TCREUR_Public/050303.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

             Thursday, March 3, 2005, Vol. 6, No. 44

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Labor Ministry Rules Two-day Strike Illegal


F R A N C E

RHODIA SA: Halves Net Loss; Sees Return to Black in 2006
VIVENDI UNIVERSAL: Blows Move by Elektrim, Deutsche Telekom


G E R M A N Y

ALGIERI-SZYMCZAK: Essen Court Names Provisional Administrator
ALTONAER INDUSTRIESERVICE: Verification of Claims Set March
ECORENTA BETEILIGUNGS: Proofs of Claim Deadline Set Mid-March
GBS GMBH: Gives Creditors Until Next Week to File Claims
HALLE AIR: Creditors Have Until Next Week to Lodge Claims

HW-HAUSTECHNIK: Dessau Court Stays All Pending Lawsuits
MA-KA ISOLIERTECHNIK: Creditors Meeting Set June
MARSEILLE-KLINIKEN AG: S&P Worries Over Weakened Capital Base
RSK TRANSPORTE: Administrator's Report Out Mid-April
SPINNEREI GOLDNER: Creditors to Meet Last Week of April
STUMPF-BAUMARKT: Under Bankruptcy Administration


I T A L Y

BANCAPULIA SPA: Ratings Withdrawn at Bank's Request
FIAT GROUP: Streamlines Real Estate Presence in the Turin Area


L U X E M B O U R G

STOLT-NIELSEN: Executives Exercise Share Options


N O R W A Y

PETROLEUM GEO-SERVICES: Wraps up Sale of Pertra to Talisman
TELLER A.S.: Fitch Notes Small Capital Base


R U S S I A

AGRO-SERVICE: Collapses into Bankruptcy
AGRYZ-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
AVIA-STAR-TRANS: Selling Factories for RUB2.3 Million
BALTASI-CERAM-STROY-TAPS: Last Day for Filing Claims March 5
FACTORY OF REINFORCED-CONCRETE: Calls in Insolvency Manager

HERMES: Public Auction of Assets Set Next Week
KALININGRADSKIY WINERY: Claims Filing Period Expires April
TALOGOVSKIY WOOD-PROM-KHOZ: Declared Insolvent
YUKOS OIL: Assails Chapter 11 Dismissal; Demands New Trial
ZAINSKAYA MTS: Deadline for Submission of Bids March 7
ZURINSKIY: Proofs of Claim Due this Week


S P A I N

ERCROS: Books Second Full-year Loss; Latest Figure Up 82%


S W E D E N

LM ERICSSON: Moody's Raises Ratings; Further Upgrade Likely
SKANDIA INSURANCE: High Court Dumps 'Donovan' Class Action


S W I T Z E R L A N D

CONVERIUM HOLDING: Suffers US$760.8 Mln Net Loss in 2004


U K R A I N E

AGROHIMCOMPLEX: Ternopil Court Appoints Insolvency Manager
AVTOZAPCHASTINA: Under Bankruptcy Supervision
BILOPILSKIJ AGROHIM: Court Brings in Insolvency Manager
BROSHNIV: Temporary Insolvency Manager Takes over Operations
GORODISHE' AGRICULTURAL: Name I. Nogovskij Insolvency Manager

INNOVATIONAL TECHNOLOGIES: Applies for Court Supervision
KRYMHLIBPRODUCT: Bankruptcy Proceedings Begin
ODESAAVTO-GAZ: Undergoes Bankruptcy Supervision Procedure
SAKI' AUTO: Declared Insolvent
DRESDNER BANK: Notes Issued to Fund Ukreximbank Loan Rated 'B'
VATRA-KOZOVA: Ternopil Court Brings in Insolvency Manager


U N I T E D   K I N G D O M

ACE HEATING: Files for Liquidation
ALBA GROUP: Members Decide to Wind up Firm
ARAMIS: Appoints Deloitte & Touche Liquidator
BAE SYSTEMS: Books GBP467 Million Full-year Net Loss
BALMORAL CAPITAL: Final Meeting Set Later this Month

BP QUEST: Calls in Liquidators from PricewaterhouseCoopers
CHANNON ELECTRICAL: Under Administration
COLT TELECOM: Loss after Exceptional Items Swells to GBP124 Mln
FIELDING LIMITED: Members Meeting Set Later this Month
FINANCIAL WAREHOUSE: Succumbs to Liquidation

GATEAUXBADGER LIMITED: Members Decide to Wind up Firm
GEFINA INTERNATIONAL: Calls in Liquidator
GENERAL CONSOLIDATED: Final Meeting Set Later this Month
GEORGE ELLISON: Goes Bust after 106 Years
HS TRUST: Creditors Meeting Set this Week

INDUSTRIAL PARTNERSHIP: Liquidator's Final Report Out March 25
IRON ARM: Members Pass Winding-up Resolution
LESING SEVEN: Claims Filing Period Ends March 28
MYTRAVEL GROUP: Sets Annual General Meeting March 31
NORTHERN ROCK: Liquidator's Report Due March 30

PIPETRONIX UK: Calls in Liquidator from Geoffrey Martin & Co.
PRIVATE SECURITY: Creditors to Meet Today
PROCESSING GARMENT: Creditors Meeting Next Week
SMART AUTOCENTRES: Interim Administrator Calls Creditors Meeting
SPA GLASS: Calls in Liquidators from Begbies

SQUARE D: Liquidator's Report Out March
TRAVELEX PLC: Apax Partners to Acquire Stake
TRAVELEX PLC: S&P Keeps Ratings on CreditWatch Negative
UNIDOOR KIDS: Liquidation Report Out March
WILLMENT BROTHERS: Final Meeting Set March 31


                            *********


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


CYPRUS AIRWAYS: Labor Ministry Rules Two-day Strike Illegal
-----------------------------------------------------------
The cabin crew of loss-making carrier Cyprus Airways called off
their strike Monday night after the Ministry of Labor ruled the
protest action illegal, the Financial Mirror reports.

The crew went on strike Monday following the carrier's decision
to lay off around 22 chief stewards, who were each demanding a
CYP40,000 compensation.  Cyprus Airways said the layoff, which
will save the company CYP200,000 a year, is part of its efforts
to cut cost.  The carrier had also dismissed 123 ground
personnel.

The stewards union, SYPKA, launched its impromptu and
"indefinite" strike at 4:00 p.m. Monday.  Pilots joined them
Tuesday, grounding a few aircraft.  This forced Cyprus Airways
to delay some flights and service passengers on alternative
flights.  The strike was halted after the labor ministry ruled
both the carrier and the unions had violated the code of
industrial relations.  Subsequently, the carrier reinstated the
22 employees.

Cyprus Airways doubled its net loss to CYP33.5 million in 2004.
The carrier attributed the huge loss to liberalization of air
transport in 2004 and abolition of duty free sales on May 1,
2004.  The management has been trying to revive the carrier's
fortune by considering, among others, the sale of its Athens-
based unit, Hellas Jet.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P. O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


RHODIA SA: Halves Net Loss; Sees Return to Black in 2006
--------------------------------------------------------
Following a meeting of its Board of Directors on February 28,
Rhodia (NYSE: RHA) on March 1, 2005 released its audited
financial results for 2004.

Highlights:

(a) Improving operating performance, led by growth in volumes
    and price increases;

(b) 22.3% improvement in EBITDA before restructuring costs, on a
    constant perimeter and exchange rate basis, from EUR364
    million in 2003 to 445 million in 2004;

(c) EUR117 million fixed costs savings in 2004;

(d) EUR791 million in net proceeds from the completed
    divestiture plan;

(e) 25% reduction in total net debt (EUR3,240 million at
    the end of 2003 to EUR2,418 million at the end of
    2004);

(f) Successful implementation of the refinancing plan and
    extension of bond maturities; and

(g) Improving operating performance, led by growth in volumes
    and price increases.

Simplified income statement
In millions of euros

2003       2003
Reported  Restated*                                       2004
--------  ---------                                      -------
5,453      4,946   Net sales                             5,281

   435        364   EBITDA before restructuring costs       445

   8.0%       7.4%  EBITDA margin before restructuring      8.4%

   364        294   EBITDA after restructuring costs        212

   6.7%       5.9%  EBITDA margin after restructuring cost  4.0%

  (159)      (153)  Operating loss                         (348)

                    Net loss
(1,351)       -     after amortization of goodwill         (625)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
*Restated to account for divestitures completed in 2004 and at
current
exchange rates
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Fourth quarter advancement
In millions of euros

  4th Quarter 2003
Reported  Restated*                                4th Quarter
2004
--------  ---------                               ------------
1,318     1,115    Net sales                             1,233

  112        89    EBITDA before restructuring             109

   8.5%      8.0%  EBITDA margin before restructuring       8.8%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
*Restated to account for divestitures completed in 2004 and at
current exchange rates.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net sales for the fourth quarter stood at EUR1,233 million, a
10.6% increase over the same period in 2003 on the same basis
(constant structure and exchange rates).  This performance
reflects the strong emphasis in 2004 on raising selling prices,
which resulted in a 7.7% increase in prices in the fourth
quarter of 2004 compared with the fourth quarter of 2003,
excluding transactional exchange rate effects.  Over the same
period, volumes rose 4.1% compared to 2003. For the fourth
quarter, EBITDA before restructuring increased 22.5% to 109
million, on the same basis (constant structure and exchange
rates).

Continuous Improvement in Operational Performance in 2004

Rhodia reported net sales of EUR5,281 million for 2004, a 3%
decline from 2003 reflecting the impact of divestitures during
the year (-6.3%) and currency effects (-3%). On the same basis
(comparable perimeter and exchange rates), net sales rose 6.8%
for the year.

Sales grew 2.7% from price increases, excluding transactional
exchange rate effects (-1.2%). Higher pricing offset 70% of the
increase in raw material costs for the full year and nearly 90%
of the increase during the fourth quarter.

At the same time, volumes rose 5.3% over 2003 in an environment
of sustained demand in most of the Group's markets, particularly
in Asia, the United States and Latin America.

In 2004, the Group initiated a fixed cost reduction program that
saved EUR117 million over the year.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) before restructuring stood at EUR445 million in 2004, a
22.3% increase over 2003 on the same basis (comparable perimeter
and exchange rates), attributable mainly to fixed costs
reduction. On the same basis (comparable perimeter and exchange
rates), EBITDA margin before restructuring increased to 8.4%
from 7.4% in 2003.

The consolidated operating loss totaled EUR348 million versus
EUR153 million in 2003, on the same basis (comparable perimeter
and exchange rates). It reflects amortization (EUR410 million),
as well as exceptional items related to 2004 restructuring
provisions (EUR163 million), the revaluation of environmental
liabilities to 2020 (EUR69 million) and depreciation of tangible
assets (EUR150 million).

Net financial expense (EUR263 million) comprised EUR178 million
in interest expense, EUR60 million in non-recurring costs
related to refinancing and EUR25 million in other financial
charges.

Other gains and losses stood at EUR259 million, of which EUR232
million was for capital gains from divestitures.

Net loss amounted to EUR625 million versus a loss of EUR1,351
million in 2003 and includes equity in earnings of affiliated
companies of -EUR58 million (Nylstar), a tax charge of EUR56
million and the exceptional amortization of goodwill (EUR133
million) announced January 19.

25% Reduction in Total Net Debt in 2004

Rhodia carefully manages its capital expenditures, which totaled
EUR199 million in 2004 versus EUR233 million in 2003, and is
continuing to improve management of its Operating Working
Capital needs, which represented 12.6% of net sales at December
31, 2004 versus 13.6% a year earlier.

Operating cash flow* amounted to EUR43 million in 2004, while
free cash flow was a -EUR271 million at year-end due to
restructuring costs (EUR115 million) and capital expenditures
over the period (EUR199 million).

Consolidated net debt totaled EUR1,929 million at December 31,
2004, compared with EUR2,567 million at the end of 2003.  Total
net debt, including off-balance sheet items, stood at EUR2,418
million, a reduction of 25% compared with the end of 2003.

As of December 31, 2004, the Group's liquidity, including
available bank facilities, exceeded EUR1 billion.

Rhodia Met its Commitments in 2004

(a) Refinancing.  The success of the EUR471 million rights
    issue, the May 2004 issue of EUR700 million in bonds and
    the renegotiation of a new bank facility enabled Rhodia to
    achieve its refinancing plan.  In addition, the EUR500
    million senior notes issue in February 2005 extended the
    maturity of the Group's bond debt to 2010.

(b) Divestment program.  The 2004 divestiture target was
    exceeded, with proceeds, net of transaction costs, of EUR791
    million for the year.

(c) Resizing the organization and reducing costs.  In 2004, cost
    reduction plans generated savings of EUR117 million.  As
    of December 31, 2004, 61% of the two-year support function
    reorganization plan had been completed, with the elimination
    of more than 800 of the 1,329 jobs identified as redundant
    worldwide.

    At the same time, the industrial restructuring programs led
    by the Enterprises are proceeding in line with objectives,
    with dedicated action plans underway.

    In France, these restructuring plans are being implemented
    as part of the framework agreement signed by all of the
    Group's unions, which is designed to harmonize the
    consultation process and conditions of departure offered to
    the people affected.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
*Net cash flows from operating activities before restructuring
costs, capital expenditures and the securitization program
change.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -'

Dedicated to Strengthening its Corporate Governance

The appointment of new independent directors from different
backgrounds -- Jerome Contamine, Francis Mer and Aldo Cardoso--
has contributed to enhancing the quality of the corporate
governance process.  The three Board committees are chaired by
independent directors: Aldo Cardoso for the Audit Committee,
Michel de Fabiani for the Compensation and Selection Committee
and Francis Mer for the Strategic Committee.

In addition, the renewal of the senior management team has led
to the appointment of Bruno Mouclier as Group Executive Vice
President and Chief Financial Officer and of Jean-Pierre Labroue
as Group Executive Vice President, General Counsel and Corporate
Secretary.

