents and "re-
      documented" prior transactions, as late as mid-January, in
      an effort to mislead the Court as to whether or not Yukos
      has property in the United States sufficient to support
      eligibility under Section 109.

    * At the TRO Hearing, Yukos did not disclose to the Court
      that it had already filed an application with the European
      Court for Human Rights.  This in spite of the fact that at
      the time, Yukos had already received notification from the
      European Court that:

         (i) it was considering a series of issues related to
             the tax and criminal claims against Yukos,
             including seizure of the YNG Shares;

        (ii) it asked the Russian Federation and Yukos to
             provide answers to various questions with respect
             to these issues; and

       (iii) it had given priority to Yukos' case.

    * Yukos would have the Court believe that it could not file
      for bankruptcy in Russia without the consent of its
      shareholders.  This is false.  The TRO Opinion states:

         ". . . concluding that Yukos 'has made a showing that
         it needs a short additional time to hold its
         shareholder meeting scheduled for December 20, 2004,
         and may elect to file for bankruptcy under Russian law.
         . . .'"

      Furthermore, what Yukos has not since disclosed to the
      Court is that the cancellation of the meeting was at the
      request of a Yukos shareholder, who sought a court ruling
      resulting in the postponement of the meeting.

    * Yukos represented that it owns all of the common stock
      of Yukos U.S.A.  But, according to Yukos' own documents,
      Yukos International U.K. B.V., a non-debtor company, owns
      all of the shares of the common stock of Yukos U.S.A.

    * To justify its failure to file for bankruptcy in Russia,
      Yukos asserted that Russia's bankruptcy system is aimed at
      liquidation, not reorganization.  However, Russian
      insolvency law provides for reorganization.  Moreover,
      Yukos' so-called "reorganization" plan, which it filed
      with the Court on February 11, 2005, is, in essence, a
      liquidating plan.

Accordingly, Deutsche Bank asks the Court to dismiss Yukos'
bankruptcy petition for one or more of these reasons:

    (a) Yukos is ineligible to be a debtor under the Bankruptcy
        Code;

    (b) Yukos attempted to manufacture eligibility;

    (c) Yukos' bankruptcy petition was filed in bad faith;

    (d) The act of state doctrine and considerations of
        international comity require dismissal; and

    (e) The doctrine of forum non conveniens warrants dismissal.

A full-text copy of Deutsche Bank's 46-page Pre-Trial Brief is
available at no charge at:

      http://www.yukosbankruptcy.com/pdf/pleadings/main/137.pdf

(2) Yukos Oil Company

"When a company such as Yukos Oil Company is subjected to
massive, politically motivated, unlawful actions in the form of
over US$27.5 billion of illegal taxes in an 8-month period, it
harms the company in a fundamental way that affects all of the
company's creditors and shareholders," Zack A. Clement, Esq., at
Fulbright & Jaworski, in Houston, Texas, tells Judge Clark.  "A
bankruptcy case is the only kind of legal proceeding that can
deal with this set of problems."

Mr. Clement asserts that the U.S. Bankruptcy Court has
jurisdiction over Yukos' case.  Mr. Clement contends that there
is every reason for the Bankruptcy Court to:

    (a) keep the case;

    (b) order that, if the Russian Government files a proof of
        claim, that claim and related disputes will be sent to
        an arbitration, as the Russian Government has agreed;

    (c) continue issuing orders enforcing the automatic stay and
        requiring money damages of people who violate it; and

    (d) confirm Yukos' Plan, which will permit Yukos to
        reorganize and, in any event, to assign its causes of
        action to a Litigation Trust, which will pursue those
        claims for the benefit of Yukos' creditors and
        shareholders.

Mr. Clement argues that there was no improper manufacturing of
jurisdiction and nothing nefarious about Yukos' decision to file
a Chapter 11 case.  Bruce Misamore fled to the United States
with his wife before Yukos knew it could file a Chapter 11 case
in the United States.  Mr. Misamore's work from his home in
Houston, the decision to file bankruptcy, and the transfer of
Yukos' funds to the United States, were all undertaken to
protect the value of Yukos' assets for the benefit of all of its
creditors and shareholders.  Furthermore, Yukos did not file for
bankruptcy in bad faith.  Mr. Clement insists that the Russian
Government forced Yukos into bankruptcy.

Deutsche Bank's experts opine that the Russian Government will
not enforce orders either from the Bankruptcy Court or from any
arbitral panel.  Mr. Clement argues that this does not mean that
the Court should refrain from entering appropriate orders.

According to Mr. Clement, the Russian Government will honor the
orders if it wants to appear fair to the world political
community and to the western markets, which must decide whether
to continue making investments in Russia.  The orders provide
the basis to hold the Russian Government and its political and
economic cohorts financially accountable for the harm they do as
they expropriate assets.  Moreover, Yukos will enforce any
orders from the Court and any arbitral awards it obtains.

A full-text copy of Yukos' 15-page Pre-Trial Statement is
available at no charge at:

     http://www.yukosbankruptcy.com/pdf/pleadings/main/132.pdf

                     Court to Decide This Week

The hearing to consider the U.S. Court's jurisdiction over Yukos
Oil Company's bankruptcy proceeding opened on Wednesday,
February 16, 2005, before Judge Letitia Clark in the United
States Bankruptcy Court for the Southern District of Texas.

Among the witnesses who appeared before the Court was Yukos
Chief Executive Officer Steven Theede, who currently lives in
London.  Mr. Theede testified that Yukos sought bankruptcy
protection in the U.S. because he believed the company would not
be allowed to file for bankruptcy in Moscow.

Laurel Brubaker Calkins at Bloomberg News reports that Judge
Clark will consider Deutsche Bank's request to dismiss the Yukos
bankruptcy case this week.  "I do not anticipate ruling pretty
promptly," Judge Clark said.  "I do not anticipate ruling before
. . . Tuesday."

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed US$12,276,000,000 in total assets
and US$30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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

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

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

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


YUKOS OIL: U.S. Judge Throws out Chapter 11 Petition
----------------------------------------------------
The U.S. Bankruptcy Court in Houston dismissed Thursday the
bankruptcy case of Yukos Oil for lack of jurisdiction, the
Associated Press says.

Bankruptcy Judge Letitia Clark said: "While there is precedent
for maintenance of a bankruptcy case in the United States by
corporations domiciled outside the United States, none of those
precedents cover a corporation which is a central part of the
economy of the nation in which the corporation was created."

She doubted Yukos' ability to effectuate a reorganization since
most of its assets are oil and gas within Russia.  Without the
cooperation of the Russian government, its ability to reorganize
is extremely limited, she said.

