TCREUR_Public/050307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, March 7, 2005, Vol. 6, No. 46

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: 'Co-pilot' Quits over Questionable 'Flight Plan'


F R A N C E

FRET SNCF: European Commission Approves Restructuring Plan


G E R M A N Y

AGIV REAL: Real Estate Broker Lands in Bankruptcy Court
ALLEEKLINIK GMBH: Administrator's Report Out April
BABUR & BARAN: Hamburg Court Appoints Provisional Administrator
B & K IMPORT: Proofs of Claim Deadline Nears
HAMBURGER FAHRZEUGTECHNIK: Bankruptcy Proceedings Begin

KARSTADTQUELLE AG: To Appeal Adverse Ruling in Land Dispute
MAKO GMBH: Claims Filing Period Expires Later this Month
PARITATISCHE SOZIALARBEIT: Succumbs to Bankruptcy
QUANTUM IMMOBILIEN: Court Stays all Pending Lawsuits
RALPH SCHMIDT: Creditors Meeting Set April
VARIO-PLAST GMBH: Creditors Claims Due this Week
WEDER & SOHNE: Duisburg Court to Review Claims April


I T A L Y

IT HOLDING: Long-term Rating for Secured Notes Affirmed at 'B+'
PARMALAT FINANZIARIA: Bondi Unveils New Plan


L U X E M B O U R G

MILLICOM INTERNATIONAL: Exchanging Old Senior Notes for New Ones


N E T H E R L A N D S

ROYAL NUMICO: Returns to Black
VERSATEL TELECOM: Books Higher Revenues; Cuts Net Loss


P O L A N D

FSO: AvtoZAZ Buys Another 20% Government Stake
HUTA STALI: Donbas not Giving up plan to Acquire Steel mill


R U S S I A

AUTO-CENTRE: Cedes Control to Insolvency Manager
ELIZOVSKOYE AUTO-TRANSPORT: Public Auction Set Wednesday
GATP SEVER-AVTO-TRANS: Creditors Claims Due Next Month
HOMEBUILDING COMBINE: Succumbs to Insolvency
HYDRO-ELECTRO-MONTAZH: Creditors Have Until April to File Claims

KHOLMSKAYA DPMK: Under Bankruptcy Supervision
MAGISTRAL: Appoints Insolvency Manager
NOVOALAPAEVSKIY METALLURGICAL: Declared Insolvent
TULA-SPIRIT: Insolvency Manager Takes over Operations
VYSOKOGORSKIY MECHANICAL: Properties Worth RUB19 Mln up for Sale


U K R A I N E

ANTARES: Harkiv Court Hires K. Lyalyuk as Insolvency Manager
ARTTEHSERVICE: Declared Insolvent
BORMEDTEH: Kyiv Court Opens Bankruptcy Proceedings
GIRNIK: Donetsk Court Appoints Insolvency Manager
INDUSTRIALBANK: Gets 'C' Ratings, Stable Outlook from Fitch

INDVEST: Applies for Bankruptcy Proceedings
KNISELCHANKA: Undergoes Bankruptcy Supervision Procedure
MAYAK: Appoints Grigorij Kovalenko Insolvency Manager
SOYUZ: Falls under Court Supervision
STALKON: Bankruptcy Proceedings Begin
VISTEK: Declared Insolvent


U N I T E D   K I N G D O M

ACFA REALISATIONS: Sets Final Meeting April
ANDERSON & INNES: Creditors Meeting Set Next Week
BAR ONE: Sets Final Meeting of Members April 6
BIG FOOD: 'BB' Ratings Withdrawn Following Baugur Takeover
BOWMAKER (ULSTER): Liquidator's Report Out Tomorrow

CHEEMA PLANT: Proofs of Claim Deadline Nears
DRAGON LABELS: Calls in Administrators
ENIGMA DATA: Unsecured Creditors to Meet this Week
E & R WILD: Files for Liquidation
ESSENTIAL MORTGAGES: Calls Liquidators from Kroll

EUROSTANDARD LIMITED: Liquidator from Begbies Steps in
FERROTECH LIMITED: In Administrative Receivership
F J HUNT: Gives Creditors Until May to File Claims
GRIFFITH & MIDDLETON: Members Decide to Wind up Firm
GSM CENTRE: Proofs of Claim Deadline Expires April

HANNIG LIMITED: Soft Drinks Retailer Falls Under Administration
JOHN CHARLES: Clothier Opts for Liquidation
MILTON KEYNES: Final Members Meeting Set Next Month
M. MERCADO: Claims Filing Period Ends Today
MOWLEM PLC: Posts Results of Strategic Review

MURRAY STAYSEAL: Hires Liquidator from Deloitte & Touche
PLUMES TRADING: Succumbs to Liquidation
PLUM IT: Brings in Administrators from PKF
RICHARD KEW: Creditors Have Until April to Prove Claims
SELECTIVE FLOORING: Calls in Liquidators from PKF

SIAS FOODS: Proofs of Claim Deadline Expires Later this Month
U.K. COAL: Preliminary Results Bare GBP51.6 Mln Pre-tax Loss
UNIQ PLC: Cancels Takeover Talks
UNITED DOMINIONS: Members Final Meeting Tomorrow
WARRANTY HOLDINGS: Proofs of Claim Due this Week
WEBFELL LIMITED: Under Administration
YEOMAN STOVES: Administrators from KPMG Step in


                            *********


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


CYPRUS AIRWAYS: 'Co-pilot' Quits over Questionable 'Flight Plan'
----------------------------------------------------------------
Achilleas Kyprianou, vice-chairman of loss-making carrier Cyprus
Airways, resigned Thursday following an impromptu strike by
cabin crew, Reuters says.

Mr. Kyprianou quit to distance himself from the carrier's
management.  In a letter to the press, the vice-chairman said
board members were made to believe that the layoffs would help
save money and that unions would not react.  He added the board
acted in good faith, believing the government supported the
redundancies.

"The events which followed showed that, once again, the board of
Cyprus Airways was not properly informed," Mr. Kyprianou said.

Reports have been circulating that board members are not fully
behind the plans of Constantinos Loizides, Cyprus Airways'
chairman.  Mr. Loizides has launched cost-cutting measures that
include redundancies and the sale of Hellas Jet, ostensibly to
counter the effects of the CYP33.5 million net loss in 2004.

The redundancies started last year, affecting a third of senior
management and 123 ground personnel.  The latest casualties were
the 22 flight crew, whose axing precipitated the two-day strike
that grounded a few flights last week.  The Ministry of Labor
subsequently ruled that protest action illegal, forcing the
SYPKA union to call off the strike.  The carrier has reinstated
the 22 employees.

Cyprus Airways attributed last year's huge loss to the
liberalization of air transport and the abolition of duty free
sales beginning last year.

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


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


FRET SNCF: European Commission Approves Restructuring Plan
----------------------------------------------------------
The European Commission decided on March 2, 2005 to approve the
financing arrangements for the restructuring of Fret SNCF, which
has been in serious financial difficulties for several years.
The measures examined are part of a comprehensive restructuring
plan to make the operator viable again.  The Commission
considered that this plan was compatible with the European rules
to the extent that it was strictly geared to restructuring Fret
SNCF and includes measures to reduce capacity and bring forward
the date for opening up the French rail market.

Jacques Barrot, Commission Vice-President in charge of the
transport portfolio, said of the decision: "Europe needs
efficient, competitive rail freight.  [Mon]day's decision will
enable Fret SNCF to become viable again, in a more open market.
This operation shows that the changes taking place in the
industry are essential if we are serious about giving rail
transport a prominent place again in the European freight
market."

The restructuring plan provides for reorganizing production,
improving productivity, reviewing the company's business policy
and injecting fresh capital.  This capital injection will serve
to modernize Fret SNCF's rolling stock and to overhaul its
financial structure.  It is in two parts: a sum of EUR700
million from SNCF, financed by divestment of assets, and a State
contribution not exceeding EUR800 million.

The Commission, recalling that revitalizing the rail industry is
a centerpiece of European transport policy, has examined whether
the aid to Fret SNCF meets the criteria of the Community
guidelines.  It has concluded that the aid enables Fret SNCF to
become viable again by the end of 2006 and that it is strictly
limited to its restructuring needs.  In addition, the authorized
measures are subject to certain conditions concerning a
reduction in Fret SNCF's traffic volume during restructuring and
an earlier date for opening up the French rail freight market;
these provisions will ensure that the aid does not constitute a
barrier to the development of other operators, which also
contribute to developing the carriage of goods by rail.

The French authorities have undertaken to link payment of the
aid installments to the opening up of the market.  Payment of
the second installment will be made conditional on the prior
opening of the international freight routes.  The third
installment will not be payable before the national market is
opened up, which in any case is due to take place before 31
March 2006.

This aid should be sufficient to secure a viable future for Fret
SNCF, which will not be eligible for any more restructuring aid
for 10 years.  This "one time, last time" principle will apply
to SNCF as a whole, as long as Fret SNCF is not legally separate
from its other activities.

