TCREUR_Public/050309.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 9, 2005, Vol. 6, No. 48

                            Headlines

G E R M A N Y

BAUUNTERNEHMUNG HERMANN: Dortmund Court Brings in Administrator
C & C VERMOGENSGESELLSCHAFT: Falls Under Court Supervision
DCI DATABASE: Cuts Annual Loss by 85% Despite Sluggish Sales
GABRIELA MATZEL: Textile Firm Falls into Bankruptcy
GGB IMMOBILIEN: Cedes Control to Provisional Administrator

JOHANNES HOFFTERHEIDE: Creditors Claims Due Later this Month
K.-H. HOHMEIER: Claims Deadline March 30
LNW IMMOBILIEN: Gives Creditors Until Next Week to File Claims
MG TECHNOLOGIES: Lurgi Set for Growth with New Technologies
MG TECHNOLOGIES: Subsidiary Corners Several Projects in Asia

ML LOGISTIC: Creditors Have Until April to Prove Claims
OTTERNDORFER KLEIDERFABRIK: Declares Bankruptcy
WINKLER, GRUHL: Administrator's Report Out Next Month


I T A L Y

PARMALAT FINANZIARIA: New Ratios to Give Citigroup 3% Stake
PARMALAT U.S.A.: ReGen, Riverside Find Settlement Unfair, Flawed


N E T H E R L A N D S

UNITEDGLOBALCOM INC.: Bank Facilities Rated B1; Outlook Stable


R U S S I A

AVTO-SPETS-OBORUDOVANIYE: Under Bankruptcy Supervision
LARGE-PANEL HOUSEBUILDING: Falls into Bankruptcy
MINE SHUSHTALEPSKAYA: Proofs of Claim Deadline Saturday
OMSK-ELECTRO-SET-STROY: Applies for Bankruptcy Proceedings
POLUNOCHNOYE MINE: Creditors Have Until April to File Claims

RAMON-AGRO-TRANS: Bankruptcy Hearing Resumes May
REINFORCED-CONCRETE CONSTRUCTIONS: Declared Insolvent
URAL-ELECTRO-SILA: Last Day for Filing Claims April 12
VEKS VORONEZHSKIYI: Voronezh Court Appoints Insolvency Manager
VYATSKIYE MOTOR: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Posts US$16.5 Billion Net Loss in December 2004
YUKOS OIL: Has US$99.9 Million Cash as of January


S P A I N

IZAR: New Shipbuilding Group Sets Sail
IZAR: Redundancy Program Gets Workers' Nod


S W E D E N

SAS GROUP: February Passenger Traffic Almost Flat


S W I T Z E R L A N D

CELANESE AG: Subsidiary Wins US$44 Million Settlement
KABA HOLDING: Company Profile


U K R A I N E

BASHTANSKA AGROPROMTEHNIKA: Insolvency Manager Takes over Helm
ENGINEERING NETWORKS: Succumbs to Bankruptcy
FISH-IMPEKS: Court Brings in Liquidator
INDUSTRIYA: Court Freezes Debt Payments
KRIMTABAK: Applies for Bankruptcy Proceedings

TSEMINDUSTRIYA: Declared Insolvent
VELIKONOVOSILKIVSKIJ TIN: Court Orders Debt Moratorium
ZOLOTONISKIJ HEMP: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

AUTOMGT LIMITED: Falls into Receivership
BAE SYSTEMS: U.S. Unit Makes Move on United Defense Industries
BAE SYSTEMS: Proposed UDI Acquisition Prompts Ratings Review
BAE SYSTEMS: May Suffer Cut from S&P if UDI Purchase Goes Ahead
BAE SYSTEMS: Fitch Warns of Potential Downgrade

BRAYSTAR SERVICES: Hires Administrators from Poppleton & Appleby
CEDARYELLOW LIMITED: Creditors Meeting Set Later this Month
CENTREBUTTON LIMITED: Opts for Liquidation
CHARTCITY LIMITED: Hires Administrator from Antony Batty & Co.
CREADENCE LIMITED: Meeting of Creditors Set Later this Month

CRESSWELL LIGHTING: Calls in Liquidator from Chantrey Vellacott
DARWIN AGENCY: Calls First Creditors Meeting
DENFLEET INTERNATIONAL: Succumbs to Administration
DORF HOLDINGS: Hires Liquidator from BRI
DORRIDGE PROPERTIES: Hires Liquidator from Eden Currie Limited

