TCREUR_Public/050308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 8, 2005, Vol. 6, No. 47

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: 'Resigned' Vice-chairman Continues to Hold Post


F I N L A N D

METSO CORPORATION: Sells Metso Drives to CapMan for EUR98 Mln
M-REAL CORPORATION: Suffers Downgrade for Weak Cash flow


F R A N C E

MARIONNAUD PARFUMERIES: Investors Group Files Securities Suit


G E R M A N Y

AL-CAR TRANSPORT: Under Bankruptcy Administration
ARES ENERGIE: Suit Seeks EUR20 Million from MVV Energie
BBS BETEILIGUNGS: Creditors Claims Due this Month
BRUGGEMANN BAUELEMENTE: Essen Court Appoints Administrator
ECT ERFURT: Creditors Have Until April to Prove Claims

K + M GMBH: Gives Creditors Until March 21 to File Claims
M + M LUFTUNGSANLAGEN: Cedes Control to Interim Administrator
N & W ERFURTER: Administrator's Report Out Next Month
PK ELECTRONIC: Hamburg Court Confirms Insolvency
SENATOR ENTERTAINMENT: Kinowelt Wants to Takeover Film Producer
THUCOB COMPUTER: Succumbs to Insolvency
ZWIEBELVERARBEITUNGS: Administrator to Deliver Report March


I R E L A N D

ELAN CORPORATION: Fatal Side Effect of TYSABRI Reconfirmed


I T A L Y

ALITALIA SPA: State Proposes Price Hike to Fund Redundancy


N E T H E R L A N D S

LAURUS N.V.: Edah Announces Significant Price Cuts
LAURUS N.V.: 2004 Net Loss Reaches EUR128 Million


R O M A N I A

ROMANIAN BANKS: Three Local Banks Earn Upgrade


R U S S I A

BAYKALSKIYE VODY: Falls Under Court Supervision
DONATOR: Hires A. Zhimarinskiy as Insolvency Manager
GORODISHENSKIY TINNED: Claims Deadline Saturday
IVA: Last Day for Filing Claims March 12
KALUZHSKOYE: Kaluga Court Appoints Insolvency Manager

KOLPINSKIY FOOD: Proofs of Claim Deadline Nears
MAYKOPSKIY MACHINE-TOOL: Insolvency Manager Takes over Helm
NIZHNETAGILSKIY CITY: Applies for Bankruptcy Proceedings
PRIKUBANSKOYE: Under Bankruptcy Supervision
URALTRANSBANK: Fitch Assigns 'B' Ratings, Stable Outlook
ZARYA: Gives Creditors Until Next Month to File Claims


S W I T Z E R L A N D

KABA HOLDING: Cuts Debt to CHF387.3 Million


U K R A I N E

BARVINOK: Harkiv Court Opens Bankruptcy Proceedings
BETONNIK: Brings in Interim Manager
DNIPRO: Succumbs to Bankruptcy
FINMARKET: Files for Bankruptcy
KATANSKE: Under Bankruptcy Supervision

KONOTOP' WOOD: Falls Under Court Supervision
SHIDLINE: Declared Insolvent
STAROSINYAVSKIJ SUGAR: Bankruptcy Proceedings Begin
VO CENTR: Cedes Control to Court-appointed Manager
ZMERINKA' RAJAGROBUD: Vinnitsya Court Appoints Liquidator


U N I T E D   K I N G D O M

ADVANCED TECHNOLOGY: Brings in Insolvency Advisers
A. J. MANN: Members Decide to Wind up Firm
ANDERSON & INNES: Joint Receivers to Present Report Next Week
AVENUE INTERNATIONAL: Hires Liquidator from Irwin & Company
BASE SECURITY: Hires Unique Business Finance to Liquidate Firm

BRACHER EMDEN: Shareholders Decide to Liquidate Company
BROOKLEC 2000: Liquidator from CBA Moves in
CAMPUS VENTURES: Members Call in Liquidator from Begbies Traynor
CARNEVALE RESTAURANT: Hires Ansers to Liquidate Business
CARR PUBLISHING: Files for Liquidation

CDS TEXTILES: Members Decide to Liquidate Company
CENTRAL TIMBER: Names Elwell Watchorn & Saxton Liquidator
CHENGATE HOUSE: Hires Sanderlings as Liquidator
COUNTRYWIDE QUALITY: Opts for Liquidation
CREATIVE ONE: Members Appoint David Horner & Co. Liquidator

E.C. SERVICES: Calls in Liquidator from Irwin & Company
EPSILON ENTERPRISES: Hires Liquidator from Alexander Lawson
EXETER FUND: In Administrative Receivership
G F ENTERPRISE: To Hold Final General Meeting Later this Month
HYDRA TRADING: Hires Liquidators from Portland Business

I-ZONE INCUBATION: Appoints Begbies Traynor Liquidator
JACKPOT ACCESSORIES: Shareholders Appoint Liquidators
J & C LIMITED: Hires Franklin & Co. as Liquidator
KARNAVAL KOLOR: Members Call in Liquidator from Findlay James
KNAVEBROOK LIMITED: Liquidator from Hodgsons Moves in

M & A AUTOS: Members Hire Cooper Young as Liquidator
MAJESTIC CONSERVATORIES: Names Campbell Crossley Liquidator
ML LABORATORIES: Shareholders Revamp Management
M. MERCADO: Creditors Meeting Set Today
MOTIONCOUNT LIMITED: Members Final Meeting Set Later this Month

M. PUGH: Liquidator from Valentine & Co. Moves in
M R ENTERPRISES: Names Springfields Liquidator
TOPLINE WINDOWS: Winding-up Report Out April

* Large Companies with Insolvent Balance Sheets


                            *********


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


CYPRUS AIRWAYS: 'Resigned' Vice-chairman Continues to Hold Post
---------------------------------------------------------------
Achilleas Kyprianou remains the vice-chairman of Cyprus
Airways, the carrier said in a Cyprus Stock Exchange disclosure.

The airline issued the clarification over Mr. Kyprianou's abrupt
resignation at the request of the local Securities and Exchange
Commission.  Apparently, under company regulations, a board
member who intends to leave must submit his resignation letter
to the board.  Mr. Kyprianou filed his with the ministers of
finance and transport.

In its statement, Cyprus Airways said Mr. Kyprianou will remain
a board member until it receives and acts on his resignation
notice.  Mr. Kyprianou resigned Thursday following an impromptu
strike by cabin crew.  He said the board has been ill-informed
about the effects of implementing redundancies at the carrier.

The government-owned airline posted CYP33.5 million in net loss
for 2004.  It blames the liberalization of air transport and the
abolition of duty-free sales for its financial woes.

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


METSO CORPORATION: Sells Metso Drives to CapMan for EUR98 Mln
-------------------------------------------------------------
Metso Corporation has signed an agreement to sell Metso Drives,
a manufacturer of mechanical power transmission equipment, to
the funds managed by CapMan.  The debt-free price of the
divestment is about EUR98 million.  Metso Drives Oy and its
foreign subsidiaries will be transferred to the ownership of the
CapMan funds after the relevant regulatory approvals.

"For Metso, the divestiture is a strategic move," says Jorma
Eloranta, President and CEO of Metso Corporation.  "Metso
Drives' net sales and profitability improved favorably in 2004.
Even so, we realized that the biggest growth potential for Metso
Drives is in the wind turbine sector and other sectors, which
are not part of Metso's core businesses.  Cooperation with Metso
Drives and Metso's businesses, particularly Metso Paper, will
continue.  We consider it important that Metso Drives continues
to competitively develop products and services also for Metso's
needs."

Part of the Metso Ventures business area, Metso Drives reported
net sales of EUR157 million in 2004.  It employs about 890
people in Finland, Germany, Canada, the United States, and
Sweden.  They will continue working under their existing
employment contracts for the company to be established.  Metso
Drives is the world's leading supplier of mechanical drives for
the pulp and paper industry, and one of the leading
manufacturers of wind turbine gears.  It also provides
maintenance services for its customer industries.

"Metso Drives is a technically strong player with a good
position in all three of its businesses.  Metso has proactively
developed the company's business, and the existing platform is a
solid base for continuing business development and strengthening
market position in global markets," says CapMan's Senior Advisor
Orvo Siimesto, who will become the company's Chairman of the
Board.

Erkki Pylvanainen will continue as President of Metso Drives.
"We expect CapMan to offer us new opportunities and resources as
CapMan has historically grown the business of its portfolio
companies organically and through mergers and acquisitions,"
says Pylvanainen.  "Continuing our cooperation with Metso also
offers us added growth potential."

Related to the divestment of Metso Drives, Metso will book a
tax-free capital gain of approximately EUR18 million in 2005.
In accordance with IFRS, the capital gain will be reported as
part of Discontinued operations line, below the net result of
Continuing operations.  The 2005 net result of Metso Drives till
the finalization of the divestment will be reported under the
same line.

CapMan is one of the leading private equity investors in the
Nordic countries and is specialized in middle market buyouts in
various industry sectors, technology investments in the IT and
communications sectors, and investments in life science
companies.  The CapMan team includes some 80 people in Helsinki,
Stockholm, Copenhagen and Oslo.  The Nordic funds managed by
CapMan have approximately EUR1.3 billion in capital.  CapMan
Plc's B-share is listed on the main list of the Helsinki Stock
Exchange.

Metso is a global technology corporation serving customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.  In 2004, the net
sales of Metso Corporation were approximately EUR4 billion, and
it has some 23,000 employees in more than 50 countries.  Metso's
shares are listed on the Helsinki and New York Stock Exchanges.

CONTACT:  METSO CORPORATION
          Eeva Makela, Vice President, Investor Relations
          Phone: +358 204 84 3253

          Vesa Kainu, President, Metso Ventures
          Phone: + 358 204 84 3258

          Orvo Siimesto, Senior Advisor, CapMan
          Phone: +358 9 6155 8328

          Erkki Pylvanainen, President, Metso Drives
          Phone: +358 204 84 7600

          Web sites: http://www.metso.com,
                     http://www.metsodrives.com
                     http://www.capman.com


M-REAL CORPORATION: Suffers Downgrade for Weak Cash flow
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Finland-based forest products company
M-real Corp. to 'BB' from 'BB+'.  The 'B' short-term corporate
credit rating on M-real was affirmed.  The outlook is stable.

