TCREUR_Public/050302.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

            Wednesday, March 2, 2005, Vol. 6, No. 43

                            Headlines

G E R M A N Y

AKA INTERNATIONALE: Creditors to Meet Tomorrow
CUBE-TEC: First Creditors Meeting Slated Next Week
DIE SANITAR: Gives Creditors Until Next Week to File Claims
GIGATEC MASCHINENBAU: Court Appoints Provisional Administrator
GUSS-ASPHALT: Under Bankruptcy Administration

HOPKEN'S RUH: Provisional Administrator Takes over Helm
INGENIEURBURO MARSCHENZ: Creditors Meeting Set Later this Month
SPACE CENTER: Bremen Court Stays All Pending Lawsuits
SPACE PARK: Administrator's Report Due this Week
VEREINS SPORTVEREIN: Claims Verification Hearing Set Mid-April
WESTLB AG: State Aid Refund Leaves Huge Hole; Spoils Turnaround


H U N G A R Y

MALEV HUNGARIAN: Winning Bidder Known in 30 Days


I R E L A N D

ELAN CORPORATION: Suspends Distribution of M. Sclerosis Drug
ELAN CORPORATION: Outlook Changed to Stable on Tysabri Pullout


I T A L Y

FIAT AUTO: Preliminary Report Pegs Net Loss at EUR1.5 Billion
PARMALAT FINANZIARIA: January Performance Improves


K A Z A K H S T A N

ATF BANK: Long-term Rating Affirmed at 'B+'; Outlook Stable


N E T H E R L A N D S

HEAD N.V.: Moody's Downgrades Senior Implied Rating to B2
ROYAL NUMICO: Takes over Baby Food Manufacturer Mellin


P O L A N D

ABSOLWENT: Declared Bankrupt


R U S S I A

KALUZHSKIY HOMEBUILDING: Last Day for Filing Claims Friday
LEZHNEVSKIY DAIRY: Declared Insolvent
MACHINE-TECHNOLOGICAL STATION: Insolvency Proceedings Begin
MED-GLASS-BORISOVSKOYE: Selling Shares in Borisovskiy Factory
MELEUZOVSKOYE REPAIR-TECHNICAL: Insolvency Manager Enters Firm

PAVLOVSKIY INSTRUMENTAL: Gives Buyers Until Friday to Table Bids
PLAMYA: Undergoes Bankruptcy Supervision Procedure
SHAKHTINSKIY BRICK: Cedes Control to Insolvency Manager
SUROVIKINS-AGRO: Gives Creditors Until March 29 to File Claims
URAL-TOR-KON: Mechanical Plant for Sale
YUKOS OIL: Legal Risks to Lenders Reduced by Chap. 11 Dismissal


S P A I N

SOGECABLE: Halves Full-year Net Loss


S W E D E N

SKANDIA INSURANCE: Books SEK139 Million Pre-tax Loss in 2004


U K R A I N E

DIALOG: Harkiv Court Names Olga Ornautova Insolvency Manager
EDEM: Bankruptcy Case Before Hmelnitskij Court Remains Pending
GALICHINA: Bankruptcy Proceedings Begin
INTERSERVICE-PLUS: Declared Insolvent
IZUM-PRIZMA: Hires Volodimir Matsokin as Insolvency Manager

PIRATIN: Applies for Bankruptcy Proceedings
SOLHAT: Donetsk Court Declares Company Insolvent
TAVRIYA: Bankruptcy Proceedings Before Zaporizhya Court Begins
UKRAGROTORG-2001: Insolvency Manager Takes over Operations
VYAZIVSKE: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ABBEY NATIONAL: Fitch Affirms Ratings Despite 'Negative Trends'
ACCURACY GROUP: Gun Maker Fails to Dodge Receivership
ADDERLEY GREEN: Shareholders Call in Liquidators from PwC
APS PROPERTY: Hires Begbies Traynor to Wind up Business
BETTA BODIES: Creditor Lodges Winding-up Petition

BUILDING FABRICATION: Court to Hear Winding-up Petition March 16
CCO BUILDING: Liquidator's Final Report Out Later this Month
DAPAG LIMITED: Members Opt for Liquidation
EQUITABLE ASSET: Winding-up Report Out Early Next Month
FREEMAN AND PARTNERS: Liquidator to Deliver Report March 31

H ADEY: Members, Creditors Meeting Set Later this Month
H. BURLINGHAM: Files for Liquidation
INTERNET MUSIC: Changes Name to Timestrip Plc
INVENSYS PLC: Meets Third-quarter Expectations
INVENSYS PLC: Buys back Outstanding 2005, 2007 Notes

L G ELECTRONICS: Falls into Liquidation
LOXLEY DISMANTLING: In Administrative Receivership
MARSLAND TRADING: Creditors Meeting Set Later this Month
MEYER & ELLIS: Creditors to Meet Next Month
NORCROS: Members Call in Liquidators from PricewaterhouseCoopers

PENNZOIL-QUAKER STATE: Shareholders Opt for Liquidation
PORT NELSON: KPMG to Deliver Final Report March 31
PROMPT TRAVEL: In Administrative Receivership
TINSLEY LANDSCAPES: Members, Creditors Meeting Set March 30
TNCI U.K.: Calls in Administrators from KPMG
WEBFELL: Administrators from Ernst & Young Take over Operations

* Weak German, Italian Construction Firms Frustrate Lenders


                            *********


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


AKA INTERNATIONALE: Creditors to Meet Tomorrow
----------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against AKA Internationale Speditions- und Schiffahrts-GmbH on
Feb. 1, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 15, 2005 to register their claims with court-appointed
provisional administrator Haro Helms.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 11:00 a.m. at the district court
of Bremen, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195
Bremen at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on April 7, 2005,
10:30 a.m. while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  AKA INTERNATIONALE
          Altenwall 24
          28195 Bremen
          Contact:
          Holger Heitmann, Manager
          Mozartstr. 4
          28203 Bremen

          Haro Helms, Provisional Administrator
          Schillerstr. 10
          28195 Bremen
          Phone: 0421/337790
          Fax: 0421/3377933


CUBE-TEC: First Creditors Meeting Slated Next Week
--------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Cube-Tec Development GmbH on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 5, 2005
to register their claims with court-appointed provisional
administrator Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 8:35 a.m. at the district court
of Bremen, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195
Bremen at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on April 28, 2005,
9:30 a.m. while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  CUBE-TEC DEVELOPMENT GMBH
          Anne-Conway-Str. 1
          28359 Bremen
          Contac:
          Jorg Walter Houpert, Manager
          Osterdeich 45
          28203 Bremen

          Frank-Michael Rhode, Provisional Administrator
          Graf-Moltke-Str. 62
          28211 Bremen
          Phone: 0421/3485212/213
          Fax: 0421/341078


DIE SANITAR: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------------
The district court of Buckeburg opened bankruptcy proceedings
against Die Sanitar- und Gasheizungsfritzen Frank Lohkamp GmbH
on Feb. 1, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 9, 2005 to register their claims with court-
appointed provisional administrator Robert Pinter.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 11:00 a.m. at the district court
of Buckeburg, Schulstr. 2, 31675 Buckeburg 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:  DIE SANITAR-UND GASHEIZUNGSFRITZEN FRANK LOHKAMP GMBH
          Im Niedernfeld 5 b
          31542 Bad Nenndorf
          Contact:
          Frank Lohmann, Manager

          Robert Pinter, Provisional Administrator
          Suntelstr. 44 c
          31848 Bad Munder
          Phone: 05042/93770
          Fax: 05042/937719


GIGATEC MASCHINENBAU: Court Appoints Provisional Administrator
--------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Gigatec Maschinenbau Vertriebs GmbH on Feb. 7, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 6, 2005
to register their claims with court-appointed provisional
administrator Martin Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  GIGATEC MASCHINENBAU VERTRIEBS GMBH
          Bussingstr. 1
          32312 Lubbecke
          Contact:
          Kai Piepenbrink, Manager

          Martin Kienitz, Provisional Administrator
          Rugenweg 14
          32427 Minden


GUSS-ASPHALT: Under Bankruptcy Administration
---------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against GAB Guss-Asphalt Biebesheim GmbH on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until Feb. 24, 2005 to
register their claims with court-appointed provisional
administrator Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 11:00 a.m. at the district court
of Darmstadt, Zimmer 4, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt 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:  GAB GUSS-ASPHALT BIEBESHEIM GMBH
          Brunnenweg 1
          64584 Biebesheim
          Contact:
          Jan Wieczorek, Manager
          Haydnstrasse 7
          64560 Riedstadt

          Bardo M. Sigwart, Provisional Manager
          Ostend 14
          64347 Griesheim
          Phone: 06155/60930
          Fax: 06155/66297


HOPKEN'S RUH: Provisional Administrator Takes over Helm
-------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Hopken's Ruh Gastronomie GmbH on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 5, 2005
to register their claims with court-appointed provisional
administrator Stefanie Luthje.

Creditors and other interested parties are encouraged to attend
the meeting on April 17, 2005, 11:00 a.m. at the district court
of Bremen, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195
Bremen at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on April 28, 2005,
11:00 a.m. while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  HOPKEN'S RUH GASTRONOMIE GMBH
          Oberneulander Landstr. 69
          28355 Bremen
          Contact:
          Lutz Arnhold, Manager

          Stefanie Luthje, Provisional Administrator
          Ostertorsteinweg 74/75
          28203 Bremen
          Phone: 792570
          Fax: 7925757


INGENIEURBURO MARSCHENZ: Creditors Meeting Set Later this Month
---------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Ingenieurburo Marschenz GmbH on Feb. 2,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 2,
2005 to register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 11:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on June 29, 2005, 10:50 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  INGENIEURBURO MARSCHENZ GMBH
          Eisenacher Str. 57
          10823 Berlin

          Rudiger Wienberg, Provisional Administrator
          Giesebrechtstr. 1
          10629 Berlin


SPACE CENTER: Bremen Court Stays All Pending Lawsuits
-----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Space Center Betriebs GmbH & Co. KG on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 29, 2005
to register their claims with court-appointed provisional
administrator Edgar Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 11:30 a.m. at the district court
of Bremen, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195
Bremen at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on April 5, 2005,
9:00 a.m. while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  SPACE CENTER BETRIEBS GMBH & CO. KG
          Space Park Plaza 1
          28237 Bremen
          Contact:
          Mark A. Germyn, Manager

          Edgar Gronda, Provisional Administrator
          Domshof 18-20
          28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


SPACE PARK: Administrator's Report Due this Week
------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Space Park Zweite Verwaltungs GmbH on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 29, 2005
to register their claims with court-appointed provisional
administrator Edgar Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 11:30 a.m. at the district court
of Bremen, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195
Bremen at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on April 5, 2005,
9:00 a.m. while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  SPACE PARK ZWEITE VERWALTUNGS GMBH
          Space Park Plaza 1
          28237 Bremen
          Contact:
          Mark A. Germyn, Manager

          Edgar Gronda, Provisional Administrator
          Domshof 18-20
          28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


VEREINS SPORTVEREIN: Claims Verification Hearing Set Mid-April
--------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Vereins Sportverein Sandokan e.V. on Jan. 31, 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 Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 9:00 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:  VEREINS SPORTVEREIN SANDOKAN E.V.
          Gotenstrasse 4
          20097 Hamburg

          Ingmar Jarchow, Provisional Administrator
          Colonnaden 21, 20354 Hamburg,
          Phone: 3501690
          Fax 35016915


WESTLB AG: State Aid Refund Leaves Huge Hole; Spoils Turnaround
---------------------------------------------------------------
WestLB AG reported a result from ordinary activities of EUR696.2
million in 2004.  This compares with a loss of EUR1,950.4
million in the previous year.  The marked turnaround in
operating results is due to the systematic management of risk,
higher net interest income and the continued reduction in costs.

