/raid1/www/Hosts/bankrupt/TCREUR_Public/050301.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

             Tuesday, March 1, 2005, Vol. 6, No. 42

                            Headlines

C Y P R U S

C.C.C. TOURIST: Full-year Net Loss Down 90%


G E R M A N Y

ATTRAKTION MANAGEMENT: Provisional Administrator Takes over Helm
BAHRE BEDACHUNGEN: Administrator's Report Out April
CEBU INTERNATIONAL: Hannover Court to Review Claims April
CTA ALVERMANN: Claims Filing Period Expires Mid-March
ELEKTROANLAGEN SASS: Creditors Meeting Set Last Week of April

FALKO DRECHSLER: Hamburg Court Stays All Pending Lawsuits
HUGH MACKAY: Gives Creditors Until Next Week to File Claims
INTERNATIONALE SPEDITION: Claims Verification Set Mid-April
SIESE & SCHARNHORST: Succumbs to Bankruptcy
THIEMANN STRASSENBAU: Court Appoints Interim Administrator


H U N G A R Y

STYL RUHAGYAR: Fires Additional 450 Workers


K A Z A K H S T A N

TEMIRBANK: Short-term Rating Affirmed at 'B'; Outlook Stable


L U X E M B O U R G

CAESAR FINANCE: Class B Notes Affirmed at 'B+'
STOLT-NIELSEN: Plans to Redeem US$295.4 Mln Senior Notes


N E T H E R L A N D S

HEAD N.V.: Ratings Lowered to 'B' on Declining Profitability
HEAD N.V.: 2004 Revenues, Operating Profit Slightly Up


N O R W A Y

PETROLEUM GEO-SERVICES: Cuts Full-year Net Loss to US$49.3 Mln


R U S S I A

AGRICULTURAL CHEMICAL: Cedes Control to Insolvency Manager
AGRO-OIL: Applies for Bankruptcy Proceedings
BLAGOVESHENSKIY BAKERY: Claims Filing Period Expires Today
ELEVATOR: Last Day for Filing Claims March 29
FACTORY BEZHETSK-SEL-MASH: Sets Public Auction Next Week

KALUZHSKIY HOMEBUILDING: Creditors Claims Due Saturday
MUSLYUMOVSKOYE BREAD: Court Appoints Insolvency Manager
RAZREZ TAL-YURYAKH: Proofs of Claim Deadline Expires Today
TORBEEVSKOYE: Declared Insolvent
VOLGA-BYT-PROM: Enlisting for Auction Ends Today


S L O V A K   R E P U B L I C

SLOVENSKE ELEKTRARNE: Fitch Hails Privatization; Mulls Upgrade


T U R K E Y

PETROL OFISI: Outlook Changed to Positive on Improved Cash flow


U K R A I N E

AGRARNIK: Zhitomir Court Appoints Insolvency Manager
DRUZHBA: Names Dmitro Litsoyev Insolvency Manager
HARKIV' ENERGO-REPAIR: Under Bankruptcy Supervision
KUPYANSK' CAST: Declared Insolvent
LEGAS-HARKIV: Succumbs to Bankruptcy

STAROKOSTYANTINIV' SUGAR: Insolvency Manager Steps in
TALISMAN: Kirovograd Court Names G. Bilodid Insolvency Manager
UKRAINIAN SCIENTIFIC-EXPLORATORY: Under Bankruptcy Supervision
UNIVERSAL: Urges Creditors to File Claims as soon as Possible


U N I T E D   K I N G D O M

ABBEY NATIONAL: Back in Black, Says CEO
ABBEY NATIONAL: Names New Board Appointees
ACCLAIM ENTERTAINMENT: Sells Two Console Games to F4G Software
ALLDERS CARD: In Administrative Receivership
BAE SYSTEMS: Completes Transfer of SAAB Shares

BASIL INVESTMENTS: Appoints Liquidator from KPMG
BEAMCAM LIMITED: Succumbs Liquidation
BOX CLEVER: Creditors to Meet Mid-March
COLLINGWOOD BARHAM: Liquidators' Report Due Later this Month
COLT TELECOM: Deploys Huawei Technology Across Europe

CORUS GROUP: New EUR800 Mln Senior Secured Facility Rated 'BB-'
D-FINE: Calls in Receivers from Begbies Traynor
DHD GROUP: Travel Agency Succumbs to Liquidation
GRANGE COMPUTER: No more cash for Creditors, Says Liquidator
HHG NEW: Calls in Liquidators from KPMG

KLAUS-KOBEC: Falls into Administration
LINKFAYRE LIMITED: Former Director Banned for 13 Years
NEWSTYLE WINDOWS: Regulator Disqualifies Director
NH COMPUTER: Insolvency Service Bans Former Director
NPI ANNUITIES: Files for Liquidation

NTL INCORPORATED: Sets Results Conference Call March 15
ONE STOP: Creditors Meeting this Week
PHONETICS (U.K.): Creditors to Meet Today
RSMC LIMITED: Liquidator's Report Out April
SOUTH WEST: Director Banned from Occupying Management Post

STRIKEBACK LIMITED: Members, Creditors Meeting April
TOUCHE REMNANT: Members Call in Liquidator
UNIGREG LIMITED: Directors Get Eight-year Ban
WIGGY'S WORLD: Liquidator to Deliver Report this Month

* Large Companies with Insolvent Balance Sheets


                            *********


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


C.C.C. TOURIST: Full-year Net Loss Down 90%
-------------------------------------------
                             2004               2003
                           CYP 000            CYP 000

Net Loss for the year
   after taxation             (167)            (1,704)

The Board of Directors of the Company approved the indicative
financial results for the year ended December 31, 2004 at a
meeting held on February 24, 2005.

The above results include the results of the Company's wholly
owned subsidiary L' Union Nationale (Tourism & Sea Resorts)
Ltd., which owns Le Meridien Limassol Spa & Resort.  The Group's
turnover was CYP9,919,000 compared to CYP6,930,000 in 2003.

The net loss for the year amounted to CYP167,000, compared to
net loss of CYP1,704,000 in 2003.

The operational results of the year (profit CYP26,000) have
substantially improved compared to those of the previous year,
(loss CYP1,600,000) due to higher occupancies and because last
year's results were adversely affected by extensive construction
works.

Based on the feedback we receive from our business associates
abroad, the Group's results from operations for the year 2005
are expected to be much better than those of 2004.  The
indicative consolidated financial results for the year ended
December 31, 2004 and the explanatory notes will be published on
Monday February 28, 2005, in the daily newspaper Phileleftheros.

Copies of the indicative consolidated financial results for the
year ended December 31, 2004 and the explanatory notes can be
obtained, free of charge, at the company's registered office at
197 Makarios III Avenue, 3030 Limassol.

CONTACT:  C.C.C. TOURIST ENTERPRISES LTD.
          197 Makarios III Avenue
          3030 Limassol, Limassol
          Phone: 25891000
          Fax: 25343211
          E-mail: ccc@cytanet.com.cy
          Web site: http://www.ccctourist.com


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


ATTRAKTION MANAGEMENT: Provisional Administrator Takes over Helm
----------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Attraktion Management Regenwaldhaus GmbH on Feb. 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 30,
2005 to register their claims with court-appointed provisional
administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 2:00 p.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  ATTRAKTION MANAGEMENT REGENWALDHAUS GMBH
          Winterhuder Marktplatz 7
          22299 Hamburg
          Contact:
          Carl-Otto Wenzel, Manager

          Helge Wachsmuth, Insolvency Manager
          Alexanderstr. 2
          30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


BAHRE BEDACHUNGEN: Administrator's Report Out April
---------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Bahre Bedachungen GmbH on Feb. 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 21, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jur Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 8:00 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  BAHRE BEDACHUNGEN GMBH
          Lister Kirchweg 24
          30163 Hannover
          Contact:
          Matthias Bahre, Manager

          Dr. Jur Rainer Eckert, Insolvency Manager
          Lister Strasse 18
          30163 Hannover
          Phone: 0511/626287-0
          Fax: 0511/626287-10


CEBU INTERNATIONAL: Hannover Court to Review Claims April
---------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against CEBU International GmbH & Co. KG on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 22, 2005
to register their claims with court-appointed provisional
administrator Jens Wilhelm V.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 10:10 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  CEBU INTERNATIONAL GMBH & CO. KG
          Dohrbruch 24
          30559 Hannover
          Contact:
          Frank R. Cebu, Manager

          Jens Wilhelm V, Insolvency Manager
          Oskar-Winter-Str. 8
          30161 Hannover
          Phone: 0511/696846-0
          Fax: 0511/696846-79


CTA ALVERMANN: Claims Filing Period Expires Mid-March
-----------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against CTA J. Alvermann GmbH on Feb. 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 14, 2005 to
register their claims with court-appointed provisional
administrator Ralph Bunning.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 12:30 p.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  CTA J. ALVERMANN GMBH
          Luneburger Str. 10
          30880 Laatzen
          Contact:
          Jurgen Alvermann, Manager

          Ralph Bunning, Insolvency Manager
          Karl-Wiechert-Allee 1c
          30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


ELEKTROANLAGEN SASS: Creditors Meeting Set Last Week of April
-------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Elektroanlagen Sass GmbH on Feb. 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 23, 2005 to
register their claims with court-appointed provisional
administrator Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:00 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  ELEKTROANLAGEN SASS GMBH
          Abbestr. 17
          30519 Hannover
          Contact:
          Alfred Sass, Manager

          Christopher Seagon, Insolvency Manager
          Bernwardstrasse 11
          31134 Hildesheim
          Phone: 05121/74974-0
          Fax: 05121/74974-17


FALKO DRECHSLER: Hamburg Court Stays All Pending Lawsuits
---------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Falko Drechsler Gastronomie Consulting GmbH on Jan. 31,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 23,
2005 to register their claims with court-appointed provisional
administrator Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 9:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg
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:  FALKO DRECHSLER GASTRONOMIE CONSULTING GMBH
          Friedhofsweg 15
          22337 Hamburg

          Falko Drechsler, Manager
          Nolkensweg 4
          22307 Hamburg

          Ingmar Jarchow, Insolvency Manager
          Colonnaden 21
          20354 Hamburg
          Phone: 3501690
          Fax 35016915


HUGH MACKAY: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Hugh Mackay and Co. GmbH on Jan. 28, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 11, 2005
to register their claims with court-appointed provisional
administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 10:40 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  HUGH MACKAY AND CO. GMBH
          Willhoop 1
          22453 Hamburg

          Wolfgang Refeld, Manager
          Konig-Heinrich-Weg 204b
          22455 Hamburg

          Stefan Hinrichs, Insolvency Manager
          Osterbekstrasse 90 a
          22083 Hamburg
          Phone: 040/41004040
          Fax 040/41004059


INTERNATIONALE SPEDITION: Claims Verification Set Mid-April
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against I.S.L. Internationale Spedition D. Lange GmbH on Feb. 1,
2005.  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 Dr. Jorn-H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 9:35 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg
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:  I.S.L. INTERNATIONALE SPEDITION D. LANGE GMBH
          Halskestrasse 561
          22113 Hamburg
          Contact:
          Dieter Lange, Manager

          Dr. Jorn-H. Meyn, Insolvency Manager
          Herrengraben 31
          20459 Hamburg
          Phone: 36805600
          Fax 36805368


SIESE & SCHARNHORST: Succumbs to Bankruptcy
-------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Siese & Scharnhorst GbR on Feb. 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 23, 2005 to
register their claims with court-appointed provisional
administrator Gerhard Wilhelm IV.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:10 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  SIESE & SCHARNHORST GBR
          Magdeburger Str. 9a
          30880 Laatzen
          Contact:
          Christa Siese, Manager

          Gerhard Wilhelm IV, Insolvency Manager
          Oskar-Winter-Str. 8
          30161 Hannover
          Phone: 0511/696846-0
          Fax: 0511/696846-79


THIEMANN STRASSENBAU: Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Thiemann Strassenbau GmbH on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 14, 2005
to register their claims with court-appointed provisional
administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:40 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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:  THIEMANN STRASSENBAU GMBH
          Kreisstr. 17
          30629 Hannover
          Contact:
          Karla Thiemann, Manager

          Helge Wachsmuth, Insolvency Manager
          Alexanderstr. 2
          30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


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


STYL RUHAGYAR: Fires Additional 450 Workers
-------------------------------------------
After cutting down 250 jobs last year, Styl Ruhagyar will axe
another 450 this June, just-style reports.