As the sector is in the process of being opened up, the
Commission will shortly propose a framework setting out how it
intends to monitor State aid during this transition period.
This framework will be based on the principles of transparency,
non-discrimination and proportionality.

CONTACT:  FRET SNCF
          10 place de Budapest
          75 009 Paris
          Web site: http://fret.sncf.com


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


AGIV REAL: Real Estate Broker Lands in Bankruptcy Court
-------------------------------------------------------
The district court of Hamburg launched bankruptcy proceedings
against Agiv Real Estate on Feb. 28, 2005.  Reinhard Titz has
been appointed provisional administrator.  Consequently, all
pending proceedings against the company have been automatically
stayed.  The group's shares were also suspended from trading at
the German Stock Exchange.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de

          Reinhard Titz, Provisional Administrator
          Speersort 4-6
          20095 Hamburg

          GERMAN COMMUNICATIONS DBK AG
          Jorg Bretschneider
          Badestrasse 42
          20148 Hamburg
          Phone: 040/46 88 33 0
          Fax: 040/47 81 80
          E-mail: presse@german-communications.com


ALLEEKLINIK GMBH: Administrator's Report Out April
--------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Alleeklinik GmbH & Co. KG on Feb. 8, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2005
to register their claims with court-appointed provisional
administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 10:30 a.m. at the district court
of Darmstadt, Landwehrstrasse 48, 64293 Darmstadt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ALLEEKLINIK GMBH & CO. KG
          Europa-Allee 43
          64625 Bensheim
          Contact:
          Peter Paul Storz, Manager

          Tobias Hoefer,
          Soldnerstr. 2
          68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


BABUR & BARAN: Hamburg Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Babur & Baran Baugesellschaft mbH on Feb. 8, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 22, 2005
to register their claims with court-appointed provisional
administrator Christoph Hennigsmeier.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005 10:50 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:  BABUR & BARAN BAUGESELLSCHAFT MBH
          Mollner Landstrasse 123
          22117 Hamburg
          Contact:
          Mehmet Babur

          Christoph Hennigsmeier,
          Osdorfer Landstrasse 230
          22549 Hamburg
          Phone: 8078810


B & K IMPORT: Proofs of Claim Deadline Nears
--------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against B & K Import u. Export Warenhandels GmbH on Feb. 14,
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 Dr. Andreas Ropke.

Creditors and other interested parties are encouraged to attend
the meeting on April 29, 2005, 9:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  B & K IMPORT U. EXPORT WARENHANDELS GMBH
          Heideweg 6
          46487 Wesel
          Contact:
          Oliver Stumpen, Manager
          Bruchweg 6
          46499 Hamminkeln

          Dr. Andreas Ropke
          Dammstr. 26
          47119 Duisburg


HAMBURGER FAHRZEUGTECHNIK: Bankruptcy Proceedings Begin
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Hamburger Fahrzeugtechnik GmbH on Feb. 9, 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 Herbert Durkop.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  HAMBURGER FAHRZEUGTECHNIK GMBH I.L.
          Wohlerstrasse 9
          22113 Hamburg

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


KARSTADTQUELLE AG: To Appeal Adverse Ruling in Land Dispute
-----------------------------------------------------------
KarstadtQuelle has not sustained any economic loss from the
Berlin Administration Court judgment.  In particular,
KarstadtQuelle need not pay compensation of any kind to the
Jewish Claims Conference (JCC).  The object of the action was
the question of whether KarstadtQuelle or the JCC has title to
the proceeds from a piece of land in Leipziger Strasse.

KarstadtQuelle had legally contested a decision reached in favor
of the JCC for surrender of the land.  Now the court has ruled
that KarstadtQuelle has no title to the land or the proceeds
from it.  Once the reasons for the decision have been made
known, KarstadtQuelle will lodge an appeal so that the German
Federal Administration Court in Leipzig can reach a final
decision on the dispute.

CONTACT:  KARSTADTQUELLE AG
          Detlef Neveling
          Head Investor Relations
          Phone: + 49 (0) 201/727-98 17
          Fax: + 49 (0) 201/727-98 54
          E-mail: detlef.neveling@karstadtquelle.com


MAKO GMBH: Claims Filing Period Expires Later this Month
--------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against MaKo GmbH on Feb. 11, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 31, 2005 to register their claims
with court-appointed provisional administrator Ralph Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 11:45 a.m. at the district court
of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster 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:  MAKO GMBH
          Rekener Strasse 57
          48249 Dulmen-Merfeld
          Contact:
          Hubert Kock, Manager

          Ralph Schmid,
          Dulmener Str. 92
          48653 Coesfeld
          Phone: 02541/915-03
          Fax +492541915100


PARITATISCHE SOZIALARBEIT: Succumbs to Bankruptcy
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Paritatische Sozialarbeit Cologne e.V. on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 27, 2005
to register their claims with court-appointed provisional
administrator Klaus Bollig.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 11:15 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:  PARITATISCHE SOZIALARBEIT COLOGNE E.V.
          Stresemannstr. 6a
          51149 Cologne
          Contact:
          Bernd Giesecke, Manager
          Zechenstr. 5
          51103 Cologne

          Klaus Bollig,
          Durener Str. 189
          50931 Cologne
          Phone: 92042404
          Fax +4922194056950


QUANTUM IMMOBILIEN: Court Stays all Pending Lawsuits
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Quantum Immobilien GmbH & Co. KG on Feb. 10,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until April 7,
2005 to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:10 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  QUANTUM IMMOBILIEN GMBH & CO. KG
          Munchener Strasse 2
          10777 Berlin

          Dr. Bjorn Gehde,
          Goethestr. 85
          10623 Berlin


RALPH SCHMIDT: Creditors Meeting Set April
------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Ralph Schmidt-Elektro GmbH on Feb. 7, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2005
to register their claims with court-appointed provisional
administrator Stephanie Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 9:30 a.m. at the district court
of Darmstadt, Landwehrstrasse 48, 64293 Darmstadt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  RALPH SCHMIDT-ELEKTRO GMBH
          Siegfriedstrasse 39
          64689 Grasellenbach
          Contact:
          Stephanie Schmidt, Manager

          Klaus Peter Woitas,
          Wilhelmstrasse 28
          64625 Bensheim
          Phone: 06251/17390
          Fax: 06251/173950


VARIO-PLAST GMBH: Creditors Claims Due this Week
------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Vario-Plast GmbH Plasteteile aller Art on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 11, 2005
to register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 10:15 a.m. at the district court
of Chemnitz, Furstenstrasse 21 in Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  VARIO-PLAST GMBH PLASTETEILE ALLER ART
          Untermarxgruner Strasse 4
          08606 Oelsnitz/Vogtl.
          Contact:
          Jurgen Pehland, Manager

          Andreas Schenk,
          Franz-Mehring-Str. 15,
          08058 Zwickau


WEDER & SOHNE: Duisburg Court to Review Claims April
----------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Weder & Sohne GmbH on Feb. 11, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 31, 2005 to register their
claims with court-appointed provisional administrator Dirk
Hammes.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 9:45 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg 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:  WEDER & SOHNE GMBH
          Cecilienstr. 36
          47051 Duisburg
          Contact:
          Thomas Weder, Manager
          Druenstr. 33a
          47506 Neukirchen-Vluyn

          Dirk Hammes,
          Wilhelmshofallee 75
          47800 Krefeld


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


IT HOLDING: Long-term Rating for Secured Notes Affirmed at 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
debt rating on the senior secured notes maturing in 2012 issued
by IT Holding Finance S.A., a wholly owned subsidiary of Italian
fashion company IT Holding S.p.A. (ITH).  The notes issuance,
originally for EUR150 million (US$196.9 million) in 2004, is to
be incremented by a proposed EUR35 million senior secured notes
issue.  The additional issue will be fully fungible with and
governed by the same indenture as the outstanding EUR150 million
notes.  ITH and certain of its subsidiaries guarantee the entire
issue.

Like the existing EUR150 million notes, the new notes also have
a recovery rating of '5', indicating that in an insolvency
scenario, Standard & Poor's would expect negligible (0%-25%)
recovery of principal for the senior note holders.  The recovery
rating reflects the lack of meaningful security and the
difficulty in realizing value in a default scenario.

"Proceeds from the notes offering will be used to repay the
still unfunded portion of ITH's unrated EUR175 million bond due
in May 2005," said Standard & Poor's credit analyst Benedetta
Rospigliosi.

In a related action, Standard & Poor's affirmed its 'B+' long-
term corporate credit rating on ITH.  The outlook remains
negative.

"The rating on the notes is the same as ITH's corporate credit
rating, reflecting the fact that priority obligations are not
material enough to warrant notching-down for structural
subordination," said Ms. Rospigliosi.

The corporate credit rating reflects ITH's leveraged financial
profile, limited financial flexibility, and exposure to both
license renewal risk and changing consumer preferences in the
mid-price segment of the fashion apparel industry.  These
constraints are only partially mitigated by the wide recognition
of the company's diverse owned- and licensed-brand portfolio and
IHT's flexible manufacturing and supply chain.  The current
rating assumes that the company will be able to retain its
portfolio of key license brands, as well as renew expiring
licenses -- including D&G's, which is due for renewal in
2006 -- under fairly similar economic terms.