EMESS (PMF): Members Decide to Liquidate Firm
ENGINEERING & GLASSFIBRE: Plastic Producer Hires Administrator
EXCAP SERVICES: Names Ernst & Young Liquidator
EXIS CAPITAL: Appoints Liquidators from Ernst & Young
FIRSTSQUARE MANAGEMENT: Calls in Liquidators from Chantrey

GHE REALISATIONS: Brings in Administrators from BRI
HILLCHURCH HOUSE: Names Marshall Peters Administrator
JOHN MCGILVRAY: Creditors to Name Liquidator Later this Month
LAMBERT BROS.: Hires Liquidators from PwC
LIGHTMODE LIMITED: Names Tait Walker Administrator

MCFARLANE MASONRY: Claims Filing Period Expires June
M. H. PHARMA: Appoints BDO Stoy Hayward Administrator
NEW PERCY: Bank of Scotland Brings in Ernst & Young Receivers
PARKSIDE FLEXIBLES: Sets Creditors Meeting Next Week
TOP MARQUES: Appoints Administrators from BDO Stoy Hayward

VFG HIRE: Names Kroll Limited Administrator
WIDDY'S (2000): Claims Filing Deadline Nears
WRIGHT VENTILATION: Calls First Creditors Meeting
ZIDON COMPUTING: Sets Creditors Meeting March 24


                            *********


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


BAUUNTERNEHMUNG HERMANN: Dortmund Court Brings in Administrator
---------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Bauunternehmung Hermann Schauf GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 13, 2005
to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on May 13, 2005, 9:20 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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:  BAUUNTERNEHMUNG HERMANN SCHAUF GMBH
          Horster Str. 14, 59075 Hamm
          Contact:
          Hermann Schauf, Manager
          Kolpingstr. 10, 48317 Drensteinfurt

          Dr. Petra Mork, Insolvency Manager
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


C & C VERMOGENSGESELLSCHAFT: Falls Under Court Supervision
----------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against C & C Vermogensgesellschaft mbH on Feb. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 6, 2005
to register their claims with court-appointed provisional
administrator Dr. Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 2:00 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:  C & C VERMOGENSGESELLSCHAFT MBH
          Hochstr. 54, 45894 Gelsenkirchen
          Contact:
          Frank Pohler, Manager
          Frochtwinkel 7, 45966 Gladbeck

          Dr. Frank Nikolaus, Insolvency Manager
          Alfredstr. 108-112, 45131 Essen
          Phone: 87 90 40


DCI DATABASE: Cuts Annual Loss by 85% Despite Sluggish Sales
------------------------------------------------------------
DCI Database for Commerce and Industry AG released Monday its
FY2004 results.  The Group's consolidated net result amounted to
a loss of EUR351,000.  However, this was significantly reduced
by 85% against the previous year (EUR2,386,000).

Consolidated sales of EUR3,010,000 were down 14.5% year-on-year
(2003: EUR3,520,000).  Sales at DCI AG alone declined by 9.8%
year-on-year to EUR3,010,000 (2003: EUR3,336,000), as a result
of the poor condition of business environment in the reporting
year.

The consolidated operating result was -EUR1,110,000.  (2003:
-EUR3,094,000).  As of 31 December 2003, DCI has cash of
EUR2,255,000, of this free available EUR2,148,000.  (2003:
EUR3,146,000).  Cash outflow was EUR891,000 (DCI AG:
EUR812,000).  As of 31 December 2004, DCI has consolidated
equity capital of EUR2,183,000 (2003: EUR2,537,000).

Accounts were consolidated under the terms of IAS, previous
year's figures having been adjusted accordingly.  All figures
rounded to thousand EUR flat.

The complete annual report will be available at
http://www.dci.deby end of March.

CONTACT:  DCI DATABASE FOR COMMERCE AND INDUSTRY AG
          Enzianstrasse 2
          82319 Starnberg
          Deutschland


GABRIELA MATZEL: Textile Firm Falls into Bankruptcy
---------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Gabriela Matzel Strickmoden GmbH on Feb. 17.
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 Henning Bungart.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 1:20 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.

Gabriela Matzel sells cords and textiles.

