TCREUR_Public/050304.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, March 4, 2005, Vol. 6, No. 45

                            Headlines

F I N L A N D

M-REAL CORPORATION: Sets Annual General Meeting March 14
M-REAL CORPORATION: Spending EUR60 Mln to Upgrade Simpele Mill


F R A N C E

REMY COINTREAU: Fills Two New Positions with Existing Directors


G E R M A N Y

AUTOHAUS VOLLMER: Gives Creditors Until Mid-March to File Claims
BACKEREI ROSSMANN: Claims Deadline Nears
BAUGESCHAFT CLEMENS: Verification of Claims Set April
DRESDNER BANK: US$150 Million Eurobond Gets 'B' Rating
HMP TELECONSULT: Cologne Court Appoints Interim Administrator

INFORUM GESELLSCHAFT: Declares Bankruptcy
LEICA CAMERA: Sees EUR10 Mln Operating Loss as Sales Slump
NEUE OSTSEE: Creditors' Claims Due Next Week
OSTSEE FISCH: First Creditors Meeting Set March 23
PETER ROSACKER: Neumunster Court Stays All Pending Lawsuits

PFLEGETEAM HAMBURG: Sets Creditors Meeting April
TAWESO GASTRONOMIEBETRIEBSGESELLSCHAFT: Declares Bankruptcy
THYSSENKRUPP AG: Earmarks EUR124 Mln for Production Site Upgrade
THYSSENKRUPP AG: Plans to Issue Ten-year Eurobond


G R E E C E

FANCO SA: 2004 Losses Up Twofold


I R E L A N D

JSG FUNDING: Sells Munksjo Specialty Paper Business


I T A L Y

PARMALAT USA: All Impaired Classes Accept Chapter 11 Plan
PARMALAT USA: Court Adjourns Confirmation Hearing to March 7
PARMALAT USA: Pension Benefit Objects to Plan Confirmation


N E T H E R L A N D S

PETROPLUS INTERNATIONAL: Achieves Turnaround in 2004
PETROPLUS INTERNATIONAL: Shareholders Tender Stakes


P O L A N D

KOMPANIA WEGLOWA: Mulls Cutting Thousands of Jobs


R U S S I A

BUREVESTNIK: Public Auction of Asset Set Next Week
DAL-DIESEL: Warehouse for Sale
KATAV-IVANOVSKIY: Declared Insolvent
KOSTROMSKOY: Bankruptcy Hearing Resumes April
KSTOVSKAYA POULTRY: Under Bankruptcy Supervision

LOBVINSKIY BAKERY: Assets go on Sale Next Week
MASLODEL: Falls Under Court Supervision
NORTH-WEST-OIL: Declared Insolvent
OB-SAN-TEKH-MONTAZH: Creditors Have Until March 5 to File Claims
PROMSVYAZ FINANCE: US$100 Mln Loan Participation Notes Rated 'B'

SEL-KHOZ-TEKHNIKA: Calls in Insolvency Manager
SMENA: Gives Creditors Until April 5 to File Claims
YUKOS OIL: Texas Court Ignores Plea for Reconsideration
YUKOS OIL: Assessment of Remaining Value Post Sale of YNG


S W E D E N

LM ERICSSON: Raises Incentive Plan Requirements


U K R A I N E

AGRO-SVIT: Declared Insolvent
AKMANGIT: Undergoes Bankruptcy Supervision Procedure
GOSPODAR: Applies for Bankruptcy Proceedings
KOR: Ivano-Frankivsk Court Appoints Insolvency Manager
NOVOMIRGOROD' RAJAGROHIM: Under Bankruptcy Supervision

ODESAAVTOGAZ: Insolvency Manager to Temporarily Oversee Business
PRIMISKE: Urges Creditors to File Claims as soon as Possible
SHEVCHENKIVSKE: Names Mikola Morozov Insolvency Manager
UKRAINIAN GAS: Court Brings in Insolvency Manager
VILONA: Undergoes Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ARROW PRINTING: Liquidator to Deliver Report March
BALTIMORE TECHNOLOGIES: Earthport Pursues GBP13.5 Million Claim
BEACHMORE PLC: Creditors Meeting Slated Next Month
BURGESS FOOD: Members Decide to Wind up Firm
C.A.G. CLOTHING: Brings in Liquidator

CALDERDALE RUBBER: Falls into Administration
FTT LTD.: Liquidator's Report Due Next Week
GLANBIA PLC: Reports Improved Performance After Restructuring
INNOVATIVE FUTURE: Calls in Administrators from Numerica
INSPIRE ENERGY: Calls in Liquidator from Tenon Recovery

INTERNATIONAL POWER: Inks 25-year Fuel Agreement with Qatar Firm
INTERNATIONAL POWER: Ratings Unaffected by Ras Laffan Deal
ISLAMIC ART: Opts for Liquidation
KBOS LIMITED: Hires Liquidator from PKF
MERCANTILE LEASING: Liquidator Sets Final Meeting April

MINERVA PLC: Logs GBP26 Million Half-year Loss
PREMIER FOODS: Preliminary Results in line with Expectations
PROGRESSIVE PINE: Furniture Firm Goes Under
RED ROSE: Creditors Meeting Set Later this Month
R L M SCAFFOLDING: Liquidator's Report Out April

SANDFORD LIMITED: Calls in Administrators
TWISTED BRANCH: In Voluntary Liquidation
WOOLWORTHS GROUP: Moody's Reviews Rating for Possible Downgrade
WOOLWORTHS GROUP: Company Profile


                            *********


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


M-REAL CORPORATION: Sets Annual General Meeting March 14
--------------------------------------------------------
Dear Shareholder,

M-real's financial year 2004 was remarkable for its
exceptionally large number of major changes. The European paper
markets improved substantially during the second half of the
year, following a prolonged period of sluggish demand.  This
positive change in the market situation made it possible for us
to start implementing price increases during the last quarter,
although in some sectors these were smaller than planned.
Taking the steep decline of the U.S. dollar into consideration,
the average euro-equivalent price levels in some sectors even
declined during the last few months of the year.

A fundamental change was carried out at the beginning of
September when M-real reverted to a line organization in which
responsibilities of business areas are defined by customers.
The restructuring, along with a sharper delineation of areas of
responsibility, has had a positive impact on customer
orientation, operational efficiencies and even to some extent on
financial results.  I strongly believe that also our cost
reduction and efficiency improvement programs, in conjunction
with our current operating model, will enable us to enhance our
profitability and attain estimated savings of at least EUR200
million by 2007.

With regard to M-real's operational abilities and development,
it was also of utmost importance that we reduce company
indebtedness and strengthened our capital base.  The divestments
made so far and the rights offering of nearly EUR450 in the
autumn enable us to continue to develop M-real into a more
efficient and profitable company.  We have a great deal of know-
how and good market positions, and now we also have sufficient
financial resources to make better use of our earnings
potential.

Our objectives for the future are clear.  Naturally, our main
target must be to make M-real a profitable company again as soon
as possible.  To accomplish this, resolute action will be
needed, both to increase revenue and especially to improve cost
efficiency.  We will therefore continue to free up capital and
invest in those areas of business that will provide a quick
return.  The size of these investments will be aimed at the
further reduction of net debt.

I would like to thank our customers and business partners for
the excellent cooperation in 2004.  I would also like to thank
our employees for their commitment to the implementation of
these changes.  Finally, I would like to express my thanks to my
predecessor, Jouko M. Jaakkola, for his dedicated work and to
wish him a happy retirement.

Hannu Anttila
President and CEO

The Annual General Meeting of M-real Corporation will be held at
the company's Head Office, Revontulentie 6, 02100 Espoo, on
Monday, March 14, 2005, beginning at 2:00 p.m. Finnish time.

                            *   *   *

Summary of FY2004:

In January 2004  M-real finalized the divestment of Metsa
                 Tissue.

In June          the Board of Directors of M-real Corporation
                 appointed Hannu Anttila President and CEO as
                 from January 1, 2005.

In August        M-real became the sole owner of Kemiart
                 Liners by acquiring 47% ownership from
                 UPM-Kymmene and 6% from Metsaliitto
                 Cooperative.

In August        M-real announced a revised strategy which
                 focuses on the development of the company's
                 core business areas: Consumer Packaging,
                 Publishing, Commercial Printing and Office
                 Papers.  At the same time, M-real revamped its
                 organization to improve internal efficiency and
                 profit responsibility.

In September     the Extraordinary General Meeting of M-real
                 decided on an approximately EUR450 million
                 Rights Offering to strengthen the company's
                 Balance Sheet and reduce its indebtedness.  The
                 Offering was completed successfully in October.

In October       M-real's sale of the Price & Pierce Group to
                 Gould Paper was finalized.

In December      the construction of M-real's new BCTMP in
                 Kaskinen, Finland, reached eave height and the
                 mill obtained its environmental permit.
                 The plant will be taken into use in August,
                 2005.

In December      M-real sold the business operations of the
                 Savon Sellu mill.  The buyer is a company
                 founded by Dr. Dermot F. Smurfit in his private
                 capacity and a group of other international
                 investors.

In December      M-real signed a Letter of Intent to sell
                 its forest assets.  The total transaction value
                 is EUR172 million of which M-real's share is
                 95%.  The transaction was finalized in January
                 2005.

In December      M-real signed a EUR500 million syndicated
                 revolving credit facility agreement.  The
                 facility replaces facility agreement of EUR700
                 million signed in 2000.

Key figures 2004

                                     2004   2003 Change
Turnover, euros million             5,460  6,044  -10%
Operating profit, euros million       -75     74
- % turnover                         -1.4    1.2
Profit before extraordinary items,
euros million                       -209    -80
- % turnover                         -3.8   -1.3
Return on capital employed, %        -1.0    1.6
Return on equity, %                  -7.7   -3.8
Interest-bearing net liabilities,
euros million                       2,161  3,109  -30%
Gearing ratio, %                       82    137
Equity ratio, %                      41.5   31.9
Earnings per share, euros           -0.79  -0.43
Equity per share, euros              8.00  10.56  -24%
Dividend per share, euros *          0.12   0.25  -52%
Market capitalization 31 Dec,
euros million                       1,542  1,286   20%
Gross capital expenditure,
euros million **                      259    397  -35%
Cash flow from operations,
euros million                         257    425  -40%
Personnel 31 Dec                   15,960 19,636  -19%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Board of Directors' proposal for 2004

** Includes the purchase price of shares in acquired companies
but not debt Operating profit, %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

About M-real Corporation

M-real is one of the leading producers of fine paper and
paperboard in Europe.  The company focuses on four core
businesses: Consumer Packaging, Publishing, Commercial Printing
and Office Papers.  M-real's global clientele consists mainly of
publishers, printers, paper merchants, offices and well-known
consumer product manufacturers as well as carton printers.

A full copy of the report is available free of charge at
http://bankrupt.com/misc/Mreal_2004.pdf

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: + 358 10 469 4611

          Juhani Poho, CFO
          Phone: +358 10 469 5283
          Media contacts:
          Jyrki Antikainen
          Phone: + 358 10 469 4940
          Mobile: +358 50 357 4292

          IR Contacts
          Antti Nummi
          Phone: +358 10 469 4432
          Mobile: +358 50 598 9629
          Web site: http://www.m-real.com


M-REAL CORPORATION: Spending EUR60 Mln to Upgrade Simpele Mill
--------------------------------------------------------------
M-real Corporation will invest EUR60 million at the Simpele
mill's board production.  The investment will include
improvements of the board machine, new reeler, rewinder, reel
packaging as well as capacity increase of sheeting and related
infrastructure.  Availability of the products and service of
sheeted products will also be improved.  The capacity of the
board machine will increase by 45,000 t/a up to 215,000 t/a.
The investment is conducted stepwise and will be ready by spring
2006.

CONTACT:  M-REAL CORPORATION
          Hannu Kottonen, Executive Vice President
          Consumer Packaging
          Phone: + 358 (0)10 469 4900
          Mobile: +358 (0)500 532 235 or
          Jukka Kettunen, Senior Vice President
          Production and Technology
          Phone: 010 463 3725
          Mobile: +358 (0)50 598 8506


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


REMY COINTREAU: Fills Two New Positions with Existing Directors
---------------------------------------------------------------
The new management of Remy Cointreau has created three new
positions to help manage the spirits and wine group, according
to just-drinks.com.

Christian Liabastre is named director of strategy and brands
development; and Damien Lafaurie, director of operations.  The
directorship for markets and commercial networks is still to be
filled.

Mr. Liabastre joined the company only in January.  He will take
care of the company's brands portfolio and marketing activities
under his new position.  Mr. Lafaurie, who has been with Remy
since 2002, is tasked with the company's production, logistics,
purchasing activities as well as sustaining development.  The
changes are made under the management of recently appointed
director-general, Jean-Marie Laborde.

In December, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Remy to 'BB-' from 'BB'.  The outlook is stable.

"The downgrade primarily reflects our expectation that Remy
Cointreau's debt measures will not recover quickly enough to
sustain a 'BB' rating," said Standard & Poor's credit analyst
Patrice Cochelin.

CONTACT:  REMY COINTREAU
          152, av. des Champs-Elysees
          75008 Paris, France
          Phone: 01 44 13 44 13
          Web site: http://www.remycointreau.com

          Headquarters:
          Rue Joseph Patta
          16100 Cognac, France

          Financial Information:
          Phone (direct): 01 44 13 45 15
          E-mail: info@remy-cointreau.com


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


AUTOHAUS VOLLMER: Gives Creditors Until Mid-March to File Claims
----------------------------------------------------------------
The district court of Landau in der Pfalz opened bankruptcy
proceedings against Autohaus Vollmer u. Sack GmbH on Feb. 9,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 17,
2005 to register their claims with court-appointed provisional
administrator Harald Kroth.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 10:30 a.m. at the district court
of Landau in der Pfalz, Marienring 13, 76829 Landau in der Pfalz
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:  AUTOHAUS VOLLMER U. SACK GMBH
          August-Croissant-Str. 1-3
          76829 Landau in der Pfalz
          Contact:
          Hans Peter Vollmer, Manager
          Reinhold-Schneider-Str. 71 b
          76199 Karlsruhe

          Harald Kroth, Provisional Administrator
          Eisenbahnstr. 19-23
          77855 Achern
          Phone: 07841-7080


BACKEREI ROSSMANN: Claims Deadline Nears
----------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Backerei Rossmann GmbH on Feb. 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 30, 2005 to
register their claims with court-appointed provisional
administrator Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 10:00 a.m. at the district court
of Braunschweig, An der Martinikirche 8, 38100 Braunschweig 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:  BACKEREI ROSSMANN GMBH
          Hardeweg 66-68
          38229 Salzgitter
          Contact:
          Stefan Rossmann, Manager
          Kappenhohe 25
          38229 Salzgitter

          Peter Steuerwald, Provisional Administrator
          Bruchtorwall 6
          D-38100 Braunschweig
          Phone: (0531) 2448030
          Fax: (0531) 2448080


BAUGESCHAFT CLEMENS: Verification of Claims Set April
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Baugeschaft Clemens Sell GmbH & Co. KG on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 29, 2005
to register their claims with court-appointed provisional
administrator Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting on April 26, 2005, 10:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BAUGESCHAFT CLEMENS SELL GMBH & CO. KG
          Suderstrasse 43
          24214 Gettorf

          Hendrik Gittermann, Provisional Administrator
          Palmaille 63
          22767 Hamburg


DRESDNER BANK: US$150 Million Eurobond Gets 'B' Rating
------------------------------------------------------
Fitch Ratings assigned Dresdner Bank Aktiengesellschaft's US$150
million 8.625% issue of limited recourse loan participation
notes due March 2008 a final Long-term 'B' rating.  The proceeds
from the issue will be on-lent to Russia's Moscow Bank for
Reconstruction and Development (MBRD) (rated Long-term foreign
currency 'B', Short-term 'B', Support '4', Individual 'D/E').