Having repaid approximately EUR1.4 billion in respect of the Wfa
state aid proceedings, however, the Bank incurred extraordinary
expenses, which resulted in a net loss for the year of EUR920.0
million.  This will be met from capital reserves and the release
of silent capital participations.

Presenting the annual accounts for 2004, Board Chairman Dr.
Thomas R. Fischer said, "We are satisfied with the operating
result, which was achieved against the background of a weak
economic environment.  Given that we have only recently begun to
implement our new business structure, it reflects the actual
performance potential of the Bank.  WestLB has now turned the
corner and is back on a solid footing, and in 2005 our new
business model will be operational for the first time over a
full financial year.  WestLB is well equipped for this.  It is
largely free from the burdens of the past and, following the
capital increase, it can now concentrate on expanding its core
business activities from a position of strength."

Net Interest Income Rises to EUR1,657.3 Million

Net interest income rose by EUR109.0 million (+7%) to EUR1,657.3
million last year.  This increase was mainly attributable to
higher income from sales of participations.  The transfer of
municipal loans to our subsidiary Westdeutsche ImmobilienBank
had an opposite effect and, as a result, interest from lending
and money market transactions declined.

At EUR234.4 million (previous year: -EUR1,098.3 million), the
risk result from the lending business is positive due to the
systematic reduction of risk in the loan portfolio since 2003.

Net commission income fell by EUR60.1 million to EUR278.0
million.  This was due to a reduction in fee income from lending
due to a greater sensitivity to credit risk.  Net commission
income from securities business, however, increased during the
year.

Money market and securities trading produced results of EUR737.1
million.  This is included under the net interest income
heading.  Net income from trading operations rose by EUR11.4
million to EUR-92.8 million, reflecting improved performance in
the bond and equity trading businesses, but a decline in foreign
exchange trading.

Costs Reduced Further

Costs were reduced by a further EUR35 million in 2004.
Operating expenses were cut by EUR47.6 million to EUR777.7
million, primarily as a result of systematically enhancing IT
efficiency.  Personnel expenses, on the other hand, rose
slightly to EUR697.5 million.  In addition to moderate increases
in wages and salaries, this was due to the integration into
WestLB AG of roughly 650 employees from its subsidiary WestLB
Systems.  Therefore, despite implementing planned headcount
reductions, the total number of employees rose from 4,955 to
5,132 at December 31, 2004.  Headcount cuts in the WestLB Group
proceeded as planned.

The positive contribution of EUR35.4 million from securities and
participations was largely due to income from the sale of
investments.  In the previous year the result of participations
was adversely affected by substantial write-downs attributable
to the de-risking of the balance sheet.  Despite the sales in
2004, net reserves increased due to rising market values of
holdings.

Balance Sheet

WestLB AG's total assets declined by 1.6% to EUR214.6 billion.
Claims on customers fell by 17% to EUR56.2 billion, largely due
to active management of the credit portfolio aimed at reducing
concentration risks.  Further loans totaling EUR2.2 billion were
transferred to Westdeutsche ImmobilienBank.  Claims on banks
have increased by 23.6% to EUR81.7 billion.  The increase is
closely related to the sharp decrease in cash/liquid debt
instruments to EUR3.9 billion.  Securities/equalization claims
rose by 12.3% to EUR57.5 billion.  Following the sale of
investments such as TUI and Landesbank Rheinland-Pfalz, the book
value of equity investments in affiliated and non-affiliated
companies fell from EUR8.9 billion to EUR6.6 billion.

On the liabilities side, liabilities to customers fell by 3.4%
to EUR58.9 billion, with liabilities to banks rising by 3.2% to
EUR94.4 billion.  Certificated liabilities fell by 15.6% to
EUR35.8 billion.

Mainly as a result of the autumn 2004 capital increase, WestLB's
equity capital position strengthened to EUR3.9 billion (+14.7%).
The full year loss for 2004 will be met from capital reserves
and the release of silent capital participations.  Profit
participation capital will be serviced in accordance with the
issuing conditions.

The Bank has a strong liquidity position, both in terms of
quality and quantity of funding.

2005: Focus on the Operating Business

State guarantees will be eliminated in mid-July 2005.  WestLB AG
must then demonstrate that it can compete effectively without
its "borrowed creditworthiness."  The Bank has meanwhile
regained its stability and on the basis of the new business
model laid the foundations to operate as a powerful and
efficient universal bank.

The strong potential of its client-focused, growth-driven
business model is exemplified by the intensified cooperation and
joint market approach with the savings banks in North Rhine-
Westphalia.  The basis for this is the joint budget planning for
2005, which will substantially increase the volume of business
generated with the savings banks.  As part of its "Mittelstand"
initiative, WestLB will work closely with the savings banks to
provide innovative product solutions at the interface of lending
and capital market business, which will open up new financing
opportunities for larger mid-caps.

In the private banking field, too, WestLB will shortly offer an
alternative to the private banks.  From the second quarter of
2005, the Bank will return to the market with a full range of
private banking products and services and dedicated relationship
management.  The international business in corporate banking and
investment banking will remain a cornerstone of the Bank's
business activities.

WestLB must be appropriately capitalized to take advantage of
the growth opportunities in its core German market and beyond.
The owners are currently finalizing details of a capital
injection that is fully compliant with the requirements of the
European Commission.

A copy of WestLB's income statement and balance sheet can be
viewed at http://bankrupt.com/misc/westlb_2004.pdf

CONATCT:  WESTLB AG
          Herzogstrasse 15
          40217 Dusseldorf, Germany
          Phone: +49-211-826-01
          Fax: +49-211-826-6119
          Web site: http://www.westlb.com


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


MALEV HUNGARIAN: Winning Bidder Known in 30 Days
------------------------------------------------
There are five bidders competing to buy the government's 99.95%
stake in Malev Hungarian Airlines, according to Reuters.

Among the bidders are Italy's Air One; Aviation Solutions, a
group led by Malev's former chief executive; Kyrgyzstan
Airlines; and Sky Alliance, a consortium made up primarily of
Malev's pilots.  Euroinvest Company, owned by Hungarian real
estate tycoon Sandor Demjan, is also interested in the airline.

Of the five applications, three are bids while the two others
are regarded as letters of intent.  The winner of the bidding
will be announced within 30 days, state privatization agency APV
said.

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


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


ELAN CORPORATION: Suspends Distribution of M. Sclerosis Drug
------------------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation Plc (NYSE: ELN)
announced on Feb. 28, 2005 a voluntary suspension in the
marketing of TYSABRI(R) (natalizumab), a treatment for multiple
sclerosis (MS).  The companies are suspending supply of TYSABRI
from commercial distribution and physicians should suspend
dosing of TYSABRI until further notification.  In addition, the
companies have suspended dosing in all clinical trials.

This decision is based on very recent reports of two serious
adverse events that have occurred in patients treated with
TYSABRI in combination with AVONEX(R) (Interferon beta-1a) in
clinical trials.  These events involve one fatal, confirmed case
and one suspected case of progressive multifocal
leukoencephalopathy (PML), a rare and frequently fatal,
demyelinating disease of the central nervous system. Both
patients received more than two years of TYSABRI therapy in
combination with AVONEX.

The companies' actions have been taken in consultation with U.S.
Food and Drug Administration (FDA).  Worldwide regulatory
agencies are being kept informed.

The companies will work with clinical investigators to evaluate
TYSABRI-treated patients and will consult with leading experts
to better understand the possible risk of PML.  The outcome of
these evaluations will be used to determine possible re-
initiation of dosing in clinical trials and future commercial
availability.

"Our ongoing commitment to MS patients has led us to take these
steps," said Burt Adelman, MD, executive vice president,
Development, Biogen Idec.  "Because we believe in the promising
therapeutic benefit of TYSABRI, we are working to evaluate this
situation thoroughly and expeditiously.  While we work through
this matter, we must place patient safety above all other
considerations."

"We are working with leading experts and regulatory agencies to
responsibly investigate these events and to develop the
appropriate path forward," said Lars Ekman, MD, executive vice
president and president, Research and Development, Elan. "Our
primary concern is for the safety of patients."

In total, approximately 3,000 patients have been treated with
TYSABRI in clinical trials of MS, Crohn's disease, and
rheumatoid arthritis.  To date, the companies have received no
reports of PML in MS patients receiving TYSABRI monotherapy or
in patients with Crohn's disease or rheumatoid arthritis in
TYSABRI clinical trials. Biogen Idec has received no reports of
PML in patients treated with AVONEX alone, a product that has
been on the market since 1996.

A copy of the Dear Healthcare Professional Letter regarding this
matter is available at http://www.tysabri.comand the companies'
corporate Web sites.  Patients and physicians with questions
should call 1-888-489-7227.

About Biogen Idec

Biogen Idec creates new standards of care in oncology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

About Elan

Elan Corporation Plc is a neuroscience-based biotechnology
company.  We are committed to making a difference in the lives
of patients and their families by dedicating ourselves to
bringing innovations in science to fill significant unmet
medical needs that continue to exist around the world. Elan
shares trade on the New York, London and Dublin Stock Exchanges.
For additional information about the company, please visit
http://www.elan.com.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353-1-709-4000
          Fax: +353-1-662-4949
          Web site: http://www.elan.com

          Media Contact
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526

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

          BIOGEN IDEC INC.
          14 Cambridge Center
          Cambridge, MA 02142
          Phone: 617-679-2000
          Fax: 617-679-2617
          Web site: http://www.biogenidec.com

          Media Contact
          Amy Brockelman
          Phone: 617-914-6524

          Investor Contact
          Elizabeth Woo
          Phone: 617-679-2812


ELAN CORPORATION: Outlook Changed to Stable on Tysabri Pullout
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Elan
Corporation Plc to stable, from positive.  At the same time,
Standard & Poor's affirmed its ratings on Elan and its
subsidiaries, including its 'B' corporate credit rating.  The
Dublin, Ireland-based specialty pharmaceutical company had
roughly US$2.3 billion in debt.

The rating actions are in response to Elan's and its marketing
partner, Biogen Idec Inc.'s announcement that they were halting
the marketing of Tysabri, a promising new multiple sclerosis
treatment, due to two serious adverse events affecting patients
being treated with a combination therapy consisting of Tysabri
and Biogen Idec's multiple sclerosis treatment, Avonex.

Both adverse events involved patients, one confirmed fatal and
one suspected, who developed progressive multifocal
leukoencephalopathy (PML), a very rare and usually fatal
disease.

"Elan is very reliant on the success of Tysabri to return to
profitability and restore positive cash flows.  However, the
timing of a return to market for Tysabri is highly uncertain at
this point.  Nevertheless, through its refinancing in the second
half of 2004, Elan has built an adequate amount of liquidity to
fund ongoing operations and has pushed out its significant debt
maturities until February 2008," said Standard & Poor's credit
analyst Arthur Wong.

CONTACT:  ELAN CORPORATION
          Anita Kawatra
          Phone: +1-212 407 5755
                 +1-800 252 3526

          Investors
          Emer Reynolds
          Phone: +353 1 709 4000
          Fax: +1-800 252 3526
          Web site: http://www.elan.com


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


FIAT AUTO: Preliminary Report Pegs Net Loss at EUR1.5 Billion
-------------------------------------------------------------
The Board of Directors of Fiat S.p.A. met Monday in Turin under
the chairmanship of Luca Cordero di Montezemolo to review the
Group's 2004 fourth quarter and preliminary consolidated full
year results.

After improving its year-over-year operating performance for
eight consecutive quarters, the Group achieves its objective of
operating breakeven (+EUR22 million).

Revenues increase by 5% and gross indebtedness decreases by
about EUR3.4 billion.  The net financial position is negative by
about EUR5 billion.  The Group's cash position remains solid
(about EUR5.3 billion), after EUR2.7 billion of bond repayment
in 2004.  CNH, Iveco and Magneti Marelli report steadily
improving operating performance.  Fiat Auto reduces its
operating loss by more than 20% over 2003.  2004 was the last
year in which the Group will report a net loss.