CONTACT:  GABRIELA MATZEL STRICKMODEN GMBH
          Stubertal 51, 45149 Essen
          Contact:
          Gabriele Matzel, Manager

          Henning Bungart, Insolvency Manager
          Zweigertstrasse 43, 45130 Essen
          Phone: (0201) 793613
          Fax: 777516


GGB IMMOBILIEN: Cedes Control to Provisional Administrator
----------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against GGB Immobilien Gesellschaft mbH on Feb. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 6, 2005
to register their claims with court-appointed provisional
administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 1:40 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:  GGB IMMOBILIEN GESELLSCHAFT MBH
          Prosperstr. 186, 46238 Bottrop
          Contact:
          Ricardo Boksteen, Manager
          Harkortstr. 89, 46119 Oberhausen

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


JOHANNES HOFFTERHEIDE: Creditors Claims Due Later this Month
------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Johannes Hoffterheide GmbH on Feb. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 31, 2005 to
register their claims with court-appointed provisional
administrator Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 9:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG,
gelber Bereich, Saal 185 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:  JOHANNES HOFFTERHEIDE GMBH
          Wiesengrund 19, 46422 Bottrop
          Contact:
          Johannes Hoffterheide

          Rolf Otto Neukirchen, Administrator
          Zweigertstr. 28-30, 45130 Essen
          Phone: (0201) 438740
          Fax: +492014387479


K.-H. HOHMEIER: Claims Deadline March 30
----------------------------------------
The district court of Hannover opened bankruptcy proceedings
against K.-H. Hohmeier Malerbetrieb 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 Ralph Bunning.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 8:30 a.m. at Saal 226, 2.
Obergeschoss, Amtsgericht Hannover, Dienstgebaude Hamburger
Allee 26, 30161 Hannover 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.-H. HOHMEIER MALERBETRIEB GMBH
          Contact:
          Karl-Heinz Hohmeier, Manager
          Auf dem Bosselhagen 2, 31515 Wunstorf

          Ralph Bunning, Administrator
          Karl-Wiechert-Allee 1 c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


LNW IMMOBILIEN: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------------
The district court of Nurnberg opened bankruptcy proceedings
against LNW Immobilien GmbH on Feb. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 18, 2005 to register their
claims with court-appointed provisional administrator Dr. Stefan
Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 10:00 a.m. at the district court
of Nurnberg, Flaschenhofstr. 35, Sitzungssaal 152/I 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:  LNW IMMOBILIEN GMBH
          Contact:
          Jurgen Niedermeier, Manager
          Marienstrasse 16, 90402 Nurnberg

          Dr. Stefan Oppermann, Insolvency Manager
          Durrenhofstr. 4, 90402 Nurnberg
          Phone: 0911/94646-0
          Fax: 0911/94646-48


MG TECHNOLOGIES: Lurgi Set for Growth with New Technologies
-----------------------------------------------------------
Lurgi AG, a subsidiary of mg technologies AG, has refined its
strategic focus on profitable technologies in high-growth
markets.  The plant constructor is concentrating on its own
processes for manufacturing petrochemical products such as
methanol, plastics or synthetic fuels using natural gas.  These
processes are more economical than traditional methods that rely
on crude oil.

"As the market and technological leader, focusing on the cost-
efficient processing of natural gas will lead to promising
business perspectives for Lurgi.  Global oil supplies will
continue to decrease over the coming decades.  We offer our
customers gas-based technologies which are already able to
replace petrochemical products manufactured from crude oil, such
as plastics, and which can be manufactured more cost-
effectively," stated Michael Stratling, head of Lurgi, at a
press conference in Frankfurt.

Lurgi is already the sole market leader in methanol, one of the
most important basic raw materials used in the petrochemical
industry.  Lurgi plants are responsible for some 70% of global
methanol production.  Last October, Lurgi put the world's
largest methanol plant into operation on the Caribbean island of
Trinidad.  The market for methanol is growing at a rate of
approximately 3% annually.  At present, around 30 million tons
of methanol are produced each year worldwide.  Lurgi's patented
processing technologies allow the company to transform methanol
into high-value products such as propylene cost-effectively.

According to the German Association of Plastics Manufacturers,
global use of polypropylene will increase approximately
6% annually, from just under 40 million tons today to well over
50 million tons in 2010.

Lurgi also focuses on technologies for the production of fuels
such as biodiesel and bioethanol from renewable raw materials.
According to expert estimates, biofuel consumption will increase
from currently less than 5 million tons per year to around 14
million tons in the E.U. countries.  In the U.S., consumption
will increase from less than 9 million tons per year to nearly
15 million tons in the same period.