At Sept. 30, 2004, on-balance-sheet net debt (in accordance with
International Financial Reporting Standards) totaled EUR427
million.

"ITH must steadily reduce its substantial leverage, said Ms.
Rospigliosi.

"In order to sustain its current rating, ITH will have to
generate at least EUR20 million of free operating cash flow on a
recurring basis to more than cover its mandatory bank debt
repayments in the coming years."

The rating could also be lowered if the company is unable to
improve its financial profile by increasing funds from
operations' coverage of net adjusted debt from the estimated
weak 10% level at year-end 2004 and by reducing adjusted net
debt to EBITDA to below 6x by year-end 2005.

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


PARMALAT FINANZIARIA: Bondi Unveils New Plan
--------------------------------------------
Collapsed dairy giant Parmalat Finanziaria will try to redeem
itself through re-listing its shares in July at the local stock
exchange, British Broadcasting Company says.

Enrico Bondi, Parmalat's extraordinary administrator, met with
members of the parliament Thursday to present his latest plan
for the group.  The plan includes re-listing of the group's
shares in the local stock exchange and a debt-to-equity
conversion using new debt ratios.  Creditors would receive
shares in Parmalat through two rights issues worth EUR2 billion.
The new ratios, however, were lower than what were initially
set.  The new debt ratio for Parmalat Finanziaria, the formerly
listed company, went down from 11.3% to 5.7%; while the ratio
for Parmalat S.p.A., the main operating firm, dropped from 7.3%
to 6.9%.  Creditors will vote on the plan later this year.

Several lawmakers lauded Mr. Bondi's plan, saying the
administrator painted a positive picture of Parmalat during the
close-door hearing of the Chamber of Deputies industry
commission.

"Bondi supplied us with elements of positive results on the
industrial positions and on the history of debt which will find
a point of solution through the Parmalat group's quotation on
the market in July," the local news agency Apcom quoted several
members of parliament.

Parmalat collapsed in December 2003 after revealing EUR14
billion in net debt, eight times than what the group had
reported.  This massive financial fraud has been considered one
of the largest scam in Europe, dragging several banks,
institutions, managers and auditors onto the controversy.  The
group has filed several multi-million-euro suits against these
entities, hoping to recover as much money to pay creditors.

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

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


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


MILLICOM INTERNATIONAL: Exchanging Old Senior Notes for New Ones
----------------------------------------------------------------
Millicom International Cellular S.A. announced an offer to
exchange all of its outstanding 10% Senior Notes due 2013 (Old
Securities) for its new 10% Senior Notes due 2013 (New
Securities), which have been registered under the United States
Securities Act of 1933, as amended.

The terms and conditions of the Exchange Offer are set forth in
a prospectus which is being distributed to all record holders of
the Old Securities by the Exchange Agent, The Bank of New York.
The prospectus may be obtained from The Bank of New York,
Corporate Trust Operations Reorganization Unit, 101 Barclay
Street - 7 East, New York, N.Y. 10286.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          75 Route de Longwy
          L-8080 Bertrange
          Phone: +352-27-759-101
          Fax: +352-27-759-359
          Web site: http://www.millicom.com

          Marc Beuls
          President and Chief Executive Officer
          Phone:  +352 27 759 327

          Andrew Best
          Investor Relations
          Phone: +44 7798 576 378


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


ROYAL NUMICO: Returns to Black
------------------------------
Financial Highlights Full Year 2004 (on a comparable basis)[1]

(a) Total net sales up 9.6%; EBITA margin at 19.9%;

(b) Nutricia Baby net sales up 8.4%; EBITA margin at 19.0%;

(c) Nutricia Clinical net sales up 11.9%; EBITA margin at 28.6%;

(d) Net result at EUR145 million compared to -EUR504 million in
    2003 (actual);

(e) Net debt position at EUR987 million; shareholders' equity
    improved by EUR128 million; and

(f) Trade working capital improved 100 basis points to 12.7% of
    net sales.

Financial Highlights Fourth Quarter 2004 (on a comparable
basis)[1]

(a) Total net sales up 10.0%; EBITA margin at 19.4%;

(b) Nutricia Baby net sales up 9.0%; EBITA margin at 18.3%;

(c) Nutricia Clinical net sales up 12.2%; EBITA margin at 28.0%;

(d) Revised strategy for China resulting in EUR10 million
    impairment and EUR6.7 million exit costs;

(e) Free cash flow of EUR66 million before Valio transaction.

CEO's Statement "We are pleased to announce record sales growth
of 9.6% for 2004.  Growth was driven by both divisions and by
all regions.  Clinical continued its double-digit performance
with 11.9% sales growth, while Baby accelerated sales momentum
with a record 8.4% increase.  In 2004, we made important
progress in innovations, establishing the pipeline that will
nourish future growth.  With Numico's strong performance we feel
confident to set our overall net sales growth target for 2005 at
8-10%, with EBITA growth of 10%.  Looking toward our mid-term
objectives for 2007, we elevate our net sales objective to 9 -
11% growth."

- - - - - -  - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Comparable basis is at constant scope and constant exchange
rates and also excludes exceptional items.
- - - - - -  - - - - - - - - - - - - - - - - - - - - - - - - - -

CONSOLIDATED KEY FIGURES FOURTH QUARTER

(EUR million)         Fourth quarter            % change
                     2004         2003     comp.[2]    actual

Net sales
   continued
   business           455          414      10.0%       8.4%

Net sales             455          635       8.8%     (28.4%)

EBITA
   (normalized[3])     89           71      21.6%      18.4%

EBITA (incl.
   exceptional items)  71           85      16.1%     (16.2%)

Normalized[3]
   net result          54            -

Net result              3            41

EPS (normalized[3])     0.33

CONSOLIDATED KEY FIGURES FULL YEAR 2004

(EUR million)             Full Year             % change
                     2004         2003     comp.[2]    actual
Net sales
   continued
   business         1,702        1,567       9.6%       8.1%

Net sales           1,722        3,151       8.5%     (45.3%)

EBITA
   (normalized[3])    339          300      11.8%      10.2%

EBITA (incl.
   exceptional items) 318          272      46.7%      17.0%

Normalized[3]
   net result         198            -

Net result            145        (504)

EPS (normalized[3])     1.19

Outlook 2005 and Objectives 2007

We expect to achieve a total net sales growth of 8 - 10% and
EBITA growth of 10% in 2005.

We have increased our net sales growth objective for 2007 to 9%-
11% (previously 8%-10%) and reiterate our aim to achieve an
EBITA margin of at least 20% by 2007.  We also aim to improve
working capital to 10% as a percentage of net sales.  These
targets are all based on constant currencies, constant scope of
consolidation and barring unforeseen circumstances.

Dividend

Numico's current negative shareholders' equity position prevents
the Company from paying a dividend.  Numico is confident that
retained earnings as well as the intended share capital increase
related to the acquisition of Mellin - the Italian Baby Food
company - will allow the Company to return to a positive
shareholders' equity by the end of 2005 and to resume a dividend
in 2006.  The dividend payout policy will be aligned with the
(growth) profile of the Company and relevant peers.

FINANCIAL REVIEW (on a comparable basis)[2]

Full Year 2004

The first successful results of Numico's high-growth, high-
margin strategy are clearly reflected in Numico's performance in
2004.  Total net sales of the continued business grew by 9.6% to
EUR1,702 million in 2004.  This strong performance was driven by
a strong acceleration in growth in Baby Food and improved
double-digit growth performance in Clinical Nutrition.

Total EBITA, excluding discontinued business and exceptionals,
increased 11.8% to EUR339 million.  This strong performance can
be attributed to a strong margin pick up of 90 bps in Baby Food
and resilient EBITA margin levels in Clinical Nutrition despite
an overall increase of 18.8% in marketing spend and slightly
higher non-allocated costs.

The tax charge was 26.8% for the year, excluding exceptional
items.  Net result improved to EUR145 million, from EUR(504)
million in 2003.

Fourth Quarter 2004

Net sales, excluding discontinued business, grew by 10.0% to
EUR455 million - the first double-digit growth quarter in over
more than two years.  Total net sales increased by 8.8%.
Total EBITA increased by 21.6% to EUR89 million, excluding the
discontinued business and exceptionals of EUR17 million,
relating to the new strategic direction chosen for China.  This
strong performance was mainly driven by a margin pick-up in Baby
Food of 120 bps as well as a significant reduction in non-
allocated costs in the fourth quarter.  Normalized[3] net result
amounted to EUR54 million.
- - - - - -  - - - - - - - - - - - - - - - - - - - - - - - - - -
[2] Comparable basis is at constant exchange rates.

[3] Normalized: based on continued business and excluding
exceptional items and result divestments after tax.
- - - - - -  - - - - - - - - - - - - - - - - - - - - - - - - - -

Full copy of Numico's 2004 results can be viewed free-of-charge
at http://bankrupt.com/misc/numico_2004.pdf.