Further details on the structure of the transaction can be found
in Fitch's announcement dated 17 February 2005 on
http://www.fitchratings.com. Most of these details conform
materially to those included in the final documentation.  The
covenant to keep exposure to any single non-related borrower to
no more than 20% of net assets has, however, not been included
in the final documentation, although all single exposures are
limited to 25% of equity under Russian prudential regulations.

MBRD was founded in 1993 and at end-Q304 ranked among the 50
largest Russian banks by total assets.  Its parent, Sistema, a
financial industrial holding group, has subsidiaries in many
sectors of the economy, although its focus is
telecommunications.

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


HMP TELECONSULT: Cologne Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against HMP Teleconsult Ag on Feb. 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 30, 2005 to register their
claims with court-appointed provisional administrator Joachim
Klein II.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 11:00 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
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:  HMP TELECONSULT AG
          Hatzfeldstrasse 6
          51069 Cologne

          Joachim Klein II, Provisional Administrator
          Hansaring 79 - 81
          50670 Cologne
          Phone: 91267777
          Fax: +4922191267799


INFORUM GESELLSCHAFT: Declares Bankruptcy
-----------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Informationsmanagement und Strukturberatung mbH on Feb.
2, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 6, 2005 to register their claims with court-appointed
provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:20 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
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:  INFORUM - GESELLSCHAFT FUR INFORMATIONSMANAGEMENT UND
          STRUKTURBERATUNG MBH
          Kaiser-Wilhelm-Ring 24
          50672 Cologne
          Contact:
          Ralph Hunnefeld, Manager
          Kochstrasse 53,
          50354 Hurth

          Dr. Jorg Nerlich, Provisional Administrator
          Aachener Str. 563-565
          50933 Cologne
          Phone: 0221/ 940 80 30
          Fax: +492219408039


LEICA CAMERA: Sees EUR10 Mln Operating Loss as Sales Slump
----------------------------------------------------------
In a difficult market environment, the Leica Camera Group,
Solms, closed the first nine months of fiscal year 2004/2005 (FY
end March 31) with sales of EUR70.6 million.  This is 15.5%
below the figure for the comparable prior year period.  The
Company did not achieve the targeted sales increases as compared
to the first two quarters.  Therefore, the Company retracted its
preceding result forecast as early as Oct. 7, 2004, pointing out
on Dec. 14, 2004 that it expected an operating loss for fiscal
2004/2005 in the amount of EUR10 million.  The operating result
for the nine-month period, amounting to -EUR5.4 million, is
within the scope of this forecast.

The Leica system cameras business experienced a sales decline by
35% to EUR21.9 million.  The digital addition to the Leica R SLR
system, i.e., the digital camera back, which is unique in 35-mm
system photography worldwide, did not yet contribute to the
sales due to a delay, which was announced in November 2004.
First deliveries are scheduled to start in April.  At the
American photo trade fair PMA, the Leica R system complete with
its digital addition has been awarded the important DIMA Award
for the most innovative digital photo system.  Sales of the
Leica compact cameras, among them the digital LEICA DIGILUX 2
model, grew by 40.2% to EUR13.7 million.  From the point of view
of the Company's Board of Management, these facts prove Leica's
ability to offer attractive digital solutions.  The sales volume
of such solutions, however, could not make up for the declines
in the analogue business.

Leica sports optics with its binoculars and scopes, though on a
long-term growth path, saw a temporary slow-down by 8.7% to
EUR21.4 million.  This was predominantly due to the delayed
market introduction of the LEICA GEOVID BRF binoculars with
integrated rangefinder.

On Feb. 17, 2005, the Company has pointed out that the losses
mentioned in the forecast will lead to a loss in the amount of
half of the registered share capital of Leica Camera AG.  The
Company will therefore convene an Extraordinary General Meeting
for May 31, 2005.  The shareholders' meeting has to decide on
capital measures, which are currently being prepared.
Simultaneously, the Board of Management is preparing a
turnaround strategy.

On Feb. 21, 2005, the Company has reported that, following the
announcement of Feb. 17 the banks have partially terminated the
credit lines.  These reductions of credit lines do not as yet
endanger the Company's solvency.  In order to achieve provision
of cover for financing for the period until the Extraordinary
General Meeting negotiations have been entered into immediately
and are currently continuing.

Effective March 1, 2005, the company will be represented in the
important Japanese market by its own sales company Leica Camera
Japan Co., Ltd.  The new company will be a joint venture of
Leica Camera AG, Solms, and Hermes Japan Co., Ltd., Tokyo, with
the former holding 51% of the capital.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland
          Web site: http://www.leica-camera.com


NEUE OSTSEE: Creditors' Claims Due Next Week
--------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Neue Ostsee Fisch GmbH on Feb. 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 8, 2005 to
register their claims with court-appointed provisional
administrator Dr. Tobias Schulze.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 10:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock 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:  NEUE OSTSEE FISCH GMBH
          Erlensumpfstrasse 2
          18147 Rostock

          Dr. Tobias Schulze, Provisional Administrator
          Am Campus 1-11
          18182 Bentwisch


OSTSEE FISCH: First Creditors Meeting Set March 23
--------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Ostsee Fisch Grosshandelsgesellschaft mbH on Feb. 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 8,
2005 to register their claims with court-appointed provisional
administrator Dr. Tobias Schulze.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 10:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock 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:  OSTSEE FISCH GROSSHANDELSGESELLSCHAFT MBH
          Erlensumpfstrasse 2
          18147 Rostock

          Dr. Tobias Schulze, Provisional Administrator
          Am Campus 1-11
          18182 Bentwisch


PETER ROSACKER: Neumunster Court Stays All Pending Lawsuits
-----------------------------------------------------------
The district court of Neumunster opened bankruptcy proceedings
against Peter Rosacker Bohrunternehmen Verwaltungsgesellschaft
mbH on Feb. 1, 2005.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 29, 2005 to register their claims with court-
appointed provisional administrator Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting on April 26, 2005, 9:40 a.m. at the district court
of Neumunster, Gerichtsgebaude, Boostedter Strasse 26 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:  PETER ROSACKER BOHRUNTERNEHMEN VERWALTUNGSGESELLSCHAFT
          MBH
          Horn 10
          24340 Eckernforde
          Contact:
          Herrn Jurgen Waltner, Manager

          Hendrik Gittermann, Provisional Administrator
          Palmaille 63
          22767 Hamburg


PFLEGETEAM HAMBURG: Sets Creditors Meeting April
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Pflegeteam Hamburg GmbH & Co. KG on Feb. 3, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 1, 2005
to register their claims with court-appointed provisional
administrator Herbert Durkop.

Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2005, 9:10 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:  PFLEGETEAM HAMBURG GMBH & CO. KG
          Ortsmuhle 4
          44227 Dortmund
          Contact:
          Jurgen Starck, Manager
          Krabbenkamp 2c
          21465 Reinbek

          Herbert Durkop, Provisional Administrator
          Neuer Wall 86
          20354 Hamburg,
          Phone: 040/361307-0


TAWESO GASTRONOMIEBETRIEBSGESELLSCHAFT: Declares Bankruptcy
-----------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against TAWESO Gastronomiebetriebsgesellschaft mbH on Feb. 14,
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 Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 10:00 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf
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:  TAWESO GASTRONOMIEBETRIEBSGESELLSCHAFT MBH
          Collenbachstr. 59
          40476 Dusseldorf
          Contact:
          Tanja Brager, Manager
          Am Puttkamp 50
          40629 Dusseldorf

          Horst Piepenburg, Provisional Administrator
          Heinrich-Heine-Allee 20
          40213 Dusseldorf


THYSSENKRUPP AG: Earmarks EUR124 Mln for Production Site Upgrade
----------------------------------------------------------------
As a key production site of ThyssenKrupp Steel AG, ThyssenKrupp
Acciai Speciali Terni is to be strengthened by investment of
EUR124 million in stainless steel production by 2006.  The
investment will focus on a new EUR30 million cold-rolling mill,
which is scheduled to start production as early as 2006.
Overall capacity at the Terni plant will be raised from the
current level of 1.2 million metric tons to 1.4 - 1.5 million
tons by fiscal year 2008/2009.  Half of this will be high-grade
cold-rolled products.  These investments will be approved by the
supervisory bodies in the next few days.

A 12-point plan has been drawn up for ThyssenKrupp Acciai
Speciali Terni in collaboration with the Italian trade unions at
the location of the company.  In the preliminary stages there
were constructive discussions with the Italian government under
the brokerage of Undersecretary Gianni Letta in Rome.  The
framework agreement was signed by both parties and secures
ThyssenKrupp Steel's strategy of strengthening its position as
the world's leading producer of stainless flat steel.  Based on
current plans, job numbers in Terni are to be maintained at the
present levels until 2008/2009.  This means that 634 employees
with temporary contracts will be taken on permanently.  All
employees in the electrical steel activities, which are to be
phased out by the end of 2005 at the latest, will be given
alternative employment in the company.

Under the deal, ThyssenKrupp Acciai Speciali Terni has agreed to
support site and infrastructure improvements in the region in
dialogue with the government, unions and local institutions.
The company will also investigate the possibility of cooperating
with institutions and companies on research, development and
scientific projects.  Dr. Michael Rademacher, Chairman of the
Executive Committee of ThyssenKrupp Acciai Speciali Terni,
commented on the agreement with the unions: "ThyssenKrupp Acciai
Speciali Terni and its employees now have a secure future in the
stainless steel growth market. The region will also profit in
the long term from the strengthening of the company."

CONTACT:  THYSSENKRUPP STEEL
          Erwin Schneider
          Phone: +49 203 52 - 2 56 90
          Fax: +49 203 52 - 2 57 07
          E-mail: erwin.schneider@thyssenkrupp.com

          Dietmar Stamm
          Phone: +49 203 52 - 2 62 67
          Fax: +49 203 52 - 2 57 07
          E-mail: dietmar.stamm@thyssenkrupp.com


THYSSENKRUPP AG: Plans to Issue Ten-year Eurobond
-------------------------------------------------
ThyssenKrupp has mandated ABN AMRO, Commerzbank and WestLB as
Joint Lead Managers for its forthcoming benchmark Eurobond issue
under its existing EUR3 billion Debt Issuance Program.  The
issuer will be ThyssenKrupp AG.  The bond shall be of 10-year
maturity and launched subject to market conditions. With this
issue ThyssenKrupp intends to lock in currently attractive long-
term funding and extend its debt maturity profile.

ThyssenKrupp made a good start to the new fiscal year.  In a
generally favorable economic environment, demand for products
and services from ThyssenKrupp increased significantly.  Order
intake and sales showed strong growth.  In the 1st quarter
2004/2005 the Group's income from continuing operations before
taxes and minority interest almost tripled and reached 473
million euros compared with EUR168 million in the corresponding
prior-year period.

The positive business development is also shared by the rating
agencies, each of whom evaluates ThyssenKrupp as an investment
grade credit with stable outlook (Fitch BBB+; Moody's Baa2; S&P
BBB-).

CONTACT:  THYSSENKRUPP
          Dr. Jurgen Claassen
          Corporate Communications, Strategy, and Executive
          Affairs
          Phone: +49 211 824-36002
          Fax: +49 211 824-36005
          E-mail: presse@thyssenkrupp.com
          Web site: http://www.thyssenkrupp.com


===========
G R E E C E
===========


FANCO SA: 2004 Losses Up Twofold
--------------------------------
Clothing manufacturer Fanco S.A. lost EUR15 million in 2004 as
turnover dived to EUR48.5 million.  Last year's loss was EUR8.2
million on turnover of EUR92.4 million, just-style.com reports.

Fanco's parent, Klonatex, saw losses double to EUR13.9 million
from EUR6.6 million in 2003.  Turnover dropped to EUR43.6
million from EUR49.3 million.  Last year, Fanco closed Naoussa
Spinning Mills S.A., its factory in Macedonia, due to continued
losses.  The Klonatex group also operates Rodopis Spinning
Mills.

CONTACT:  FANCO S.A.
          Kifissou & Constantinoupoleos 1, 121-32 Peristeri
          Athens
          Phone: +30-210-5708185
          Fax: +30-210-5708200
          Web site: http://www.fanco.gr
          Contact:
          Lambadariou Catherine, Investor Relations
          Thomas Lanaras, President-Executive Member
          Georgios Papaioannou, VP-Independent Non-Executive
                                Member
          Petrus Silvain Mooij, CEO-Executive Member


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


JSG FUNDING: Sells Munksjo Specialty Paper Business
---------------------------------------------------
Jefferson Smurfit Group (JSG) announced on March 2, 2005 it has
completed the sale of its Munksjo Specialty paper business to
The EQT III Fund for approximately EUR450 million.  The proceeds
from the disposal will be used to pay down debt.

The Munksjo assets sold comprise pulp, decor paper, and
specialty paper businesses and had estimated sales from
operations, for the year to December 31, 2004, of approximately
EUR480 million.

Advisors to JSG on the transaction were UBS Investment Bank and
JP Morgan.

CONTACT:  JEFFERSON SMURFIT GROUP PLC
          Beech Hill, Clonskeagh
          Dublin, 4, Ireland
          Phone: +353-1-202-7000
          Fax: +353-1-269-4481
          Web site: http://www.smurfit-group.com

          Gary McGann
          Phone: +353 1 202 7000

          Ian Curley
          Phone: +353 1 202 7000

          JP MORGAN
          Murray Orr
          Phone: +44 207 325 1000

          UBS INVESTMENT BANK
          Hakan Erixon
          Phone: +44 207 567 8000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com

          WHPR
          Brian Bell
          Phone: +353 1 669 0030


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


PARMALAT USA: All Impaired Classes Accept Chapter 11 Plan
---------------------------------------------------------
Pursuant to the order of the U.S. Bankruptcy Court for the
Southern District of New York approving the Revised Disclosure
Statement of Parmalat USA Corporation and its U.S. debtor-
affiliates, Bankruptcy Services, LLC, was instructed to solicit
votes from the holders of claims and equity interests entitled
to vote as of January 12, 2005, in these classes:

(a) PUSA Class 3,

(b) PUSA Class 4,

(c) Farmland Class 3a,

(d) Farmland Class 3b,

(e) Farmland Class 3c,

(f) MPA Class 3, and

(g) MPS Class 4

Each holder of a claim or equity interest in the Voting Classes
was mailed a Solicitation Package and received an appropriate
form of ballot.  Bankruptcy Services Case Manager Diane Streany
tells the Court that creditors have voted overwhelmingly to
accept the Debtors' Plan.