Fiat Group Statement of Operations

                      Preliminary data
                        Fiscal 2004             Fiscal 2003

(in millions                     Continuing
  of euros)      Consolidated    Operations     Consolidated

Net revenues     46,703            44,498          47,271

Operating result     22              (714)           (510)

EBIT               (833)             (434)           (319)

Result before
taxes            (1,577)           (1,501)         (1,298)

Net result       (1,548)           (2,042)         (1,948)

Research and
development       1,810             1,724           1,747

The Group

The Group's net revenues totaled EUR46.7 billion in 2004, an
increase of EUR2.2 billion, or about 5%, compared with
2003.  Sales revenues were up both at the Group's Automotive and
Components Sectors, with gains of 5.5% for Fiat Auto, 4% for CNH
(despite the depreciation of the U.S. dollar), 10% for Iveco,
20% for Ferrari, 8% for Teksid and approximately 5% for Magneti
Marelli (on a comparable basis).  Revenues decreased at Comau
(due to changes in the scope of its operations) and Business
Solutions (due to the divestiture of Fiat Engineering).

In the fourth quarter of 2004, revenues amounted to EUR12.5
billion, down slightly compared with the last three months of
2003.

Research and development expenditure increased by EUR86 million,
accounting for slightly less than 4% of 2004 net revenues.  The
operating result improved to a positive amount of EUR22 million
in 2004, an increase of EUR736 million over 2003.  This target
was achieved following the improved performances of Iveco and
CNH, which increased their operating income by EUR276 million
and EUR178 million, respectively, and of the Components Sectors
(Magneti Marelli +EUR84 million, Comau +EUR30 million and Teksid
+EUR23 million).  Fiat Auto cut its operating loss by more than
20% and Ferrari-Maserati closed 2004 with a slight operating
profit, as the strong performance in the fourth quarter offset
the loss of EUR57 million incurred in the first nine months of
2004.

In the fourth quarter of 2004, operating income was EUR259
million; almost double the EUR132 million earned in the same
period in 2003.  This gain marks the eighth consecutive quarter
in which the Group has reported a year-over-year improvement in
its operating performance.

The Group reported negative EBIT (Earnings Before Interest and
Taxes) of EUR833 million in 2004, compared with negative EBIT of
EUR434 million in 2003.  However, the 2003 result included net
capital gains of about EUR1.7 billion, mainly on the disposals
of FiatAvio and Toro Assicurazioni.

In detail, EBIT was impacted by:

(a) The EUR736 million increase in operating income over the
    2003 operating loss, to EUR22 million;

(b) Non-operating net expense of EUR863 million, as compared to
    non-operating net income of EUR359 million in 2003.  Net of
    gains on disposal (EUR152 million in 2004, EUR1.7 billion in
    2003), the Group reported a decrease of about EUR400 million
    in non-operating expense primarily due to lower provisions
    and restructuring costs and lower extraordinary asset write-
    downs;

(c) Equity income of EUR8 million, as compared to a loss of
    EUR79 million in 2003.


The Group's result before taxes was negative by EUR1,577 million
in 2004, compared with a negative EUR1,501 million in 2003.
EBIT shortfall was largely offset by a decrease of EUR323
million in net financial expenses, which in 2004 include a
positive non-recurring impact of about EUR200 million due to the
unwinding of the Equity Swap on the General Motors shares and
write-downs of financial assets.

Consolidated net loss (before minority interest) was EUR1,548
million, compared with a loss of EUR1,948 million in 2003.  The
low tax charge recorded in 2004 is the net result of the
following offsetting items:

(a) The local taxes (IRAP) due in Italy and income taxes on the
    earnings of some foreign subsidiaries; and

(b) The positive impact of filing a consolidated tax return in
    Italy and the recognition of net deferred tax assets, mainly
    those related to Fiat S.p.A. Net deferred tax assets
    recoverability has become certain in connection with the
    payment already received following the termination of the
    Master Agreement with General Motors.

At Dec. 31, 2004, the Group's net indebtedness (financial
payables and related accruals and deferrals, net of cash
equivalents and marketable securities) amounted to EUR13.9
billion, or about EUR1.7 billion lower than at the beginning of
the year.  This improvement reflects a reduction in gross
indebtedness, which fell by EUR3.4 billion to EUR19.2 billion at
the end of 2004, as the Group repaid bonds totaling EUR2.7
billion (about EUR1 billion in Fiat Finance & Trade bonds and
US$2.2 billion, or about EUR1.6 billion, in bonds exchangeable
into General Motors shares).  A US$500 million (EUR367 million)
bond was issued by CNH in 2004.

Bonds maturing before the end of 2005 amount to EUR1.9 billion.
An additional EUR1.7 billion will mature in the first half of
2006.

At Dec. 31, 2004, the Group's liquidity (cash equivalents and
marketable securities) amounted to about EUR5.3 billion,
compared with EUR7 billion at the beginning of 2004.

Net indebtedness of the Group's industrial operations totaled
EUR5.9 billion at the end of 2004 as compared to EUR5.1 billion
at the beginning of the year.  The increase was mainly due to
higher working capital requirements and a reduction in the
amount of trade receivables sold.

At Dec. 31, 2004, the Group had a negative net financial
position of about EUR5 billion, compared with negative EUR3
billion at the beginning of the year.  This change is primarily
attributable to the net loss incurred in 2004, the decrease of
about EUR500 million in the amount of trade receivables sold and
an increase in working capital requirements.

At the end of the year, trade receivables and other receivables
due after Dec. 31, 2004 that had been sold with recourse
amounted to EUR1,577 million (EUR2.144 million at Dec. 31,
2003).  Receivables sold without recourse totaled EUR4,698
million (EUR4,638 million at Dec. 31, 2003).

At the end of 2004, loans receivable (mainly loans owed by
retail customers to the Group's financial companies) due after
Dec. 31, 2004 that had been sold with recourse amounted to EUR25
million (EUR59 million at Dec. 31, 2003).  Loans sold without
recourse totaled EUR5,276 million (EUR5,214 million at Dec. 31,
2003).  The sale of these receivables had no impact on the total
amount of working capital and net financial position.

CONTACT:  Fiat S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Web site: http://www.fiatgroup.com


PARMALAT FINANZIARIA: January Performance Improves
--------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
presents the operating and financial results of the Parmalat
Group at January 31, 2005.

Scope of Consolidation

The scope of consolidation has been defined using principles
that are consistent with those adopted in preparing the
statement of income and balance sheet at December 31, 2004.
Companies that are subject to certain restrictions on their
management as a result of local bankruptcy proceedings that have
effectively placed them outside the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration, and
companies in voluntary liquidation are no longer consolidated on
a line-by-line basis.

The current scope of consolidation no longer includes companies
in which the Group held equity investments that were sold after
January 1, 2005.  The corresponding 2004 data have been restated
accordingly on a pro forma basis.  The operations divested in
2005 include the companies that comprised the U.S.A. Bakery
Division (Mother's Cake & Cookies, Archway Cookies and three
production units in Canada), which were sold in January 2005,
and Parmalat Uruguay, which was sold in February 2005.

Operating Performance

Financial Highlights

                                 Revenues
Values in
millions
of Euro            Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Businesses [*]   267.5        267.5           287.6

Non-Core
Businesses     [**]    48.5         46.0            36.4

Subtotal              316.0        313.5           324.0

Proceedings Cost

Total                 316.0        313.5           324.0


                                  EBITDA

                   Previous      Previous         Current
                     year          year             year
                                 Pro-Forma

Core Activities [*]    16.2         16.2             17.6

Non-Core
Activities [**]        (8.9)        (8.9)            (2.2)

Subtotal                7.4          7.4             15.4

Proceedings Cost       (4.9)        (4.9)            (5.0)

Total                   2.5          2.5             10.4

                            EBITDA % of Revenues

                   Previous      Previous         Current
                     year          year             year
                                 Pro-Forma

Core Activities [*]     6.1          6.1              6.1

Non-Core
Activities [**]       (18.3)       (19.3)            (6.0)

Subtotal                2.3          2.4              4.8

Proceedings Cost

Total                   0.8          0.8              3.2

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] The Core Businesses include the following product
categories: beverages (milk and fruit juices) and functional
dairy products, which are sold under approximately 30 brands
(global and strong local brands) primarily in high-potential
countries in which there is sustained demand for wellness
products, consumers are willing to pay a premium price for
Parmalat brands and there is access to leading-edge
technologies.

[**] The Non-core Businesses are those that are located in
countries or engaged in activities that are not strategically
significant and have been earmarked for divestiture.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                         Core Businesses

The Group's Core Businesses had revenues of EUR287.6 million at
January 31, 2005, up 7.5% from the EUR267.5 million booked in
the same period last year.  At EUR17.6 million, EBITDA were 8.6%
higher than the EUR16.2 million earned in January 2004.  These
data do not reflect the impact of the nonrecurring charges
incurred in connection with the extraordinary administration
proceedings, which amounted to about EUR5.0 million, in line
with January 2004.

An analysis of the Group's results in the main geographic
regions in which it operates is provided below.

Italy

Revenues totaled EUR100.7 million in January 2005, or 8.1% less
than the EUR109.6 million booked in the same month last year.
The shortfall in net revenues was accompanied by a decrease in
EBITDA, which declined both in absolute terms (from EUR9.4
million in January 2004 to EUR8.1 million in January 2005) and
as a percentage of net revenues (from 8.5% to 8.0%).

A drop in unit sales by the Milk Division (fresh milk in
particular) and the Produce Division is the main reason for the
decline in net revenues.  In addition, higher promotional and
advertising expenses contributed to the EBITDA deterioration as
compared with January 2004, which, however, should be temporary.

Spain

At EUR14.1 million, January 2005 revenues were 12.4% less than
the EUR16.1 million reported in the same month last year.
EBITDA totaled EUR0.7 million, a slight improvement over the
EUR0.6 million earned in January 2004.  Margins were also up,
with EBITDA rising from 3.7% to 4.8% of revenues.  An across-
the-board decrease in unit sales, which reflects unfavorable
business conditions in the domestic market, is among the main
reasons for the decrease in net revenues.

South Africa

In January 2005, revenues rose to EUR20.2 million, or 13.5% more
than the EUR17.8 million booked in the same month last year.
However, EBITDA decreased both in absolute terms (from EUR1.9
million in January 2004 to EUR1.3 million this year) and as a
percentage of net revenues (from 10.6% to 6.5% of revenues).
The main reasons for the improvement in revenues include the
appreciation of the South African Rand versus the euro (average
exchange rate up 10.7% compared with January 2004) and an
increase in total unit sales (shipments of pasteurized milk,
fruit juices and yogurt were up, but deliveries of UHT milk and
cheese were down).  The result for January 2005 was adversely
affected by inefficiencies in the distribution network and
higher promotional expenses.

Venezuela

In January 2005, the Venezuelan operations reported revenues of
EUR12.1 million, a gain of 30.1% compared with the EUR9.3
million booked in January 2004.  EBITDA also improved, rising
both in absolute terms (from a -EUR0.5 million at January 31,
2004 to a positive EUR0.8 million this year) and on a percentage
basis (from a -5.2% of revenues to a positive 6.8% of revenues).
This positive performance was achieved despite the negative
impact of a weak Bolivar, which continued to lose value versus
the euro (-24.8% compared with the average exchange rate for
January 2004).  The results reported in January, along with
those for the preceding few months, point to the beginning of a
turnaround for the Venezuelan companies, made possible by the
recent implementation of reorganization and refocusing programs.
In the coming months, additional changes in the social policies
pursued by the Venezuelan government will require a further
revision of the business model used by the Group's local
companies.