Rhodia Reconfigured to Meet the Challenge of Competitiveness

Rhodia has streamlined its organization and refocused its
portfolio on competitive technologies and businesses. More than
60% of 2004 sales generated an aggregate EBITDA margin above the
Group's 2006 target of 13%.

Businesses having an adverse impact on margins have been
identified and specific action plans are being implemented and
are progressing in line with objectives.

In addition, Rhodia has continued to strengthen its positions in
fast growing regions like Latin America and Asia, especially
China. Activity in China increased by 29% in 2004.  China
accounted for 5% of the Group's consolidated sales.  With nearly
3,150 employees, China today represents the Group's third
largest country in terms of employees, after France and Brazil.
The local manufacturing base is being strengthened, including
through construction of a new engineering plastics plant in
Shanghai.

During a year shaped by profound transformations, safety
standards were improved across the organization in 2004 with a
rate of lost-time accidents per million hours worked of 0.9,
ranking Rhodia among the top five chemical companies worldwide
in the area of workplace safety.

Outlook

The first-half 2005 economic environment is expected to be
driven by sustained demand, particularly in Asia, the United
States and Latin America, high raw materials prices and an
unfavorable euro/dollar exchange rate.  First-quarter business
indicators have confirmed these trends.

Rhodia is staying the course in 2005 by continuing to implement
its restructuring plan, improve its margins and control its
debt.

Rhodia confirms its 2006 objectives (under French GAAP):

(a) A recurring EBITDA margin of at least 13%;

(b) A return to positive net income in 2006;

(c) A ratio of consolidated net debt to EBITDA of less than 3.5.

About Rhodia

Rhodia is a global specialty chemical company recognized for its
strong technology positions in applications chemistry, specialty
materials & services and fine chemicals.  Partnering with major
players in the automotive, electronics, fibers, pharmaceuticals,
agrochemicals, consumer care, tires and paints & coatings
markets, Rhodia offers tailor-made solutions combining original
molecules and technologies to respond to customers' needs.
Rhodia subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders.  Rhodia generated net sales of EUR5.3 billion
euros in 2004 and employs 20,000 people worldwide.  Rhodia is
listed on the Paris and New York stock exchanges.

Full copy of Rhodia's 2004 results is available free-of-charge
at http://bankrupt.com/misc/rhodia_2004.pdf.

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Subscribers Only This feature is for subscribers.
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48

          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          David Klucsik
          Phone: 609-860-3616

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


VIVENDI UNIVERSAL: Blows Move by Elektrim, Deutsche Telekom
-----------------------------------------------------------
Faced with repeated breaches of the law and attempts to deprive
it of its interests in Poland, Vivendi Universal is commencing
proceedings.  Vivendi Universal agrees with the appeal of the
Warsaw Public Prosecutor that has injunctive effect.

Vivendi Universal has filed a complaint in accordance with the
procedure provided for in the bilateral agreement between France
and Poland for the protection of investments, first, with
respect to a series of acts which constitute a fraudulent abuse
of process, against which no steps have been taken by the Polish
justice system, and secondly, with respect to miscarriages of
justice.

These acts have been committed in particular by representatives
of the company Elektrim and the Deutsche Telekom group, and are
aimed at depriving Vivendi Universal of its interests in PTC -
the premier mobile phone operator in Poland.

These are frauds perpetrated in breach of the law:

(a) The unlawful appointment by Elektrim and Deutsche Telekom
    jointly of a purported Supervisory Board and Board of
    Directors of PTC on the basis of false documents; and

(b) The amendment of the register of shareholders in breach of a
    court injunction prohibiting any change in the share
    ownership of PTC.

These frauds have been committed by way of irregular court
proceedings, which have failed to observe fundamental rights of
defense and are contrary to international conventions:

(a) The selective and biased recognition of an international
    arbitration so as to subvert its meaning for the exclusive
    benefit of one of the parties, to the detriment of Vivendi
    Universal, in breach of international law (New York
    Convention; Agreement between the Government of the Republic
    of France and the Government of the Republic of Poland to
    encourage the reciprocal protection of investments, signed
    at Paris on 14 February 1989);

(b) The failure by a Warsaw court to observe fundamental rights
    of defense and of appeal.

These acts of Elektrim and Deutsche Telekom are in breach of the
law and constitute an attempt to deprive Vivendi Universal of
its interests.

For its part, Vivendi Universal supports the appeals and the
criminal complaints filed by Elektrim Telekomunikacja and PTC,
and has made contact with the Polish Government to demand
compliance with the law.

Vivendi Universal agrees with the decision of the Warsaw Public
Prosecutor to appeal against the partial enforcement of the
Vienna arbitration award applied for by Deutsche Telekom and
Elektrim.  This appeal has injunctive effect.  The subverted
arbitration award cannot therefore have legal effect in Poland
and Elektrim cannot rely on it in order to claim ownership of
the PTC shares owned by Elektrim Telekomunikacja.

Vivendi Universal is a major investor in Poland and since 1999,
has supported the development of PTC, the leading national
mobile telephony company.  Vivendi Universal fully supports PTC
and its employees in its attempts to secure the future
development of the company.

CONTACT:  VIVENDI UNIVERSAL S.A.
          42 Avenue de Friedland
          75380 Paris Cedex 08
          Phone: +33-1-71-71-10-00
          Fax: +33-1-71-71-10-01
          Web site: http://www.vivendiuniversal.com


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


ALGIERI-SZYMCZAK: Essen Court Names Provisional Administrator
-------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Algieri-Szymczak-GmbH on Feb. 4, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 23, 2005 to
register their claims with court-appointed provisional
administrator Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 1:10 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen 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:  ALGIERI-SZYMCZAK-GMBH
          Altmarkt 1
          46236 Bottrop
          Contact:
          Sandro Szymczak, Manager
          Am Quellenbusch 52
          46242 Bottrop

          Rolf Weidmann, Provisional Administrator
          Einigkeitstr. 9
          45133 Essen
          Phone: 0201/437760
          Fax: 02014377620


ALTONAER INDUSTRIESERVICE: Verification of Claims Set March
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against AIS Altonaer Industrieservice GmbH on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 22, 3005
to register their claims with court-appointed provisional
administrator Hendirk Rogge.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005, 9:25 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:  AIS ALTONAER INDUSTRIESERVICE GMBH
          Friesenweg 4
          22763 Hamburg
          Contact:
          Andrea Wille, Manager

          Hendrik Rogge, Provisional Administrator
          Albert-Einstein-Ring 15
          22761 Hamburg
          Phone 897186-0
          Fax 897186-11


ECORENTA BETEILIGUNGS: Proofs of Claim Deadline Set Mid-March
-------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against EcoRenta Beteiligungs- und Vermogensverwaltungs-GmbH &
Co. KG on Feb. 1, 2005.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 16, 2005 to register their claims with court-
appointed provisional administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 1:45 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen 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:  ECORENTA BETEILIGUNGS- UND VERMOGENSVERWALTUNGS-GMBH &
          CO. KG
          Zur Halbinsel 9
          45356 Essen
          Contact:
          Theodor Janscheidt, Manager
          Kamperfeld 72
          45133 Essen

          Uwe Kuhmann, Provisional Administrator
          Friedrich-List-Str. 20
          45128 Essen
          Phone 0201/4381050
          Fax 0201/4381000


GBS GMBH: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against GBS GmbH Kommunal- und Nutzfahrzeugservice on Feb. 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 10,
2005 to register their claims with court-appointed provisional
administrator Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 10:00 a.m. at the district court
of Darmstadt, 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:  GBS GMBH KOMMUNAL- UND NUTZFAHRZEUGSERVICE
          Sachsenbuckelstrasse 1
          64653 Lorsch
          Contact:
          Bernd Bohm, Manager
          Hirschstrasse 41
          64653 Lorsch

          Sylvia Rhein, Provisional Administrator
          Kanzlei GHP, L 11 20-22
          68161 Mannheim
          Phone: 0621/22871
          Fax: 0621/152466


HALLE AIR: Creditors Have Until Next Week to Lodge Claims
---------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Halle Air GbR on Feb. 1, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 11, 2005 to register their claims
with court-appointed provisional administrator Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 9:00 a.m. at the district court of
Gera, Rudolf-Diener-Str. 1, Zimmer 317 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:  HALLE AIR GBR
          Jenaer Str. 19
          07549 Gera
          Contact:
          Kai Halle, Manager

          Peter Scholl,
          Andreasstrasse 39,
          99084 Erfurt


HW-HAUSTECHNIK: Dessau Court Stays All Pending Lawsuits
-------------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against HW-Haustechnik Handel GmbH on Feb. 2, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2005
to register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on April 18, 2005, 10:10 a.m. at the district court
of Dessau, Willy-Lohmann-Str. 33 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:  HW-HAUSTECHNIK HANDEL GMBH
          Schulstrasse 70
          06888 Muhlanger
          Contact:
          Helga Woy, Manager
          Grosskuhnauerweg 47
          06846 Dessau

          Dr. Stephan Thiemann, Provisional Administrator
          Schorlemmerstrasse 2
          04155 Leipzig
          Phone: 0341/4903650
          Fax: 0341/4903699


MA-KA ISOLIERTECHNIK: Creditors Meeting Set June
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against MA-KA Isoliertechnik GmbH on Feb. 4, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 4, 2005
to register their claims with court-appointed provisional
administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:25 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 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:  MA-KA ISOLIERTECHNIK GMBH
          Buhringstr. 12
          13086 Berlin

          Joachim Voigt, Provisional Administrator
          Rankestrasse 33
          10789 Berlin


MARSEILLE-KLINIKEN AG: S&P Worries Over Weakened Capital Base
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based private health-care provider Marseille-Kliniken AG
to negative from stable, following a weakening of the group's
capital base.  The 'BB-' long-term corporate credit rating was
affirmed.

"The outlook revision reflects our concern about the balance
between equity and debt holders, as Marseille-Kliniken has
continued paying out dividends despite the group's negative net
result in fiscal 2004, which has further constrained the already
weak capital base," said Standard & Poor's credit analyst
Christian Esters.  On a lease-adjusted basis,
Marseille-Kliniken's net debt stood at a very aggressive 84% of
capital at June 30, 2004.  The very high leverage is also the
result of large investment and acquisition expenses over the
past few years.

"We are also concerned that the currently negative contribution
of the rehabilitation division to the group's performance could
take longer to eradicate if the restructuring of the division
proves to be more difficult than Marseille-Kliniken currently
expects," said Mr. Esters.  The rehabilitation division
contributed 27% to the group's sales in 2004.

The rating on Marseille-Kliniken reflects its weak financial
profile, as the company is highly leveraged and posts low free
operating cash flows compared with its lease-adjusted debt
obligations.  The rating also reflects Marseille-Kliniken's good
competitive position, supported by its cost efficiency and the
high quality of its facilities.  The rating furthermore benefits
from the highly predictable growth in future nursing-care needs.
In the short term, the company's flexibility has increased
following a sale-and-lease-back transaction that is generating
EUR100 million cash flow for Marseille-Kliniken for 2005.

Marseille-Kliniken's competitive position in the German nursing
care market is supported by its cost efficiency and by the high
quality of its facilities, most of which have been constructed
since the 1990s or have been entirely renovated.

Marseille-Kliniken, based in Berlin, is one of Germany's largest
private nursing care and rehabilitation service providers.  The
company's nursing care division had 5,740 beds in 2004, which is
less than 1% of the German market.  The group's total sales were
EUR200.1 million ($265 million) in 2004.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com;under Credit Ratings in the
left navigation bar, select Find a Rating, then Credit Ratings
Search.  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:
PublicFinanceEurope@standardandpoors.com

CONTACT:  MARSEILLE-KLINIKEN AG
          Registered office
          Alte Jakobstrasse 79/80
          10179 Berlin
          Germany
          Phone: +49 (0)30 / 24 632 400
          Fax: +49 (0)30 / 24 632 401

          Headquarters
          Sportallee 1
          22335 Hamburg
          Germany
          Phone: +49 (0)40 / 514 59 - 0
          Fax: +49 (0)40 / 514 59 - 756
          E-mail: info@marseille-kliniken.com
          http://www.marseille-kliniken.com/


RSK TRANSPORTE: Administrator's Report Out Mid-April
----------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against RSK Transporte GmbH on Feb. 4, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 24, 2005 to register their
claims with court-appointed provisional administrator Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 10:30 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund 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:  RSK TRANSPORTE GMBH
          Altenderner Str. 51
          44329 Dortmund
          Contact:
          Ramazan Keser, Manager
          Krimstr. 36
          44532 Lunen

          Stephan Heinrichsmeyer, Provisional Administrator
          Spiekergasse 6-8
          33330 Gutersloh
          Phone 05241/92 02-0
          Fax 05241 92 02 22


SPINNEREI GOLDNER: Creditors to Meet Last Week of April
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Spinnerei C. B. Goldner GmbH & Co. KG on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 14, 2005
to register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 9:30 a.m. at the district court
of Chemnitz, Gerichtsgebaude Furstenstrasse 21, in Chemnitz 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:  SPINNEREI C. B. G0LDNER GMBH & CO. KG
          Muhlenstrasse 3
          08412 Werdau
          Contact:
          Bernd von Westberg, Manager

          Dr. Stephan Thiemann, Provisional Administrator
          Leipziger Str. 62
          09113 Chemnitz


STUMPF-BAUMARKT: Under Bankruptcy Administration
------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Stumpf-Baumarkt GmbH on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2005
to register their claims with court-appointed provisional
administrator Rudiger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 2:45 p.m. at the district court
of Halle-Saalkreis, Thuringer Str. 16, 06112 Halle 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:  STUMPF-BAUMARKT GMBH
          Schkortelweg
          06667 Tagewerben
          Contact:
          Joachim Stumpf, Manager

          Rudiger Bauch,
          Sternstrasse 13
          D-06108 Halle
          Phone: 0345/5200111
          Fax: 0345/5200066


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


BANCAPULIA SPA: Ratings Withdrawn at Bank's Request
---------------------------------------------------
Standard & Poor's Ratings Services affirmed and withdrawn its
'BB' long-term and 'B' short-term counterparty credit ratings on
Italian local bank bancApulia S.p.A., at the request of the
bank.  BancApulia has no outstanding debt rated by Standard &
Poor's.

