TCREUR_Public/050228.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

            Monday, February 28, 2005, Vol. 6, No. 41

                            Headlines

C Y P R U S

ATHINA CYPRUS: Full-year Net Loss Balloons


D E N M A R K

LEGO COMPANY: Wins Toy, Vendor of the Year Awards


F I N L A N D

DONE SOLUTIONS: Skips Dividend Payment as Results Stay in Red
METSO CORPORATION: Ratings Outlook Improves to Stable


F R A N C E

ALCATEL: Ratings Under Review for Possible Upgrade
GEMPLUS: Under Investigation for Accounting Fraud
PERONNE INDUSTRIE: Succumbs to Liquidation


G E R M A N Y

AKZ AUTO: Court Accepts Bankruptcy Application
BISPINGEN-TOURISTIK: Under Bankruptcy Administration
B.K.-GEBAUDEMANAGEMENT: Claims Filing Period Expires Next Week
BKS BEWACHUNGS: Applies for Bankruptcy Proceedings
DENSUS GMBH: Cedes Control to Court-appointed Administrator

DEUTSCHES ROTES: Administrator Takes over Operations
E.T.C. TELEKOMMUNIKATIONS: Declares Bankruptcy
GESELL GMBH: Karlsruhe Court Appoints Provisional Administrator
PFLEIDERER AG: Exceeds 2004 Targets; Sales Jump to EUR900 Mln


I T A L Y

PARMALAT U.S.A.: Societe Generale, ING Challenge Chapter 11 Plan


K Y R G Y Z S T A N

KURULUSH-BANK: Sets Public Auction Friday
MASHINOSTROITELNYI ZAVOD: Bids Deadline Nears
NORTH ZONE: Creditors to Meet this Week
PATP-2: General Creditors Meeting Friday


N E T H E R L A N D S

ASM INTERNATIONAL: 2004 Net Earnings in Black; Sales up 29%
BUHRMANN N.V.: Institutional Investors Gorge US$150 Mln Notes
HAGEMEYER N.V.: Convertible Bonds Due 2012 go on Sale
KONINKLIJKE AHOLD: Completes Sale of Polish Hypermarkets


R U S S I A

BELGORODSKIY FACTORY: Falls under Court Supervision
BOLSHAYA DMITRIEVSKAYA: Sets Public Auction Friday
INTER-REGIONAL BASE: To Hold Public Auction Tomorrow
KASP-FISH: Selling Fishing Fleet for RUB97 Million
MELEUZOVSKOYE REPAIR-TECHNICAL: Declared Insolvent

MURMANSKAYA: Gives Creditors Until March to File Claims
QUARTZ GLASS: Gives Buyers Until Thursday to Submit Bids
SIBACADEMBANK: Gets B1 Rating, Stable Outlook from Moody's
SPECIALIZED MECHANIZATION: Assets up for Auction this Week
VENGEROVSKOYE BREAD: Novosibirsk Court Appoints Interim Manager

VLADIMIRSKIY FURNITURE: Repeat Public Auction Set Saturday
YUKOS OIL: Files Motion for Reconsideration, New Trial
YUKOS OIL: Fortifying Structure Against Further Tax Assaults


S W I T Z E R L A N D

CONVERIUM HOLDING: Terry Clarke Replaces Sacked CEO


U K R A I N E

BOGDANIVSKE: Urges Creditors to File Claims as soon as Possible
GAS SUPPLYING: Declared Insolvent
RAVENTU-AGRO: Under Bankruptcy Supervision
RESPEKT: Kyiv Court Opens Bankruptcy Proceedings
RIVNEOBLBUD: Bankruptcy Proceedings Begin
TORGMET: Court Freezes Debt Payments


U N I T E D   K I N G D O M

26 CHRISTCHURCH: Hires Liquidator from Tomlinsons
A H PARKER: Names Mercer & Hole Administrator
AZARA SHIPPING: Members Final Meeting Set March 23
BARBER LETTING: Calls in Administrator from Kingston Smith
BIRCH CORPORATE: Hires Tenon Recovery as Administrator

BRIGHTSTERN LTD.: Members General Meeting Next Month
CONSAFE HOLDINGS: Deloitte & Touche Joint Receivers Enter Firm
CORUS GROUP: Obtains New EUR800 Million Bank Facility
D. C. SCOTLAND: Liquidator Sets Claims Deadline
DESIGNLINE FURNITURE: Names Menzies Administrator

EBOOKERS PLC: High Court Okays Sale to Cendant
EVERGER ASSOCIATES: Liquidator to Give Update Next Month
EXY GROUP: Appoints Administrators from RSM Robson Rhodes
GLENLINK CONSTRUCTION: Creditors Meeting Next Week
GUESTOAK LIMITED: Members General Meeting March 31

ISLINGTON TRANSFORMER: Liquidator from Tomlinsons Moves in
IT IMAGE: Falls into Administration
KNOWLE BRACKNELL: Calls in Liquidator from Tomlinsons
MACFARLANES 105: Hires Kroll Limited as Administrator
MURCAR PROPERTIES: Hires Tomlinsons to Liquidate Business

NIRVANA PRINT: Administrator from Bond Partners Moves in
PARKSIDE FLEXIBLES: Joint Administrators from PwC Step in
PEPPERPOT DIRECT: Names Fisher Partners Administrator
PROTECH ELECTRONIC: Sets Creditors Meeting Wednesday
PRTC LIMITED: Schedules First Creditors Meeting Mid-March

QRB SERVICES: Liquidator Takes over Operations
RED ROSE: Hires Begbies Traynor as Administrator
RENTOKIL INITIAL: Ratings Unaffected by Proposed Reorganization
SANDY LANE: Names Tomlinsons Liquidator
SANYO GALLENKAMP: Liquidator from BDO Stoy Hayward Enters Firm

SHOTVENT LIMITED: Real Estate Developer Files for Administration
SJD CONSULTANTS: Members Decide to Wind up Firm
TAYLOR WOODROW: Hires Liquidator from Crane & Partners
U.K. COAL: New Work Schedule Keeps Welbeck Colliery Open


                            *********


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


ATHINA CYPRUS: Full-year Net Loss Balloons
------------------------------------------
At the meeting held on February 23, 2005, the Board of Directors
of Athina Cyprus Public Company Ltd. examined and approved the
indicative results and the explanatory report for the year ended
December 31, 2004, pursuant to CSE Regulations.

The Board of Directors decided not to propose the payment of a
dividend at the Annual General Meeting.  The date for the Annual
General Meeting will be set by the Board of Directors and will
be announced to the CSE pursuant to the relevant regulations.

We also wish to inform you that the Board of Directors decided
to proceed to these changes in the Remuneration and Appointment
Committees:

(a) Remuneration Committee.  The Company appointed Mr.
    Christodoulos Miliotis replacing Dr. Akis Zambartas, who
    resigned from the Board of Directors;

(b) Appointment Committee.  The Company appointed Mr. Yiannis
    Telonis replacing Dr. Akis Zambartas, who resigned from the
    Board of Directors.

Indicative Results for the Year Ended December 31, 2004

                        Dec 31, 2004            Dec 31, 2003
                            CYP                     CYP

Loss after taxation         (822,836)               (565.543)

Loss per share (cent)          (0.84)                 (0.57)

                Consolidated Profit and Loss Account
                for the Year Ended December 31, 2004

                        Dec 31, 2004            Dec 31, 2003
                            CYP                     CYP

Income:
   Dividends                 111,075                 105,700
   Interests                 324,314                 414,555
   Other income                4,804                  10,889
- - - - - - - -             ---------               ---------
                             440,193                 531,144
- - - - - - - -             ---------               ---------
Loss from sale of
   investments              (339,787)               (341,749)

(Deficit)/Surplus from
   revaluation of
   investments                (4,635)                 26,288

Sale of profit of
   subsidiary                     -                  216,770

Exchange rate difference
   from conversion of
   foreign investments      (157,189)               (173,510)
- - - - - - - -             ---------               ---------
                            (501,611)               (272,201)
- - - - - - - -             ---------               ---------
Operating expenses          (571,266)               (561,263)
- - - - - - - -             ---------               ---------
Loss from operations
   before the diminution
   of investments available
   for sale and before
   taxation                 (632,684)               (302,320)
- - - - - - - -             ---------               ---------
Diminution of investments   (150,000)               (116,667)
- - - - - - - -             ---------               ---------
Loss for the year before
   taxation                 (782,684)               (418,987)

Taxation                     (75,120)               (164,551)
- - - - - - - -             ---------               ---------
Loss for the year after
   taxation                 (857,804)               (583,538)

Minority interest             34,968                  17,995
- - - - - - - -             ---------               ---------
Loss attributable to
   shareholders             (822,836)               (565,543)
- - - - - - - -             ---------               ---------
Loss per share (cent)          (0.84)                  (0.57)
- - - - - - - -             ---------               ---------
Fully diluted loss
   per share (cent)            (0.84)                  (0.57)

CONTACT:  ATHINA CYPRUS PUBLIC COMPANY LTD.
          Hellenic Bank (Investments) Ltd.
          Menandrou 1
          2nd-3rd Floor
          P.O. Box 24747
          1394 Nicosia, Nicosia
          Phone: 22553655
          Fax: 22660551
          E-mail: athena@athenacy.com
          Web site: http://www.athenacy.com


=============
D E N M A R K
=============


LEGO COMPANY: Wins Toy, Vendor of the Year Awards
-------------------------------------------------
As manufacturers unveiled new product lines at last week's
annual Toy Fair, LEGO Group bucked the technology trend to
celebrate its timeless, classic toys and play pattern in an
ever-increasingly electronic toy marketplace.  It walked away
with two industry honors -- Best Boy Toy of the Year and Vendor
of the Year.

The Toy Industry Association kicked off Toy Fair by celebrating
the best and most innovative toys of 2004, honoring LEGO(R)
KINGHTS' KINGDOM(TM) with the prestigious Toy of the Year Award
for Best Boy Toy.

KNIGHTS' KINGDOM unites the constructible action figure platform
the company pioneered with BIONICLE(R) in 2001 with the best of
traditional play theme construction and role play to engage a
broader base of boys under one compelling storyline.  Unlike
other category finalists, KNIGHTS' KINGDOM utilizes no
technology to capture boys' imaginations, rather, represents a
classic play pattern reinvented to appeal to today's youth.

"This T.O.T.Y. honor underscores that classic play patterns like
LEGO construction, independent of technology, can be just as
innovative and compelling to today's children, and we thank the
industry for recognizing that," says Soren Torp Laursen,
president, LEGO Americas/Pacific/Direct.

"As many manufacturers jump on the technology bandwagon as a
means of staying relevant with today's children, we look deep
into our compatible system of play to reinvent ourselves year on
year," says Mr. Laursen.  "Themes like castle are timeless, it's
simply a matter of retooling the look, the building experience
and model functionality to stay fresh and relevant.  We offer a
technical toy, just not in the way the market defines
technology."

This year, consumers will see stronger focus on classic and new
LEGO themes, including fire, police, construction, dinosaurs and
castle.  With first-ever BIONICLE theme sets, children can build
story environments and movie events for Star Wars(TM) and Harry
Potter(TM) support LEGO novelties.

As LEGO Group celebrates 50 years of its compatible System of
Play for all ages in 2005, the company reflects on changes in
the marketplace and among the children to whom it caters with
the highest quality building experience.

"Certainly things have changed since we launched our first
themed building sets in 1955," says Mr. Laursen.  "However,
times have not changed so much that children and parents alike
don't recognize and appreciate the heritage, quality and
inherent fun of the classic LEGO play pattern."