Canada

Revenues totaled EUR101.5 million in January 2005, up sharply
from the EUR75.0 million reported in the same month last year.
The revenue gain had a positive impact on EBITDA, which rose
both in absolute terms (from EUR2.8 million in January 2004 to
EUR5.6 million this year) and on a percentage basis (from 3.8%
of revenues to 5.6% of revenues).  Higher unit sales and sales
prices for all Canadian products, and an increase in sales days
compared with January 2004 account for this improvement.

Australia

In January 2005, revenues decreased to EUR29.6 million, or 7.2%
less than the EUR31.9 million booked in January 2004, but EBITDA
held steady at EUR1.6 million.

The Australian operations were able to hold total unit sales at
about the same level as in January 2004 (lower shipments of
yogurt, desserts and tea were offset by higher sales of
pasteurized and UHT milk), but their performance was adversely
affected by a modest depreciation of the Australian dollar
versus the euro (-4.7% compared with the average rate in January
2004).

                       Non-core Businesses

In January 2005, the Group's Non-core Businesses reported
revenues of EUR36.4 million, a decrease of 20.9% from pro forma
revenues of EUR46.0 million in January 2004.  However, even
though net revenues were down, EBITDA improved from -EUR8.9
million to -EUR2.2 million, due mainly to a sharp reduction in
the losses reported by Parma F.C.

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

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


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


ATF BANK: Long-term Rating Affirmed at 'B+'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed Kazakhstan-based ATF Bank's ratings at
Long-term 'B+', Short-term 'B', Individual 'D' and Support '4'.
The Long-term rating Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect the
bank's well-diversified income streams and adequate
profitability, reasonable asset quality and moderate
capitalization.  They also take into account the risk management
concerns raised by its rapid asset growth.  While actual loan
losses have been relatively low, the current level of loan loss
reserves could prove insufficient in the event of an economic
downturn.  Customer funding is concentrated, but the bank has
been successful in raising medium-term funding in the
international capital markets.  The bank has received regular
capital injections in recent years, but further capital
injections will be required to support continuing rapid growth.

ATF Bank is the fourth largest commercial bank in Kazakhstan by
assets, with around 6.5% of the banking system's assets at end-
2004.  It provides a broad range of banking services to
corporates and SMEs, and is also growing its retail business,
focusing on higher and middle-income individuals.  It is also
active in the foreign exchange and government securities markets
in Kazakhstan.

CONTACT:  FITCH RATINGS
          Philip Smith, London
          Phone: +44 (0) 20 7417 4340

          James Watson, Moscow
          Phone: +7 095 956 9901

          ATF BANK
          International Department
          Mrs. Zhanna Bubeyeva
          Head of Financial Institutions Division
          Phone: 7 (3272) 583072, 583022, 503765
          Fax: 7 (3272) 501995
          E-mail: bubeyeva@atfbank.kz
          Web site: http://www.atfbank.com/


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


HEAD N.V.: Moody's Downgrades Senior Implied Rating to B2
---------------------------------------------------------
Moody's Investors Service downgraded Head N.V.'s senior implied
rating from B1 to B2.  Concurrently, Moody's downgraded the
company's EUR135.0 million senior notes due 2014, issued by HTM
Sport- und Freizeitgera AG, to B3 and the senior unsecured
issuer rating to Caa1. The outlook for all ratings is negative.

The ratings affected the rating action are:

(a) Senior implied rating downgraded to B2 from B1;

(b) Senior unsecured issuer rating downgraded to Caa1 from B3;
    and

(c) EUR135.0 million senior notes due 2014 at HTM Sport- und
    Freizeitgera AG downgraded to B3 from B2

The ratings downgrade was mainly prompted by:

(a) The company's disappointing operating performance reported
    during the last quarter 2004;

(b) Moody's expectations of increasingly difficult market
    conditions in each of the company's market segments which
    are likely to negatively impact Head's operating
    profitability going forward; and

(c) The company's weakened credit protection measures and
    prospects of limited cash flow generation from operating
    activities going forward.

During the last quarter of 2004, Head reported a significant
deterioration in profitability with operating profit (adjusted
for one-off charges and gains on asset disposals) declining to
US$11.8 million for Q4 2004 compared to US$18.0 million for the
same period in the prior year.  Although Moody's recognizes that
Head's Q4 2003 results benefited from new product launches (i.e.
Liquidmetal racquets), the rating agency notes that the
company's gross profit at its racquet sports and diving
divisions significantly deteriorated during Q4 2004, mainly
reflecting increasing pricing pressure from competition, lower
sales volumes for tennis balls and higher raw material prices,
only partly off-set by positive developments in winter sports
(i.e. higher sales volumes of skis and bindings and higher sales
price for ski boots).  In addition, operating profit was also
impacted by unexpectedly high provisions booked in connection
with product warranties and litigations for trademark
infringements; and for full year 2004, increased administrative
costs for services provided by companies ultimately owned by
Head's principal shareholder.

Although the deterioration in profitability in Q4 follows a
period of continued recovery in operating performance for the
first nine months of 2004, Moody's views the last quarter
results as source of particular concern in light of the positive
impact on the full year results of approximately US$10 million
cost savings related to the 2003 restructuring program and a
marked seasonality typical of the company's business (i.e. Q4
being in general the strongest period of the year).  It is
Moody's expectation that market conditions in each of the
company's divisions will remain difficult during financial year
2005 mainly reflecting intensified price competition especially
in the racquet sport and diving divisions, high raw material
costs and ongoing structural decline in racquet sports.  In
addition, Moody's expects the company's selling and marketing
expenses to continue to rise in response to an increasingly
challenging market environment.  Although Moody's believes Head
will likely need to undertake additional restructuring
initiatives in the short-term, the rating agency cautions that
the company's ability to retain the benefits of any such
activities may be constrained by intensified pricing pressure
and inflationary costs.

The ratings downgrade also reflects the company's material
increase in financial leverage and overall deterioration in
credit metrics over the last twelve months. For financial year
2004, Head reported lease-adjusted net debt/EBITDAR ratio of
6.2x (compared to 5.5x for previous financial year).  In
addition, cash flow-based credit metrics also fell as the
company's operating cash flow declined to US$7.8 million (a
level insufficient to fund current capex level) for full year
2004 compared to US$17.3 million in 2003 and US$23.3 million in
2002.  As consequence, the company's adjusted RCF/lease-adjusted
Net Debt ratio declined to 4.4% from 10.2% in 2003 and 12.6% in
2002.  Moody's does not anticipate any material improvement in
credit metrics during 2005.

While, in Moody's view, the company's liquidity profile is
satisfactory reflecting US$9.9 million available under its
short-term credit facilities and US$59.6 million cash on balance
sheet, the rating agency cautions that the company's future
ability to raise additional indebtedness may be constrained by
the incurrence test as defined in the indenture governing the
company's senior notes (which requires the company to maintain a
consolidated fixed charge coverage ratio greater than 2.0x).
Therefore, current ratings factor that the company would
continue to use available liquidity mainly to fund working
capital requirements and day-by-day activities.  Should Head
decide to finance a potential acquisition through its cash on
balance sheet leading to a deterioration of the company's
liquidity situation, the company' ratings are likely to be
further downgraded.

The negative outlook reflects Moody's opinion that the company
would continue to face challenging market conditions and reports
a weak operating performance for full year 2005.  A further
deterioration in leverage ratio (i.e. lease-adjusted net
debt/EBITDAR ratio approaching 7.0x) or lack of free cash flow
generation is likely to result in downward rating pressure.

Conversely, a stabilization of market conditions coupled with
material recovery in cash flow generation would lead to a change
in outlook to stable.  In addition, a marked reduction in
leverage below 5.0x is likely to place upward pressure on the
ratings.

Incorporated under Dutch Law, Head N.V. is a leading global
manufacturer of branded sporting goods focusing on winter,
diving and racquet sports.  For the financial year ended 31
December 2004, the company reported consolidated revenues and
EBITDA of US$479.1 million and US$31.0 million, respectively.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          Contact:
          Francesco Sebastiani, Analyst
          Corporate Finance Group (London)

          David G. Staples, Managing Director
          Corporate Finance Group (London)

          HEAD N.V.
          Rokin 55
          1012 KK Amsterdam
          Phone: +31-20-625-1291
          Fax: +31-20-625-0956
          Web site: http://www.head.com


ROYAL NUMICO: Takes over Baby Food Manufacturer Mellin
------------------------------------------------------
Royal Numico N.V. announces that it has signed an agreement to
acquire Mellin S.p.A., a leading Italian Baby Food company, from
Findim Group SA, for a total consideration of EUR400 million, to
be paid equally in cash and shares. The transaction is expected
to be accretive in the first year.

Commenting on the acquisition, Jan Bennink, CEO of Numico,
stated, "The acquisition of Mellin represents an important step
forward for our Baby Food strategy in Western Europe.  Mellin
complements and significantly strengthens our existing
operations in terms of product range, channel presence and
market position.  The resulting competitive number 2 position in
the Italian Baby Food Market provides Numico with the necessary
platform and scale to drive growth in this underdeveloped and
fragmented market."

Numico will acquire 100% of the share capital of Mellin for an
amount of EUR400 million.  The acquisition will be paid equally
in cash and newly issued Numico shares based on a share price of
EUR29.80.  The shares are subject to a lock-up period of six
months following completion of the transaction. Completion is
expected in the second quarter of 2005 and is conditional upon
shareholder and regulatory approvals.  Following completion,
Numico will propose to appoint Mr. Marco Fossati, Chairman and
CEO of Findim and STAR, to Numico's Supervisory Board.

Mellin holds a 21% share of the Italian Baby Food market, with
particularly strong positions in the weaning food categories and
the fast growing grocery channel.  Mellin has significantly
outperformed the growth of the Italian Baby Food market in
recent years, growing at a rate of 10% CAGR, resulting in a 5 pt
market share gain during the past three years.  The company
generated revenues of EUR130 million with an EBITA of EUR29
million in 2004.

Marco Fossati, Chairman and CEO of Findim and STAR commented,
"Numico is the leading baby food company in Europe.  By
integrating Mellin's business operations with the specialized
nutrition company Numico, I am able to secure the long-term
development and success of Mellin's operations.  I am also
pleased to hold an investment in the future of Numico as well as
with my envisaged role as a member of Numico's Supervisory
Board."

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition. The company operates in over 100 countries and
employs approximately 11,000 people.

CONTACT:  ROYAL NUMICO N.V.
          Rokkeveenseweg 49
          2712 PJ Zoetermeer
          Phone: +31-79-353-9000
          Fax: +31-79-353-9620
          Web site: http://www.numico.com


===========
P O L A N D
===========


ABSOLWENT: Declared Bankrupt
----------------------------
A total of 240 employees lost their jobs when Absolwent filed
for bankruptcy recently, according to just-style.com.  The court
of Lublin declared the garment maker bankrupt after failing to
pay PLN3.0 million to the Polish security office ZUS.
Absolwent's factory is based in Pulawy, eastern Poland.