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

CONTACT:  STANDARD & POOR'S
          Group E-mail Address
          FIG_Europe@standardandpoors.com

          BANCAPULIA S.P.A.
          Web site: http://www.bancapulia.it


FIAT GROUP: Streamlines Real Estate Presence in the Turin Area
--------------------------------------------------------------
An agreement worth EUR204 million was signed for the sale to
Beni Stabili of nine buildings, eight of which in Turin.  Fiat
Partecipazioni had previously exercised its call option on the
repurchase of said buildings, which had been sold by the Fiat
Group in 1998.

This transaction is part of a plan designed to optimize the
sites used by the Fiat Group and, within three years, it will
permit a 40% reduction in rentals in addition to significant
savings in building use expenses.

The agreements provides that Fiat Partecipazioni:

(a) Acquire an interest of approximately 17% in a company owned
    by Beni Stabili.  Four buildings that will continue to be
    used by the Fiat Group in the medium/long term and a
    building in Turin owned by Beni Stabili will be transferred
    under the ownership of this company;

(b) Acquire a 15% interest in a company jointly owned by Beni
    Stabili and Gefim.  Four buildings, earmarked for value
    enhancement through urban regeneration projects - developed
    thanks to the specific expertise earned by Gefim in the
    Turin area - will be transferred under the ownership of this
    Company;

(c) Sell a building it owns and that is rented on a long/medium
    basis, to a fund managed by SGR Beni Stabili.  Lazard & Co
    was financial advisor to Fiat Partecipazioni in this
    transaction.

Completion of this transaction is scheduled to take place by May
31, 2005.

CONTACT:  FIAT GROUP
          via Nizza 250 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


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


STOLT-NIELSEN: Executives Exercise Share Options
------------------------------------------------
Stolt-Nielsen S.A. announced on Tuesday that certain senior
officers and directors of the Company, including the Chairman
and the Chief Executive Officer, have exercised stock options
and subsequently sold an aggregate of 514,000 Common shares
through offshore transactions in accordance with Regulation S
under the U.S. Securities Act of 1933.

These primary insiders had been restricted by law and Company
policy from trading in the Company's shares for an extended
period in light of the Company's financial and legal
circumstances.  Since the release of the Company's fourth
quarter and year-end earnings announcement, the restrictions
have not been applicable and these individuals, based on their
personal circumstances, determined to take this opportunity to
exercise options and sell shares.  The shares involved represent
less than 2% of the shares beneficially owned[1] by these
individuals.

About Stolt-Nielsen S.A.

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

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Beneficial share ownership includes all vested share options
held by the individuals, shares owned directly by the
individuals and their immediate family members, and shares held
by Fiducia Ltd. (which is owned by trusts of which beneficiaries
are members of the Stolt-Nielsen family)

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

          Valerie Lyon
          U.K.
          Phone: 44 20 7611 8904
          E-mail: vlyon@stolt.com
          Web site: http://www.stolt-nielsen.com


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


PETROLEUM GEO-SERVICES: Wraps up Sale of Pertra to Talisman
-----------------------------------------------------------
Petroleum Geo-Services A.S.A. announced Tuesday that it has
closed the previously announced sale of its wholly owned oil
subsidiary, Pertra a.s., to Talisman Energy (U.K.) Limited, a
wholly owned subsidiary of Talisman Energy Inc.

The transaction was closed under the same terms and conditions
previously described in the press release of February 1, 2005
and the quarterly report dated February 25, 2005.

Petroleum Geo-Services (OSE: and NYSE: PGS) is a technologically
focused oilfield service company principally involved in
geophysical and floating production services.  PGS provides a
broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.
PGS owns and operates four floating production, storage and
offloading units (FPSOs).  PGS operates on a worldwide basis
with headquarters at Lysaker, Norway.  For more information on
Petroleum Geo-Services visit http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES A.S.A.
          Ola Bosterud
          Sam R. Morrow
          Phone: +47 6752 6400

          U.S.
          Investor Services
          Renee Sixkiller
          Phone: +1 281 679 2240


TELLER A.S.: Fitch Notes Small Capital Base
-------------------------------------------
Fitch Ratings affirmed Norway-based Teller a.s.'s individual
rating at 'C'.

Teller's rating reflects its strong franchise in the Norwegian
card payment market, its low-risk business but also its small
capital base and the challenge it faces as its core market opens
to competition.

Formerly Visa Norge, and operating exclusively with the Visa
brand, the company started offering the same services for
MasterCard transactions in August 2003 and was re-branded as
Teller.  The new strategy has already demonstrated positive
results in terms of market shares acquired and Fitch is
confident that it will enable Teller to face the growing
competition in its home market.

Sound risk management has enabled Teller to face the increasing
volume of transactions processed with low provisioning levels.
Capital is small, as a result of a deliberate decision by the
Board to distribute a high level of profits as dividends to
shareholders.

Teller does not require external funding due to its seven-day
collecting period and four-day delayed settlement towards the
merchants.

The credit research on Teller is available on Fitch's
subscription Web site -- http://www.fitchresearch.com-- or by
contacting Fitch's Ratings Desk in London at +44 20 7417 6300.

CONTACT:  FITCH RATINGS
          Alexandre Birry, London
          Phone: +44 (0)20 7862 4150
          Mark Young
          Phone: +44 (0)20 7417 4268

          TELLER A.S.
          Dronning Mauds gate 1, N-0250 Oslo
          P.O. Box 1356 Vika, N-0113 Oslo
          Phone: +47 2201 3400
          Fax: +47 2283 4228
          E-mail: post@teller.no
          Web site: http://www.teller.no


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


AGRO-SERVICE: Collapses into Bankruptcy
---------------------------------------
The Arbitration Court of Udmurtiya Republic commenced bankruptcy
supervision procedure on OJSC Agro-Service (TIN 1825000719).
The case is docketed as A71-179/2004-G2.  Mr. A. Danilov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mr. A. Danilov
    Insolvency Manager
    426039, Russia, Udmurtiya republic
    Izhevsk, Dzwerzhinskogo Str. 47-46
    Phone: (3412) 44-07-65, 57-21-59

(b) AGRO-SERVICE
    427500, Russia, Udmurtiya republic
    Yar, Voroshilova Str. 10a


AGRYZ-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on OJSC Agryz-Agro-Khim-
Service.  The case is docketed as A65-25734/2004-SG4-21.  Mr. A.
Khayrutdinov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mr. A. Khayrutdinov
    Temporary Insolvency Manager
    420029, Russia, Tatarstan republic
    Kazan, Sibirskiy Trakt
    34 Post User Box 44

(b) AGRYZ-AGRO-KHIM-SERVICE
    Russia, Tatarstan republic
    Agryzskiy region, Tersi


AVIA-STAR-TRANS: Selling Factories for RUB2.3 Million
-----------------------------------------------------
Buildings owned by CJSC Avia-Star-Trans will be auctioned on
March 10, 2005, 2:00 p.m. at Russia, Ulyanovsk, Radisheva Str.
171, Room 2.  For sale are production plants for RUB1.7 million
and RUB675,000, respectively.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 12:00 noon and from 2:00 p.m. to 4:00 p.m.
until March 9, 2005 at Russia, Ulyanovsk, Radisheva Str. 171,
room 2.  To participate, bidders must deposit an amount
equivalent to 15% of the starting price to Avia-Star-Trans
settlement account 40702810469170101111 at Ulyanovsk OSB 8588,
Ulyanovsk, BIC 047308602; and correspondent account
30101810000000000602, TIN 7328039890, OGRN 1027301575399.

CONTACT:  AVIA-STAR-TRANS
          Russia, Ulyanovsk, 1, Inzhenernyj Proezd, 17

          LLC BUSINESS CLUB
          Bidding Organizer
          105066, Russia, Moscow
          Olkhovskaya Str. 45
          Building 1, office 4


BALTASI-CERAM-STROY-TAPS: Last Day for Filing Claims March 5
------------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on CJSC Baltasi-Ceram-Stroy-
Taps (TIN 1612004780).  The case is docketed as A65-28757/2004-
SG4-35.  Mr. S. Myasnikov has been appointed temporary
insolvency manager.  A hearing is set for June 27, 2005 at the
Arbitration Court of Tatarstan republic, Russia, Kazan, the
Kremlin, building 1, entrance 2, floor 2, room 2.

Creditors have until March 5, 2005 to submit their proofs of
claim to:

(a)  Mr. S. Myasnikov
     Temporary Insolvency Manager
     422540, Russia, Tatarstan republic
     Zelenodolsk, Frunze Str. 9

(b)  BALTASI-CERAM-STROY-TAPS
     Russia, Tatarstan republic
     Baltasinskiy region, Nizhnyaya Ushma


FACTORY OF REINFORCED-CONCRETE: Calls in Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
supervision procedure on LLC Factory of Reinforced-Concrete
Goods (TIN 1650105683).  The case is docketed as A65-28757/2004-
SG4-35.  Mr. M. Sidorov has been appointed temporary insolvency
manager.  A hearing is set for May 12, 2005 at the Arbitration
Court of Tatarstan republic 420014, Russia, Kazan, Kremlin.

Creditors may submit their proofs of claim to:

(a) Mr. M. Sidoroy
    Insolvency Manager
    420126, Russia, Tatarstan republic
    Kazan, Post User Box 188

(b) FACTORY OF REINFORCED-CONCRETE GOODS
    423824, Russia, Tatarstan republic
    N. Chelny, BSI-8, Post User Box 172


HERMES: Public Auction of Assets Set Next Week
----------------------------------------------
The Fund of State Property of Belgorod Region is auctioning the
equipment of OJSC Hermes for a starting price of RUB2,796,525 on
March 9, 2005, 11:00 a.m.  The properties are in Russia,
Belgorod, Valuyki, Chapaeva Str. 38.

Preliminary examination and reception of bids are done daily
until March 4, 2005, 1:00 p.m. at 308007, Russia, Belgorod,
Nekrasova Str. 9/15, 2nd floor, Room 216.  For more information,
call (0722) 31-07-21, or fax to 31-02-43.

To participate, bidders are required to deposit an amount
equivalent to 20% of the starting price to the settlement
account 40602810416020000052 at CB Vneshtorgbank, Belgorod
branch; correspondent account 3010181040000000757, BIC
041403757, TIN 3124012318, KPP 312301001 until March 4, 2005.

CONTACT:  HERMES
          Russia, Belgorod region
          Valuyki, Gorkogo Str. 4

          FUND OF STATE PROPERTY OF BELGOROD REGION
          308007, Russia, Belgorod, Nekrasova Str. 9/15
          2nd floor, room 216
          Phone: (0722) 31-07-21
          Fax: 31-02-43


KALININGRADSKIY WINERY: Claims Filing Period Expires April
----------------------------------------------------------
The Arbitration Court of Kaliningrad Region opened bankruptcy
proceedings against LLC Kaliningradskiy Winery.  The case is
docketed as A21-5422/04-S2.  Mr. N. Volkov has been appointed
insolvency manager.

Creditors have until April 5, 2005 to submit their proofs of
claim to:

(a)  Mr. N. Volkov
     Insolvency Manager
     236000, Russia, Kaliningrad
     Dm. Donskogo Str. 7, office 221

(b)  KALININGRADSKIY WINERY
     236040, Russia, Kaliningrad
     Rokossovskogo Str. 2


TALOGOVSKIY WOOD-PROM-KHOZ: Declared Insolvent
----------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against OJSC Talogovskiy Wood-Prom-Khoz.
The case is docketed as A07-20809/04-G-ADM.  Ms. Z. Kamalova has
been appointed insolvency manager.  Creditors have until March
5, 2005 to submit their proofs of claim to:

(a) Ms. Z. Kamalova
    Insolvency Manager
    450000, Russia, Bashkortostan republic
    Ufa, Post Office, 1510

(b) OJSC TALOGOVSKIY WOOD-PROM-KHOZ
    Russia, Bashkortostan republic, Tyujsk


YUKOS OIL: Assails Chapter 11 Dismissal; Demands New Trial
----------------------------------------------------------
Yukos Oil Company challenges certain findings made by the U.S.
Bankruptcy Court for the Southern District of Texas.  Yukos
wants some findings deleted because they are against "the great
weight of the evidence" -- as the Fifth Circuit held in Rousseau
v. Teledyne Movible Offshore, 812 F.2d 971, 972 (5th Cir. 1987)
-- and are manifest errors.  Further, there is legally and
factually insufficient evidence to support the findings.

Zack A. Clement, Esq., at Fulbright & Jaworski, L.L.P. tells
Judge Letitia Z. Clark that there is no evidence relating Yukos'
assets to the entire Russian economy.  Mr. Clement also reminds
the Court that Bruce Misamore, Yukos' chief financial officer,
and Steve Theede, chief executive officer, both testified that
they intended to continue operating Yukos' business.  Moreover,
Yukos' Plan of Reorganization contemplates continuance of a
going concern.  The Plan also contains a Litigation Trust, which
will supplement payments made by the going concern if Yukos is
able to continue as a going concern and will provide a sole
basis for payments if Yukos' going concern is terminated.  There
is no evidence that Yukos intends to voluntarily engage in a
liquidation of its going concern and rely solely on the
Litigation Trust for a liquidation of its assets.

Yukos also refutes the Court's finding that "since most of
Yukos' assets are oil and gas within Russia, its ability to
effectuate a reorganization without the cooperation of the
Russian government is extremely limited . . . allowing
resolution in a forum in which participation of the Russian
government is not assured."