Despite revenues of HUF3.5 million last year, the clothing
manufacturer expects a loss of HUF300 million in 2004.  Just
last month, two creditors of the company filed claims against
the company.


===================
K A Z A K H S T A N
===================


TEMIRBANK: Short-term Rating Affirmed at 'B'; Outlook Stable
------------------------------------------------------------
Fitch Ratings on Friday affirmed Kazakhstan-based Temirbank's
(Temir) ratings at Long-term 'B', Short-term 'B', Individual
'D', and Support '5'.  The Outlook is Stable.

Temir's Long-term, Short-term and Individual ratings reflect its
high-risk operating environment, low level of profitability,
small, albeit growing, franchise, and the high degree of
concentration in the loan portfolio.  However, the ratings also
recognize the bank's currently adequate capitalization and the
reasonable level of internal controls and, to date, asset
quality.

Temir's growth decelerated in 2002 and remained low in 2003, due
primarily to disruption caused by changes in ownership and
management and the loss of business with the Astana Group, the
previous majority shareholder.  However, business picked up in
H104, due both to the attraction of new corporate customers and
increased retail activity.

Performance is weak, with return on equity only just above the
rate of inflation in 2003 and H104.  Recurring revenue
generation has been reasonable, but profitability has been
affected by the bank's high cost income ratio and, in particular
in H104, significant loan loss provision charges.

The customer loan book increased by a rapid 30% in H104 due to
greater lending to corporates and individuals, the latter mostly
through mortgage loans.  The loan portfolio remains concentrated
by customer, although the share of loans to the ten largest
borrowers declined to 26% at end-H104 (end-2002: 39%).  Asset
quality is good, with actual loan losses, apart from those
relating to the Astana Group, in the past three years being
minimal.

A significant amount of funding (50%) is sourced from short-term
accounts, which are concentrated and can be volatile.  However,
the bank maintained a positive cumulative liquidity gap up to
three months at end-H104.

Capital adequacy is sound, with total capital ratio of 17.6% at
end-H104.  However, this ratio should be considered in the light
of the low loan loss reserve ratio and the concentrated loan
book.  The planned contribution of US$50 million (Tier 1: 160%
of end-H104) of new equity in 2005 would further strengthen
capital and create additional growth potential.

Temir is one of the ten largest banks in Kazakhstan by assets.
However, in a banking sector dominated by three banks, it held a
small 1% of the system's assets at end-H104.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901
          Contact:
          James Watson
          Phone: +7 095 956 9901

          TEMIRBANK
          68/74, Abay Ave.,
          Almaty, 480008
          Phone: +7 (3272) 587888
                +7 (3272) 507755
          Fax: +7 (3272) 506241
          Telex: 251855 TEMIR
          E-mail: pravlenie@temirbank.kz
          Web site: http://www.temirbank.kz/en


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


CAESAR FINANCE: Class B Notes Affirmed at 'B+'
----------------------------------------------
Fitch Ratings affirmed the ratings of Caesar Finance 2000 S.A.'s
two Classes of notes), following a satisfactory performance
review.

Class A (ISIN XS0112001762): 'AAA'; and
Class B (ISIN XS0112001929): 'B+'.

In May 2000, Caesar Finance 2000 S.A., a special purpose vehicle
with limited liability incorporated under the laws of
Luxembourg, acquired a EUR500 million portfolio of debt
securities originated by Banca di Roma.  These acquisitions were
financed by issuing EUR500 million worth of floating-rate notes.
The portfolio contains primarily Italian corporate exposure, as
well as some U.S. and other European corporates and financial
institutions.  The transaction has a final maturity date in
March 2010.

To date three assets in the portfolio, Cirio Finance and two
Parmalat Finance Corporation bonds, have defaulted.  No further
defaults have occurred since the last rating action in January
2004.  The portfolio has continued to amortize, increasing the
relative subordination of the Class A and B notes.  The three
lowest-rated assets have maturity dates during 2005 and
represent 21% of the remaining portfolio.  The repayment of
these assets is key to the ratings assigned to the notes.

Deal information and historical performance data for this
transaction are available at http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Shaun Baddeley, London
          Phone: +44 (0)20 7 417 4396
          Andrew Higham
          Phone: +44 (0)20 7417 6326

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


STOLT-NIELSEN: Plans to Redeem US$295.4 Mln Senior Notes
--------------------------------------------------------
Stolt-Nielsen S.A. on Monday announced that it has determined to
exercise its right pursuant to the note agreements governing the
Company's senior notes to redeem all US$295.4 million aggregate
outstanding principal amount of senior notes. The Company's
senior notes will be redeemed at the respective redemption
prices set forth in each of the note agreements. The Company
expects to complete the redemption within its second fiscal
quarter. Following completion of this redemption, the Company
will seek to refinance other debt, which it anticipates will
further lower its financing costs.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  Stolt-Nielsen S.A., through its parcel
tanker, tank container, terminal, rail and barge services,
provides integrated transportation for its customers.  Stolt Sea
Farm, wholly owned by Stolt-Nielsen S.A., produces and markets
high quality Atlantic salmon, salmon trout, turbot, halibut,
sturgeon, caviar, bluefin tuna, and tilapia. (http://www.stolt-
nielsen.com).

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          U.S.
          Phone: 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          U.K.
          Phone: 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


HEAD N.V.: Ratings Lowered to 'B' on Declining Profitability
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on The Netherlands-based sports
equipment manufacturer Head N.V. to 'B' from 'B+', reflecting
lower-than-expected profitability in the fourth quarter of 2004
and weak prospects for 2005.  At the same time, the senior
unsecured rating on bonds issued by Head's subsidiary HTM Sport
und Freizeitgeraete AG and guaranteed by Head was lowered to 'B-
'from 'B'. The outlook is negative.

"The rating actions reflect Head's weaker-than-expected results
in fourth-quarter 2004, during which operating income before
restructuring costs declined by 35% on the same period of 2003,"
said Standard & Poor's credit analyst Olli Rouhiainen.

This large reduction in fourth-quarter profitability has
weakened the group's financial profile, with lease-adjusted
total debt to EBITDA (before restructuring costs) increasing to
8.0x in 2004, from 6.3x in 2003.

Previously, the company was expected to maintain lease-adjusted
total debt to EBITDA of about 6.5x.  Furthermore, Head has
stated that it anticipates operating results will weaken in
2005.  Standard & Poor's therefore expects only minimal
improvement in financial ratios in the coming year.

The unexpectedly high drop in Head's fourth-quarter
profitability was due to a weak operating environment,
especially in tennis and winter sports equipment in Japan,
increases in litigation costs to protect trademarks, and to the
weakening of the U.S. dollar against the euro.

"A further downgrade is possible if the company's profitability
continues to deteriorate in 2005," added Mr. Rouhiainen.
"Furthermore, the ratings on Head could be lowered if the
company's liquidity position weakens, for example, through
continuing negative cash flows."

The outlook could be revised to stable if Head manages to
improve both profitability and cash flows to meet lease-adjusted
total debt to EBITDA of 7x and funds from operations to total
debt of more than 10%.

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

CONTACT:  HEAD N.V.
          Clare Vincent, Investor Relations
          Phone: +44 207 499 7800
          Fax: +44 207 629 4399
          E-mail: htmcv@aol.com

          Ralf Bernhart, Chief Financial Officer
          Phone: +43 1 70 179 354
          Fax: +43 1 707 8940
          Web site: http://www.head.com


HEAD N.V.: 2004 Revenues, Operating Profit Slightly Up
------------------------------------------------------
Head N.V. (NYSE: HED; VSX: HEAD), a leading global manufacturer
and marketer of sports equipment, announced the following
unaudited results on Feb. 24, 2005.

For the three months ended Dec. 31, 2004 compared to the three
months ended Dec. 31, 2003:

(a) Net revenues increased by 10% to US$177.9 million;

(b) Operating profit before restructuring costs decreased by
    US$6.2 million to US$11.8 million; and

(c) Operating profit after restructuring costs increased by
    US$0.6 million to US$11.1 million;

For the twelve months ended Dec. 31, 2004 compared to the twelve
months ended Dec. 31, 2003:

(a) Net revenues increased by 11% to US$479.1 million;

(b) Substantial sales growth in Winter Sports division;

(c) Operating profit before restructuring costs and gain on sale
    of property increased by US$3.1 million to US$11.7 million;

(d) Operating profit after restructuring costs and gain on sale
    of property increased by US$14.8 million to US$15.0 million;
    and

(e) Market share increases through innovative products in both
    Winter and Racquet Sports.

Johan Eliasch, Chairman and CEO, commented: "The final quarter
of the year 2004 proved to be a mixed bag for the group.  As
anticipated the momentum experienced in the nine months to
September trailed off, especially in the Racquet Sports division
where tough market conditions, particularly for balls, resulted
in declining sales.  In the Winter Sports division however,
sales improved in the final quarter of the year versus 2003.
This was due in part to higher volumes but also due to the
continued strengthening of the euro against the U.S. dollar.

"Our restructuring program continues, in 2004 we finalized the
shut down of the US diving warehouse, the closure of our Irish
tennis ball facility and the move of our manufacturing
operations in Estonia to the Czech Republic.  The positive
effects of these measures are impacting our results, but we
recognize that in part, they will also be offset by substantial
raw material price increases and pricing pressures in the
market.  We plan to continue to identify and implement cost
savings initiatives in order to compete effectively.

"Our outlook remains cautious and we believe that it will be
difficult to match the 2004 operating results in 2005, although
our net income should improve."

Revenues

                 For the Three Months      For the Twelve Months
                 Ended December 31         Ended December 31
                     2003        2004          2003         2004
                               (in thousands)

Product category:

Winter Sports  US$106,343  US$124,920    US$188,768   US$223,211

Racquet Sports     37,612      32,507       166,417      168,037

Diving             14,939      16,846        66,322       75,453

Licensing           2,948       3,225         9,702       11,059

Other                 409         386         1,394        1,326

Total Revenues US$162,251  US$177,884    US$432,602   US$479,085

Winter Sports

Winter Sports revenues for the three months ended December 31,
2004 increased by US$18.6 million, or 17.5%, to US$124.9 million
from US$106.3 million in the comparable period in 2003.  For the
twelve months ended December 31, 2004 Winter Sports revenues
increased by US$34.4 million, or 18.2%, to US$223.2 million from
US$188.8 million in 2003.  This increase was due to the
strengthening of the euro against the U.S. dollar, higher sales
volumes for bindings, skis and snowboard equipment and higher
sales volumes and prices for our ski boots.

Racquet Sports

Racquet Sports revenues for the three months ended December 31,
2004 decreased by US$5.1 million, or 13.6%, to US$32.5 million
from US$37.6 million in the comparable 2003 period.  For the
twelve months ended December 31, 2004 Racquet Sports revenues
increased by US$1.6 million, or 1.0%, to US$168.0 million from
US$166.4 million in 2003.  This increase resulted mainly from
the strengthening of the euro against the U.S. dollar.  Although
sales of our racquets remained stable we faced a decrease in
sales volumes and prices for our balls.

Diving

Diving product revenues for the three months ended December 31,
2004 increased by US$1.9 million, or 12.8%, to US$16.8 million
compared with US$14.9 million in the same period in 2003.  For
the twelve months ended December 31, 2004, revenues increased by
US$9.1 million, or 13.8%, to US$75.5 million from US$66.3
million in 2003.  This results mainly from increased sales
volumes due to better product availability and the strengthening
of the euro against the U.S. dollar.

Licensing

Licensing revenues for the three months ended December 31, 2004
increased by US$0.3 million, or 9.4%, to US$3.2 million from
US$2.9 million in the comparable 2003 period.  For the twelve
months ended December 31, 2004, revenues increased by US$1.4
million, or 14.0%, to US$11.1 million from US$9.7 million in
2003 mainly due to increased revenues from existing contracts
and from new licensing agreements.

Other

Other revenues include amounts billed to customers for shipping
and handling and are recognized also as selling and marketing
expense.

Profitability

For the three months ended December 31, 2004, gross profit
increased by US$1.5 million to US$65.5 million from US$64.1
million in the comparable 2003 period.  Gross margin decreased
to 36.8% for the three months ended December 31, 2004 from 39.5%
in the comparable 2003 period.  For the twelve months ended
December 31, 2004, gross profit increased by US$18.1 million to
US$184.7 million from US$166.6 million in 2003 due to increased
revenues. Gross margin increased to 38.6% in 2004 from 38.5% in
2003 due to improved operating performance and product mix of
sales.