Mg technologies AG is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and equipment -- and plant engineering.  The
company generated sales of roughly EUR4.1 billion -- excluding
Dynamit Nobel and other discontinued operations -- in 2003.  At
September 30, 2004, it employed around 17,000 people and is one
of the world's market and technology leaders in 90% of its
businesses.

CONTACT:  MG TECHNOLOGIES AG
          Kommunikation
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49-69-7 11 99-241
          Fax: +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


MG TECHNOLOGIES: Subsidiary Corners Several Projects in Asia
------------------------------------------------------------
Lurgi AG, a subsidiary of mg technologies AG, has won major
international contracts together worth in excess of EUR210
million.  Lurgi is to build the largest propane-processing plant
of its kind for approximately EUR180 million in Saudi Arabia.
In Indonesia, it is constructing a plant that will produce fatty
alcohol.  The company has also signed an agreement to build a
propylene plant in Iran.

"Having thoroughly restructured its business and refocused its
portfolio on profitable technologies, Lurgi is starting to gain
momentum again.  This surge in new orders demonstrates that the
company is back on track.  If this positive order trend
continues, 2005 will see Lurgi -- and all of mg's Industrial
Plant Engineering subsidiaries -- operating profitably," said
Klaus Moll, the member of mg's Executive Board responsible for
Industrial Plant Engineering, at a press conference held by
Lurgi in Frankfurt Monday.

The plant located in the Saudi Arabian industrial city of Yanbu
will turn propane into approximately 400,000 tones per year of
propylene, which is used to produce plastics.  The customer is
the Saudi Arabian National Petrochemical Company (NatPet).  The
plant is due to come on stream at the end of 2007.

Lurgi is building a fatty-alcohol plant in Indonesia for Sawit
Mas.  This plant, located in northeast Sumatra, is due to be
operational in 2006.  Fatty alcohol is mainly used in detergents
and is more biodegradable than the conventional petrochemical
additives used.

Lurgi has signed an agreement to build a propylene plant in
Iran.  This facility will be the first to use the methanol-to-
propylene (MTP) process developed and patented by Lurgi on an
industrial scale.  This cost-effective gas-based process is used
to turn methanol into propylene.  In the past, this plastic has
been manufactured almost exclusively from crude oil.  The plant
will be able to produce 100,000 tons of propylene per year and
is scheduled to come on stream in 2009.

CONTACT:  MG TECHNOLOGIES AG
          Kommunikation
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49-69-7 11 99-241
          Fax: +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


ML LOGISTIC: Creditors Have Until April to Prove Claims
-------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
ML Logistic GmbH on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 4, 2005 to register their claims with
court-appointed provisional administrator Joachim Sistig.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:45 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12
Etage, Raum 1240 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:  ML LOGISTIC GMBH
          Aachener Strasse 561, 50933 Koln

          Hans Joachim Sistig, Insolvency Manager
          Hochwinkel 3 a, 51069 Koln
          Phone: 688589
          Fax: +49221681226


OTTERNDORFER KLEIDERFABRIK: Declares Bankruptcy
-----------------------------------------------
The district court of Cuxhaven opened bankruptcy proceedings
against Otterndorfer Kleiderfabrik Ursula Matzner GmbH & Co. KG
on Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 11, 2005 to register their claims with court-appointed
provisional administrator Georg Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 10:45 a.m. at Saal 112, Altbau,
Deichstr. 12 a, 27472 Cuxhaven 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:  OTTERNDORFER KLEIDERFABRIK URSULA MATZNER GMBH & CO.
          Wesermunder Str. 20, 21762 Otterndorf

          RALPH MATZNER GMBH
          Wesermunder Str. 20, 21762 Otterndorf
          Ralph Matzner, Manager

          GEORG HENNINGSMEIER, Insolvency Manager
          Osdorfer Landstr. 230, 22549 Hamburg
          Phone: 040/8078810
          Fax: 040/807881-20


WINKLER, GRUHL: Administrator's Report Out Next Month
-----------------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Winkler, Gruhl & Co. Haustechnik GmbH on Feb. 14.
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. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005, 11:45 a.m. at the district court
of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328 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:  WINKLER, GRUHL & CO. HAUSTECHNIK GMBH
          Birkenhof 1, 59514 Welver
          Contact:
          Michael Franz Gruhl, Manager
          Weidestrasse 2, 59514 Welver
          Wilfried Jurgen Winkler, Manager

          Dr. Axel Kampmann, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 0231/5411-0
          Fax: 0231/5411-220


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


PARMALAT FINANZIARIA: New Ratios to Give Citigroup 3% Stake
-----------------------------------------------------------
U.S. bank Citigroup Inc. may end up becoming the largest foreign
shareholder in Parmalat when it re-lists on the stock market
later this year, Bloomberg News Service says.