Mr. Clement explains that Yukos has assets outside Russia,
including a refinery and numerous non-Russian subsidiaries,
which Yukos can continue to operate without the Russian
Government's cooperation.

Mr. Clements contends that it is premature to conclude that the
Russian Government would chose not to participate in the
bankruptcy case or the related arbitrations.  The Russian
government was served on January 12, 2005 and they had 60 days
from that date to answer, which had not expired as on the date
of dismissal.  The Court also had not set a bar date which would
require the Russian Government to make a decision about
participating in the bankruptcy by filing a proof of claim.

Yukos further denies moving funds for the primary purpose of
attempting to create jurisdiction in the United States
Bankruptcy Court.  Yukos insists that the funds were transferred
to pay attorneys who were working on many issues, including
arbitration and bankruptcy, and were also to be used for its
financial operations in the United States.

The company also clarifies it is not seeking to substitute U.S.
law for any other law; rather, it has merely asked the Court to
apply routine bankruptcy procedures and protections, including
possible subordination of any Russian Government tax claim --
which Yukos will drop from its Plan -- and the creation of a
Litigation Trust, which are specifically allowed by the
Bankruptcy Code.  The transfer of the causes of action to a
trust means that Yukos can survive if the Russian Government
continues to expropriate its assets.

While Yukos may have access to a bankruptcy proceeding in the
Arbitrazh courts of Russia, Mr. Clements emphasizes that the
experts unanimously concluded during the hearing that submitting
to Russian bankruptcy law would be hostile to the best interests
of the estate.  Save for the Russian Government, all other
creditors and shareholders would likely receive nothing.

    Shareholders Want Case Retained in U.S. Bankruptcy Court

Hulley Enterprises, Ltd., Yukos Universal, Ltd., and Moravel
Investments, Ltd. believe the dismissal of Yukos' bankruptcy
case is not in the best interests of Yukos creditors or the
estate.  Hulley and Universal together own 51% shares of Yukos
stock.  Hulley owns 1,090,043,968 shares and Universal owns
50,340,995 shares.  Moravel is an affiliate of Hulley and a
creditor of Yukos.

Based on Yukos' schedules of assets and liabilities, Moravel is
owed US$804,875,408 in prepetition debts.  The amount
constitutes 54.4% of the Debtor's general unsecured bank and
trade debt.  The shareholders support Yukos' request for a new
trial.  The request will be heard today.

The shareholders are represented in the bankruptcy proceeding by
Clifton R. Jessup, Jr.; and Bryan L. Elwood, Esq. Of Greenberg
Traurig, LLP, in Dallas, Texas.

A full copy of the supplements to the Motion for Reconsideration
is available for a minimal fee at
http://www.researcharchives.com/bin/download?id=050302215108

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

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

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

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


ZAINSKAYA MTS: Deadline for Submission of Bids March 7
------------------------------------------------------
Properties of OJSC Zainskaya MTS will be auctioned on March 9,
2005, 10:00 a.m. at Russia, Kazan, Sibirskiy Trakt Str. 34,
building 5, room 503b.

For sale are:

(a) Lots 1-8: Combine Cays 2366 AXIL FLOW for a starting price
    of RUB1,999,500; and

(b) Lot 9: a complex consisting of 22 buildings, 4 construction
    works, including 276 pieces of equipment, 54 transportation
    carriers.  Starting price: RUB23,020,200.

Preliminary examination and reception of bids are done daily
until March 7, 2005.  For more information, call: (8432) 10-97-
66.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810900370000136 at LLC Tatagroprombank, Kazan;
correspondent account 3010181000000000708, BIC 049208708,
TIN1647004131, KPP 164701001.

CONTACT:  ZAINSKAYA MTS
          Russia, Tatarstan republic
          Zainsk, Makarova Str. 24
          Phone: (8432) 10-97-66


ZURINSKIY: Proofs of Claim Due this Week
----------------------------------------
The Arbitration Court of Udmurtiya Republic has commenced
bankruptcy supervision procedure on state-owned enterprise Flax
Factory Zurinskiy.  The case is docketed as A71-164/2004-G-21.
Mr. R. Zagidullin has been appointed temporary insolvency
manager.  Creditors have until March 5, 2005 to submit their
proofs of claim to:

(a) Mr. R. Zagidullin
    Temporary Insolvency Manager
    426011, Russia, Udmurtiya republic
    Izhevsk, Kholmogorova Str. 17, office 705

(b) ZURINSKIY
    427161, Russia, Udmurtiya republic
    Ugrinskiy region,
    Zura, Lnozavodskaya Str. 1


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


ERCROS: Books Second Full-year Loss; Latest Figure Up 82%
---------------------------------------------------------
For Ercros, the distinctive feature of 2004 is the clear change
in the trend of the chemical cycle registered during the year.
After the persistent fall in gross operating profit (EBITDA)
during 2003, the year 2004 got off to a better start and the
upturn lasted throughout the year, culminating in the fourth
quarter with EBITDA of EUR4.51 million.  The information
available for the first month and a half of this year has
confirmed this recovery.

During the year, the prices of the company's main products
showed a significant recovery.  The price of ethyl acetate ended
the year up by 60%, that of dicalcium phosphate by 40% and
caustic soda by 66%.  Ercros turnover reached a figure of
EUR211.64 million, slightly inferior than the EUR213.95 million
on the previous year.  Net consolidated loss for the year, which
amounted to -EUR32.48 million as against -EUR17.82 million in
2003, was particularly affected by the negative extraordinary
results, which were half the global result.

The outlook for 2005 is very encouraging, in line with the
results obtained in the fourth quarter of last year.  The late
arrival of the change in the economic situation is being amply
made up for by the strength of the upturn, as shown by the
powerful and sustained recovery of the markets.  The year 2005
will not just be a year of marked recovery, but also a year of
results comparable to those obtained during the highest stages
of the cycle.

CONTACT:  ERCROS INDUSTRIAL S.A.
          Paseo del Deleite, s/n
          Aranjuez
          28300 Madrid
          Phone: +34 91 809 03 40/44
          Fax: +34 91 892 35 60
          Web site: http://www.ercros.es


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


LM ERICSSON: Moody's Raises Ratings; Further Upgrade Likely
-----------------------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba2 the ratings
for Telefonaktiebolaget LM Ericsson's bonds and bank loans, and
the company's issuer and senior implied ratings.  Additionally,
Moody's placed these ratings as well as the Not-Prime rating of
Ericsson for short-term debt on review for a possible further
upgrade.

The rating upgrade is based on:

(a) Moody's view that the global mobile infrastructure market is
    evidencing a steady degree of growth;

(b) Ericsson's success in retaining its leading position as the
    largest supplier of mobile communications equipment,

(c) The company's recent strong improvements in key metrics,
    notably a return to revenue growth of 12% (after a 19%
    decline in 2003) versus 2003 sales, a strengthening in
    operating-margin to 22% (up from 3.4%, pre-restructuring,
    but including capitalized development cost) and in operating
    cash flow (pre-working capital) to SEK28 billion (from a
    negative amount in 2003); and

(d) Management's practice of retaining generated cash flows and
    maintaining a highly liquid balance sheet in order to absorb
    possible cash flow volatility.

We do not see the dramatic turnaround in Ericsson's results as
necessarily predictive for its future performance, because the
2004 double-digit growth in demand was driven largely by catch-
up investments by the operators, but Ericsson has reduced its
cost base to an extent that should allow for reasonable
profitability and cash flows even in an only stable market
environment.

Moody's rating review will focus on:

(a) The outlook for near term and sustained demand for mobile
    networks and professional services;

(b) The developing pricing environment in mobile systems as new
    competitors enter the international market with aggressive
    bids;

(c) Ericsson's procedures to control cost, working and capital
    expenditures in a growth scenario and the overall robustness
    of its operating and free cash flows, and

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

Domiciled in Stockholm, Sweden, Ericsson is a leading developer
and manufacturer of mobile telecoms and datacom equipment, and
recorded revenues of about SEK132 billion (EUR14.7 billion) in
the fiscal year 2004.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Corporate Finance Group

          Michael West
          Managing Director
          Phone: 44 20 7772 5456 (journalists)
                 44 20 7772 5454 (subscribers)

          Wolfgang Draack
          Senior Vice President
          Phone: 44 20 7772 5456 (journalists)
                 44 20 7772 5454 (subscribers)

          LM ERICSSON
          Web site: http://www.ericsson.com/press
          Corporate Communications
          Kathy Egan
          Phone: 212-685-4030
          E-mail: pressrelations@ericsson.com
          or

          Investor Relations
          Glenn Sapadin
          Phone: 212-685-4030
          E-mail: investor.relations@ericsson.com


SKANDIA INSURANCE: High Court Dumps 'Donovan' Class Action
----------------------------------------------------------
The U.S. Supreme Court has rejected the plaintiffs' request to
review the lower courts' rulings in the 'Donovan' suit.  The
lower courts' rulings dismissing the class suit in this case
therefore still stand, and the case has thereby been
conclusively decided in favor of Skandia.

Information on the 'Donovan' suit was provided in press releases
on 1 August 2003, 8 September 2003 and 19 May 2004.

                            *   *   *

This litigation concerns activities prior to the May 1, 2003
acquisition of American Skandia Life Assurance Corp. by
Prudential Financial, Inc. from Skandia Insurance Company Ltd.
The suit alleges that the Company and certain of its affiliates
violated federal securities laws in marketing variable annuities
and seeks injunctive relief and compensatory damages in
unspecified amounts.

CONTACT:  SKANDIA INSURANCE
          Jan-Mikael Bexhed, EVP and General Counsel
          Phone: +46-8-788 37 22

          Gunilla Svensson, Press Manager
          Phone:  +46-8-788 42 97


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


CONVERIUM HOLDING: Suffers US$760.8 Mln Net Loss in 2004
--------------------------------------------------------
For the full year 2004, Converium Holding AG reports a net loss
of US$760.8 million, which primarily reflects a net adverse
impact of US$581.3 million on the technical result.  This impact
on the technical result is largely due to the effect of:

(a) the strengthening of prior years' loss reserves (US$578.1
    million);

(b) reductions of ultimate premium estimates after considering
    associated loss and underwriting expenses (US$3.0 million);

(c) reductions of retrocessional recoveries (US$12.0 million);
    and

(d) commutation gains.

In addition, Converium recorded impairments of net deferred tax
assets of US$269.8 million and of goodwill of US$94.0 million
related to its North American reinsurance operations as well as
a valuation allowance on the net operating losses carried
forward at Converium AG of US$19.9 million.  Losses arising from
hurricanes, typhoons and the South Asia tsunami of US$154.5
million had an additional negative impact on the bottom line.

For the full year, Converium's non-life combined ratio was
118.2%.  Adjusted for reserve actions and natural catastrophes
the non-life combined ratio was 96.1%, which further supports
the Company's views about the profitability of recent
underwriting years.  Converium's Board of Directors proposes to
its shareholders not to pay out a dividend for 2004 while
remaining committed to pro-active capital management.

For the full year 2004 Converium Tth quarter of 2004 was
characterized by a continuing strong performance of Converium's
underlying business from recent underwriting years, both for the
non-life segments as well as for the Life & Health Reinsurance
segment.  The quarter's net loss of US$50.2 million, however,
was significantly affected by additional developments from the
3rd quarter hurricanes and typhoons (US$36.0 million) as well as
losses arising from the South Asia tsunami (US$15.0 million).

Gross premium income for the quarter declined by 60.4%, mainly
reflective of clients exercising their rights of special
termination under various reinsurance contracts and reductions
of ultimate premium estimates primarily related to the
underwriting years 2001, 2002 and 2003.  Furthermore, there was
a net adverse impact on the technical result of US$57.0 million
from prior years, primarily driven by reductions of ultimate
premium estimates (US$30.3 million), reductions of
retrocessional recoveries (US$12.0 million) and reserve
increases (US$11.3 million), which were partially offset by
commutation gains.  Converium's overall prior-year reserve
position has proven stable in the 4th quarter.

As communicated on February 17, 2005, the January renewals were
in line with expectations.  Against this backdrop, Converium's
Board of Directors reiterates its support of the Company
continuing as a stand-alone multi-line reinsurance company,
based on its current business model which has proven profitable
outside North America, and benefits from a strong capitalization
and a sound balance sheet.

An important prerequisite to successfully executing Converium's
strategy is a sustainable cost base.  The Company therefore has
implemented a plan that is designed to cut budgeted annual
administrative expenses for its ongoing operations to a ratio of
approximately 6.5% of net premiums written in 2006.

Terry G. Clarke, Chief Executive Officer, said: "Converium's
financial results for 2004 are clearly unsatisfactory.  We
recorded major net reserve strengthening and significant claims
arising from natural catastrophes.  We also took resolute
measures to tidy up certain accounting processes.  These steps
are reflective of Converium's commitment to operational prudence
and accuracy and will help us steer the Company back on a track
of steady profitability.  I also feel encouraged by the fact
that Converium's overall reserve situation appears to have
stabilized."

Full year 2004 highlights

Pre-tax operating result:                -US$362.5 million

Impact from prior years
and hurricanes/typhoons/tsunami:        -US$735.8 million

Net result:                              -US$760.8 million

Gross premiums written:                   US$3,840.9 million

Non-life combined ratio:                  118.2%

Impact from prior years
and hurricanes/typhoons/tsunami:          22.1%

Adjusted non-life combined ratio:          96.1%

Total investment income yield:              4.4%

Shareholders' equity:                     US$1,720.2 million


4th quarter 2004 highlights
Pre-tax operating result:                 -US$14.3 million
Impact from prior years
and hurricanes/typhoons/tsunami:         -US$108.0 million
Net result:                               -US$50.2 million
Gross premiums written:                    US$396.4 million
Non-life combined ratio:                   124.9%

The full copy of the result is available free of charge at
http://bankrupt.com/misc/Converium_2004.pdf

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

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


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


AGROHIMCOMPLEX: Ternopil Court Appoints Insolvency Manager
----------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on open joint stock company Agrohimcomplex
(code EDRPOU 05490799).  The case is docketed as 15/B-531.  Mr.
Didich Volodimir (License Number AA 047819) has been appointed
temporary insolvency manager.  The company holds account number
26005000382001/980 at OJSC CB Nadra, Ternopil branch, MFO 338705
and account numbers 26009770514141/980 and 26008770514142/980 at
JSCB Ukrsocbank, Ternopil regional, MFO 338017.