Judge Clark also observed that Yukos is seeking to substitute
United States law in place of Russian law, European Convention
law and international law, and to use the judicial structure
within the United States to alter the creditor priorities that
would be applicable in the law of other jurisdictions.

Yukos filed for Chapter 11 protection in the U.S. on Dec. 14,
2004, claiming it maintains bank accounts in the country and its
chief finance officer Bruce Misamore did business from his home
in Houston.  Judge Clark found these to be inadequate to
establish U.S. jurisdiction.

Yukos had hoped to use the U.S. as its staging area to do battle
against Moscow's staunched desire to collect US$28 billion in
back taxes.  On December 16, it obtained an emergency
restraining order from Houston blocking the auction of its major
production unit, Yuganskneftegaz; but Moscow ignored this and
went ahead with the sale on Dec. 19.  Yuganskneftegaz was
eventually sold to a little-known firm OOO Baikalfinansgroup for
US$9.35 billion (RUR260.75 billion).  This company was later
purchased by state-owned oil firm Rosneft.

Thursday's court ruling also dismissed the lawsuits arising from
the auction of Yugansk, including a US$20 billion claim against
Rosneft, Gazprom and two others.  Yukos sued these companies for
participating in the sale in violation of asset protection law
under Chapter 11.

A copy of Judge Clark's opinion is available for a minimal fee
at http://www.researcharchives.com/bin/download?id=050224214357

CONTACT:  YUKOS OIL
          31a, Dubininskaya Str.
          Moscow 115054, Russia
          Phone: + 7 095 232 31 61
          Fax: + 7 095 232 31 60
          E-mail: info@yukos.ru

          International Information Department
          Phone: + 7 095 540 63 13
          Fax: + 7 095 748 18 33 (New)
          Contact:
          Hugo Erikssen, Director
          E-mail: inter@yukos.ru
          Web site: http://www.yukos.com/


YUKOS OIL: Mulls Options After Rejection of Chapter 11 Petition
---------------------------------------------------------------
Yukos Oil Company Chief Executive Officer Steven Theede comments
on the dismissal by the Houston Bankruptcy Court of its Chapter
11 case: "It is regrettable that the Deutsche Bank motion to
dismiss was granted by the Court.  We must now consider all the
options available to us and determine what our next steps will
be.

"We believe the merits of our case are strong and simple.  Our
assets were illegally seized.  We want them back and/or damages
paid.

"We have read the Judge's opinion and it supports YUKOS'
position on four of the five issues.  The Judge's opinion found
in favor of YUKOS on the issues of: Jurisdiction, Forum Non
Conveniens, Comity and Act Of State Doctrine.  Nevertheless the
court dismissed the case under Section 1112 (b) of the
Bankruptcy Code.

"There is no doubt that we acted appropriately in bringing this
to the U.S. Bankruptcy Court because it was the only forum
available to us that would ensure that the company, its
employees, its shareholders and its creditors were protected
against on-going inappropriate treatment at the hands of the
Russian authorities.

"Given our fiduciary responsibility, and the same conditions, we
would do the same thing again.  We have the utmost respect for
this Court and have found the experience of participating in a
fair, open and unbiased legal process refreshing after nine
months of being subjected to politicized and biased Russian
courts.  We will thoroughly review our options and will take the
appropriate actions in due course."

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

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

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


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


IZAR: SEPI Firm on Sale of Civilian Shipyards
---------------------------------------------
Sociedad Estatal de Participaciones Industriales (SEPI)
reiterated its plans to privatize four of Izar's 10 civilian
shipyards, Associated Press WorldStream says.

SEPI chairman Enrique Martinez Robles told legislators Wednesday
the proceeds from the sale will be used to repay over EUR1
billion in illegal state aid.  SEPI has already received several
offers to acquire the yards.  The remaining six civilian
shipyards will shift to military works, operating under the New
Izar, which will remain under state control.

In December, SEPI struck a deal with trade unions over a
restructuring plan, which entails splitting the troubled
shipbuilder's military and civilian operations.  The move is
expected to affect 4,028 of Izar's 10,862 employees.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


ESSELTE GROUP: Reports US$31.8 Million Full-year Net Loss
---------------------------------------------------------
Esselte Group Holdings AB (publ) on Wednesday announced its
results for the fourth quarter and year ended December 31, 2004.
The report is in accordance with generally accepted accounting
principles in Sweden (Swedish GAAP).

Fourth Quarter Results

For the fourth quarter of 2004, net sales increased 3.8% to
US$327.3 million, compared with US$315.4 million for the fourth
quarter of 2003.  Excluding the effect of foreign exchange
translation and acquisitions, net sales decreased by 5.8% from
the fourth quarter of 2003.  Reported net sales reflected three
fewer selling days in the fourth quarter of 2004, compared with
the fourth quarter of 2003.  In addition to fewer selling days,
we believe that the net sales decline was also impacted by the
continued impact of reductions in pricing to certain major
customers in the United States and price reductions on some
product categories sold in Europe.

For the fourth quarter of 2004, gross profit decreased 3.3% to
US$93.5 million, compared with US$96.7 million for the fourth
quarter of 2003, reflecting a gross margin of 28.6% for the
fourth quarter of 2004, compared with 30.7% for the fourth
quarter of 2003.  Excluding the effect of foreign exchange
translation, gross margin decreased 2.2% from the fourth quarter
of 2003.  For the fourth quarter of 2004, US$2.9 million of
restructuring charges are included in cost of goods sold (and
reduced gross profit), compared with US$15.5 million for the
fourth quarter of 2003.  We believe that the decline in gross
margin was primarily attributable to the continued impact of
reductions in pricing to certain major customers in the United
States, price reductions on some product categories sold in
Europe and the impact of cost increases for certain raw
materials.

For the fourth quarter of 2004, total operating expenses
decreased 11.2% to US$87.1 million, compared with US$98.1
million for the fourth quarter of 2003.  Excluding the effect of
foreign exchange translation, total operating expenses decreased
18.0% from the fourth quarter of 2003.

Total operating expenses for the fourth quarter of 2004 include
US$6.0 million of net non-recurring charges, compared with
US$3.7 million of non-recurring charges for the fourth quarter
of 2003.  Excluding the impact of these non-recurring charges
and the effect of foreign exchange translation, the decrease in
operating expenses was primarily attributable to reduced selling
and administrative expenses and lower goodwill amortization,
offset in part by increased operating expenses related to our
Creative operating division (Xyron).