Ms. Streany reports the results of the tabulation of properly
executed ballots received prior to the Voting Deadline:

                               Total Ballots Received

                         Accept                 Reject
                    Claim      No. of       Claim      No. of
   Claims          Amount      Claims      Amount      Claims
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PUSA Class 3     $20,837,856       39        $35,595        4

                     (99.83%) (90.70%)        (0.17%)  (9.30%)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PUSA Class 4              $0        0             $0        0

                      (0.00%)  (0.00%)        (0.00%)  (0.00%)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Farmland          $5,112,575      203       $904,429       52
Class 3a
                     (84.97%) (79.61%)       (15.03%) (20.39%)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Farmland                  $1        1             $0        0
Class 3b
                    (100.00%)(100.00%)        (0.00%)  (0.00%)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Farmland             $59,413       72        $14,739        9
Class 3c             (80.12%) (88.89%)       (19.88%)  (11.11%)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MPA Class 3       $1,560,398       17         $9,280        1

                     (99.41%) (94.44%)        (0.59%)   (5.56%)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MPA Class 4               $1        1             $0         0
                    (100.00%)(100.00%)        (0.00%)   (0.00%)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The hearing to consider confirmation of the Debtors' Revised
Plan has been adjourned to March 7, 2005, at 10:00 a.m.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com-- generates more than
EUR7 billion euros in annual revenue.  The Parmalat Group's 40-
some-brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices and employs over 36,000 workers in 139
plants located in 31 countries on six continents.  The Company
filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04- 11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.  (Parmalat Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PARMALAT USA: Court Adjourns Confirmation Hearing to March 7
------------------------------------------------------------
The hearing to consider confirmation of Parmalat USA
Corporation, Milk Products of Alabama, LLC, and Farmland
Dairies, LLC's Plan of Reorganization has been adjourned to
March 7, 2005, at 10:00 a.m.

As reported in the Troubled Company Reporter on Jan. 17, 2005,
Judge Drain of the U.S. Bankruptcy Court for the Southern
District of New York found that the Parmalat U.S. Debtors'
Disclosure Statement, as revised, contains adequate information
within the meaning of Section 1125 of the Bankruptcy Code.
Accordingly, Judge Drain approved the revised Disclosure
Statement.

As reported in the Troubled Company Reporter on Dec. 9, 2004,
the cornerstone of the plan is an agreement that was reached
between GE Commercial Finance, the lessor of a majority of
Farmland's manufacturing equipment at its New Jersey and
Michigan production facilities, and the Unsecured Creditors
Committee.

The plan calls for the satisfaction of the company's prepetition
liabilities through the issuance of cash, notes, stock and
rights to pursue certain causes of action.  Specifically,
Farmland's unsecured creditors will receive cash, a note, and
preferential rights of recovery from causes of action pursued by
a litigation trust.  Farmland is expected to emerge as a stand-
alone entity that will be majority owned by GE Commercial
Finance on behalf of the lessor group.

The Debtors filed a revised Plan on Jan. 13, 2005.  The revised
Disclosure Statement and Plan reflect technical modifications
and minor adjustments.  The changes also reflect results of
certain settlements and stipulations relevant to the
implementation of the Debtors' Plan.

A black-lined version of revised Plan of Reorganization is
available for free at:
http://bankrupt.com/misc/Chapter_11_Plan_blacklined.pdf

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/ -- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some-brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices and employs over 36,000 workers in 139
plants located in 31 countries on six continents.  The Company
filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04- 11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.  (Parmalat Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PARMALAT USA: Pension Benefit Objects to Plan Confirmation
----------------------------------------------------------
The Pension Benefit Guaranty Corporation contends that the
proposed discharges, releases, and injunctions provided in the
Revised Plan of Reorganization of Parmalat USA Corporation and
its U.S. debtor-affiliates violate Sections 1141 and 524(e) of
the Bankruptcy Code.

The PBGC is the United States government agency that administers
the nation's mandatory defined benefit pension plan termination
insurance program.  The U.S. Debtors and other members of their

corporate group are responsible for at least six benefit pension
plans and the PBGC provides termination insurance for all of
those.  The Debtors and their non-debtor subsidiaries are either
the Pension Plan's "contributing sponsor," or are members of its
ERISA "controlled group."

On August 23, 2004, the PBGC filed claims for unfunded benefit
liabilities against the U.S. Debtors for an estimated cumulative
US$33,142,300.  The PBGC also filed liquidated and unliquidated
claims for minimum funding contributions due to the Pension
Plans for an estimated cumulative amount equal to US$3,934,667.
The PBGC further filed unliquidated claims for premiums against
the Debtors with respect to the Pension Plans.  The claims were
filed assuming that the termination date of the Pension Plans
was April 16, 2004.

Vicente Matias Murrell, Esq., of the Office of the General
Counsel, in Washington, D.C., reminds the U.S. Bankruptcy Court
for the Southern District of New York that third parties --
including, inter alia, non-bankrupt affiliates of the Debtors
and their former and current employees, attorneys, agents and
advisors -- are not entitled to benefit from the U.S. Debtors'
bankruptcy by receiving exculpation and releases from past and
future claims.

The offensive Plan provisions could later be construed to
unfairly wipe out claims that parties may not even know about.
Those Plan provisions would also contradict the explicit
provisions of ERISA that authorize the PBGC's and the defined
pension plans' pursuit of certain claims against parties who
might benefit from the broad scope of the release and injunction
provisions.

Mr. Murrell notes that Section 524(e) expressly prohibits the
release of claims against non-debtors, providing that the
"discharge of a debt of the debtor does not affect the liability
of any other entity on, or the property of any other entity for,
such debt."

In granting releases to third parties, the U.S. Debtors may be
facilitating the improper discharge of debt owed to the Pension
Plans.  The Pension Plans are neither in bankruptcy nor are they
part of the Parmalat estates.  Also, the Pension Plans have not
been supervised by the Court while the Debtors have been in
bankruptcy and the Court has had no role in making decisions
regarding their administration.  Thus, there is no basis for the
Debtors or any other parties to obtain any type of relief from
any obligations due to the Pension Plans.

In addition, Title I of ERISA expressly bans exculpatory
provisions that relieve fiduciaries from liability for a breach
of fiduciary duty.  As the legislative history of that provision
makes clear, "exculpatory provisions which relieve a fiduciary
from liability for breach of the fiduciary responsibility are to
be void and of no effect."  Even if the U.S. Debtors attempt to
apply their Plan's exculpatory provisions to the Pension Plans,
the Pension Plans are continuing post-confirmation.  Therefore,
there can be no exculpation of any liability that any parties
may owe to the Pension Plans.

Mr. Murrell informs the Court that immediately after the
Disclosure Statement Hearing and in subsequent communications,
the U.S. Debtors and the PBGC discussed the confirmation issues.
The Debtors and the PBGC started working together to effectuate
a consensual resolution on those confirmation-related issues.
Those issues are still currently unresolved.  As it is apparent
that resolution of the issues will not occur before the
Confirmation Objection Deadline, the PBGC files its objection to
preserve all its rights.

The PBGC would be willing to withdraw its objections to the
offensive exculpatory and release provisions if the U.S.
Debtors' Plan clarifies that:

(a) Reorganized Farmland will continue to be the contributing
    sponsor of the Pension Plans, as defined under 29 U.S.C.
    Section 1301(a)(13) and 29 C.F.R. Section 4001.2;

(b) As a contributing sponsor of the Pension Plans,
    Reorganized Farmland will fund the Pension Plans in
    accordance with the minimum funding standards under ERISA,
    29 U.S.C. Section 1082, pay all required PBGC insurance
    premiums, 29 U.S.C. Section 1307, and comply with all
    applicable requirements of the Pension Plans and ERISA;

(c) No provisions of or proceeding within the Debtors'
    reorganization proceedings, the Plan of Reorganization, or
    the Confirmation Order, will in any way be construed as
    discharging, releasing or relieving the Debtors, Reorganized
    Farmland, or any other party in any capacity, from any
    liability with respect to the Pension Plans or any other
    defined benefit pension plan under any law, governmental
    policy or regulation provision; and

(d) PBGC and the Pension Plans will not be enjoined or precluded
    from enforcing any liability with respect to the Pension
    Plans on account of, or as a result of any of the provisions
    of the Plan, or the Plan's confirmation.

Mr. Murrell further argues that the U.S. Debtors' Plan is
ambiguous as to the fate of the Pension Plans once it is
confirmed.  Article 7.16 of the Plan provides that "(f)ollowing
the effective date, Farmland presently intends to cause
Reorganized Farmland to continue to maintain the Pension Plans.
. . ."  This vagueness is unacceptable, according to Mr.
Murrell, because whether Reorganized Farmland continues the
Pension Plans directly impacts the viability of the Plan the
U.S. Debtors are seeking to confirm.

Moreover, Title IV of ERISA provides the exclusive means of
terminating a pension plan.  It contains strict standards that
must be met for a pension plan sponsor to seek pension plan
termination.  If the Pension Plans terminate, Reorganized
Farmland would become immediately liable for all of the Pension
Plans' unfunded benefit liabilities, minimum funding
contributions and premiums for pension plan termination
insurance due the PBGC.

Mr. Murrell tells the Court that the Reorganization Plan does
not contain any provisions for Reorganized Farmland's meeting
that obligation post-confirmation.  If Reorganized Farmland
cannot commit to maintaining the Pension Plans, the Debtors'
Plan as proposed is unconfirmable.

The PBGC also wants the Debtors' Plan to provide that following
the Effective Date, Reorganized Farmland will continue to:

(a) Maintain the Pension Plans, subject to Farmland's right to:

    (i) amend, terminate or modify the Pension Plans as
        permitted by the plans or applicable law; and

   (ii) administer and operate the Pension Plan in accordance
        with their terms and the applicable provisions of ERISA
        and the Internal Revenue Code, including funding the
        Pension Plans in accordance with the minimum funding
        standards under ERISA;

(b) Pay all insurance premiums due and owing with respect to the
    Pension Plans to the PBGC.

The hearing to consider confirmation of the Debtors' Revised
Plan has been adjourned to March 7, 2005, at 10:00 a.m.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices and employs over 36,000 workers in 139 plants
located in 31 countries on six continents.  The Company filed
for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y.
Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt. (Parmalat Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


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


PETROPLUS INTERNATIONAL: Achieves Turnaround in 2004
----------------------------------------------------
Petroplus International announced on March 2, 2005, its 2004
full year results:

(a) Including non-recurring items, Petroplus reported a net
    income of EUR48.8 million in 2004 compared to a loss of EUR
    64.2 million in 2003;

(b) The 2004 results included EUR43.0 million of non-recurring
    income while the 2003 results included EUR47.0 million of
    non-recurring costs, provisions and write downs; and

(c) Excluding non-recurring items, the 2004 full year profit
    amounted EUR5.8 million compared to a loss of EUR17.3
    million in 2003.

Over the fourth quarter of 2004, the net income including non-
recurring items was minus EUR4.7 million against a loss of
EUR16.9 million in 2003.  The 2004 fourth quarter net income
excluding non-recurring items was EUR1.2 million against a loss
of EUR10.0 million in 2003.

In Eur(000)

Q4 2004      Q4 2003   %   Petroplus       2004        2003   %
      unaudited                               unaudited

1,651,752  1,415,297  17   Net Sales   6,260,649  6,112,653   2

   59,968     41,846  43   Gross Profit  219,368    197,692  11

   58,948     48,958  20   Adjusted GP*  215,448    204,804   5

   20,545     (9,426) na   EBITDA        117,851     28,677 311

                           Adjusted
   20,552      8,102  154  EBITDA*        68,615     46,205  49

                           Net Operating
    9,631     (6,468) na   Income         82,785    (32,619) na

   11,797     (1,128) na   Adjusted NOI*  35,708     12,721 181

   (4,692)   (16,918) na   Net Income     48,794    (64,208) na

                           Adjusted Net
    1,219     (9,967) na   Income*         5,839    (17,257) na

                           Earnings
                           per share        1.58      (2.09) na

                           Adjusted EPS*    0.19      (0.56) na
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Adjusted.  Excludes non-recurring items.

Note: Gross Profit and EBITDA are not stated in the audited and
reviewed financial accounts.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Petroplus' 2004 earnings reflect a year with strong refining
margins, which are only partly reflected in the financials.  The
2004 earnings were however positively impacted by the book
profit and cash proceeds realized following the sale of Tango
early in the year.

The 2004 Refining results benefited from strong refining margins
but were negatively influenced by the weak US dollar, record
high oil prices and EUR20.8 million of costs associated with a
restructuring of the Petroplus refining margin hedging policy.
The hedge restructuring costs were partially related to the
closure of part of the Antwerp refinery in 2003.
The 2004 Marketing results were bolstered by a strong
performance from bunkering and the Swiss wholesale activities.
In 2004, the decision was made to close the Hamburg based German
wholesale activities. The Dubai Supply & Trading office was
restructured and significantly reduced in size.  The 2004
Logistics result was negatively impacted by the near continuous
backwardation and high oil prices.  The fourth quarter however,
showed an improvement in the market and a corresponding
financial improvement.

Full copy of Petroplus' 2004 results is available free-of-charge
at http://bankrupt.com/misc/petroplus_2004.pdf.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          P.O. Box 85002 3009
          MA Rotterdam
          Phone: +31 (0) 10 242 5900
          Fax: +31 (0) 10 242 6052
          E-mail: IR@petroplus.nl
          Web site: http://www.petroplusinternational.com

          Martijn Schuttevaer
          Investor Relations Manager
          Phone: +31 10 242 5900


PETROPLUS INTERNATIONAL: Shareholders Tender Stakes
---------------------------------------------------
In connection with the Offer, and with reference to the Offer
Document, RIVR and Petroplus hereby announce that, of the
shareholders that had irrevocably undertaken to tender their
shares.

Minefa Holdings B.V. holding 5.5% of outstanding Petroplus
Shares has chosen to tender its Petroplus Shares under the Cash
Consideration.  As described in the Offer Document, the majority
of the large shareholders had, in their undertakings, already
committed to choose the Cash Consideration.  Furthermore,
Familienstiftung ALGAM, as well as Mr. J.A. Onderdijk, has
chosen to tender their Petroplus Shares under the Depositary
Receipt Consideration.  As a result of this, undertakings for
the Depositary Receipt Consideration from large shareholders are
in respect of a total of 266,199 Petroplus Shares, representing
nearly 1% of the Petroplus Shares at the date of this press
release.