Creditors may submit their proofs of claim to:

(a) AGROHIMCOMPLEX
    Ukraine, Ternopil region,
    S. Kachala Str. 18

(b) Mr. Didich Volodimir
    Temporary Insolvency Manager
    46000, Ukraine, Ternopil region,
    Kopernik Str. 3

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


AVTOZAPCHASTINA: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on open joint stock company
Avtozapchastina (code EDRPOU 0023202).  The case is docketed as
1/94 B.   Mr. Leonid Shishkin (License Number AA 779304) has
been appointed temporary insolvency manager.  The company
maintains account number 2600630117008 at Prominvestbank,
Zhitomir central branch, MFO 311056).

Creditors may submit their proofs of claim to:

(a) AVTOZAPCHASTINA
    Ukraine, Zhitomir region,
    Dombrovskij Str. 3

(b) Mr. Shishkin Leonid
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Chernyahivskij Str. 20-a/19

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


BILOPILSKIJ AGROHIM: Court Brings in Insolvency Manager
-------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on open joint stock company Bilopilskij
Agrohim (code EDRPOU 05490635) on Dec. 7, 2004.  The case is
docketed as 12/136-04.  Mr. Chuprun Yevgen (License Number AA
779228) has been appointed temporary insolvency manager.  The
company holds account number 260032784 at JSPPB Aval, Sumi
regional branch, MFO 337483.

Creditors may submit their proofs of claim to:

(a) BILOPILSKIJ AGROHIM
    41800, Ukraine, Sumi region,
    Bilopillya, 302th Rozyizd Str. 1

(b) Mr. Chuprun Yevgen
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Petropavlovska Str. 74, Room 49 A

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region, Ribalko Str. 2


BROSHNIV: Temporary Insolvency Manager Takes over Operations
------------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on limited liability company
Broshniv (code EDRPOU 30760517) on August 21, 2004.  The case is
docketed as B-15/331.  Mrs. Olena Goshovska (License Number AA
047772) has been appointed temporary insolvency manager.  The
company holds account number 26000331010201 at JSCB
Prikarpattya, MFO 336729.

Creditors may submit their proofs of claim to:

(a) BROSHNIV
    77611, Ukraine, Ivano-Frankivsk region,
    Broshniv, S. Striltsiv Str. 52

(b) Mrs. Goshovska Olena
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Strij, S. Striltsiv Str. 10/75

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


GORODISHE' AGRICULTURAL: Name I. Nogovskij Insolvency Manager
-------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on open joint stock company Gorodishe'
Agricultural Machine-Technological Station (code EDRPOU
30157126) on Dec. 30, 2004.  The case is docketed as 01/4094.
Mr. I. Nogovskij (License Number AA 419229) has been appointed
temporary insolvency manager.  The company holds account number
260051576 at JSPPB Aval, Smilyanske branch, MFO 354499.

Creditors may submit their proofs of claim to:

(a) GORODISHE' AGRICULTURAL MACHINE-TECHNOLOGICAL STATION
    19500 Ukraine, Cherkassy region, Gorodishe

(b) Mr. I. Nogovskij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region, Rizdvyana, 170

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


INNOVATIONAL TECHNOLOGIES: Applies for Court Supervision
--------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on close joint stock company Innovational
Technologies Centre (code EDRPOU 25004890).  The case is
docketed as B 29/208/04.  Mr. Sergij Belik (License Number AA
719888) has been appointed temporary insolvency manager.  The
company holds account number 26001161098001 at CB Privatbank,
Dniprodzerzhinsk branch, MFO 305365.

Creditors may submit their proofs of claim to:

(a) INNOVATIONAL TECHNOLOGIES CENTRE
    Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Antoshkin Str. 179

(b) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a


KRYMHLIBPRODUCT: Bankruptcy Proceedings Begin
---------------------------------------------
The Economic Court of AR Krym commenced bankruptcy proceedings
against Krymhlibproduct (code EDRPOU 30060766) on Dec. 17, 2004
after finding the close joint stock company insolvent.  The case
is docketed as 2-20/7790-2004.  Mr. Sharmonova Victoriya
(License Number AA 249881) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) KRYMHLIBPRODUCT
    97000, Ukraine, AR Krym,
    Krasnogvardyejsk, Budivelnikiv Str. 13

(b) THE ECONOMIC COURT OF AR KRYM
    95000, Ukraine, AR Krym,
    Simferopol, Karl Marks Str. 18


ODESAAVTO-GAZ: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on limited liability company Odesaavto-Gaz

(code EDRPOU 31885890) on Dec. 2, 2004.  The case is docketed as
32/218-04-8886.  Mr. V. Ivanov (License Number AA 250152) has
been appointed temporary insolvency manager.  The company holds
account number 260064703 at JSPPB Aval, Odesa regional branch,
MFO 328351.

Creditors may submit their proofs of claim to:

(a) ODESAAVTO-GAZ
    65012, Ukraine, Odesa region,
    Novoshepnij Ryad Str. 5

(b) Mr. V. Ivanov
    Temporary Insolvency Manager
    65011, Ukraine, Odesa region, a/b 46

(c) ECONOMIC COURT OF ODESA REGION
    65032, Ukraine, Odesa region,
    Shevchenko avenue, 4


SAKI' AUTO: Declared Insolvent
------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Saki' Auto Transport Enterprise 14338 (code
EDRPOU 03114738) on Nov. 30, 2004 after finding the open joint
stock company insolvent.  The case is docketed as 2-11/7698-
2004.  Mr. Garry Vududa (License Number AA 249853) has been
appointed liquidator/insolvency manager.  The company holds
account number 26009307747001 at CB Privatbank, Evpatoriya
branch, MFO 384566.

Creditors may submit their proofs of claim to:

(a) SAKI' AUTO TRANSPORT ENTERPRISE 14338
    96500, Ukraine, AR Krym,
    Saki, Zavodska Str. 97

(b) THE ECONOMIC COURT OF AR KRYM
    95000, Ukraine, AR Krym,
    Simferopol, Karl Marks Str. 18


DRESDNER BANK: Notes Issued to Fund Ukreximbank Loan Rated 'B'
--------------------------------------------------------------
Fitch Ratings assigned Dresdner Banks AG's US$40 million-limited
recourse loan participation notes due February 2010 a Long-term
'B' rating.  The notes are to be used solely for financing a
subordinated loan to The State Export-Import Bank of Ukraine
(Ukreximbank, rated Long-term foreign currency 'BB-', Short-term
'B', Support '3', Individual 'D/E').

Dresdner Bank AG will only pay noteholders amounts (principal
and interest), if any, received from Ukreximbank under the loan
agreement.

The difference between the rating of the notes and Ukreximbank's
Long-term rating reflects Fitch's notching policy for senior and
more junior obligations, indicating the higher expected loss for
more junior debt instruments.  It also takes into account
provisions in the subordinated loan agreement, which, in
accordance with the requirements of the National Bank of Ukraine
(NBU), allows the borrower to suspend interest payments in
certain circumstances.

Although the lender's claims in relation to repayment of the
subordinated loan will be junior to those of all unsubordinated
claims, claims in respect to interest payments will rank at
least pari-passu with the claims of other unsubordinated
borrowers, save those preferred by relevant (bankruptcy,
liquidation etc.) laws.  Covenants limit mergers and disposals
by Ukreximbank and its subsidiaries, transactions between the
bank and its affiliates and dividend payments.  Ukreximbank has
also covenanted to comply with the capital adequacy requirements
of the NBU.

Noteholders will benefit from a put option in the event of a
change in control of Ukreximbank, which is 100%-owned by the
Ukrainian state (represented by the Cabinet of Ministers of
Ukraine), provided Ukreximbank is compliant with NBU
requirements.  Ukreximbank's Long-term and Short-term ratings
are driven by the potential for support from the Ukrainian state
(also rated Long-term 'BB-').

Ukreximbank was founded in 1992 and was the sixth largest
Ukrainian bank by assets at end-2004, with a network of 83
branches and outlets across Ukraine.  In addition to its
commercial banking activities, Ukreximbank is the only Ukrainian
bank that acts as a financial agent of the Ukrainian government
in attracting and servicing international loans to Ukrainian
corporates, which are extended under state guarantee.

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


VATRA-KOZOVA: Ternopil Court Brings in Insolvency Manager
---------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on open joint stock company Vatra-Kozova
(code EDRPOU 14055200).  The case is docketed as 10/B-538.  Mr.
Androshuk Vasil (License Number AA 047686) has been appointed
temporary insolvency manager.  The company holds account number
260093114 at JSPPB Aval, Ternopil regional branch.

Creditors may submit their proofs of claim to:

(a) VATRA-KOZOVA
    Ukraine, Ternopil region,
    Kozova, Vishivanij Str. 4

(b) Mr. Androshuk Vasil
    Temporary Insolvency Manager
    Ukraine, Ternopil region,
    Berezhani, Sichovih Striltsiv Str. 67/33

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine,
    Ternopil region, Ostrozski Str. 14a


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


ACE HEATING: Files for Liquidation
----------------------------------
At an Extraordinary General Meeting of Ace Heating Spares and
Controls Limited at Begbies Traynor on Feb. 16, Extraordinary
and Ordinary Resolutions to wind up the firm were passed.  David
P. Appleby, of Begbies Traynor was appointed liquidator.

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

          ACE HEATING
          1a Cromford Business Centre
          Cromford Street
          Oldham
          OL1 4EA
          Phone: 0161-628 5678
          Fax: 0161-628 5408
          S Rubel, Chairman


ALBA GROUP: Members Decide to Wind up Firm
------------------------------------------
At the extraordinary general meeting of the members of Alba
Group Limited on Feb. 11, 2005 held at Carpow House, Newburgh,
Fife, the special resolution to wind up the company was passed.
Alan C. Thomson of C.A. Castle Court, Carnegie Campus,
Dunfermline, KY11 8PB has been appointed liquidator of the
company.

CONTACT:  C.A.
          Castle Court, Carnegie Campus,
          Dunfermline, KY11 8PB


ARAMIS: Appoints Deloitte & Touche Liquidator
---------------------------------------------
At an Extraordinary General Meeting of Aramis Machinery Limited,
Aramis Employees Trustees Limited, and Aramis U.K. Limited, on
Feb. 16, Special and Ordinary Resolutions to wind up the firm
were passed.  Angus Matthew Martin and Andrew P Peters, of
Deloitte & Touche were appointed liquidators.

CONTACT:  ARAMIS MACHINERY LIMITED
          The Threshing Barn Bignell Park
          Barn
          Chesterton
          Bicester
          Oxfordshire
          OX26 1TD
          Contact:
          H Poulson, Chairman

          DELOITTE & TOUCHE
          1 City Square, Leeds, West Yorkshire LS1 2AL
          Web site: http://www.deloitte.com


BAE SYSTEMS: Books GBP467 Million Full-year Net Loss
----------------------------------------------------
Results in Brief
                                 2004               2003

Order book[1]                GBP50.1 billion     GBP46.0 billion

Sales[2]                   GBP13,479 million   GBP12,572 million

Profit before interest[3]   GBP1,013 million      GBP980 million

(Loss)/profit
   before interest           GBP(25) million      GBP453 million

Adjusted earnings
   per share[3]                  18.0p               16.6p

Loss per share[4]               (16.0)p              (0.5)p

Dividend per share                9.5p                9.2p

Operating cash inflow       GBP2,071 million      GBP836 million

Net cash/(debt)                 GBP5 million    GBP(870) million

Highlights

(a) Programs business outlook improving

    (i) Benefiting from elimination of excessive risk

   (ii) New commercial agreement for Typhoon signed

(b) Customer Solutions & Support addressing U.K. growth
    opportunities;

(c) Land sector position strengthened with acquisition of Alvis
    Plc;

(d) North America delivering good growth;

(e) Airbus performing well -- outlook improving;

(f) Strong cash flow;

(g) Adjusted earnings per share[3] up 8.4% at 18.0p;

(h) Record order book;

(i) Final dividend increased, making 9.5p per share for the year

Outlook

An increase in contribution from the Programs business group is
anticipated as it benefits from the revised Typhoon contract.
In addition, continued good growth is expected from the
company's North American operations including the benefit of
full year contributions from acquisitions completed during the
course of 2004.

The CS&S and Land Systems business is expected to achieve
further growth in the U.K. support activities together with a
full year contribution from Alvis.  These performance
improvements will be more than offset by the previously
announced step down in profitability in export support
activities.

The completion of the Eurosystems transaction will remove the
profit contribution from disposed activities.  The transaction
is expected to be marginally dilutive to earnings in 2005.
Overall, the performance of the company's defense businesses is
expected to continue to improve in 2005 albeit at a lower rate
of growth than that achieved in 2004.

Commercial Aerospace is expected to contribute to some growth
with the benefit of a planned increase in Airbus aircraft
deliveries.  Some reversal of the strong 2004 operating cash
inflow is anticipated in 2005 as customer prepayments are
utilized to fund rising production activity.