For the three months ended December 31, 2004, selling and
marketing expense increased by US$6.8 million, or 19.6%, to
US$41.7 million from US$34.9 million in the comparable 2003
period.  For the twelve months ended December 31, 2004, selling
and marketing expense increased by US$12.1 million, or 10.2%, to
US$130.6 million from US$118.5 million in 2003.  The increase
was due mainly to the strengthening of the euro against the U.S.
dollar, which adversely impacted our predominantly euro
denominated costs.  In addition, our variable distribution costs
increased due to higher sales.

For the three months ended December 31, 2004, general and
administrative expense (excluding non-cash compensation expense)
increased by US$0.9 million, or 8.0%, to US$11.9 million from
US$11.1 million in the comparable 2003 period. For the twelve
months ended December 31, 2004, general and administrative
expense increased by US$3.0 million, or 7.8%, to US$41.9 million
from US$38.8 million in 2003.  The increase was due mainly to
the strengthening of the euro against the U.S. dollar, which
adversely impacted our predominantly euro denominated costs.

We recorded US$0.2 million and US$0.7 million, in the three
month and twelve month periods ended December 31, 2003,
respectively and US$0.1 million and US$0.6 million, in the three
month and twelve month periods ended December 31, 2004,
respectively, as non-cash compensation expense due to the grant
of stock options under our stock option plans of 1998 and 2001,
and the resulting amortization expense.

We recorded a gain from the sale of our premises in Ireland of
US$5.7 million in the twelve-month period ended December 31,
2004.

We recorded restructuring costs of US$0.7 million and US$2.3
million, in the three month and twelve month periods ended
December 31, 2004 consisting of dismissal and transfer costs in
connection with the closing of our production facility in
Mullingar, Ireland and our plant in Tallinn, Estonia.  In
comparison, in 2003 we incurred US$7.5 million and US$8.4
million, in the three month and twelve month periods ended
December 31, 2003, respectively, to implement a cost reduction
program.

As a result of the foregoing factors, for the three months ended
December 31, 2004, operating income slightly increased by US$0.6
million to US$11.1 million from US$10.5 million in the
comparable 2003 period.  For the twelve months ended December
31, 2004, operating income increased by US$14.8 million to
US$15.0 million from US$0.2 million in 2003.

For the three months ended December 31, 2004 interest expense
increased by US$0.5 million, or 13.7%, to US$4.3 million from
US$3.8 million in the comparable 2003 period.  For the twelve
months ended December 31, 2004 interest expense increased by
US$11.7 million or 83.6% to US$25.7 million from US$14.0 million
in 2003. This increase was mainly due to the following: write-
off of the capitalized debt issuance costs of US$3.2 million
relating to our former 10.75% senior notes, which were repaid
with proceeds from our new 8.5% senior notes in January 2004;
the premium of US$4.4 million for the early redemption of the
10.75% senior notes and higher interest expenses due to
increased debt of the group.  The strength of the euro against
the U.S. dollar further impacted these predominantly euro
denominated expenses.

For the three months ended December 31, 2004 interest income
increased by US$0.5 million to US$0.8 million from US$0.3
million in the comparable 2003 period.  For the twelve months
ended December 31, 2004 interest income increased by US$1.1
million to US$2.1 million from US$1.1 million in the comparable
2003 period.  This increase was due mainly to higher cash on
hand as well as due to the strengthening of the euro against the
U.S. dollar.

For the three months ended December 31, 2004 we recorded a
foreign currency exchange loss of US$0.9 million, compared to a
loss of US$0.9 million in the comparable 2003 period.  For the
twelve months ended December 31, 2004, we recorded a foreign
currency exchange loss of US$0.6 million, compared to a loss of
US$1.1 million in 2003.

For the three months ended December 31, 2004 we incurred other
expense, net of US$0.1 million compared to US$0.1 million other
income, net in the comparable 2003 period.  For the twelve
months ended December 31, 2004, other expense, net increased by
US$0.08 million to a net expense of US$0.1 million from US$0.02
million in 2003.

For the three months ended December 31, 2004 income tax expense
increased by US$2.3 million to US$6.5 million from US$4.3
million in the comparable 2003 period.  For the twelve months
ended December 31, 2004, income tax expense increased by US$26.8
million to US$27.7 million from US$0.8 million in 2003.  This
increase in income tax expense is mainly due to a reduction in
the Austrian tax rate which led to a decrease in deferred tax
assets resulting from tax losses carried forward of US$24.9
million.

As a result of the foregoing factors, for the three months ended
December 31, 2004 the Company had net income of US$0.1 million,
compared to net income of US$1.9 million in the comparable 2003
period.  For the twelve months ended December 31, 2004, the
Company had a net loss of US$36.9 million, compared to a net
loss of US$14.7 million in 2003.

Consolidated Results

                 For the Three Months     For the Twelve Months
                 Ended December 31        Ended December 31
                     2003        2004        2003          2004
                               (in thousands)

Total revenues US$162,251  US$177,884   US$432,602   US$479,085

Cost of sales      98,184     112,367      266,023      294,360

Gross profit       64,067      65,517      166,580      184,725

Gross margin        39.5%       36.8%        38.5%        38.6%

Selling &
Marketing Expense  34,850      41,671      118,465      130,582

General & administrative
expense (excl. non-cash
compensation
expense)           11,057      11,945       38,847       41,883

Non-cash
Compensation Expense  164         139          654          555

Gain on sale
of property             -           -            -       (5,650)

Restructuring costs 7,493         676        8,368        2,347

Operating income   10,503      11,087          245       15,008

Interest expense   (3,759)     (4,273)     (13,999)     (25,699)

Interest income       319         821        1,050        2,121

Foreign exchange
loss                 (938)       (906)      (1,103)        (606)

Other income
(expense), net         97        (115)         (18)         (97)

Income tax
Expense            (4,273)     (6,529)        (832)     (27,661)

Net income
(loss)           US$1,949       US$84   US$(14,657)  US$(36,935)

New York Stock Exchange Listing

As noted in our third quarter results announcement, the cost of
compliance with the requirements of the Sarbanes-Oxley Act has
had, and will continue to have an impact on our operating
results.  In light of these costs our Management Board analyzed
and discussed the benefits and issues associated with our
current listings, particularly the listing on the New York Stock
Exchange (the NYSE).  As a result of this analysis, the
Management Board made a proposal to the Supervisory Board to de-
list our shares from the NYSE and to terminate the Common Share
Agreement. The Supervisory Board approved this proposal.

The de-listing and termination of the Common Share Agreement is
subject to the approval of our shareholders at the Annual
General Meeting to be held on May 25.  We will provide details
regarding the Annual General Meeting in early May.

If the shareholders approve the resolution, we will apply for
the de-listing.  However, we will need to comply with current
regulations and will not therefore be able to file for de-
registration from the U.S. S.E.C. unless and until the number of
U.S. shareholders, whether holding directly or through nominees,
falls below 300.  Furthermore, the number of U.S. shareholders
must remain below 300 after de-registration in order to avoid
re-commencement of U.S. S.E.C. reporting requirements.

Whilst we retain our registration with the U.S. S.E.C., we will
continue to comply with all reporting requirements of the U.S.
S.E.C. including those of the Sarbanes-Oxley Act.

About Head

Head N.V. is a leading global manufacturer and marketer of
premium sports equipment.

Head N.V.'s ordinary shares are listed on the New York Stock
Exchange (HED) and the Vienna Stock Exchange (HEAD).

Our business is organized into four divisions: Winter Sports,
Racquet Sports, Diving and Licensing.  We sell products under
the Head (tennis, squash and racquetball racquets, alpine skis
and ski boots, snowboards, bindings and boots), Penn (tennis and
racquetball balls), Tyrolia (ski bindings), and Mares/Dacor
(diving equipment) brands.

We hold leading positions in all of our product markets and our
products are endorsed by some of the world's top athletes
including Andre Agassi, Gustavo Kuerten, Marat Safin, Juan
Carlos Ferreira, Johann Grugger and Maria Riesch.

CONTACT:  HEAD N.V.
          Clare Vincent
          Investor Relations
          Phone: +44 207 499 7800
          Fax: +44 207 629 4399
          E-mail: htmcv@aol.com

          Ralf Bernhart
          Chief Financial Officer
          Phone: +43 1 70 179 354
          Fax: +43 1 707 8940


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


PETROLEUM GEO-SERVICES: Cuts Full-year Net Loss to US$49.3 Mln
--------------------------------------------------------------
Petroleum Geo-Services ASA announced Friday its unaudited 2004
fourth quarter and preliminary full year results under Norwegian
generally accepted accounting principles (Norwegian GAAP).

(a) 2004 Cash flow post investment well above previous guidance,

(b) Strong multi-client late sales and improved contract sales
    drive Q4 revenue and Adjusted EBITDA improvement in Marine
    Geophysical,

(c) Substantial gain on the sale of Pertra -- leading to greater
    financial flexibility

Key Norwegian GAAP figures as reported

                           Quarter ended         Years ended
                              Dec. 31              Dec. 31


(In millions of dollars)  2004       2003      2004      2003
                       Unaudited  Unaudited  Unaudited  Audited
                                                      (Restated)

Revenue                  300.8     269.6     1,131.1    1,120.7
Operating profit (loss)  (38.2)   (514.9)       96.5     (645.3)
Net income (loss)        (49.3)   (528.5)      (52.1)    (819.1)
Adjusted EBITDA (A)       94.5     101.9       433.8      479.1
Cash investment
   in multi-client (B)    (4.0)     (9.4)      (41.7)     (91.5)
Capital expenditures (C) (42.1)    (25.0)     (145.6)     (57.7)
Cash Flow Post
   Investment (Defined
   as A+B+C)              48.4      67.5       246.5      329.9

Key Norwegian GAAP figures excluding Pertra segment to be
discontinued (Pro forma)

                           Quarter ended         Years ended
                              Dec. 31              Dec. 31


(In millions of dollars)  2004       2003      2004      2003
                       Unaudited  Unaudited  Unaudited  Audited

Revenue                     294.0     255.0    1,018.4  1,048.9
Operating profit (loss)      (3.9)   (523.5)      63.9   (681.4)
Adjusted EBITDA (A)         100.4      82.4      353.4    418.2
Cash investment in multi-client (B)
                             (4.0)     (9.4)     (41.7)   (91.5)
Capital expenditures (C)    (19.9)    (13.7)     (61.6)   (23.5)
Cash Flow Post Investment
(Defined as A+B+C)           76.5      59.3       250.1   303.2

Svein Rennemo, PGS Chief Executive Officer, commented: "We
delivered a Cash Flow Post Investment, excluding Pertra, for
2004 of US$250 million, better than our earlier guidance of
around  230 million, despite the negative impact from the labor
conflict on the Norwegian Continental Shelf and the damaged main
riser on the Varg field.  Fourth quarter performance reflects
improvement in our Marine Geophysical operations, which
benefited from the first stages of a market undergoing
improvement.  At the beginning of 2005 our order backlog is
substantially improving both in amount and associated expected
margins.

"The finalization of the re-audit of our historical U.S. GAAP
financial statements and subsequent re-listing of our ADSs on
the New York Stock Exchange in December mark important
milestones in delivering our restructuring commitments and
normalizing our communication with, and access to, capital
markets.

"The agreement to sell Pertra marks PGS' exit from its
successful E&P venture, which started in 2001.  PGS was formed
as an oil service company and with this exit from E&P, PGS will
once again become fully focused on its oil service business with
strategic focus on geophysics and floating production
operations.  We are credible industry leaders in both these
areas, with strong market share, client relationships and
technological expertise.  The main goal for 2005 is to improve
the return on these assets.

"We expect to use a portion of our favorable cash position and
the proceeds from the Pertra sale to reduce debt."

                        Q4 Highlights

PGS group

(a) Revenues of US$300.8 million, up US$31.2 million (12%)
    compared to Q4 2003, driven by strong multi-client late
    sales and improved contract revenues in Marine Geophysical;

(b) Adjusted EBITDA, excluding Pertra, of US$100.4 million, up
     18.0 million (22%);

(c) Operating loss of US$38.2 million, impacted by significant
    Pertra loss and additional non-sales related amortization of
    the Marine and Onshore multi-client library of US$22.3
    million;

(d) Net loss of US$49.3 million; and

(e) Cash flow from operations, US$42.6 million after interest
    payments of approximately  52 million.  Net interest-bearing
    debt of US$995.3 million.