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

          Corporate Communications
          Phone: + 31 20 456 9077

          Investor Relations
          Phone: + 31 20 456 9003


VERSATEL TELECOM: Books Higher Revenues; Cuts Net Loss
------------------------------------------------------
Versatel Telecom International N.V. reported fourth-quarter and
full-year 2004 financial and operating results.

For the year ended December 31, 2004 revenues amounted to
EUR600.7 million, up 30% from 2003 revenues of EUR462.1 million.
For 4Q04 revenues were EUR171.2 million, up 14% compared with
3Q04 revenues of EUR150.0 million and 30% compared with 4Q03
revenues of EUR132.2 million.  This annual top line growth is
seen in all geographical areas and is primarily related to the
provisioning of new corporate customers, increased sales to
existing customers, residential broadband subscriber growth and
the acquisition of Berlikomm in 3Q04.

In total, on-net revenues for Versatel were EUR446.4 million in
2004 compared with EUR337.5 million the previous year.  For
4Q04, on-net revenues were EUR125.5 million compared with
EUR110.5 million in 3Q04 and EUR98.5 million in 4Q03.

For the year ended December 31, 2004, gross margin as a
percentage of total revenues was 53.0% compared with 53.5% in
2003.  Versatel's gross margin as a percentage of total revenue
in 4Q04 was 53.9% compared with 51.9% in 3Q04 and 53.5% in 4Q03.
The year-on-year decrease in gross margin of 50 basis points
(excluding Berlikomm the decrease is 110 basis points) is mainly
due to the churn of narrowband dial-in revenue, the growth of
our lower margin residential businesses in The Netherlands and
continued pricing pressure in the overall telecom market.  The
sequential increase in gross margin in 4Q04 was a result of the
consolidation of one full quarter of BerliKomm and the continued
expansion of our margins in Belgium and Germany.

Raj Raithatha, Chief Executive Officer, commented, "I am pleased
with the performance of our business during the year and the
fourth quarter specifically.  While the telecom sector has
continued to be challenging for all competitors, our diversified
business model has shown consistent quarter-over-quarter growth
in each of our markets and segments.  Specifically, we are
excited about the continued performance of our large corporate
business in The Netherlands and the continued evolution of our
German business, especially as we begin to gain further market
share in Berlin following the launch of an extensive marketing
campaign.  The success of our business segment, combined with
our strong foundation in the residential market has given us the
confidence to invest significantly in the launch of our triple
play services in The Netherlands in 2005.  I therefore believe
2005 will be another dynamic year for Versatel as we continue
building the company for the long-term."

Selling, general and administrative expenses (SG&A) for the year
ended December 31, 2004 were EUR200.2 million compared with 2003
SG&A expenses of EUR166.6 million.  SG&A for 4Q04 was EUR57.1
million, up from EUR47.7 million in 3Q04 and compared with
EUR45.7 million in 4Q03.  The increase in SG&A during the
quarter is primarily due to the previously announced
acceleration in marketing expenditures in Germany (Berlin area)
and Belgium and the consolidation of an entire quarter of
BerliKomm.

Versatel's marketing expenditures for 4Q04 were EUR7.1 million
compared with EUR2.4 million and EUR2.5 million in 3Q04 and 4Q03
respectively.

For the year ended December 31, 2004, Versatel's result before
interest, tax, depreciation and amortization (EBITDA) was
EUR118.1 million compared with EUR90.0 million for the year
ended December 31, 2003.  Versatel's 4Q04 EBITDA was EUR35.2
million compared with EUR30.2 million in 3Q04 and EUR25.0
million in 4Q03.

Mark Lazar, Chief Financial Officer, commented, "The fourth
quarter of 2004 was quite strong for Versatel as we were able to
show continued EBITDA growth even after tripling our marketing
expenditures compared to the previous quarter.  We were able to
do this through double-digit revenue growth and the focus on
high margin on-net business.  We continue to believe that our
investments in marketing are a key to long-term success in the
residential market and are pleased to see that they are already
having a positive impact for Versatel's operations."

Versatel's net loss for the year ended December 31, 2004,
amounted to EUR24.4 million compared with EUR32.9 million in
2003.  4Q04 net loss was EUR8.6 million compared with a net loss
of EUR4.4 million in 3Q04 and EUR10.4 million in 4Q03.  The
increase in net loss was primarily attributable to the increased
depreciation expenses from our accelerated capital investments,
the interest impact of our convertible bond and the
consolidation of BerliKomm.

Versatel's capital expenditures (capex) for 2004 were EUR135.4
million compared with capex of EUR89.0 million in 2003.  For the
fourth quarter of 2004 capex was EUR53.6 million compared with
EUR32.1 million and EUR28.8 million for 3Q04 and 4Q03
respectively.  Free Cash Flow (FCF, calculated as EBITDA less
capital expenditures) in 2004 is -EUR17.4 million, a decrease
compared to a positive FCF of EUR1.0 million in 2003.  The
negative FCF is directly attributed to the additional EUR30
million of capex that was announced at our 2Q04 earnings and
capex in Berlin for the launch of DSL services at BerliKomm.
As of December 31, 2004, Versatel had EUR269.5 million in cash
on its balance sheet compared with EUR158.9 at December 31, 2003
and EUR150.8 million at the end of 3Q04.  The increase in the
fourth quarter is due to the proceeds of a convertible bond and
the proceeds of approximately EUR21 million from exercised
warrants in October 2004.

The company had a positive shareholders' equity position of
EUR571.4 million as of December 31, 2004 compared with   484.5
million at the end of 2003.  Although the net loss had a
negative impact, shareholders' equity increased as Versatel
issued shares in 2004 for the acquisition of Berlikomm, to
purchase Telco Executive's minority interest in Versatel Germany
and the exercise of warrants and stock options.  Additionally,
the conversion feature in the convertible bond raised
shareholders equity with approximately EUR20 million.

As of 4Q03, Versatel had a deferred tax liability on its balance
sheet in respect of the gain related to the completion of its
2002 financial restructuring, whereby any subsequent losses in
The Netherlands are recognized and taken against this deferred
tax liability.  At December 31, 2004, Versatel's deferred tax
liability totaled EUR115.7 million, down from EUR123.7 at year-
end 2003.  The net decrease of EUR8 million is primarily due to
an increase of EUR8.9 million related to the IFRS accounting
effect on our convertible bond and a decrease of EUR16.0 million
for the announced reduction in the Dutch statutory tax rate from
the current 34.5% to 30.0% over time.

Although we can give no assurances about the outcome or timing
of the discussions in Dutch Parliament regarding tax
implications of debt restructurings (Article 12 Vpb), we are
pleased to hear that the State Secretary for Finance continues
to be supportive of new business investment in The Netherlands.
As a fast growing company that is investing hundreds of millions
of Euros per year and creating hundreds of new jobs in The
Netherlands, we hope that this support will be extended to
existing companies like Versatel.

This support would be clearly evidenced if previous victims of
Article 12 were given relief from its unintended financial
burdens through the retroactive application of the amended law
proposal that has been submitted to Parliament.

As announced in December 2004, we continue to believe that our
organic business plan, including the rollout of our triple play
plan in The Netherlands, is fully funded without a need for
third party financing.

With the announcement of the purchase of Eredivisie football
rights and our subsequent triple play launch in The Netherlands,
our financial flexibility obtained from the issuance of our
convertible bond in October 2004 has been consumed.  However, we
continue to believe that we are fully funded for our organic
business plan, including our current subscriber assumptions for
video services in The Netherlands.  Therefore, pending future
capital markets sentiment, we remain open to future capital on
an opportunistic basis to retain our financial flexibility.

Full copy of Versatel's 2004 results and financial tables can be
viewed at http://bankrupt.com/misc/versatel_2004.pdfand
http://bankrupt.com/misc/versatel_2004_financials.pdf
respectively.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Hullenbergweg 101
          1101 CL Amsterdam
          Phone: +31-20-750-10-00
          Fax: +31-20-750-10-01
          Web site: http://www.versatel.com


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


FSO: AvtoZAZ Buys Another 20% Government Stake
----------------------------------------------
The State Treasury sold another 20% share in car manufacturer
FSO to Ukraine's AwtoZAZ late last month, according to Warsaw
Business Journal.  Deputy Treasury Minister Dariusz Witkowski
expects to sign an agreement by April.

Last year, it was reported that AvtoZAZ has started buying FSO's
debt from creditor banks.  Some US$8 million have already been
bought, according to Millennium Bank.  The parties assured the
conflict with Kamco, which is demanding US$570 million in
compensation, will not affect talks.

FSO's troubles started after Daewoo Motor went bust in 2001 and
worsened during the Polish car market slump in 2003.

CONTACT:  DAEWOO-FSO MOTOR
          00-992 Warszawa
          Jagiellonska 88
          Web site: http://www.daewoo.com.pl/


HUTA STALI: Donbas not Giving up plan to Acquire Steel mill
-----------------------------------------------------------
Ukraine's Donbas is still in the running to buy steel mill Huta
Stali Czestochowa even though Mittal Steel is already in
exclusive talks with the government.

Oleksandr Pilipienko, deputy president of Donbas, said his party
will ask the Treasury Ministry how much was offered by Huta, and
when the exclusive negotiations will expire.