BAE Systems is now delivering well against its strategy and
objectives.  Whilst there remains much to do, the achievements
to date, together with the actions continuously being taken to
improve performance, enable the group to look forward with
confidence to delivering growing returns to its shareholders.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Including share of joint ventures' order books and after the
elimination of intra-group orders of GBP1.8 billion (2003 GBP1.9
billion);

[2] Including share of joint ventures' sales;

[3] Before goodwill amortization and impairment of GBP1,038
million (2003 GBP518 million) and exceptional items of GBP nil
(2003 GBP9 million);

[4] Basic earnings per share after goodwill amortization and
impairment and exceptional items (in accordance with Financial
Reporting Standard 14).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2004 Preliminary Results Statement

Dick Olver, Chairman, said "The company's executive, together
with the commitment and hard work of the wider BAE Systems team,
has delivered a good operational performance in 2004
establishing a solid base for future growth."

Mike Turner, Chief Executive, added, "We look forward with
confidence to delivering growing returns to our shareholders in
the future."

BAE Systems performed well in 2004, both in delivering good
financial results and executing actions that will underpin
performance improvement over the longer term.

Profit before interest [2] increased to GBP1,013 million from
GBP980m in 2003, on sales1 of GBP13,479 million (2003 GBP12,572
million).  Adjusted earnings per share2 for 2004 increased by
8.4% to 18.0p compared with 2003.

These earnings were underpinned by strong cash generation with
operating cash inflow totaling GBP2,071 million (2003 GBP836
million).  The weakening U.S. dollar and Euro reduced reported
sales and profit on translation by GBP424 million and GBP31
million respectively.  After deducting goodwill amortization and
impairment and exceptional items, the loss per share was 16.0p
compared with a loss per share of 0.5p in 2003.  This was
primarily due to an increased charge for goodwill impairment.

The signing of contracts for the next, Tranche 2, phase of the
Eurofighter Typhoon program established a way forward for the
program.  This completes the actions taken over recent years to
address excessive risk in our U.K. Ministry of Defense programs
businesses.  These actions will result in a sustainable growth
in profitability in an area of our business that, in the past,
had overshadowed the performance of the majority of the
company's portfolio.

The 2.2% return on sales for Programs continues to reflect the
substantial sales generating no profit contribution from the
Nimrod and Astute programs.  In addition, a higher level of
sales on Typhoon was recognized with no profit.  Increased
Type 45 destroyer sales were recognized at zero margin, with the
program at an early stage of maturity.

Positive contributions to profit were made by Underwater Systems
and sustaining engineering activity on Tornado and Harrier.  The
F-35 Joint Strike Fighter (JSF), a cost plus award fee systems
design and development contract, also made a positive
contribution.

BAE Systems has the leading naval systems business in the U.K..
Like its U.K. air systems activities, the performance of the
naval business in recent times has been affected by the company
having agreed, in prior years, to contracts for programs with
excessive risk.

In addition, over many years, the U.K. naval shipbuilding
industry has suffered from a lack of strategic planning and the
company commenced an evaluation of the options for its
shipyards.  Whilst that evaluation was underway the company
welcomed the U.K. government initiative to determine a strategy
for naval shipbuilding in the U.K., in dialogue with all
industry participants.  BAE Systems welcomes this dialogue as a
real opportunity to secure a future for the U.K.'s naval
shipbuilding capabilities that will deliver value for money to
the U.K. government and an acceptable return to shareholders of
the companies concerned.

CS&S continued to perform well and delivered on all its key
targets in 2004.  The benefit to the Al Yamamah program of the
high oil price has flowed through to operating cash flow.
Building on the company's record in growing support business in
the air sector, BAE Systems identified a substantial support
opportunity in the land sector.  The acquisition of Alvis Plc
was a key step in delivering a land sector support strategy.
Support solutions lie at the heart of BAE Systems relationship
with the Kingdom of Saudi Arabia.  BAE Systems has a long and
successful history providing integrated support to the Saudi
armed forces.  The company has for some time adopted a strategy
to integrate progressively greater local Saudi content in the
program.

Consistent with this in-Kingdom strategy BAE Systems has
invested in aerospace and defense companies in Saudi Arabia,
which will enable the company to work in partnership with Saudi
investors whilst undertaking aircraft and avionics maintenance
and upgrade work in-Kingdom.  Whilst this trend to greater
indigenous content will reduce margins, these partnerships will
provide significant technology and employment benefits to the
Kingdom and long-term value for BAE Systems.

The North America business produced organic sales growth of 12%
with 8.4% return on sales.  In sterling terms, sales and profits
were reduced by the translation effect of the weakening dollar
by GBP334 million and GBP25 million respectively.  The order
book increased to US$4.9bn, resulting from successful re-
competes, new contract wins and acquisitions, providing a good
foundation for future organic sales growth.

In the U.S., five acquisitions were completed.  The largest
transaction, DigitalNet, elevates BAE Systems to rank as a top
10 provider of IT systems support to the U.S. Department of
Defense and other government agencies.  With these acquisitions
BAE Systems now generates annualized sales of some US$5.6bn in
its North America business and now employs over 27,000 people
across the U.S.

Profitability in International Partnerships continued to
improve.  All of the joint venture companies contributed to that
improvement. Good progress was also made in re-focusing our
joint businesses in Europe.  Recognizing the complexity of the
earlier proposed Eurosystems transaction with Finmeccanica a
simpler model has now been agreed.  The revised agreement,
signed in January 2005, provides for BAE Systems to take full
ownership of the U.K. activities of the former AMS joint venture
in exchange for the group's existing 50% of the Italian
activities and a cash equalization payment.  The group has also
agreed to sell to Finmeccanica its defense communications
business and certain avionics activities comprising principally
the U.K.-based airborne radar and electronic warfare business.
When completed, this transaction will generate substantial cash
and improve management control and business performance in the
strategically important field of network-enabled capability.
Airbus continues to build upon the strong performance of 2003
despite a number of challenges in the current commercial
aircraft market and against a backdrop of rising fuel prices and
adverse U.S. dollar exchange rates.

Driven by increasing demand from the low cost carrier sector,
Airbus secured net new orders for a further 366 commercial
aircraft, which represents a 57% market share of orders placed
during 2004.

Group operating cash inflow was GBP2,071 million (2003 GBP836
million).  Net capital expenditure and financial investment was
GBP256 million (2003 GBP248 million) including increases in
capital expenditure together with the investment in aerospace
and defense companies in Saudi Arabia (2003 included the initial
GBP74 million investment in Alvis Plc).

Group operating business cash inflow3 was GBP1,884 million
compared with GBP625 million in 2003. Cash flow improvements
were achieved at Programs as customer stage payments were
received on the renegotiated Typhoon contract and the Indian
Hawk contract.  CS&S cash flow benefited from the strong oil
price during 2004.  North America cash flow was also strong.
Commercial Aerospace included an outflow on the regional
aircraft recourse provision, almost entirely offset by another
strong cash performance by Airbus despite product development
and capital expenditure on the A380 program.  Avionics cash
outflows were mainly due to some increase in working capital on
Typhoon equipment and cash outflows on prior year
rationalization programs.

Free cash inflow, after interest and preference dividends and
taxation, was GBP1,733 million compared with GBP562 million in
2003.

                Summarized Profit and Loss Account
                  for the Year Ended December 31
                            GBP million

                             2004                 2003

Sales[1]                   13,479               12,572

Operating profit[2]           691                  670

Share of operating profit
   of joint ventures[2]       322                  310

Profit before interest[2]   1,013                  980

Net interest                 (207)                (220)

Profit before tax, goodwill
   amortization and
   impairment and
   exceptional items          806                  760

Goodwill amortization and
   impairment, including
   joint ventures          (1,038)                (518)

Exceptional items               -                   (9)

(Loss)/profit before tax     (232)                 233

Tax                          (234)                (225)

Minority interests             (1)                  (2)

(Loss)/profit for the year   (467)                   6

Basic and diluted loss
   per share                  (16.0)p             (0.5)p

Basic and diluted earnings
   per share excluding
   goodwill amortization
   and impairment and
   exceptional items           18.0p              16.6p

Dividend per share              9.5p               9.2p

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Including share of joint ventures' sales;

[2] Before goodwill amortization and impairment and exceptional
items;

[3] From operating activities after capital expenditure (net)
and financial investment and dividends from joint ventures.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Full copy of BAE Systems 2004 preliminary results can be viewed
free of charge at http://bankrupt.com/misc/bae_2004.pdf.

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


BALMORAL CAPITAL: Final Meeting Set Later this Month
----------------------------------------------------
The Final Meeting of members of Balmoral Capital Limited is set
29 March 2005, 10:00 a.m. 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:
          T Walsh, Joint Liquidator


BP QUEST: Calls in Liquidators from PricewaterhouseCoopers
----------------------------------------------------------
At an Extraordinary General Meeting of BP Quest Company Limited
on Feb. 18, Special and Ordinary Resolutions to wind up the firm
were passed.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP were appointed liquidators.

CONTACT:  BP QUEST COMPANY LIMITED
          Chertsey Road
          Sunbury on Thames
          Middlesex
          TW16 7BP
          Contact:
          D P Chapman, Chairman

          PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


CHANNON ELECTRICAL: Under Administration
----------------------------------------
Ian William Kings of Tenon Recovery was called in as
administrator for Channon Electrical Contractors Ltd. on Feb.
17.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


COLT TELECOM: Loss after Exceptional Items Swells to GBP124 Mln
---------------------------------------------------------------
COLT Telecom Group Plc (COLT), a leading pan-European provider
of business communications solutions and services said that in
the fourth quarter it had delivered a solid financial
performance, had refocused the business and had begun the
implementation of its new strategic plan.

Highlights

(a) Turnover was GBP308.0 million compared with GBP303.7 million
    in the third quarter, an increase of 1.4%. Turnover
    decreased by 1.4% on a constant currency basis (0.5%
    excluding reductions in fixed to mobile prices);

(b) Gross margin before depreciation was 34.2% compared with
    31.6% in the third quarter reflecting improved mix;

(c) EBITDA(1) was GBP35.6 million compared with GBP33.4 million
    in the third quarter;

(d) Net capital expenditure was GBP35.3 million;

(e) Strong year-end financial position with cash and liquid
    resources of GBP452.7 million;

(f) Early redemption of GBP322.0 million of bonds with a further
    GBP80.9 million in January 2005 resulting in net interest
    saving of GBP31.1 million over the next three years;

(g) New strategic plan defined and implementation commenced; and

(h) Further successful expansion of presence in India -- five
    percent of workforce now in India

Overview of the Year

Turnover increased by 7% to GBP1,214.0 million on a constant
currency basis and excluding Fitec which was disposed of in
December 2003.  Gross margin before depreciation declined
slightly from 34.2% to 33.0%.  EBITDA was GBP153.7 million
compared with GBP163.4 million and pre-tax losses before
exceptional items reduced by 15% to GBP114.6 million.  Net
capital expenditure was GBP124.7 million compared with GBP141.0
million.  There was a free cash outflow of GBP9.5 million in
2004, reduced from an outflow of GBP30.4 million in 2003.

COLT Chairman Barry Bateman said, "2004 was a tough year for the
telecommunications industry and COLT.  Nevertheless, turnover
was up, losses were down and cash flow improved.  We have
entered 2005 in a stronger position having put in place the
management team and strategic initiatives to move COLT forward
to long-term profitability.

"We do not anticipate any significant improvement in market
conditions during 2005 but by building on the recent momentum
established by the new management team we expect further
progress and remain on track to be free cash flow positive on a
sustainable basis during the year."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] EBITDA is earnings before interest, tax, depreciation,
amortization, foreign exchange and exceptional items
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Commenting on progress made during the quarter Jean-Yves
Charlier, Chief Executive Officer, said, "We have delivered a
solid fourth quarter performance.  Whilst revenue growth between
the third and fourth quarters was adversely affected by
reductions in fixed to mobile prices, revenue mix improved as a
result of the action we have taken to reduce the proportion of
lower margin carrier revenues.  This resulted in pre-
depreciation gross margin improving from 31.6% to 34.2%.  Whilst
EBITDA rose from GBP33.4 million in the third quarter to GBP35.6
million, the improvement was tempered by an increase in SG&A
costs due mainly to the further investment in our platform in
India, increased personnel costs and costs associated with
Sarbanes Oxley compliance.

"The business was refocused during the quarter as we put in
place an enhanced set of strategic initiatives designed to re-
establish COLT as an innovator and as one of the top three
players in each of the metropolitan markets in which it operates
across Europe. This is a three-year program and our challenge
for 2005 is to begin to deliver against those initiatives by
accelerating revenue growth, improving mix, improving
productivity and being free cash flow positive on a sustainable
basis.

"It is still early days but we have made a good start. We put in
place an organization designed to deliver our strategic
objectives including a further significant move of activity to
India.  We launched three new Ethernet services for the
corporate market, including the first Switched Ethernet VPN
service in Europe, and our Secure IT service designed to meet
the specific needs of the SME market.  Planning is well advanced
for the launch of our Voice IP service early in the second
quarter."

Key Financial Data

             Three months ended        Twelve months ended
                December 31                 December 31
               2003        2004           2003        2004
               GBPm        GBPm           GBPm        GBPm

Turnover      306.3       308.0         1,166.3    1,214.0

Interconnect
and network
costs        (197.7)     (202.8)         (766.9)    (813.7)

Gross profit
before
depreciation  108.6       105.2           399.4      400.3

Gross profit
before
depreciation%  35.5%       34.2%           34.2%      33.0%

Network
depreciation  (50.4)      (52.8)         (204.4)    (192.0)

Gross profit
               58.2        52.4           195.0      208.3

Loss for the
period (before
exceptional
items)        (23.5)      (36.8)         (134.7)    (114.6)

Loss for the
period (after
exceptional
items)        (21.1)      (36.8)         (124.6)    (114.4)

EBITDA [1]     48.2        35.6           163.4      153.7

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] EBITDA is earnings before interest, tax, depreciation,
amortization, foreign exchange and exceptional items.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

FINANCIAL REVIEW

Unless otherwise stated all comparisons are between the quarter
and year ended Dec. 31 2004 and Dec. 31 2003.  Unless otherwise
stated all numbers are quoted before exceptional items and at
actual exchange rates.