In its 50th year, LEGO Group is leveraging technology to draw
people back into the core building experience with LEGO Factory,
an online tool where children can design models in the virtual
world, then buy their custom creation to build in the real
world.

"We incorporate technology where meaningful and relevant to
enhance role play value or building experience," Mr. Laursen
continues.  "Our evergreen LEGO MINDSTORMS(TM) product leverages
technology to compliment the play experience by bringing robots
to life, while LEGO Factory delivers the best of the virtual
play world, but then sends children back to the physical play
environment."

Not only has the company refined its strategy to recapture the
traditional play theme construction business (boys ages 6-12)
for which it is best known, significant back-office improvements
have been achieved to make the company faster, leaner and more
competitive.

As testament to the company's operational improvements, LEGO
Systems was named "Construction Toy Vendor of the Year" by Toys
'R Us, recognizing considerable increases made in fill rates,
productivity and profitability, in-store displays and consumer
education programs, and development of differentiated products
to drive store traffic in 2004.

In the U.S., LEGO Group ended flat in 2004, outpacing the U.S.
toy industry and most major toy brands and maintaining position
as construction toy category leader.  Supply chain efficiencies
increased fill rates 10% for the year, driving a 45% increase in
fourth quarter fill rates to core accounts.  Globally, total
operational costs were reduced by 20%, product development lead-
time has decreased more than 50%, and the company balance sheet
has been sanitized, reducing fixed assets by two-thirds.

LEGO Group, a privately held, family-owned company based in
Billund, Denmark, is one of the world's leading manufacturers of
play materials for children, employing approximately 8,000
people globally.  The Company is committed to the development of
children's creative and imaginative abilities, and its employees
are guided by the motto adopted in the 1930s by founder Ole Kirk
Christiansen: "Only the best is good enough."

                            *   *   *

In October, LEGO Company said it expected ordinary result before
tax to be a loss of between DKK200 million to DKK400 million
compared to a loss of DKK900 million in 2003.

CONTACT:  LEGO AMERICAS
          Michael McNally
          Phone: 860-763-7825
          E-mail: press@america.lego.com


=============
F I N L A N D
=============


DONE SOLUTIONS: Skips Dividend Payment as Results Stay in Red
-------------------------------------------------------------
Highlights of 2004 Results:

(a) Consolidated net sales for 2004 came to EUR18.4 million
    (EUR22.6 million in 2003);

(b) Operating loss was EUR0.9 million, or -5.0% of net sales (a
    loss of EUR2.5 million, or -11.0%);

(c) Earnings per share were -EUR0.021 (-EUR0.065) and equity
    ratio 0.9% (16.7%).  Equity ratio, subordinated loans
    included, stood at 17.5% (17.3%).  Liquid assets totaled
    EUR1.6 million (EUR1.1 million);

(d) Profitability improved from the previous year, albeit less
    than targeted;

(e) The Group expects to record somewhat higher net sales for
    2005 and make an operating profit.

Net Sales, Profitability and Net Profit/Loss

MEUR                     Q1/2004 Q2/2004 Q3/2004 Q4/2004   Total
Net sales                  5.2     4.7     4.0     4.5    18.4
Operating profit/loss     -0.5     0.3    -0.4    -0.3    -0.9
Profit/loss before
extraordinary items       -0.5     0.2    -0.4    -0.3    -1.0
Net profit/loss for the period
                          -0.5     0.2    -0.4    -0.3    -1.0

Q2/2004 operating profit includes capital gains of EUR0.7
million on the divestment of Software Solutions.  Financial
items recorded for 2004 include expenses of EUR0.1 million
incurred by an associated company.

                         Business Areas

Done Logistics

Done Logistics reported a satisfactory order backlog for the
fourth quarter, which will not contribute to its performance
until 2005.  Major orders for 2004 included system deliveries to
the paper processing industry.

Providor Logistics

Providor Logistics showed satisfactory volumes and operating
profit for the last quarter of 2004.

Done Information

Done Information showed mediocre volumes and operating profit
for the last quarter of 2004.

Net sales and operating profit by business unit:

                     Net Sales   Net Sales   Operating
Profit/Loss
                 Q1-Q4/2004   Q1-Q4/2003  Q1-Q4/2004  Q1-Q4/2003
                  MEUR  Share MEUR  Share  MEUR   %    MEUR   %

Done Logistics     3.7   20%   5.8   26%  -1.4  -37   -1.7  -29

Providor Logistics 9.6   52%   9.5   42%   0.2    2    0.1    1

Done Information   5.1   28%   7.3   32%   0.3    6   -0.9  -13

Done Solutions Group
                  18.4  100%  22.6  100%  -0.9   -5   -2.5  -11

Done Information's Q2/2004 operating profit includes capital
gains of EUR0.7 million on the divestment of Software Solutions.

Financial Position

Consolidated balance-sheet total on December 31, 2004 amounted
to EUR5.6 million (EUR6.5 million on December 31, 2003), while
shareholders' equity came to EUR0.9 million (EUR1.1 million).
Parent-company shareholders' equity on the same date totaled
EUR4.8 million (EUR4.2 million).  In December, the parent
company received EUR0.8 million in subordinated loans.  Year-end
interest-bearing liabilities were EUR1.2 million (EUR1.1
million).  On the balance sheet date, equity ratio stood at 0.9%
(16.7%) and gearing -675.8% (4.5%).  The Group's liquid assets
at the end of the fiscal year totaled EUR1.6 million (EUR1.1
million).  Earnings per share were -EUR0.021 (-EUR0.065) and
equity per share came to EUR0.001 (EUR0.022).  During the next
12 months, the Group expects to show a positive cash flow from
business operations and to hold sufficient liquid assets.

Investments and Divestments

On April 28, 2004, Done Information sold its Software Solutions
unit (a staff of 26) to SysOpen Plc for EUR0.8 million.

Product Development

The company has commercialized and incorporated software
products and solutions into the overall concept of Done
Solutions' logistics-chain and technical-information management.
Development costs for 2004 totaled EUR0.2 million, all of these
expensed as incurred.

Human Resources

At the end of the period, the Group had a staff of 151, three of
whom worked abroad.  A year ago, the number of employees totaled
197, three of whom worked abroad.

             Board of Directors, President and CEO,
               and the Corporate Management Group

Done Solutions Corporation's Board of Directors is made up of
the following members: Jyri Merivirta (Chairman), Jaakko Asanti
and President and CEO Pekka Pystynen.

Done Solutions' Corporate Management Group consists of Pekka
Pystynen, President and CEO; Elina Karjalainen, Managing
Director, Done Information, a subsidiary; Juha Kujala, General
Counsel; Juha Mikkola, Managing Director, Done Logistics, a
subsidiary; Tuomo Rannila, Managing Director, Providor
Logistics, a subsidiary; and Mika Soyring, Controller.

    Decisions by the Annual General Meeting of March 26, 2004

The AGM's decisions can be found in the company's stock exchange
release of March 26, 2004.

Share Capital and Shares

On December 31, 2004, Done Solutions had a share capital of
EUR3,957,398.72 and the number of shares totaled 49,467,484.

The company's largest shareholders are listed on Done's Web site
at http://www.donesolutions.com(Investors/Largest
shareholders).

The highest share quotation for the period was EUR0.28 and the
lowest EUR0.07.  The share price averaged EUR0.16 and closed at
EUR0.08 on December 31, 2004.  The reported share turnover was
EUR3.1 million, or 18,940,048 shares, and the company's market
capitalization on December 31, 2004 was EUR4.0 million.

The unexercised share-issue authorization given by the Annual
General Meeting of March 26, 2004 to the Board of Directors
applies to 9,893,496 shares on December 31, 2004.  As of the
same date, the company held no treasury shares.

Management Shareholdings

On December 31, 2004, the Board of Directors and the President
and CEO held 28.4% of the company's shares, or 14,020,000
shares, and 0.0% of stock options.

Legal Proceedings

In addition to proceedings previously announced, Done Solutions
has no major court cases pending.

Adoption of IFRS

Since January 1, 2005, Done Solutions Group has applied IFRS
(International Financial Reporting Standards).  Its annual and
interim accounts for 2004 are based on FAS (Finnish Accounting
Standards).  The Group will publish a special release on the
effects of its transition to IFRS before releasing its Q1/2005
results.

Prospects

The Group expects to record somewhat higher net sales for 2005
and make an operating profit.

Board's Proposal for Loss Allocation

The Board of Directors will propose to the AGM of March 31, 2005
that the parent company's loss of EUR182,309.55 for 2004 be
entered in retained loss, and no dividend for the fiscal year be
distributed.

The full copy of these results is available free of charge at
http://bankrupt.com/misc/DoneSolutions_2004.htm

CONTACT:  DONE SOLUTIONS OYJ
          Pekka Pystynen, President and CEO
          Phone: +358 (0)205 253427
          Mobile: +358 (0)50 0508 962
          E-mail: pekka.pystynen@donesolutions.com

          Mika Soyring, Controller
          Phone: + 358 (0)205 253425
          Mobile: +358 40 777 0033
          E-mail: mika.soyring@donesolutions.com
          Web site: http://www.donesolutions.com


METSO CORPORATION: Ratings Outlook Improves to Stable
-----------------------------------------------------
Moody's Investors Service changed the rating outlook for the Ba1
senior unsecured and issuer ratings of Metso Corporation, the
Finland based industrial group, to stable from negative.  The
change in outlook reflects Moody's acknowledgement of Metso's
successful efforts to improve financial flexibility and
operational performance as evidenced by:

     (i) the successful achievement of a significant reduction
         in net debt levels, primarily driven through disposals,
         reducing net debt to EUR552 million by the end of 2004
         from EUR1,110 million at the end of 2003;

    (ii) the shoring up of weak operating profitability through
         the execution of the company's main announced
         efficiency program, M100; and

   (iii) a marked improvement in cash flow to adjusted debt
         coverage ratios, driven by lowered dividend levels,
         working capital releases and, to a lesser extent,
         marginal improvements in operating cash flows.
         Notwithstanding, Moody's would expect the stringent
         nature of some of these measures to ease in 2005.

Metso benefits from:

     (i) global market leadership in its paper machines and
         minerals businesses;

    (ii) a large installed base of assets which generate a
         significant volume of maintenance and refurbishment
         contracts, mitigating to some extent the weakness and
         volatility of big-ticket paper machine orders; and

   (iii) a strong liquidity profile with a well-spread long-term
         debt maturity profile, due in part to the successful
         execution of its bond exchange offer in November 2004.

However, the ratings also reflect:

     (i) low and volatile order inflow in the Paper business,
         reflective of a longer-term cyclical downturn in new
         paper machine orders;

    (ii) the challenge to execute the current cost savings
         programs to completion (M100 & MP50) and the question
         as to whether these programs are sufficient to bring
         the core paper division to sustainable levels of
         profitability of over 6% should market weakness
         persist; and

   (iii) foreign exchange exposure to the US$ due to exports to
         the U.S.A. and to other dollar-based countries.

After the Svedala acquisition in 2001, which substantially
increased net debt levels, Metso management needed to address
cost base issues pertaining to both the minerals and the paper
business as these businesses entered a cyclical downturn.  The
result was weakening debt protection measurements for the group
and low profitability, still prevailing in the paper business.