Marine Geophysical

(a) Strong multi-client late sales totaling US$91.5 million,
    twice Q4 2003 levels (US$45.8 million), due to strong demand
    and realization of uplifts (success payments) from earlier
    license sales;

(b) Contract revenues at acceptable levels considering
    seasonally high level of vessel movements, US$76.2 million
    compared to US$70.0 million in Q4 2003;

(c) In keeping with the Company's conservative accounting policy
    for multi-client sales, recorded US$19.4 million in
    additional non sales related amortization of the multi-
    client library related to minimum amortization and reduced
    or delayed forecasted sales for certain individual surveys;
    and

(d) Strong order backlog improvement with year-end marine
    acquisition backlog of US$170 million compared to  95
    million at the end of Q3;

Onshore

(a) Low activity level due to reduction of Mexican activities as
    previously announced;

(b) Weak results primarily due to reduced activity and difficult
    weather conditions in North America; and

(c) Order backlog at year-end at US$66 million compared to US$68
    million at the end of Q3.

Production

(a) Low revenues on Petrojarl Varg caused by production shut
    down from October 13 to October 26 due to labor conflict
    followed by damage to the main riser November 5, limiting
    production to a maximum of approximately 15,000 barrels per
    day;

(b) Increased production on Ramform Banff following development
    work on the Banff field and tie in of Kyle field well;

(c) Production on Petrojarl Foinaven increased from Q3 but
    declined year over year by natural field production decline;

(d) Lower production on Petrojarl I due to natural field
    production decline and impact of labor conflict from
    September 12 to October 29;

Pertra (To be discontinued operation effective January 1, 2005)

(a) Operating loss of US$34.3 million

(b) Oil production negatively impacted by production shut down
    from October 13 to October 26, due to labor conflict
    followed by damage to the main riser November 5, limiting
    the Varg field production to a maximum of approximately
    15,000 (or 10,500 for Pertra's 70% share) barrels per day;

(c) Dry "Villmink" exploration well charged to expense as
    depreciation charge - US$11.4 million; and

(d) Depreciation of capitalized development cost accelerated by
    approximately US$11.8 million due to reduction on proved
    reserves (based on U.S. S.E.C. guidelines).


Outlook Full Year 2005

Marine Geophysical

(a) Increasing impact from Marine 3D market near full capacity
    utilization expected during 2005,

(b) Multi-client late sales lower than 2004 due to limited
    reinvestment over the past three years and expected delay of
    Brazil 7th Round sales into 2006,

(c) Cost levels impacted by increased fuel prices and
    depreciation of US$ currency compared to 2004

Onshore

Onshore full year activity level at par with 2004, building on
expected Q2 start-up of significant transition zone project in
Eastern Hemisphere and contract awards for South America crews

Production

(a) Total oil production from the four FPSO's expected to be in
    line with 2004, assuming Varg riser replaced in Q1;

(b) Increased operating cost as maintenance CAPEX is expensed
    and time since deployment of all FPSO's on their respective
    fields is increasing.  In addition US$ currency has
    depreciated compared to 2004; and

(c) Pertra operations and estimated sales gain of approximately
    US 140 million to be reported as discontinued operations
    effective January 1, 2005.

The financial information contained in this release is
preliminary and unaudited and has been prepared in accordance
with Norwegian GAAP to be consistent with financial information
released in the first three quarters in 2004.  The Company's
primary basis of reporting is U.S. GAAP, and the Company expects
to provide quarterly financial information for 2004 on a U.S.
GAAP basis when the audit of the 2004 U.S. GAAP financial
statements is competed, and return to using U.S. GAAP for its
earnings releases effective with the first quarter 2005 report.
The Company's financial statements based on U.S. GAAP could be
materially different from the Company's financial statements
based on Norwegian GAAP.

A full copy of the result is available free of charge at
http://bankrupt.com/misc/PGS_2004.pdf


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


AGRICULTURAL CHEMICAL: Cedes Control to Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
proceedings against OJSC Chistopol-Agro-Khim-Service after
finding the firm insolvent.  The case is docketed as A65-
12324/2004-SG4-31.  Mr. V. Osipov has been appointed insolvency
manager.  Creditors have until March 29, 2005 to submit their
proofs of claim to:

(a) CHISTOPOL-AGRO-KHIM-SERVICE
    Russia, Tatarstan republic, Chistopol
    Uchkoz Per. 6a

(b) Mr. V. Osipov, Insolvency Manager
    420029, Russia, Kazan,
    Post User Box 117


AGRO-OIL: Applies for Bankruptcy Proceedings
--------------------------------------------
The Arbitration Court of Karachaeva-Cherkesskaya republic
commenced bankruptcy proceedings against LLC AGRO-OIL after
finding the firm insolvent.  The case is docketed as A25-
2887/04-8k.  Mr. A. Dzamykhov has been appointed insolvency
manager.  Creditors have until March 1, 2005 to submit their
proofs of claim to:

(a) AGRO-OIL
    369000, Russia, Karachaeva-Cherkesskaya Republic
    Cherkessk, Privokzalnaya Str. 24

(b) Mr. A. Dzamykhov, Insolvency Manager
    369000, Russia, Karachaeva-Cherkesskaya Republic
    Cherkessk, Privokzalnaya Str. 24


BLAGOVESHENSKIY BAKERY: Claims Filing Period Expires Today
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic opened
bankruptcy proceedings against OJSC BLAGOVESHENSKIY BAKERY (TIN
0258002852) after finding the firm insolvent.  The case is
docketed as A07-37743/04-G-FLE.  Mr. A. Ptashnikov has been
appointed insolvency manager.  Creditors have until March 1,
2005 to submit their proofs of claim to:

(a) BLAGOVESHENSKIY BAKERY
    452220, Russia, Blagoveshensk, Shosseynaya Str. 1.

(b) Mr. A. Ptashnikov, Insolvency Manager
    450096, Russia, Bashkortostan republic, Ufa
    Entuziastov Str. 4-33


ELEVATOR: Last Day for Filing Claims March 29
---------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
opened bankruptcy proceedings against CJSC Building Assembly
Corporation Elevator after finding the firm insolvent.  The case
is docketed as A75-198-B/04.  Mr. A. Glukhov has been appointed
insolvency manager.  A hearing is set October 31, 2005, 9:30
a.m. at the Arbitration Court of Khanty-Mansiyskiy autonomous
region.  Creditors have until March 29, 2005 submit their proofs
of claim to:

(a) ELEVATOR
    628600, Russia, Khanty-Mansiyskiy Autonomous Region
    Surgut Obskaya Str. 17

(b) Mr. A. Glukhov, Insolvency Manager
    628007, Russia, Khanty-Mansiyskiy Autonomous Region
    Khanty-Mansiysk, Mendeleeva Str. 7, apartment 8


FACTORY BEZHETSK-SEL-MASH: Sets Public Auction Next Week
--------------------------------------------------------
The bidding organizer of CJSC Factory Bezhetsk-Sel-Mash is
auctioning the firm's property on March 10, 2005, 11:00 a.m. at
Russia, Tver, Vagzhanova Str. 21.  The assets for sale are: real
properties with a starting price of RUB15.190 million; and
processing centers and equipment with total starting price of
RUB1.449 million.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 2:00 p.m. until March 5, 2005, 5:00 p.m. at
Russia, Tver, Vagzhanova Str. 21.  For more information, call: 8
(910) 932-55-04.

To participate, bidders are required to deposit an amount
equivalent to 20% of the starting price to CJSC FACTORY
BEZHETSK-SEL-MASH settlement account 407028104107000000336 at
branch Tverskoy, OJSC ACB ACANGARD; correspondent account
3010181000000000900, BIC 042809900, TIN 6906000466 on or before
March 5, 2005.

CONTACT:  CJSC FACTORY BEZHETSK-SEL-MASH
          Russia, Tver region, Bezhetsk,
          Zavodskaya Str. 1.


KALUZHSKIY HOMEBUILDING: Creditors Claims Due Saturday
------------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure against CJSC Kaluzhskiy Homebuilding
Combine - Centre-Gas.  The case is docketed as A23-4254/04B-7-
116.  Ms. R. Gromova has been appointed temporary insolvency
manager.  A hearing is set for June 18, 2005, 9:30 a.m. at the
Arbitration Court of Kaluga, Russia, Kaluga, Staryj Torg, 4.
Creditors have until March 5, 2005 to submit their proofs of
claim to:

(a) KALUZHSKIY HOMEBUILDING COMBINE -CENTRE-GAS
    248901, Russia, Kaluga,
    Mstikhino

(b) Ms. R. Gromova, Insolvency Manager
    249130, Russia, Kaluga region
    Peremyshl, Lenina Str. 48


MUSLYUMOVSKOYE BREAD: Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tatarstan Republic opened bankruptcy
proceedings against OJSC Muslyumovskoye Bread Receiving
Enterprise.  The case is docketed as A65-15152/2004-SG4-21.  Mr.
I. Kuchumov has been appointed insolvency manager.  Creditors
have until March 29, 2005 to submit their proofs of claim to:

(a) OJSC MUSLYUMOVSKOYE BREAD RECEIVING ENTERPRISE
    423330, Russia, Tatarstan republic,
    Muslimovo, Urozhaynaya Str. 5.

(b) Mr. I. Kuchumov, Insolvency Manager
    420103, Russia, Tatarstan republic
    Kazan, Post User Box 1

(c) The Arbitration Court of Tatarstan Republic
    Russia, Kremlin,
    Building 1, Entrance 2


RAZREZ TAL-YURYAKH: Proofs of Claim Deadline Expires Today
----------------------------------------------------------
The Arbitration Court of Magadan region opened bankruptcy
proceedings against OJSC RAZREZ TAL-YURYAKH after finding the
firm insolvent.  The case is docketed as A-37-3647/04-2B.  Mr.
G. Sudakov has been appointed insolvency manager.  Creditors
have until March 1, 2005 to submit their proofs of claim to:

(a) RAZREZ TAL-YURYAKH
    686314, Russia, Magadan region
    Susumanskiy region, Kadykchan

(b) Mr. G. Sudakov, Insolvency Manager
    685000, Russia, Magadan,
    Proletarskaya Str. 12,
    Office 81

(c) THE ARBITRATION COURT OF MAGADAN REGION
    685000, Russia
    K. Marksa Pr. 62.


TORBEEVSKOYE: Declared Insolvent
--------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against CJSC Torbeevskoye after finding the firm
insolvent.  The case is docketed as A23-310/04B-7-12.

Mr. O. Didenko has been appointed insolvency manager.  Creditors
have until April 5, 2005 to submit their proofs of claim to the
insolvency manager at 248010, Russia, Kaluga, Komsomolskaya
Rosha, 43, office 401.

CONTACT:  CJSC TORBEEVSKOYE
          249087, Russia, Kaluga region
          Maloyaroslavlskiy region, Yubileynyj

          Mr. O. Didenko, Insolvency Manager
          248010, Russia, Kaluga,
          Komsomolskaya Rosha, 43, office 401


VOLGA-BYT-PROM: Enlisting for Auction Ends Today
------------------------------------------------
A two-story building owned by LLC Volga-Byt-Prom is being
offered for public auction on March 3, 2005, 11:00 a.m.  The
auction will take place at Russia, Volgograd region, Srednyaya
Akhtuba, Lenina Str. 51.  The starting price is RUB4.277
million.

Preliminary examination of auction conditions and reception of
bids are done daily until March 1, 2005 at 400050, Russia,
Volgograd, Parkhomenko Str. 64.  For more information, call:
(8442) 90-39-04.

To participate, bidders are required to deposit an amount
equivalent to 20% of the starting price to Volga-Byt-Prom
settlement account 40702810101000002118 at CSJC ACB Ekspress-
Volga, Volgograd, BIC 041806835; correspondent account
30101830200000000835, TIN 3442038373, KPP 344201001 on or before
March 1, 2005.

CONTACT:  VOLGA-BYT-PROM
          Russia, Volgograd region
          Srednyaya Akhtuba, Lenina Str. 51


=============================
S L O V A K   R E P U B L I C
=============================


SLOVENSKE ELEKTRARNE: Fitch Hails Privatization; Mulls Upgrade
--------------------------------------------------------------
Fitch Ratings on Friday placed Slovakia-based Slovenske
Elektrarne, a.s.' Senior Unsecured 'BB+' rating on Rating Watch
Positive and its 'BBB-' rated EUR200 million senior notes due
2011 on Rating Watch Evolving.  This action follows an agreement
on the sale of a 66% stake in SE signed last week between the
Slovak government and Italy's Enel S.p.A. ('A+'/'F1'/Outlook
Stable).