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


KALUZHSKIY HOMEBUILDING: Last Day for Filing Claims Friday
----------------------------------------------------------
The Arbitration Court of Kaluga region 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 region, 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) R. Gromova, Insolvency Manager
    249130, Russia, Kaluga region
    Peremyshl, Lenina Str. 48


LEZHNEVSKIY DAIRY: Declared Insolvent
-------------------------------------
The Arbitration Court of Ivanovo Region opened bankruptcy
proceedings against OJSC Lezhnevskiy Dairy (TIN 3715000364)
after finding it insolvent.  The case is docketed as 1201/14-B.
Mr. R. Larin has been appointed insolvency manager.  Creditors
may submit their proofs of claim to:

(a) LEZHNEVSKIY DAIRY
    155120, Russia, Ivanovo Region
    Lezhnevskiy region, Lezhnevo
    Bolnichnyj Per., 2;

(b) Mr. R. Larin
    Insolvency Manager
    155900, Russia, Ivanovo region
    Shuya, Kooperativnaya Str. 51


MACHINE-TECHNOLOGICAL STATION: Insolvency Proceedings Begin
-----------------------------------------------------------
The Arbitration Court of Belgorod Region opened bankruptcy
proceedings against OJSC Machine-Technological Station after
finding it insolvent.  The case is docketed as A08-9277/04-11.
Mr. K. Zlobin has been appointed insolvency manager.  Creditors
may submit their proofs of claim to:

(a) MACHINE-TECHNOLOGICAL STATION
    309720, Russia, Belgorod region
    Veydelevka, Tsentralnaya Str. 37

(b) Mr. K. Zlobin
    Insolvency Manager
    308033, Russia, Belgorod
    Post Office 33, Post User Box 674


MED-GLASS-BORISOVSKOYE: Selling Shares in Borisovskiy Factory
-------------------------------------------------------------
Bidding organizer LLC Lawful Centre of Dwelling-Realty is
auctioning the property of OJSC Med-Glass-Borisovskoye on March
10, 2005, 12:00 noon at 109316, Russia, Moscow, Volgogradskiy
Pr. 42, Floor 12, Room 14.  For sale is the firm's entire share
in OJSC Borisovskiy Factory of Med-Glass.  The starting price is
RUB46,200,124.

Preliminary examination and reception of bids are done daily
from 2:00 p.m. to 4:00 p.m. until March 3, 2005 at 117117,
Russia, Tver region, Vyshnevolotskiy region, Borisovskiy,
Zavodskaya Str. 1.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to OJSC Med-Glass-
Borisovskoye settlement account 40702810563310100041 at
Vyshnevolotskoye branch AC SB RF 2593; correspondent account
3010181040000000677, BIC 042819677 on or before March 4, 2005.

CONTACT:  MED-GLASS-BORISOVSKOYE
          117117, Russia, Tver region
          Vyshnevolotskiy region
          Borisovskiy, Zavodskaya Str. 1


MELEUZOVSKOYE REPAIR-TECHNICAL: Insolvency Manager Enters Firm
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic opened
bankruptcy proceedings against OJSC Meleuzovskoye Repair-
Technical Enterprise (TIN 0235004571) after finding the firm
insolvent.  The case is docketed as A07/19781/02-A-MOG.  Mr. V.
Skornyakov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to:

(a) MELEUZOVSKOYE REPAIR-TECHNICAL ENTERPRISE
    453310, Russia, Bashkortostan republic,
    Meleuz, Melioratorov Str. 14

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


PAVLOVSKIY INSTRUMENTAL: Gives Buyers Until Friday to Table Bids
----------------------------------------------------------------
The properties of OJSC Pavlovskiy Instrumental Factory will be
auctioned on March 10, 2005, 9:30 a.m. at 606100, Russia,
Nizhniy Novgorod region, Pavlovo, Kommunisticheskaya Str. 1.

Assets for sale:

(a) Shares in subsidiary and dependable societies for a starting
    price of RUB3 million (a RUB300,000 deposit is required);

(b) Construction works, machinery, metal equipment for a
    starting price of RUB16 million (a RUB3 million deposit is
    required); and

(c) Buildings and stores for a starting price of RUB12 million
    (a RUB3 million deposit is required).

Preliminary examination and reception of bids are done daily
from 1:00 p.m. to 4:00 p.m. until March 4, 2005 at Russia, N.
Novgorod, M. Gorkogo Str. 4/2.  For more information, call (812)
34-46-24.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to the settlement
account 40702810100000001277 at OJSC CB ELLIPS BANK, N.
Novgorod, BIC 042202798; correspondent account
30101810200000000798 on or before March 4, 2005.

CONTACT:  PAVLOVSKIY INSTRUMENTAL FACTORY
          606100, Russia, Nizhniy Novgorod region
          Pavlovo, Kommunisticheskaya Str. 1


PLAMYA: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure against LLC PLAMYA.  The case is docketed
as A50-49791/2004-B.  Mr. A. Knyazev has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to:

Russia, Perm, Leonova Str. 23-1.

CONTACT:  LLC PLAMYA
          618740, Russia, Perm region
          Dobryanka, Komsomolskaya Str. 70

          Mr. A. Knyazev, Temporary Insolvency Manager
          Russia, Perm, Leonova Str. 23-1


SHAKHTINSKIY BRICK: Cedes Control to Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Rostov Region opened bankruptcy
proceedings against OJSC Shakhtinskiy Brick after finding it
insolvent.  The case is docketed as A53-20472/04-S2-8.  Ms. T.
Bondarenko has been appointed insolvency manager.  Creditors may
submit their proofs of claim to:

(a) SHAKHTINSKIY BRICK
    Russia, Rostov region
    Novocherkassk, Baklanovskiy Pr. 154

(b) Ms. T. Bondarenko
    Insolvency Manager
    346400, Russia, Rostov region
    Novocherkassk, Baklanovskiy Pr. 154


SUROVIKINS-AGRO: Gives Creditors Until March 29 to File Claims
--------------------------------------------------------------
The Arbitration Court of Volgograd Region opened bankruptcy
proceedings against agricultural chemical company OJSC
Surovikins-Agro-Prom-Khimiya after finding the firm insolvent.
The case is docketed as A12-17913/04-s58.  Ms. E. Li has been
appointed insolvency manager.  Creditors have until March 29,
2005 to submit their proofs of claim to Ms. E. Li, insolvency
manager, 404420, Russia, Volgograd region, Surovikino,
Shosseynaya Str. 75.


URAL-TOR-KON: Mechanical Plant for Sale
----------------------------------------
The bidding organizer of LLC Ural-Tor-Kon is auctioning the
Federal State Unitary Enterprise Vysokogorskiy Mechanical Plant
on March 3, 2005, 1:00 p.m. at Russia, Sverdlovsk region,
Nizhniy Tagil, M. Gorkogo Str. 1.

Up for sale are buildings, boilers and other properties with a
total starting price of RUB29.5 million; and kindergarten
building with a starting price of RUB11.047 million.

CONTACT:  VYSOKOGORSKIY MECHANICAL PLANT
          Russia, Sverdlovsk Region
          Nizhniy Tagil, M. Gorkogo Str. 1
          Phone/Fax: (3435) 24-45-88


YUKOS OIL: Legal Risks to Lenders Reduced by Chap. 11 Dismissal
---------------------------------------------------------------
Fitch Ratings says the legal risks faced by foreign creditors to
the Russian oil and gas industry have lessened following the
U.S. federal court's dismissal of the Yukos bankruptcy case.

"Many investors were asking us if we felt the Yukos legal
campaign would scare off foreign creditors from lending to other
Russian oil and gas companies," says Jeffrey Woodruff, Director
with the energy team at Fitch in Moscow.  "It seems clear from
this recent court decision that foreign investors and banks now
face less legal risk than before the decision.  We therefore
expect creditors to be more comfortable going ahead with deals
that might have been on the back burner until now."

For those companies and lenders directly involved in the
Yuganskneftegaz transaction, last week's court ruling is seen as
a credit positive event by Fitch as it prevents the legal
dispute from spreading to international jurisdictions.  Had the
U.S. court decided to hear the case, it is highly likely that
foreign creditors would be discouraged, if not outright barred,
from providing further financing to the entities involved in the
transaction.  As part of the bankruptcy filing, Yukos initiated
legal action not only against the acquiring company, Baikal
Finance Group, but also against any entity helping to finance
the deal.

"Last week's ruling is seen as a step back from what was a
growing legal quagmire, which is of benefit to the industry as a
whole," adds Mr. Woodruff.

On the other hand, legal risks for other oil companies operating
in Russia might be seen to have increased as the Russian
government grows more confident that foreign entities will not
meddle in domestic affairs, but Fitch does not hold this view at
the present time.

OAO Yukos filed for Chapter 11 bankruptcy protection in a
Houston federal court on 14 December 2004 to forestall the
auctioning of the company's largest production unit,
Yuganskneftegaz, as part the Russian government's attempt to
collect US$28 billion in claimed overdue taxes.  During the
filing, the company publicly stated that it was not possible to
receive a fair hearing in the Russian Federation, and that a
U.S. federal court would provide a more suitable forum.

In a ruling posted by the U.S. federal court in Houston, Texas,
however, U.S. federal judge Letitia Clark said: "The vast
majority of the business and financial activities of Yukos
continue to occur in Russia.  While there is precedent for
maintenance of a bankruptcy case in the United States by
corporations domiciled outside the U.S., none of those
precedents cover a corporation, which is a central part of the
economy of the nation in which the corporation was created.  The
sheer size of Yukos, and its impact on the entirety of the
Russian economy, weighs heavily in favor of allowing a
resolution in a forum in which participation of the Russian
government is assured."

Yukos was Russia's largest oil company, producing approximately
1.6 million barrels of oil per day before the government run
auction stripped the company of Yuganskneftegaz, which accounted
for 60% of the company's crude production.  Fitch will continue
to carefully monitor developments in the Russian oil and gas
sector.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Josef Pospisil, London
          Phone: +44 20 7417 4266


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


SOGECABLE: Halves Full-year Net Loss
------------------------------------
Sogecable booked a net loss of EUR156.2 million in 2004, 56.2%
lesser than in 2003, according to El Pais.

The Spanish pay TV operator also generated EBITDA of EUR286.1
million, up 67.5% from the previous year; and turnover of
EUR1.42 billion, also 20.8% higher.  The company credited the
encouraging results to the 24.1% increase in advertising
revenues and 19.1% rise in subscription.

Sogecable has just completed the integration of Via Digital, a
company it acquired in July 2003, to its operations.

CONTACT:  SOGECABLE S.A.
          Avenida Artesanos,
          6 28760 Tres Cantos (Madrid)
          Phone: (+34) 91 736 70 00
          Web site: http://www.sogecable.com


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


SKANDIA INSURANCE: Books SEK139 Million Pre-tax Loss in 2004
------------------------------------------------------------
                Year-end Report 2004(*)
       (Comparisons excluding discontinued operations)

Fourth Quarter

(a) New sales of unit-linked assurance rose 24% in local
    currency.   New sales reached their highest level for the
    year during the fourth quarter.  Growth was strongest in
    Europe.  In Germany new sales rose 217%.  The U.K. showed
    continued strong growth, while new sales in Sweden showed
    signs of stabilization;

(b) Total sales rose 20% in local currency, to SEK25.2 billion;

(c) In view of the prevailing market conditions and Bankhall's
    result development, a goodwill write-down of SEK931 million
    was made;

(d) As previously disclosed, a provision of SEK308 million for
    restructuring costs was made;

(e) As in previous years, adjustments have been made in the
    assumptions for embedded value calculations, resulting in a
    charge of SEK545 million against the result of operations;

(f) The result before tax (according to Swedish GAAP) was
    -SEK1,156 million (SEK1,163 million);

Result and return measurements according to the embedded value
method:

(a) The operating result was -SEK673 million (SEK4,908 million);

(b) The result of operations was -SEK803 million (SEK2,786
    million);

(c) The present value of new business increased to SEK642
    million (SEK343 million), mainly attributable to Germany;
    and

(d) The calculated profit margin for new sales of unit-linked
    assurance was 21.8%, compared with 18.3% during the third
    quarter of 2004.

Cash flow from operating activities was -SEK0.5 billion,
compared with -SEK0.3 billion during the third quarter of 2004.
The increase is attributable to higher acquisition costs in
connection with the rise in sales in Germany.

The Board of Directors proposes a dividend of SEK0.35 (SEK0.30)
(see also p. 22).  The Board has decided to adjust Skandia's
dividend policy starting in 2005.  The dividend will reflect the
group's long-term result development and amount to 25%-35% of
profit for the year after tax and minority interests (as per the
profit and loss account).  The intention of this adjustment is
to eliminate the effect on the dividend of the transition to
International Financial Reporting Standards.