To counteract these effects, company management has applied
strict fiscal discipline to the operation of the business,
successfully executing on its disposal program, generating
approximately EUR390 million of net cash through the sale of the
Dynapac business (EUR291 million), the Converting group (EUR68
million) and the Reedrill business (EUR28 million).

In addition, the M100 efficiency program was implemented with an
expectation of the full EUR100 million in recurring cost savings
coming through in 2005 (EUR67 million of which was already seen
in 2004).

However, Moody's notes that much of the notable improvements in
the group's financial flexibility came through fiscal prudence
by way of disposals, a reduction in equity dividends and through
working capital releases with only a marginal improvement in
operating cash flow performance.

The stable outlook reflects Moody's expectation that Metso will
continue to improve upon its operating performance through the
completion and realization of the full potential of its
efficiency programs while continuing to apply strict fiscal
prudence to the maintenance of existing net debt levels.
Furthermore, the stable outlook encompasses the expectation that
Metso will rectify the situation at Valmet Automotive, which
made an operating loss of EUR23.1 million in 2004 and which is
heavily reliant on the increasing order volumes for the new
Porsche Boxster model.

Metso's liquidity profile is strong, as reflected by a large
cash balances (EUR419 million) and a strong EUR450 million
multi-year credit facility, which should more than sufficiently
cover limited short-term debt maturities.  In addition,
internally-generated gross cash flows should cover capital
expenditures, dividend payments and working capital requirements
with ample cushion provided by aforementioned cash balances and
multi-year credit facility.

Metso Corporation, headquartered in Helsinki, Finland, is the
leading global supplier of machinery and technology for the
fiber and paper industry, as well as the world's largest player
in its rock and mineral processing business.  The company also
has a significant position in process automation and flow
control solutions with a particular focus on its key customer
industries.  For the fiscal year 2004, Metso reported revenues
of EUR3.98 billion and a EUR69 million net income.

CONTACT:  METSO PAPER
          Jorma Lusma
          Senior Vice President,
          Production Operations Development
          Phone: +358 204 84 27001

          METSO CORPORATION
          Eeva Makela
          Vice President, Investor Relations
          Phone: +358 204 84 3253


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F R A N C E
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ALCATEL: Ratings Under Review for Possible Upgrade
--------------------------------------------------
Moody's Investors Service placed the Ba3 ratings for Alcatel's
Eurobonds, convertible bonds, Euro-medium term notes, its EUR1.3
billion revolving credit facility, and the company's senior
implied rating on review for possible upgrade.  A possible
upgrade may not be limited to one notch, but Moody's does not
envisage a move to investment grade at this stage.  The Not-
Prime rating of Alcatel for its commercial paper is not under
review and was affirmed.

The rating review reflects:

     (i) Alcatel's continued improvements in key metrics,
         notably a return to revenue growth of 5.7% (after a
         decline in 2003) versus restated 2003 sales, a
         strengthening in operating-margin to 8% (up from 2.7%)
         and in Moody's adjusted retained cash flow (pre working
         capital) to net adjusted debt ratio to 30% (after a
         negative RCF in 2003);

    (ii) its balance sheet strength evidenced by maintenance of
         net cash position and well spread debt maturities;

   (iii) an expectation that Alcatel's overall business
         performance will continue to improve despite slow
         recovery in the wire-line carrier markets; and

    (iv) an anticipation that ongoing cost cutting and the
         announced partnerships (e.g. in mobile phones and
         optical fiber) provide additional flexibility to
         strengthen profitability beyond 2005.

Moody's rating review will focus on:

     (i) the outlook for near term and sustained demand in
         Alcatel's various business segments, particularly for
         wireline equipment including the fixed triple play
         solution;

    (ii) the potential for further cost savings from current
         restructuring, the necessary cash expenditures and the
         overall robustness of operating and free cash flows;
         and

   (iii) management's financial strategies as the company
         reaches a less volatile cash flow profile.

Headquartered in Paris, France, Alcatel had sales of EUR12.2
billion and a net profit of EUR281 million in fiscal year 2004
and is one of the world leaders in providing advanced solutions
for telecommunications systems and equipment.

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


GEMPLUS: Under Investigation for Accounting Fraud
-------------------------------------------------
Paris prosecutors reportedly launched an investigation against
smart card specialist Gemplus over alleged fraudulent
accounting, Les Echos says.

The investigation was triggered by a report of market regulator
Autorite Des Marches Financiers (AMF), which discovered evidence
that Gemplus and auditor PricewaterhouseCoopers released
misleading information on its restructuring outlook between June
1, 2001 and December 31, 2002.  During the period, Gemplus
replaced its chairman and CEO thrice due to conflicts between
founder Marc Lassus and financial partner Texas Pacific group.

CONTACT:  GEMPLUS PARIS
          34 rue Guynemer
          92447 Issy-Les-Moulineaux Cedex
          Phone: +33 1 46 48 20 00
          Fax: +33 1 46 48 20 01
          Web site: http://www.gemplus.com


PERONNE INDUSTRIE: Succumbs to Liquidation
------------------------------------------
The Amiens commercial court ordered last week the liquidation of
potato snack manufacturer Peronne Industrie S.A., Les Echos
says.

The court chose to liquidate the company after its parent
Unichips pulled out support for the snack maker on Jan. 13.
Peronne's works council asked the court to delay the liquidation
to allow Unichips time to locate buyers.  After repeatedly
incurring losses, the company, which employs 185 workers, was
placed under administration in October.

CONTACT:  PERONNE INDUSTRIE S.A.
          RCS Peronne B 306 350 612

          UNICHIPS INTERNATIONAL B.V.
          Via Turati, 29
          20121 Milano
          Phone: 02 62651
          Fax: 02 6551139
          E-mail: mailbox@unichips.com
          Web site: http://www.unichips.com


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


AKZ AUTO: Court Accepts Bankruptcy Application
----------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against AKZ Auto-Klima-Zubehor Handelsgesellschaft
mbH on Jan. 30, 2005.  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 Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 11:10 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 29, 2005, 10:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  AKZ AUTO-KLIMA-ZUBEHOR HANDELSGESELLSCHAFT MBH
          Wackenbergstr.78-82,13156 Berlin

          Christian Kohler-Ma, Insolvency Manager
          Kurfurstendamm 212, 10719 Berlin


BISPINGEN-TOURISTIK: Under Bankruptcy Administration
----------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against "Bispingen-Touristik GmbH" on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 7, 2005 to register their
claims with court-appointed provisional administrator Jens
Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 11:55 a.m. at Saal 014,
Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4,
29221 Celle 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:  "BISPINGEN-TOURISTIK GMBH"
          Borsteler Strasse 6, 29646 Bispingen
          Contact:
          Helga Goch, Manager
          Zum Wintersberg 1, 29646 Bispingen

          Jens Hamdorf, Insolvency Manager
          Hallerstr. 76, 20146 Hamburg
          Phone: 040/4146380
          Fax: 040/445635


B.K.-GEBAUDEMANAGEMENT: Claims Filing Period Expires Next Week
--------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against B.K.-Gebaudemanagement GmbH on Feb. 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 9, 2005 to
register their claims with court-appointed provisional
administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 11:35 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004 statt at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  B.K.-GEBAUDEMANAGEMENT GMBH
          Am Buchhorst 34, 14478 Potsdam
          Contact:
          Burghard Kroop, Manager

          Stephan Mitlehner, Insolvency Manager
          Walter-Benjamin-Platz 6, 10629 Berlin


BKS BEWACHUNGS: Applies for Bankruptcy Proceedings
--------------------------------------------------
The district court of Amtsgericht opened bankruptcy proceedings
against BKS Bewachungs- und Werttransport GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 8, 2005
to register their claims with court-appointed provisional
administrator Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting on March 18, 2005, 1:30 p.m. at Gerichtsgebaude,
Buxacher Str. 6, Sitzungssaal 103 -- Erdgeschoss 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:  BKS BEWACHUNGS- UND WERTTRANSPORT GMBH
          Contact:
          Szorg Konrad, Manager
          Entenmoos 343, 87764 Legau

          Mathias Dorn, Insolvency Manager
          Allgauer Str. 1, 87435 Kempten
          Phone: 0831/5800434
          Fax: 0831/5800464


DENSUS GMBH: Cedes Control to Court-appointed Administrator
-----------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Densus GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 1, 2005 to register their
claims with court-appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 10:00 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court also verify the claims set out in the
administrator's report on June 30, 2005, 10:00 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

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


DEUTSCHES ROTES: Administrator Takes over Operations
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Deutsches Rotes Kreuz Kreisverband Berlin-
Reinickendorf e.V. on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 1, 2005 to register their claims with
court-appointed provisional administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 10:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 30, 2005, 10:05 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  DEUTSCHES ROTES KREUZ KREISVERBAND BERLIN-
          REINICKENDORF E.V.
          Alt-Wittenau 34,13437 Berlin

          Dr. Petra Hilgers, Insolvency Manager
          Goethestr. 85, 10623 Berlin


E.T.C. TELEKOMMUNIKATIONS: Declares Bankruptcy
----------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against E.T.C. Telekommunikations-Systeme Handels GmbH on Feb.
4.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 18,
2005 to register their claims with court-appointed provisional
administrator Ulrich Weber.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 9:10 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal
004at 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:  E.T.C. TELEKOMMUNIKATIONS-SYSTEME HANDELS GMBH
          Johann-Sebastian-Bach-Strasse 1 a, 14624 Dallgow

          Ulrich Weber, Insolvency Manager
          Kurfurstendamm 212, 10719 Berlin


GESELL GMBH: Karlsruhe Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Gesell GmbH Dachdeckerbetrieb on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 18, 2005 to
register their claims with court-appointed provisional
administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 2005, 9:00 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal IV/1. OG 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:  GESELL GMBH
          Contact:
          Karsten Gesell, Manager
          An der Rossweid 12, 76229 Karlsruhe

          Michael Pluta, Insolvency Manager
          Albstr. 14, 70597 Stuttgart
          Phone: (0711) 7696880


PFLEIDERER AG: Exceeds 2004 Targets; Sales Jump to EUR900 Mln
-------------------------------------------------------------
SDAX-listed Pfleiderer AG can look back to a successful fiscal
2004.  Not only has it achieved all its targets, in some cases
it has even beaten them.  According to the provisional figures,
Group sales for the whole of fiscal 2004 came to EUR901 million
-- around six percent up on the comparable figures for the
previous year (2003: EUR848.2 million).  Pre-tax earnings (EBT)
for the Pfleiderer Group with its business segments Engineered
Wood and Infrastructure Technology improved by 76.5% to EUR31.6
million (2003: EUR17.9 million).

Rationalizing the company's portfolio in 2004 through the
disposal of the Poles & Towers U.S.A. and Europe business units
and the developing business water systems after 2 successive
years of losses marks the end to extraordinary charges.

Discontinued operations contributed positively, adding EUR27.3
million to corporate EBT of EUR58.9 million.  The company's
share has also gained, with provisional earnings per share
coming to EUR0.79 (2003: EUR-1.07).  The equity ratio also
increased to its current 32.3% thanks to the positive operating
results, as well as a successful capital increase performed in
June 2004 by the Group's Polish affiliate Grajewo.  Net
corporate indebtedness is reducing faster that expected, falling
from EUR255.8 million at the end of 2003 to EUR122.9 million at
the end of 2004.  This represents a considerable improvement on
the original target of EUR150 million.