"The downgrade reflects M-real's continued weaker than expected
operating performance and credit protection measures, which are
not expected to improve materially over the near to medium
term," said Standard & Poor's credit analyst Alf Stenqvist.  The
weak operating cash flows reflect weak paper prices for the
group's main products (primarily fine papers), negative currency
effects, and operating inefficiencies.

At year-end 2004, M-real had net interest-bearing debt of about
EUR2.2 billion (US$2.9 billion).  Despite gradually improved
demand and increased capacity utilization rates in the European
fine paper market, producers face difficulties in achieving
price increases.  This is primarily because of the significant
overcapacity that still exists. The weaker U.S dollar also makes
European overseas paper exports less attractive, which
contributes to the large available supply in Europe.  In
addition, M-real's own operating efficiency remains weak.  As
part of a strategy review in August 2004, M-real decided on
initiatives to strengthen its strategic focus and increase
efforts to improve operating efficiency over the next few years.
These include a new large cost savings program, which should
gradually benefit the group's profitability.

"The stable outlook reflects our expectation of gradual
improvements in M-real's operating cash flows, which should lead
to improved credit measures in 2005," added Mr. Stenqvist.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          GROUP E-MAIL ADDRESS
          CorporateFinanceEurope@standardandpoors.com

          M-REAL OYJ
          Revontulentie 6
          FIN-02100 Espoo, Finland
          Phone: +358-104-6-11
          Fax: +358-1046-94355
          Web site: http://www.m-real.com


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


MARIONNAUD PARFUMERIES: Investors Group Files Securities Suit
-------------------------------------------------------------
A small securities holders' association has filed a false
reporting suit against troubled perfume group Marionnaud
Parfumeries, Le Monde says.

L'Association des Petits Porteurs Actifs Reprrsentant Les
Actionnaires Minoritaires (APPAC) accused Marionnaud of
reporting distorted figures for its 2002 and 2003 balance sheet
and cash reserves.  APPAC added Marionnaud released misleading
information, which greatly influenced its stock price since
2002.

Financial markets authority, Autorite Des Marches Financiers
(AMF), has been investigating Marionnaud since January following
the company's admission of EUR93 million in accounting errors.
The Paris public prosecutor's office has also launched a
"preliminary investigation"; a full-blown probe is expected if
sufficient evidence is found.

Marionnaud recently told AMF it had revised its 2003 net profit
from the reported EUR38.7 million to EUR12.7 million. The
company booked EUR78.9 million in net loss for the first half of
2004.

CONTACT:  MARIONNAUD PARFUMERIES S.A.
          5 Avenue de Paris
          94300 Vincennes
          Phone: +33 (0) 1 48 08 69 69
          Fax: +33 (0) 1 48 08 01 51
          Web site: http://www.marionnaud.com


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


AL-CAR TRANSPORT: Under Bankruptcy Administration
-------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against AL-CAR Transport GmbH on Feb. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 11, 2005 to register their
claims with court-appointed provisional administrator Thomas
Krafft.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 10:15 a.m. at the district court of
Cottbus, Gerichtsplatz 2, I. OG, Saal 211, 03046 Cottbus 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:  AL-CAR TRANSPORT GMBH
          Am Nordrand 40, 03044 Cottbus
          Contact:
          Carsten Albers, Manager
          Siedlung Nord 25, 03044 Cottbus

          Thomas Krafft, Insolvency Manager
          Jagerallee 37 H, 14469 Potsdam


ARES ENERGIE: Suit Seeks EUR20 Million from MVV Energie
-------------------------------------------------------
Insolvent energy firm Ares Energie has filed a EUR20 million
suit with a Berlin court in relation to the sale of its
subsidiary to the municipal works corporation in Kiel four years
ago.

Ares is claiming EUR20 million from MVV Energie, the new owner
of the municipal works, to uphold an agreement that some of its
debt will be cancelled when it sold Ares Energie Direkt.  The
purchase price was EUR60 million.  Part of the amount was paid
in cash.  The remaining amount was to be covered by the debt,
but municipal works corporation's 50.1% owner, U.S. electricity
group TXU, fell into insolvency, upsetting the original deal.
Both MVV and Kiel refused Ares' claims.  The court is to decide
on the case July 13.

Ares has also accused MVV Energie of failing to provide risk
provision for the suit in its book.


BBS BETEILIGUNGS: Creditors Claims Due this Month
-------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against BBS Beteiligungs GmbH on Feb. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 24, 2005 to register their
claims with court-appointed provisional administrator Reinhard
Titz.

Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2005, 10:45 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) 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:  BBS BETEILIGUNGS GMBH
          Merkurring 20, 22143 Hamburg
          Contact:
          Olaf Martelock, Manager
          Schulstrasse 18, 21502 Geesthacht
          Bernd Seidler, Manager
          Alte Poststrasse 98, 22929 Schonberg

          Reinhard Titz, Insolvency Manager
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301226


BRUGGEMANN BAUELEMENTE: Essen Court Appoints Administrator
----------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Bruggemann Bauelemente GmbH on Feb. 15.  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 Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 9:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I. OG
gelber Bereich, Saal 186 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:  BRUGGEMANN BAUELEMENTE GMBH
          Marxstr. 5, 45527 Hattingen
          Contact:
          Ingo Bruggemann, Manager

          Georg F. Kreplin, Insolvency Manager
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


ECT ERFURT: Creditors Have Until April to Prove Claims
------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against ECT Erfurt GmbH Elektro-Computer-Technik on Feb. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 11, 2005
to register their claims with court-appointed provisional
administrator Thomas Alter.

Creditors and other interested parties are encouraged to attend
the meeting on May 2, 2005, 11:15 a.m. at Saal 12 at the
insolvency court of Erfurt Rudolfstr. 46, 99092 Erfurt 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:  ECT ERFURT GMBH ELEKTRO-COMPUTER-TECHNIK
          Contact:
          Reiner Spiske, Manager
          Fichtenweg 10, 99198 Kerspleben

          Thomas Alter, Insolvency Manager
          Schillerstr. 2, 99096 Erfurt


K + M GMBH: Gives Creditors Until March 21 to File Claims
---------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against K + M GmbH on Feb. 9.  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 Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 2:45 a.m. at Saal 12, insolvency
court of Erfurt Rudolfstr. 46, 99092 Erfurt 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:  K + M GMBH
          Contact:
          Bernd Welsch, Manager
          Marco Thiel, Manager
          Wallicher Weg 3, 99198 Vieselbach

          Sebastian Nolte, Insolvency Manager
          Anger 47-49, 99084 Erfurt


M + M LUFTUNGSANLAGEN: Cedes Control to Interim Administrator
-------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against M + M Luftungsanlagen- und Klimaanlagenbau GmbH on Feb.
14.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 17,
2005 to register their claims with court-appointed provisional
administrator Dr. Gunter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 1:35 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293 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:  M + M LUFTUNGSANLAGEN- UND KLIMAANLAGENBAU GMBH
          Krayerstr. 105, 45307 Essen
          Contact:
          Hans-Joachim Marker, Manager
          Krayerstr. 105, 45307 Essen

          Dr. Gunter Trutnau, Insolvency Manager
          Kettwiger Strasse 2-10, 45127 Essen
          Phone: (0201) 1095-3


N & W ERFURTER: Administrator's Report Out Next Month
-----------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against N & W Erfurter Gemuse GmbH on Feb. 10.  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 Wilfried Ruschke.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 1:30 a.m. at Saal 6 insolvency
court of Erfurt Rudolfstr. 46, 99092 Erfurt 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:  N & W ERFURTER GEMUSE GMBH
          Contact:
          Michael Schopfer, Manager
          Schwerborner Strasse 29, 99087 Erfurt

          Wilfried Ruschke, Insolvency Manager
          Charlottenstr. 7, 99096 Erfurt


PK ELECTRONIC: Hamburg Court Confirms Insolvency
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against PK Electronic International (GmbH & Co.) KG on Feb. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 24, 2005
to register their claims with court-appointed provisional
administrator Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2005, 10:10 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) 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:  PK ELECTRONIC INTERNATIONAL (GMBH & CO.) KG
          Marschnerstieg 5-7, 22081 Hamburg

          PK ELECTRONIC INTERNATIONAL GMBH
          Marschnerstieg 5-7, 22081 Hamburg
          Contact:
          Wulf Gunther Backhaus
          Chemin de Peyrebelle 934, F-06560 Valbonne

          Dr. Achim Ahrendt, Insolvency Manager
          Albert-Einstein-Ring 11/15, 22761 Hamburg
          Phone: 899560
          Fax: 8995610


SENATOR ENTERTAINMENT: Kinowelt Wants to Takeover Film Producer
---------------------------------------------------------------
Film license broker Kinowelt GmbH is pursuing a takeover of
insolvent film producer and distributor Senator Entertainment,
Suddeutsche Zeitung says.

Kinowelt has been holding talks with Senator's insolvency
administrator.  Kinowelt owner Michael Kolmel revealed plans to
merge likewise insolvent group Kinowelt Medien AG and Senator
should a takeover take place.  A deal, however, might not
materialize in the near future since both groups have yet to
agree on the price.

Senator Entertainment, the country's second-largest film
producer and distributor, applied for insolvency protection in
April after suffering massive write-downs.  Deutsche Bank gained
a 72% stake in Senator after taking over the group's EUR168
million in debt in May and completing a capital increase in
October.  The bank has been selling its stake to interested
buyers through Senator's insolvency administrator.