                     January-December

Sales and funds under management:

(a) Sales rose 29% (16%) in local currency, to SEK98.0 billion,

(b) New sales of unit linked assurance rose 16% (6%) in local
    currency,

(c) Funds under management increased to SEK390 billion (SEK309
    billion)

Result according to Swedish GAAP:

(a) The result before tax was -SEK139 million (SEK980 million),

(b) Earnings per share were -SEK0.16 (SEK1.28)

Results and return measurements according to the embedded value
method:

(a) The result of operations was SEK1,563 million (SEK4,381
    million);

(b) The operating result decreased to SEK1,878 million (SEK6,404
    million);

(c) The calculated profit margin for new sales of unit linked
    assurance was 18.8% (19.6% for the full year 2003 using
    comparable assumptions).  The present value of new business
    amounted to SEK1,870 million (SEK1,247 million) (see also
    section D);

(d) The operational return on net asset value before tax for
    unit linked assurance was 14.0%, compared with 12.5% for the
    full year 2003 (both years excluding operative assumptions).

As previously announced, cash flow from operating activities was
charged with one-time outgoing payments of -SEK0.8 billion and
amounted to -SEK2.2 billion (-SEK1.5 billion).

The group's financial position strengthened:

(a) Net asset value rose 5% to SEK32.1 billion,

(b) Shareholders' equity rose 4% to SEK16.0 billion,

(c) Borrowings decreased to SEK3.1 billion (SEK4.0 billion),

(d) The debt-equity ratio decreased to 13.3% (19.1%),

(e) The sale of If was completed on 6 May 2004, entailing a
    liquidity improvement of SEK4.5 billion

                      January-December

Including Discontinued Operations

In 2004 discontinued operations pertain to the Japanese
operation, while in 2003 they also pertain to the U.S. operation
and the banking operation in Switzerland.

Sales through December amounted to SEK98,031 million (SEK88,827
million), of which discontinued operations accounted for -(SEK
13,462 million).

The result after tax (according to Swedish GAAP) was SEK674
million (SEK1,246 million) and includes SEK834 million (-SEK68)
from the result for discontinued operations.  The gain on the
sale of the Japanese operation was SEK834 million.

Earnings per share, before and after dilution, were SEK0.66
(1.22 and 1.21, respectively).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) Does not include Livforsakringsaktiebolaget Skandia, which
is run on mutual basis.  All comparison figures pertain to the
corresponding period in 2003 unless stated otherwise.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of the results is available free of charge at
http://bankrupt.com/misc/Skandia_2004.pdf

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


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


DIALOG: Harkiv Court Names Olga Ornautova Insolvency Manager
------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Dialog (code EDRPOU 30292094) on Jan. 10,
2005.  The case is docketed as B-39/143-04.   Mrs. Olga
Ornautova has been appointed liquidator/insolvency manager.  The
company holds account number 26007805370110 at JSCB Ukrsocbank,
Harkiv regional branch.

CONTACT:  DIALOG
          Ukraine, Harkiv region,
          Staritskij Str. 9/175

          Mrs. Ornautova Olga
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Staritskij Avenue, 9/175

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


EDEM: Bankruptcy Case Before Hmelnitskij Court Remains Pending
--------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Edem (code EDRPOU 20486660) on Nov. 12,
2004.  The case is docketed as 21/239.  JSB Metalurg has been
appointed liquidator/insolvency manager.  The company holds
account number 26001005601 at JSB Metalurg, MFO 313582.

CONTACT:  JSB METARLUG
          Liquidator/Insolvency Manager
          69006, Ukraine, Zaporizhya,
          Metalurgiv Avenue, 30

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


GALICHINA: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Galichina on Nov. 25, 2004 after finding the
limited liability company insolvent.  The case is docketed as
6/381-4/193.  Mr. Pavlo Duplika (License Number AA 250381) has
been appointed liquidator/insolvency manager.  Creditors may
submit their proofs of claim to:

(a) GALICHINA
    Ukraine, Lviv region,
    Turkivskij district, Zavadivka

(b) Mr. Duplika Pavlo
    Liquidator/Insolvency Manager
    82100, Ukraine, Lviv region,
    Drogobich, Kotlyarevskij Str. 55

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


INTERSERVICE-PLUS: Declared Insolvent
-------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Interservice-Plus (code EDRPOU 31400982) on
Dec. 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as 25/252.  Mr. Oleksandr
Osipenko (License Number AA 783079) has been appointed
liquidator/insolvency manager.  Creditors may submit their
proofs of claim to:

(a) INTERSERVICE-PLUS
    71100, Ukraine, Zaporizhya region,
    Berdyansk, Tulenin Str. 55

(b) Mr. Osipenko Oleksandr
    Liquidator/Insolvency Manager
    72100, Ukraine, Zaporizhya region,
    Primorsk, Shevchenko Str. 76

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


IZUM-PRIZMA: Hires Volodimir Matsokin as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Izum-Prizma (code EDRPOU) on Jan. 12, 2005.
The case is docketed as B-48/140-04.   Mr. Volodimir Matsokin
(License Number AA 249724) has been appointed
liquidator/insolvency manager.  The company holds account number
26009301760604 at Prominvestbank, Izum branch, MFO 351492).
Creditors may submit their proofs of claim to:

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

(b) IZUM-PRIZMA
    64300, Ukraine, Harkiv region,
    Izum, Soborna Str. 51/8

(c) Mr. Matsokin Volodimir
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Izum, Soborna Str. 22


PIRATIN: Applies for Bankruptcy Proceedings
-------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Piratin on Dec. 23, 2004 after finding the
limited liability company insolvent.  The case is docketed as
6/413-8/191.   Mr. Pavlo Duplika (License Number AA 250381) has
been appointed liquidator/insolvency manager.  Creditors may
submit their proofs of claim to:

(a) PIRATIN
    Ukraine, Lviv region,
    Radehiv district, Piratin

(b) Mr. Duplika Pavlo
    Liquidator/Insolvency Manager
    82100, Ukraine, Lviv region,
    Drogobich, Kotlyarevskij Str. 55

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


SOLHAT: Donetsk Court Declares Company Insolvent
------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against SOLHAT (code EDRPOU 32315123) on Jan. 11,
2005 after finding the commercial house insolvent.  The case is
docketed as 27/108 B.  Mrs. Galina Litvinova (License Number AA
487544) has been appointed liquidator/insolvency manager.  The
company holds account number 26003012364980 at Finances and
Credit Bank, Donetsk regional branch, MFO 335816.

Creditors may submit their proofs of claim to:

(a) Liquidator/Insolvency Manager
    86120, Ukraine, Donetsk region,
    Makiyivka Str. a/b 575

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

(c) SOLHAT
    86123, Ukraine, Donetsk region,
    Makiyivka Str. Tayozhna Str. 1


TAVRIYA: Bankruptcy Proceedings Before Zaporizhya Court Begins
--------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Tavriya (code EDRPOU 31576189) on Dec. 21,
2004 after finding the agro-industrial firm insolvent.  The case
is docketed as 21/284.  Mr. Oleksandr Osipenko (License Number
AA 783079) has been appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

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

(b) TAVRIYA
    72514, Ukraine, Zaporizhya region,
    Priazovskij district, Georgiyivka

(c) Mr. Osipenko Oleksandr
    Liquidator/Insolvency Manager
    72100, Ukraine, Zaporizhya region,
    Primorsk, Shevchenko Str. 76


UKRAGROTORG-2001: Insolvency Manager Takes over Operations
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukragrotorg-2001 (code EDRPOU 31286956) on
Dec. 20, 2004 after finding the limited liability company
insolvent.  The case is docketed as 24/738-b.  Mr. Sergij Sidko
(License Number AA 419257) has been appointed
liquidator/insolvency manager.  The company holds account number
2600431400901 at JSB Pivdennij, Kyiv branch, MFO 320917.

CONTACT:  UKRAGROTORG-2001
          02152, Ukraine, Kyiv region,
          Serafimovich Str. 7-A

          Mr. Sidko Sergij
          Liquidator/Insolvency Manager:
          49600, Ukraine, Dnipropetrovsk,
          Dzerzhinskij Str. 29/40

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


VYAZIVSKE: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on limited liability company Vyazivske
(code EDRPOU 30794530) on Dec. 13, 2004.  The case is docketed
as 6/141-04.  Mr. Sergij Volovik (License Number AA 779353) has
been appointed temporary insolvency manager.  The company holds
account number 26006472590001 at CB Privatbank, Sumi branch, MFO
337546.

Creditors may submit their proofs of claim to:

(a) VYAZIVSKE
    42734, Ukraine, Sumi region, Ohtirskij district,
    Vyazova, Pionerska Str. 12-a

(b) Mr. Sergij Volovik
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Levanevskij Str. 16/36


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


ABBEY NATIONAL: Fitch Affirms Ratings Despite 'Negative Trends'
---------------------------------------------------------------
Fitch Ratings affirmed Banco Santander Central Hispano's (SAN)
ratings at Long-term 'AA-', Short-term 'F1+', Individual 'B',
and Support '1', following the release of its 2004 results.  The
Long-term Outlook is Stable.  At the same time the agency has
also affirmed subsidiary Abbey National plc's ratings at Long-
term 'AA-' with Stable Outlook, Short-term 'F1+', Individual
'B', and Support '2'.

"SAN's underlying profitability remained robust in 2004,
underpinned by strong revenue generation from retail banking
activities in Spain and Latin America and good cost control,"
says Carmen Munoz, Senior Director of Fitch's Financial
Institutions group.

"Reversing the negative revenue and new business trends
witnessed by Abbey in 2004 represents a significant challenge
for SAN, particularly in the face of stiff competition and
against the backdrop of a slowdown in consumer borrowing," added
James Longsdon, Senior Director of Fitch's Financial
Institutions Group.

SAN reported consolidated net income of EUR3.7 billion in 2004,
up 13% from that reported in 2003, resulting in a return on
assets (ROA) and return on equity (ROE) of 1.02% and 11.3%,
respectively.  Fitch notes though that SAN's profitability
levels for 2005 will be weighed down by Abbey's currently weak
performance.  Abbey reported consolidated net income of GBP129
million in 2004, after taking restructuring charges of GBP564
million, versus a loss of GBP644 million in 2003.  SAN's 2004
accounts include the balance sheet of Abbey but not its income
statement.

SAN's Long-term, Short-term and Individual ratings reflect its
strong retail banking franchise in Spain, U.K., Portugal and
Latin America, robust profitability, sound liquidity and asset
quality, and dynamic management.  They also consider the group's
emerging markets' exposure, although the acquisition of Abbey
has provided for a lower risk asset mix for the SAN group.

Despite further US$ and Latin American currency devaluation, SAN
managed to increase net interest revenue and commission income
by 9% and 11%, respectively, in 2004.  This was underpinned by a
volume rise in business due to the good performance of the
Spanish and Latin American economies and a continued increase in
consumer finance activities in Europe.  Its cost-to-income ratio
of 54% for 2004 compares favorably on an international scale.

Abbey's Long-term, Short-term and Individual ratings reflect its
strong franchise in the U.K. mortgage and savings markets, good
asset quality in its core retail operations, and adequate
liquidity.  Fitch comments that it nevertheless regards the
ability of Abbey to maintain its present ratings as being, in
part, dependent on the success of SAN in reversing the current
negative performance trends and in re-energizing the business.
Fitch takes comfort from SAN's retail banking experience, albeit
in very different markets, and believes that SAN's stated cost
and revenue targets for Abbey are achievable.  Abbey's ratings
also reflect the agency's expectation that SAN will not look to
reduce materially Abbey's capital levels.