For further information: Pfleiderer AG, Neumarkt, Alexandra
Klemme, Tel. + 49
(0) 91 81 / 28 - 80 44, E-mail: alexandra.klemme@pfleiderer.com

Provisional Figures for Pfleiderer Group:
EUR million                      2004      2003    Change
Sales                           901.0     848.2    + 6.2 %
EBITDA                           87.4      72.2    + 21.0 %
EBIT                             50.2      34.9    + 43.8 %
EBT continued operations         31.6      17.9    + 76.5 %
EBT discontinued operations      27.3    - 51.5
EBT total                        58.9    - 33.6
Net income before minorities     50.1    - 41.1
EPS total                        0.79    - 1.07

CONTACT:  PFLEIDERER AG
          Ingolstadter Strasse 51
          93218 Neumarkt
          Deutschland


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


PARMALAT U.S.A.: Societe Generale, ING Challenge Chapter 11 Plan
----------------------------------------------------------------
Societe Generale Financial Corporation and ING Capital, LLC
object to the confirmation of Parmalat U.S.A.'s Chapter 11 Plan.

The banks told Judge Drain of the U.S. Bankruptcy Court for the
Southern District of New York the plan's central and most
critical element -- the proposed settlement between Farmland
Dairies, LLC, the Official Committee of Unsecured Creditors, and
the lessors of the Master Equipment Lease -- can't be
consummated without their consent.  Societe Generale and ING
make it clear they haven't consented to the settlement.

The Banks raised these objections when Parmalat U.S.A. sought
approval of the Disclosure Statement explaining their chapter 11
plan.  Judge Drain said the Banks' objections, going to the
merits of the Plan, were premature when considering the adequacy
of the disclosure document.

The proposed settlement of Farmland's obligations under the
Master Lease is central to its reorganization as a going concern
under the Plan.  The terms of the proposed settlement will have
a dramatic impact on the interests held by the secured parties
that participated in the Master Lease, including Societe
Generale and ING.  Among other things:

   -- Farmland will reject the Master Lease, resulting in a
      $96,226,490 rejection damage claim for the Lessors;

   -- In exchange for claims under the Master Lease, the Lessors
      will receive 80% of the new common equity in Reorganized
      Farmland, an interest in a litigation trust to be created,
      and all of Farmland's preference causes of action;

   -- The Lessors will sell to Farmland all of the equipment
      subject to the Master Lease in exchange for Preferred
      Membership Interests with a $9,176,445 liquidation value;

   -- The Lessors will sell to Farmland all of the real property
      subject to the Second Mortgages for additional Preferred
      Membership Interests with a $10,365,000 liquidation value
      and a release of General Electric Capital Corporation and
      its affiliated parties; and

   -- The Lessors will surrender their claim for postpetition
      lease payments in exchange for additional preferred
      membership interests with a $14,844,555 liquidation value.

At the same time, pursuant to the settlement agreement, holders
of the unsecured claims will receive US$3 million in cash, a
note for US$7 million, and a share in proceeds of a litigation
trust.  With respect to the litigation trust, unsecured
creditors will receive the first US$6 million in net proceeds
recovered by the trust, one-third of the next UD$1.5 million,
and a percentage of certain additional amounts.

Societe Generale and ING currently own 40% of the rights under
the Master Lease.  Under the proposed settlement and Plan,
Societe Generale and ING would own more than 30% of Reorganized
Farmland's Common Membership Interests and 40% of the company's
Preferred Membership Interests.  Societe Generale and ING would,
therefore, be substantial equity holders in the emerging
business.

Under the settlement, the Lessors' resulting equity interests in
Farmland would be subordinated to a substantial debt load.  The
debt would consist of three separate sub-facilities:

   * a $35 million revolving line of credit secured by accounts
     receivable and inventory;

   * a $20 million term loan secured by a first line on fixed
     assets; and

   * a $45-55 million term loan secured by a second lien on
     fixed assets.

Societe Generale's and ING's equity would also be subordinate to
the US$7 million note that would be issued to the current
unsecured creditors.

Accordingly, were the proposed Plan to be approved and
effectuated, Societe Generale and ING would suffer the
conversion of their secured senior debt position in Farmland
into junior equity interests subordinate to substantial debt.
Societe Generale and ING never intended to become, and do not
consent to becoming, long-term holders of illiquid equity in the
company.

Notwithstanding General Electric's participation in designing
and preparing the proposed Plan, Societe Generale and ING
repeatedly have made clear to General Electric that they will
not consent to the execution of the proposed settlement, and
thus that the Plan dependent on the settlement is not feasible.

Because General Electric plans to enter into the settlement in
clear breach of its contractual obligations, Societe Generale
and ING contend that Farmland's Plan should not be confirmed
because it fails to comply with the fundamental requirement that
is be proposed in good faith and not by any means forbidden by
law.

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
===================


KURULUSH-BANK: Sets Public Auction Friday
-----------------------------------------
The bidding organizer and insolvency manager of JS Commercial
Bank Kurulush-Bank and the Agency for Reorganization of Banks
and Restructuring of Debt will sell the bank's properties on
March 4, 2005, 10:00 a.m. at Bishkek, Shopokova Str. 89.  For
more information, call (0-312) 28-08-53.


MASHINOSTROITELNYI ZAVOD: Bids Deadline Nears
---------------------------------------------
The Department of the Taxation Inspection of the Committee by
the Revenue under the Finance Ministry of the Kyrgyz Republic
will sell JSC Bishkek Mashinostroitelnyi Zavod's properties on
March 18, 2005.

For sale are:

(a) equipment for sausage production;

(b) equipment for glass-nylon composite;

(c) equipment for spray casting;

(d) woodworking machine; and

(e) workshop

To participate, bidders are required to submit an amount
equivalent to 5% of the starting price and submit necessary
documents to Bishkek, Baitik Baatyr Str.4a room 903 on or before
March 18, 2005.  For more information, call (0-312) 51-24-42.


NORTH ZONE: Creditors to Meet this Week
---------------------------------------
The temporary insolvency manager of the Direction for Technical
Development of the Customs Infrastructure by North Zone will
host a general meeting of creditors on March 4, 2005, 11:30 a.m.
at Bishkek, Ahunbayeva Str. 119-a, Room 411.

Agenda:

(a) report of the temporary insolvency manager;

(b) changes in the bankruptcy method; and

(c) Others.

Proxies must have authorization to vote.  For more information,
call (0-312) 42-85-66.


PATP-2: General Creditors Meeting Friday
----------------------------------------
The temporary insolvency manager of JSC PATP-2 will host a
general creditors meeting on March 4, 2005 at 10:00 a.m. at Osh,
Zapadnaya Str. 4.

Agenda:

(a) Issues to be raised by the temporary insolvency manager; and

(b) Others.

Proxies must have authorization to vote.  For more information,
call (0-3222) 5-72-93 or (0-502) 32-43-76.


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


ASM INTERNATIONAL: 2004 Net Earnings in Black; Sales up 29%
-----------------------------------------------------------
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam:
ASM) released on Feb. 23, 2005 its final 2004 fourth quarter and
full year results.

These are the highlights:

(a) Full year 2004 net sales of EUR754.2 million, up 29.6% from
    net sales of EUR581.9 million for the full year 2003.  Sales
    from our Front-end segment were up 24.1% and sales from our
    Back-end segment were up 35.0%;

(b) Net earnings for the full year 2004 were EUR24.0 million or
    EUR0.47 per share as compared to a net loss of EUR32.1
    million or -EUR0.65 per share for the full year 2003;

(c) Full year 2004 bookings of EUR742.0 million, up 16.3% from
    bookings of EUR637.9 million for the full year 2003;

(d) Fourth quarter of 2004 net sales of EUR162.6 million, down
    11.5% from the third quarter of 2004 and down 0.6% from the
    fourth quarter of 2003.  Net sales of our Front-end segment
    experienced a significant quarter over quarter increase in
    the fourth quarter of 2004, offset by a further contraction
    of the Back-end segment;

(e) Fourth quarter of 2004 net earnings were EUR1.4 million or
    EUR0.03 per share, as compared to net earnings of EUR3.7
    million or EUR0.07 per share for the third quarter of 2004
    and a net loss of EUR6.2 million or -EUR0.12 per share in
    the fourth quarter of 2003;

(f) Bookings in the fourth quarter of 2004 were EUR127.0
    million, down 19.2% from the third quarter of 2004.  Year-
    end backlog was EUR186.8 million, down 16.0% from the end of
    the previous quarter.

The net earnings for the year ended December 31, 2004 were
EUR24.0 million or EUR0.47 basic net earnings per share and
EUR0.46 diluted net earnings per share, compared to a net loss
of EUR32.1 million or -EUR0.65 basic and diluted net loss per
share for the year ended Dec. 31, 2003.  The net loss for the
year ended Dec. 31, 2003 included EUR6.5 million restructuring
charges in our Front-end segment.

The net earnings for the fourth quarter of 2004 amounted to
EUR1.4 million, or EUR0.03 basic and diluted net earnings per
share, compared to a net loss of EUR6.2 million or -EUR0.12
basic and diluted net loss per share for the same period in
2003.  The net loss for the fourth quarter of 2003 included
EUR6.0 million restructuring charges in our Front-end segment.

On a consolidated level 2004 was a year of recovery.  ASMI
experienced increased order levels in the second half of 2003
and the first half of 2004 which resulted in increased sales
levels, while the order intake and sales weakened in the second
half of 2004.  The Back-end segment achieved record sales in the
first half of 2004, measured in the reporting currency of the
Back-end segment, the Hong Kong dollar, but experienced a sharp
decrease of order intake and sales in the second half of 2004.
The Front-end segment achieved increased sales for each quarter
in 2004 and experienced only a moderate slow-down of bookings in
the fourth quarter of 2004.

Overall, ASMI achieved a positive performance in each quarter of
2004, with earnings from operations of EUR88.4 million for the
full year 2004, compared to EUR14.2 million for the full year
2003.

In December 2004 we strengthened the Company's financial
position by issuing US$150.0 million of 4.25% convertible
subordinated notes, which are listed on Euronext Amsterdam.  The
notes were issued to ensure that the Company has sufficient
liquidity to deal with the maturity of the US$115.0 million 5%
convertible subordinated notes, which are due November 2005.

The consolidated financial statements include the operations of
our 100% subsidiary ASM NuTool, Inc. as from June 2, 2004 and
our 100% subsidiary Genitech Inc. as from August 5, 2004.

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

CONTACT:  ASM INTERNATIONAL N.V.
          Robert L. de Bakker
          Phone: + 31 30 229 85 40

          Mary Jo Dieckhaus
          Phone: + 1 212 986 29 00


BUHRMANN N.V.: Institutional Investors Gorge US$150 Mln Notes
-------------------------------------------------------------
Buhrmann N.V. has placed US$150 million principal amount of 10-
year 7 7/8% Senior Subordinated Notes due 2015.  The proceeds
are intended to be used for the planned repurchase of its
Preference Shares C.

Buhrmann announced on 23 February 2005 the planned repurchase of
its Preference Shares C.  The new notes are part of the funding
for this repurchase, together with a discounted rights issue of
approximately EUR250 million and cash on hand.  The proceeds of
the new notes will be placed in escrow awaiting the completion
of the repurchase transaction, which is expected to occur in
early April.

Floris Waller, Chief Financial Officer and member of the
Executive Board of Buhrmann, commented: "We are pleased with the
successful placement of new senior subordinated notes for
funding the planned repurchase of the Preference C shares.  In
addition to funding the repurchase we achieve with this issuance
an extension of the maturity of our debt profile and reduced net
financing charges going forward."