While details of the privatization agreement have not yet been
revealed, and the transaction is not expected to be closed
before the second half of 2005, Fitch believes that the
privatization outcome will be positive or neutral for SE's
credit profile, as reflected in the Rating Watch Positive for
the Senior Unsecured rating.  For the notes, the Rating Watch
Evolving reflects these two possible outcomes, which should be
considered in conjunction with the change of control put option.

As part of the agreement, Enel is expected to prepare a long-
term investment program for SE before end-June 2005.  This
should primarily include plans to finish the construction of
SE's second nuclear power plant in Mochovce, modernize the
existing fossil fueled plants and plans for hydro-generation
capacity.  Fitch considers any foreseeable funding requirement
from Enel as affordable within the context of its financial
flexibility.

Fitch expects that details of the planned separation of certain
assets (and related liabilities) from SE will be available in
the coming months.  The assets mainly include around 13% of SE's
current electricity generation capacity represented by the V-1
block of the Jaslovske Bohunice nuclear power plant, which is to
be decommissioned in 2006/8.  It is expected that the related
decommissioning liabilities will be transferred to the Slovak
government.

Other key issues that will affect SE's ratings include changes
to arrangements for the Gabcikovo hydro-generation plant (10% of
SE's total capacity), remaining stranded cost compensation, and
any agreements between Enel and the government on domestic
tariffs, further market liberalization and the future
restructuring of SE.

The recent refinancing of the majority of SE's debt and a new
national tax on all electricity bills over the next 10 years,
introduced by the government to cover previously identified
SKK15 billion nuclear decommissioning shortfalls, are viewed
positively for SE.

Total debt-to-EBITDA ratio improved markedly to 2.8x at YE03
from 4.4x at YE02 on the back of both stronger EBITDA generation
and lower debt.  SE's financial profile is expected to have
slightly improved in FY04 with estimated total debt at YE04 at
SKK47 billion (EUR1.22 billion), compared to SKK53 billion
(EUR1.28 billion) at YE03, and lower interest expense.
Liquidity in the form of cash and committed unused facilities is
comfortable at around SKK8 billion (EUR200 million) after the
financial restructuring.

SE is the largest electricity generator and supplier in the
Slovak Republic (sovereign local currency rating 'A+' and
foreign currency 'A-' (A minus)), commanding 6.9GW or 83% of
Slovakia's installed capacity.

CONTACT:  FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 20 7417 4266
          Larissa Malycheva
          Phone: +44 20 7417 4207

          SLOVENSKE ELEKTRARNE, A.S.
          Hranicna 12
          827 326 Bratislava 212
          Phone: +421 (0)2 5866-1111
                 +421 (0)2 5866-3252
          Fax: +421 (0)2 5341-7533
          E-mail: info@hq.seas.sk
                  rapsik.miroslav@hq.seas.sk
          Web site: http://www.seas.sk


===========
T U R K E Y
===========


PETROL OFISI: Outlook Changed to Positive on Improved Cash flow
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Turkey-based petroleum products distributor Petrol Ofisi A.S. to
positive from stable.  At the same time, the 'B' long-term
corporate credit rating on Petrol Ofisi was affirmed.

The outlook revision reflects Petrol Ofisi's improved cash flow
generation during the second and third quarters of 2004, which
has resulted in improved credit protection ratios.

"The outlook change also reflects the deregulation of the
Turkish petroleum products market at the end of 2004, which has
provided scope for margin increases for the distribution of
refined oil products," said Standard & Poor's credit analyst Per
Karlsson.

"The rating on Petrol Ofisi continues, however, to reflect the
company's vulnerable liquidity position, the exposure to Turkey,
and the short-term contracts supply business," he added.

Cash flow generation has been boosted by lower interest costs,
increased net sales, and higher margins. Debt was reduced by
about US 200 million during the first nine months of 2004
(including the debt to the Turkish Privatization
Administration), paid predominantly with operating cash flow.
Petrol Ofisi's net debt was US$886 million at Sept. 30, 2004.

"We expect that the improvement in financial performance will be
sustained," added Mr. Karlsson.  "A one-notch upgrade will
depend on a tangible improvement in Petrol Ofisi's liquidity
position -- such as the putting in place of committed bank lines
-- and the demonstration of a sustainable track record of
improved performance under the newly deregulated Turkish
market."

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

CONTACT:  PETROL OFISI
          Eski Buyukdere Caddesi No:37
          80670 Maslak Istanbul, 06680
          Turkey
          Phone: +90 212 329 15 00
                 +90 212 329 18 81


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


AGRARNIK: Zhitomir Court Appoints Insolvency Manager
----------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Agrarnik (code EDRPOU
22044179) on Oct. 11, 2005.  The case is docketed as 7/157 B.
Mr. Leonid Shishkin (License Number AA 779304) has been
appointed temporary insolvency manager.  The company holds
account number 26006301171461 at Prominvestbank, Zhitomir
central branch, MFO 311056.

CONTACT:  AGRARNIK
          10029, Ukraine,
          Zhitomir region, Chapayev Str. 7

          Mr. Shishkin Leonid
          Temporary Insolvency Manager
          10029, Ukraine, Zhitomir region,
          Chapayev Str. 7
          Phone: 8 (0412) 37-51-19


DRUZHBA: Names Dmitro Litsoyev Insolvency Manager
-------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Druzhba (code EDRPOU 30163695) on Dec. 14,
2004 after finding the limited liability company insolvent.  The
case is docketed as 9/28 b.  Mr. Dmitro Litsoyev (License Number
AA 520122) has been appointed liquidator/insolvency manager.

CONTACT:  DRUZHBA
          Ukraine, Lugansk region,
          Bilokurakinom, Chapayev Str. 195

          Mr. Litsoyev Dmitro
          Liquidator/Insolvency Manager
          91000, Ukraine, Lugansk region,
          Syerov Str. 111

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


HARKIV' ENERGO-REPAIR: Under Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on open joint stock company Harkiv'
Energo-Repair Enterprise (code EDRPOU 05471276) on Oct. 22,
2004.  The case is docketed as B-24/85-04.  Mr. O. Volkovij
(License Number AA 116050) has been appointed temporary
insolvency manager.  The company holds account number
260090135224 at OJSC Inprombank, MFO 351878.  Creditors may
submit their proofs of claim to:

(a) HARKIV' ENERGO-REPAIR ENTERPRISE
    61128, Ukraine, Harkiv region,
    50-richya SRSR Avenue, 149

(b) Mr. O. Volkovij
    Temporary Insolvency Manager
    61016, Ukraine, Harkiv region,
    Metrostroyivskij lane, 29-A, Universitetska Str. 9

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi square, 5, Derzhprom, 8th entrance


KUPYANSK' CAST: Declared Insolvent
----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Kupyansk' Cast Iron Plant (code EDRPOU
30136420) after finding the limited liability company insolvent.
The case is docketed as B 39/30-04.  Mr. Sergij Kardash (License
Number AA 140479) has been appointed liquidator/insolvency
manager.

CONTACT:  KUPYANSK' CAST IRON PLANT
          Ukraine, Harkiv region,
          Kupyansk, Lermontivska Str. 57

          Mr. Kardash Sergij
          Liquidator/Insolvency Manager
          63705, Ukraine, Harkiv region,
          Kupyansk, Zhovtneva Str. 7/95

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi square, 5, Derzhprom, 8-th entrance


LEGAS-HARKIV: Succumbs to Bankruptcy
------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Legas-Harkiv (code EDRPOU 24473022) on Dec.
13, 2004 after finding the company insolvent.  The case is
docketed as B-39/391-03.  Mr. Sergij Shapilov (License Number AA
520166) has been appointed liquidator/insolvency manager.

CONTACT:  LEGAS-HARKIV
          61098, Ukraine,
          Yelizarov Str. 13/60

          Mr. Sergij Shapilov
          Liquidator/Insolvency Manager
          Ukraine, Harkiv,
          Akademik Pavlov Str. 132-G/27
          Mobile: 8 (067) 399-81-87

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


STAROKOSTYANTINIV' SUGAR: Insolvency Manager Steps in
-----------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on open joint stock company
Starokostyantiniv' Sugar Plant (code EDRPOU 00373356) on Dec.
17, 2004.  The case is docketed as 4/5-B.  Mr. Viktor Matushak
(License Number AA 485213) has been appointed temporary
insolvency manager.  The company holds account number
26001060017161 at CB Privatbank, Starokostyantiniv branch, MFO
315405.  Creditors may submit their proofs of claim to:

(a) STAROKOSTYANTINIV' SUGAR PLANT
    Ukraine, Hmelnitskij region,
    Starokostantiniv, Manuilskij lane, 10

(b) Mr. Viktor Matushak
    Temporary Insolvency Manager
    29000, Ukraine, Hmelnitskij region,
    Skovoroda Str. 14/151

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti square, 1


TALISMAN: Kirovograd Court Names G. Bilodid Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on agrarian enterprise Talisman (code
EDRPOU 20641066) on Nov. 22, 2004.  The case is docketed as
9/282.  Mrs. Galina Bilodid (License Number AA 047839) has been
appointed temporary insolvency manager.  The company holds
account number 26004000037001 at JSC Ukrinbank, MFO 323505.

Creditors may submit their proofs of claim to:

(a) TALISMAN
    Ukraine, Kirovograd region, Svitlovodskij district,
    Vlasivka, Shidna Str. 5/92

(b) Mrs. Galina Bilodid
    Temporary Insolvency Manager
    Ukraine, Kyiv,
    Metrologichna Str. 14/3-193

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25022, Ukraine,
    Kirovograd, Lunacharski Str. 29


UKRAINIAN SCIENTIFIC-EXPLORATORY: Under Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on state enterprise Ukrainian Scientific-
Exploratory Institute of Foundry Machine Building, Foundry
Technology and Automatization Foundry Production (code EDRPOU
00224975) on Dec. 13, 2004.  The case is docketed as B-31/74-04.
Mr. V. Parkulab (License Number AA 719826) has been appointed
temporary insolvency manager.  The company holds account number
2600301865363 at Prominvestbank, Harkiv branch, MFO 351395.

Creditors may submit their proofs of claim to:

(a) UKRAINIAN SCIENTIFIC-EXPLORATORY INSTITUTE OF FOUNDRY
    MACHINE BUILDING, FOUNDRY TECHNOLOGY AND AUTOMATIZATION
    FOUNDRY PRODUCTION
    Ukraine, Harkiv region,
    Chernishevskij Str. 66

(b) Mr. V. Parkulab
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Universitetska str. 9

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi square, 5, Derzhprom, 8th entrance


UNIVERSAL: Urges Creditors to File Claims as soon as Possible
-------------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on limited liability company Universal
(code EDRPOU 00857108) on Nov. 15, 2004.  The case is docketed
as 9/158 b.  Mr. Sergij Gorbach (License Number AA 630134) has
been appointed temporary insolvency manager.  The company holds
account number 26007300302 at Oshadbank, Bobrovitske branch, MFO
343024.

Creditors may submit their proofs of claim to:

(a) UNIVERSAL
    17421, Ukraine, Chernigiv region,
    Bobrovitskij district, Markivtsi, Zubko Str. 5

(b) Mr. Sergij Gorbach
    Temporary Insolvency Manager
    Ukraine, Chernigiv region,
    Miru Avenue, 139, Office 30

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


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


ABBEY NATIONAL: Back in Black, Says CEO
----------------------------------------
Highlights:

(a) Statutory profit before tax of GBP273 million (2003: a loss
    of GBP686 million), and a profit attributable to ordinary
    shareholders of GBP32 million (2003: loss of GBP759
    million);

(b) Trading profit before tax [1] for Personal Financial
    Services (PFS) of GBP814 million (statutory PFS profit
    before tax of GBP250 million compared with GBP235 million in
    2003);

(c) Second half trading performance was affected by a further
    decline in PFS revenues reflecting the expected spread
    decline, negative life assurance experience variances and an
    element of business disruption;

(d) Trading cost growth below inflation, with a modest increase
    of 1% to GBP1,599 million;

(e) Credit quality remains excellent, with no significant signs
    of deterioration on either the secured or unsecured loan
    portfolios;

(f) Non-trading charges of GBP564 million include GBP321 million
    of reorganization costs incurred through 2004, and a further
    GBP243 million of post-acquisition charges;

(g) Total customer loans of GBP94.3 billion, up 4% on last year;

(h) The Portfolio Business Unit (PBU) assets have further
    reduced by 62% to GBP4.7 billion, now less than 10% of the
    original GBP60 billion, and a statutory profit reported for
    2004;

(i) A PFS trading cost: income ratio of 61.5% and return on
    equity of 12.1%; and

(j) capital ratios remain strong, with an equity tier 1 ratio of
    7.0%.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] A detailed definition of 'trading' is included in the
glossary included in the full copy of this announcement.  The
statutory financial statements are contained in Appendices 1 to
4, including a profit and loss reconciliation between the
'trading' and 'statutory' definitions.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

"2004 marked the year that Abbey returned to profit. This
business has huge potential.  We can now realize this using
Santander's strength and placing a strong emphasis on
execution," said Grupo Santander Chief Executive Francisco
Gomez-Roldan.