For the fourth quarter of 2004, Esselte reported operating
income of US$6.4 million, compared with an operating loss of
US$1.4 million for the fourth quarter of 2003.  This improvement
reflects the impact of lower operating expenses, including lower
restructuring and non-recurring charges, in the fourth quarter
of 2004, only partially offset by the decline in gross margin
for the fourth quarter of 2004.  For the fourth quarter of 2004,
Esselte reported a net loss of US$7.3 million, compared with a
net loss of US$8.8 million for the fourth quarter of 2003.
Adjusted EBITDA for the fourth quarter of 2004 was US$28.8
million, compared with US$33.8 million for the fourth quarter of
2003.  Adjusted EBITDA is not a Swedish GAAP measure, and a
reconciliation of Adjusted EBITDA is provided immediately
following our supplemental information in this release.

Total debt (excluding accrued interest) at year-end 2004 was
US$442.1 million, consisting of EUR150.0 million (US$204.6
million) under Esselte's 75/8% senior notes due 2011, US$218.1
million under our senior credit facilities (including amounts
owed under our revolving credit facility) and US$19.4 million
under ancillary facilities and capital leases, compared with
total debt of US$408.8 million at year end 2003.  Cash and cash
equivalents at year-end 2004 were US$88.7 million (including
US$6.0 million of restricted cash), compared with US$32.5
million at year-end 2003.

Additionally, under our US$90 million revolving credit facility,
US$41.3 million was available for drawing at December 31, 2004.

Year Ended 2004 Results

For the year ended 2004, net sales increased 9.1% to
US$1,242.1 million, compared with US$1,139.0 million for the
year ended 2003.

Excluding the effect of foreign exchange translation and
acquisitions, net sales for 2004 decreased by 1.5% from 2003.
We believe that the net sales decline was primarily attributable
to weak economies and market demand in Europe, the continued
impact of reductions in pricing to certain major customers in
the United States and price reductions on some product
categories sold in Europe, only partially offset by volume gains
in the United States.

For the year ended 2004, gross profit increased 8.7% to US$385.3
million, compared with US$354.6 million for the year ended 2003,
reflecting a gross margin of 31.0% for the year ended 2004,
compared with 31.1% for the year ended 2003.  Excluding the
effect of foreign exchange translation, gross margin for 2004
decreased by 0.2% from 2003.  For 2004, US$7.2 million of
restructuring charges are included in cost of goods sold (and
reduced gross profit), compared with US$19.3 million for 2003.
We believe that the decline in gross margin was primarily
attributable to the impact of reductions in pricing to certain
major customers in the United States, price reductions on some
product categories sold in Europe and cost increases for certain
raw materials.

For the year ended 2004, total operating expenses increased
16.2% to US$369.2 million, compared with US$317.8 million for
the year ended 2003.  Excluding the effect of foreign exchange
translation, total operating expenses for 2004 increased by 8.2%
from 2003.  Total operating expenses for 2004 include US$13.1
million of net non-recurring charges (restructuring charges, net
of gains on asset sales), compared with US$9.5 million for 2003.
Excluding the impact of these non-recurring charges and the
effect of foreign exchange translation, the increase in
operating expenses was primarily attributable to approximately
US$20 million of operating expenses related to our Creative
operating division (Xyron), increases in selling expenses,
including marketing expenditures and increased research and
development expenses, offset in part by a reduction in
administrative expenses.

For the year ended 2004, Esselte reported operating income of
US$16.1 million, compared with an operating income of US$36.8
million for the year ended 2003.  Operating income was down
56.2% due to lower than planned gross margins and significant
increases in operating expenses, primarily selling expenses.
Included in the 2004 operating income is US$20.3 million, net,
of restructuring and non-recurring charges (net of US$8.2
million of asset sale gains), compared to US$28.8 million of
non-recurring charges (primarily restructuring) in 2003.

For the year ended 2004, Esselte reported a net loss of US$31.8
million, compared with net income of US$11.6 million for the
year ended 2003.  The decline in 2004 was due to the reduced
operating income and significant non-cash foreign exchange
translation losses on our foreign denominated debt (versus
significant foreign exchange translation gains recorded in
2003).  Adjusted EBITDA for 2004 was US$89.2 million, compared
with US$115.5 million for 2003.  This decline in Adjusted EBITDA
was primarily attributable to our much lower operating income in
2004.  Adjusted EBITDA is not a Swedish GAAP measure, and a
reconciliation of Adjusted EBITDA is provided immediately
following our supplemental information.

"After a difficult and disappointing year caused by a variety of
factors, we saw improvement in key areas in our last quarter.
While our operating results continued to lag comparable period
results in 2003, we decreased the level of our operating expense
spending levels and saw an improvement in operating cash flow in
our last quarter" commented Magnus Nicolin, president and CEO of
Esselte.  "With continued management of our operating expenses
and planned sales price increases going into effect in many key
markets in the first quarter of 2005, we expect to see
improvement in our operating results in 2005."

Holders of 75/8% senior notes due 2011 can receive certain
information, including annual report for the year ended December
31, 2004, from the trustee for the notes, The Bank of New York.
Pursuant to the rules of the Irish Stock Exchange, certain
information, including our annual report for the year ended
December 31, 2004, is also available through Irish Paying Agent;
AIB/BNY Fund Management (Ireland) Limited at Guild House, Guild
Street, Dublin 1 Ireland.

About Esselte

Esselte, whose registered office is in Solna, Sweden, and whose
executive office is in Stamford, Conn., U.S.A., is a leading
global office supplies manufacturer with 2004 annual sales of
approximately US$1.2 billion, subsidiaries in 29 countries
(including Hong Kong) and approximately 6,000 employees
worldwide.  The Company develops, manufactures and sells
products that simplify the modern home and workplace.  Esselte
sells more than 30,000 different office product SKUs in over 120
countries; its principal brands include DYMO, Esselte, Leitz,
Pendaflex and Xyron.  Esselte was founded in 1913 as SLT
(Sveriges Litografiska Tryckerier) after the union of 13 Swedish
graphics related companies.

Financial statements are available free of charge at
http://bankrupt.com/misc/Esselte_2004.htm.

CONTACT:  ESSELTE GROUP
          44 Commerce Road,
          Stamford, CT 06902-4561, U.S.A.
          Media Contact:
          Phone: +1 203.355.9022
          Fax: +1 203.355.9010
          Web site: http://www.esselte.com


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


CHERVONIJ MAYAK: Declared Insolvent
-----------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Chervonij Mayak (code EDRPOU 004413707) on
December 24, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 12/156-B.  Arbitral manager
Mr. I. Bilousov (License Number AA 669625) has been appointed
liquidator/insolvency manager.