Offering of the New Notes

Through its subsidiary Buhrmann U.S. Inc., Buhrmann has placed
the new notes with a semi-annual coupon of 7 7/8%.  The
aggregate principal amount of the new notes, which are due in
2015, totals US$150 million.  The new notes have been issued at
a price of 99.151% of the par value to institutional investors
in the United States and in Europe through a private placement
pursuant to Rule 144A and Regulation S of the U.S. Securities
Act.  The effective yield is 8%.  Closing of the transaction is
scheduled for 2 March 2005.

Next Steps

As announced on 23 February 2005, the next step in the planned
repurchase of the Preference Shares C is an Extraordinary
General Meeting of Shareholders to be held on 11 March 2005 to
allow the shareholders to vote on certain aspects of the
transaction.  If approval is obtained, the fully underwritten
discounted rights issue will be launched.

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.: Convertible Bonds Due 2012 go on Sale
-----------------------------------------------------
Hagemeyer N.V. announces the successful issue of its EUR120
million subordinated convertible bonds due 2012.  Hagemeyer has
granted ABN AMRO Rothschild, in its capacity as Lead Manager, an
over-allotment option to purchase up to an additional EUR15
million principal amount of the Bonds.

The issue price of the Bonds is 100% of the principal amount.
The cash interest coupon has been set at 3.5% per annum, payable
annually in arrear.  The conversion price has been set at
EUR2.83 per Hagemeyer ordinary share, which represents a 33%
premium over the reference price of Hagemeyer's ordinary shares.

The net proceeds of the Bonds will be used to refinance part of
Hagemeyer's existing senior debt.  Hagemeyer is issuing the
Bonds to enhance its debt maturity profile, to reduce interest
costs and to improve financial flexibility.  Settlement of the
Bonds is expected to take place in March 2005, shortly after
publication of the prospectus.  Hagemeyer will apply for the
listing of the Bonds on Euronext Amsterdam.

Stabilisation/FSA

The Bonds will only be offered to individuals or legal entities
who or which trade or invest in securities in the conduct of a
profession or trade within the meaning of Section 2 of the
Exemption Regulation of the Netherlands Security Market
Supervision Act 1995, as amended (Vrijstellingsregeling Wet
Toezicht Effectenverkeer 1995).

This announcement is not an offer to sell or a solicitation of
any offer to buy the securities of Hagemeyer N.V. (such
securities, the "Securities") in the United States or in any
other jurisdiction.  The Bonds and the Ordinary Shares have not
been and will not be registered under the U.S. Securities Act of
1933, as amended (the "Securities Act") and may not be offered
or sold in the United States unless registered under the
Securities Act or an exemption from such registration is
available.  No public offering of securities is being made in
the United States.

In the United Kingdom, this announcement is directed exclusively
at persons who have professional experience in matters relating
to investments who fall within Article 19 or 49 of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001.
The Bonds will be issued only to such persons.

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


KONINKLIJKE AHOLD: Completes Sale of Polish Hypermarkets
--------------------------------------------------------
Koninklijke Ahold announced on Feb. 24 the completion of its
divestment of 12 large Hypernova hypermarkets in Poland to
Carrefour.

Closing of the transaction, which was announced on November 15,
2004, was subject to the fulfillment of various conditions,
including anti-trust approval.  This divestment is part of
Ahold's strategy to optimize its portfolio and strengthen its
financial position by reducing debt.  Later this year, Ahold
expects to divest its 13th and only remaining large Hypernova
hypermarket in Poland.

Ahold will focus its Polish activities on further development of
its two other store formats: the supermarket and compact-
hypermarket.  Ahold Polska currently operates 170 supermarkets
under the Albert banner and 13 compact-hypers that trade under
the Hypernova name.

CONTACT:  ROYAL AHOLD N.V.
          Corporate Communications
          Phone: +31.75.659.5720


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


BELGORODSKIY FACTORY: Falls under Court Supervision
---------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Belgorodskiy Factory of Ferro-Concrete Constructions-1.  The
case is docketed as A08-16562/04-24 B.  Mr. E. Ponomarev has
been appointed temporary insolvency manager.

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

(a) Belgorodskiy Factory of Ferro-Concrete Constructions-1
    308013, Russia, Belgorod region,
    Belgorod, Kommunalnaya Str. 5

(b) Temporary Insolvency Manager
    308033, Russia, Belgorod,
    Post Office 33, Post User Box 99

(c) The Arbitration Court of Belgorod Region
    308610, Russia, Belgorod,
    Narodnaya Str. 135, Room 17

A hearing will take place on April 14, 2005, 11:00 a.m.


BOLSHAYA DMITRIEVSKAYA: Sets Public Auction Friday
--------------------------------------------------
The insolvency manager and bidding organizer of open joint stock
company Bolshaya Dmitrievskaya Manufaktura will sell its
property on March 4, 2005, 10:00 a.m.  The public auction will
take place at Russia, Ivanovo, Nagovitsynoy-
Ikryanistovoy Str. 6.

The assets for sale are:

Lot 1: Spinning-mill.  Starting price: RUB1,724,000 (inclusive
       of VAT);

Lot 2: A weaving-mill building.  Starting price: RUB405,000
       (inclusive of VAT).

The list of documentary requirements is available at Russia,
Ivanovo, Nagovitsynoy-Ikryanistovoy Str. 6.  To participate,
bidders must deposit an amount equivalent to 20% of the starting
price to the settlement account 40702810500000001178 in OJSC CIB
EVROALYANS, Ivanovo, BIC 047102651, correspondent account
30101810800000000701, TIN 3702030072.

CONTACT:  BOLSHAYA DMITRIEVSKAYA MANUFAKTURA
          Russia, Ivanovo,
          Nagovitsynoy-Ikryanistovoy Str. 6

          Insolvency Manager/Bidding Organizer
          Russia, Ivanovo,
          Nagovitsynoy-Ikryanistovoy Str. 6
          Phone: 8 (0932) 46-92-80, 32-90-03.19


INTER-REGIONAL BASE: To Hold Public Auction Tomorrow
----------------------------------------------------
The insolvency manager of close joint stock company Inter-
Regional Base Non-ferrous Products will sell its property on
March 1, 2005, 10:00 a.m.  The public auction will take place at
Russia, Murmansk, O. Koshevogo Str. 14/7, Office 3.  Up for sale
is the right of claim on open joint stock company Norilskiy Mine
Metallurgical Combine named after A.P. Zavenyagin for a starting
price of RUB3,500,000.  The list of documentary requirements is
available at 183038, Russia, Murmansk, Post User Box 368.

CONTACT:  INTER-REGIONAL BASE NON-FERROUS PRODUCTS
          Russia, Murmansk,
          O. Koshevogo Str. 14/7, Office 3

          Mr. V. Pankov
          Insolvency Manager
          183038, Russia,
          Murmansk, Post User Box 368
          Phone: 8-921-734-53-10
          Fax: (8152) 24-53-60


KASP-FISH: Selling Fishing Fleet for RUB97 Million
--------------------------------------------------
The bidding organizer of open joint stock company Kasp-Fish will
sell its property on March 3, 2005, 2:00 p.m.  The public
auction will take place at 109316, Russia, Moscow, Volgogradskiy
Pr., 42, floor 12, Room 14.  Up for sale are different fishing
boats for a starting price of RUB97,100,000.

The list of documentary requirements is available at 109316,
Russia, Moscow, Volgogradskiy Pr., 42, Floor 12, Room 14.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the settlement account
40702810700007201214, correspondent account
30101810700000000826, BIC 042274826 at DF OJSC ACB
Sarovbiznesbank, Dzerzhinsk.

CONTACT:  TRADE-CONSULT
          Bidding Organizer
          109316, Russia, Moscow,
          Volgogradskiy Pr. 42, Floor 12, Room 14


MELEUZOVSKOYE REPAIR-TECHNICAL: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Meleuzovskoye Repair-Technical
Enterprise (TIN 0235004571) after finding the open joint stock
company insolvent.  The case is docketed as A07/19781/02-A-MOG.
Mr. V. Skornyakov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 450083, Russia,
Bashkortostan republic, Ufa, Post User Box 51.

CONTACT:  MELEUZOVSKOYE REPAIR-TECHNICAL ENTERPRISE
          453310, Russia, Bashkortostan republic,
          Meleuz, Melioratorov Str. 14

          Mr. V. Skornyakov
          Insolvency Manager
          450083, Russia, Bashkortostan republic,
          Ufa, Post User Box 51


MURMANSKAYA: Gives Creditors Until March to File Claims
-------------------------------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Murmanskaya after finding the poultry farm
insolvent.  The case is docketed as A42-5802/04-7.  Mr. V.
Pankov has been appointed insolvency manager.  Creditors have
until March 29, 2005 to submit their proofs of claim to 183038,
Russia, Murmansk, Post User Box 368.

CONTACT:  MURMANSKAYA
          184361, Russia, Murmansk region,
          Kolskiy region, Molochnyj

          Mr. V. Pankov
          Insolvency Manager
          183038, Russia, Murmansk,
          Post User Box 368


QUARTZ GLASS: Gives Buyers Until Thursday to Submit Bids
--------------------------------------------------------
The bidding organizer of close joint stock company Quartz Glass
will sell its property on March 7, 2005, 3:00 p.m. (local time).
The public auction will take place at Russia, Moscow,
Nizhegorodskaya Str. 32, Building 15, Office 314.

The assets for sale are:

Lot 1: A complex of vacant buildings.  Starting price:
       RUB4,350,000;

Lots 2-8: Buildings and some equipment.  Starting price:
       RUB199,800.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 3:00 p.m. until March 3, 2005.  The list of
documentary requirements is available at Russia, Moscow,
Nizhegorodskaya Str. 32, Building 15, Office 314.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40701810100000000960 at CB EXPOBANK (LLC), Moscow, correspondent
account 30101810900000000460, BIC 044585460.

CONTACT:  QUARTZ GLASS
          Russia, Vladimir region, Gus Khrustalnyj,
          Internatsionalnaya Str. 110

          TSK
          Bidding Organizer
          Russia, Moscow, Nizhegorodskaya Str. 32,
          Building 15, Office 314


SIBACADEMBANK: Gets B1 Rating, Stable Outlook from Moody's
----------------------------------------------------------
Moody's Investors Service has assigned B1 long-term and Not-
Prime short-term foreign currency deposit ratings and an E+
Financial Strength Rating to Sibacadembank.  The outlook for the
ratings is stable.

Moody's says the B1/NP foreign currency deposit ratings reflect
the low likelihood of support from the bank's shareholders,
including the European Bank for Reconstruction and Development
(EBRD).  Although such support is possible, Moody's notes that
its predictability is relatively low.

Moody's adds that while Sibacadembank is one of the most
significant local players in the relatively underbanked Western
Siberian market (which is dominated by Sberbank), its market
shares are presently relatively small (however they are
significant compared to other local banks).  Sibacadembank
follows a universal bank model and is developing both retail and
corporate business lines with a strong emphasis on personal and
SME lending, retail deposit products and plastic cards.  Moody's
notes that the entrance of the EBRD as a new shareholder with a
25% + 1 share stake is expected to further strengthen the bank's
corporate governance and boost its franchise in the home region.

According to Moody's, the bank's FSR of E+ incorporates:

      (i) the prudent strategy implemented by the experienced
          management team and endorsed by the bank's supportive
          shareholders;

     (ii) the participation of the EBRD in the bank's share
          capital which reflects positively on the quality of
          management and corporate governance;

    (iii) the relatively strong market position, recognizable
          name and growing retail deposit franchise in the
          bank's home market, even though the market shares are
          relatively small (however they are significant
          compared to other local banks);

     (iv) the currently good asset quality and higher-than-
          average granularity of the loan portfolio;

      (v) the reasonable level (in the Russian context) of
          related party exposure; and

     (vi) the satisfactory liquidity position.