"We are surprised that we were not given this basic information.
This creates the impression that the final stage of the tender
is still unclear," he said.

Deputy Treasury Minister Stanislaw Speczik said the exclusivity
ends later in April.  He did not reveal figures pending consent
from his lawyers.

Representatives of Donbas find the timeframe too long, but said
they will review the offer once it becomes available.  They vow
to sue if they find the deal unfair.

CONTACT:  HUTA STALI CZESTOCHOWA
          Ul. Kucelinska 22
          42-200 Czestochowa
          Phone: 0-34 323 12 61 to 68
          E-mail: huta@hcz.com.pl
          Web site: http://www.hcz.com.pl


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


AUTO-CENTRE: Cedes Control to Insolvency Manager
------------------------------------------------
The Arbitration Court of Volgograd region opened bankruptcy
proceedings against CJSC Auto-Centre.  The case is docketed as
A12-387/04-S48.  Mr. A. Asilyev has been appointed insolvency
manager.  Creditors have until April 5, 2005 to submit their
proofs of claim to:

(a) Mr. A. Asilyev
    Insolvency Manager
    400081, Russia, Volgograd region,
    Post User Box 309

(b) AUTO-CENTRE
    Russia, Volgograd region,
    Nezhndanovoy Str. 6


ELIZOVSKOYE AUTO-TRANSPORT: Public Auction Set Wednesday
--------------------------------------------------------
A building owned by OJSC Elizovskoye Auto-Transport Enterprise
will be auctioned for a starting price of RUB2,920,000 on March
9, 2005, 11:00 a.m. at 683032, Russia, Petropavlovsk-
Kamchatskiy, Pogranichnaya Str. 19, office 410.  For more
information, call: 11-11-62.

Preliminary examination and reception of bids are done daily
until March 4, 2005 at 683032, Russia, Petropavlovsk-
Kamchatskiy, Pogranichnaya Str. 19, office 410.

To participate, bidders must deposit an amount equivalent to 5%
of the starting price to the bidding organizer's (TIN
4101074253, KPP 410101001) settlement account
40702810300000001544, CJSC Munitsipalnyj Kamchatprofibank,
Petropavlovsk-Kamchatskiy, BIC 043002717; and correspondent
account 30101810100000000717 on or before March 4, 2005.

CONTACT:  ELIZOVSKOYE AUTO-TRANSPORT ENTERPRISE
          Russia, Kamchatka region
          Elizovo, Murmanskaya Str. 12a

          KAMCHATSKIY CENTRE OF ANTI-CRISIS TECHNOLOGY
          Bidding Organizer
          683032, Russia, Petropavlovsk-Kamchatskiy
          Pogranichnaya Str. 19, Office 410
          Phone: 11-11-62


GATP SEVER-AVTO-TRANS: Creditors Claims Due Next Month
------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
opened bankruptcy proceedings against OJSC Firm Gatp Sever-Avto-
Trans.  The case is docketed as A81-396/130B-04.  Mr. V.
Safikanov has been appointed insolvency manager.  Creditors have
until April 5, 2005 to submit their proofs of claim to:

(a) Mr. V. Safikanov
    Insolvency Manager
    629300, Russia
    Yamalo-Nenetskiy Autonomous Region
    Novyj Urengoy, GUPS, Geologorazvedchikov Str. 2
    Office 400, Post User Box 1134
    Phone: (34949) 4-49-59

(b) GATP SEVER-AVTO-TRANS
    629350, Russia, Yamalo-Nenetskiy Autonomous Region
    Novyj Urengoy, West Prom.zone,
    Magistralnaya Str. 2


HOMEBUILDING COMBINE: Succumbs to Insolvency
--------------------------------------------
The Arbitration Court of Kabardino Balkariya republic opened
bankruptcy proceedings against CJSC Homebuilding Combine.  The
case is docketed as A20-3495/02.  Mr. N. Kazharov has been
appointed insolvency manager.  Creditors have until April 5,
2005 to submit their proofs of claim to:

(a) Mr. N. Kazharov
    360004, Russia, Kabardino Balkariya republic
    Nalchik, Chernyshevskogo Str. 181

(b) HOMEBUILDING COMBINE
    360004, Russia, Kabardino Balkariya republic, Nalchik
    Chernyshevskogo Str. 181


HYDRO-ELECTRO-MONTAZH: Creditors Have Until April to File Claims
----------------------------------------------------------------
The Arbitration Court of Vologda region opened bankruptcy
proceedings against CJSC Vologodskoye Enterprise Hydro-Electro-
Montazh.  The case is docketed as A13-9105/04-22.  Mr. N.
Ryabishin has been appointed insolvency manager.  Creditors have
until April 5, 2005 to submit their proofs of claim to:

(a) Mr. N Ryabishin
    Insolvency Manager
    162000, Russia, Vologda region
    Cherepovets, Lenina Str. 80, office 52

(b) VOLOGODSKOYE ENTERPRISE HYDRO-ELECTRO-MONTAZH
    Russia, Vologda, Lermontova Str. 27


KHOLMSKAYA DPMK: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Novgorod region opened bankruptcy
proceedings against OJSC Kholmskaya DPMK.  The case is docketed
as A44-338/04-S4-k.  Mr. Y. Romanov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to:

(a) Mr. Y. Romanov
    Insolvency Manager
    173020, Russia, Velikiy Novgorod
    Khutynskaya Str. 5, office 21

(b) KHOLMSKAYA DPMK
    175270, Russia, Novgorod region
    Kholm, Syezdovskaya Str. 50


MAGISTRAL: Appoints Insolvency Manager
--------------------------------------
The Arbitration Court of Rostov region opened bankruptcy
proceedings against CJSC Magistral (TIN 6153012445).  The case
is docketed as A53-5073/2003-S2-6.  Mr. I. Zolotarev has been
appointed insolvency manager.   Creditors may submit their
proofs of claim to Mr. I Zolotarev, insolvency manager, 347630,
Russia, Rostov region, Salsk, Privokzalnaya Str. 18.


NOVOALAPAEVSKIY METALLURGICAL: Declared Insolvent
-------------------------------------------------
The Arbitration Court of Sverdlovsk region opened bankruptcy
proceedings against OJSC Novoalapaevskiy Metallurgical Factory.
The case is docketed as A60-19985/2004-S4.  Mr. O. Filonenko has
been appointed insolvency manager.  Creditors have until April
5, 2005 to submit their proofs of claim to:

(a) Mr. O. Filonenko
    Insolvency Manager
    454091, Russia, Chelyabinsk
    Rossiyskaya Str. 220-16

(b) NOVOALAPAEVSKIY METALLURGICAL FACTORY
    624600, Russia, Sverdlovsk region
    Alapaevsk, Moskovskaya Str. 20


TULA-SPIRIT: Insolvency Manager Takes over Operations
-----------------------------------------------------
The Arbitration Court of Tula region opened bankruptcy
proceedings against OJSC Tula-Spirit (TIN 7107003342, OGRN
1027100507279).  The case is docketed as A68-126/B-02.  Mr. S.
Rozhkov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to:

(a) Mr. S. Rozhkov
    Insolvency Manager
    115280, Russia, Moscow
    Avtozavodskaya Str. 14/23
    VTI, office 802

(b) TULA-SPIRIT
    300600, Russia, Tula
    Lenina Str. 85


VYSOKOGORSKIY MECHANICAL: Properties Worth RUB19 Mln up for Sale
----------------------------------------------------------------
The properties of Federal State Unitary Enterprise Vysokogorskiy
Mechanical Plant will be auctioned on March 10, 2005, 1:00 p.m.
at Russia, Sverdlovsk region, Nizhniy Tagil, M. Gorkogo Str. 1.
Fourteen lots including warehouses, shops, stations, and garages
are for sale for a starting price of RUB19,287,202.

Examination of the properties is done daily:

(a) 10:00 a.m. to 2.00 p.m. at Russia, Sverdlovsk region,
    N.T agil, M. Gorkogo Str. 1.  For more information, call or
    fax: (3435) 24-45-88; and

(b) 12:00 p.m. to 5:00 p.m. until 4:00 p.m. of March 8,
    2005 at Russia, Ekaterinburg, Pervomayskaya Str. 1a.  For
    more information, call: 8(343) 358-68-14, 8-902-88-70-445;

Reception of bids is done daily from 12:00 p.m. to 5:00 p.m.
(Local Time) until March 3, 2005 at Russia, Ekaterinburg,
Pervomayskaya Str. 1a.  For more information, call: 8(343) 358-
68-14, 8-902-88-70-445.

To participate, bidders are required to deposit an amount
equivalent to 5% of the starting price to Vysokogorskiy
Mechanical Plant (TIN 6623000120, KPP 662301001) settlement
account 40602810216220100011 at N-Tagilskom OSB no. 232, N.
Tagil, BIC 046577674; correspondent account 30101810500000000674
at Uralskiy bank of Sberbank RF, Ekaterinburg on or before March
3, 2005.