Holders of Petroplus Shares are advised to read the Offer
Document and the press release concerning Petroplus' 2004 annual
results, published 2 March 2005, carefully and when necessary
seek independent advice in connection with the Offer.

The acceptance period for the Offer ends on March 11, 2005 at
3:00 p.m. Amsterdam time.

About Petroplus

Petroplus was established 10 years ago and has since developed
into a leading player in the European midstream oil market.  The
midstream sector encompasses refining, marketing and logistics.

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including its Antwerp
desulphurisation capacity. Petroplus has a sales volume in
excess of 20 million ton a year of oil products and a storage
capacity of almost 5 million cubic meters throughout Western
Europe.

Petroplus, with its head office in Rotterdam and regional head
office in Zug, has branch offices in more than 20 countries and
employs approximately 1000 employees.  Petroplus is publicly
listed in the NextPrime segment of the Official Segment of
Euronext Amsterdam N.V.

The Carlyle Group and Riverstone Holdings

The Carlyle Group is a global private equity firm with more than
US$18.9 billion under management.  The Carlyle Group employs a
conservative, proven, and disciplined investment approach. The
Carlyle Group invests in buyouts, venture, real estate, and
leveraged finance, in North America, Europe, and Asia, focusing
on aerospace, automotive & transportation, consumer, energy &
power, healthcare, industrial, technology & business services,
and telecommunications & media.  Since 1987, the firm has
invested US$12.4 billion of equity in 355 transactions.  The
Carlyle Group employs more than 540 people in 14 countries.  The
Carlyle Group will participate in the transaction through its
dedicated energy and power fund and through other affiliates.

Riverstone Holdings LLC and The Carlyle Group are the co-general
partners of the Carlyle/Riverstone Global Energy and Power Fund
II, a US$1.1 billion private equity fund established to make
investments in the energy and power industry globally.
Riverstone Holdings LLC, a New York-based energy and power
focused private equity firm founded in 2000, has approximately
US$1.5 billion under management.  Riverstone Holdings LLC
conducts buyout and growth capital investments in the midstream,
upstream, power, and oilfield service sectors of the energy
industry.  To date, the firm has committed approximately US$875
million to 10 investments across these four sectors.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          P.O. Box 85002 3009
          MA Rotterdam
          Phone: +31 (0) 10 242 5900
          Fax: +31 (0) 10 242 6052
          E-mail: IR@petroplus.nl
          Web site: http://www.petroplusinternational.com

          Martijn L.D. Schuttevaer
          Investor Relations Manager
          Phone: + 31 10 242 6046
          E-mail: M.L.Schuttevaer@Petroplus.nl

          THE CARLYLE GROUP
          1001 Pennsylvania Ave.
          NW, Ste. 220 South
          Washington DC 20004-2505
          Phone: 202-729-5626
          Fax: 202-347-1818
          Web site: http://www.thecarlylegroup.com

          Katherine Elmore-Jones
          Director of European Communications
          Phone: +44 20 78 94 1200
          E-mail: Katherine.ElmoreJones@Carlyle.com


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


KOMPANIA WEGLOWA: Mulls Cutting Thousands of Jobs
-------------------------------------------------
Kompania Weglowa, Europe's biggest coalmining company, plans to
streamline its operation in the coming years in preparation for
a privatization, Warsaw Business Journal reports.

The firm will cut 10,000 jobs and reorganize its structure in
the next five years.

"We are going to completely change the way KW is perceived,"
said KW president Maksymilian Klank.

It was revealed previously, that the firm plans to improve the
quality of its coal, come up with new sales offers, increase
labor efficiency, and invest in new machines and coalmining
methods.

Kompania Weglowa reported losses of PLN599.9 million in 2003,
but it was able to reverse it to a net profit of PLN430 million
in 2004.


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


BUREVESTNIK: Public Auction of Asset Set Next Week
--------------------------------------------------
Bidding organizer Fund of State Property of Belgorod Region is
auctioning a property of Agricultural Production Cooperative
Burevestnik on March 9, 2005, 10:00 a.m. at Russia, Tatarstan
republic, Naberezhnye Chelny, Vakhitova Pr. 42A (47/35), 1st
floor.  The starting price is RUB5,743,500.

Preliminary examination and reception of bids are done daily
from 8:00 a.m. to 5:00 p.m. until March 7, 2005 at Russia,
Tatarstan republic, Naberezhnye Chelny, Vakhitova Pr. 42A
(47/35), 1st Floor.  For more information, call: (8552) 398-925,
or fax: (8552) 398-930.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to Agricultural
Production Cooperative Burevestnik settlement account
40702810800000002256 at OJSC "Akibank", Naberezhnye Chelny;
correspondent account 3010181010000000803, BIC 049240803,
TIN/KPP 1631001960/163101001 on or before March 7, 2005.

CONTACT:  BUREVESTNIK
          Russia, Tatarstan republic
          Novosheshminskiy region, Slobody Volchya

          INSOLVENCY MANAGERS of ZAKAMYE
          Bidding Organizer
          Russia, Tatarstan republic
          Naberezhnye Chelny
          Vakhitova Pr. 42A (47/35), 1st Floor
          Phone: (8552) 398-925
          Fax: (8552) 398-930


DAL-DIESEL: Warehouse for Sale
------------------------------
A warehouse owned by OJSC Dal-Diesel will be auctioned on March
10, 2005, 11:00 a.m. at Russia, Khabarovsk, K. Marksa Str. 66,
Little Hall.  The warehouse is located at Russia, Khabarovsk,
Tikhookeanskaya Str. 73.  It is being offered for sale at a
starting price of RUB2.2 million.  A deposit of RUB440,000 is
required.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 12:00 p.m. until March 9, 2005 at Russia,
Khabarovsk, Moskovskaya Str. 7.  For more information, call: 64-
99-41.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to OJSC Dal-Diesel
settlement account 40702810208010013525, TIN 2722010033, KPP
272201001, BIC 040813737 at ACB CJSC Regionbank, Khabarovsk.

CONTACT:  DAL-DIESEL
          Russia, Khabarovsk,
          Moskovskaya Str. 7, Room 414
          Phone: 64-99-41


KATAV-IVANOVSKIY: Declared Insolvent
------------------------------------
The Arbitration Court of Chelyabinsk region has opened
bankruptcy proceedings against OJSC Katav-Ivanovskiy Instrument
Making Factory.  The case is docketed as A76-2420/97-37-200.
Mr. V. Kovalev has been appointed insolvency manager. Creditors
may submit their proofs of claim to:

(a) Mr. V. Kovalev
    Insolvency Manager
    456110, Russia, Chelyabinsk region
    Katav-Ivanovsk, Karavaeva Str. 45

(b) KATAV-IVANOVSKIY
    456110, Russia, Chelyabinsk region,
    Katav-Ivanovsk
    Karavaeva Str. 45


KOSTROMSKOY: Bankruptcy Hearing Resumes April
---------------------------------------------
The Arbitration Court of Kostroma region has opened bankruptcy
supervision proceedings against OJSC Kostromskoy Electro-
Mechanical Plant.  The case is docketed as A31-9459/18.  Mr. V.
Markov has been appointed temporary insolvency manager.  A
hearing is set for April 21, 2005.

CONTACT:  KOSTROMSKOY
          156961, Russia, Kostroma
          P. Sherbiny Str. 23

          Mr. V. Markov
          Temporary Insolvency Manager
          156961, Russia
          Kostroma, P. Sherbiny Str. 23


KSTOVSKAYA POULTRY: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision proceedings against OJSC Kstovskaya
Poultry Farm.  The case is docketed as A43-69/05,33-1.  Ms. L.
Ponamareva has been appointed temporary insolvency manager.  A
hearing is set for July 12, 2005.  Creditors have until March 5,
2005 to submit their proofs of claim to:

(a) Ms. L. Ponamareva
    Temporary Insolvency Manager
    603115, Russia, Nizhniy Novgorod region,
    Post User Box 69

(b) KSTOVSKAYA POULTRY FARM
    607650, Russia, Nizhniy Novgorod region,
    Kstovo


LOBVINSKIY BAKERY: Assets go on Sale Next Week
----------------------------------------------
A property complex owned by municipal enterprise Lobvinskiy
Bakery is being auctioned on March 9, 2005, 2:00 p.m. at Russia,
Sverdlovsk region, Lobva, Lenina Str. 36a.  For sale at a
starting price of RUB2,059,554 is a property complex consisting
of 12 real properties and 2 transport carriers.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 4:00 p.m. until March 8, 2005 at 624420,
Russia, Sverdlovsk region, Lobva, Lenina Str. 36a.  For more
information, call: (218) 3-25-47.

To participate, bidders are required to deposit RUB97,000 to
settlement account 40702810465150000050 at ACB Zoloto-Platina
Bank, Ekaterinburg, TIN 6647000111 on or before March 9, 2005.
The properties will be re-offered for sale on April 11, 2005,
2:00 p.m. if this auction is unsuccessful.

CONTACT:  LOBVINSKIY BAKERY
          624420, Russia, Sverdlovsk region
          Lobva, Lenina Str. 36a

          Mr. Y. Osadchuk
          Insolvency Manager
          620069, Russia, Ekaterinburg
          Krestinskogo Str. 59/3, apartment 27


MASLODEL: Falls Under Court Supervision
---------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure against OJSC Maslodel (TIN
5235000000).  The case is docketed as A43-412/05-18-01.
Creditors may submit their proofs of claim to:

(a) 606800, Russia, Nizhniy Novgorod region
    Uren', Tsentralnaya Str. 1

(b) MASLODEL
    606800, Russia, Nizhniy Novgorod region
    Uren', Tsentralnaya Str. 1


NORTH-WEST-OIL: Declared Insolvent
----------------------------------
The Arbitration Court of Amur region has opened bankruptcy
supervision proceedings against LLC North-West-Oil-Product E.
The case is docketed as A04-9483/04-8/430.  Mr. M. Praskov has
been appointed temporary insolvency manager.  A hearing is set
for April 26, 2005.  Creditors may submit their proofs of claim
to:

(a) Mr. M. Praskov
    Russia, Blagoveshensk
    Shevchenko Str. 7, Room 2

(b) NORTH-WEST-OIL-PRODUCT E
    Russia, Amur region,
    Tynda


OB-SAN-TEKH-MONTAZH: Creditors Have Until March 5 to File Claims
----------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region ha
commenced bankruptcy supervision procedure against CJSC Ob-San-
Tekh-Montazh.  The case is docketed as A75-2229-B/05.  Mr. M.
Galimov has been appointed temporary insolvency manager.  A
hearing is set for May 30, 2005, 9:00 a.m.  Creditors have until
March 5, 2005 to submit their proofs of claim to Mr. M. Galimov
628616, Russia, Khanty-Mansiyskiy autonomous region
Nizhnevartovsk, Mira Str. 8P.  For more information call: 57-70-
96 or 41-47-10.


PROMSVYAZ FINANCE: US$100 Mln Loan Participation Notes Rated 'B'
----------------------------------------------------------------
Fitch Ratings has assigned Promsvyaz Finance S.A.'s US$100
million 10.25% limited recourse loan participation notes due
October 2006 a Long-term 'B' rating.  The notes will be used to
finance a loan to Russia's Promsvyazbank (PSB, rated Long-term
foreign currency 'B', Short-term 'B', Support '5' and Individual
'D').

At the same time, Fitch has affirmed Promsvyaz Finance S.A.'s
10.25% limited recourse loan participation notes due October
2006 issued in October 2004 at 'B'.  The latest issue will be
consolidated and form a single series with the notes issued in
October 2004 (further details on the structure of the original
issue can be found in Fitch's announcement dated October 5, 2004
on http://www.fitchratings.com).

PSB was established in 1995.  The bank's business, focused
primarily on corporate banking, has since grown and diversified,
and it ranks among the top 20 banks in Russia by assets.  PSB is
ultimately owned by two individuals, who also control companies
in the IT, food production, publishing, real estate and
insurance sectors.  The bank is an important provider of
financial services to a number of these companies.

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


SEL-KHOZ-TEKHNIKA: Calls in Insolvency Manager
----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on OJSC Sel-Khoz-Tekhnika.  The
case is docketed as A43-35524/04-33-485.  Mr. I. Volkov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to:

(a) Mr. I. Volkov
    603163, Russia, Nizhniy Novgorod
    Post User Box 104
    Phone: 8-2-314-71-41

(b) SEL-KHOZ-TEKHNIKA
    607800, Russia, Nizhniy Novgorod region
    Lukoyanovskiy region
    Lukoyanov, Demanova Str. 8b


SMENA: Gives Creditors Until April 5 to File Claims
---------------------------------------------------
The Arbitration Court of Murmansk region has opened bankruptcy
proceedings against CJSC Production Agricultural Company Smena.
The case is docketed as A42-8457/03-9.  Mr. I. Raskin has been
appointed insolvency manager.  Creditors have until April 5,
2005 to submit their proofs of claim to:

(a) Mr. I. Raskin
    Insolvency Manager
    183038, Russia, Murmansk
    Shmidta Str. 17

(b) ARBITRATION COURT OF MURMANSK REGION
    183049, Russia, Murmansk
    Knipovicha Str. 20

(c) SMENA
    183071, Russia, Murmansk
    K. Marksa Str. 56


YUKOS OIL: Texas Court Ignores Plea for Reconsideration
-------------------------------------------------------
U.S. Bankruptcy Judge Letitia Clark yesterday refused to reverse
her earlier decision to dismiss the bankruptcy petition of Yukos
for lack of jurisdiction, the Associated Press reports.

While she understood Yukos' desire to seek creditor protection
in the U.S., Judge Clark said she could not grant them new trial
and reconsideration.  She also refused to stay all proceedings
pending appeal; this in spite of Zack Clement's assertion that
"in the seven days since [the dismissal of the case] . . . Yukos
has already begun to suffer the effects of the lack of
bankruptcy protection."

Mr. Clement, a partner at Fulbright & Jaworski, L.L.P., revealed
Yukos has received notices from Ingosstrakh Insurance Company
and AIG Russia Insurance Company that certain of its Directors'
and Officers' liability insurance policies were being cancelled.
According to Mr. Clement, those letters would not have been
received if the bankruptcy case had not been dismissed.

On February 28, 2005, a Moscow court also issued an arrest
warrant for Mikhail Yelfimov, currently Yukos' acting president
for Yukos Refining and Marketing, the management company for
Yukos' downstream operations.  The next day Russian prosecutors
opened a criminal investigation against the chief executive of
Tomskneft, one of Yukos' two remaining production subsidiaries
following the expropriation of Yuganskneftegas.  The Tomskneft
chief executive allegedly violated oil field license agreements
in 2003 by producing too much crude oil in two regions, although
the production was in line with revised field development plans,
which had been submitted to the Russian Government long ago.