However, Moody's explains that the rating is constrained by the
bank's:

      (i) relatively short track record in its present format;

     (ii) the natural concentration of business in its home
          region, which renders it vulnerable to the health of
          the local economy;

    (iii) certain single-party concentrations within corporate
          loans and deposits;

     (iv) the lackluster, albeit improving, financial
          performance;

      (v) the significant reliance on retail deposit funding
          which is still susceptible to deposit runs in Russia;

     (vi) the competitive threats from existing and new rivals;
          and

    (vii) the potential difficulties associated with the bank's
          operating environment.

Sibacadembank is headquartered in Novosibirsk, in the Russian
Federation, and reported total assets of US$368 million in
accordance with IFRS (unaudited) as of 31 December 2004.

CONTACT:  SIBACADEMBANK
          31/1 Serebrennikovskaya St.
          Novosibirsk, Russia 630099
          Phone: 7-3832-223010
          Fax: 7-3832-223010
          E-mail: drk@sibacadem.ru
          Web site: http://www.sibacadem.ru


SPECIALIZED MECHANIZATION: Assets up for Auction this Week
----------------------------------------------------------
The bidding organizer of open joint stock company Specialized
Mechanization of Building will sell its property on March 2,
2005, 2:00 p.m.  The public auction will take place at Russia,
Bashkortostan republic, Ulan-Ude, Lenina Str. 55, Room 22.  Up
for sale are different workshops for a starting price of
RUB1,806,330.

The list of documentary requirements is available at Russia,
Ulan-Ude, Lenina Str. 55, Room 23.  To participate, bidders must
deposit an amount equivalent to 2% of the starting price to the
settlement account 40603810509160104864 at Buryatskoye OSB #
8601, Ulan-Ude, BIC 048142604, TIN 0323000858, correspondent
account 30101810400000000604.

CONTACT:  SPECIALIZED MECHANIZATION OF BUILDING
          Russia, Bashkortostan republic,
          Ulan-Ude, Poligon, 502 km, d.b/n

          SPECIALIZED STATE ORGANIZATION FUND OF BASHKORTOSTAN
          REPUBLIC PROPERTY
          Bidding Organizer
          Russia, Bashkortostan republic,
          Ulan-Ude, Lenina Str. 55
          Phone/Fax: 8-301-2-21-58-41, 21-39-41


VENGEROVSKOYE BREAD: Novosibirsk Court Appoints Interim Manager
---------------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Vengerovskoye Bread Receiving Enterprise
after finding the open joint stock company insolvent.  The case
is docketed as A45-3861/04-SB/42.  Mr. S. Zhukov has been
appointed insolvency manager.  Creditors have until March 29,
2005 to submit their proofs of claim to 630087, Russia,
Novosibirsk, Post User Box 116.

CONTACT:  VENGEROVSKOYE BREAD RECEIVING ENTERPRISE
          632240, Russia, Novosibirsk region,
          Vengerovo, Titovo Str. 8

          Mr. S. Zhukov
          Insolvency Manager
          630087, Russia, Novosibirsk,
          Post User Box 116


VLADIMIRSKIY FURNITURE: Repeat Public Auction Set Saturday
----------------------------------------------------------
The bidding organizer of close joint stock company Vladimirskiy
Furniture Factory attempts to sell its property again on March
5, 2005, 10:00 a.m.  The public auction will take place at
628181, Russia, Khanty-Mansiyskiy autonomous region Yugra,
Tyumen region, Nyagan, Mira Str. 6A, Building 2.

The assets for sale are:

Lot 1: Buildings complex located at Russia, Vladimir,
       Dobroselskaya Str. 4A.  Starting price: RUB72,500,000
       (inclusive of VAT);

Lot 2: Property complex located at Russia, Vladimir,
       Dmitrievskaya Str. 16.  Starting price: RUB1,570,000;

Lots 3-6: Equipment, debtor's liability.  Starting price:
       RUB849,800.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 12:00 noon on or before March 4, 2005.  The
list of documentary requirements is available at Russia,
Vladimir, Lenina Pr. 22.  To participate, bidders must deposit
an amount equivalent to 10% of the starting price to the
settlement account 40702810300000000640 at LLC Vladprombank,
Vladimir, correspondent account 30101810700000000708, TIN
3302012946, KPP 332701001, BIC 041708708 on or before 12:00
noon, March 4, 2005.

CONTACT:  VLADIMIRSKIY FURNITURE FACTORY
          600016, Russia, Vladimir,
          Dobroselskaya Str. 4A

          INDEPENDENT ESTIMATOR VLAD-INVEST-STORY
          Bidding Organizer
          600015, Russia,
          Vladimir, Lenina Pr. 22
          Phone: (0922) 32-05-56


YUKOS OIL: Files Motion for Reconsideration, New Trial
------------------------------------------------------
Yukos Oil Company filed on February 25 a motion with the U.S.
Bankruptcy Court, Southern District, Houston Division asking
Judge Leticia Clark to reconsider her analysis of Section 1112
(b) of the U.S. Bankruptcy Code and grant a new trial.  That
Code section is governed by a standard of what is best for the
estate and there is substantial evidence that dismissal of the
Yukos bankruptcy case is not in the best interest of the estate.
In addition, the Company filed an expedited motion for stay
while it pursues its post-judgment remedies.

After thoroughly reviewing the opinion of the Judge granting
Deutsche Bank's motion to dismiss, Yukos believes that the Court
erred in applying Section 1112 (b).  There is no evidence that
dismissal will be good for the estate.  Rather, there is very
substantial evidence that the dismissal of the Bankruptcy Case
will be detrimental to the estate.

"Yukos, our shareholders, creditors and our employees are
clearly better off if we are able to continue with our
bankruptcy case in the U.S. Court and we are allowed to pursue
damages against those parties that conspired with the Russian
Government to expropriate Yuganskneftegas in violation of the
automatic stay," said Steve Theede, Chief Executive Officer of
Yukos Oil Company.

The Court expressed concern about the Russian Government likely
ignoring the Company's proposed reorganization plan as well as
the Court's orders concerning Yukos' property in Russia.  These
are legitimate concerns and the only way of knowing for certain
will be to put them to the test and see if the Russian
Government is indeed interested in creating a democracy where
the rule of law and an independent judiciary are supported or
ignored.

CONTACT:  OAO YUKOS OIL
          United States
          Mike Lake
          Phone: (214) 714-2004
          E-mail: mike_lake@dal.bm.com

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

          London
          Claire Davidson
          Phone: +44.7767.351.433
          E-mail: cdavidson@policypartnership.com


YUKOS OIL: Fortifying Structure Against Further Tax Assaults
------------------------------------------------------------
Yukos Oil Deputy Chief Executive Alexander Temerko tells Torrey
Clark at Bloomberg News, in a telephone interview, that the
company will terminate its holding company structure in May 2005
to fend off Russia's tax authorities.

Yukos Trading House will be responsible for the administrative,
logistical and marketing tasks and the employees of the company.
Yukos Oil will soon terminate its existing contracts with:

    -- ZAO Yukos-EP, the exploration and production division;
    -- ZAO Yukos-RM, the sales and marketing division, and
    -- OOO Yukos-Moscow, the management company.

"More money will stay with the subsidiaries," Mr. Temerko told
Bloomberg.  "They'll get a certain amount of independence."

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:  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/


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


CONVERIUM HOLDING: Terry Clarke Replaces Sacked CEO
---------------------------------------------------
The Board of Directors of Converium Holding announces the
appointment of Terry G. Clarke as Chief Executive Officer of the
Group.  His appointment is made with immediate effect.

In making the announcement the Chairman of the Board of
Directors, Peter C. Colombo, says: "[T]he Board believes that a
management change is necessary to bring about a long-term
cultural transformation and restore stakeholder confidence in
the Company."

Terry G. Clarke has been a member of the Board of Directors of
Converium since 2002 and was appointed Managing Director in
September 2004, as from which date he actively assisted his
predecessor Dirk Lohmann and the members of the Global Executive
Committee to improve the communication to the Board and the
decision-making process.

Going forward, Terry G. Clarke said: "[T]he focus is on
rebuilding the long-term value of Converium's franchise and the
creation of a leaner structure."

Mr. Clarke will continue to be a member of the Board of
Directors of Converium.  His presence in both the supervisory
and management boards is expected to continue to improve the
lines of communication with operational management and assure
effective corporate governance going forward.

Terry G. Clarke has extensive management and actuarial
experience in the insurance industry.  Prior to joining
Converium he was the Managing Principal for the North American
practice of Tillinghast-Towers Perrin, an actuarial consulting
firm, where he consulted to the insurance industry.  Prior to
joining Tillinghast he was a member of senior management of the
Norwich Winterthur Group in the United Kingdom.  Mr. Clarke is a
Fellow of the Institute of Actuaries.

About Converium

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium employs more than 700 people in 20 offices around the
globe and is organized into three business segments: Standard
Property & Casualty Reinsurance, Specialty Lines and Life &
Health Reinsurance.  Converium has a "BBB+" rating (outlook
stable) from Standard & Poor's and a "B++" rating (outlook
stable) from A.M. Best Company.

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

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


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


BOGDANIVSKE: Urges Creditors to File Claims as soon as Possible
---------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Bogdanivske (code EDRPOU 03793780) on
December 27, 2004 after finding the limited liability company
insolvent.  The case is docketed as 10/3976.  Mr. Holod Viktor
has been appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) BOGDANIVSKE
    20940, Ukraine, Cherkassy region,
    Chigirin district, Subotiv

(b) Mr. Holod Viktor,
    Liquidator/Insolvency Manager
    20910, Ukraine, Cherkassy region,
    Chigirin district, Ratseve,
    Kalantayivska Str. 8

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


GAS SUPPLYING: Declared Insolvent
---------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Gas Supplying Company (code EDRPOU 30781778)
on December 27, 2004 after finding the limited liability company
insolvent.  The case is docketed as 24/353-b.  Arbitral manager
Mr. Kolonskij Sergij (License Number AA 250200) has been
appointed liquidator/insolvency manager.

CONTACT:  GAS SUPPLYING COMPANY
          03141, Ukraine, Kyiv region,
          Volgogradska Str. 15A

          Mr. Kolonskij Sergij
          Liquidator/Insolvency Manager
          08623, Ukraine, Kyiv region,
          Vasilkivskij district, Kalinivka,
          Lenin Str. 82/42

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue, 20


RAVENTU-AGRO: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Raventu-Agro (code EDRPOU 24122149) on
December 21, 2004.  The case is docketed as 6/281-B.  Arbitral
manager Mr. Y. Kalabuha (License Number AA 79144) has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) RAVENTU-AGRO
    Ukraine, Herson region,
    Sovetska Str. 40

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


RESPEKT: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Respekt (code EDRPOU 31863712) on January 5,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/22.  Arbitral manager Mr. Mihajlo Melnik
(License Number AA 783232) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) RESPEKT
    Ukraine, Kyiv region,
    Vasilkivska Str. 49, Body 1, 69

(b) Mr. Mihajlo Melnik
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Kudryashov Str. 5/129

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


RIVNEOBLBUD: Bankruptcy Proceedings Begin
-----------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Rivneoblbud (code EDRPOU 31471021) on
December 23, 2004 after finding the limited liability company
insolvent.  The case is docketed as 8/51.  Mrs. Lesya Tihonchuk
(License Number AA 484205) has been appointed
liquidator/insolvency manager.