CONTACT:  CHERVONIJ MAYAK
          Ukraine, Herson region,
          Berislavskij district,
          Centralna Str.

          Mr. I. Bilousov
          Liquidator/Insolvency Manager
          73000, Ukraine, Herson region,
          I. Kulik, 114-G/26

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


KRINIKIVSKE: Temporary Insolvency Manager Enters Firm
-----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Krinikivske (code EDRPOU 30901785).
The case is docketed as 10/296.  Mr. Oleg Sklyarenko (License
Number AA 116191) has been appointed temporary insolvency
manager.  The company holds account number 26004100007704 at
JSPPB Aval, Poltava regional branch, MFO 331605.

Creditors may submit their proofs of claim to:

(a) KRINIKIVSKE
    39032, Ukraine, Poltava region,
    Globinskij district, V. Krinki

(b) Mr. Oleg Sklyarenko
    Temporary Insolvency Manager
    39600, Ukraine, Poltava region,
    Kremenchuk, a/b 35 B

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


OLEVSK' FLAX: Zhitomir Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Olevsk' Flax Plant (code EDRPOU 00306058) on
December 16, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 7/162 B.  Arbitral manager
Mr. N. Voznyakevich (License Number AA 249802) has been
appointed liquidator/insolvency manager.  The company holds
account number 260073890 at JSPPB Aval, Olevsk branch, MFO
311528.

CONTACT:  OLEVSK' FLAX PLANT
          11000, Ukraine, Zhitomir region,
          Olevsk, Chapayev Str. 117

          Mr. N. Voznyakevich
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 2-A, Room 712

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


RADNA-PRODUCT: Declared Insolvent
---------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Radna-Product (code EDRPOU 30999731) on
January 11, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/285-8/136.  Mr. Y.
Onushkanich (License Number AA 484203) has been appointed
liquidator/insolvency manager.

CONTACT:  RADNA-PRODUCT
          Ukraine, Lviv region,
          Radehiv district, Pavliv

          Mr. Y. Onushkanich
          Liquidator/Insolvency Manager
          79031, Ukraine, Lviv region,
          Strijska Str. 71b/3

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


RAJAGROHIM: Court Names G. Bilodid Liquidator
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against OJSC RAJAGROHIM (code EDRPOU 05489218) on
January 10, 2005 after finding the limited liability company
insolvent.  Arbitral manager Mr. G. Bilodid (License Number AA
047839) has been appointed liquidator/insolvency manager.

CONTACT:  RAJAGROHIM
          09200, Ukraine, Kyiv region,
          Kagarlik, Pershogo Travnya Str. 8

          Mr. G. Bilodid
          Liquidator/Insolvency Manager
          03143, Ukraine, Kyiv region, a/b 6

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska Str. 58 b


SEZONNIJ ODYAG: Bankruptcy Supervision Begins
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Sewing Enterprise Sezonnij Odyag
(code EDRPOU 30302510) on January 11, 2005.  The case is
docketed as 15/708-b.  Arbitral manager Mr. N. Titarenko
(License Number AA 719846) has been appointed temporary
insolvency manager.  The company holds account number
2600300018131 at OJSC CB Hreshatik, MFO 300670.

CONTACT:  SEZONNIJ ODYAG
          03150, Ukraine, Kyiv region,
          A. Barbus Str. 58/1

          Mr. N. Titarenko
          Temporary Insolvency Manager
          01033, Ukraine, Kyiv region,
          Saksaganskij Str. 24/18

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


UROZHAJ: Insolvency Manager Takes over Helm
-------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Urozhaj (code EDRPOU 32419821) on January
13, 2005 after finding the limited liability company insolvent.
The case is docketed as 25/202.  Arbitral manager Mr. V.
Sinitsin (License Number AA 249532) has been appointed
liquidator/insolvency manager.  The company holds account number
26002055896215 at CB Privatbank, Zaporizhya regional branch, MFO
313399.

CONTACT:  UROZHAJ
          69000, Ukraine, Zaporizhya region,
          Pravdi Str. 53

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


VELKAM: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on CJSC Velkam (code EDRPOU 22049136).
The case is docketed as 4/75 B.  Mr. Volodimir Chernuha (License
Number AA 719869) has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

(a) VELKAM
    10000, Ukraine, Zhitomir region,
    Zvyagilska Str. 19

(b) Mr. Volodimir Chernuha
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Zhitomir district, Dovzhik,
    Chornobilska Str. 9

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


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


ACCURACY INTERNATIONAL: In Administrative Receivership
------------------------------------------------------
Michael Gercke and Derek Howell of PricewaterhouseCoopers were
appointed joint administrative receivers of Accuracy
International Limited and Accuracy Group Limited on 18 February
2005.

Accuracy International, formed in 1978, design and build
tactical rifles for sale predominantly to military and law
enforcement agencies throughout the world.  The company, which
in its most recent accounts for 2003, reported an annual
turnover of approximately GBP5 million, trades from bespoke
leasehold premises in Portsmouth, where it employed 28 people.

Accuracy's products are world-renowned and its weapons are in
use by more than 40 Governments worldwide.

The company's expansion into the North American market was not
as successful as had been hoped and as result the operating
profits generated by the company were insufficient to service
its debt obligations.

Sadly, 24 staff involved with assembly and administration have
had to be made redundant with immediate effect.  A skeleton
staff, including the design capability, is being retained to
work with the receivers to preserve the intellectual property of
the business and assist with the sale of the business.

Mike Gercke, joint administrative receiver and partner at
PricewaterhouseCoopers commented: "It is clear that trading
could not continue in the short term and regrettably these
redundancies have had to be made.  Accuracy is a recognized
brand in its market and we are receiving significant interest in
the business including the manufacturing and design rights for
the company's weapons and conversion system.  Accuracy has a
strong order and prospect book and we hope to be able to secure
a sale which will ensure the survival of the company's business
and products."

CONTACT:  PRICEWATERHOUSECOOPERS
          Jenny Britton, Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Michael Gercke
          Partner
          Partner: 020 7804 4504


AQUARIUS (2001): Hires Grant Thornton as Administrator
------------------------------------------------------
Nicholas Stewart Wood and Martin Gilbert Ellis (IP Nos 9064,
8687) have been appointed joint administrators for Aquarius
(2001) Limited.  The appointment was made Feb. 11, 2005.  The
company runs a bar and restaurant.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


CAONO PLC: EUR125 Million Notes Rated B3
----------------------------------------
Moody's Investors Service assigned a rating of B3 to the
proposed EUR125 million senior unsecured notes due 2015 of Caono
plc (Ardagh), a new parent company of Ardagh Glass Ltd.  Moody's
also downgraded the rating of EUR175 million of 8 7/8% senior
notes due 2013 issued by Ardagh Glass Finance B.V. to B2, and
reassigned issuer level ratings from subsidiaries to Caono
(which intends to change its name to Ardagh Glass Group
following a successful transaction).  The rating outlook for all
debt has been changed to stable.