CONTACT:  SENATOR ENTERTAINEMNT A.G.
          Ransketrasse 3
          D-10789 Berlin
          E-mail: info@senator.de
          Web site: http://www.senator.de

          Karl W. Homburg
          Investor Relations
          Phone: +49 30 88091-612
          Fax: +49 30 88091-616
          E-mail: investor@senator.de

          DEUTSCHE BANK A.G. LONDON
          6th Floor
          Winchester House
          Great Winchester Street
          London EC2N 2DB
          Phone: (020) 7545 8000
          Fax: (020) 7547 4577
          Web site: http://www.deutsche-bank.de

          KINOWELT GMBH
          Karl-Tauchnitz-Str. 10
          D-04107 Leipzig
          Phone: +49 (0)341-35596-0
          Fax: +49 (0)341-35596-999
          E-mail: info@kinowelt.de
          Web site: http://www.kinowelt.de


THUCOB COMPUTER: Succumbs to Insolvency
---------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against THUCOB Computer AG on Feb. 9.  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 Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 1:00 a.m. at Saal 6 insolvency
court of Erfurt Rudolfstr. 46, 99092 Erfurt 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:  THUCOB COMPUTER AG
          Vorstand, Kalkreisse 6, 99085 Erfurt

          Horst Helberg, Insolvency Manager
          Selliner Str. 6-8, 01109 Dresden


ZWIEBELVERARBEITUNGS: Administrator to Deliver Report March
-----------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against Zwiebelverarbeitungs- und -vertriebsgesellschaft
Spreewald mbH on Feb. 7.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 10 to register their claims with court-
appointed provisional administrator Dr. Detlef Rudiger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 11:15 a.m. at the district court
of Cottbus, Gerichtsplatz 2, 2. OG, Saal 313, 03046 Cottbus 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:  ZWIEBELVERARBEITUNGS- UND -VERTRIEBSGESELLSCHAFT
          SPREEWALD MBH
          Contact:
          Andreas Muller, Manager
          Lubbener Strasse 7 a, 15913

          Dr. Detlef Rudiger Beckmann, Insolvency Manager
          Lietzenburger Strasse 77, 10719 Berlin


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


ELAN CORPORATION: Fatal Side Effect of TYSABRI Reconfirmed
----------------------------------------------------------
Biogen Idec and Elan Corporation plc announced on Friday an
update on the voluntary suspension in the marketing of
TYSABRI(R) (natalizumab), a treatment for multiple sclerosis
(MS).

On February 28, 2005, the companies reported that they had
suspended marketing of TYSABRI based on one confirmed case and
one suspected case of progressive multifocal leukoencephalopathy
(PML), a rare and frequently fatal, demyelinating disease of the
central nervous system.

The investigator has now changed the status of the second case
from suspected to confirmed.  The companies are continuing to
examine these two cases.  As indicated in the announcement on
February 28, 2005, both patients received more than two years of
TYSABRI therapy in combination with AVONEX(R) (Interferon beta-
1a).

To date, the companies have received no reports of PML in
patients receiving TYSABRI monotherapy for MS or in patients
with Crohn's disease or rheumatoid arthritis.  Biogen Idec has
not received any reports of PML in patients treated with AVONEX
alone, a product on the market since 1996.

Biogen Idec and Elan will work with clinical investigators to
evaluate TYSABRI-treated patients and will consult with leading
experts to better understand the possible risk of PML.  Based on
the full results of these evaluations, the companies, in
consultation with regulatory authorities, will determine the
appropriate next steps.

In addition, Biogen Idec and Elan have undertaken to provide
information to the U.S. Securities and Exchange Commission in
connection with the voluntary suspension in the marketing of
TYSABRI.  The companies are cooperating with the agency
regarding these matters.

About Biogen Idec

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

About Elan

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

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

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


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


ALITALIA SPA: State Proposes Price Hike to Fund Redundancy
----------------------------------------------------------
The senate has approved a decree allowing a one-euro hike in
airline ticket prices to fund redundancy payments of troubled
national carrier Alitalia, Il Sole 24 Ore says.

The hike will be imposed on all tickets sold by Alitalia as well
as other carriers.  The lower is currently reviewing the
proposal.

Labor unions agreed in November to accept a state-backed
unemployment package for around 3,700 employees of Alitalia.
Under the pact, those facing lay-offs are to receive two years
of handouts under a so-called "cassa integrazione" program from
the government.  The workers will be allowed to stay at home
while remaining legal employees.  Afterwards, they will be put
under a so-called "mobilita" program for up to three more years.
They will be removed from Alitalia's books, but continue to
receive part of their original salaries.  The government pledged
to shoulder most of the bill.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


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


LAURUS N.V.: Edah Announces Significant Price Cuts
--------------------------------------------------
Edah is cutting the prices of 250 items by an average of 5-10%.
This will mean a substantial reduction in the prices of leading
brands, Edah own-brand products and price-fighter products and
will further improve the value for money that the Edah
supermarkets offer.  Over the coming months the price cuts will
also extend beyond these initial 250 products to include many
other items.

Laurus had decided even before the start of the current price
war to reposition Edah as a discount supermarket.  In other
words, as a supermarket offering extremely competitive prices,
but also a comprehensive product range, including an extensive
range of fresh products.  This decision resulted in 2004 in the
opening of the first Edah Lekker & Laag stores, where prices are
at the level of the cheapest supermarkets in the Netherlands.

Edah currently has a total of 286 stores, of which approximately
50 have now been converted to the Lekker & Laag format that will
form the basis for all Edah stores in the future.

As it will take some time to complete the conversion of all the
existing stores, it has been decided that the substantial price
cuts will apply straightaway in all Edah stores, which have not
yet been converted to Edah Lekker & Laag stores.  This will mark
a return by Edah to its original position as a popular discount
supermarket.

Laurus and the road to recovery

With distinctive retail formats, each with its individual
identity and commercial policy and each independently addressing
its specific market segment, Laurus aims in the coming years to
strengthen significantly its position as the second-largest
player in the Dutch food retailing sector.  The company is
resolutely pursuing its step-by-step recovery plan, which runs
until the end of 2007, while closely monitoring its operating
costs and back-office processes on a continuous basis.  The
priority for Laurus in 2005, in addition to further efficiency
improvements, will be to upgrade its retail formats.

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD 's-Hertogenbosch
          The Netherlands
          Phone: +31 73 622 3622
          Fax: +31 73 622 3636
          Web site: http://www.laurus.nl


LAURUS N.V.: 2004 Net Loss Reaches EUR128 Million
-------------------------------------------------
Harry Bruijniks, chairman of Laurus N.V.'s Group Management
Board said: "The combined effect of the economic recession and
the price war which started in October 2003 brought the Dutch
food retailing sector to a complete standstill in 2004.
Following a tentative return to profit in 2003, Laurus ended
2004 with a loss, the reasons for which already were explained
at the time of the announcement of the share issue in the fourth
quarter.  The trend in combined like-for-like consumer sales of
our retail formats was downward.

"From the point of view of longer-term recovery, however, 2004
was far from a lost year.  We worked hard on the much-needed
renewal of our Edah, Konmar and Super de Boer formats, opening
40 Edah Lekker & Laag stores in the second half of 2004 and the
first Super de Boer Refresh store at the end of October.  Week
16 of 2005 will see the opening in Hoogvliet of the first pilot
store operating under our new Superstore format.

"The issue of new shares in November 2004 has provided the
equity and financial resources Laurus needs to accelerate the
process of format renewal in 2005 and beyond.  An additional
focus this year is on maintaining -- and where possible
increasing -- our sales.  In parallel with upgrading our
formats, improving our store operation is an essential part of
this process.

"In 2004, Laurus implemented a number of extensive
reorganizations, which improved the cost structure considerably.
In consequence, it was possible to recover part of the loss of
margin resulting from the price war.

"To improve our logistics infrastructure in the west of the
Netherlands, Laurus is investing around EUR50 million in a new
distribution center in 2005 and 2006."

                                           2004       2003

Operating income (EBIT) in the Netherlands,
before special items              -EUR20 million  EUR82 million
Operating income (EBIT) in the Netherlands
                                  -EUR111 million EUR39 million
Net sales in the Netherlands       EUR3.5 billion EUR3.8 billion
Consolidated operating income (EBIT)
                                  -EUR115 million EUR27 million

Consolidated net sales             EUR3.5 billion EUR4.1 billion
Consolidated net income           -EUR128 million EUR9 million
Consolidated net interest charges
                                  -EUR29 million -EUR34 million
Interest-bearing debt (long-term)  EUR230 million EUR403 million

Results

Consolidated net sales in 2004 amounted to EUR3.5 billion, a
substantial decrease compared with 2003 -EUR4.1 billion.  Net
sales generated by the Belgian activities contributed only EUR23
million in 2004, compared with EUR229 million in 2003.  The
decrease in the Netherlands was largely due to price-cutting and
the sharp decline in sales volumes.

Consolidated gross margin fell from 19.3% in 2003 to 18.8% in
2004.

Consolidated operating income for 2004 was EUR115 million
negative, compared with EUR27 million positive in 2003.  As
indicated in October 2004, at the time of the announcement of
the share issue, operating income was adversely affected by the
EUR69 million impairment of the capitalized goodwill in respect
of Groenwoudt/Nieuwe Weme and the provision of EUR26 million for
the Bridge reorganization project, which involved the loss of
1,290 store jobs.

The operating income benefited from a EUR13 million reduction in
distribution costs, of which EUR8 million was achieved through
restructuring of the distribution network and EUR5 million
reflected the reduced distribution volume.  There was a further
fall in overheads of EUR4 million, due to the reduction in the
number of FTEs from 930 at the end of 2003 to 830 at the end of
2004.

Laurus suffered a net loss of EUR128 million in 2004, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.

Special Items

The net effect of special items in 2004, including the effect of
a 53rd week, amounted to EUR91 million.  Excluding special
items, the consolidated operating income would have been EUR20
million negative.  The most significant special items can be
summarized as:

(a) Impairment of capitalized goodwill in respect of
    Groenwoudt/Nieuwe Weme of EUR69 million, which was charged
    to the result;

(b) Formation of a provision of EUR26 million for the cost of
    reducing store staff by 1,290 (Bridge reorganization
    project);

(c) Appropriation of EUR5 million to the provision for lease
    commitments on vacant premises, in the light of further
    deterioration of the property market; and

(d) Net gain of EUR11 million realized, mainly on the disposal
    of several Dutch assets.

Disposals

Disposals yielded a gain of EUR19 million, from completion of
the sale of the Belgian activities and closure of the positions
in Spain.

Rationalization of Logistics Infrastructure and Termination Fees

Two distribution centers, in Hoofddorp and Apeldoorn, were
closed in 2004.  The lease on the Van Nelle building in
Rotterdam, expiring in mid-October 2011, was taken over by
Volker Wessels Stevin Bouw & Vastgoedontwikkeling B.V. as of 1
April 2004.  The agreed consideration was charged to the
provision for lease commitments.

Net Interest Charges and Financing

Net interest charges decreased from EUR34 million to EUR29
million, mainly reflecting the lower level of debt in 2004
compared with 2003.  The proceeds of the share issue in November
2004 were used to reduce interest-bearing debt.  Long-term bank
debt amounted to EUR230 million (2003: EUR403 million) at the
balance sheet date.  The facilities available from the
consortium of banks at the balance sheet date totaled EUR760
million: EUR530 million for the Netherlands (of which EUR43
million has been drawn) and EUR230 million for Spain (of which
EUR185 million has been drawn).  The EUR80 million facility for
Belgium was cancelled in February 2004.  The facility for Spain,
which initially amounted to EUR340 million, was reduced in 2004
by EUR110 million, yielding an annual saving of approximately
EUR1 million in commitment fees.