CONTACT:  RIVNEOBLBUD
          Ukraine, Rivne region,
          Gosha, Shevchenko Str. 1

          Mrs. Lesya Tihonchuk
          Liquidator/Insolvency Manager
          33001, Ukraine, Rivne region,
          Bichna Str. 12

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


TORGMET: Court Freezes Debt Payments
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Torgmet (code EDRPOU 30965461) on November
25, 2004 after finding the limited liability company insolvent.
The court likewise ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 43/969.  Creditor
LLC LinkTelekomUkraina has been appointed liquidator/insolvency
manager.  The company holds account number 26008001000440 at
OJSC Ukrainian Credit-Financial Bank, Kyiv region branch, MFO
321723.

Creditors may submit their proofs of claim to:

(a) TORGMET
    Ukraine, Kyiv region,
    Narodnogo Opolchennya Str. 1

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


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


26 CHRISTCHURCH: Hires Liquidator from Tomlinsons
-------------------------------------------------
At the meeting of 26 Christchurch Road Limited, the special and
ordinary resolutions to wind up the company were passed.  Alan
H. Tomlinson of Tomlinsons, St Johns Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


A H PARKER: Names Mercer & Hole Administrator
---------------------------------------------
Steven Leslie Smith and John Anthony Dickinson (IP Nos 6424,
9342) have been appointed administrators for A H Parker Limited.
The appointment was made Feb. 17, 2005.  The company is into
general construction and civil engineering.  Its registered
office is located at Unit 19, New Hainault Works, Hainault Road,
Little Heath, Romford, Essex RM6 5NF.

CONTACT:  MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


AZARA SHIPPING: Members Final Meeting Set March 23
--------------------------------------------------
The final meeting of the members of Azara Shipping UK Limited
will be on March 23, 2005 at 10:00 a.m.  It will be held at
Moore Stephens, 1 Snow Hill, London EC1A 2EN.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Moore Stephens, 1 Snow Hill, London EC1A 2EN not later than
12:00 noon, March 22, 2005.

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


BARBER LETTING: Calls in Administrator from Kingston Smith
----------------------------------------------------------
Timothy James Bramston (IP No 008278) has been appointed
administrator for Barber Letting Limited.  The appointment was
made Feb. 17, 2005.  The company manages public houses.

CONTACT:  KINGSTON SMITH & PARTNERS LLP
          105 St Peter's Street,
          St Albans, Hertfordshire AL1 3EJ
          Phone: 01727 896 000
          Fax: 01727 896 001
          Web site: http://www.kingstonsmith.co.uk


BIRCH CORPORATE: Hires Tenon Recovery as Administrator
------------------------------------------------------
Stanley Donald Burkett-Coltman and Trevor John Binyon (IP Nos
9181, 9285) have been appointed administrators for Birch
Corporate Design Limited.  The appointment was made Feb. 16,
2005.  The company is into interior designs.  Its registered
office is located at 73 Baker Street, London W1U 6RD.

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


BRIGHTSTERN LTD.: Members General Meeting Next Month
----------------------------------------------------
The general meeting of the members of Brightstern Ltd. will be
on March 31, 2005 at 2:00 p.m.  It will be held at KPMG LLP, 8
Princes Parade, Liverpool L3 1QH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy form must be lodged with
KPMG LLP, 8 Princes Parade, Liverpool L3 1QH not later than
12:00 noon, March 30, 2005.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax: (0151) 473 5200
            Or +44(0)151 473 5200
          Web site: http://www.kpmg.co.uk


CONSAFE HOLDINGS: Deloitte & Touche Joint Receivers Enter Firm
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Consafe Holdings U.K. Limited
                         (In Receivership)

I, John C Reid and my partner James B Stephen, of Deloitte &
Touche LLP, Lomond House, 9 George Square, Glasgow, hereby give
notice that on February 1, 2005, we were appointed Joint
Receivers of the whole property and assets of Consafe Holdings
U.K. Limited in terms of section 51 of the Insolvency Act 1986.

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

John C. Reid and James B. Stephen, Joint Receivers

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


CORUS GROUP: Obtains New EUR800 Million Bank Facility
-----------------------------------------------------
Corus Group plc on Thursday signed a new EUR800 million banking
facility with a consortium of relationship banks.  The credit
line replaces the existing facility on more favorable terms and
with a reduced security package.  The new revolving facility has
a final maturity date of 31 December 2008 and provides committed
bank financing for general corporate purposes and working
capital requirements.

Taking account of the new facility, together with the Group's
existing bonds and debentures, total committed borrowing
facilities available to the Group now amount to around EUR2.7
billion.

                            *   *   *

The principal terms of the new syndicated facility:

(a) The facility has two tranches (a EUR700 million facility
    available to Corus and Corus Nederland B.V., and a further
    EUR100 million for Corus Nederland B.V. only);

(b) The Corus facility will reduce by an amount up to EUR100
    million on 1 January 2008, less any prior reductions, and
    will not be required to be reduced below EUR550 million;

(c) Fixed security over shares in Corus Nederland B.V. and its
    U.K. holding companies and a floating charge over the assets
    of Corus Group plc (but excluding its shares in Corus U.K.
    Limited).  Unlike the existing facility, the banks
    participating in the new facility will not have any security
    over the shares and assets of Corus U.K. Limited or Corus
    Finance plc; and

(d) Covenants:

     (i) Group EBITDA/net interest cover and Nederland Group
         EBITDA/Nederland Group net interest cover shall not be
         less than: 3.5 times until the end of December 2006; 4
         times until the end of 2007; and, 4.5 times until the
         end of December 2008;

    (ii) Group consolidated net tangible worth (after allowing
         for impairment/restructuring costs) shall not be less
         than GBP2.5 billion until the end of 2006; GBP2.75
         billion until the end of 2007; and, GBP3 billion until
         the end of 2008.  Nederland Group consolidated net
         tangible worth shall not be less than EUR2 billion;

   (iii) Dividends of up to 50% of consolidated net income
         (prior to exceptional items) are permitted, subject to
         Group EBITDA/net interest cover of at least 4.5 times;
         and

    (iv) Group gearing (net debt/net tangible worth, after
         allowing for impairment/restructuring costs) shall not
         exceed 65% until the end of June 2005; 60% until the
         end of December 2007; and 55% until the end of December
         2008.  Nederland Group gearing shall not exceed 35%
         until the end of December 2008.

Corus Group plc (LSE/AEX: CS; NYSE: CGA) is one of the world's
largest metal producers with an annual turnover of GBP8 billion
and major operating facilities in the U.K., the Netherlands,
Germany, France, Norway and Belgium.  Corus' four divisions
comprising Strip Products, Long Products, Distribution &
Building Systems and Aluminium provide innovative solutions to
the construction, automotive, packaging, mechanical engineering
and other markets worldwide.  Corus has 48,500 employees in over
40 countries and sales offices and service centers worldwide.
Combining international expertise with local customer service,
the Corus brand represents quality and strength.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY,
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


D. C. SCOTLAND: Liquidator Sets Claims Deadline
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF D. C. (Scotland) Limited
                          (In Liquidation)

I, Kenneth Wilson Pattullo, of Begbies Traynor, 4th Floor, 78 St
Vincent Street, Glasgow G2 5UB, hereby give notice, pursuant to
Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on
January 28, 2005, I was appointed Liquidator of D. C. (Scotland)
Limited by a Resolution of the First Meeting of Creditors held
in terms of section 138(3) of the Insolvency Act 1986.  No
Liquidation Committee was established.

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

Kenneth Wilson Pattullo, Liquidator
February 7, 2005

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


DESIGNLINE FURNITURE: Names Menzies Administrator
-------------------------------------------------
Jason James Godefroy and Andrew John Duncan (IP Nos 9097 9319)
have been appointed administrators for Designline Furniture
Limited.  The appointment was made Feb. 17, 2005.  The company
manufactures and sells flatpack furniture.

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


EBOOKERS PLC: High Court Okays Sale to Cendant
----------------------------------------------
The Board of ebookers plc announced that at a hearing Thursday,
the High Court sanctioned the scheme of arrangement to effect
the recommended acquisition for cash by Cendant U.K. Acquisition
Corporation of ebookers plc announced on 2 December 2004.  The
court also confirmed the Capital Reduction associated with the
Scheme.  The Scheme was approved by ebookers Shareholders on 24
January 2005 at a court meeting and an extraordinary general
meeting of the Company.

The Scheme is expected to become effective on 28 February 2005.
Listing and dealings in ebookers Shares on the London Stock
Exchange are expected to be suspended and ebookers Shares are
expected to cease to settle in CREST as of 4:30 p.m. (London
time) on 25 February 2005.

Application has been made for the listing of ebookers Shares on
the Official List of the U.K. Listing Authority to be cancelled
with effect from 1 March 2005.  ebookers Shares will cease to be
admitted to trading on the London Stock Exchange's market for
listed securities from the same date.

A request will be made to NASDAQ to cancel the listing of the
ebookers ADSs with effect from 28 February 2005.  In addition,
the Company intends to terminate the Deposit Agreement with JP
Morgan Chase Bank, N.A. through which the ebookers ADS program
is operated.

Unless otherwise stated, all references to time in this
announcement are to London time.  The dates in this announcement
are indicative only.  These dates depend, amongst other things,
on the date upon which the Court Order is delivered to the
Registrar and whether the Conditions are satisfied or, if
capable of waiver, waived.

Capitalized terms used and not otherwise defined in this
announcement have the meanings ascribed to them in the circular
to ebookers Shareholders relating to the Scheme dated 22
December 2004.

CONTACT:  EBOOKERS PLC
          Press enquiries:
          Latasha Malik
          Phone: +44 (0) 207 489 2451

          CUBITT CONSULTING
          (Media Relations Adviser to ebookers)
          Simon Brocklebank-Fowler
          Michael Henman
          Phone: +44 (0) 20 7367 5100

          CREDIT SUISSE FIRST BOSTON
          (Financial Adviser to ebookers)
          Andrew Christie
          Simon Taurins
          Ian Brown
          Phone: +44 (0) 20 7888 8888

          ERNST & YOUNG
          (Independent Financial Adviser to ebookers)
          John Stephan
          Steve Taylor
          Phone: +44 (0) 20 7951 2000

          CENDANT
          Media Relations Contacts
          Neil Bennet

          MAITLAND
          (U.K. enquiries)
          David Sturken
          (European enquiries)

          Phone: +44 (0) 20 7379 5151

          Investor Relations Contacts
          Sam Levenson
          Henry A. Diamond
          Phone: +1 (212) 413 1832
                 +1 (212) 413 1920

          CITIGROUP GLOBAL MARKETS LIMITED
          (Financial Adviser to Cendant)
          Peter Tague
          Iain Robertson
          Grant Kernaghan
          Phone: +44 (0) 20 7986 4000


EVERGER ASSOCIATES: Liquidator to Give Update Next Month
--------------------------------------------------------
The general meeting of Everger Associates Limited will be on
March 31, 2005 at 11:00 a.m.  It will be held at Deloitte &
Touche, 66 Shoe Lane, London EC4A 3WA.  The purpose of the
meeting is to receive the account showing how the winding-up has
been conducted and the property of the company disposed of, and
to hear any explanation that may be given by the liquidator.
Members who want to be represented at the meeting may appoint
proxies.