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

          LLC URAL-TOR-KON (TIN 6660139962)
          Bidding Organizer
          Russia, Sverdlovsk region, Ekaterinburg
          Studentcheskaya Str. 1a, office 305
          Phone: 8 (343) 358-68-14


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


ANTARES: Harkiv Court Hires K. Lyalyuk as Insolvency Manager
------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Antares (code EDRPOU 32449992) on Jan. 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-39/141-04.  Mr. K. Lyalyuk (License Number
AA 668323) has been appointed liquidator/insolvency manager.
Creditors may submit their proofs of claim to:

(a) ANTARES
    Ukraine, Harkiv region,
    Shota Rustaveli Str. 47

(b) Mr. K. Lyalyuk
    Liquidator/Insolvency Manager
    61004, Ukraine, Harkiv region,
    Maryinska Str. 7/1

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


ARTTEHSERVICE: Declared Insolvent
---------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Arttehservice (code EDRPOU 326250) on Jan.
19, 2005 after finding the limited liability company insolvent.
The case is docketed as B-48/02-05.  Mr. O. Kotovenko (License
Number AA 779219) has been appointed liquidator/insolvency
manager.

Creditors may submit their proofs of claim to:

(a) ARTTEHSERVICE
    Ukraine, Harkiv region, Bezludivka

(b) Mr. O. Kotovenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Traktorobudivnikiv Avenue, 130/61

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


BORMEDTEH: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Bormedteh (code EDRPOU 21520658) on Jan. 17,
2005.  The case is docketed as 46/935-b.  Mr. G. Stepanenko
(License Number AB 116225) has been appointed
liquidator/insolvency manager.

CONTACT:  BORMEDTEH
          04073, Ukraine, Kyiv region,
          Moskovskij Avenue, 21

          Mr. G. Stepanenko
          Liquidator/Insolvency Manager
          04073, Ukraine, Kyiv region,
          Moskovskij Avenue, 21
          Phone: (044) 467-76-16

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


GIRNIK: Donetsk Court Appoints Insolvency Manager
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on subsidiary enterprise Girnik (code
EDRPOU 30099447) on Dec. 6, 2004.  Mr. Miroslav Fomin (License
Number AA 783177) has been appointed temporary insolvency
manager.  The company holds account number 26006301490472 at
Prominvestbank, Selidove branch, MFO 334312.  Creditors may
submit their proofs of claim to:

(a) GIRNIK
    85483, Ukraine, Donetsk region,
    Novogrodivka, Shahtna Str. 1

(b) Mr. Fomin Miroslav
    Temporary Insolvency Manager
    85400, Ukraine, Donetsk region, Selidove,
    Zhovtnevoyi Revolutsiyi Boulevard, 4/14

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


INDUSTRIALBANK: Gets 'C' Ratings, Stable Outlook from Fitch
-----------------------------------------------------------
Fitch Ratings affirmed Ukraine-based Industrialbank's (INB)
ratings at Long-term 'CCC', Short-term 'C', Individual 'D/E' and
Support '5'.  The rating Outlook remains Stable.

The Long-term, Short-term and Individual ratings reflect INB's
high-risk operating environment, small size by international
standards and reliance on related-party funding.  In addition,
the bank's capitalization is only adequate in light of its
concentration levels.  On the other hand, the ratings take into
account INB's acceptable liquidity and relatively limited
exposure to market risk compared with many other CIS banks.
Profitability has also been reasonable to date, although Fitch
comments that it is likely to be more difficult to sustain in
the longer-term.  In addition, the bank has been successful in
attracting some new borrowers in 2004.

INB was established in 1990 as Bank Sodruzhestvo and re-
registered under its current name in 1996.  It is ranked among
the top 30 banks in Ukraine by assets (per Ukrainian Accounting
Standards).  The bank is based and operates in Zaporizhzhia,
south east Ukraine, one of the country's key industrial regions
and a focal point of iron, steel and non-ferrous metals
production.  INB's largest shareholder is West Reserve Insurance
Company (35%), a Ukrainian company, which has a significant
shareholding in the region's main iron and steel works,
Zaporizhstal.  INB conducts a significant proportion of its
business with Zaporizhstal.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901


INDVEST: Applies for Bankruptcy Proceedings
-------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Indvest (code EDRPOU 32473632) on Jan. 19,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-48/03-05.  Mr. O. Kotovenko (License
Number AA 779219) has been appointed liquidator/insolvency
manager.  Creditors may submit their proofs of claim to:

(a) INDVEST
    Ukraine, Harkiv region, Bezludivka

(b) Mr. O. Kotovenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Traktorobudivnikiv Avenue, 130/61

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


KNISELCHANKA: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on limited liability company Kniselchanka
(code EDRPOU 20851734).  The case is docketed as 6/7-8/5.  Mr.
Yevgen Dzhala (License Number AA 783051) has been appointed
temporary insolvency manager.  The company holds account number
26007201386001 at APB of Ukraine, Hodorivske branch, MFO 325310.

CONTACT:  KNISELCHANKA
          81700, Ukraine, Lviv region,
          Zhidachivskij district, Kniselo, S. Petlura S0tr. 4a

          Mr. Yevgen Dzhala
          Temporary Insolvency Manager
          79000, Ukraine, Lviv region,
          Gospodarska Str. 46/2

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


MAYAK: Appoints Grigorij Kovalenko Insolvency Manager
-----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on limited liability company Mayak (code
EDRPOU 03792480) on Nov. 26, 2004.  The case is docketed as
14/3947.  Mr. Grigorij Kovalenko (License Number AA 419224) has
been appointed temporary insolvency manager.  The company holds
account number 260046705 at JSPPB Aval, Cherkassy branch, MFO
354411.

Creditors may submit their proofs of claim to:

(a) MAYAK
    19422, Ukraine, Cherkassy region,
    Korsun-Shevchenkivskij district, Neterebka

(b) Mr. Grigorij Kovalenko
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Blagovisna Str. 299/55

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


SOYUZ: Falls under Court Supervision
------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on open joint stock company Soyuz (code
EDRPOU 13416707) on Dec. 24, 2004.  The case is docketed as B
29/211/04.  Mr. Yurij Losyev (License Number AA 116115) has been
appointed temporary insolvency manager.  The company holds
account number 26002116024001 at CB Privatbank, Dnipropetrovsk
branch, MFO 305299.

Creditors may submit their proofs of claim to:

(a) SOYUZ
    49021, Ukraine, Dnipropetrovsk region,
    Beregova Str. 208

(b) Mr. Yurij Losyev
    Temporary Insolvency Manager
    49106, Ukraine,
    Dnipropetrovsk region, a/b 777

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


STALKON: Bankruptcy Proceedings Begin
-------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Stalkon (code EDRPOU 32220519) on Jan. 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-39/142-04.  Mr. K. Lyalyuk (License Number
AA 668323) has been appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) STALKON
    Ukraine, Harkiv region,
    Shota Rustaveli Str. 47

(b) Mr. K. Lyalyuk
    Liquidator/Insolvency Manager
    61004, Ukraine, Harkiv region,
    Maryinska Str. 7/1

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


VISTEK: Declared Insolvent
--------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Vistek (code EDRPOU 32566119) on Jan. 11,
2005.  The case is docketed as B-39/139-04.  Mr. K. Lyalyuk
(License Number AA 668323) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) VISTEK
    Ukraine, Harkiv region,
    Lodzinska Str. 7-A

(b) Mr. K. Lyalyuk
    Liquidator/Insolvency Manager
    61004, Ukraine, Harkiv region,
    Maryinska Str. 7/1

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


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


ACFA REALISATIONS: Sets Final Meeting April
-------------------------------------------
The Final Meeting of the members of:

(a) ACFA Realisations Limited (formerly Anglia Foster Care
    Associates Limited),

(b) ACFC Realisations Limited ((formerly Cymru Foster Care
    Associates Limited),

(c) ACFM Realisations Limited (formerly Midland Foster Care
    Associates Limited),

(d) ACFEN Realisations Limited (formerly North East Foster Care
    Associates Limited),

(e) ACFWN Realisations Limited (formerly North West Foster Care
    Associates Limited),

(f) ACFS Realisations Limited (formerly Solent Foster Care
    Associates Limited),

(g) ACFES Realisations Limited (formerly South East Foster Care
    Associates Limited),

(h) ACFWS Realisations Limited (formerly South West Foster Care
    Associates Limited),

(i) ACFVT Realisations Limited (formerly Thames Valley Foster
    Care Associates Limited),

(j) ACFW Realisations Limited

is set April 1, 2005, 10:00 a.m. at Deloitte & Touche LLP, 1
Woodborough Road, Nottingham NG1 3FG .

CONTACT:  DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com
          Contact:
          A P Peters, Liquidator


ANDERSON & INNES: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of Anderson & Innes Limited will meet on March 15,
2005 at 11:00 a.m.  It will be held at George House, 50 George
Square, Glasgow G2 1RR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, George House, 50 George
Square, Glasgow G2 1RR not later than 12:00 noon, March 14,
2005.