On March 2, 2005, the Russian press reported that the Moscow
Arbitrazh Court of Appeals, No. 9, denied Yukos' appeal of the
re-assessment of 2002 taxes, thus approving the US$6.59 billion
of additional taxes that had been assessed, and confirmed the
imposition of a US$2.57 billion tax penalty.

The long-planned merger of Gazprom with Rosneft, the subsequent
transferee of Yukos' YNG stock, was also carried out because of
the dismissal of the bankruptcy.  Mr. Clement points out that
the Gazprom-Rosneft merger had been delayed because of fears of
legal action relating to the bankruptcy case.

On February 25, Yukos received a demand letter from Rosneft
threatening suit unless Yukos paid US$3.8 billion in receivables
that were payable by Yukos to YNG.  Mr. Clement said a large
portion of the receivables were amounts taken by the Russian
Government from Yukos bank accounts for which Yukos was acting
as collection agent for YNG.  Rosneft, a 100% state-owned
entity, is demanding payment of the same YNG funds that the
Russian Government has taken from Yukos' accounts.  Other
amounts of the receivables were funds taken by Yukos' trade
finance creditors after the creditors put Yukos in default as a
result of the Russian Government actions.  YNG is a guarantor of
the trade finance.  The demand letter gave Yukos until February
28 to make the payment or Rosneft would bring a collection suit
in the Russian courts.

Yukos also received a demand arising from a lawsuit that had
been stayed.  On December 28, 2004, Sergey Funygin improperly
filed a complaint against Yukos alleging claims for unpaid
wages, bonuses and compensation for relocation.  The claim was
actually against YNG.  Yukos filed a Suggestion of Bankruptcy
informing the court of the bankruptcy filing and of the
automatic stay.  Two business days after the Bankruptcy Court
dismissed Yukos' case, the company received a telephone call
from Mr. Funygin, claiming he intended to file an emergency
motion to garnish Yukos' money located in the United States.

The press has also reported that Russian President Vladimir
Putin had stated that Tatneft, a Russian oil company, was
interested in purchasing a Yukos subsidiary's 49% ownership in
the Slovakian pipeline, Transpetrol.  News reports conclude from
this statement that "the Russian government now seems more than
happy to view all of Yukos' assets as ripe for takeover,
primarily by state-run firms," Mr. Clement said, citing a WMRC
daily analysis by Stephanie Berger.

Mr. Clement says the automatic stay is crucial to Yukos'
continued existence as a going concern.  Absent the stay, Yukos
has no remedy against those who will attempt to take its assets.
A later money judgment against parties who obtain Yukos' assets
through means that would otherwise have violated the stay, will
not be available to Yukos to put it back in the same place it
was when the appeal began.

"Once Yukos is taken apart, like the proverbial egg that fell
from the wall, it cannot be put back together again," Mr.
Clement said.

Mr. Clement claims granting a stay will not cause substantial
harm to other parties.  Mr. Clement reminded the Court that
Deutsche Bank's counsel had stated in open court that the Bank
would not finance any transaction in violation of the automatic
stay.  The Bank's representatives, Henrik Aslaksen and Nicholas
Jordan, testified in depositions taken February 2 and 7, 2005
that Deutsche Bank had no current plans to become involved in
any transactions involving Yukos; hence, according to Mr.
Clement, Deutsche Bank will not be harmed by the continued
imposition of a stay with regard to the sale of other Yukos
assets.

If Deutsche Bank in the future wishes to make money by
continuing to assist in the taking of Yukos' assets, those
assets will remain in place if Yukos is eventually unsuccessful
in its appeal, Mr. Clement said.

There is also no harm to the public interest if the court grants
Yukos a stay.  If Yukos is destroyed, there may be no entity to
pursue Yukos' causes of action or to collect on judgments, if
any, Mr. Clement said.  Yukos' creditors will not be repaid;
thus, in the end, the only "creditor" who will be allowed to
profit from the absence of a stay is the Russian Federation, the
party that caused the harm to Yukos in the first place.

If the stay is imposed, the public interests of U.S. investors
in Yukos, who relied on the Foreign Investment Law, will be
served by holding the Russian Federation to the promises it made
in that law.  Mr. Clement told Judge Clark these U.S. investors
have lost over US$4 billion as a result of the Russian
Government's expropriation of Yukos' assets in violation of said
law.

In dismissing the company's Chapter 11 petition last week, Judge
Clark cited its inability to execute a meaningful reorganization
without cooperation from the Russia government.  She also noted
the company's inadequate presence in America to merit U.S.
jurisdiction.

Yukos applied for bankruptcy protection in the U.S. on December
14 using as basis two bank accounts in Texas, among others.  Two
days later the company won a temporary restraining order
preventing the auction of Yuganskneftegaz, its main production
unit; but the Russian government ignored that order.  Yugansk
eventually was acquired by OAO Rosneft, Russia's state-run oil
company.

Thursday's ruling puts Yukos at the mercy of the Russian courts
and European arbitration agencies.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Assessment of Remaining Value Post Sale of YNG
---------------------------------------------------------
In support of Yukos Oil Company's request for a new trial,
Alvarez & Marsal, LLC the company's restructuring advisor,
presented before the U.S. Bankruptcy Court for the Southern
District of Texas a preliminary assessment of Yukos' remaining
value post sale of Yuganskneftegas:

                                              Preliminary
     Category                                  Assessment
     ------------------                       -----------
     Total Proved Oil & Gas Assets         $8,100,000,000
     Refining                               1,000,000,000
     Sibneft Shares                         5,100,000,000
     Other Assets                             300,000,000
                                          ---------------
        Total                             $14,500,000,000

     Value at Risk (Based on
     Yuganskneftegas Sale at 55%
     Discount to Appraised Value           $8,000,000,000
                                          ===============

The assessment is based on valuation information, reports and
opinions prepared by others for the Debtor:

   1.  A summary of the 2004 appraisal prepared by K.O.M.I.T.-
       Invest, a Russian licensed appraisal firm;

   2.  Summary data from DeGolyer and MacNaughton's December 31,
       2003 audit of Yukos' total proved reserves as referenced
       in the Debtor's Web site;

   3.  An October 27, 2004 valuation of Yuganskneftegas prepared
       by JPMorgan for Yukos' Board of Directors and Management;

   4.  An October 14, 2004, valuation of Yuganskneftegas
       prepared by Dresdner Kleinwort Wasserstein, which was
       submitted to the Russian Minister of Justice; and

   5.  Bear Stearns' November 18, 2004 Yukos Equity Research.

Alvarez compared Yuganskneftegas' sale value to its appraised
value using these factors:

     Reported Sale Price Dec. 19, 2004           $9,400,000,000
     DKW Valuation Ave. -- Oct. 14, 2004         19,800,000,000
     JPMorgan Valuation Ave. -- Oct. 27, 2004    22,000,000,000
     Ave. of DKW and JPMorgan Valuations         20,900,000,000
     Reported Sale Price less DKW & JPM Ave.    (11,500,000,000)

     Sale Price Discount to Valuation Range                 -55%
                                                ===============

The DeGolyer and MacNaughton audit of Yukos' December 31, 2003
total proved reserves on an SPE basis, reported approximately
16.7 billion BOE's (gas to oil conversion on a 6:1 basis) for
all consolidated and affiliated entities.  Approximately 11.6
BOE's attributable to Yuganskneftegas were eliminated in
addition to 516 million BOE's of estimated 2004 production.  No
reserve revisions or additions were considered.

Net total proved reserves attributable to Yukos after the sale
of Yuganskneftegas approximates 4.6 billion BOE's.  Based on
transaction data for 2000 through 2004 presented in the JPMorgan
Valuation, a total proved BOE transaction value range of $1.50
to $2.00 per BOE was indicated.  The net total proved reserves
remaining was then multiplied by the mid-point transaction value
of $1.75 per BOE to indicate potential remaining reserve value.
Alvarez informs the Court that the estimate excludes any
consideration of the value of Probable and Possible reserves,
which is significant and may be in excess of $2 billion.

The KOMIT Valuation valued five of Yukos' refineries -- Angarsk,
three Samara area refineries, and Achinsk -- with an aggregate
value of about $1 billion.  KOMIT did not value the Mazeiklu
Nafta complex, the Angarsk polymers plant or gas and oil
processing plants.

Alvarez reports that Yukos currently owns 34.5% of Sibneft's 4.7
billion shares -- 1.62 billion shares.  Based on a 30-day
average stock price from January 20, 2005, through February 22,
2005, of $3.17 per share, Yukos' holdings in Sibneft approximate
$5.1 billion in value.

Other Yukos assets include railcars, product terminals, retail
sites and interests in electric generating facilities.  KOMIT
valued only a small portion of these assets.  The Debtor
believes other assets approximate $300,000,000.  (Yukos
Bankruptcy News, Issue Number 14, March 4, 2005; Bankruptcy
Creditors' Service, Inc. 215-945-7000 FAX 215-945-7001)

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


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


LM ERICSSON: Raises Incentive Plan Requirements
-----------------------------------------------
The LM Ericsson Board of directors has decided to increase the
upper threshold of the performance target range in the proposal
for a Long Term Incentive Plan 2005 (LTI 2005) to the annual
general meeting of shareholders.

The Board of Ericsson has, after discussions with major
shareholders, decided to increase the upper threshold of the
performance target in the Performance Matching Program for
senior managers.  The change means that maximum matching shares
will be allocated if the average annual growth of Earnings Per
Share (EPS) between July 1, 2005 and June 30, 2008 is at or
above 15%, instead of 12% as previously proposed.  The entire
proposal after the adjustment now reads as:

The LTI 2005 comprises three parts:

(a) The Stock Purchase Plan for all employees, under which
    participants invest in Ericsson shares during a 12-month
    period and after three years of holding are matched with one
    share for each one purchased (1+1);

(b) The Key Contributor Program for up to 5,000 key contributors
    (approximately 10% of the total number of Ericsson
    employees), under which selected participants in the Stock
    Purchase Plan receive one extra matching share for each one
    purchased, totally two matching shares (1 + 1 + 1);

(c) The Performance Matching Program for up to 220 senior
    managers, under which up to 170 selected senior managers can
    receive up to four extra matching shares for each one
    purchased (1 + 1 + 0-4), and up to 50 top senior managers up
    to six extra matching shares (1 + 1 + 0-6), totally up to
    five or seven matching shares, depending on the outcome of
    the performance target.  Maximum matching shares will be
    allocated if the average annual growth of Earnings Per Share
    (EPS) between July 1, 2005 and June 30, 2008 is at or above
    15%.  No allocation of matching shares will occur if the
    average annual EPS growth is at or below 3%.

Transfer of own shares: In order to implement the LTI 2005, the
Board of Directors has also decided to present to the annual
general meeting of shareholders a proposal on transfer of own
shares.  Not more than 39,300,000 B-shares shall be transferred
free of consideration to employees covered by the terms of the
Long Term Incentive Plan 2005.  However, of these shares it
shall be possible to transfer, before the annual general meeting
of shareholders in 2006, no more than 7,800,000 B-shares at
Stockholmsborsen (the Stockholm Stock Exchange) at a price
within the, at each time registered, price interval for the
share, in order to cover inter alia social security payments.

Dilution and costs: In order to implement the LTI 2005 a total
of 39,300,000 B shares are required, corresponding to
approximately 0.24% of the total number of outstanding shares.
As per December 31, 2004, Ericsson held 299,715,117 own shares.
The total effect on the income statement is estimated to range
between SEK600 million and SEK1,100 million unevenly distributed
over the years 2005 to 2009.

The complete proposal of the Board of Directors will be
available at http://www.ericsson.comfrom March 23, 2005.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.  Read more at:
http://www.ericsson.com/press.

CONTACT:  LM ERICSSON
          Peter Olofsson, Media Relations
          Group Function Communications
          Phone: +46 8 719 1880
                 +46 8 719 6992
          E-mail: press.relations@ericsson.com

          Investors
          Lotta Lundin, Investor Relations
          Group Function Communications
          Phone: +46 8 719 0000
          E-mail: investor.relations@ericsson.com


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


AGRO-SVIT: Declared Insolvent
-----------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Agro-Svit (code EDRPOU 30592833) on Nov. 24,
2004 after finding the limited liability company insolvent.  The
case is docketed as B-39/128-04.  Lis-Ukraina has been appointed
liquidator.  The company holds account number 26005406917001 at
CB Privatbank, Izum branch, MFO 351533.

CONTACT:  AGRO-SVIT
          64300, Ukraine, Harkiv region,
          Izum, Kalinin Str. 30

          LIS-UKRAINA
          Liquidator/Insolvency Manager
          64300, Ukraine, Harkiv region,
          Izum, Kalinin Str. 30/2

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


AKMANGIT: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on limited liability company Akmangit
(code EDRPOU 03766346) on Dec. 2, 2004.  The case is docketed as
32/216-04-8884.  Mr. O. Belov (License Number AA 249859) has
been appointed temporary insolvency manager.  The company holds
account number 260062721 at JSPPB Aval, Odesa regional branch,
MFO 328351.  Creditors may submit their proofs of claim to:

(a) AKMANGIT
    68130, Ukraine, Odesa region, Tatarbunarskij district,
    Bilolissya, Lenin Str. 120

(b) Mr. O. Belov
    Temporary Insolvency Manager
    65011, Ukraine, Odesa region,
    Uspenska Str. 53/7

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


GOSPODAR: Applies for Bankruptcy Proceedings
--------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Gospodar (code EDRPOU 301601191) on Dec. 20,
2004.  The case is docketed as 7/122.  Mr. O. Bruhovetskij
(License Number AA 249739) has been appointed
liquidator/insolvency manager.  The company holds account number
26008300846068 at CB Privatbank, Poltava regional branch, MFO
331401.