Abbey's results are resilient given a year of change, and the
impact of takeover activity on the business in the second half.
Abbey has returned to profit, despite incurring significant
charges and provisions -- totaling GBP564 million.

We have started to see signs of revenue stabilization in recent
quarters, but the outlook on revenues for 2005 remains tough.
Against this backdrop we will work to improve sales productivity
while at the same time reducing costs.

Abbey's focus, like that of Grupo Santander, is retail banking -
working hard at the basics and aiming to improve sales and
revenue performance across all our sales channels.  At Board
level, we are close to completing a top class team and are
confident we will demonstrate good progress throughout 2005.

Strategic Outline

A new high-level management structure, headed by Chief Executive
Francisco Gomez-Roldan, is in place and a new executive team is
almost complete, with the experience and energy to meet the
goals for 2005 and beyond:

(a) The new simpler management structure, announced in November
    2004, combined IT and Customer Operations under a new
    division called Manufacturing;

(b) Graeme Hardie, former Head of NatWest Retail Banking, has
    joined the Board as Sales & Marketing Director, a role
    combining the customer sales and customer propositions
    functions; and

(c) Recruitment is underway for a head of Insurance and Asset
    Management division.

We also announced the alignment of the Abbey corporate identity
with the global identity used by Grupo Santander across 40
countries.  The familiar Abbey brand name will continue to be
used with Grupo Santander's flame symbol, showing that Abbey is
now part of a powerful group.  The focus on improving the
customer experience remains.

Priorities for 2005

(a) Improving sales performance and productivity;

(b) Stabilizing revenue trends in mortgages and savings, and
    positioning the PFS business for revenue growth in 2006;

(c) Significant cost base reductions; and

(d) Maintaining a strong focus on risk and compliance.

Full copy of Abbey National 2004 results is available free-of-
charge at http://bankrupt.com/misc/Abbey_2004.htm.

CONTACT:  ABBEY NATIONAL PLC
          Abbey National House
          2 Triton Square
          Regent's Place
          London NW1 3AN
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com

          Thomas Coops
          Communications Director
          Phone: 020 7756 5536

          Jon Burgess
          Head of Investor Relations
          Phone: 020 7756 4182

          Christina Mills
          Head of Media Relations
          Phone: 020 7756 4212

          BANCO SANTANDER CENTRAL HISPANO S.A.
          Plaza de Canalejas,1
          28014 Madrid, Spain
          Phone: +34-91-558-11-11
          Fax: +34-91-522-66-70
          Web site: http://www.gruposantander.com


ABBEY NATIONAL: Names New Board Appointees
------------------------------------------
Further to the announcement on 22 December 2004 Abbey confirms
that the appointment of Graeme Hardie as Executive Director,
Sales and Marketing will be effective from February 22, 2005.
FSA approval has been received and was effective from January
24, 2005.  Abbey has also appointed Nathan Bostock as Executive
Director, Finance & Markets with effect from February 22, 2005.
FSA approval has been received and was effective from February
8, 2005.

CONTACT:  ABBEY NATIONAL PLC
          Abbey National House
          2 Triton Square
          Regent's Place
          London NW1 3AN
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com

          Matthew Young
          Phone: 020 7756 4232

          Christina Mills
          Phone: 020 7756 4212

          BANCO SANTANDER CENTRAL HISPANO S.A.
          Plaza de Canalejas,1
          28014 Madrid, Spain
          Phone: +34-91-558-11-11
          Fax: +34-91-522-66-70
          Web site: http://www.gruposantander.com


ACCLAIM ENTERTAINMENT: Sells Two Console Games to F4G Software
--------------------------------------------------------------
Computer games manager F4G Software will continue developing two
console games owned by bankrupt developer Acclaim Entertainment,
Newsnow reports.

F4G, a division of Noble Group under its Fund4Games umbrella,
has set a studio in Manchester to complete Acclaim's ATV and
Interview With A Made Man games.  The group has also acquired
the services of 30 former Acclaim employees.  F4G Software
director Charlie McMicking said, "We think we are good at
getting games made.  We know the industry and how it works."

F4G's acquisition of the intellectual property of the games
would ensure the release of the games, which might take place in
autumn next year.  This is also the first time F4G deviated from
its normal operations, which is funding and managing software
projects on behalf of developers and publisher.  By taking the
role of a developer, F4G would receive the developer's manager
and other fees arising from the sale of the intellectual
property.  F4G normally receives a project management fee of
around 20% plus its investment.  Mr. McMicking commented, "This
is a way to raise our return to shareholders by taking slightly
more risk."

Mr. McMicking revealed F4G met little problems in acquiring the
intellectual property for ATV and Interview With A Made Man
since it has made previous transaction with Acclaim
Entertainment's U.S. court-named trustee and U.K. administrator.
Mr. McMicking revealed F4G might acquire other intellectual
properties on a project basis in the future.

Acclaim Entertainment succumbed to bankruptcy in 2004 after
booking US$56 million in net loss and US$100 million in debt.

CONTACT:  ACCLAIM ENTERTAINMENT PLC
          Moreau House
          112-120 Brompton Road
          Knightsbridge
          London SW3 1JJ
          Phone: 0207 3445000
          Fax: 0207 3445040
          Web site: http://www.acclaim.net

          BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Administrators:
          Antony David Nygate
          Malcolm Cohen
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk

          F4G SOFTWARE PLC
          76 George Street
          Edinburgh EH2 3BU
          Phone: +44 (0)131 225 9677
          Fax: +44 (0)131 225 5479
          Web site: http://www.fund4games.com


ALLDERS CARD: In Administrative Receivership
--------------------------------------------
Andrew J Pepper and Alastair P Beveridge of Kroll Limited were
appointed administrators for Allders Card Services Limited on
Feb. 17.

CONTACT:  KROLL LIMITED
          10 Fleet Place, London EC4M 7RB
          Contact:
          Andrew J Pepper
          Alastair P Beveridg
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


BAE SYSTEMS: Completes Transfer of SAAB Shares
----------------------------------------------
Further to its earlier announcement on February 22, 2005, BAE
SYSTEMS Plc announced on February 25, 2005 the sale of 13.2
million series B shares in the capital of Saab AB.  The shares
have been placed at a price of SEK113 per share resulting in
gross proceeds of SEK1,491.6 million (GBP113.6 million).  The
shares represent approximately 12% of the issued share capital
by economic ownership of Saab.

ABN AMRO Rothschild was the sole bookrunner and global co-
ordinator for the Placing.  Hoare Govett Limited is a corporate
broker to BAE Systems.  Settlement of the placing will take
place on March 2, 2005 (i.e. a T+3 basis).

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

With the sale of 13.2 million shares (exclusive of the over-
allotment option) BAE Systems' economic ownership in Saab after
completion of the placing will fall to 22.1%.  Simultaneously
with the Placing, BAE Systems has initiated conversion of 1.2
million of its series A Saab shares into 1.2 million series B
Saab shares in order to bring its voting rights and economic
ownership in line, given that each series A Saab share has ten
votes whilst each series B Saab share has one vote.  Immediately
following the placing and the conversion, but prior to any
exercise of the over-allotment option, BAE Systems' share of the
voting rights in Saab will be 21.5%, with economic ownership
being 22.1%.  In the event of full exercise of the over-
allotment option, and following both the placing and the
conversion, BAE Systems' economic ownership and voting rights in
Saab will be 20.3% and 20.2% respectively.

BAE Systems currently intends to retain its holding in Saab,
following completion of the placing and any sale of shares
pursuant to the over-allotment option, as a long-term
investment.  In addition BAE Systems has agreed to a lock-up
period of 365 days after pricing of the Placing, subject to
various exceptions, including the consent of ABN AMRO
Rothschild.

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

CONTACT:  BAE SYSTEMS PLC
          Warwick House,
          Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com

          Andy Wrathall
          Phone: +44 1252 383455

          ABN AMRO Holding N.V.
          Gustav Mahlerlaan 10
          1082 PP Amsterdam
          The Netherlands
          Phone: +31-20-628-9393
          Fax: +31-20-629-9111
          Web site: http://www.abnamro.com

          ABN AMRO ROTHSCHILD
          Mainzer Landstr. 65
          60329 Frankfurt am Main
          Phone: +49 69 2690 0321
          Fax: +49 69 2690 0329

          Richard Heald
          Phone: +44 20 7678 8000

          SAAB AB
          Broderna Ugglas gata
          SE-581 88 Linkoping
          Sweden
          Phone: +46-13-18-00-00
          Fax: +46-13-18-00-11
          Web site: http://www.saab.se


BASIL INVESTMENTS: Appoints Liquidator from KPMG
------------------------------------------------
In accordance with section 381A of the Companies Act 1985,
National Provident Life Limited, being the only Member of Basil
Investments Limited, resolved as a special resolution to
voluntarily wind up the firm.  KPMG Corporate Recovery has been
appointed liquidator.

CONTACT:  NATIONAL PROVIDENT LIFE LIMITED
          The Pearl Center
          Lynch Wood, Peterborough PE2 6FY

          BASIL INVESTMENTS LIMITED
          8 Salisbury Square, London EC4Y 8BB

          KPMG CORPORATE RECOVERY
          8 Salisbury Square, London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk
          Contact: Jeremy Simon Spratt
                   John Mitchell Wardrop


BEAMCAM LIMITED: Succumbs Liquidation
-------------------------------------
The members of holding company Beamcam Limited called in
liquidators David Richard Thorniley and Roderick John Weston
from Mazars LLP on Feb. 17.

CONTACT:  MAZARS LLP
          24 Bevis Marks, London EC3A 7NR
          Web site: http://www.mazars.co.uk

          MAZARS LLP
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Phone: 01582 700700
          Fax:   01582 700701


BOX CLEVER: Creditors to Meet Mid-March
---------------------------------------
The Meeting of the unsecured Creditors of Box Clever Holdings
Limited will be held at PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT, on 16 March 2005, at 2.30 p.m.

Creditors whose claims are wholly secured are not entitled to
attend or be represented at the Meeting.  Other Creditors are
only entitled to vote if they have given to the Joint
Administrative Receivers, not later than 12.00 noon on the
business day before the day on which the Meeting is to be held,
details in writing of the debt they claim to be due to them from
the Company, and the claim has been duly admitted under the
provisions of Rule 3.11 of the Insolvency Rules 1986, and there
has been lodged with the Joint Administrative Receivers any
proxy which the Creditor intends to be used on their behalf.

Creditors of the Company requiring copies of the Joint
Administrative Receivers' report may obtain it free of charge,
on written application to the Joint Administrative Receivers at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com
          Contact:
          A V Lomas, Receiver
          J G Parr, Receiver


COLLINGWOOD BARHAM: Liquidators' Report Due Later this Month
------------------------------------------------------------
A General Meeting of the Members of Collingwood Barham Limited
will be held at Baker Untily, City Plaza, Temple Row, Birmingham
B2 5AF, on 30 March 2005, at 9.45 a.m.  A Final Meeting of
Creditors will follow at 10.00 a.m. to receive a report of the
liquidators.

A Member or Creditor entitled to vote at the above Meeting may
appoint a proxy to attend and vote instead of him.  A proxy need
not be a Member or Creditor of the Company.  Proxies to be used
at the Meeting must be lodged with the Liquidators at Baker
Untily, City Plaza, Temple Row, Birmingham B2 5AF, no later than
12.00 noon on the preceding business day.

CONTACT:  BAKER UNTILY
          City Plaza, Temple Row, Birmingham B2 5AF
          Web site: http://www.tenongroup.com
          Contact:
          P H Allen, Liquidator


COLT TELECOM: Deploys Huawei Technology Across Europe
-----------------------------------------------------
COLT Telecom Group Plc on Feb. 24, 2005 announced it is
extending its range of key suppliers to include Huawei
Technologies.  Initially, COLT will deploy Huawei Quidway Router
platforms into its market-leading Internet Access and IPVPN
Corporate services.  COLT is one of the leading providers of
IPVPNs in Europe with more than 850 business customers
benefiting from secure networks that can connect data centres,
offices, homeworkers, suppliers and customers using high
bandwidth technology and low-cost DSL access.