The Excess Liability Facilities (ELFs) of EUR250 million for the
reorganizations in Belgium and Spain, were canceled by Laurus in
January 2004.

Taxation

Tax on income from ordinary activities was EUR3 million negative
(2003: EUR8 million positive), mainly due to the downward
adjustment of capitalized deferred taxation in connection with
the reduction in the corporation tax rate.  The loss in 2004 did
not give rise to an increase in capitalized deferred taxation.

Shareholders' Equity

Reflecting the share issue in November 2004 and the loss for the
year, shareholders' equity increased in 2004 to EUR154 million
(2003: EUR90 million).

No dividend for 2004

In compliance with the statutory provisions and the provisions
of the articles of association relating to the appropriation of
profit, Laurus will not distribute a dividend for 2004.

Belgium

Net sales were down EUR206 million to EUR23 million, due to the
disposal of stores.

Operating income was EUR4 million negative (2003: EUR12 million
negative).

Netherlands

Operating income before special items on the activities in the
Netherlands declined from EUR82 million in 2003 to EUR20 million
negative in 2004.  Including special items, operating income
from the activities in the Netherlands decreased from EUR39
million in 2003 to EUR111 million negative in 2004.

Laurus' core activities in the Netherlands (Edah, Konmar and
Super de Boer) reported disappointing sales last year.  Net
sales in 2004 (53 weeks) amounted to EUR3.5 billion, compared
with EUR3.8 billion in 2003 (52 weeks).  Consumer sales in 2004
(53 weeks) amounted to EUR4.1 billion, compared with EUR4.5
billion in 2003 (52 weeks).  Total like-for-like consumer sales
(based on 52 weeks) were down 8.2% compared with 2003.  The
combined market share in 2004 was 16.4% (200318.3%).  The
disposal of stores accounted for around a third of the decline
in market share, with the loss of like-for-like consumer sales
accounting for the remainder.

The negative sales trend in 2004 can be attributed entirely to
the fact that the Laurus retail formats are at a transitional
stage.  A process of renewal is under way within all three
retail formats, with the object of enhancing their
competitiveness, but the converted Edah and Super de Boer stores
have not been operational long enough to reverse the decline in
total sales.

This decline manifested itself most clearly at the 'regular'
Edah stores, which had not yet been converted to the Edah Lekker
& Laag format.  Compared with the existing Edah stores, sales
were higher at the 40 stores, which were converted to the Edah
Lekker & Laag format in the third and fourth quarters of 2004.

As previously announced, a further 15 stores will be converted
this quarter, accompanied by further fine-tuning of the Edah
Lekker & Laag format.

The 'regular' Super de Boer stores (those which have not yet
undergone the full Refresh revitalization program) are
performing better than the 'regular' Edah outlets in the current
price war.  A good level of sales is being achieved by the
stores, which have been fully remodeled under the Refresh
program.

The Konmar Superstores showed signs of a tentative recovery in
the second half of 2004, reflected mainly in rising volume, but
the evidence is not yet strong enough to be convincing.  A new
'every day low prices' concept for the Superstores is to be
launched in Hoogvliet in week 16 of 2005.

Edah

There were 286 Edah stores at the end of 2004 (year-end 2003:
269), of which 58 (year-end 2003: 58) were operated by
affiliated independent retailers.

Konmar

There were 43 Konmar stores at the end of 2004 (year-end 2003:
90, including 45 stores which were converted to Super de Boer or
Edah in 2004), of which four were operated by affiliated
independent retailers.

Super de Boer

There were 392 Super de Boer stores at the end of 2004 (year-end
2003: 369), of which 206 (year-end 2003: 214) were operated by
affiliated independent retailers.

Outlook for 2005

(a) Renewal of the retail formats will continue to be a priority
    in 2005.  Laurus expects to invest approximately EUR245-255
    million in upgrading its stores from now until the end of
    2007;

(b) The main priority in 2005 will be to increase customer
    satisfaction, among other things by further improving our
    store operation;

(c) Major effort will continue to be invested in cost saving,
    first and foremost via the further rollout of projects such
    as Superfit (designed to increase the efficiency of store
    processes) and Casper (introduction of a computer-aided
    ordering process within the stores).  As well as improving
    ordering efficiency, the Casper project is also designed to
    reduce the number of out-of-stock items.  The various
    reorganization processes that are already under way will be
    completed;

(d) It is unclear how the price war, which has now been in
    progress for almost a year and a half, will develop in 2005
    in terms of intensity.  In addition, it is unclear how and
    when the pace and effectiveness of the policy adopted by
    Laurus shall materialize.  Any improvement in the result
    will largely depend on the improvement in sales and margin.
    In the light of these uncertainties, the Group Management
    Board chooses not to give any forecast of the result in
    2005.

Important dates

Publication of first-quarter 2005 sales figures    25 April 2005
Publication of 2004 annual report                  26 April 2005
Annual General Meeting of Shareholders             12 May 2005
Publication of second-quarter 2005 sales figures   11 July 2005
Publication of 2005 interim figures                2 Sept. 2005
Publication of third-quarter of 2005 sales figures 17 Oct. 2005
Publication of 2005 full-year sales figures        17 Jan. 2006

Laurus and the road to recovery

With distinctive retail formats, each with its individual
identity and commercial policy and each independently addressing
its specific market segment, Laurus aims in the coming years to
strengthen significantly its position as the second largest
player in the Dutch food retailing sector.  The company is
resolutely pursuing its step-by-step recovery plan, which runs
until the end of 2007, while closely monitoring its operating
costs and back-office processes on a continuous basis.  The
priority for Laurus in 2005, in addition to further efficiency
improvements, will be to upgrade its retail formats.

A full copy of the report is available free of charge at
http://bankrupt.com/misc/Laurus_2004.pdf

CONTACT:  LAURUS N.V.
          Frits Kremer
          Phone: 0031 (0)73 622 37 14
                 0031 (0)6 22 45 88 57


=============
R O M A N I A
=============


ROMANIAN BANKS: Three Local Banks Earn Upgrade
----------------------------------------------
Moody's Investors Service has raised the long-term foreign
currency deposit ratings for three Romanian banks to Ba2 with
positive outlook, from B1.  The short-term ratings remain
unchanged at Not-Prime.  This action follows Moody's earlier
upgrading of Romania's country ceilings for foreign currency
bonds and deposits to Ba1/Ba2 from Ba3/B1, respectively.

The foreign currency deposit ratings for the three affected
banks were raised to the new country ceiling based on the banks'
intrinsic strengths, but also based on strong foreign parent
support for Banca Romana Pentru Dezvoltare and Raiffeisen Bank
S.A., and imputed systemic support for the largest bank, Banca
Comerciala Romana.

This action does not affect the banks' other ratings.

All three banks are headquartered in Bucharest and reported end-
2004 total assets as: Banca Comerciala Romana ROL235,503 billion
(EUR6.1 billion), Banca Romana Pentru Dezvoltare ROL117,278
billion (EUR3.0 billion) and Raiffeisen Bank S.A. ROL82,126
billion (EUR 2.1 billion).

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED
          Limassol
          Adel Satel
          General Manager
          Financial Institutions Group
          For Journalists
          Phone: 44 20 7772 5456

          Limassol
          Mardig Haladjian
          Senior Vice President
          Financial Institutions Group
          For Journalists
          Phone: 44 20 7772 5456
          Web site: http://www.moodys.com/


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


BAYKALSKIYE VODY: Falls Under Court Supervision
-----------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Baykalskiye
Vody.  The case is docketed as A19-754/05-38.  Mr. V. Dobryshkin
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 664025, Russia,
Irkutsk, Post Office 25, Post User Box 201.  A hearing will take
place on April 26, 2005, 3:00 p.m.

CONTACT:  BAYKALSKIYE VODY
          664005, Russia, Irkutsk region,
          Mayakovskogo Str. 25, Office 501

          Mr. V. Dobryshkin
          Temporary Insolvency Manager
          664025, Russia, Irkutsk region,
          Post Office 25, Post User Box 201


DONATOR: Hires A. Zhimarinskiy as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Donator after finding
the close joint stock company insolvent.  The case is docketed
as A75-257-B/2004-N08/2005.  Mr. A. Zhimarinskiy has been
appointed insolvency manager.  Creditors have until April 12,
2005 to submit their proofs of claim to 628605, Russia, Khanty-
Mansiyskiy autonomous region, Tyumen region, Nizhnevartovsk,
Druzhby Narodov Str. 6, Office 1.

CONTACT:  DONATOR
          628600, Russia, Tyumen region,
          Nizhnevartovsk, Permskaya Str. 31-27

          Mr. A. Zhimarinskiy
          Insolvency Manager
          628605, Russia, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Nizhnevartovsk, Druzhby Narodov Str. 6,
          Office 1


GORODISHENSKIY TINNED: Claims Deadline Saturday
-----------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Gorodishenskiy Tinned Food Factory after
finding the close joint stock company insolvent.  The case is
docketed as A49-14855/04-3B/20.  Mr. A. Eremkin has been
appointed insolvency manager.  Creditors have until March 12,
2005 to submit their proofs of claim.

CONTACT:  GORODISHENSKIY TINNED FOOD FACTORY
          Russia, Penza region, Gorodishe,
          Transportnaya Str. 10

          Mr. A. Eremkin
          Insolvency Manager
          Russia, Penza region, Gorodishe,
          Transportnaya Str. 10


IVA: Last Day for Filing Claims March 12
----------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Iva after finding the close joint stock
company insolvent.  The case is docketed as A33-3263/04-s4.  Ms.
L. Kondratenko has been appointed insolvency manager.  Creditors
have until March 12, 2005 to submit their proofs of claim to
662521, Russia, Krasnoyarsk region, Berezovskiy region,
Berezovka, Post User Box 4.

CONTACT:  IVA
          Russia, Krasnoyarsk region,
          Shushenskiy region, Kaptyrevo

          Ms. L. Kondratenko
          Insolvency Manager
          662521, Russia, Krasnoyarsk region,
          Berezovskiy region, Berezovka, Post User Box 4


KALUZHSKOYE: Kaluga Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Kaluzhskoye after finding the open joint
stock company insolvent.  The case is docketed as A23-762/04B-
10-22.  Mr. E. Bogdanov has been appointed insolvency manager.
Creditors have until April 12, 2005 to submit their proofs of
claim to 390046, Russia, Ryazan, Mayakovskogo Str. 1A, letter
O'.