CONTACT:  GOSPODAR
          37142, Ukraine, Poltava region,
          Chornuhinskij district, Melihi

          Mr. O. Bruhovetskij
          Liquidator/Insolvency Manager
          Phone: 8 (0532) 56-00-37

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


KOR: Ivano-Frankivsk Court Appoints Insolvency Manager
------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on limited liability company
Kor on Dec. 6, 2004.  The case is docketed as B-7/178.  Mrs.
Lubov Labyak (License Number AA 250480) has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to:

(a) KOR
    76000, Ukraine, Ivano-Frankivsk region,
    S. Bandera Str. 62/2

(b) Mrs. Lubov Labyak
    Temporary Insolvency Manager
    76022, Ukraine, Ivano-Frankivsk region,
    Parkova Str. 20/7

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


NOVOMIRGOROD' RAJAGROHIM: Under Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on open joint stock company Novomirgorod'
Rajagrohim (code EDRPOU 05489483) on Nov. 29, 2004.  The case is
docketed as 9/285.  Mrs. O. Muravska (License Number AB 116067)
has been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to:

(a) NOVOMIRGOROD' RAJAGROHIM
    26001, Ukraine, Kirovograd region,
    Novomirgorod, Sadova Str. 37

(b) Mrs. O. Muravska
    Temporary Insolvency Manager
    25031, Ukraine, Kirovograd region,
    Geroiv Stalingradu Str. 32/115

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


ODESAAVTOGAZ: Insolvency Manager to Temporarily Oversee Business
----------------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on limited liability company Odesaavtogaz
(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) ODESAAVTOGAZ
    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


PRIMISKE: Urges Creditors to File Claims as soon as Possible
------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Primiske (code EDRPOU 22787986) after
finding the limited liability company insolvent.  The case is
docketed as 01-08/398.  Mr. Oleksandr Kiyashko has been
appointed liquidator/insolvency manager.  Creditors may submit
their proofs of claim to:

(a) PRIMISKE
    19734, Ukraine, Cherkassy region, Zolotoniskij district,
    Novodmitrivka, Shevchenko Str. 202

(b) Mr. Oleksandr Kiyashko
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    G. Stalingradu Str. 16/13

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


SHEVCHENKIVSKE: Names Mikola Morozov Insolvency Manager
-------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on open joint stock company Shevchenkivske
(code EDRPOU 00708182).  The case is docketed as 5/578-04.  Mr.
Mikola Morozov (License Number AA 779292) has been appointed
temporary insolvency manager.  The company holds account number
26005062118520 at JSCB Ukrsocbank, Vinnitsya branch, MFO 302010.
Creditors may submit their proofs of claim to:

(a) SHEVCHENKIVSKE
    22320, Ukraine, Vinnitsya region, Litinskij district,
    Shevchenkovo, Shkilna Str. 7

(b) Mr. Mikola Morozov
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Kyivska Str. 38/2

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose 7


UKRAINIAN GAS: Court Brings in Insolvency Manager
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on limited liability company Ukrainian Gas
Complex (code EDRPOU 25267773) on Dec. 23, 2004.  The case is
docketed as 15/623-b.  Mr. M. Ribalchenko (License Number AA
116152) has been appointed temporary insolvency manager.  The
company holds account number 26001242 at CB Creditprombank, Kyiv
branch, MFO 300863.  Creditors may submit their proofs of claim
to:

(a) UKRAINIAN GAS COMPLEX
    Ukraine, Kyiv region,
    Pozharskij Str. 3

(b) Mr. M. Ribalchenko
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Antonov Str. 3/4

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


VILONA: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on limited liability company
Vilona (code EDRPOU 19395739) on Dec. 6, 2004.  The case is
docketed as B-7/179.  Mrs. Lubov Labyak (License Number AA
250480) has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to:

(a) VILONA
    76000, Ukraine, Ivano-Frankivsk region,
    Konovaltsya Str. 136/129

(b) Mrs. Lubov Labyak
    Temporary Insolvency Manager
    76022, Ukraine, Ivano-Frankivsk region,
    Parkova Str. 20/7

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


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


ARROW PRINTING: Liquidator to Deliver Report March
--------------------------------------------------
The General Meeting of the Members of Arrow Printing & Packaging
Limited will be held on March 23, 2005, 10:00 a.m. at Baker
Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL.  The
meeting will receive the liquidator's winding-up report.

Proxies to be used at the Meetings must be lodged with the
Liquidator at Baker Tilly, Brazennose House, Lincoln Square,
Manchester M2 5BL, on or before 12:00 noon a day before the
Meeting.

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
          Contact:
          S M Quinn, Liquidator


BALTIMORE TECHNOLOGIES: Earthport Pursues GBP13.5 Million Claim
---------------------------------------------------------------
In compliance with the Order made on February 1, 2005, earthport
gave Baltimore security for its costs by paying GBP180,000 to
the court on March 1, 2005.  Earthport has also paid Baltimore's
solicitors GBP15,000 in relation to costs as required by the
Order of February 1, 2005.

The company is therefore able to fully pursue its claim against
Baltimore for GBP13.5 million and eagerly awaits submission of
Baltimore's defense by March 25, 2005.

CONTACT:  BALTIMORE TECHNOLOGIES PLC
          Innovation House
          Hemel Hempstead
          Hertfordshire HP2 7DN
          Phone: +44-1442 342 600
          Fax: +44-1442 266 438
          Web site: http://www.baltimore.com

          EARTHPORT PLC
          7-10 Chandos St.
          London W1G 9DQ
          Phone: +44-20-7907-1100
          Fax: +44-20-7907-1101
          Phone: http://www.earthport.com

          Rob Cunningham, CEO
          Phone: +44(0) 207 907 1100

          NABARRO WELLS
          David Nabarro/Nigel Atkinson
          Phone: +44(0) 207 710 7400

          FINANCIAL DYNAMICS
          James Melville-Ross/Juliet Clarke
          Phone: +44(0) 207 831 3113


BEACHMORE PLC: Creditors Meeting Slated Next Month
--------------------------------------------------
A Creditors Meeting of Beachmore plc is set on April 28, 2005,
11:00 a.m. at KPMG LLP, 8 Princes Parade, Liverpool L3 1QH.  The
meeting will receive the liquidator's winding-up report.  Proxy
forms if applicable, must be lodged at KPMG Corporate Recovery,
8 Princes Parade, Liverpool L3 1QH, not later than April 27,
2005.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk
          Contact:
          B Green, Liquidator


BURGESS FOOD: Members Decide to Wind up Firm
--------------------------------------------
At an Extraordinary General Meeting of Burgess Food Machinery
Limited on Feb. 18, Extraordinary Resolutions to wind up the
firm was passed.  Allan Cooper and John Russell, of The P&A
Partnership were appointed liquidators.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


C.A.G. CLOTHING: Brings in Liquidator
-------------------------------------
At an Extraordinary General Meeting of C.A.G. Clothing Ltd. on
Feb. 16, Extraordinary and Ordinary resolutions to liquidate the
firm were passed.  Stephen Patrick Jens Wadsted was appointed
liquidator.  C.A.G. specializes in ladies garments and shoes.

CONTACT:  C.A.G. CLOTHING LTD.
          48 Langham Street, London W1W 7AY
          Contact:
          C Gregoriou, Chairman


CALDERDALE RUBBER: Falls into Administration
--------------------------------------------
A Poxon and JJ Schapira of DTE Leonard Curtis have been called
as administrators for Calderdale Rubber Company Limited on Feb.
23.

CONTACT:  CALDERDALE RUBBER COMPANY LIMITED
          1 Impala Gardens
          Wells
          Kent TN4 9PZ

          DTE LEONARD CURTIS
          DTE House
          Hollins Mount
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


FTT LTD.: Liquidator's Report Due Next Week
-------------------------------------------
A Creditors Meeting of FTT (North West) Ltd. is set for March
11, 2005, 11:00 a.m. at KPMG, 4 Lakeside, Festival Park, Stoke-
on-Trent ST1 5RY.  The meeting will receive the liquidator's
winding-up report.  Proxy forms if applicable, must be lodged at
KPMG Corporate Recovery, 4 Lakeside, Festival Park, Stoke-on-
Trent ST1 5RY, on or before 12:00 noon on March 10, 2005.

CONTACT:  KPMG CORPORATE RECOVERY
          Stoke-on-Trent
          4 Lakeside
          Fastival Park
          Stoke-on-Trent
          ST1 5RY
          Phone: (01782) 216363
          Fax: (01782) 216373
          Contact:
          J P Bateman, Liquidator


GLANBIA PLC: Reports Improved Performance After Restructuring
-------------------------------------------------------------
Glanbia Plc, an international Consumer Foods, Food Ingredients
and Nutritionals Group, announces its 2004 Results for the year
ended Jan. 1, 2005.

Commenting, John Moloney, Group Managing Director, said,
"Overall the Group performed satisfactorily in 2004 delivering
results in line with expectations, notwithstanding the
challenging trading environment in Ireland, particularly the
difficult pigmeat sector.  We are pleased with the progress made
on the development and implementation of the Group's strategy
and the completion of the group-restructuring program.

"For 2005 our focus will be on the completion of the major
strategic dairy processing investments in New Mexico and
Nigeria, development initiatives, which build scale and
diversity and driving cost efficiencies that enhance
performance. The trading outlook across the Group has some
challenges, particularly in the context of managing the impact
of EU dairy sector reform.  However with our strong market
positions and evolving Nutritionals business, the Group is well
positioned for growth."

Summary Results

Financial Highlights

(a) Turnover [1] up 10% to EUR1.83 billion (2003: EUR1.66
    billion);

(b) Operating profit [2] down by 5.6% to EUR83.5 million (2003:
    EUR88.5 million), impacted by the sharp downturn in the
    Fresh Pork business;

(c) Profit before tax and exceptional items up 1% to EUR77.7
    million (2003: EUR77.1 million);

(d) Operating margin 4.6% (2003: 4.5%);

(e) Adjusted earnings per share [3] up 4.4% to 20.10 cent per
    share (2003: 19.26 cent);

(f) Earnings per share 20.41 cent (2003: loss per share 12.01
    cent);

(g) Total dividend for the year up 5% to 5.25 cent per share
    (2003: 5.0 cent); and

(h) Total financing costs reduced substantially to EUR16.4
    million [4] (2003: EUR26.0 million).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1]  Continuing operations

[2] Continuing operations, pre exceptional items. Total
exceptional items: gain of EUR1.2 million (2003: charge of
EUR92.0 million)

[3] Pre exceptional items and amortization of goodwill.

[4]  Includes net interest of EUR5.96 million and EUR10.39
million for preferred securities (non-equity minority interest).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Operational Highlights

(a) A satisfactory performance with results in line with
    expectations;

(b) Restructuring completed and Group organized around key areas
    for strategic development;

(c) Demanding trading conditions in liquid milk and chilled
    foods businesses;

(d) Difficult year for the pig meat sector but positive signs of
    a recovery towards year end;

(e) Strong growth in Food Ingredients, led by positive U.S.
    markets and increased U.S. capacity;

(f) Strategic investments in New Mexico and Nigeria to be
    commissioned in 2005; and

(g) Group Innovation Centre opened and first Nutritionals
    acquisition in Europe completed.

Results

In 2004 the Group completed a program of planned restructuring,
which culminated during the year with the sale of Glanbia Foods
Ltd. and the related Glanbia Milk operations.  The Group has
retained a 25% interest in a new cheese entity, The Cheese
Company Holdings Limited.

                January 1, 2005   January 1, 2004      Change

Group turnover   EUR1,828.7 m      EUR1,659.2 m        Up 10%

Continuing
operations
Operating profit    EUR83.5 m         EUR88.5 m        Down 5.6%

Continuing operations,
Pre-exceptional items

Profit before tax   EUR77.7 m         EUR77.1 m          Up 1%

Pre-exceptional items

Exceptional items    EUR1.2 m        EUR(92.0)m    restructuring
                                                     completed

Profit before tax   EUR78.9 m        EUR(14.9)m

Post-exceptional items
Adjusted earning
per share             20.10 c           19.26 c         Up 4.4%

Pre exceptional items and
amortization of goodwill

Dividend per share     5.25 c            5.00 c         Up 5%

Net debt           EUR150.6 m        EUR153.8 m

Financing cover        5.2 times         3.5 times

Net interest and preferred
securities/Operating profit

Turnover for continuing operations increased by 10% to
EUR1,828.7 million (2003: EUR1,659.2 million).  Total Group
turnover declined 10% to EUR1,846.0 million (2003: EUR2,041.1
million) as a result of the planned restructuring of the Group's
UK operations.  The Group share of the turnover of joint
ventures increased 9.2% to EUR75.0 million (2003: EUR68.7
million).

Operating profit before exceptional items from continuing
operations declined 5.6% to EUR83.5 million (2003: EUR88.5
million), mainly as a result of the poor performance of the
Fresh Pork business, which was impacted by difficulties in the
Irish pigmeat sector during the year. Operating profit, pre
exceptionals and including share of joint venture and
associates, declined by 8.8% to EUR84.6 million (2003: EUR92.8
million).

Profit before tax increased to EUR78.9 million as against a loss
before tax in 2003 of EUR14.9 million.  The pre tax loss in 2003
reflects the EUR92.0 million exceptional charges in that year,
as a consequence of the planned Group restructuring, compared
with a gain in 2004 of EUR1.2 million principally on the sale of
assets.

Adjusted earnings per share amounted to 20.10c up 4.4% (2003:
19.26c), while earnings per share amounted to 20.41c compared
with a loss per share of 12.01c in 2003.  The dividend for the
year, including the proposed final dividend, amounted to 5.25c
per share (2003: 5.00c), representing an annual increase of
5%.

Net debt decreased EUR3.2 million to EUR150.6 million (2003:
EUR153.8 million), notwithstanding EUR126.3 million in capital
expenditure and development initiatives in 2004.  The overall
improvement in the Group's debt reflects the proceeds of the
disposal of Glanbia Foods Ltd. (the UK hard cheese operation)
and solid cash flow from operations.

The interest charge declined to EUR6.0 million (2003: EUR15.0
million).  This includes an interest credit of EUR2.5 million in
respect of a StgGBP35.0 million loan note from The Cheese
Company Holdings Limited.  The interest charge declined due to a
changing mix of debt and a more favorable interest rate
environment.

The Group has a non-equity minority interest charge of EUR10.4
million relating to preferred securities (2003: EUR11.0
million).

The total financing charge for the Group declined EUR9.6 million
to EUR16.4 million (2003: EUR26.0 million).  Financing cover was
5.2 times in 2004, compared with 3.5 times in 2003.

Dividends

The Board is recommending a final dividend of 3.09c per share,
compared with a 2.94c per share final dividend in 2003.  This
brings the total dividend for the year to 5.25c per share (2003:
5.0c per share), representing a 5% increase.  Dividends will be
paid on Monday, 23 May 2005 to shareholders on the register as
at Friday, 22 April 2005, the record date. Irish dividend
withholding tax will be deducted at the standard rate where
appropriate.

Development initiatives 2004

In 2004, as part of the overall capital expenditure program, the
Group spent EUR68.3 million on a number of development
initiatives aligned with the Group's development strategy, which
is centred on high growth areas in Consumer Foods, Food
Ingredients and Nutritionals.  This included investment in
Southwest Cheese Company LLC (New Mexico), Nigeria, Germany and
organic expansion of our Idaho facilities.

Organic Growth

(a) Three new plant extensions were commissioned in 2004 at the
    Group's USA facilities.  Production at the Gooding cheese
    facility expanded by 25% to meet the growing demand for
    cheddar cheese primarily from the food service and retail
    sectors. Two expansion projects at the Richfield whey plant
    increased production of current nutritional brands as well
    as new product development, reflecting the growing
    nutritional marketplace demand.

(b) In 2004 Consumer Foods Ireland reorganized its management
    structure merging its two consumer facing businesses -
    liquid milk and chilled foods.  This business also expanded
    its customer support functions with investments in people,
    realigned structures and change processes, supported by new
    management information systems.