These ratings were assigned at Caono:

(a) Senior implied rating of Ba3;

(b) Senior unsecured notes due 2015 rated B3 (initial principal
    value EUR125 million);

(c) Senior unsecured issuer rating of B3.

The rating of the senior subordinated notes due 2013 of Ardagh
Glass Finance B.V. was downgraded to B2.

The senior implied and senior unsecured issuer ratings of Ardagh
Glass Ltd. (previously Ba2 and B1, respectively) were withdrawn
and corporate level ratings reassigned to Caono.

Moody's does not rate the bank facilities of Ardagh's
subsidiaries.

Ratings of the existing notes were downgraded as a result of
higher potential cash interest expense.  The new notes have the
option of being paid in kind, but Moody's believes the
downstreaming of proceeds as a capital contribution to Ardagh
Glass will be sufficient to allow interest payments to be
upstreamed through the restricted group at Ardagh Glass to pay
debtholders of Caono.  The new ratings recognize the potential
use of cash to pay interest on the new debt, and also
incorporate the risk of long term pressure on the capital
structure in case interest is allowed to accrue.  The new notes
mature more than one year after the existing notes, creating
possible re-financing risk in the long term.

Debt protection measures remain weak for the rating categories,
and are reduced further on an aggregate basis by the addition of
new notes at a holding company level.  Based on LTM September
2004 numbers, the new issuance has reduced pro-forma EBITDA to
interest to about 2.4 times from 3.5 times, and pro-forma EBITDA
less capex to interest to 1.1 times from 1.6 times.  Total debt
to EBITDA is unchanged at the Ardagh Glass level at about 3.4
times, but jumps to 4.9 times for the consolidated entity.

Ratings are supported by the expectation that the use of
proceeds for acquisitions will likely benefit existing and new
debt holders.  Ardagh's management has successfully integrated
previously acquired facilities in the past, and Moody's expects
that much of the cash raised will be redeployed to achieve
Ardagh's strategic growth objectives.  Ratings are also
supported by a tight restricted payment test at Caono which will
limit the group's ability to use cash for dividends or other
payments to shareholders, and by the increased financial
flexibility which the PIK option of the new notes provide the
company to deal with financial and operating volatility.

The rating outlook has been changed to stable.  The company
still faces the risks identified when the prior negative outlook
was assigned in

September 2004, but Moody's believes that these risks are
captured in the new ratings, and are somewhat mitigated by the
potential for new capital to be deployed productively.  Ardagh's
primary risks include the expected deployment of a new U.K.
plant by a competitor in 2005, which could sharply increase
competitive pressures over the next 18 months.  Energy costs,
particularly the high cost of natural gas, also remain a near
term concern.  A loss of top line revenue, which would also
likely compress margins and cash flow generation, could
precipitate a downgrade.  Sustained cost increases for energy,
environmental, or other production costs could also negatively
impact ratings.  Productive investment of notes proceeds in ways
that strengthen Ardagh's market position, stabilize margins and
improve return measures, could cause the ratings or the outlook
to rise.

About two-thirds of proceeds from the issuance will be
contributed to Ardagh Glass and remain available to finance
future acquisition and operating activities.  About EUR31
million of proceeds, together with a EUR20 million capital
infusion, will be used in part to purchase the shares of
external owners of Ardagh Glass, which is expected to
consolidate ownership.  Following a successful repurchase,
Ardagh Glass will be wholly owned by the shareholders of Ardagh
in the following proportions: 45% Yeoman, 25% Paul Coulson, 15%
management, 15% other shareholders.  Proceeds will be deposited
into an escrow account and used to repurchase the notes if the
share tender is not successful.

The 2015 notes represent senior unsecured obligations of Ardagh,
but are structurally subordinated to significant amounts of debt
and other liabilities at direct and indirect subsidiaries.

The 8 7/8% senior notes due 2013 of Ardagh Glass Finance are
guaranteed on a senior subordinated basis by a number of Ardagh
Glass' direct and indirect subsidiaries, and on a senior basis
by Ardagh Glass, which has no operations or assets except
subsidiary stock.  In August 2004, a number of business units
acquired since the 2013 notes were issued were designated
Restricted Subsidiaries.  However, these subsidiaries were not
named guarantors.  Their income and assets will therefore be
included in covenant calculations, and their ability to incur
debt will be restricted, but they will not formally support the
notes.

Ardagh Glass, registered in Guernsey, is the leading supplier of
glass containers by volume in the U.K. through its subsidiary,
Rockware.  It also operates glass container manufacturing
facilities in Germany, Poland and Italy, and through its Heye
International subsidiary is a leading provider of technology and
machinery to other glass manufacturers.  Revenues were EUR443
million for the twelve months ended September 2004.

CONTACT:  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


CLEVELEY CARS: Calls in Administrators from Grant Thornton
----------------------------------------------------------
Nigel Morrison and Richard Hawes (IP Nos 8938, 8954) have been
appointed administrators for Cleveley Cars Ltd.  The appointment
was made Feb. 15, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk


CLIFF BREWERY: Liquidator from Ensors Moves in
----------------------------------------------
At the extraordinary general meeting of Cliff Brewery Limited0
on Feb. 9, 2005 held at The Brewery Tap, Cliff Road, Ipswich,
Suffolk IP3 0AZ, the special resolution to wind up the company
was passed.  Steven M. Law of Ensors, Cardinal House, 46 St
Nicholas Street, Ipswich, Suffolk IP1 1TT has been appointed
liquidator of the company.

CONTACT:  ENSORS
          Cardinal House
          46 St Nicholas Street
          Ipswich, Suffolk IP1 1TT
          Phone: 01473 220022
          Fax: 01473 220033
          Web site: http://www.ensors.co.uk


COMPLETE FIRE: Appoints Thompson Partnership Administrator
----------------------------------------------------------
Andrew W. Thompson and Daniel P. Hennessy (IP Nos 5807, 1388)
have been appointed joint administrators for The Complete Fire
Door Company Limited.  The appointment was made Feb. 14, 2005.
The company produces fire doors.

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


CONNEX LEASING: Hires Numerica as Liquidator
--------------------------------------------
At the meeting of Connex Leasing Limited, the special, ordinary
and extraordinary resolutions to wind up the company were
passed.  Jonathan Mark Birch and Nicholas Hugh O'Reilly of
Numerica, 66 Wigmore Street, London W1A 3RT have been appointed
joint liquidators of the company.