CONTACT:  KALUZHSKOYE
          Russia, Kaluga region,
          Sukhinicheskiy region, Seredeysk

          Mr. E. Bogdanov
          Insolvency Manager
          390046, Russia, Ryazan,
          Mayakovskogo Str. 1A, letter O'


KOLPINSKIY FOOD: Proofs of Claim Deadline Nears
-----------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Kolpinskiy Food
Combine after finding the limited liability company insolvent.
The case is docketed as 56-29073/2004.  Mr. A. Moiseev has been
appointed insolvency manager.  Creditors have until April 12,
2005 to submit their proofs of claim to:

(a) Kolpinskiy Food Combine
    Russia, Saint-Petersburg region,
    Malyj Pr. V.O. 9

(b) Mr. A. Moiseev
    Insolvency Manager
    Russia, Saint-Petersburg region,
    Malyj Pr. V.O. 9

(c) The Arbitration Court of Saint-Petersburg
    and the Leningrad Region
    Russia, Saint-Petersburg region,
    Suvorovskiy Pr. 50/52


MAYKOPSKIY MACHINE-TOOL: Insolvency Manager Takes over Helm
-----------------------------------------------------------
The Arbitration Court of Adygeya republic has commenced external
management bankruptcy procedure on open joint stock company
Maykopskiy Machine-Tool Plant Named after Frunze.  The case is
docketed as A01-B/1119-2004-8.  Mr. A. Gusaruk has been
appointed external insolvency manager.

CONTACT:  MAYKOPSKIY MACHINE-TOOL PLANT NAMED AFTER FRUNZE
          Russia, Adygeya republic,
          Maykop, Nekrasova Str. 293


NIZHNETAGILSKIY CITY: Applies for Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
external management bankruptcy procedure on open joint stock
company Nizhnetagilskiy City Dairy.  The case is docketed as
A60-30739/2003-S2.  Mr. Z. Khaberdiya has been appointed
external insolvency manager.

CONTACT:  NIZHNETAGILSKIY CITY DAIRY
          622001, Russia, Sverdlovsk region,
          Nizhniy Tagil, Krasnoarmeyskaya Str. 79

          Mr. Z. Khaberdiya
          External Insolvency Manager
          6220014, Russia, Ekaterinburg,
          Post User Box 366


PRIKUBANSKOYE: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Prikubanskoye.  The case is docketed as A-32-2315/2005-27/10-B.
Ms. I. Krasnikova has been appointed temporary insolvency
manager.

Creditors have until March 12, 2005 to submit their proofs of
claim to:

(a) Prikubanskoye
    Russia, Krasnodar region,
    Slavyansk-na-Kubani, Protochnaya Str. 136

(b) Temporary Insolvency Manager
    350003, Russia, Krasnodar region,
    Post User Box 5357

(c) The Arbitration Court of Krasnodar Region
    350063, Russia, Krasnodar region,
    Krasnaya Str. 6

A hearing will take place on May 17, 2005, 2:40 p.m.


URALTRANSBANK: Fitch Assigns 'B' Ratings, Stable Outlook
--------------------------------------------------------
Fitch Ratings affirmed the ratings of Russia's Uraltransbank at
Long-term 'B-', Short-term 'B', Individual 'D', Support '5' and
National Long-term 'BB+(rus)'.  The Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect UTB's
high-risk operating environment, small size, weak performance
and low level of free capital.  However, they also consider the
successful development of the bank's business and customer
franchises, the generally good quality of its revenues,
reasonable, to date, asset quality and low market-risk appetite.

Lending grew by a rapid 74% in 2003 before slowing to
approximately 25% in 2004, partly due to regulatory capital
constraints.  Concentration levels are high by international
standards, but moderate for Russia.  Overdue loans were a low
1.2% of the portfolio at end-H104, and loan loss reserve
coverage of gross loans a reasonable 6%.

UTB's profitability was weak in 2003 and modest in H104, with
returns on average equity of 6.5% and 10.4%, respectively.
Revenue generation, based primarily on interest and fee income,
has been sound, but performance has been affected by the high
cost base, expensive retail funding and (particularly in 2003)
high provision charges due mainly to rapid loan growth.

Unusually for a privately owned Russian bank, retail deposits
are the largest source of funding, accounting for 50% of total
liabilities at end-H104.  Under Russian law these deposits can
be withdrawn early, and thus represent a potential liquidity
risk, although they proved relatively stable during the July
2004 mini-crisis in the Russian banking sector.

While UTB's total capital ratio of 15.9% at end-H104 looked
reasonable, the quality of capital was affected by the high
level of fixed assets (equal to 96% of end-H104 equity).
However, an equity injection from the EBRD has boosted capital
and reduced the fixed assets/equity ratio to an estimated 69% at
end-2004.

UTB was formed in 1990 out of a branch of the Soviet Industry &
Construction Bank in Yekaterinburg in the Urals region.  UTB's
chairman is also the bank's majority shareholder, and the EBRD
acquired a stake of 25% + 1 share in December 2004.  UTB's
business is focused primarily on the SME sector, but it also has
significant retail business and, for a small Russian regional
bank, a well-developed trade finance franchise.  UTB is among
the top 20 banks headquartered in the Urals Federal District,
and one of the 150 largest by assets in Russia.

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

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


ZARYA: Gives Creditors Until Next Month to File Claims
------------------------------------------------------
The Arbitration Court of Karachaevo Cherkessiya republic
commenced bankruptcy proceedings against Zarya (TIN 0901000172)
after finding the poultry farm insolvent.  The case is docketed
as A25-1543/04-6.  Mr. R. Dzhubaev has been appointed insolvency
manager.  Creditors have until April 12, 2005 to submit their
proofs of claim to 369000, Russia, Karachaevo Cherkessiya
republic, Cherkessk, Lenina Str. 50

CONTACT:  ZARYA
          Russia, Karachaevo Cherkessiya republic,
          Cherkessk, South part of the City

          Mr. R. Dzhubaev
          Insolvency Manager
          369000, Russia, Karachaevo Cherkessiya republic,
          Cherkessk, Lenina Str. 50


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


KABA HOLDING: Cuts Debt to CHF387.3 Million
-------------------------------------------
In the first six months of financial 2004/2005, reported by Kaba
Holding AG for the first time pursuant to IFRS, the Group's
currency-adjusted sales increased by 4.9% versus the same prior-
year period.  Mostly due to the weaker U.S. dollar, sales
expressed in Swiss francs rose by a nominal 2.2% to CHF492.5
million.

Despite a currency translation loss of CHF2.3 million, reported
EBIT increased by 14.5% to CHF65.6 million and thus fulfilled
the Group's ambitious expectations.  The EBIT margin improved
from 11.9% to 13.3%.  After deduction of non-recurring
refinancing charges of CHF7.9 million, income climbed to CHF29.7
million, an increase of 35.6% versus the prior-year period
(restated to IFRS).

The Kaba Group's gross debt declined by CHF85.6 million to
CHF387.3 million.  Kaba expects significant income growth in the
2nd half of financial 2004/2005.

For reasons of transparency, Kaba initiated the transition from
Swiss GAAP FER to the International Financial Reporting
Standards (IFRS) with the semi-annual statement as at Dec. 31,
2004.  The comparable figures for the prior six-month period as
well as for financial 2003/2004 have also been restated
according to IFRS conventions.  In the first six months of
financial 2004/2005, currency-adjusted sales increased by 4.9%
versus the same period a year ago.  Mostly due to the further
depreciation of the U.S. dollar, however, reported sales
increased by a mere 2.2% to CHF492.5 million.

Reported EBIT rose by 14.5% in the 1st half of 2003/2004,
closing at CHF65.6 million in the period under review.
Currency-adjusted EBIT even grew by CHF10.6 million or 18.5%.
The EBIT margin (income from operations in % of operating
revenues) improved from 11.9% to 13.3%.

Thus, Kaba was able to generate the overproportional earnings
increase forecast in September 2004.  Despite extraordinary
refinancing costs of CHF7.9 million incurred in October 2004,
the Group's income climbed by CHF7.8 million or 35.6% versus the
prior-year period (restated to IFRS) to close at CHF29.7
million.

The Group's gross debt declined from CHF472.9 million as at June
30, 2004 to CHF387.3 million as at Dec. 31, 2004.  Thus, Kaba
cut debt by no less than CHF85.6 million in the 1st half of
financial 2004/2005.

Dynamic Business Segments

Among the individual business segments, differentiated by
products in compliance with IFRS, the increasing growth and
earnings momentum of Door Systems as well as the above-average
increase of currency-adjusted sales and EBIT of Access Systems
in the Americas and Europe are noteworthy developments.  In the
Asia Pacific region, however, the Access Systems segment
(generating about 3.5% of consolidated sales) experienced a
disappointing decline in sales as a result of the weak market
demand.  Key + Ident Systems (including Key Systems Americas)
reported sales growth with an unchanged EBIT margin.  The Data
Collection segment grew slightly more than the Group average.

Further Income Gains Expected in 2nd Half of the Year

For the 2nd half of the year (to close on 30.6.2005), Kaba
expects the EBIT trend to remain strong, although not quite as
pronounced as in the first six months of financial 2004/2005.
One reason is the seasonal weakness of the market for Access
Systems in Europe and for Door Systems.  Additionally, it will
not easily be possible to offset the currency translation losses
incurred as a result of the depreciation of the U.S. dollar.

On the other hand, income from operations in the 2nd half of
financial 2004/2005 will reflect the elimination of the
extraordinary refinancing charge of CHF7.9 million incurred in
the 1st half of the year.  The tax rate for the 2nd half of the
year (on income before taxes) should amount to about 33%, as was
the case for the first six months.

We again expect earnings growth in a double-digit magnitude in
comparison with the IFRS figures of the prior year.

Kaba is a globally active, publicly traded security corporation.
With its "Total Access" strategy, the Kaba Group is specialized
in integrated solutions for security, organization, and
convenience at building and information access points.  Kaba is
also the world market's No. 1 provider of key blanks, key
cutting and coding machines, transponder keys, and high security
locks.  It is a leading provider of electronic access systems,
locks, master key systems, hotel locking systems, security
doors, and automatic doors.  Further information is available at
http://www.kaba.com.