(c) There were a number of successful new products launched in
    2004. In addition to a range of chocolate and strawberry
    flavored milks Consumer Foods Ireland introduced two new
    soup ranges 'Avonmore Connoisseur' and 'Avonmore Kidz'.  A
    range of fresh meat sauces was also launched under the
    Avonmore brand in the latter half of the year.  This new
    product momentum will continue into 2005 with the
    development of new products and product extensions planned.

Acquisitions

Glanbia acquired a German based nutrient delivery systems
business, Kortus Food Ingredients Services GmbH ('Kortus') for
EUR14.5 million.  Kortus specializes in the production, research
and development of customized nutrient systems for customers in
the Infant Formula, Clinical Nutrition and Dietetics markets.
This business gives Glanbia a platform for growth in those
sectors as well as access to a strong sales presence in Germany
and Austria.

Joint Ventures

(a) The new US$190 million production facility in New Mexico,
    the Southwest Cheese Company LLC joint venture with Dairy
    Farmers of America Inc. and Select Milk Producers Inc. is on
    target to begin commissioning in October 2005.  In addition
    to over 110,000 tonnes of cheese the plant will also produce
    7,500 tonnes of high quality value-added whey proteins, all
    of which will be available for the development of the
    Group's Nutritionals business.

(b) The 50:50 joint venture with PZ Cussons plc to build a new
    US$25 million facility in Nigeria is set to begin
    commissioning in April 2005.  This creates opportunities for
    a new route to market for Food Ingredients Ireland.

(c) Glanbia concluded a 50:50 joint venture agreement with Nashs
    Mineral Waters (Marketing) Limited for a cash consideration
    of EUR1.3 million.

2005 to Date

Since year-end Glanbia and Dairygold Co-operative Society
Limited announced that, subject to approval of the Irish
Competition Authority, Glanbia will operate the CMP liquid milk,
cream and juice brand. In addition Glanbia and Dairygold also
reached agreement in principle to enter into a contract
manufacturing arrangement to maximize utilization of their
respective milk processing facilities.  The agreements with
Dairygold demonstrate the continuing internal drive for
production and cost efficiencies in response to the effects of
the Mid Term Review (MTR) of the Common Agricultural Policy
(CAP) on the market landscape.

Operations Review

Glanbia is now organized into cohesive business units structured
around developing the Group's strategic focus on Consumer Foods,
Food Ingredients and Nutritionals.

Agribusiness

As anticipated, 2004 was a challenging year for the Agribusiness
division and overall turnover declined by 3.0% to EUR227.4
million (2003: EUR234.5 million).  Operating profit declined
15.1% to EUR12.1 million (2003: EUR14.2 million) reflecting the
combined effects of poor grain markets and the influence of
changing demand patterns and pricing in an evolving farming
sector. Operating margin reduced to 5.3% (2003: 6.1%). During
2004 the division continued its efficiency and cost management
program and the number of retail branch outlets was reduced by
12 to 70 branches. With its evolving structure and more
efficient cost base Agribusiness is well positioned to provide a
full product offering to customers.

Consumer Foods

Overall the Consumer Foods Division had a challenging year.
Turnover at EUR543.5 million (2003: EUR900.4 million) was down
reflecting the completion of the planned UK restructuring
program.  Operating profit declined to EUR27.8 million (2003:
EUR44.8 million) reflecting the impact of the UK restructuring
program and a sharp decline in the performance of the Fresh Pork
business.  Operating margin improved to 5.1% (2003: 5.0%).

Liquid Milk and Chilled Foods

Against the background of a competitive grocery trade and food
retail market in Ireland, the liquid milk and chilled foods
businesses performed reasonably well, although both turnover and
profitability reduced in 2004.  The liquid milk business was
impacted by increased milk imports from Northern Ireland.

During 2004 a substantial investment was made integrating the
supply chain processes of liquid milk and chilled foods and
while there is further work planned in this area this new
structure is beginning to yield benefits.  With a common set of
customers and distribution channels, further opportunities in
terms of sales, distribution, customer service and product
innovation will be developed in 2005.

Consumer Foods continued to consolidate its position in 2004
with Ireland's leading dairy food and beverage brands -
comprising Avonmore, Premier, Yoplait, Snowcream and Kilmeaden.
The ongoing development and extension of the product range for
taste, nutrition, variety and convenience was a critical factor
in maintaining this leading market position.

Fresh Pork

Profitability in Glanbia Meats declined sharply in 2004 due to a
weak pork market and very competitive market supply dynamics.
The pigmeat industry is cyclical and this has been compounded in
recent years by overcapacity relative to the available supply of
pigs. During 2004 the industry consolidated with a reduction in
the number of processors and as anticipated, trading conditions
improved late in the year with some margin recovery and growing
international demand.  The Group expects an improved performance
from Glanbia Meats in 2005.  Glanbia, with its modern plant and
efficient operations is well positioned to benefit in this
stronger industry and operating environment.

U.K. Mozzarella Cheese Joint Venture

While the overall market for mozzarella cheese grew, trading
conditions remained highly competitive as dairy processors
reposition their product portfolios in the wake of the
implementation of MTR in EU dairy markets. This gave rise to
aggressive price competition during the year. As a leading
supplier of innovative products, volumes at Glanbia Cheese grew,
however, the poor pricing environment depressed profits. This
market environment is expected to improve somewhat in 2005. The
strength of the Glanbia Cheese market position, quality product
and unique technology places this business in a good position to
benefit as these developments unfold.

Food Ingredients

This division delivered a good result, driven by a strong
contribution from the Group's US cheese operations and a
satisfactory performance from the Irish business. Turnover
increased 18.6% to EUR1,075.2 million (2003: EUR906.2 million).
Operating profit grew 32.6% to EUR44.8 million (2003: EUR33.8
million) and operating margin grew 44 basis points to 4.2%
(2003: 3.7%).  There was a small positive contribution from the
Nutritionals business.

Food Ingredients USA

Solid volume growth, good demand for whey, improved market
pricing for cheese and increased capacity at the Idaho
facilities resulted in a strong performance overall from the US
business. Turnover and profits increased substantially with an
improvement in margins.

As part of an ongoing program of investment - total EUR18.6
million - an increase in capacity at the Idaho facilities for
cheese and whey products was completed during 2004.  A further
phase of investment to add new plant for the production of
protein isolates, which is a core product in the Nutritionals
business, was also commenced in 2004 and has recently been
commissioned.  Milk production in Idaho is expected to be strong
in 2005 and market demand indications are positive.

Food Ingredients Ireland

Food Ingredients Ireland had a satisfactory year against a
backdrop of solid market demand.  The combined benefits of
rationalization, an enhanced product mix from innovation and
increased capacity utilization contributed to the performance of
the business.

Market demand was better than anticipated and this underpinned a
stable product and raw material pricing structure during the
year.  However with the implementation of MTR, this situation is
not expected to persist and a rebalancing of the pricing
structure in the sector is expected in the shorter term.  Food
Ingredients Ireland as a large manufacturing operation will
continue to examine opportunities to minimize the impact of
inflationary cost increases.
The recently announced agreement with Dairygold Co-operative is
a logical development in this regard.

Nutritionals

Glanbia Nutritionals made progress in 2004, achieving good sales
growth supported by the additional capacity in specialized whey
protein isolate products in Idaho.  The business also developed
and launched advanced, differentiated and branded ingredients,
targeted at a range of nutritional requirements such as weight
management, immune enhancement and performance.  These products
were developed in partnership with customers at the Idaho Centre
of Excellence in the USA and the Group's Innovation Centre in
Ireland. All the products have received a positive response.

Investment was made during the year in resourcing and organizing
the Nutritionals development program and an acquisition of
Kortus for EUR14.5 million was made in Germany during the year.

Glanbia's expertise and leading global position in the
fractionation and utilization of whey proteins is the strategic
rationale for this evolving business, and the Group's strategy
is to become a key global provider of nutritional ingredients
and nutritional solutions in this high growth market, through a
range of initiatives in capacity expansion, research and
development, and acquisition and joint ventures in both dairy
and non dairy sectors.

Finance Review

Before exceptional items and goodwill amortization, adjusted
earnings per share increased 4.4% to 20.10 cent (2003: 19.26
cent).  Earnings per share were 20.41 cent (2003: loss per share
12.01 cent), reflecting the completion of the planned
restructuring of the Group. The average number of shares in
issue during the year was 290.6 million (2003: 290.3 million).

Net cash inflow from operating activities amounted to EUR83.4
million for the year. Capital investment was EUR126.3 million
and proceeds of disposals EUR84.7 million. The Balance Sheet is
materially changed, principally arising from the disposal of
Glanbia Foods Limited during the year. Capital employed has
increased from EUR298 million to EUR337.9 million.

Net borrowings as at 1 January 2005 amounted to EUR150.6
million, compared with EUR153.8 million as at 3 January, 2004.
Non-equity minority interests amounted to EUR110.38 million
compared with EUR115.76 million the previous year, the
difference arises on currency translation only.

Total financing (net borrowings and non equity minority
interests) gives a Financing/EBITDA ratio of 2.29 times (2003:
2.07 times).

International Financial Reporting Standards

It will become mandatory for all EU listed companies to report
their consolidated financial statements under International
Financial Reporting Standards (IFRS) from 2005 onwards.  This
will apply to the Group for its June 2005 Interim Results and
Glanbia has established a program to ensure full compliance with
IFRS.  The main impact on the Group's financial statements is
expected to be the implementation of IAS 19 'Employers Benefits'
and the recognition on the Balance Sheet of pension fund
deficits.

Board Changes

The Chairman, Mr. Tom Corcoran, will retire from the Board of
Glanbia plc in June 2005 and the Board will select and appoint a
successor at that time.

2005 Outlook

"For 2005 our focus will be on the completion of the major
strategic dairy processing investments in New Mexico and
Nigeria, development initiatives which build scale and diversity
and driving cost efficiencies that enhance performance.  The
trading outlook across the Group has some challenges,
particularly in the context of managing the impact of EU dairy
sector reform.  However with our strong market positions and
evolving Nutritionals business, the Group is well positioned for
growth."

ANNUAL REPORT AND ANNUAL GENERAL MEETING

The 2004 Annual Report for the Group will be published in April.
The Annual General Meeting will take place in the Newpark Hotel,
Kilkenny on 17 May 2005.

ABOUT GLANBIA

The business units of Glanbia plc are structured around
developing the Group's strategic focus on the Consumer Foods,
Food Ingredients and Nutritionals markets. There are three
operational divisions of Glanbia:

(a) Agribusiness Division - the key linkage between Glanbia and
    its Irish raw materials supply base of 5,700 farmer
    suppliers. This business is engaged primarily in feed
    milling, milk assembly and the marketing of a range of farm
    inputs, including fertilizers, feed and grain through a
    retail branch network.

(b) Consumer Foods - includes liquid milk, chilled foods and
    pork processing as well as the UK mozzarella cheese joint
    venture.

(c) In Ireland Glanbia is the leading supplier of branded and
    value-added liquid milk, fresh dairy, cheeses, soups and
    spreads in the retail market.  Glanbia Meats is the leading
    Irish fresh pork and bacon processor selling to Irish and
    International markets.

(d) Food Ingredients - comprising the US and Irish dairy
    ingredients operations and the Group's developing
    Nutritionals business.  Glanbia processes a range of milk,
    cheese and whey protein ingredients at facilities in Ireland
    and the US for sale on international markets.  Glanbia
    Nutritionals supplies the global nutrition industry with a
    range of solutions designed to address specific health and
    wellness benefits.

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

CONTACT:  GLANBIA PLC
          Corporate Communications Department
          Phone: + 353 56 7772200
          Web site: http://www.glanbia.com

          Geoff Meagher
          Finance Director

          Geraldine Kearney
          Corporate Communications
          Phone: + 353 87 231 9430

          HOGARTH PARTNERSHIP
          John Olsen
          Phone: (U.K.) +44 207 357 9477

          KILKENNY
          Ireland
          Fax: + 353 56 7750834


INNOVATIVE FUTURE: Calls in Administrators from Numerica
--------------------------------------------------------
Simon Elliott Glyn and Nicholas Hugh O'Reilly of Numerica LLP
were appointed administrators of Innovative Future Focus Limited
on Feb. 17.  Innovative Future trades as Bolina (U.K.)

CONTACT:  NUMERICA LLP
          66 Wigmore Street, London W1U 2HQ
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


INSPIRE ENERGY: Calls in Liquidator from Tenon Recovery
-------------------------------------------------------
At the extraordinary general meeting of Inspire Energy Limited
on Feb. 10, 2005, held at Tenon House, Ferryboat Lane,
Sunderland SR5 3JN, the subjoined extraordinary resolution to
wind up the company was passed.  Ian William Kings of Messrs
Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN
has been appointed liquidator of the company.

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


INTERNATIONAL POWER: Inks 25-year Fuel Agreement with Qatar Firm
----------------------------------------------------------------
International Power Plc (IPR) is pleased to announce that
together with project partners, Qatar Electricity & Water
Corporation (QEWC) and Chubu Electric of Japan, it has signed a
25-year PWPA with Qatar General Electricity and Water
Corporation (KAHRAMAA) for the entire power and water output
from Ras Laffan B in Qatar.  The plant will be owned and
operated by Q Power Q.S.C, in which IPR has a 40% equity
interest, with 55% held by QEWC and 5% by Chubu Electric of
Japan.

The total project cost is estimated to be US$900 million (GBP473
million), which will be funded by a mix of debt and equity in an
80:20 ratio.  For its 40% share, IPR's equity investment will be
US$72 million (GBP37 million).  The mandated lead arrangers for
this financing are Bank of Tokyo-Mitsubishi, Calyon, HSBC, Gulf
International Bank, Qatar National Bank and Royal Bank of
Scotland.  Financial Close is expected by March 31, 2005.

The combined cycle gas turbine (CCGT) Ras Laffan B project will
produce 1,025 MW of power and 60 MIGD of water on completion.
The first phase of the project is expected to be operational in
2006, with full commercial operation in 2008.  The 25-year
'take-or-pay' PWPA with KAHRAMAA will cover both an interim
operating period starting in 2006, and the full operating period
for the entire 1,025 MW and 60 MIGD from 2008.

Qatar Petroleum will provide fuel under a fuel supply agreement
and fuel costs will be on a pass-through basis under the PWPA.

Ras Laffan B, the second independent power and water plant
(IWPP) in Qatar with international investment, will be located
80 km northeast of Doha, the capital of Qatar, close to the site
of Ras Laffan A, the first IWPP.

About International Power

International Power Plc is a leading independent electricity
generating company with 15,510 MW (net) in operation and 1,349
MW (net) under construction.  International Power has power
plants in operation or under construction in Australia, the
United States of America, the United Kingdom, the Czech
Republic, Italy, Portugal, Spain, Turkey, Oman, Saudi Arabia,
the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and
Thailand. International Power was listed on the London Stock
Exchange and the New York Stock Exchange (as ADR's), on
October 2, 2000. The ticker symbol on both stock exchanges is
'IPR'.