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


BAR ONE: Sets Final Meeting of Members April 6
----------------------------------------------
A Final Creditors Meeting of Bar One Recruitment Specialists
Limited is set April 6, 2005, 10:00 a.m. at Deloitte & Touche
LLP, Queen Anne House, 69-71 Queen Square, Bristol BS1 4JP.
Proxies to be used at the Meeting, if applicable, must be lodged
by 12:00 noon on the business day before the Meeting.

R D Allen, Liquidator

CONTACT:  BAR ONE RECRUITMENT SPECIALISTS
          8 Ashley Down Road, Bristol, Avon, BS7 9JW


BIG FOOD: 'BB' Ratings Withdrawn Following Baugur Takeover
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit ratings on U.K.-based food retailer The Big
Food Group PLC and related entity BF Ltd., following the group's
acquisition by Iceland-based Baugur Group h.f. and its
investment partners, and the subsequent redemption of the
group's 9.75% GBP150 million (US$287 million) senior notes.  At
the same time, the 'B+' senior unsecured debt rating on Big Food
was also withdrawn.

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


BOWMAKER (ULSTER): Liquidator's Report Out Tomorrow
---------------------------------------------------
The final meeting of the members of Bowmaker (Ulster) Limited
will be on March 8, 2005 at 2:15 p.m.  It will be held at the
offices of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


CHEEMA PLANT: Proofs of Claim Deadline Nears
--------------------------------------------
Creditors and members of Cheema Plant Hire Limited called in
liquidator Simon G. Paterson of Moore Stephens on Feb. 23.
Creditors have until March 31, 2005 to submit their proofs of
claim to Mr. Paterson at Moore Stephens Corporate Recovery,
Victory House, Admiralty Place, Chatham Maritime, Kent ME4 4QU

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


DRAGON LABELS: Calls in Administrators
--------------------------------------
A Poxon and J M Titley of DTE Leonard Curtis have been appointed
administrators of Dragon Labels Limited on Feb. 8.  Dragon
Labels is formerly Alphatec Labelling Systems Limited.

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


ENIGMA DATA: Unsecured Creditors to Meet this Week
--------------------------------------------------
A General Meeting of unsecured Creditors of Enigma Data Systems
Limited is set March 11, 2005, 11:00 a.m. at One Great
Cumberland Place, Marble Arch, London W1H 7LW.

Creditors may submit proofs of claim to the Administrative
Receivers at Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW on or before 12:00 noon on 10 March
2005.  Enigma went into administrative receivership at the
request of HSBC Bank plc on Dec. 13, 2004.

CONTACT:  LEONARD CURTIS & CO
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk
          Contact:
          N. A. Bennett, Administrator
          S. D. Swaden, Administrator


E & R WILD: Files for Liquidation
---------------------------------
At the Extraordinary General Meeting of E & R Wild (Plastic
Moulders) Limited on Feb. 23, the Extraordinary and Ordinary
Resolutions to wind up the firm were passed.  Allan Watson
Graham and Mark Jeremy Orton of KPMG LLP were appointed
liquidator.

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


ESSENTIAL MORTGAGES: Calls Liquidators from Kroll
-------------------------------------------------
At the Extraordinary General Meeting of Essential Mortgages
Limited on Feb. 24, the Extraordinary and Ordinary Resolutions
to wind up the firm were passed.  Joann Marie Wright and Adrian
John Wolstenholme of Kroll were appointed liquidators.

CONTACT:  KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com


EUROSTANDARD LIMITED: Liquidator from Begbies Steps in
------------------------------------------------------
At the Extraordinary General Meeting of Eurostandard Limited on
Feb. 22, the Extraordinary and Ordinary Resolutions to wind up
the firm were passed.  David P. Appleby of Begbies Traynor was
appointed liquidator.

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


FERROTECH LIMITED: In Administrative Receivership
-------------------------------------------------
David Kenneth Duggins and Robert Hunter Kelly of Ernst & Young
LLP were appointed administrators of Ferrotech Limited on Feb.
23.

CONTACT:  ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com

          FERROTECH LIMITED
          Beans Foundry, P.O. Box 19
          Sedgley Road West, Tipton, West Midlands DY4 8DE


F J HUNT: Gives Creditors Until May to File Claims
--------------------------------------------------
At the Extraordinary General Meeting of F J Hunt & Son Limited
on Feb. 23, the Extraordinary and Ordinary Resolutions to wind
up the firm were passed.  Andrew Gordon Stoneman and Paul David
Williams of Menzies Corporate Restructuring were appointed
liquidators.

Creditors are required to send their proofs of claim on or
before May 23, 2005 to the liquidator at Menzies Corporate
Restructuring 17-19 Foley Street, London W1W 6DW.

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


GRIFFITH & MIDDLETON: Members Decide to Wind up Firm
----------------------------------------------------
At the Extraordinary General Meeting of Griffith & Middleton
Limited on Feb. 22, 2005, the Extraordinary and Ordinary
Resolutions to wind up the firm were passed.  Stephen L. Conn of
Begbies Traynor was appointed liquidator.

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


GSM CENTRE: Proofs of Claim Deadline Expires April
--------------------------------------------------
At the Extraordinary General Meeting of GSM Centre Limited on
Feb. 23, the subjoined Extraordinary Resolution to liquidate the
firm was passed.  Richard Andrew Segal of Begbies Traynor was
appointed liquidator.

Creditors are required to submit their proofs of claim on or
before 7 April 2005 to Mr. Segal at Begbies Traynor, Albert
Chambers, 221-223 Chingford Mount Road, London E4 8LP.

CONTACT:  BEGBIES TRAYNOR
          London Office
          32 Cornhill
          London
          EC3V 3BT
          Phone: 020 7398 3800
          Fax: 020 7398 3799
          Web site: http://www.begbies.com


HANNIG LIMITED: Soft Drinks Retailer Falls Under Administration
---------------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
have been called in as administrators for soft drinks
distributor Hannig Limited.

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester
          M4 1QD
          Phone: 0161 834 7025
                 0161 833 1548
          E-mail: sjwainwright@pandamanchester.co.uk
                  slord@pandamanchester.co.uk


JOHN CHARLES: Clothier Opts for Liquidation
-------------------------------------------
At the Extraordinary General Meeting of John Charles Apparel
Limited on Feb. 23, the Extraordinary and Ordinary Resolutions
to liquidate the firm was passed.  David P Appleby of Begbies
Traynor was appointed liquidator.

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

          JOHN CHARLES APPAREL
          4 Red Hill House
          Hope Street, Saltney, Cheshire CH4 8BU
          Contact:
          C Holley, Chairman


MILTON KEYNES: Final Members Meeting Set Next Month
---------------------------------------------------
The Final General Meeting of members of Milton Keynes Process
Limited is set on April 12, 2005, 11:00 a.m. at KPMG LLP, 8
Princes Parade, Liverpool L3 1QH.  Proxy forms if applicable,
must be lodged at KPMG LLP, 8 Princes Parade, Liverpool L3 1QH
on or before 12:00 noon on 11 April 2005.  For inquiries,
call/fax: +44 (0) 151 473 5200.

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


M. MERCADO: Claims Filing Period Ends Today
-------------------------------------------
The unsecured creditors of M. Mercado (Glasgow) Limited will
meet on March 8, 2005 at 11:00 a.m.  It will be held at
Merchants House, 7 West George Street, Glasgow.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kroll Limited, Afton House, 26 West Nile Street,
Glasgow G1 2PF not later than 12:00 noon, March 7, 2005.

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


MOWLEM PLC: Posts Results of Strategic Review
---------------------------------------------
The results for the year ended Dec. 31, 2004 reflect the already
reported operating exceptional charge, the one-off costs and
contract valuation adjustments.  The Group's underlying
performance is broadly in line with 2003.  A detailed strategic
review of Mowlem's businesses has now been completed and
extensive organizational and structural changes have been
initiated.  These steps are expected to be completed by mid-
summer.

Highlights

(a) Loss of GBP7.4 million before interest and tax,

(b) Year-end gearing at 10%,

(c) Dividend rebased at 5.4p,

(d) Strong order book at GBP2.4 billion,

(e) New Chief Executive in place, new Finance Director
    recruited,

(f) Major reorganization of U.K. operations underway

Mowlem Chief Executive, Simon Vivian, said: "We have completed a
comprehensive review of Mowlem's businesses and have taken the
steps necessary to re-align the Group to deliver results against
our committed strategy.  The Board is confident that the action
taken and Mowlem's fundamental strength will enable us to
deliver sustainable earnings growth."