Turnover

Turnover for the quarter was GBP308.0 million (2003: GBP306.3
million).  This was an increase of 2% on a constant currency
basis and excluding the turnover contributed by Fitec (which was
disposed of in December 2003).  Turnover for the year was
GBP1,214.0 million (2003: GBP1,166.3 million).  This was an
increase of 7% on a constant currency basis and excluding the
turnover contributed by Fitec.  The increase in turnover was
driven by demand for COLT's services from existing and new
customers and new service introductions.

Corporate

Turnover from corporate customers for the quarter decreased by
1% to GBP179.9 million (2003: GBP181.4 million) and for the year
increased by 1% to GBP698.3 million (2003: GBP692.7 million).
Turnover from corporate customers represented 58% of total
turnover in the quarter and year (2003: 59% in both periods).
Switched turnover for the quarter decreased by 3% to GBP85.2
million (2003: GBP88.2 million) and was marginally down for the
year at GBP336.1 million (2003: GBP337.0 million). Non-switched
turnover for the quarter increased by 1% to GBP94.2 million
(2003: GBP93.2 million) and for the year increased by 1% to
GBP359.3 million (2003: GBP354.8 million).

Wholesale

Turnover from wholesale customers for the quarter increased by
3% to GBP128.1 million (2003: GBP124.9 million) and for the year
increased by 9% to GBP515.7 million (2003: GBP473.6 million).
Turnover from wholesale customers represented 42% of total
turnover in the quarter and year (2003: 41% in both periods).
Switched turnover for the quarter increased by 2% to GBP102.1
million (2003: GBP99.8 million) and for the year increased by
12% to GBP411.0 million (2003: GBP365.7 million).  Included in
switched turnover from wholesale customers was turnover from
other telecommunications carriers of GBP63.9 million and
GBP264.1 million for the quarter and year respectively (2003:
GBP63.7 million and GBP238.9 million).  Non-switched turnover
for the quarter increased by 3% to GBP26.0 million (2003:
GBP25.1 million) and for the year decreased by 3% to GBP104.5
million (2003: GBP107.6 million).

Cost of Sales

Cost of sales for the quarter increased by 3% to GBP255.6
million (2003: GBP248.1 million) and for the year increased by
4% to GBP1,005.7 million (2003: GBP971.4 million).

Interconnection and network costs for the quarter increased by
3% to GBP202.8 million (2003: GBP197.7 million) and for the year
increased by 6% to GBP813.7 million (2003: GBP766.9 million).
The increase for the year was driven mainly by the increase in
switched minutes.

Network depreciation for the quarter increased by 5% to GBP52.8
million (2003: GBP50.4 million) and for the year decreased by 6%
to GBP192.0 million (2003: GBP204.4 million).  The decrease for
the year reflected the effect of some assets being fully
depreciated, partially offset by further investment in fixed
assets to support the growth in demand for services and new
service developments.

Operating Expenses

Operating expenses for the quarter increased by 12% to GBP78.0
million (2003: GBP69.6 million) and for the year increased by 1%
to GBP277.2 million (2003: GBP274.5 million).

Selling, general and administrative (SG&A) expenses for the
quarter increased by 15% to GBP69.6 million (2003: GBP60.3
million) and for the year increased by 5% to GBP246.6 million
(2003: GBP235.9 million).  SG&A expenses, as a proportion of
turnover for the quarter and year, was 23% and 20% (2003: 20% in
both periods).  The increases in SG&A expenses reflected the
initial costs associated with the establishment of COLT's
presence in India, increased personnel costs and costs
associated with Sarbanes-Oxley compliance.

Other depreciation and amortization for the quarter decreased by
10% to GBP8.4 million (2003: GBP9.3 million) and for the year
decreased by 21% to GBP30.5 million (2003: GBP38.5 million).
The reductions reflected the effect of some assets being fully
depreciated, partially offset by increased investment in
customer service and other support systems.

Interest Receivable, Interest Payable and Similar Charges

Interest receivable for the quarter decreased by 33% to GBP4.4
million (2003: GBP6.5 million) and for the year decreased by 21%
to GBP21.0 million (2003: GBP26.7 million).  The decreases were
as a result of reduced average balances of cash and investments
in liquid resources following the redemption of some of the
Company's outstanding notes during 2003 and 2004.

Interest payable and similar charges for the quarter ended 31
December 2004 decreased by 27% to GBP15.3 million (2003: GBP21.0
million) and for the year decreased by 24% to GBP66.8 million
(2003: GBP88.3 million).  These decreases were due primarily to
the reduction in debt levels following the redemption of some of
the Company's outstanding notes during 2003 and 2004.

Interest payable and similar charges for the quarter included
GBP5.0 million (2003: GBP8.6 million) of interest and accretion
on convertible debt and GBP8.9 million (2003: GBP12.3 million)
of interest and accretion on non-convertible debt.  Interest
payable and similar charges for the year included GBP30.2
million (2003: GBP34.4 million) of interest and accretion on
convertible debt and GBP35.0 million (2003: GBP51.7 million) of
interest and accretion on non-convertible debt.  Interest
payable and similar charges for the quarter comprised GBP11.5
million and GBP3.8 million of interest and accretion
respectively.

Gain on Redemption of Debt

Gains arising on the early redemption of GBP335.3 million of
debt during the year were GBP0.2 million (2003: GBP7.6 million).

Exchange Gains

For the quarter there were exchange losses of GBP0.2 million
(2003: gain of GBP2.3 million). For the year there were no net
exchange gains or losses (2003: gain of GBP6.4 million). The
exchange gains in the prior year were due primarily to movements
in the British pound relative to the U.S. dollar on cash and
debt balances denominated in U.S. dollars.

A list of its financial results is available free of charge at
http://bankrupt.com/misc/colttelecom_2004.pdf

CONTACT:  COLT TELECOM GROUP PLC
          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt.net

          Phone: +44 (0) 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt.net
          Phone: +44 (0) 20 7863 5314


FIELDING LIMITED: Members Meeting Set Later this Month
------------------------------------------------------
Members of Fielding Limited are called for a final meeting at
Grant Thornton U.K. LLP on March 30, 2005, 10:00 a.m.  The
meeting will receive the liquidator's winding-up report.

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote in his place.  It is not
necessary for the proxy to be a Member.  Proxy forms must be
returned to the offices of Grant Thornton U.K. LLP, 31 Carlton
Crescent, Southampton SO15 2EW, on or before 12:00 noon on 29
March 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk
          Contact:
          S Keen, Liquidator


FINANCIAL WAREHOUSE: Succumbs to Liquidation
--------------------------------------------
At an Extraordinary General Meeting of the members of The
Financial Warehouse (U.K.) Limited on Feb. 14, Extraordinary and
Ordinary Resolutions to wind up the firm were passed.  David L
Cockshott and Gary E Blackburn of BWC Business were appointed
Joint liquidators.

CONTACT:  FINANCIAL WAREHOUSE (U.K.) LIMITED
          Mill Beck House South Milford
          Leeds LS25 6JT LS25 6JT
          Contact:
          S J Dickenson, Chairman

          BWC BUSINESS
          Solutions, 8 Park Place, Leeds LS1 2RU


GATEAUXBADGER LIMITED: Members Decide to Wind up Firm
-----------------------------------------------------
At an Extraordinary General Meeting of Members of Gateauxbadger
Limited on Feb. 8, Special and Extraordinary Resolutions to wind
up the firm were passed.  Stephen Mark Quinn and Lindsey Jane
Cooper, of Baker Tilly were appointed liquidators.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


GEFINA INTERNATIONAL: Calls in Liquidator
-----------------------------------------
At the extraordinary general meeting of Gefina International
Limited on Feb. 7, 2005, the special resolution to wind up the
company was passed.  Mr. Anthony Christian Pickford of Anson
Court, La Route des Camps, St Martin, Guernsey has been
appointed liquidator of the company.  All persons having claims
against the company are required to submit details thereof at
Anson Court, La Route des Camps, St Martin, Guernsey, GY1 3TF on
or before March 21, 2005.

CONTACT:  Mr. Anthony Christian Pickford, Liquidator
          Anson Court, La Route des Camps,
          St. Martin, Guernsey


GENERAL CONSOLIDATED: Final Meeting Set Later this Month
--------------------------------------------------------
General Consolidated Investment Trust plc will hold its Final
General Meeting on March 31, 2005, 10:30 a.m.

Members intending to appoint a proxy must submit a form of proxy
at the offices of Ernst & Young LLP, 1 More London Place, London
SE1 2AF, on or before 12:00 noon on the business day before the
Meeting.

General Consolidated Investment Trust is organized as an
investment trust managing a broadly based and flexible portfolio
of primarily United Kingdom equities.  Some of the group's
largest equity investments include THORN EMI, Bemrose, Provident
Financial, Shell transport & trading and Prudential.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com
          Contact:
          M Fishman, Joint Liquidator

          GENERAL CONSOLIDATED INVESTMENT TRUST PLC
          49 Hay's Mews
          London, W1X 7RT
          United Kingdom
          Phone: +44 20 7 4093419
                 +44 20 7 4937229
          Contact:
          Sir M. Thomson, Chairman
          N. MC Andrew, Deputy Chairman


GEORGE ELLISON: Goes Bust after 106 Years
-----------------------------------------
John Neville Whitfield and Gerald Cliford Smith of RSM Robson
Rhodes LLP were appointed joint administrators of George Ellison
Limited on Feb. 21.  George Ellison was founded in 1898.  It is
a well-established company in the switchgear and electrical
distribution equipment industry.

CONTACT:  GEORGE ELLISON LTD.
          P.O. Box 280, Wellhead Lane
          Perry Barr
          Birmingham
          B42 2TD
          West Midlands
          Phone: 0121 356 4562
          Fax: 0121 356 3107
          Web site: http://www.ellison.co.uk
          Contact:
          ENF Baker, Managing Director

          RSM ROBSON RHODES LLP
          Centre City Tower
          7 Hill Street
          Birmingham B5 4UU
          Web site: http://www.rsmi.co.uk
          Phone: 0121 697 6000
                 0121 697 6053


HS TRUST: Creditors Meeting Set this Week
-----------------------------------------
Creditors of HS Trust are called for a meeting on 4 March 2005,
10:00 a.m. at Homefield School, Salisbury Road, Winkton,
Christchurch, Dorset BH23 7AR.

Creditors wishing to vote at the Meeting must lodge their proxy,
together with a full statement of account, at the registered
office, Tenon Recovery, 3rd Floor, Lyndean House, 43-46 Queens
Road, Brighton, East Sussex BN1 3XB, on or before 12:00 noon on
the business day preceding the Meeting.

For the purposes of voting, a secured Creditor is required
(unless he surrenders his security) to lodge at Tenon Recovery,
before the Meeting, a statement giving particulars of his
security, the date when it was given and the value at which it
is assessed.

A list of the names and addresses of the Company's Creditors may
be inspected, free of charge, at Tenon between 10:00 a.m. and
4:00 p.m. on the two business days preceding the date of the
Meeting.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


INDUSTRIAL PARTNERSHIP: Liquidator's Final Report Out March 25
--------------------------------------------------------------
The Final General Meeting of Industrial Partnership Limited is
set 25 March 2005, 4:00 p.m. at Ernst & Young LLP, 1 More London
Place, London SE1 2AF.

A Member entitled to attend and vote at the Meeting is entitled
to appoint a proxy, who need not be a Member of the Company.  A
form of proxy, for use at the Meeting if desired, is available.
Proxies for use at the Meeting must be lodged at the offices of
Ernst & Young LLP, 1 More London Place, London SE1 2AF, on or
before 12:00 noon on the business day before the Meeting.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com
          Contact:
          E A Bingham, Joint Liquidator


IRON ARM: Members Pass Winding-up Resolution
--------------------------------------------
At the extraordinary general meeting of the members of Iron Arm
Limited on Feb. 9, 2005, the special resolution to wind up the
company was passed.  Mr. Anthony Christian Pickford of Anson
Court, La Route des Camps, St Martin, Guernsey has been
appointed liquidator of the company.  All persons having claims
against the company are required to submit details thereof at
Anson Court, La Route des Camps, St Martin, Guernsey on or
before March 21, 2005.

CONTACT:  Mr. Anthony Christian Pickford
          Anson Court, La Route des Camps,
          St Martin, Guernsey


LESING SEVEN: Claims Filing Period Ends March 28
------------------------------------------------
At the extraordinary meeting of Lesing Seven Limited on Feb. 23,
2005, the special resolution to wind up the company was passed.
Mr. Timothy Ian Cumming of Suites 13 & 15, Sarnia House, Le
Truchot, St Peter Port, Guernsey has been appointed liquidator
of the company.  All persons having claims against the company
are requested to submit details thereof to Suites 13 & 15,
Sarnia House, Le Truchot, St Peter Port, Guernsey on or before
March 28, 2005.

CONTACT:  Mr. Timothy Ian Cumming
          Suites 13 & 15, Sarnia House,
          Le Truchot, St Peter Port, Guernsey


MYTRAVEL GROUP: Sets Annual General Meeting March 31
----------------------------------------------------
MyTravel Group Plc announced on March 1, 2005 it posted to
shareholders notice of the annual general meeting to be held on
March 31, 2005, together with a shareholder circular giving
notice of an extraordinary general meeting, a class meeting of
the 10p ordinary shareholders, a class meeting of the
convertible shareholders and an extraordinary meeting of
warrantholders, all to be held on March 31, 2005.

The extraordinary general meeting, class meeting and
extraordinary meeting of warrantholders are required to approve
a proposed capital reorganization, as announced on January 12,
2005, including the consolidation of shares on a 30:1 basis.

MyTravel also posted a circular to the holders of non-
transferable warrants setting out details of the company's offer
to exchange non-transferable warrants for new transferable
warrants.