Abbey's revenue and new business trends continued to be largely
negative in 2004.  This partly reflected the effects of the
acquisition process and Abbey's own restructuring process as
well as some impact from new mortgage lending regulations in the
U.K., but was mainly due to lower margins.  Results for the core
Personal Financial Services (PFS) division lagged those of its
U.K. peers, but were still acceptable in an international
context, reporting a cost-to-income ratio of 61.5% and a ROE of
12%.

SAN's capital adequacy calculations at end-2004 reflected
International Financial Reporting Standard and other acquisition
adjustments totaling EUR4.2 billion, yielding a core Tier 1
ratio of 5.36%.  Fitch views this level as low as the group
continues to be exposed to the volatile operating environment in
Latin America.  However, the agency is confident that
management's plans to raise this to a targeted 6% level are
attainable due to internal capital generation and its capacity
to generate capital gains.  Abbey's core Tier 1 ratio of 7% is
based on less conservative capital requirements for the
insurance business than those required under Spanish GAAP, but
Abbey's capital base needs to placed in the context of a low-
risk balance sheet.

SAN is Spain's largest banking group and the 13th largest in
Europe by total assets, following the acquisition of Abbey.
With a strong retail franchise in Spain, it has increased its
European activities by growing its consumer finance business
and, more recently, by acquiring Abbey.  Abbey is the sixth
largest banking group in the U.K. and the second largest
provider of mortgages in the country.

                            *   *   *

Fitch's Support and Individual Ratings for Banks Fitch's
Individual ratings assess how a bank would be viewed if it were
entirely independent and could not rely on external support.
Its Support ratings deal with the question of whether a bank
would receive support from its owners or from the state if it
were to get into difficulty.  These ratings are not debt ratings
but rather, respectively, an assessment of the intrinsic
strength of a bank and of any level of outside support that may,
or may not, be available to it.

CONTACT:  FITCH RATINGS
          Carmen Munoz, Barcelona
          Phone: +34 93 323 84 00

          James Longsdon, London
          Phone: + 44 (0) 207 417 43 09

          Maria Jose Lockerbie
          Phone: +44 (0)207 417 43 18

          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

          Abbey Communications
          Thomas Coops
          Phone: +44 207 756 5536


ACCURACY GROUP: Gun Maker Fails to Dodge Receivership
-----------------------------------------------------
Bank of Scotland called in joint administrative receivers from
PricewaterhouseCoopers LLP for defense industry contractor
Accuracy Group Limited and Accuracy International Limited on
Feb. 18.

Accuracy International designs and build tactical rifles for
sale predominantly to military and law enforcement agencies
throughout the world.  It reported an annual turnover of
approximately GBP5 million in its most recent accounts for 2003.

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:
          Michael David Gercke, Receiver
          Derek Anthony Howell, Receiver


ADDERLEY GREEN: Shareholders Call in Liquidators from PwC
---------------------------------------------------------
Joint liquidators Tim Walsh and Jonathan Sisson have been called
for Adderley Green Tiles Limited, Aquatron (Shower Fittings)
Limited, Aquatron (Showers) Limited, Battlebridge Developments
Limited, Bermuda Showers Limited, Bloomsbury Street Developments
Limited, Cantonian Limited, Chertsey Developments Limited,
Crittall-hope Limited, and Crittall International Limited.

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:
          Jonathan Sisson

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


APS PROPERTY: Hires Begbies Traynor to Wind up Business
-------------------------------------------------------
At an Extraordinary General Meeting of APS Property Developments
Limited on 21 February 2005, a special resolution to wind up the
firm was passed.  G W Rhodes of Begbies Traynor was appointed
liquidator.

CONTACT:  BEBGIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton, East Sussex BN1 1EE
          Contact:
          Web site: http://www.begbies.com
          Contact: D S Patterson, Director


BETTA BODIES: Creditor Lodges Winding-up Petition
-------------------------------------------------
A petition to wind up Betta Bodies Ltd. will be heard at
Birmingham District Registry, 33 Bull Street, Birmingham B4 6DS,
on Monday 14 March 2005, at 10:00 a.m.

The petition was lodged on Dec. 2, 2004 by Wolseley U.K. Ltd.,
which is claiming to be a creditor of the company.  Any person
intending to appear on the hearing of the Petition (whether to
support or oppose it) must give notice of intention to do so to
the Petitioner or its Solicitor in accordance with Rule 4.16 by
4:00 p.m. on Friday 11 March 2005.

The Petitioner's Solicitor is LCL Law.

CONTACT:  BETTA BODIES LTD.
          Unit 14, Liberty Way
          Attleborough Fields, Nuneaton
          Warwick CV11 6RZ

          WOLSELEY U.K. LTD.
          P.O. Box 21, Boroughbridge Road
          Ripon, North Yorkshire HG4 1SL
          Phone: 01765 690 690

          LCL LAW
          Bluegates, P.O. Box 32
          Boroughbridge Road
          Ripon, North Yorkshire HG4 1UY
          Phone: 0161-834 6767


BUILDING FABRICATION: Court to Hear Winding-up Petition March 16
----------------------------------------------------------------
The petition to wind up Building Fabrication & Construction
Services Limited will be heard at the High Court of Justice at
the Royal Courts of Justice, Strand, London WC2A 2LL, on 16
March 2005, 10:30 a.m.

The petition was lodged by Exact Scaffolding Limited, which is
claiming to be a creditor of the company, on Jan. 31, 2005.  Any
person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the undersigned in accordance with Rule 4.16 by 4:00
p.m. of 15 March 2005.

A copy of the Petition is available on payment of the prescribed
charge.  The Solicitor for the Petitioner is Jeffrey Green
Russell.

CONTACT:  BUILDING FABRICATION & CONSTRUCTION SERVICES LIMITED
          Barn Farm Business Centre,
          Winsford Road,
          Cholmondeston, Winsford,
          Cheshire CW7 4DR

          EXACT SCAFFOLDING LIMITED
          Dewlands Industrial Estate,
          London Road, Stone,
          Dartford, Kent DA2 6AS

          SOLICITORS FOR THE PETITIONER
          Jeffrey Green Russell
          Apollo House,
          56 New Bond Street,
          London W1Y 0SX


CCO BUILDING: Liquidator's Final Report Out Later this Month
------------------------------------------------------------
The Final Meeting of the Members and Creditors of CCO Building &
Construction Limited will be held at the offices of KPMG LLP on
March 31, 2005, 10:45 a.m. and 11:00 a.m. respectively

The meeting is convened to hear an account of the winding up.  A
Member or Creditor entitled to vote at the above Meeting may
appoint a proxy to attend and vote in the Member or Creditor's
stead.  It is not necessary for the proxy to be a Member or
Creditor.  Proxy forms must be returned to the offices of KPMG
Corporate Recovery, 8 Salisbury Square, London EC4Y 8BB, Fax +44
(0) 20 7694 3533, on or before 12:00 noon on 30 March 2005.

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:
          J. S. Spratt, Joint Liquidator


DAPAG LIMITED: Members Opt for Liquidation
------------------------------------------
At the Extraordinary General Meeting of

(a) Dapag Limited,

(b) Douglas Alpha Label Systems Limited,

(c) Dth Pension Trustees Limited,

(d) Eighteenth Normant Limited,

(e) Fifteenth Normant Limited,

(f) Fifth Normant Limited,

(g) First Normant Limited,

(h) Florida Plastics Limited,

(i) Fourteenth Normant Limited,

(j) Greenhill Crescent Developments (Watford) Limited,

on February 18, 2005, the special and ordinary resolutions to
wind up the firm were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP were appointed Joint Liquidators.

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:
          Jonathan Sisson

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


EQUITABLE ASSET: Winding-up Report Out Early Next Month
-------------------------------------------------------
The Final Meeting of the Members and Creditors of Equitable
Asset Finance Limited (in liquidation) will be held at the
offices of Mazars LLP, The Atrium, Park Street West, Luton LU1
3BE, on 8 April 2005, at 10:00 a.m. and 10:30 a.m.,
respectively.  The meeting is convened to receive an account of
the winding-up.

CONTACT:  MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Phone: 01582 700700
          Fax:  01582 700701
          Web site: http://www.mazars.co.uk
          Contact:
          M. D. Pickard, Liquidator


FREEMAN AND PARTNERS: Liquidator to Deliver Report March 31
-----------------------------------------------------------
The Final General Meeting of Members and Creditors of Freeman
and Partners Limited will be held at 62 Wilson Street, London
EC2A 2BU, on March 31, 2005, at 10:00 a.m. and 10:30 a.m.
respectively.  The meeting is convened to receive an account of
the winding-up process.

A Member or Creditor entitled to attend and vote at the 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 lodged with the Liquidator at Benedict Mackenzie LLP, 62
Wilson Street, London EC2A 2BU, on or before 12:00 noon on 30
March 2005.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax: 020 7247 3494
          Web site: http://www.benemack.com
          Contact:
          I D Williams, Liquidator


H ADEY: Members, Creditors Meeting Set Later this Month
-------------------------------------------------------
The Final Meeting of Members and Creditors of H Adey & Sons
Limited will be held at the offices of KPMG on March 29, 2005,
at 10:00 a.m. and 10:30 a.m., respectively.  The meeting is
convened for receiving 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 in the Member or Creditor's
stead.  It is not necessary for the proxy to be a Member or
Creditor.  Proxy forms must be returned to the offices of KPMG
LLP, 2 Cornwall Street, Birmingham B3 2DL, fax +44 (0) 121 335
2501, on or before 12:00 noon and on or before 4:00 p.m.
respectively, on March 28, 2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk
          Contact:
          M. J. Orton, Joint Liquidator


H. BURLINGHAM: Files for Liquidation
------------------------------------
At the Extraordinary General Meeting of the members of

(a) H. Burlingham and Company Limited,

(b) Hoowil Limited, Islwyn Developments Limited,

(c) Joberns Holdings Limited,

(d) Kings Street Developments (Reading) Limited,

(e) Layoptic Limited, Lewis House Investments Limited,

(f) M. E. Smith & Sons Limited,

(g) Nineteenth Normant Limited, and

(h) Ninth Normant Limited

on Feb. 18, the special and ordinary resolutions to wind up the
company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, were appointed joint liquidators.

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:
          Jonathan Sisson

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


INTERNET MUSIC: Changes Name to Timestrip Plc
---------------------------------------------
The company is pleased to announce that at the AGM held at 10:30
a.m. on Feb. 25, 2005, all resolutions have been passed.  The
company is also pleased to announce that at the same EGM, all
resolutions were passed.

(a) Ordinary Resolutions:

    (i) To subdivide each Existing Ordinary Shares of 0.2p each
        into 10 Ordinary Shares of 0.02p each;

   (ii) To authorize the Directors to conclude the acquisition
        of Timestrip Limited and to approve the waiter of Rule 9
        of the City Code in respect of the Acquisition (on a
        poll);

  (iii) To approve the B, C, D and Placing Warrants.

(b) Special Resolution: To change the Company's name to
    Timestrip Plc.

A total of 50,581,250 new Ordinary Shares of 0.02p each have
been issued pursuant to the Placing to raise a total of
GBP2,023,250 before expenses.  The acquisition of Timestrip
Limited has been completed.

Admission is expected to become effective and trading in the
total of 245,378,940 Ordinary Shares of 0.02p to commence on 28
February 2005.  New share certificates will be sent out in
respect of all shareholders.

In accordance with the arrangements, Leo Knifton and Nigel
Weller have stepped down as Directors of the Company and Stephen
Oakes has been appointed Chairman.  Paul Freedman and Reuben
Isbitsky have been appointed joint Chief Executives and Spencer
Leslie as Non-Executive Director.  The name of the Company has
been changed to Timestrip PL C.

Stephen Oakes said, "We are delighted with the acquisition of
Timestrip and look forward to the development of the Company
under the new management team of Paul Freedman and Reuben
Isbitsky. We remain excited about the prospects for Timestrip
and its development as an international brand."