CONTACT:  KABA HOLDING AG
          Ulrich Graf, President and CEO
          Phone: +41 44 818 90 21
          Dr. Werner Stadelmann, CFO
          Phone: +41 44 818 90 61


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


BARVINOK: Harkiv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Barvinok (code EDRPOU 30772793) on January
17, 2005 after finding the limited liability company insolvent.
The case is docketed as B-48/90-04.  Mr. O. Guz (License Number
AA 250400) has been appointed liquidator/insolvency manager.

CONTACT:  Mr. O. Guz
          Liquidator/Insolvency Manager
          Phone: 8 (050) 402-81-91

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


BETONNIK: Brings in Interim Manager
-----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Betonnik (code EDRPOU 01331207) on January
18, 2005 after finding the open joint stock company insolvent.
The case is docketed as B-39/03-05.  Mr. G. Deryaga has been
appointed liquidator/insolvency manager.

CONTACT:  BETONNIK
          Ukraine, Harkiv region,
          Lozova district, Orilka,
          Tsukrozavodska Str. 1

          Mr. G. Deryaga
          Liquidator/Insolvency Manager
          Phone: 8 (050) 140-74-39

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


DNIPRO: Succumbs to Bankruptcy
------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Dnipro (code EDRPOU 03733996) after finding
the limited liability company insolvent.  The case is docketed
as 5/306-04.  Mr. Leshenko Anatolij (License Number AA 484190)
has been appointed liquidator/insolvency manager.

The company holds account numbers 260023011309 and 260093041309
at JSCB Mriya, Vinnitsya branch, MFO 302559; and 260481155,
260499993439 and 260079800 at JSPPB Aval, Vinnitysa region, MFO
302247.

CONTACT:  DNIPRO
          Ukraine, Vinnitsya region,
          Vinnitsya district, Sokirintsi


FINMARKET: Files for Bankruptcy
-------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Finmarket (code EDRPOU 32372244) on January
24, 2005 after finding the limited liability company insolvent.
The case is docketed as B-48/04-05.  Mr. D. Luchenko (License
Number AA 116100) has been appointed liquidator/insolvency
manager.  Creditors may submit their proofs of claim to:

(a) FINMARKET
    Ukraine, Harkiv region,
    Harkiv district, Bezludivka,
    Zmiyivska Str. 60

(b) Mr. D. Luchenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Bronenosets Potyomkin Str. 1-B/68

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


KATANSKE: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Agrofirm Katanske (code EDRPOU
03778384).  The case is docketed as 6/113-04.  Arbitral manager
Mr. Andrij Bolshunov (License Number AA 779153) has been
appointed temporary insolvency manager.  The company holds
account number 26007470773001 at CB Privatbank, Sumi branch, MFO
337546.  Creditors may submit their proofs of claim to:

(a) KATANSKE
    Ukraine, Sumi region,
    V-Pisarivskij district, Lenin Str. 1

(b) Mr. Andrij Bolshunov
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Nezalezhnosti Square, 1, Room 1418

(c) ECONOMIC COURT OF SUMI REGION
    40011, Ukraine, Sumi region,
    Ribalka Str. 2


KONOTOP' WOOD: Falls Under Court Supervision
--------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Konotop' Wood-Processing Plant
(code EDRPOU 01350156) on December 21, 2004.  The case is
docketed as 12/139-04.  Mr. Andrij Sisoyev (License Number AA
485260) has been appointed temporary insolvency manager.  The
company holds account number 3601310629103 at LLC CB
Volodimirskij, Konotop branch, MFO 337836.

CONTACT:  KONOTOP' WOOD-PROCESSING PLANT
          41600, Ukraine, Sumi region,
          Konotop, Kotlyarevskij Str. 1

          Mr. Andrij Sisoyev
          Temporary Insolvency Manager
          40022, Ukraine, Sumi region,
          Psilska Str. 4, Office 9

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Ribalko Str. 2


SHIDLINE: Declared Insolvent
----------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Shidline (code EDRPOU 32473627) on January
24, 2005 after finding the limited liability company insolvent.
The case is docketed as B-48/05-05.  Mr. D. Luchenko (License
Number AA 116100) has been appointed liquidator/insolvency
manager.  Creditors may submit their proofs of claim to:

(a) SHIDLINE
    Ukraine, Harkiv region,
    Harkiv district, Bezludivka,
    Zmiyivska Str. 60

(b) Mr. D. Luchenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Bronenosets Potyomkin Str. 1-B/68

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


STAROSINYAVSKIJ SUGAR: Bankruptcy Proceedings Begin
---------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Starosinyavskij Sugar Agro-Industrial
Complex (code EDRPOU 31919437) on January 18, 2005 after finding
the limited liability company insolvent.  The case is docketed
as 13/232-B.  Mr. S. Shishkin (License Number AA 668307) has
been appointed liquidator/insolvency manager.  The company holds
account number 26002537 at JSPPB Aval, Hmelnitskij region
regional branch, MFO 315869.

CONTACT:  STAROSINYAVSKIJ SUGAR AGRO-INDUSTRIAL COMPLEX
          31400, Ukraine, Hmelnitskij region,
          Stara Sinyava, Zavodska Str. 28

          Mr. S. Shishkin
          Liquidator/Insolvency Manager
          Ukraine, Hmelnitskij region,
          Institutska Str. 17/3-47

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


VO CENTR: Cedes Control to Court-appointed Manager
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Vo Centr (code EDRPOU 30004562) on December
29, 2004 after finding the close joint stock company insolvent.
The case is docketed as B 29/222/03.  Mr. Igor Morozov has been
appointed liquidator/insolvency manager.

CONTACT:  VO CENTR
          49000, Ukraine, Dnipropetrovsk region,
          Chaplinska Str. 96

          Mr. Igor Morozov
          Liquidator/Insolvency Manager
          49044, Ukraine, Dnipropetrovsk region, a/b 2734
          Phone: (056) 770-27-40

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


ZMERINKA' RAJAGROBUD: Vinnitsya Court Appoints Liquidator
---------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Zmerinka' District Building-Erection
Association Rajagrobud (code EDRPOU 03582830) after finding the
agro-industrial association insolvent.  The case is docketed as
5/295-04.  Mr. Leshenko Anatolij (License Number AA 484190) has
been appointed liquidator/insolvency manager.  The company holds
account number 26001301150245 at Prominvestbank, Zhmerinka
branch, MFO 302322.

CONTACT:  ZMERINKA' RAJAGROBUD
          Ukraine, Vinnitsya region,
          Zhmerinka, Asmolov Str. 1


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


ADVANCED TECHNOLOGY: Brings in Insolvency Advisers
--------------------------------------------------
Advanced Technology (U.K.) PLC (ATL) said that, at a board
meeting on March 1, the Directors decided to call in insolvency
advisers to assess the Company's financial position.

This decision follows a period of transition between
manufacturers used by the Group, which has become unduly
protracted and has resulted in ATL being unable to meet demand,
which has in turn adversely impacted the Group's cash position.
A further announcement will be made in due course.

CONTACT:  ATL
          Andrew Channon
          Phone: 01202 592000


A. J. MANN: Members Decide to Wind up Firm
------------------------------------------
At the extraordinary general meeting of the members of A. J.
Mann & Co. Limited on Jan. 11, 2005 held at Ashford
International Hotel, Simone Weil Avenue, Ashford, Kent TN24 8UX,
the resolution to wind up the company was passed.  Barry P.
Knights of Knights & Company, Milford House, 43-55 Milford
Street, Salisbury, Wiltshire SP1 2BP has been appointed
liquidator.

CONTACT:  KNIGHTS & COMPANY
          1st Floor
          Milford House
          43-45 Milford Street
          SALISBURY, WILTSHIRE SP1 2BP

          Mr. Barry Peter Knights
          Phone: 01722 330688
          Fax: 01722 414546


ANDERSON & INNES: Joint Receivers to Present Report Next Week
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Anderson & Innes Limited
                        (In Receivership)

Notice is hereby given pursuant to section 67(2) of the
Insolvency Act 1986 that a Meeting of the Creditors of the
Company will be held at George House, 50 George Square, Glasgow
G2 1RR, on March 15, 2005 at 11:00 a.m. for the purpose of
having laid before it the Joint Receivers' report.  Pursuant to
section 68(1) of the said Act, the Meeting may, if it thinks
fit, establish a Creditors' Committee to exercise the functions
conferred on Creditors' Committees by or under the Act.

Creditors are entitled to attend in person or alternatively by
proxy. A Creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
Resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies and claims must be
lodged with me at or before the meeting.

T. M. Burton, Joint Receiver
February 24, 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

          Thomas Merchant Burton
          E-mail: tburton@uk.ey.com
          Phone: 0141 626 5000
          Fax: 0141 626 5003


AVENUE INTERNATIONAL: Hires Liquidator from Irwin & Company
-----------------------------------------------------------
At the extraordinary general meeting of Avenue International
Limited (t/a Mac Express) on Jan. 14, 2005 held at Irwin &
Company, Station House, Midland Drive, Sutton Coldfield, West
Midlands B72 1TU, the extraordinary and ordinary resolutions to
wind up the company were passed.  Gerald Irwin has been
appointed liquidator of the company.

CONTACT:  IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          West Midlands B72 1TU

          Mr. Gerald Irwin
          E-mail: mail@irwinuk.net
          Phone: 08700 111812
          Fax: 08700 111813


BASE SECURITY: Hires Unique Business Finance to Liquidate Firm
--------------------------------------------------------------
At the extraordinary general meeting of Base Security Limited on
Jan. 6, 2005 held at the offices of Unique Business Finance
Ltd., 6 Lockside Office Park, Lockside Road, Preston PR2 2YS,
the extraordinary resolution to wind up the company was passed.
Gerard Nicholas Ratcliffe, of Unique Business Finance Ltd., 6
Lockside Office Park, Lockside Road, Preston PR2 2YS has been
appointed liquidator of the company.

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          6 Lockside Office Park,
          Lockside Road,
          Preston PR2 2YS


BRACHER EMDEN: Shareholders Decide to Liquidate Company
-------------------------------------------------------
At the extraordinary general meeting of the members of Bracher
Emden Retail Limited on Jan. 12, 2005 held at Kirkdale House,
Kirkdale Road, London E11 1HP, the extraordinary resolution to
wind up the company was passed.  Zafar Iqbal of Cooper Young,
Kirkdale House, Kirkdale Road, London E11 1HP has been nominated
liquidator of the company.