The choice of Huawei, one of the fastest growing
telecommunication network solutions providers emerging from
China, is in line with COLT's 'Future in Focus' strategy and is
a further demonstration of the company's commitment to
innovation and cost leadership by delivering high quality,
competitively priced business communications services which
incorporate the features and flexibility demanded by customers.
COLT will work with Huawei in the future to ensure that
customers continue to reap the benefits of technological
advances in telecoms networks.

"We have been impressed by the quality and the support that
Huawei has been able to offer us," said Ken Starkey, Chief
Operating Officer.

"We believe Huawei can deliver increased value to our customers
and we look forward to exploring how to bring more of their
innovative technology into our networks."

"We are delighted to form this pan-European relationship with
COLT," said William Xu, EVP Huawei Technologies.  "The fact that
a service provider with such a strong reputation for customer
service has agreed to work closely with Huawei is further
endorsement of our ability to deliver and support the most
sophisticated managed data services in the market."

Huawei will also provide support services including integrated
supply chain management, logistics, technical support services
and technical training across Europe.

About COLT

COLT Telecom Group Plc is a leading pan-European provider of
business communications services and solutions. The company owns
an integrated 20,000-kilometer network that directly connects
more than 10,000 buildings in 32 major cities in 13 countries
augmented with a further 42 points of presence across Europe and
11 Internet Solution Centers.  COLT supplies customers across
the full spectrum of industry, service and government sectors
with unrivalled end-to-end network security, reliability and
service.

COLT Telecom Group Plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT).  Information about COLT and its
products and services can be found on the Web at
http://www.colt.net.

About Huawei

Established in 1988, Huawei Technologies is a high-tech
enterprise, which specializes in research and development (R&D),
production and marketing of communications equipment, providing
customized network solutions for telecom carriers in optical,
fixed, mobile and data communications networks.  Huawei's
customers include China Telecom, China Mobile, China Netcom,
China Unicom as well as Thai AIS, Telefonica, SingTel, Hutchison
Telecom, PCCW HKT, SUNDAY, Etisalat (UAE), Telemar (Brazil),
Rostelecom (Russia), BT, Neuf Telecom (France) etc.  Huawei's
contracted sales in 2004 reached US 5.58 billion, an increase of
45% year on year.

CONTACT:  COLT TELECOM
          Gill Maclean
          Phone: +44 20 7863 5314
          E-mail: gill.maclean@colt-telecom.com

          Henny Valder
          Phone: +44 20 7947 1610
          E-mail: henny.valder@colt-telecom.com

          HUAWEI TECHNOLOGIES
          Lucinda Stubbs
          E-mail: lustubbs@huawei.com
          Web site: http://www.huawei.com


CORUS GROUP: New EUR800 Mln Senior Secured Facility Rated 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and a recovery rating of '1' to Corus Group PLC's
(B+/Stable/B) new EUR800 million (US$1.1 billion) senior secured
facility.

"The facility has been rated one notch above the 'B+' corporate
credit rating on Corus with a recovery rating of '1' because we
estimate senior lenders should achieve full recovery of
principal in the event of a payment default," said Standard &
Poor's credit analyst Tommy Trask.

The new facility will be used to refinance the group's existing
facility for the same amount, which is currently undrawn. The
multicurrency revolving facility is split between a EUR700
million tranche A and a ?100 million tranche B.  The maturity
date for both tranches is Dec. 31, 2008.  Borrowers include
Corus and its subsidiaries, including Corus Nederland B.V., for
whom tranche B is reserved (which is a change from the previous
loan).

Financial covenants include interest coverage and leverage
ratios as well as minimum net tangible worth for both the group
as a whole and Corus Nederland.  Non-financial covenants
include, among others, a negative pledge, limitations on
additional indebtedness, and disposals.

The facility is, primarily, secured by the shares of Corus
Nederland and its U.K. holding companies.  In contrast to the
previous facility, senior lenders do not benefit from any
security over the U.K. operating companies.   Guarantees from
the group's main U.K. holding companies and the main U.K.
operating company have also been given.  Corus Nederland has
given no guarantee, nor any security.

The change in the security package has had a negligible effect
on the recovery rating, as in a post-default recovery situation,
Standard & Poor's considers the value of Corus Nederland should
still be significant because we believe any hypothetical event
of default is more likely on the U.K. side of the business.

It is worth noting that the new facility will be structurally
subordinated to all financial and operating liabilities of Corus
Nederland with regard to Corus' Dutch assets and, as a result,
liabilities at the Corus Nederland level will be monitored.  A
material increase in liabilities at the Corus Nederland level
could have a negative effect on the market value of the
collateral and could, therefore, affect the loan and recovery
ratings.

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

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-FINE: Calls in Receivers from Begbies Traynor
-----------------------------------------------
Scottish Courage Limited called in joint administrative
receivers from Begbies Traynor for D-Fine Leisure Limited on
Feb. 15.  D-Fine runs a bar, restaurant and hotel.  It trades
under the names D Place, D Tapas and The Saracens Head Hotel.

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill, London EC3V 3BT
          Contact:
          Timothy John Edward Dolder, Receiver
          Phone: 020 7398 3800
          Fax: 020 7398 3799
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          1 Winckley Court, Chapel Street, Preston PR1 8BU
          Contact:
          Steven Williams, Receiver


DHD GROUP: Travel Agency Succumbs to Liquidation
------------------------------------------------
Michael Young of Vantis Business Recovery was appointed
liquidator by members of DHD Group Limited on Feb. 16.  DHD is
formerly DRH Group Limited.  It is engaged in Internet travel
booking service.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Web site: http://www.vantismt.com


GRANGE COMPUTER: No more cash for Creditors, Says Liquidator
------------------------------------------------------------
The Final Meeting of Members and Creditors of Grange Computer
Supplies Limited will be held at the offices of Kroll, 3rd
Floor, Wellington Plaza, 31 Wellington Street, Leeds LS1 4DL, on
31 March 2005, at 11.00 a.m. and 11.15 am respectively

These Resolutions will be put to the Meeting: "That the Joint
Liquidators' receipts and payments account to 22 February 2005
and final report be approved and that the Joint Liquidators be
released from office."

A Dividend will not be paid to the Creditors as there were
insufficient funds to meet the claims of secured and
preferential Creditors and the costs and expenses of the
liquidation.

A Member or Creditor entitled to attend and vote at the above
Meeting may appoint a proxy to attend and vote in his place.  It
is not necessary for the proxy to be a Member or Creditor.
Proxy forms must be returned to the offices of Kroll at the
above address by no later than 12.00 noon on the business day
prior to the Meeting.

CONTACT:  KROLL
          3rd Floor, Wellington Plaza
          31 Wellington Street, Leeds LS1 4DL
          Web site: http://www.krollworldwide.com
          Contact:
          N A Brackenbury, Joint Liquidator


HHG NEW: Calls in Liquidators from KPMG
---------------------------------------
Members of investment company HHG New Ventures Limited has
called in liquidators Jeremy Simon Spratt and John Mitchell
Wardrop from KPMG Corporate Recovery.  HHG is formerly AMP New
Ventures Limited, AMP Life (U.K.) Limited, AMP Life Limited and
295th Shelf Investment Company Limited.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk
          Contact:
          Jeremy Simon Spratt, Liquidator
          John Mitchell Wardrop, Liquidator


KLAUS-KOBEC: Falls into Administration
--------------------------------------
Joint administrators S L Conn and A D Dick from Begbies Traynor
were called in for Klaus-Kobec Limited on Feb. 18.  Klaus-Kobec
designs and sells watches abroad.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com
          Contact:
          S L Conn, Administrator
          A D Dick, Administrator


LINKFAYRE LIMITED: Former Director Banned for 13 Years
------------------------------------------------------
A director of a mobile telephone and computer components retail
business that failed with total debt estimated at more than
GBP2,633,000 has given an undertaking not to hold directorships
or take any part in company management for 13 years.

The Undertaking by Mr. Saghir Ahmad Qureshi, 37, of Brenthurst
Road, Willesden, London, was given in respect of his conduct as
a director of Linkfayre Limited, which carried out business from
premises at Blue Box, Unit 9-10, Station Approach,
Rickmansworth, Watford WD18 7FR.

Acceptance of the Undertaking on Jan. 12, 2005 prevents Mr.
Qureshi from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.

Linkfayre Limited was placed into voluntary liquidation on Feb.
5, 2003 with estimated debt of GBP2,633,644.08 owed to its
creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

The matter of unfit conduct, not disputed by Mr. Qureshi was
that he disregarded the suspicious circumstances surrounding a
number of transactions involving the supply of computer
equipment and mobile telephones. These circumstances should have
alerted him to the risk that the VAT payable to HM Customs &
Excise (HMCE) in respect of the supplies would go unpaid in
that:

(a) On Dec. 12, 2001 and Dec. 19, 2001 HMCE visited Linkfayre's
    premises and removed eleven invoices.  On Jan. 17, 2002 HMCE
    wrote to Linkfayre providing advice as to future trading and
    requesting further information.  Mr. Qureshi informed HMCE
    that he received this letter on Jan. 25, 2002.  Between Jan.
    25, 2002 and Dec. 12, 2002 there were six subsequent visits
    or letters to Linkfayre by HMCE;

(b) Mr. Qureshi failed to provide sufficient books and records
    to satisfy HMCE that transactions as described and claimed
    in a VAT Return actually took place.  As a result
    GBP1,592,449 of input tax was disallowed; and

(c) Following the disallowance of this input VAT Linkfayre was
    unable to pay a total liability of GBP2,637,584.65 to HMCE,
    which remained unpaid at liquidation.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


NEWSTYLE WINDOWS: Regulator Disqualifies Director
-------------------------------------------------
The director of two building company's specializing in the
installation of windows and conservatories, which failed with
total debt estimated at around GBP1,034,000 and GBP1,073,071has
given an Undertaking not to hold directorships or take any part
in company management for 8 years.

The Undertaking by Mr. Alan Keith Ballard, 51, of St. Peter's
Road, Bournemouth was given in respect of his conduct as a
director of Newstyle Windows & Conservatories Ltd., which
carried out business from premises at 1079-1081 Christchurch
Road, Bournemouth, Dorset BH7 6BQ and in respect of his conduct
of Southern Glaziers & Fitters Limited (SGF), which carried out
business from premises at Unit 3, Wessex Trade Centre, Ringwood
Road, Poole, Dorset BH12 3PR and Unit 2, Itchen House, 186
Empress Road, Southampton SO14 0JY.  Acceptance of the
undertaking on Jan. 14, 2005 prevents Alan Keith Ballard from
being a director of a company or, in any way, whether directly
or indirectly, being concerned or taking part in the promotion,
formation or management of a company for the above period.

Newstyle was placed into voluntary liquidation on August 16,
2002 with estimated debt of GBP1,033,514 owed to creditors. SGF
was placed into compulsory liquidation on Jan. 5, 2004 with
estimated debt of GBP1,073,071 owed to creditors.  The
Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Alan Keith Ballard In
respect of Newstyle:

(a) He caused Newstyle to trade to the detriment of Crown
    Departments, by failing to make adequate payments to HM
    Customs & Excise and HM Inland Revenue in respect of VAT and
    PAYE/NIC; and

(b) He caused Newstyle to pay himself remuneration and
    director's loans that were excessive having regard to the
    solvency and profitability of the company.

In respect of SGF:

(a) From no later than Jan. 2 2003, the date upon which he
    signed off the statutory accounts for the year ended June
    30, 2001, Mr. Ballard ought to have been aware that SGF was
    insolvent with no reasonable prospect of being able to meet
    creditors' claims;
(b) Mr. Ballard caused SGF to enter into a transaction that
    preferred SGF's main supplier, Griffin Windows Limited; and
    benefited himself, to the detriment of SGF's other
    creditors.  The transaction had the effect that Mr. Ballard
    secured the indebtedness of SGF's main supplier at a time
    when its other creditors, especially the Crown, were not
    being paid as and when due, and he removed his immediate
    liability to SGF in respect of his director's loan account,
    and to any liquidator subsequently appointed; and

(c) Mr. Ballard caused SGF to pay himself remuneration and
    director's loans that were excessive having regard to the
    solvency and profitability of SGF.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


NH COMPUTER: Insolvency Service Bans Former Director
----------------------------------------------------
A director of a computer training business that failed with
total debt estimated at around GBP11 million has given an
Undertaking not to hold directorships or take any part in
company management for three and a half years.