CONTACT:  TIMESTRIP PLC
          53 Stewarts Grove
          London SW3 6PH

          Stephen Oakes, Chairman
          Phone: 0207 251 3762

          Paul Freedman, Joint CEO and founding Director
          Phone: 07786 391868

          FALCON SECURITIES
          Phone: 0207 375 1177

          Shane Dolan
          Phone: 07947 118383

          Roland Cornish
          Phone: 020 7 628 3396


INVENSYS PLC: Meets Third-quarter Expectations
----------------------------------------------
Financial highlights

(a) Q3 trading in line with expectations;

(b) Sales for retained businesses at GBP621 million (Q3 03/04:
    GBP637 million);

(c) Operating profit of retained businesses at GBP40 million
    (Q3 03/04: GBP26 million);

(d) Operating margin of retained businesses 6.4% after corporate
    costs (Q3 03/04: 4.1%);

(e) Corporate costs reduced to GBP10 million (Q3 03/04: GBP15
    million); and

(f) Gross debt reduced by GBP40 million assisted by currency
    movements.

Chief Executive of Invensys, Rick Haythornthwaite, said, "For
the third consecutive quarter, we have delivered overall results
that are in line with market expectations.  The performance
improvement programs at Process Systems and APV are progressing
well.  A weaker than expected result from the recently merged
Controls business was offset by generally better performances
elsewhere in the Group.  Expectations for the year as a whole
remain unchanged."

A full copy of Invensys' third quarter results is available
free-of-charge at http://bankrupt.com/misc/invensys_3q04.pdf

CONTACT:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com

          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          Emma Burdett
          Phone: +44 (0) 20 7379 5151


INVENSYS PLC: Buys back Outstanding 2005, 2007 Notes
----------------------------------------------------
Invensys Plc, formerly Siebe Plc, announced on Feb. 24, 2005
that, pursuant to its offer, announced on Jan. 24, 2005, to
purchase any and all of its outstanding 5.500% Notes due 2005
and any and all of the outstanding 7.125% Notes due 2007 of
Siebe Plc, the company has purchased all Notes validly tendered
as of the Tender Offer deadline of 5:00 p.m. New York time, on
February 22, 2005.

Pursuant to the Tender Offer, the group purchased and cancelled
an aggregate principal amount of EUR12,819,000 of the Euro
Notes, including EUR6,940,000 aggregate principal amount of Euro
Notes that the Company already held at the commencement of the
Tender Offer, and US$95,518,000 of the Dollar Notes, leaving
EUR35,076,000 of the Euro Notes and US$1,600,000 of the Dollar
Notes outstanding.

Copies of this announcement have been submitted to the U.K.
Listing Authority and will shortly be available for inspection
at the Document Viewing Facility of the Financial Services
Authority, 25 The North Colonnade, London E14 5HS, United
Kingdom.

CONTACT:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com

          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          Emma Burdett
          Phone: +44 (0) 20 7379 5151


L G ELECTRONICS: Falls into Liquidation
---------------------------------------
Members of L G Electronics North of England Limited called in
joint liquidators Jonathan Sisson and Tim Walsh of
PricewaterhouseCoopers LLP on Feb. 21.  L G Electronics is
formerly Goldstar Electric (U.K.) Limited.

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:
          Jonathan Sisson

          PRICEWATERHOUSECOOPERS LLP
          8 Princes Parade, St. Nicholas Place
          Liverpool L3 1QJ


LOXLEY DISMANTLING: In Administrative Receivership
--------------------------------------------------
Garry Wilson and Simon Allport of Ernst & Young LLP have been
appointed administrators of construction firm Loxley Dismantling
Company Limited on Feb. 18.

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

          LOXLEY DISMANTLING COMPANY
          Tom Dando Close, Normanton Industrial Estate
          Wakefield, West Yorkshire WF6 1TP


MARSLAND TRADING: Creditors Meeting Set Later this Month
--------------------------------------------------------
A Final Meeting of the Members of Marsland Trading Limited will
be held at PKF, Sovereign House, Queen Street, Manchester M2
5HR, on 31 March 2005, at 10:00 a.m.  A Final Meeting of
Creditors will follow at 10:30 a.m. to receive a report on how
the winding-up of the firm has been conducted.

Proxies to be used at the Meeting must be lodged with the Joint
Liquidators at Sovereign House, Queen Street, Manchester M2 5HR,
on or before 12:00 noon on the preceding day.

CONTACT:  PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk
          Contact:
          K Bailey, Joint Liquidator


MEYER & ELLIS: Creditors to Meet Next Month
-------------------------------------------
A Final Meeting of Members and Creditors of Meyer & Ellis
Limited will be held at the offices of Mazars LLP, Cartwright
House, Tottle Road, Nottingham NG2 1RT, on 11 April 2005, at
10:00 a.m. and 10:30 a.m. respectively.

The firm's liquidator will deliver an account of the winding-up
during the meeting.

CONTACT:  MAZARS LLP
          Mazars House, Gelderd Road
          Gildersome Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk
          Contact:
          P M Lyon, Liquidator


NORCROS: Members Call in Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Tim Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP
have been appointed joint liquidators to:

(a) Norcros Industry (EEC) Limited,

(b) Norcros Investments Limited,

(c) Norcros Packaging Limited,

(d) Norcros Property Trustees Limited,

(e) Northernhay Developments (Exeter) Limited,

(f) Partridge Developments Limited,

(g) Prestair Limited,

(h) Priam Securities Limited,

(i) Pydar Street Developments Limited

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:
          Jonathan Sisson

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


PENNZOIL-QUAKER STATE: Shareholders Opt for Liquidation
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of Pennzoil-
Quaker State (U.K.) Limited at 700 Milam Street, Houston, Texas
77002, U.S.A., on Feb. 18, subjoined resolutions were passed to
wind up the firm.  S R Thomas and S J Parker of Tenon Recovery
were appointed liquidators.

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


PORT NELSON: KPMG to Deliver Final Report March 31
--------------------------------------------------
The Final Meeting of Members and of Creditors of Port Nelson
Limited will be held at the offices of KPMG LLP, on 31 March
2005, at 10:45 a.m. and 11:00 a.m. respectively

The liquidator will deliver his report on the winding-up
process.

A Member or Creditor entitled to vote at the above Meeting may
appoint a proxy to attend and vote in the Member or Creditor's
stead.  It is not necessary for the proxy to be a Member or
Creditor.  Proxy forms must be returned to the offices of KPMG
Corporate Recovery, 8 Salisbury Square, London EC4Y 8BB, fax +44
(0) 20 7694 3533, on or before 12:00 noon on 30 March 2005.

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


PROMPT TRAVEL: In Administrative Receivership
---------------------------------------------
Joint administrative receivers Roderick John Weston and David
Richard Thorniley of Mazars have been called in for Prompt
Travel PLC.  Prompt Travel is formerly Prompt Worldwide Travel
Limited.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


TINSLEY LANDSCAPES: Members, Creditors Meeting Set March 30
-----------------------------------------------------------
Members and creditors of Tinsley Landscapes are called for a
meeting on March 30, 2005, 10:00 a.m. and 10:15 a.m.,
respectively.  The meeting will be held at
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

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


TNCI U.K.: Calls in Administrators from KPMG
--------------------------------------------
James Douglas Ernie Money and Allan Watson Graham of KPMG LLP
have been called in as administrator for TNCI U.K. Limited on
Feb. 22.  TNCI makes television sets and radios.

CONTACT:  KPMG
          Peat House
          1 Waterloo Way,
          Leicester LE1 6LP
          Phone: (0116) 256 6000
          Fax:   (0116) 256 6050
          Web site: http://www.kpmg.co.uk

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


WEBFELL: Administrators from Ernst & Young Take over Operations
---------------------------------------------------------------
Administrators Garry Wilson and Simon Allport of Ernst & Young
LLP have been called in for building contractor Webfell Group
Limited and Webfell (Minerals) Limited on Feb. 18.

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

          WEBFELL GROUP
          Tom Dando Close,
          Normanton Industrial Estate
          Wakefield, West Yorkshire WF6 1TP


* Weak German, Italian Construction Firms Frustrate Lenders
-----------------------------------------------------------
Creditors and guarantors are losing patience with poorly
performing German and Italian construction firms, according to a
research article published Monday by Standard & Poor's Ratings
Services.

The research, titled "Creditors Call time On Weak German And
Italian Construction Firms," examines the background to the
declining fortunes of Walter Bau AG (not rated), which was
forced into bankruptcy on Feb. 1, 2005, and Impregilo S.p.A.
(not rated), which is in discussions with banks and potential
investors over a rescue plan to help it meet large debt
maturities due later this year.

"The experiences of Walter Bau and Impregilo demonstrate the key
role played by financiers and guarantors in deciding the fate of
ailing construction companies, and highlight the importance of a
healthy local economy in determining construction firms' ongoing
success," said Standard & Poor's credit analyst Tommy Trask.

"Both companies had been suffering from low profitability and
weak cash flows for a number of years, but banks and guarantors
were willing to continue their support in the hope of a
turnaround.

"This has not happened.  Moreover, Walter Bau had been
criticized for not taking sufficient measures to restructure its
operations in response to a weak domestic market, whereas
Impregilo continues to suffer from a high level of debt,"
according to him.

According to the research, a contributory cause of both Walter
Bau's and Impregilo's misfortunes is that they operate in weak
domestic markets -- negative 0.2% and negative 0.3% GDP growth
for Germany and Italy, respectively, in the fourth quarter of
2004.  In such an environment, bidding is fierce for every
project, as market participants strive to maintain volumes in
order to recover fixed overheads.

Notwithstanding the vagaries of individual market economies,
argues the report, it is notoriously difficult to assess the
credit quality of construction firms.  This is largely because
of (i) the volume of projects underway at any one time, and (ii)
the varying profitability, cash flow, and balance sheet
characteristics pertaining to different types of construction
activities and projects.  Advance payments, for instance, can
artificially improve leverage measures and give the impression
of a strong financial position.  Equally, such payments can
create a credit cliff should volumes decline or customers become
less willing to pay in advance.  Cyclicality and seasonality add
further complexity.

Nevertheless, a good indication of credit quality can be gained
from a company's historic operational and financial track
record, free cash flow generation, and ratio of cash flow to
total debt.  Generally, operating cash flow to total debt should
exceed about 30% for a construction firm in the investment-grade
category.

Surprisingly, both Walter Bau and Impregilo reported positive
earnings in financial 2002 and 2003.  The picture changes,
however, when assessing operating cash flow and earnings
adjusted for one-off items such as capital gains and changes in
provisions.  In the past four years, Walter Bau recorded
negative operating cash flow before changes in working capital
and capital expenditure, whereas Impregilo reported positive
operating cash flow before changes in working capital in
financial 2002 and 2003.  Nevertheless, for Impregilo this cash
flow figure was less than the capital expenditures for the
period.

Should a company fail, it is important for potential rescuers to
move quickly to preserve cash flow.  Austria-based construction
company Bauholding Strabag SE (BB/Stable/--) agreed to acquire a
major proportion of Walter Bau's assets within days of the
latter's bankruptcy announcement, for instance.

"When a construction company files for bankruptcy, there is a
strong likelihood that customers will suspend payments and
subcontractors will cease work.  Moreover, customers will in
time claim compensation from surety bond providers for any
failure of the construction firm to complete a project.
Consequently, it is important to avoid this occurrence and
ensure that all projects are completed without incurring
penalties for delays," explained Mr. Trask.

"As for many other industries, the best way of spotting a
deteriorating credit profile for a construction firm is weak
cash flow generation and a track record of repeated provisions
and asset write-downs.  It is not sufficient to merely focus on
profitability measures," he concluded.

The report is available to subscribers of RatingsDirect,
Standard & Poor's Web-based credit analysis system, at
http://www.ratingsdirect.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:
CorporateRatingsEurope@standardandpoors.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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