CONTACT:  COOPER YOUNG
          Kirkdale House, Kirkdale Road
          Leytonstone, London E11 1HP

          Mr. Zafar Iqbal
          IP Number: 6578
          Phone: 020 8539 0700
          Fax: 020 8539 5800


BROOKLEC 2000: Liquidator from CBA Moves in
-------------------------------------------
At the extraordinary general meeting of Brooklec 2000 Limited on
Jan. 13, 2005 held at Erdington Conservative Club, Orphanage
Road, Erdington, Birmingham B24 9HU, the special resolutions to
wind up the company were passed.  Geoff Robbins of CBA,
Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS
has been appointed liquidator of the company.

CONTACT:  CBA
          Lichfield Place
          435 Lichfield Road
          Aston, Birmingham B6 7SS

          Mr. Geoff Robbins
          IP Number: 6622
          Phone: 0121 326 0880
          Fax: 0121 328 6456


CAMPUS VENTURES: Members Call in Liquidator from Begbies Traynor
----------------------------------------------------------------
At the extraordinary general meeting of the members of Campus
Ventures Westlakes Limited on Jan. 12, 2005 held at Elliot
House, 151 Deansgate, Manchester M3 3BP, the extraordinary and
ordinary resolutions to wind up the company were passed.  P.
Stanley of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP has been appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP

          Mr. Paul Stanley
          IP Number: 8123
          E-mail: stan@begbies-traynor.com
          Phone: 0161 839 0900
          Fax: 0161 832 7436


CARNEVALE RESTAURANT: Hires Ansers to Liquidate Business
--------------------------------------------------------
At the extraordinary general meeting of the members of Carnevale
Restaurant (UK) Limited on Jan. 12, 2005 held at 29 Welbeck
Street, London W1M 8DA, the extraordinary resolution to wind up
the company was passed.  A. J. D. Bakonyvari, of Ansers Suite 3
Warren House, 10-20 Main Road, Hockley, Essex SS5 4QS has been
nominated liquidator of the company.

CONTACT:  ANSERS
          Suite 3 Warren House,
          Main Road Hockley,
          Essex SS5 4QS

          Mr. Anthony Julius Donovan Bakonyvari
          IP Number: 1795
          E-mail: tb@ansergroup.com
          Phone: 01702 201627
          Fax: 01702 208530


CARR PUBLISHING: Files for Liquidation
--------------------------------------
At the extraordinary general meeting of Carr Publishing Limited
on Dec. 23, 2004 held at 26 Priestgate, Peterborough,
Cambridgeshire, the subjoined extraordinary resolution to wind
up the company was passed.  K. B. Stout has been appointed
liquidator of the company.

CONTACT:  Keith Stout and Associates
          8-10 Eastern Road
          ROMFORD, ESSEX RM1 3PJ

          Mr. Keith Barry Stout
          IP Number: 5327
          E-mail: restructure@ksabr.com
          Phone: 01708 730475
          Fax: 01708 732432


CDS TEXTILES: Members Decide to Liquidate Company
-------------------------------------------------
At the extraordinary general meeting of the members of CDS
Textiles Limited on Jan. 12, 2005 held at the offices of Bennett
Verby, 7 St Petersgate, Stockport, Cheshire SK1 1EB, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Vincent A. Simmons has been appointed liquidator
of the company.

CONTACT:  Bennett Verby
          7 St Petersgate
          STOCKPORT, Cheshire SK1 1EB

          Mr. Vincent Andrew Simmons
          IP Number: 8898
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


CENTRAL TIMBER: Names Elwell Watchorn & Saxton Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Central Timber Frame
Limited on Jan. 13, 2005 held at the offices of Elwell Watchorn
& Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN, the
subjoined extraordinary resolution to wind up the company was
passed.  Paul Anthony Saxton of Elwell Watchorn & Saxton, 109
Swan Street, Sileby, Leicestershire LE12 7NN has been appointed
liquidator of the company.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street
          Sileby, Leicestershire LE12 7NN

          Mr. Paul Anthony Saxton
          IP Number: 6680
          Phone: 01509 815150
          Fax: 01509 815121


CHENGATE HOUSE: Hires Sanderlings as Liquidator
-----------------------------------------------
At the extraordinary general meeting of Chengate House Limited
on Jan. 7, 2005 held at Waterton Park Golf Club, The Balk,
Walton, Wakefield, the extraordinary resolutions to wind up the
company were passed.  Andrew Fender of Sanderlings LLP,
Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham
B27 6QT has been nominated liquidator of the company.

CONTACT:  SANDERLINGS
          Sanderling House, Springbrook Lane
          Earlswood, Solihull West Midlands B94 5SG

          Mr. Andrew Fender
          IP Number: 6898
          E-mail: afender@sanderlings.co.uk
          Phone: 01564 700052
          Fax: 01564 703822


COUNTRYWIDE QUALITY: Opts for Liquidation
-----------------------------------------
At the extraordinary general meeting of Countrywide Quality
Meats Limited on Jan. 13, 2005 held at Church Steps House,
Queensway, Halesowen B63 4AB, the extraordinary resolutions to
wind up the company were passed.  Andrew Fender of Sanderlings
LLP, Sanderling House, 1071 Warwick Road, Acocks Green,
Birmingham B27 6QT has been nominated liquidator of the company.

CONTACT:  SANDERLINGS
          Sanderling House, Springbrook Lane
          Earlswood, Solihull West Midlands B94 5SG

          Mr. Andrew Fender
          IP Number: 6898
          E-mail: afender@sanderlings.co.uk
          Phone: 01564 700052
          Fax: 01564 703822


CREATIVE ONE: Members Appoint David Horner & Co. Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of the members of Creative
One Limited on Jan. 10, 2005 held at the offices of David Horner
& Co, 11 Clifton Moor Business Village, James Nicolson Link,
York YO30 4XG, the extraordinary and ordinary resolutions to
wind up the company were passed.  David Anthony Horner of David
Horner & Co, 11 Clifton Moor Business Village, James Nicolson
Link, Clifton Moor, York YO30 4XG has been appointed liquidator
of the company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


E.C. SERVICES: Calls in Liquidator from Irwin & Company
-------------------------------------------------------
At the extraordinary general meeting of the members of E.C.
Services (Midlands) Limited on Jan. 13, 2005 held at Unit 19,
Tolsons Mill Industrial Estate, Fazeley, Tamworth, Staffordshire
B78 3QB, the extraordinary and ordinary resolutions to wind up
the company were passed.  Gerald Irwin has been appointed
liquidator of the company.

CONTACT:  IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          West Midlands B72 1TU

          Mr. Gerald Irwin
          E-mail: mail@irwinuk.net
          Phone: 08700 111812
          Fax: 08700 111813


EPSILON ENTERPRISES: Hires Liquidator from Alexander Lawson
-----------------------------------------------------------
At the extraordinary general meeting of Epsilon Enterprises
Limited on Jan. 11, 2005 held at 641 Green Lanes, London N8 0RE,
the subjoined extraordinary resolution to wind up the company
was passed.  Ninos Koumettou of Alexander Lawson & Co, 641 Green
Lanes, London N8 0RE has been appointed liquidator of the
company.

CONTACT:  ALEXANDER LAWSON & CO.
          641 Green Lanes,
          London N8 0RE


EXETER FUND: In Administrative Receivership
-------------------------------------------
Dan Schwarzmann and Mark Batten, partners in the Business
Recovery Services team of PricewaterhouseCoopers, were appointed
Administrators of Exeter Fund Manager on March 3.

The company is a fund management firm involved in the split
capital trust industry.  Having considered the financial
position of the company, the directors concluded that there was
insufficient certainty that the company was solvent following
potential mis-selling claims from investors in respect of two
funds, which it previously marketed.  Accordingly, the directors
have concluded that the company should be placed into
administration.

Dan Schwarzmann, Partner, PricewaterhouseCoopers, commented: "As
a priority I will be seeking to determine the financial position
of EFM.  I will also be seeking to develop a plan to enable
liabilities that it may have, to be valued and paid, even if it
is only part payments, at the earliest opportunity."

It is probable that a Scheme of Arrangement under section 425 of
the Companies Act will be proposed to creditors in due course.
At this stage it is not possible to predict the ultimate
proportion of claims that will be paid by EFM under any future
Scheme of Arrangement.

The Financial Services Compensation Scheme (FSCS) can provide
compensation if an authorized investment company is unable or
likely to be unable to meet claims against it.  The levels of
compensation which may be payable to eligible creditors are 100%
of the first GBP30,000 and 90% of the next GBP20,000 (to a
maximum of GBP48,000 per person).  The Administrators are
currently in talks with the FSCS to determine its involvement
with EFM.

Investors should continue to submit any potential claims
information to EFM in the normal manner and need not contact the
FSCS direct.

EFM is a wholly owned subsidiary of 23 Cathedral Yard Limited,
which in turn is part of the iimia investment group plc which
was formed on 16 August 2004 by the merger of the Exeter
Investment Group, of which EFM was a part, with iimia
(Holdings) Limited.

CONTACT:  PRICEWATERHOUSECOOPERS
          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Dan Schwarzmann
          Partner
          Phone: 020 7804 4630


G F ENTERPRISE: To Hold Final General Meeting Later this Month
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF G F Enterprise Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a Final General Meeting of G F Enterprise Limited
will be held at the offices of Ritson Smith, 16 Carden Place,
Aberdeen AB10 1FX, on Wednesday March 30, 2005 at 11:00 a.m. for
the purpose of having a final account laid before it showing how
the winding-up of the Company has been conducted and the
property of the Company disposed of, and of hearing any
explanations that may be given by the Liquidator.

Members are entitled to attend in person or alternatively by
proxy.  A Member may vote according to the rights attaching to
his shares as set out in the Company's Articles of Association.
A Resolution will be passed only if a majority of those voting
in person or by proxy vote in favor.  Proxies must be lodged
with me at or before the Meeting.