The proposed share capital reorganization is in two parts:

(a) A reclassification of shares, which would combine the 10p
    ordinary shares and 1p A ordinary shares into a single class
    and make consequential changes to the terms of the warrants.
    The reclassification, which is expected to become effective
    at the close of business on March 31, 2005, will be
    conditional on the passing of the necessary resolutions of
    shareholders and an extraordinary meeting of warrantholders;
    and

(b) The consolidation of shares on a 30:1 basis, which would
    reduce the total number of shares in issue, simplifying
    trading and settlement and facilitating a more appropriate
    trading price range, and would make equivalent changes to
    the terms of the warrants. The consolidation, which is
    expected to become effective at the close of business on
    July 8, 2005 (or, if sooner on conversion of all the 7%
    subordinated convertible bonds due 2007 to A ordinary shares
    or convertible preferences shares), will be conditional on
    the passing of the necessary resolutions of shareholders and
    an extraordinary resolution of warrantholders.

Fractional entitlements arising from the 30:1 consolidation
would be aggregated and sold and the net proceeds of sale will
be distributed among the shareholders entitled to the fractions.
Any shareholder with fewer than 30 shares would continue to be
entitled to shareholder benefits until July 2006.

MyTravel also provides an update of recent movements in its
issued share capital.  From January 12, 2005 to close of
business on February 28, 2005:

(a) The number of 10p ordinary shares in issue remained the same
    at 544,461,136;

(b) The number of A ordinary shares increased from 4,097,338,932
    to 8,271,673,023. Of this increase, 3,626,271,953 of the A
    shares were issued as a result of the conversion of
    convertible preference shares of 1p and the remaining
    548,062,138 A shares were issued on the conversion of 7%
    subordinated convertible bonds due 2007 pursuant to the
    consensual restructuring agreed by bondholders on 29
    December 2004; and

(c) The number of convertible preference shares of 1p each has
    decreased from 7,880,806,060 to 4,334,629,819. This change
    is accounted for by the conversion of 3,626,271,953 shares
    to A ordinary shares and an allotment of an additional
    80,095,712 convertible preference shares of 1p each on the
    conversion of convertible bonds pursuant to the consensual
    restructuring agreed by bondholders on December 29, 2004.

The current issued share capital is as follows:

(a) 544,461,136 10p ordinary shares;

(b) 8,271,673,023 A ordinary shares;

(c) 4,334,629,819 convertible preference shares of 1p each;

(d) Up to a further 460,741,465 A ordinary shares or convertible
    preference shares of 1p fall to be allotted on conversion of
    the convertible bonds, the listing of which will be
    cancelled on March 7, 2005, as previously announced.


NORTHERN ROCK: Liquidator's Report Due March 30
-----------------------------------------------
The Final Meeting of members of Northern Rock Holdings (no.1)
Limited is set March 30, 2005, 10:00 a.m. at
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.  The meeting is convened to hear the liquidator's
winding-up report.

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:
          T Walsh, Joint Liquidator


PIPETRONIX UK: Calls in Liquidator from Geoffrey Martin & Co.
-------------------------------------------------------------
At the extraordinary general meeting of Pipetronix UK Limited on
Jan. 4, 2005 held at The Arena, Downshire Way, Bracknell,
Berkshire RG12 1PU, the special resolution to wind up the
company was passed.  John Twizell of Geoffrey Martin & Co, St
James's House, 28 Park Place, Leeds LS1 2SP has been appointed
liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO.
          St James's House,
          28 Park Place, Leeds LS1 2SP


PRIVATE SECURITY: Creditors to Meet Today
-----------------------------------------
A Creditors Meeting of Private Security Services Limited is set
March 3, 2005, 11:00 a.m. at Tenon Recovery, Highfield Court,
Tollgate, Chandlers Ford, Eastleigh SO53 3TZ.

Creditors wishing to vote at the Meeting must lodge their proxy,
together with a full statement of account, with Tenon Recovery
on or before 12:00 noon of the business day preceding the
Meeting.

For the purposes of voting, a secured Creditor is required
(unless he surrenders his security) to lodge, before the
Meeting, a statement giving particulars of his security, the
date when it was given and the value at which it is assessed.

A list of the names and addresses of the Company's Creditors may
be inspected, free of charge, at Tenon, between 10:00 a.m. and
4:00 p.m. on the two business days preceding the date of the
Meeting.

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


PROCESSING GARMENT: Creditors Meeting Next Week
-----------------------------------------------
A Creditors Meeting of Processing Garment Services Limited will
be held March 8, 2005, 11:00 a.m. at Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP.

The list of names and addresses of the Company's Creditors will
be available for inspection, free of charge, at Begbies between
10:00 a.m. and 4:00 p.m. on the two business days immediately
prior to the day of the Meeting.

Creditors wishing to vote at the Meeting must lodge a full
statement of account (proof of debt) and (unless attending in
person) a proxy on or before 12:00 noon on the business day
immediately prior to the Meeting.

Secured Creditors must, unless they surrender their security,
give particulars of their security and its assessed value if
they wish to vote at the Meeting.

Processing Garment went into voluntary liquidation on Feb. 22.
Its liquidator is Paul Stanley.

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


SMART AUTOCENTRES: Interim Administrator Calls Creditors Meeting
----------------------------------------------------------------
A Creditors Meeting of car bodywork repair center Smart
Autocentres Limited will be held on March 8, 2005, 11:00 a.m. at
Numerica, Crown House, 37-41 Prince Street, Bristol BS1 4PS.

For the purpose of voting, secured Creditors are required,
unless they surrender their security, to lodge at Numerica,
before the Meeting, a statement giving particulars of their
security, the date it was given and the value at which it is
assessed.

A form of proxy which, if intended to be used for voting at the
Meeting must be duly completed and lodged on or before 12:00
noon on the business day preceding the date of the Meeting.

A list of names and addresses of the Company's Creditors will be
available for inspection, free of charge at Numerica on two
business days preceding the date of the Meeting, between 10:00
a.m. and 4:00 p.m.

CONTACT:  SMART AUTOCENTRES LTD.
          Phone: 0871-733 7337
          Environmental Ho Anthea Rd, Fishponds Trading Est.
          Bristol, BS5 7EX

          NUMERICA LLP
          Crown House,
          37-41 Prince Street, Bristol BS1 4PS
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          Web site: http://www.numerica.biz


SPA GLASS: Calls in Liquidators from Begbies
--------------------------------------------
At an Extraordinary General Meeting of the members of Spa Glass
& Glazing Limited on Feb. 16, Extraordinary and Ordinary
Resolutions to wind up the firm were passed.

Simon Robert Haskew and Ian Edward Walker of Begbies Traynor
were appointed liquidators.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


SQUARE D: Liquidator's Report Out March
---------------------------------------
The Final Meeting of members of Square D Company Europe Limited
is set March 29, 2005, 11:00 a.m. at PricewaterhouseCoopers LLP,
Benson House, 33 Wellington Street, Leeds LS1 4JP.

The meeting is convened to receive the liquidator's winding-up
report.

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:
          T Walsh, Joint Liquidator


TRAVELEX PLC: Apax Partners to Acquire Stake
--------------------------------------------
Funds advised by Apax Partners announced on Feb. 28, 2005 an
agreement to acquire a majority shareholding in Travelex, the
world's largest foreign exchange specialist, in a cash
transaction valuing the company at GBP1,055 million.

Lloyd Dorfman, who will continue to be Chairman and Chief
Executive of the Group, will retain a 30% stake, and 3i and
funds managed by 3i which has held a shareholding in Travelex
since 1999, will retain a 7% stake.

Travelex is also pleased to announce that, as a result of its
recent strategic review, it will be exploring opportunities to
work with Standard Chartered across its network in Asia, Africa
and the Middle East.

Travelex announced on December 19, 2004 that it had appointed
Deutsche Bank to review the strategic options for the business,
following a number of approaches received from potential
acquirers.  The Board concluded that the new ownership structure
announced best meets those strategic objectives.

Travelex is the world's largest foreign exchange specialist and
is a global brand. The Travelex Group has offices in 35
countries and corporate relationships in 110 countries, and
serves over 29,000,000 customers each year.

Lloyd Dorfman, Chairman and Chief Executive of Travelex, said,
"We are delighted with the announcement.  I believe that the
combination of Travelex and Apax will represent a powerful force
in the marketplace, and help us to achieve the ambitious goals
we have set for the business.

We see significant opportunities to grow Travelex's business in
Asia, Africa, and the Middle East.  These are regions where
Standard Chartered has a strong network, and we are very excited
to be exploring with them ways to leverage our complementary
skills in these markets."

Stephen Green, Partner who heads Apax Partners' Business and
Financial Services team, said: "We are delighted to enter into
partnership with Lloyd Dorfman at this exciting time for
Travelex.  Apax Partners is committed to supporting the global
growth of Travelex's corporate and consumer payment businesses."

Stephan Wilcke, a Director of Apax Partners in its Financial
Services sector team, said, "Travelex is a leader in each of its
business segments.  While it is globally known for its
successful bureau de change business, it also has fast growing
outsourcing and payments processing businesses."

Nick Badman, 3i Director, commented, "Travelex has been a great
success story and a fabulous investment for 3i.  3i works in
partnership with strong management teams to create value and
Travelex is a great example of this.  We are delighted also that
we will be able to continue work with Travelex, Lloyd and Apax
to create further value."

The transaction is expected to close in July 2005.  Freshfields
Bruckhaus Deringer and Dechert LLP acted for Apax Partners and
Travelex respectively.  Citigroup advised Apax Partners on the
transaction.   Deutsche Bank advised Travelex.

About Apax Partners

Apax Partners is one of the world's leading private equity
investment groups, operating across Europe, Israel and the
United States.  With over 30 years of direct investing
experience, Apax Partners' Funds provide long-term equity
financing to build and strengthen world-class companies.  It
pursues a balanced equity portfolio strategy, investing in late
venture, growth capital and buyouts.

Apax Funds invest in companies across its 6 chosen global
sectors of information technology, telecommunications,
healthcare, media, financial services, retail and consumer.
Some of Apax Partners' Funds investments include Global Refund,
Azimut, MoneyBox, Independer, Yell, VNU World Directories and
Deutsche Kabel.

About Travelex

Travelex is the world's largest non-bank provider of commercial
foreign exchange services, providing integrated payment
solutions for business customers globally.  The Group is also
one of the world's leading providers of outsourced travel money
to banks, travel agencies and other financial institutions.  In
addition, Travelex operates over 700 retail foreign exchange
branches around the world.

About 3i

3i is a world leader in private equity and venture capital. We
focus on Buyouts, Growth Capital and Venture Capital and invest
across Europe, in the United States and in Asia Pacific.  Our
competitive advantage comes from our international network and
the strength and breadth of our relationships in business.
These underpin the value that we deliver to our portfolio and to
our shareholders.

CONTACT:  TRAVELEX HOLDINGS LIMITED
          65 Kingsway
          London WC2B 6TD
          Phone: +44-20-7400-4000
          Fax: +44-20-7400-4001
          Web site: http://www.travelex.co.uk

          Anthony Wagerman
          Phone: +44 (0) 20 7400 4000
          E-mail: Anthony.Wagerman@travelex.com

          APAX PARTNERS, INC.
          445 Park Ave., 11th Fl.
          New York, NY 10022
          Phone: 212-753-6300
          Fax: 212-319-6155
          Web site: http://www.apax.com

          Juliana Wheeler
          Phone: +44 (0) 20 7872 6350
          E-mail: Juliana.Wheeler@apax.com
          Clare Sillars
          Phone: +44 (0) 20 7872 6476
          E-mail: Clare.Sillars@apax.com

          3I GROUP PLC
          91 Waterloo Rd.
          London SE1 8XP
          Phone: +44-20-7928-3131
          Fax: +44-20-7928-0058
          Web site: http://www.3igroup.com

          Patrick Dunne
          Phone: +44 (0) 20 7975 3283
          E-mail: Patrick_Dunne@3i.com

          SMITHFIELD
          John Antcliffe
          Phone: +44 (0) 20 7360 4900
          E-mail: Jantcliffe@smithfieldgroup.com


TRAVELEX PLC: S&P Keeps Ratings on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services announced that its 'BB-'
long-term corporate credit and senior unsecured debt ratings on
U.K.-based foreign exchange provider Travelex PLC remain on
CreditWatch with negative implications following the
announcement that a 55% stake in the company is to sold to
private equity firm Apax Partners.

"Standard & Poor's acknowledges that the holders of Travelex's
senior unsecured bonds will retain the option to exercise the
change-of-control provision and put the bonds back to Travelex.

"We will evaluate the company's new capital structure following
the change in the ownership," said Standard & Poor's credit
analyst Olli Rouhiainen.  "The ratings are likely to be lowered
if the company's debt burden increases."

The ratings were originally placed on CreditWatch with negative
implication on Jan. 19, 2005, following reports that the company
had short-listed four private equity firms as potential
acquirers of the business.

The CreditWatch placement reflected the possibility that the
ratings could be lowered if the new owners increase the
company's leverage, thereby weakening credit quality.  Travelex
has limited headroom to increase financial leverage at the
current rating level.

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


UNIDOOR KIDS: Liquidation Report Out March
------------------------------------------
A Final Meeting of members of Unidoor Kids Limited is set March
30, 2005, 10:15 a.m. at Grant Thornton U.K. LLP, 31 Carlton
Crescent, Southampton SO15 2EW.  The meeting is convened to
receive the liquidator's winding-up report.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk
          Contact:
          S Keen, Liquidator


WILLMENT BROTHERS: Final Meeting Set March 31
---------------------------------------------
A Final Meeting of members of Willment Brothers Limited is set
March 31, 2005, 10:00 a.m. at PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.  A Final Meeting will follow at
10:15 a.m. to receive the liquidator's winding-up report.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com
          Contact:
          A R Stanway, Liquidator
          R S Preece, Liquidator


                            *********


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

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

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

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

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

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


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