                                Summary

Financial

(a) Underlying Group trading in line with last year,

(b) Group turnover GBP2,066 million (up 4%),

(c) Support Services turnover GBP564 million (up 16%),

(d) Construction turnover unchanged at GBP1.5 billion,

(e) Profitability severely reduced by write-downs and one-off
    charges:

     (i) Losses in building business in Australia,

    (ii) Write-downs in carrying value of some U.K.
         construction contracts,

   (iii) More prudent view of contract valuation/debt recovery
         in Mowlem Technical Services

    (iv) New five year banking facilities in place and bonding
         issues resolved

Operational

(a) More prudent approach to profit recognition and contract
    valuation

     (i) Improved financial and commercial controls,

    (ii) Better management control of work-in-progress,

   (iii) Greater focus on cash generation,

    (iv) Introduction of central risk assessment team under
         Director of Group Risk,

     (v) Bid review processes strengthened,

    (vi) Improved monitoring of contract performance,

   (vii) Reorganization of Construction Services into three
         operating Divisions, each with own Managing Director

  (viii) Dedicated PFI and integrated Projects Division created,

    (ix) Financial close of GBP5 billion Allenby Connaught MoD
         project (50% Mowlem share) planned for summer 2005

The full copy of this report is available free of charge at
http://bankrupt.com/misc/Mowlem_2004.htm.

CONTACT:  MOWLEM PLC
          Brian O'Neill
          Phone: 020 8568 9111 or 07803 261816

          CARDEW GROUP
          Jonathan Rooper
          Phone: 020 7930 0777 or 0774 0099 868


MURRAY STAYSEAL: Hires Liquidator from Deloitte & Touche
--------------------------------------------------------
At the extraordinary general meeting of the members of Murray
Stayseal Limited on Jan. 31, 2005 held at 201 Deansgate,
Manchester, M60 2AT, the extraordinary resolution to wind up the
company was passed.  W. K. Dawson of Deloitte & Touche, 201
Deansgate, Manchester, M60 2AT has been appointed liquidator of
the company.

CONTACT:  DELOITTE & TOUCHE LLP
          201 Deansgate
          Manchester M60 2AT
          Phone: +44 (0) 161 832 3555
          Fax: +44 (0) 161 829 3800
          Web site: http://www.deloitte.com


PLUMES TRADING: Succumbs to Liquidation
---------------------------------------
At the Extraordinary General Meeting of Plumes Trading Limited
on Feb. 25, the Extraordinary Resolution to wind up the firm was
passed.  N A Bennett of Leonard Curtis & Co. was appointed
liquidator.  Plumes Trading is formerly Duskcrown Limited.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


PLUM IT: Brings in Administrators from PKF
------------------------------------------
Allan Cooper and Brendan Ambrose Guilfoyle of The P&A
Partnership have been called to IT consultant Plum IT Limited on
Feb. 21

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


RICHARD KEW: Creditors Have Until April to Prove Claims
-------------------------------------------------------
At the Extraordinary General Meeting of Richard Kew Limited on
Feb. 22, 2005, the Extraordinary and Ordinary Resolutions to
liquidate the firm were passed.  Edward T Kerr and Ian Gould of
PKF were appointed liquidators.

Creditors are required on or before April 8, 2005 to send in
their forenames and surnames, addresses and descriptions, full
particulars of their debt or claims, and the names and addresses
of their Solicitors (if any), to Mr. Kerr of PKF at Pannell
House, 159 Charles Street, Leicester LE1 1LD.

Richard Kew manufactures men's accessories.

CONTACT:  PKF
          Pannell House, 6-7 Litfield Place,
          The Promenade, Clifton, Bristol BS8 3LX
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


SELECTIVE FLOORING: Calls in Liquidators from PKF
-------------------------------------------------
At the Extraordinary General Meeting of members of Selective
Flooring Limited on Feb. 24, the Extraordinary and Ordinary
Resolutions to liquidate the firm were passed.  Kerry Bailey and
Jonathan Newell of PKF were appointed liquidators.

CONTACT:  PKF
          10 Hanover Business Centre
          Hanover House, The Roe,
          St Asaph LL17 0LT
          Phone: 01745 585345
          Fax: 01745 582119
          Web site: http://www.pkf.co.uk


SIAS FOODS: Proofs of Claim Deadline Expires Later this Month
-------------------------------------------------------------
At the Extraordinary General Meeting of members of Sias Foods
(U.K.) Limited on Feb. 21, the Special and Ordinary Resolutions
to wind up the firm were passed.  Martin Dominic Pickard of the
firm Mazars LLP was appointed liquidators.

Creditors are required, on or before March 31, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Mr. Pickard
of Mazars LLP at The Atrium, Park Street West, Luton LU1 3BE

Sias Foods is formerly Millmen Limited.

CONTACT:  SIAS FOODS (U.K.) LIMITED
          Oakley Hay Lodge
          Great Fold Road
          Corby Northamptonshire, NN18 9AS
          Phone: 01536-741884


U.K. COAL: Preliminary Results Bare GBP51.6 Mln Pre-tax Loss
------------------------------------------------------------
UK Coal Plc, the coal mining and property group, announced on
March 3, 2004 its preliminary audited results for the year ended
December 31, 2004.

Financial and Operating Summary

(a) Operating loss from continuing operations before exceptional
    items GBP28.7 million (2003: Loss GBP1.8 million);

(b) Loss before tax GBP51.6 million (2003: Loss GBP1.2 million);

(c) Cash outflow before use of liquid resources, financing and
    dividends GBP7.5 million (2003: GBP39.1 million inflow);

(d) Final dividend 1 pence per share (2003: 5 pence per share);

(e) Deep mine output 12.0 million tons (2003: 14.8 million
    tons);

(f) Surface mine output 2.0 million tons (2003: 3.1 million
    tons);

(g) Coal sales from U.K. operations of 14.3 million tons
    (2003:18.9 million tons);

(h) Average selling price GBP1.18 per gigajoule (2003: GBP1.12
    per gigajoule);

(i) Total unit production costs GBP1.30 per gigajoule (2003:
    GBP1.16 per gigajoule);

(j) Gross value of property before rehabilitation and
    restoration costs GBP202 million (2002 valuation: GBP174
    million); and

(k) Property disposal proceeds of GBP4.3 million (2003: GBP9.7
    million).

Chairman's Statement

2004 has proved to be a difficult year for our deep mines, which
suffered from geological problems, industrial action and poor
operational performance.  The results have been disappointing.
Decisive action was taken in September with the appointment of
Gerry Spindler as Chief Executive.  He has already made
significant progress in reshaping and restructuring the
business.  Actions taken in the latter part of the year have
placed the business in a stronger position to develop in the
future.

Following the losses and cash outflow in 2004, and after taking
into consideration future plans, the Board has concluded that it
is in the best interests of shareholders to pay a reduced
dividend, retaining cash within the business.  As a result, the
Board is proposing the payment of a final dividend of
1 pence per share.

It is intended to pursue a progressive dividend policy from a
base of 6p per share, subject to improvements in operational
performance.

The full copy of this financial results is available free of
charge at http://bankrupt.com/misc/ukcoal.htm.

CONTACT:  UK COAL PLC
          Harworth Park
          Blyth Rd., Harworth
          Doncaster
          South Yorkshire DN11 8DB
          Phone: +44-1302-751751
          Fax: +44-1302-752420
          Web site: http://www.ukcoal.com

          GAVIN ANDERSON & COMPANY
          Financial:
          Ken Cronin
          Phone: 0207 554 1400
          Mobile: 07887 591 499

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


UNIQ PLC: Cancels Takeover Talks
--------------------------------
On Feb. 11, 2005, Uniq Plc announced that discussions were
continuing with one of the parties from which it had received an
unsolicited approach in relation to a possible offer for the
company and that discussions with all other parties had
terminated.  The company has now terminated discussions with the
remaining party.

The Company has concluded that the latest proposal from the
remaining party did not provide an acceptable basis for the
Company and the Pension Trustee to continue discussions.  This
outcome was materially affected by the leveraged nature of the
potential bidder's proposed capital structure and its impact on
the pension position.

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com

          GAINSBOROUGH
          Julian Walker
          Phone: 020 7190 1705


UNITED DOMINIONS: Members Final Meeting Tomorrow
------------------------------------------------
The final meeting of the members of United Dominions Trust
(Carplant) Limited will be on March 8, 2005 at 2:30 p.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


WARRANTY HOLDINGS: Proofs of Claim Due this Week
------------------------------------------------
Grant Thornton, the administrator of Warranty Holdings Group
Limited, F & I Services Limited, Oriel Mortgage Services
Limited, HTC Run-Off Limited, Autocare Admin Limited, Autocare
Plus Limited, Oriel Group Limited, Oriel Insurance Services
Limited, Warranty Holdings Insurance Services Limited are
calling creditors to file form 2.25B together with details of
claims on or before 12:00 noon of March 10, 2005 to:

          Nigel Ruddock
          Ipe Jacob
          Ian Carr
          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


WEBFELL LIMITED: Under Administration
-------------------------------------
Garry Wilson and Simon Allport of Ernst & Young were called in
as administrators for construction firm Webfell Limited on Feb.
23.

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

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


YEOMAN STOVES: Administrators from KPMG Step in
-----------------------------------------------
Richard John Hill and David John Crawshaw of KPMG LLP were
called in as administrators for Yeoman Stoves Limited on Feb.
23.

CONTACT:  KPMG LLP
          Plym House, 3 Longbridge Road
          Plymouth PL6 8LT
          Web site: http://www.kpmg.co.uk

          YEOMAN STOVES LIMITED
          Phone: 01392 474011
          Fax: 01392 219932
          http://www.yeoman-stoves.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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