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


EXY GROUP: Appoints Administrators from RSM Robson Rhodes
---------------------------------------------------------
Geoffrey Paul Rowley, Simon Peter Bower and Trevor Patrick
O'Sullivan (IP Nos 8919, 8338, 8677) have been appointed joint
administrators for holding company EXY Group Plc.  The
appointment was made Feb. 16, 2005.  Its registered office is
located at Montrose House, 412-416 Eastern Avenue, Ilford, Essex
IG2 6NQ.

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


GLENLINK CONSTRUCTION: Creditors Meeting Next Week
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Glenlink Construction Limited
                        (In Liquidation)

We, Robert Caven and Matthew Henderson, of Grant Thornton U.K.
LLP, 95 Bothwell Street, Glasgow G2 7JZ, give notice that we
were appointed Joint Interim Liquidators of Glenlink
Construction Limited by Interlocutor of the Sheriff of south
Strathclyde Dumfries and Galloway at Lanark, on January 28,
2005.

Notice is hereby given that, in terms of section 138(4) of the
Insolvency Act 1986, a Meeting of Creditors of the company will
be held at 95 Bothwell Street, Glasgow G2 7JZ, on March 10,
2005, at 11:00 a.m. for the purposes of choosing a Liquidator
and of determining whether to establish a Liquidation committee
as specified in sections 138(3) and 142(1) of the said Act.  A
list of names and addresses of the Company's Creditors will be
available for inspection, free of charge, at the office below,
two business days prior to the meeting.

All creditors are entitled to attend in person or by proxy, and
a resolution will be passed by a majority of those voting.
Creditors may vote whose claims and proxies have been submitted
and accepted at the meeting or lodged beforehand at my office.
For the purpose of formulating claims, creditors should note
that the date of liquidation is December 7, 2004.

Robert Caven, Joint Interim Liquidator
February 3, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


GUESTOAK LIMITED: Members General Meeting March 31
--------------------------------------------------
The general meeting of the members of Guestoak Limited will be
on March 31, 2005 at 2:30 p.m.  It will be held at KPMG LLP, 8
Princes Parade, Liverpool L3 1QH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG LLP, 8 Princes Parade, Liverpool L3 1QH not later than
12:00 noon, March 30, 2005.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax: (0151) 473 5200
            Or +44 (0) 151 473 5200
          Web site: http://www.kpmg.co.uk


ISLINGTON TRANSFORMER: Liquidator from Tomlinsons Moves in
----------------------------------------------------------
At the meeting of Islington Transformer Limited, the special and
ordinary resolutions to wind up the company were passed.  Alan
H. Tomlinson of Tomlinsons, St Johns Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


IT IMAGE: Falls into Administration
-----------------------------------
Name of companies:
IT Image Limited
Office Green Technologies Limited
Tonerflow Limited

Geoffrey Paul Rowley, Simon Peter Bower and Trevor Patrick
O'Sullivan (IP Nos 8919, 8338, 8677) have been appointed joint
administrators for these companies.  The appointment was made
Feb. 16, 2005.

The companies manufacture ancilliary-printing activities and
other computer related activities.  Its registered office is
located at Suite 7, Coach House Cloisters, Hitchin Street,
Baldock, Hertfordshire SG7 6AE.

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


KNOWLE BRACKNELL: Calls in Liquidator from Tomlinsons
-----------------------------------------------------
At the meeting of Knowle Bracknell Limited, the special and
ordinary resolutions to wind up the company were passed.  Alan
H. Tomlinson of Tomlinsons, St Johns Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


MACFARLANES 105: Hires Kroll Limited as Administrator
-----------------------------------------------------
Andrew J. Pepper and Alastair P. Beveridge (IP Nos 9050, 8991)
have been appointed administrators for Macfarlanes 105 Limited.
The appointment was made Feb. 11, 2005.

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


MURCAR PROPERTIES: Hires Tomlinsons to Liquidate Business
---------------------------------------------------------
At the meeting of Murcar Properties Limited, the special and
ordinary resolutions to wind up the company were passed.  Alan
H. Tomlinson of Tomlinsons, St Johns Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


NIRVANA PRINT: Administrator from Bond Partners Moves in
--------------------------------------------------------
T. Papanicola (IP No 005496) has been appointed administrator
for Nirvana Print Solutions Limited.  The appointment was made
Feb. 11, 2005.  The company offers printing services.  Its
registered office is located at The Grange, 100 High Street,
London N14 6TG.

CONTACT:  BOND PARTNERS LLP
          The Grange,
          100 High Street,
          London N14 6TG


PARKSIDE FLEXIBLES: Joint Administrators from PwC Step in
---------------------------------------------------------
Edward Klempka, Stephen Taylor and Ian David Stokoe (IP Nos
5791, 7821, 6587) have been appointed joint administrators for
printing company Parkside Flexibles S.A.  The appointment was
made Feb. 9, 2005.

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


PEPPERPOT DIRECT: Names Fisher Partners Administrator
-----------------------------------------------------
Michael B. Davis (IP No 3416) has been appointed administrator
for Pepperpot Direct Limited (formerly Greenwich Direct
Limited).  The appointment was made Feb. 17, 2005.

CONTACT:  FISHER PARTNERS
          Acre House,
          11-15 William Road,
          London NW1 3ER


PROTECH ELECTRONIC: Sets Creditors Meeting Wednesday
----------------------------------------------------
The creditors of Protech Electronic Services Limited will meet
on March 2, 2005 at 3:00 p.m.  It will be held at The Grange,
100 High Street, London N14 6TG.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to Bond
Partners LLP, The Grange, 100 High Street, London N14 6TG not
later than 12:00 noon, March 1, 2005.

CONTACT:  BOND PARTNERS LLP
          The Grange,
          100 High Street,
          London N14 6TG


PRTC LIMITED: Schedules First Creditors Meeting Mid-March
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF PRTC Limited
                         (In Liquidation)

I, Fraser J. Gray, of Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, hereby give notice that I was appointed
Interim Liquidator of PRTC Limited on February 1, 2005, by order
of the Lord Ordinary of the Court of Session.

Notice is hereby given pursuant to section 138 of the Insolvency
Act 1986 that the First Meeting of Creditors of the company will
be held within Afton House, 26 West Nile Street, Glasgow G1 2PF,
on March 14, 2005, at 3:00 p.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 October 13, 2004.  Proxies may also be lodged
with me at or before the meeting at my office.

Fraser J. Gray, Interim Liquidator
February 4, 2005

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


QRB SERVICES: Liquidator Takes over Operations
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF QRB Services Limited
                         (In Liquidation)

Notice is hereby given in accordance with Rule 4.18 of the
Insolvency (Scotland) Rules 1986, that, on January 14, 2005, I,
Michael J. M. Reid, CA, 12 Carden Place, Aberdeen AB10 1UR, was
appointed Liquidator of QRB Services Limited by Order of the
Sheriff at Alloa.  A Liquidation Committee has not been
established and I do not propose to summon a separate meeting
for this purpose unless requested to do so by one-tenth, in
value, of the Company's Creditors.

All Creditors, who have not yet lodged a statement of their
claim with me, are requested to do so in early course.

Michael J. M. Reid, CA, Liquidator
February 3, 2005

CONTACT:  MESTON REID & CO.
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com


RED ROSE: Hires Begbies Traynor as Administrator
------------------------------------------------
Andrew David Dick and David Robert Acland (IP Nos 8688, 8894)
have been appointed joint administrators for Red Rose Stitching
Company Limited.  The appointment was made Feb. 14, 2005.  The
company is into finishing textiles.  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


RENTOKIL INITIAL: Ratings Unaffected by Proposed Reorganization
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on U.K.-based facility service company Rentokil Initial PLC
(BBB+/Stable/--) remain unchanged following the group's
announcement that it plans to carry out a corporate
reorganization.

The reorganization, which will include a new listed holding
company, is intended to ensure that sufficient distributable
reserves remain to support likely future dividend payments.
Current distributable reserves are expected to be negatively
affected by the implementation of International Financial
Reporting Standards (IFRS), in particular by the need to
recognize the pension fund deficit as a liability.  The
reorganization will include a technical change to the group's
capital structure by reducing share capital to create
distributable reserves in the new holding company.

Standard & Poor's expects that there will be no change in
Rentokil Initial's financial policy due to the reorganization,
that existing debt will be transferred successfully to the new
holding company, and that the new debt structure will mirror the
existing structure.

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

          RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


SANDY LANE: Names Tomlinsons Liquidator
---------------------------------------
At the meeting of Sandy Lane Properties Limited, the special and
ordinary resolutions to wind up the company were passed.  Alan
H. Tomlinson of Tomlinsons, St Johns Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


SANYO GALLENKAMP: Liquidator from BDO Stoy Hayward Enters Firm
--------------------------------------------------------------
At the extraordinary general meeting of Sanyo Gallenkamp Plc on
Jan. 27, 2005 held at SANYO Europe Ltd., Otterspool Way,
Watford, Hertfordshire WD25 8JX, the subjoined special
resolution to wind up the company was passed.  A. P. Supperstone
of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD has
been appointed liquidator of the company.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


SHOTVENT LIMITED: Real Estate Developer Files for Administration
----------------------------------------------------------------
Andrew J. Pepper and Alastair P. Beveridge (IP Nos 9050, 8991)
have been appointed administrators for Shotvent Limited.  The
appointment was made Feb. 11, 2005.  The company develops and
sells real estate.

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


SJD CONSULTANTS: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of SJD
Consultants Limited on Feb. 15, 2005 held at The Grange, 100
High Street, London N14 6TG, the extraordinary and ordinary
resolutions to wind up the company were passed.  T. Papanicola
has been appointed liquidator of the company.


TAYLOR WOODROW: Hires Liquidator from Crane & Partners
------------------------------------------------------
At the extraordinary general meeting of Taylor Woodrow IP on
Feb. 17, 2005 held at Sussex House, 8-10 Homesdale Road,
Bromley, Kent BR2 9LZ, the subjoined special resolution to wind
up the company was passed.  Guy Charles David Harrison of Crane
& Partners, Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2
9LZ has been appointed liquidator of the company.


U.K. COAL: New Work Schedule Keeps Welbeck Colliery Open
--------------------------------------------------------
Further to the announcement on February 10, 2005 of the closure
of Welbeck Colliery due to an uneconomic mining plan, U.K. Coal
is reporting that an overwhelming majority of the colliery's
520-strong workforce have since agreed to work new shift
patterns, which will increase machine utilization time by almost
40%.

Forecast production gaps of up to three months costing around
GBP1 million a week will be eliminated, enabling the colliery to
produce around 1.5 million tons of coal a year.  As a result
U.K. Coal has agreed, subject to achievement of key performance
targets, to suspend plans to close the colliery.

U.K. Coal Chief Executive Gerry Spindler said: "The workforce
and the unions have broken the mould which defined costs and
condemned pits to closure in the past.  It has required the best
ideas and an unequivocal commitment from the workforce, and I am
privileged to work with them."

As a result of the new working arrangements, the review of the
carrying value of the assets associated with Welbeck and a
charge of around GBP13 million in the 2004 accounting period, as
announced previously is now not considered necessary.

CONTACT:  U.K. COAL
          Financial
          Ken Cronin
          Phone: 0207 554 1400

          GAVIN ANDERSON & COMPANY
          Mobile: 07887 591 499

          Operational:
          Stuart Oliver
          Phone: 01525 381759
          Mobile: 07774 231178


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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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