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


CRANE FOUNDRY: Appoints Butcher Woods Limited Administrator
-----------------------------------------------------------
Roderick Graham Butcher (IP No 8834) has been appointed
administrators for Crane Foundry Limited.  The appointment was
made Feb. 7, 2005.

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


DEVRO HOLDINGS: Winding-up Report Out Mid-March
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Devro Holdings Limited

Notice is hereby given pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Members of Devro Holdings
Limited will be held at the offices of PricewaterhouseCoopers
LLP, 32 Albyn Place, Aberdeen AB10 1YL, on March 15, 2005, 10:30
a.m. for the purpose of having an account laid before the
Members showing how the winding-up has been conducted and the
property of the Company disposed of, and hearing any explanation
that may be given by the Liquidator.

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

Graham Martin, Joint Liquidator
February 9, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          32 Albyn Place
          Aberdeen AB10 1YL
          Phone: [44] (1224) 210100
          Fax: [44] (1224) 253318
          Web site: http://www.pwcglobal.com


D-FINE LEISURE: In Administrative Receivership
----------------------------------------------
Scottish Courage Limited called in Timothy John Edward Dolder
(Office Holder No 9008) and Steven Williams (Office Holder No
8887) joint administrative receivers for D-Fine Leisure Limited
(Reg No 03968131, Trade Classification: 5530 and 5540).  The
application was filed Feb. 15, 2005.  The company manages bar,
restaurant and hotel.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


EGG PLC: Posts GBP107 Mln Pre-tax Loss After French Biz Failure
---------------------------------------------------------------
Egg plc CEO Paul Gratton commented on the preliminary results:
"In the core U.K. business Egg made an operating profit of GBP74
million for the twelve months to 31 December 2004 compared to
the GBP73 million profit for the same period last year.

"Increased competition in the credit card and personal loan
markets, rising interest rates and the uncertainty created by
the potential sale of Prudential's stake in Egg adversely
impacted performance in the first half of 2004 but we are
encouraged by a good recovery in the second half.  In Q4 2004 we
delivered an operating profit of GBP20 million and saw unsecured
lending balances grow strongly again with our new MasterCard
proposition, helping us to increase our share of the credit card
market to 6%.

"As we said in October, Egg people are now firmly focused on the
future development of our core U.K. business and 2004 has seen
us take action consistent with that focus.  Following our
decision to withdraw from the French market we can report that
the exit process is ahead of schedule and we expect total costs
will be in line with our provision of GBP113 million.

"In addition we sold our investments business to Fidelity at a
small loss, which will release approximately GBP20 million of
capital back to our core banking business in 2005 and lastly, in
conjunction with Prudential, we have put Funds Direct, our
investment wrap platform business, up for sale and booked a
GBP17 million impairment charge in the year end accounts against
the full carrying value of the underlying assets.  The Group
result for the full year reflecting these actions is a loss
before tax of GBP107 million.

"We are looking forward to 2005 and beyond with confidence.  We
will continue to secure the value inherent in our existing
unsecured lending business.  In addition, given the strong brand
consideration that exists among both our customers and the wider
UK population, we are in the process of broadening our product
range and are delighted with our initial success in sales of
general insurance policies."

Highlights:

Analysis of Group Profit and Loss Account:

                        2004                    2003
                        GBPm                    GBPm

Egg U.K.                 73.6                    72.8

Egg France [i]         (147.8)                  (89.1)

Other International       -                      (4.2)

Subsidiaries/Associates
/JV's [ii]              (21.0)                   (3.6)

Transaction Costs        (6.4)                       -

Restructuring Costs      (5.1)                  (10.3)

Group Loss before Tax   (106.7)                  (34.4)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[i] Includes both the operating loss before tax of GBP35.0
million for the period from 1 January 2004 to 13 July 2004, the
date on which Egg announced its intention to withdraw from the
French market and the total provision raised for the estimated
costs of exiting the French market of GBP112.8 million.

[ii] Includes Funds Direct exceptional impairment charge of
GBP17 million
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Group

(a) Group operating income up 19% to GBP505 million (2003:
    GBP424 million),

(b) Group loss before tax of GBP107 million (2003: GBP34 million
    loss),

(c) Group loss per share was 11.1p (2003: 4.0p),

(d) Total group assets of GBP12.0 billion (2003: GBP11.7
    billion)

U.K.

(a) Egg U.K. delivered a Q4 operating profit of GBP20 million
    (Q4 2003: GBP16 million) leading to full year operating
    profit of GBP74 million (2003: GBP73 million),

(b) Return on equity was 13.0% (2003: 11.4%),

(c) Net interest margin was 2.5% (2003: 2.5%),

(d) Cost/Income ratio was 48% (2003: 53%),

(e) Unsecured lending balances grew by GBP1.4 billion (2003:
    GBP1.5 billion) leading to period end balances of GBP6.2
    billion (2003: GBP4.8 billion),

(f) Personal loan draw-downs were GBP2.2 billion, up 30% on 2003
    (GBP1.7 billion),

(g) MasterCard launched in June 2004 with year end balances of
    almost GBP140 million,

(h) Credit quality remains good and benchmarks continue to show
    Egg's card portfolio significantly outperforming industry
    Norms

France

(a) Unsecured lending, savings and brokerage businesses have all
    been sold,

(b) Exit expected to be completed within the GBP113 million
    (EUR170 million) provision,

Chief Executive Paul Gratton said: "Our core U.K. business has
delivered a good set of results with a particularly encouraging
performance in the second half of 2004.  We made an operating
profit of GBP74 million for the twelve months to 31 December
2004 compared to the GBP73 million profit for the same period
last year.  This represents a solid result considering the
increased competition and rising interest rates that have
impacted the credit card and personal loan markets and the
uncertainty created by the potential sale of Prudential's stake
in Egg.

"We have seen strong net growth in unsecured lending of GBP1.4
billion in the twelve months taking total balances to GBP6.2
billion up 30% on last year end.  The successful cross selling
of personal loans into our credit card customer base has been
complemented by the MasterCard proposition launched in June,
which is proving popular and has now achieved almost GBP140
million in balances.

"Revenues in the U.K. in 2004 of GBP497 million grew by almost
20% compared to the previous year, with non-interest income
providing the majority of the increase.  Margins were under
pressure throughout the year from both increased competition,
especially in the first half, and rising base rates.  Against
this background we were pleased that net interest income grew by
almost 10% year on year.