Ewen R. Alexander, Liquidator
February 18, 2005

CONTACT:  RITSON SMITH
          16 Carden Place
          Grampian
          Aberdeen AB10 1FX

          Ewen Ross Alexander
          E-mail: era@ritson-smith.com
          Phone: 01224 643311
          Fax: 01224 624359


HYDRA TRADING: Hires Liquidators from Portland Business
-------------------------------------------------------
At the extraordinary general meeting of the members of Hydra
Trading Limited on Jan. 12, 2005 held at 43 Pall Mall, London
SW1, the extraordinary and ordinary resolutions to wind up the
company were passed.  Peter Robin Bacon and Carl Derek Faulds of
Portland Business & Financial Solutions Ltd., 1640 Parkway,
Solent Business Park, Whiteley, Fareham, Hampshire have been
appointed joint liquidators of the company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley, Fareham, Hampshire PO15 7AH

          Mr. Carl Derek Faulds
          IP Number: 8767
          E-mail: carl.faulds@portland-solutions.co.uk
          Phone: 01489 550 440
          Fax: 01489 550 440


I-ZONE INCUBATION: Appoints Begbies Traynor Liquidator
------------------------------------------------------
At the extraordinary general meeting of the members of I-Zone
Incubation Limited on Jan. 12, 2005 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  P. Stanley of
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP
has been appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP

          Mr. Paul Stanley
          IP Number: 8123
          E-mail: stan@begbies-traynor.com
          Phone: 0161 839 0900
          Fax: 0161 832 7436


JACKPOT ACCESSORIES: Shareholders Appoint Liquidators
-----------------------------------------------------
At the extraordinary general meeting of the members of Jackpot
Accessories Limited on Dec. 21, 2004 held at 1640 Parkway,
Solent Business Park, Whiteley, Fareham, Hampshire, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Peter Robin Bacon of Portland Business and
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire and Ian Soloman Robert Franses of
Ian Franses Associates, 24 Conduit Place, London have been
appointed joint liquidators of the company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley, Fareham, Hampshire PO15 7AH
          Phone: 01489 550 440
          Fax: 01489 550 440

          IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP

          Mr. Ian Soloman Robert Franses
          IP Number: 2294
          E-mail: if@ianfranses.co.uk
          Phone: 020 7262 1199
          Fax: 020 7262 2662


J & C LIMITED: Hires Franklin & Co. as Liquidator
-------------------------------------------------
At the extraordinary general meeting of J & C Limited on Jan.
13, 2005 held at The Gateway Hotel, Nuthall Road, Nottingham NG8
6AZ, the subjoined extraordinary resolution to wind up the
company was passed.  S. Franklin of Panos Eliades, Franklin &
Co., Albany House, 18 Theydon Road, London E5 9NZ has been
appointed liquidator of the company.

CONTACT:  FRANKLIN & CO.
          Albany House,
          18 Theydon Road,
          London E5 9NZ


KARNAVAL KOLOR: Members Call in Liquidator from Findlay James
-------------------------------------------------------------
At the extraordinary general meeting of the members of Karnaval
Kolor Coatings Limited on Jan. 11, 2005 held at Saxon House,
Saxon Way, Cheltenham GL52 6QX, the extraordinary and ordinary
resolutions to wind up the company were passed.  Alisdair J.
Findlay of Findlay James, Saxon House, Saxon Way, Cheltenham
GL52 6QX has been appointed liquidator of the company.

CONTACT:  FINDLAY JAMES
          Saxon House, Saxon Way
          Cheltenham, Gloucestershire GL52 6QX

          Mr. Alisdair James Fraser Findlay
          IP Number: 8744
          E-mail: ajf@finjam.com
          Phone: 01242 576555
          Fax: 01242 576999


KNAVEBROOK LIMITED: Liquidator from Hodgsons Moves in
-----------------------------------------------------
At the extraordinary general meeting of the members of
Knavebrook Limited on Jan. 11, 2005 held at Hodgsons, George
House, 48 George Street, Manchester M1 4HF, the extraordinary
resolution to wind up the company was passed.  David Emanuel
Merton Mond of Hodgsons, George House, 48 George Street,
Manchester M1 4HF has been nominated liquidator of the company.

CONTACT:  HODGSONS
          George House
          48 George Street
          Manchester, Greater Manchester M1 4HF

          Mr. David Emanuel Merton Mond
          IP Number: 2340
          E-mail: dmond@hodgsons.co.uk
          Phone: 0161 228 7444
          Fax: 0161 228 7356


M & A AUTOS: Members Hire Cooper Young as Liquidator
----------------------------------------------------
At the extraordinary general meeting of the members of M & A
Autos Limited on Jan. 12, 2005 held at Kirkdale House, Kirkdale
Road, London E11 1HP, the extraordinary resolution to wind up
the company was passed.  Zafar Iqbal of Cooper Young, Kirkdale
House, Kirkdale Road, London E11 1HP has been nominated
liquidator of the company.

CONTACT:  COOPER YOUNG
          Kirkdale House, Kirkdale Road
          Leytonstone, London E11 1HP

          Mr. Zafar Iqbal
          IP Number: 6578
          Phone: 020 8539 0700
          Fax: 020 8539 5800


MAJESTIC CONSERVATORIES: Names Campbell Crossley Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Majestic Conservatories
And Windows Limited on Jan. 12, 2005 held at The Rhinewood Inn
and Hotel, Glazebrook Lane, Glazebrook, near Warrington,
Cheshire WA3 5BB, the subjoined resolutions to wind up the
company were passed.  Richard Ian Williams of Campbell Crossley
and Davis, 348-350 Lytham Road, Blackpool FY4 1DW has been
appointed liquidator of the company.

CONTACT:  CAMPBELL CROSSLEY AND DAVIS
          348-350 Lytham Road,
          Blackpool FY4 1DW


ML LABORATORIES: Shareholders Revamp Management
-----------------------------------------------
ML Laboratories shareholders on Thursday ousted chairman Stuart
Sim from the biotechnology firm, according to The Guardian.

Discontented investors have long sought the head of Mr. Sim, who
has held the gavel since 1997, the year he joined a company
whose shares had fallen 90%.  Shareholders appointed Ian Kent
chairman and Kieran Murphy chief executive.  This, after they
rejected a proposal from the board to replace Mr. Sim with
business development director Paul Ballington as chief
executive.

Mr. Sim is due to receive a GBP650,000 payoff under his two-year
contract.  The company is trying to renegotiate terms to lower
the amount.

CONTACT: ML LABORATORIES PLC
         Phone: (28/01/04) 020 7067 0700


M. MERCADO: Creditors Meeting Set Today
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF M. Mercado (Glasgow) Limited
                       (In Receivership)

Notice is hereby given pursuant to Section 67(2) of the
Insolvency Act 1986 that a Meeting of the unsecured Creditors of
M. Mercado (Glasgow) Limited will be held at Merchants House, 7
West George Street, Glasgow at 11:00 a.m. on March 8, 2005 for
the purposes of receiving a report, prepared by the Joint
Receivers and, if appropriate, to appoint a Creditors'
Committee.

Creditors whose claims are wholly secured are not entitled to
attend or be represented at the Meeting.  Creditors who are
partly secured may only vote in respect of the balance of the
amount due to them after deducting the value of the security, as
estimated by them.  Creditors are entitled to vote if they have
delivered to us at Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, written details of the debt they claim
to be due to them from the Company, in addition, a form of proxy
must be lodged with me at or before the meeting.

Fraser J. Gray, Joint Receiver
February 21, 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

          Fraser J. Gray
          E-mail: fgray@krollworldwide.com


MOTIONCOUNT LIMITED: Members Final Meeting Set Later this Month
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Motioncount Limited
                         (In Liquidation)

Notice is hereby given that the Final Meeting of the Members
will be held in terms of Section 94 of the Insolvency Act 1986
at the offices of Ritsons, Chartered Accountants, 28 High
Street, Nairn on Tuesday March 29, 2005 at 10:30 a.m. for the
purpose of receiving the Liquidator's report showing how the
winding-up has been conducted together with any explanations
that may be given by him and in determining whether the
Liquidator should have his release in terms of Section173 of
said Act.

W. L. Young, Liquidator
February 21, 2005

CONTACT:  RITSONS
          28 High Street
          Nairn, IV12 4AU
          Phone: 01667453048
          E-mail: nairn@ritsonsca.com
          Web site: http://www.ritsonsca.com

          William Leith Young
          E-mail: nairn@ritsonsca.com
          Phone: 01667 453048
          Fax: 01667 453985


M. PUGH: Liquidator from Valentine & Co. Moves in
-------------------------------------------------
At the extraordinary general meeting of M. Pugh Contractors
Limited on Jan. 12, 2005 held at the offices of Valentine & Co,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Mark S. Reynolds of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator of the
company.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


M R ENTERPRISES: Names Springfields Liquidator
----------------------------------------------
At the extraordinary general meeting of M R Enterprises
(Manchester) Limited on Jan. 13, 2005 held at Highpoint, 165
Glenfield Road, Leicester LE3 6DJ, the subjoined extraordinary
resolution to wind up the company was passed.  Situl Devji
Raithatha and John Patrick Thomas Redmond, Licensed Insolvency
Practitioners of Springfields, 80 Hinckley Road, Leicester LE3
0RD have been appointed joint liquidators of the company.

CONTACT:  SPRINGFIELDS BUSINESS RECOVERY
          Spencer House, 3 Spencer Road
          Northampton, Northamptonshire NN1 5AA

          Mr. John Patrick Thomas Redmond
          IP Number: 8998
          E-mail: john.r@springfields-uk.com
          Phone: 01604 633 244
          Fax: 01604 633 266


TOPLINE WINDOWS: Winding-up Report Out April
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Topline Windows (Scotland) Limited
                        (In Liquidation)

Notice is hereby given that, in terms of Section 106 of the
Insolvency Act 1986, the final Meeting of the Members and
Creditors of Topline Windows (Scotland) Limited will be held
within the offices of Grant Thornton UK LLP, 95 Bothwell Street,
Glasgow G2 7JZ at 11:00 a.m. and at 11:15 a.m. respectively on
April 4, 2005 for the purpose of receiving a final account of
the Winding-up from the Liquidator together with any
explanations that may be given by him, and to determine whether
he should be released as Liquidator in terms of Section 173 of
the Insolvency Act 1986.

All members, and creditors whose claims have been accepted, are
entitled to attend in person or by proxy, and a resolution will
be passed by a majority of those voting.  Members and creditors
may vote whose proxies have been submitted and accepted at the
meeting or lodged beforehand at the above offices.

D. D. McGruther, Liquidator
February 22, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk

          Duncan Donald McGruther
          Phone: 0141 332 7484
          Fax: 0141 333 0581
          E-mail: donald.mcgruther@gtuk.com


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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