The Undertaking by Mr. Michael Smith (39) of Saffron Hill,
Letchworth, Herts, was given in respect of his conduct as a
director of NH Computer Training Plc which carried out business
from premises at 85 Great Eastern Street, London EC2A 3HY;
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB; Regus
House, 1 Friary Temple Quay, Bristol, BS1 6EA; Unit 22 Logie
Mill, Beaver Bank Office Park, Canon Mill, Edinburgh, EH7 4HG;
Arthur House, Chorlton Street, Manchester, M1 3FH and Rodney
House, Castle Gate, Nottingham, NG1 7AW.

NH Computer Training was placed into liquidation on December 10,
2002 with estimated debt of GBP11million owed to creditors.

Acceptance of the Undertaking on Jan. 27, 2005 prevents Mr.
Smith from being a director of a company, or in any way being
concerned or taking part in the promotion, formation or
management of a company for three and a half years.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Mr. Smith included
that he:

(a) Caused the company to trade to the detriment of Her
    Majesty's Custom and Excise from June 30, 2001, when
    payments for VAT for the quarter ending May 31, 2001 fell
    due for payment to cessation of trading in November 2002;
    and

(b) Caused NH Computer Training to trade to the detriment of the
    Inland Revenue from Feb. 19 2002 when PAYE/NIC for January
    2002 fell due to cessation of trading in November 2002,
    whilst treating other creditors differently.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


NPI ANNUITIES: Files for Liquidation
------------------------------------
The National Provident Life Limited, the only member of NPI
Annuities Limited, resolved as a special resolution to wind up
the firm.  Jeremy Simon Spratt and John Mitchell Wardrop of KPMG
Corporate Recovery have been appointed liquidators.  NPI
Annuities is formerly NPI Pensions Management Limited.

CONTACT:  NATIONAL PROVIDENT LIFE LIMITED
          The Pearl Center
          Lynch Wood, Peterborough PE2 6FY

          KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk
          Contact:
          Jeremy Simon Spratt, Liquidator
          John Mitchell Wardrop, Liquidator


NTL INCORPORATED: Sets Results Conference Call March 15
-------------------------------------------------------
On Tuesday, March 15, 2005 at 8:30 a.m. EST and 1:30 p.m. U.K.
time, Simon Duffy, CEO; and Jacques Kerrest, CFO; will discuss
ntl's financial results.

Conference call details are:

(a) U.S. dial-in number: +1 334 420 4950
                         +1 334 420 4951

(b) U.K. & International dial-in number: +44 (0)20 7162 0125

A replay of this conference call will be available for one week
beginning approximately two hours after the end of the call
until Tuesday, March 22, 2005.  The replay dial-in numbers are:

(a) U.S. dial-in number: +1 954 334 0342

(b) U.K. & International dial-in number: +44 (0)20 7031 4064
                          conference ID: 646478

The conference call can also be accessed via a live audio Web
cast at 8:30 a.m. EST or 1:30 p.m. U.K. time at
http://www.ntl.com.

Contact:  NTL INCORPORATED
          Bartley Wood Business Park
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Phone: http://www.ntl.com

          Investor Relations
          Patti Leahy
          Phone: 610-667-5554
          E-mail: patricia.leahy@ntl.com


ONE STOP: Creditors Meeting this Week
-------------------------------------
The Joint Administrators of One Stop U.K. Limited are calling a
creditors meeting on March 2, 2005, 10:30 a.m. at Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF.

Completed proxy forms must be lodged with the Joint
Administrators by the date of the Meeting.  In order to be
entitled to vote under Rule 2.38 at the Meeting creditors must
submit, not later than 12.00 noon on the business day before the
day fixed for the Meeting, details in writing of his claim.

Secured Creditors (unless they surrender their security) should
also include a statement giving details of their security, the
date on which it was given and the estimated value at which it
is assessed.  The Resolutions to be taken at the Meeting may
include a Resolution specifying the terms on which the Joint
Administrators are to be remunerated.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street, Liverpool L3 9HF
          Contact:
          David Moore, Administrator

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


PHONETICS (U.K.): Creditors to Meet Today
-----------------------------------------
A Meeting of the Creditors of Phonetics (U.K.) Limited will be
held at the offices of BDO Stoy Hayward LLP, Prospect Place, 85
Great North Road, Hatfield, Hertfordshire AL9 5BS, on March 1,
2005, at 3:00 p.m.

A person authorized under section 375 of the Companies Act 1985,
to represent a corporation must produce to the Chairman of the
Meeting a copy of the Resolution from which their authority is
derived.  The copy Resolution must be under seal of the
corporation, or certified by the Secretary or Director of the
corporation as a true copy.

Please note that a Creditor is entitled to vote only if he has
delivered to the Administrators not later than 12.00 noon on 28
February 2005, details in writing of the debt claimed to be due
from the Company, and the claim has been duly admitted under the
provisions of the Insolvency Rules 1986, and there has been
lodged with the Administrators any proxy which the Creditor
intends to be used on his behalf.

Notice is hereby given, for the purposes of paragraph 49(6) of
Schedule B1 of the Insolvency Act 1986, that Members of the
Company should write to Geoffrey Stuart Kinlan, at BDO Stoy
Hayward LLP, Prospect Place, 85 Great North Road, Hatfield,
Hertfordshire AL9 5BS, for copies of the Administrators'
statement of proposals.  Copies of the proposals will be sent
free of charge.

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


RSMC LIMITED: Liquidator's Report Out April
-------------------------------------------
A Final Meeting of Members and Creditors of RSMC Limited will be
held at the offices of SPW Poppleton & Appleby, Gable House, 239
Regents Park Road, London N3 3LF, on 8 April 2005, at 10:30 a.m.
and 10:45 a.m. respectively.

Members and Creditors will hear from the liquidator how the
liquidation of the firm has been conducted and its property
disposed of.

A Member or Creditor is entitled to attend and vote at the above
Meeting may appoint a proxy to attend and vote instead of him. A
proxy need not be a Member or a Creditor of the Company.
Proxies to be used at the Meeting must be lodged at Gable House,
239 Regents Park Road, London N3 3LF, not later than 4.00 pm on
7 April 2005.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House, 239 Regents Park Road, London N3 3LF
          Contact:
          H J Sorsky, Liquidator


SOUTH WEST: Director Banned from Occupying Management Post
----------------------------------------------------------
A director of a trailer hire business that failed with debt of
more than GBP1.3 million has been disqualified in the Taunton
County Court from acting as a company director for ten years.

Mr. Peter James McDowell, of Oak Street, Rhydyfelin, Pontypridd
was a director of South West Trailer Hire Limited, which carried
on business from premises at Edford Lane, Edford, Holcombe,
Radstock, Bath, BA3 5HH.

South West Trailers Limited was placed into voluntary
liquidation on March 12, 2003 with estimated debt of GBP1.3
million owed to its creditors.

The Disqualification Order, made on Feb. 9, 2005, prevents Mr.
McDowell from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct by Mr. McDowell, found by the Court
included that he had caused the company to fraudulently obtain
finance from finance companies for fictitious trailers and
existent trailers causing a loss to those finance companies of
GBP697,943.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


STRIKEBACK LIMITED: Members, Creditors Meeting April
----------------------------------------------------
The Meeting of the Members and Creditors of Strikeback Limited
will be held at Elliot House, 151 Deansgate, Manchester M3 3BP,
on 27 April 2005, at 10:00 a.m. and 10:30 a.m. respectively.

Members and Creditors wishing to vote at the Meeting must lodge
their proofs of debt and (unless they are attending in person)
proxies at the office of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP, no later than 12:00 noon on the
business day before the meeting.

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


TOUCHE REMNANT: Members Call in Liquidator
------------------------------------------
Members of: (a) investment company NPI Finances Limited
(Formerly AMP (NPI) Finance Limited, AMP Life Limited and
Elecretail Limited); (b) Touche Remnant Property Co. (formerly
Touche, Remnant & Co.); (c) Touche Remnant Investment Management
Limited (formerly Touche Remnant Pension Fund Management
Limited); (d) Oyster Holding Company Limited (formerly Oyster
Holding Company (1996) Limited); and (e) Oyster Overseas
Limited, called in liquidators Jeremy Simon Spratt and John
Mitchell Wardrop of KPMG Corporate Recovery

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk
          Contact:
          Jeremy Simon Spratt, Liquidator
          John Mitchell Wardrop, Liquidator


UNIGREG LIMITED: Directors Get Eight-year Ban
---------------------------------------------
Two directors of a pharmaceutical business that failed with debt
of more than GBP2.5million have been disqualified from acting as
company directors for eight years each.

Mr. Avo Krikor Krikorian (79) of Rue de L'Athenee, Geneva,
Switzerland and his son Mr. Krikor Avo Krikorian (47) of Al Mina
Road, Port Rashid, Dubai were directors of Unigreg Limited,
which carried on business from premises at Enterprise House,
Garth Road, Morden, Surrey, SM4 4LL.

Unigreg Limited was placed into administration on 11 June 2002
with estimated debt of GBP2,598,000 owed to its creditors.

A Disqualification Order was made against Mr. Avo Krikorian at a
hearing in the High Court of Justice on Jan. 31, 2005.  Mr.
Krikor Krikorian gave a disqualification undertaking to the
Secretary of State, which was accepted on Jan. 28, 2005.  Both
directors are now prevented from being a director of a company
or, in any way, whether directly or indirectly, being concerned
in or taking part in the promotion, formation or management of a
company for eight years.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct found in each case and not disputed by
Avo Krikor Krikorian or Krikor Avo Krikorian were that they:

(a) Caused or allowed Unigreg Limited to enter into transactions
    to the detriment of Creditors and in breach of the Companies
    Act 1985 (by permitting dividends to be drawn, directors
    loans and remuneration to themselves during the period of
    late 1997 to July 18, 2001).  By allowing the loans to be
    paid to themselves, Avo and Krikor Krikorian placed their
    personal interests in conflict with their duties as
    directors to act in the best interests rather than those of
    the Creditors and Unigreg.

(b) Allowed the company's business and intellectual property
    rights in China and other Far Eastern territories to be
    disposed of for their own personal gain and without due
    regard to the interests of the company.  Monies received
    from the sale of rights after the company went in to
    administration were not properly accounted for.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


WIGGY'S WORLD: Liquidator to Deliver Report this Month
------------------------------------------------------
A General Meeting of the Members of Wiggy's World Limited will
be held at Baker Untily, City Plaza, Temple Row, Birmingham B2
5AF, on March 18, 2005, at 10:45 a.m.  A Final Meeting of
Creditors will follow at 11:00 a.m. to receive an account of the
winding-up process.

A Member or Creditor entitled to vote at the above Meeting may
appoint a proxy to attend and vote instead of him.  A proxy need
not be a Member or Creditor of the Company.  Proxies to be used
at the Meeting must be lodged with the Joint Liquidators at
Baker Untily, City Plaza, Temple Row, Birmingham B2 5AF, no
later than 12:00 noon on the preceding business day.

CONTACT:  BAKER UNTILY
          City Plaza, Temple Row, Birmingham B2 5AF
          Web site: http://www.bakeruntily.co.uk
          P H Allen, Joint Liquidator


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US MM)    (US MM)   (US MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (531)       1,471      129


BELGIUM
-------
Carestel N.V.             CSTL.BR     (3)         178      (68)
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Delta Ice Cream                       (3)         183      (14)
DryShips Inc.             DRYS        (4)         184      (29)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (16,510)       5,285     (332)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


LUXEMBOURG
----------
Millicom International
   Cellular S.A.          MICC       (59)       1,523        4
Oriflame Cosmetics S.A.   ORI.ST     (44)         378       97


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (558)       2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                         (24)         514      327
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Gruppo Media
   Capital SGPS S.A.      GMPTF.PK   (21)         399      (85)
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


RUSSIA
------
Kamchatskenergo                     (107)         291   (7,319)
Zil Auto                            (147)         349   (9,974)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (19)         569      372
Swisslog Holding-R        SLOG       (98)         354      151


TURKEY
------
Dyo Boya Fabrikalari
   Sanayi Ve Ticare                  (11)         106      (66)
Nergis Holding                       (24)         125       22
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (29)         142      (32)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L       (8)         297        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US 575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US 25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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