"Other income grew impressively, up 34% to GBP209 million, with
a particularly strong showing in the final quarter.  Record loan
disbursements and good card balance growth, with associated
revenue from cross sales of insurances, were the main factors in
this result.  We are keeping tight control on costs and credit
quality remains good with increased provision levels reflecting
the continuing growth in the unsecured lending portfolio, the
stage in the life cycle of the card and loan books and the
increasing proportion of personal loans in the book.

"The Group result for the full year is a loss before tax of
GBP107 million, which includes GBP148 million incurred in
respect of Egg France.  Following our decision to withdraw from
that market we have sold the unsecured lending, savings and
brokerage portfolios and we have now closed the current account
business in 2005.  Our expectations with regard to the total
exit costs remain unchanged.

"In addition, consistent with our stated intention to focus on
our successful U.K. business we have sold our investments
business to Fidelity at a small loss, which will release
approximately GBP20 million of capital back to our core banking
business in 2005 and we have, in conjunction with Prudential,
put Funds Direct, our investment wrap platform business, up for
sale and booked a GBP17 million impairment charge in Q4 2004
against the full carrying value of the underlying assets."

Outlook

"Looking forward we have a highly attractive unsecured lending
portfolio with the opportunity to grow it further and deliver
healthy returns.  In addition we will be building on our strong
relationship with our customers and the encouraging levels of
their consideration to buy other products from Egg as evidenced
by the strong growth in general insurance cross sales in the
fourth quarter.  To this end we will look to offer a broader
range of products and services in 2005 and beyond."

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/eggplc.htm.

CONTACT:  EGG PLC
          Media:
          Phone (main number):  020 7526 2600

          Mark Maguire
          Phone: 020 7526 2651
          Mobile: 07771 808 624

          Analysts/Investors:
          Kieran Coleman
          Phone: 020 7526 2648
          Mobile: 07711 717 358


EURO-SEAS LIMITED: Names PricewaterhouseCoopers Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Euro-Seas Limited on
Feb. 11, 2005 the special and ordinary resolutions to wind up
the company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed joint liquidators of the
company.

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


FENCLOCKS (SUFFOLK): Sets Creditors Meeting Next Week
-----------------------------------------------------
The creditors of Fenclocks (Suffolk) Limited will meet on March
3, 2005 at 11:00 a.m.  It will be held at Tenon Recovery,
Sherlock House, 73 Baker Street, London W1U 6RD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, March 2, 2005.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


G H MAUGHAN: Calls in Administrators from Grant Thornton
--------------------------------------------------------
Leslie Ross and Keith Hinds (IP Nos 7244, 6745) have been
appointed administrators for G H Maughan (Plastics) Limited.
The appointment was made Feb. 14, 2005.  The company
manufactures plastic products.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


GOSHAWK INSURANCE: Sells Subsidiary to Pay Debt
-----------------------------------------------
GoshawK Insurance Holdings plc has signed an agreement to sell
80% of GoshawK Dedicated (No.2) Limited (GD2) to a consortium.
A contingent sale of the remaining 20% of GD2 to certain members
of the consortium is in line depending on further negotiations
to be concluded by the end of February 2005.

The Board believes, based on current legislation, that Goshawk's
net share of the proceeds will be approximately GBP5 million
(with the potential for further increases) resulting in an
increase in the Group's NAVPS.  The Group's NAVPS will increase
when funds are placed in escrow, commencing in mid-2005, however
proceeds will not be released from escrow until at least 2008.

Once the net proceeds are received out of escrow, the Board
intends to use them to reduce group indebtedness.  Additional
details will be provided in Goshawk's results announcement, for
release on 8 March 2005.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Paul Spencer, Chairman
          Phone: 020 7661 9374
          Russell Brooke, Chief Executive
          Phone: +1 441 295 5485
          Jonathan Beck, Finance Director
          Phone: +1 441 295 5485

          COLLEGE HILL ASSOCIATES
          Tony Friend
          Phone: 020 7457 2020


H L FRIEL: Creditors Meeting Next Week
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF H L Friel & Son Limited

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of H L Friel & Son Limited
will be held on March 3, 2005 at 12:00 noon within the offices
of PKF, Accountants and business advisors, 78 Carlton Place,
Glasgow G5 9TH, for the purposes mentioned in sections 99 to 101
of the said Act.

A list of the Company's Creditors will be available for
inspection within the offices of PKF, Accountants and business
advisors, 78 Carlton Place, Glasgow G5 9TH, two business days
prior to the meeting.

By Order of the Board
Henry L. Friel, Director

February 9, 2005

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


J&N INTERNATIONAL: Names Milner Boardman Administrator
------------------------------------------------------
Colin Burke and Gary J Corbett (IP Nos 8803, 9018) have been
appointed administrators for J&N International Limited.  The
appointment was made Feb. 15, 2005.  The company lets transport
general hauliers.  Its registered office is located at 48
Gordale Close, Northwich CW8 4XV.

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


KALEIDOSCOPE COLOURATION: Hires Begbies Traynor as Administrator
----------------------------------------------------------------
Andrew David Dick and David Robert Acland (IP Nos 8688, 8894)
have been appointed administrators for Kaleidoscope Colouration
Limited.  The appointment was made Feb. 14, 2005.  Its
registered office is located at Thompson House, 3-6 Richmond
Terrace, Blackburn BB1 7AU.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


KAVANAGH & MANNION: Joint Administrators from PKF Move in
---------------------------------------------------------
Kerry Bailey and Jonathan D. Newell (IP Nos 8780, 6419) have
been appointed joint administrators for Kavanagh & Mannion
(Manchester) Limited.  The appointment was made Feb. 9, 2005.
The company recycles waste and scrap.  Its registered office is
located at Sovereign House, Queen Street, Manchester M2 5HR.

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


MSA REALISATIONS: Meeting of Creditors Set Next Week
----------------------------------------------------
The creditors of MSA Realisations Limited (formerly Mr. Smith
Agency Limited) will meet on Feb. 28, 2005 at 11:00 a.m.  It
will be held at Enterprise House, 21 Buckle Street, London E1
8NN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Carter Backer Winter, Enterprise House, 21 Buckle
Street, London E1 8NN not later than 12:00 noon, Feb. 25, 2005.

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


NYED PLUS: Creditors Convene Today
----------------------------------
The creditors of NYED Plus Limited will meet on Feb. 25, 2005 at
10:00 a.m.  It will be held at 11 Clifton Moor Business Village,
James Nicolson Link, York YO30 4XG.  Creditors who want to be
represented at the meeting may appoint proxies.