CONTACT:  INTERNATIONAL POWER PLC
          Senator House
          85 Queen Victoria St.
          London EC4V 4DP
          Phone: +44-20-7320-8600
          Fax: +44-20-7320-8700
          Web site: http://www.ipplc.com

          Sara Richardson
          Media Contact
          Phone: +44 (0) 20 7320 8619
          Mobile: +44 07989 492 740

          Aarti Singhal
          Investor Contact
          Phone: +44 (0) 20 7320 8681
          Mobile: +44 07989 492 447


INTERNATIONAL POWER: Ratings Unaffected by Ras Laffan Deal
----------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on International Power PLC (IPower; BB-/Negative/--) would not
be affected by the group's recently announced intention to sign
a 25-year take-or-pay power-and-water purchase agreement for the
entire output from Qatar-based power plant Ras Laffan B.

IPower will own a 40% equity interest in Q Power Q.S.C. (which
is the owner and operator of the power plant), and is expected
to make an equity investment of GBP37 million (US$72 million).
The equity investment is small and will have no noticeable
effect on IPower's financial ratios.  The total estimated
project cost of the Ras Laffan B plant is GBP473 million, with
the plant expected to produce 1,025 MW of power and 60 million
gallons a day of water upon its completion in 2008.

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


ISLAMIC ART: Opts for Liquidation
---------------------------------
The guarantor of The Islamic Art Society passed Special and
Ordinary winding-up resolutions on Feb. 21.  Stephen Paul
Holgate and Philip James Long of PKF were appointed liquidators.
The Islamic Art aims to foster and encourage interest in Islamic
art and culture.

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk

          THE ISLAMIC ART SOCIETY
          1-11 Hay Hill, London W1J 6DH


KBOS LIMITED: Hires Liquidator from PKF
---------------------------------------
At the extraordinary general meeting of KBOS Limited (T/a
Aspects Home Improvements) on Feb. 15, 2005 held at the offices
of PKF, 78 Carlton Place, Glasgow G5 9TH, the subjoined
extraordinary resolution to wind up the company was passed.  Ms.
Anne Buchanan, Chartered Accountant, PKF, 78 Carlton Place,
Glasgow, G5 9TH has been appointed liquidator of the company.

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


MERCANTILE LEASING: Liquidator Sets Final Meeting April
-------------------------------------------------------
The Final Winding-up Meeting of: Adam Three Limited; Mercantile
Leasing Company (no.24) Limited; Mercantile Leasing Company
(no.60) Limited; Mercantile Leasing Company (no.84) Limited;
Mercantile Leasing Company (no.93) Limited; Mercantile Leasing
Company (no.96) Limited; Mercantile Leasing Company (no.99)
Limited; Mercantile Leasing Company (no.108) Limited; Mercantile
Leasing Company (no.138) Limited; and Mercantile Leasing Company
(no.141) Limited is set April 4, 2005, between 10:00 a.m. and
12:00 noon.

CONTACT:  MERCANTILE LEASING
          Churchill Plaza, Churchill Way
          Basingstoke, Hampshire RG21 7GP

          James Robert Drummond Smith, Liquidator
          Nicholas James Dargan, Liquidator
          Athene Place, 66 Shoe Lane, London EC4A 3WA


MINERVA PLC: Logs GBP26 Million Half-year Loss
----------------------------------------------
Minerva Plc, the FTSE 250 property investment and development
company, announced on March 3, 2005 its preliminary results for
the six months ended December 31, 2004.

Core real estate business

(a) Net rental income increased by 7.2% to GBP27.4 million
    (2003: GBP25.5 million);

(b) Profit before tax from Minerva's core real estate business
    of GBP1.3 million (2003: GBP0.6 million).

Scarlett Retail

Net investment in, and loan to, Scarlett Retail totaling
GBP21.9 million written off.  No further adverse impact
expected.

Group financials

(a) Loss before tax of GBP20.6 million (2003: GBP4.4 million),
    following the Scarlett Retail write-off of GBP21.9 million;

(b) Net asset value of 365.0 pence per share (June 2004: 379.5
    pence per share);

(c) Interim dividend for the period increased by 1.9% to 1.09
    pence per share (2003: 1.07 pence);

(d) Cash reserves of GBP85.2 million (June 2004: GBP103.9
    million).

Future focus

(a) Unlocking value from development assets through a
    combination of pre-lettings, joint ventures and non-recourse
    finance;

(b) Selective disposal of investments and re-investment of
    proceeds;

(c) Strengthening Board with key appointments at both executive
    and non-executive levels;

(d) Clearer reporting of key elements of business.

Changes to the Board of Minerva Plc

(a) Andrew Rosenfeld will become Executive Chairman on March 31,
    2005 following the retirement of Sir David Garrard;

(b) A search for a new Chief Executive will begin immediately;

(c) Ivan Ezekiel, Minerva's Chief Financial Officer, will be
    appointed to the Board on March 31, 2005 as Finance
    Director.

Andrew Rosenfeld, Chief Executive of Minerva, said, "Minerva is
entering a new era and, to reflect this, we are taking steps to
strengthen the Board at both executive and non-executive levels,
focusing on a fresh approach to unlocking value from our
investment and development assets, driving the business forward
across a broad range of property activities.  David has made an
immeasurable contribution as a founder and chairman of Minerva.
We wish him every happiness as he retires and concentrates on
his public and charitable commitments."

Full copy of Minerva's 2004 second-half results can be viewed
free-of-charge at http://bankrupt.com/misc/minerva_2h04.htm.

CONTACT:  MINERVA PLC
          10 Gloucester Place
          London W1U 8EZ

          Andrew Rosenfeld, Chief Executive
          Phone: (020) 7535 1000

          BRUNSWICK GROUP LLP
          Contac:
          James Bradley
          Michaela Hopkins
          Phone: (020) 7404 5959


PREMIER FOODS: Preliminary Results in line with Expectations
------------------------------------------------------------
               Business on-track and on strategy
                                    Year ended
                                    31 December
                                2004          2003
                                GBPm          GBPm     Change

Turnover*                       842.2         773.8     +8.8%

EBITA*,**                       107.4          85.6    +25.5%

EBITA margin*,**                 12.8%         11.1%   +170bps

Operating profit
before exceptional items*        97.3          76.4    +27.4%

Operating profit margin*         11.6%          9.9%   +170bps

Operating profit after
operating exceptional items*     71.9          65.9     +9.1%

Profit on ordinary
activities before tax             8.7          (0.3)     na

Recommended dividend per share    9p             -      -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Continuing operations

** EBITA represents operating profit before amortization and
exceptional items
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

(a) Total sales of GBP842.2m up 8.8%

(b) Like-for-like sales for continuing operations up 1.9%

(c) Like-for-like grocery sales, adjusted for sales lost because
    of the fire up 1.3%

(d) Like-for-like grocery branded sales, adjusted for sales lost
    because of the fire up 2.5%

(e) EBITA of GBP107.4m up 25.5%

(f) Like-for-like operating profit up 14.8%

(g) EBITA margin up 170bps

(h) Improved branded mix of business: 55% of grocery sales
    (2003: 50%)

(i) Cost saving program delivering

(j) Ambrosia fully integrated with sales up 7% on 2003

(k) Net debt at 31 December 2004 of GBP377.5m

Robert Schofield, Chief Executive of Premier Foods Plc, said,
"2004 has been a tremendously exciting year for Premier and we
are pleased to deliver a robust set of full year results in line
with our expectations at the time of the IPO.  We have grown our
profits despite challenging market conditions and the serious
fire at our Bury St Edmunds factory, which held back sales of
two of our drive brands - Branston and Loyd Grossman.  Ambrosia
has made an excellent contribution to the business in its first
full year of ownership, on top of a strong performance from the
existing business.  Accordingly, the Directors are pleased to
recommend a final dividend of 9p per share in respect of 2004,
payable in May 2005.

"We were also delighted to announce the acquisition of Bird's
custard and Angel Delight this year which will provide further
growth opportunities for the group.  Our business is underpinned
by strong brands, scale, efficiency and cash generation, which
will enable us to deliver continuing healthy growth.

"The Sudan 1 issue has been an upheaval for the business in
terms of time and effort.  However, in financial terms, based
upon our assessment of claims and our insurance position, we
believe the company does not have a material financial exposure.

"We will continue to review the situation on a daily basis and
should the situation change materially we will update the
markets accordingly."

A full copy of its financial statements is available free of
charge at http://bankrupt.com/misc/premierfoods.htm.

CONTACT:  PREMIER FOODS PLC
          Robert Schofield, Chief Executive
          Paul Thomas, Finance Director
          Gwyn Tyley, Investor Relations Manager
          Phone: +44 (0) 20 7638 9571

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Sara Batchelor
          Anthony Kennaway
          Phone: +44 (0) 20 7638 9571


PROGRESSIVE PINE: Furniture Firm Goes Under
-------------------------------------------
R J Weston of Mazars LLP has been called as administrator of
furniture maker Progressive Pine Ltd. on Feb. 22.

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


RED ROSE: Creditors Meeting Set Later this Month
------------------------------------------------
A meeting is being called to approve the liquidation receipts
and payments account of Red Rose Velvets Limited on March 31,
2005, 10:00 a.m. at DTE Leonard Curtis, DTE House, Hollins
Mount, Bury, Lancashire BL9 8AT.

A proxy form (together with a completed proof of debt form if
none is yet filed) may be lodged to J M Titley, the liquidator,
on or before 12:00 noon on March 30, 2005 to entitle creditors
to vote at the meeting.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.co


R L M SCAFFOLDING: Liquidator's Report Out April
------------------------------------------------
A Creditors Meeting of R L M Scaffolding is set April 7, 2005,
10:00 a.m. at PricewaterhouseCoopers LLP, 1 East Parade,
Sheffield S1 2ET.  The meeting will receive the liquidator's
winding-up report.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          1 East Parade
          S1 2ET
          Sheffield
          Phone: +44 (0) 114 2729141
          Fax: +44 (0) 114 2752573
          Web site: http://www.pwc.com/uk/eng
          Contact:
          P. M. Boyden, Liquidator


SANDFORD LIMITED: Calls in Administrators
-----------------------------------------
Nigel Morrison and Richard Hawes have been called as
administrators of Sandford Limited on Feb. 21.  Sandford
manufactures and retails stone garden wear.

CONTACT:  GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol
          BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458


TWISTED BRANCH: In Voluntary Liquidation
----------------------------------------
Members of Twisted Branch Limited have decided to voluntarily
wind up the firm.  John Russell of P&A Partnership was appointed
liquidator.  Mr. Russell will be responsible for enforcing an
agreement that entitles shareholders to receive, in proportion
to their shareholdings, part of the 950 Ordinary share issuance
of Perio News Limited and Grays Wharf Limited for GBP1 each.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


WOOLWORTHS GROUP: Moody's Reviews Rating for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service placed on March 2, 2005 the unsecured
issuer rating of Woolworths Group Plc under review for possible
downgrade.  The review is prompted by Moody's concerns over the
long-term prospects for Woolworths' retail business given the
increasingly competitive dynamics of the U.K. retail market
against a backdrop of a more challenging retail consumer
environment.

Moody's note that whilst the company has made progress in
delivering on its recovery plan since the current management
team was installed in 2002, its operating margins remain
extremely narrow which, combined with high-adjusted fixed
charges, limits its margin for error.  Top line weakness in the
important second half of the year, and Christmas season in
particular, creates added pressure for the group's profitability
and cash flows, in Moody's view.

The review will focus on:

(a) The impact of the weak Christmas trading on the group's full
    year earnings;

(b) Management's strategy for revitalizing growth in its core
    stores;

(c) The group's store portfolio strategy including progress of
    its current 10/10 store refit programme and an update on its
    Big W sites;

(d) Prospects for the group's fast growth businesses i.e. E.UK
    and 2Entertain as well as the MVC chain and the impact of
    those businesses on the group's overall cash flow generation
    and credit protection metrics; and

(e) Woolworths' sizeable presence in the UK retail market and
    the value of its prime locations.

Separately, Moody's notes the fact that Apax Partners, whose
preliminary interest in the group was rejected by the board on
February 6, 2005, has now been requested by the Takeover Panel
to decide whether to make a full bid for the group by March 21,
2005.  In its review, Moody's will also consider any
developments of any such offer on Woolworths' ratings.

Rating under review for possible downgrade is Woolworths'
unsecured Issuer rating of Ba1.  The group is expected to
announce full year earnings on March 23, 2005; Moody's plans to
conclude its review as soon as practicable thereafter.

About Woolworths

Headquartered in London, U.K., Woolworths Group Plc is a major
U.K. retailer.  For the fiscal year ended January 2004, the
company reported net sales of GBP2.8 billion.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          Corporate Finance Group

          David G. Staples
          Managing Director
          Phone: 44 20 7772 5456 (Journalists)
                 44 20 7772 5454 (Subscribers)

          Amanda Neff
          VP - Senior Credit Officer
          Phone: 44 20 7772 5456 (Journalists)
                 44 20 7772 5454 (Subscribers)


WOOLWORTHS GROUP: Company Profile
---------------------------------
NAME: WOOLWORTHS GROUP PLC

COMPANY LOCATION: Woolworth House
                  242-246 Marylebone Rd.
                  London NW1 6JL

PHONE: +44-20-7262-1222

FAX: +44-20-7706-5416

WEB SITE: http://www.woolworthsgroupplc.com

TYPE OF BUSINESS: Woolworths Group owns and operates around 900
stores, warehouses and superstores strategically located in the
U.K.  These stores sell house wares, toys, sweets, apparel and
home electronics.  The group also operates around 85 MVC home
entertainment stores and electronic boutiques.  Woolworths owns
EUK, the country's largest distributor of home entertainment
products.

EXECUTIVES: (a) Gerald Corbett, Chairman
            (b) Trevor Bish-Jones, Chief Executive Officer
            (c) Christopher Rogers, Finance Director
            (d) Andrew Beeson, Non-Executive Director
            (e) Roger Jones, Non-Executive Director
            (f) Prue Leith, Non-Executive Director

NUMBER OF EMPLOYEES: 34,847 (year ended January 31, 2004)

REVENUE: GBP2.82 billion (year ended January 31, 2004)

ASSETS: GBP1.07 billion (year ended January 31, 2004)

DEBT: GBP610 million (year ended January 31, 2004)

NET PROFIT (LOSS): GBP46 million (year ended January 31, 2004)

THE TROUBLE:  Moody's Investors Service has placed the group's
unsecured Issuer rating of Ba1 under review, with the
possibility of a downgrade.  Moody's expressed concern over the
retailer's long-term business prospect, since competition in the
U.K.'s retailer market has become tougher.  Moody's also noted
the group has been booking narrow operating margins, despite
undergoing a recovery procedure in 2002.  Moody's will review
the impact of the group's weak Christmas trading on its
financial results as well as the future of Woolworths' fast-
growing businesses.

AUDITOR:  PricewaterhouseCoopers LLP


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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