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


PERSIMMON TECHNOLOGIES: Names Numerica Administrator
----------------------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn (IP Nos 8309,
9159) have been appointed joint administrators for Persimmon
Technologies Limited.  The appointment was made Feb. 16, 2005.
The company designs and manufactures wire looming.

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


PHOENIX SOFTWARE: Hires Administrators from KPMG
------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham (Office Holder Nos
8846, 8719) have been appointed joint administrators for Phoenix
Software Solutions Limited.  The appointment was made Feb. 15,
2005.  The company is a software developer.

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


PROFESSIONAL SPIRIT: Calls in Administrator from Bridgers
---------------------------------------------------------
John Arthur Kirkpatrick and Peter John Bridger (IP Nos 2230,
7827) have been appointed administrators for Professional Spirit
Limited.  The appointment was made Feb. 14, 2005.  The company
develops computer software.  Its registered office is located at
47 London Street, Reading, Berkshire RG1 4PS.

CONTACT:  BRIDGERS
          47 London Street,
          Reading, Berkshire RG1 4PS


ROGUE CATERING: Hires Begbies Traynor to Liquidate Business
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Rogue Catering Limited
                        (In Liquidation)

I, Kenneth W. Pattullo, of Begbies Traynor, 4 Albyn Place,
Edinburgh EH2 4NG, hereby give notice, pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986, that on January 21, 2005,
I was appointed Liquidator of Rogue Catering Limited by a
Resolution of the First Meeting of Creditors held in terms of
section 138(3) of the Insolvency Act 1986.

Kenneth W. Pattullo, Liquidator
January 21, 2005

CONTACT:  BEGBIES TRAYNOR
          4 Albyn Place
          Edinburgh EH2 4NG
          Phone: 0131 225 7851
          Fax: 0131 225 4025
          E-mail: edinburgh@begbies-traynor.com
          Web site: http://www.begbies.com


SEARCHWIDE LIMITED: Administrator from Moore Stephens Moves in
--------------------------------------------------------------
Simon G. Paterson (IP No 6856) has been appointed administrator
for Searchwide Limited.  The appointment was made Feb. 17, 2005.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


SLW ARCHITECTURAL: Fortis Bank Appoints Ernst & Young Receiver
--------------------------------------------------------------
Name of companies:
SLW Architectural Aluminium Limited
SLW (UK) Limited

Fortis Bank called in Garry Wilson and Charles King (Office
Holder Nos 9062, 8985) joint administrative receivers for these
companies.  The application was filed Feb. 16, 2005.  The
company manufactures aluminium and curtain walling.

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


SMARTPANORAMA (UK): Hires KPMG as Administrator
-----------------------------------------------
Mark Jeremy Orton and Allan Watson Graham (IP Nos 8846, 8719)
have been appointed joint administrators for Smartpanorama (UK)
Limited.  The appointment was made Feb. 15, 2005.  The company
develops software.

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


SPD LIMITED: Meeting of Creditors Next Week
-------------------------------------------
The creditors of SPD Limited will meet on March 2, 2005 at 10:00
a.m.  It will be held at the offices of BDO Stoy Hayward LLP,
Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading, Berkshire RG1 3EX not later than 12:00 noon,
March 1, 2005.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


STERLING EXECUTIVE: Creditors to Hire Liquidator Mid-March
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Sterling Executive Limited
                       (In Liquidation)

I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that
I was appointed Interim Liquidator of Sterling Executive
Limited, on February 1, 2005, by interlocutor of the Sheriff at
Glasgow. Notice is also given pursuant to section 138 of the
Insolvency Act 1986 and Rule 4.12 of The Insolvency (Scotland)
Rules 1986, as amended by The Insolvency (Scotland) Amendment
Rules 1987, that the first Meeting of Creditors of the above
Company will be held within Kintyre House, 209 West George
Street, Glasgow G2 2LW, on March 14, 2005, 11:00 a.m. for the
purpose of choosing a Liquidator and determining whether to
establish a Liquidation Committee.

A Resolution at the Meeting is passed if a majority of those
voting have voted in favor of it.  A Creditor will be entitled
to vote at the Meeting only if a claim has been lodged with me
at the Meeting or before the Meeting at my office and it has
been accepted for voting purposes in whole or in part.  For the
purpose of formulating claims, Creditors should note that the
date of commencement of the Liquidation is January 14, 2005.
Proxies may also be lodged with me at the Meeting or before the
Meeting at my office.

Graham H. Martin, Interim Liquidator
February 4, 2005

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


STRATHCLYDE PROPERTY: Calls First Creditors Meeting
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Strathclyde Property Services Ltd.
                     (In Compulsory Liquidation)

I, Reobert M. Dallas, of Campbell Dallas, Sherwood House, 7
Glasgow Road, Paisley PA1 3QS, hereby give notice that I was
appointed Interim Liquidator of Strathclyde Property Services
Ltd. on January 25, 2005, by Interlocutor of the Sheriff at
Glasgow.

Notice is hereby given pursuant to section 138 of the Insolvency
Act 1986, that the First Meeting of Creditors of the above
Company will be held within Sherwood House, 7 Glasgow Road,
Paisley PA1 3QS, on March 7, 2005, 10:00 a.m. for the purpose of
choosing a Liquidator and determining whether to establish a
Liquidation Committee.  A Resolution at the Meeting will be
passed if a majority of those voting have voted in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, creditors should note that the date of commencement of
the liquidation is November 2, 2004.  Proxies may also be lodged
with me at or before the meeting at my office.

Robert M. Dallas, Interim Liquidator
February 1, 2005

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


TPT FIRE: Hires Joint Administrators from Tenon Recovery
--------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson (IP Nos 8891, 8860) have
been appointed joint administrators for TPT Fire Protection
Services Ltd.  The appointment was made Feb. 1, 2005.  Its
registered office is located at Highfield Court, Tollgate,
Chandlers Ford, Eastleigh, Hampshire SO53 3TZ.

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


TRENRATE LIMITED: Calls in Administrators from Leonard Curtis
-------------------------------------------------------------
K. D. Goodman and N. A. Bennett (IP Nos 2407, 9083) have been
appointed administrators for Trenrate Limited.  The appointment
was made Feb. 16, 2005.  The company manufactures kitchen
furniture.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


WESTWOOD DECORATORS: Administrators from Begbies Traynor Move in
----------------------------------------------------------------
Rob Sadler and Michael Edward George Saville (IP Nos 9172, 7250)
have been appointed administrators for Westwood Decorators
Limited.  The appointment was made Feb. 15, 2005.  Its
registered office is located at 54 Devon Road, Leeds LS2 9BA.

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


                            *********


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

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

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

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