Under Parmalat's revised debt-to-equity conversion ratios,
Citigroup is entitled to receive a 3% stake in the New Parmalat,
dislodging Bank of America (BoA) as the largest foreign investor
in the collapsed group.  The pair, however, will control close
to 6% of the re-listed Parmalat.

Interestingly, both Citigroup and BoA face a multi-billion-
dollar lawsuit filed by government-appointed administrator
Enrico Bondi, who alleged the banks played a major role in the
massive financial fraud in the group.

Jack Ablin, chief investment officer of Chicago-based Harris
Private Bank believe Citigroup will hold on to its stake long
enough to settle the case.  He added Citigroup and BofA could
"leverage their Parmalat shares into board seats" to speed up
the resolution of the cases.

Mr. Ablin said, "It makes for an interesting relationship, that
one of their key shareholders and the chairman have been at odds
for a couple of years."

Susan Tether, Citigroup's London-based spokeswoman, said the
group was reviewing the new ratios.

Mr. Bondi presented Thursday his latest plan for Parmalat, which
includes re-listing of the group's shares in the local stock
exchange and a debt-to-equity conversion using new debt ratios.
Creditors would receive shares in Parmalat through two rights
issues worth EUR2 billion.  The new ratios, however, were lower
than what were initially set.  The new debt ratio for Parmalat
Finanziaria, the formerly listed company, went down from 11.3%
to 5.7%; while the ratio for Parmalat S.p.A., the main operating
firm, dropped from 7.3% to 6.9%.  The administrator was forced
to revise the ratios following a Parma court ruling that
reversed his rejection of over EUR4 billion in claims.

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

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

          CITIGROUP INC.
          399 Park Ave.
          New York, NY 10043
          Phone: 212-559-1000
          Fax: 212-793-3946
          Toll Free: 800-285-3000
          Web site: http://www.citigroup.com

          BANK OF AMERICA CORPORATION
          Bank of America Corporate Center
          100 N. Tryon St.
          Charlotte, NC 28255
          Phone: 800-432-1000
          Fax: 704-386-6699
          Web site: http://www.bankofamerica.com


PARMALAT U.S.A.: ReGen, Riverside Find Settlement Unfair, Flawed
----------------------------------------------------------------
ReGen Capital I, Inc. and Riverside Claims LLC observe that
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates
attempt to paint the settlement contained in the U.S. Debtors'
Plan as one that is beneficial to all parties involved,
including Farmland Dairies LLC's general unsecured creditors.
However, the practical reality of the settlement indicates
otherwise.

Although the settlement proposed by the Plan seems to
subordinate the interests of GE Capital Public Finance, Inc., in
the Reorganized Farmland, to that of general unsecured
creditors, the reality is that the settlement actually favors GE
in numerous ways, with little or no protection for general
unsecured creditors against GE putting its interests ahead of
theirs.

ReGen and Riverside relate that the recovery of general
unsecured creditors is effectively subordinated to GE's
preferred interests under the Plan.  The Plan expressly provides
that under certain circumstances, the Note to be given to
Farmland's general unsecured creditors will be subordinated to
the preferred interests being given to GE, and there are few, if
any, safeguards in the Plan to prevent this from happening.

ReGen and Riverside explain that in the likely event of a Note
subordination, instead of general unsecured creditors receiving
a more certain, albeit smaller recovery, as implied by the Plan,
they will actually have to wait for GE to receive a recovery of
35% on their claims before any recovery will be received on the
Note.  If Reorganized Farmland is successful and decides to sell
its assets, achieving the result GE initially sought, the Note
becomes subordinated to GE's interests.  In return for
subordinating their Note, however, general unsecured creditors
get no participation in Reorganized Farmland's upside.  Even if
the Note were paid at some point, the maximum return to general
unsecured creditors from the estate would be 33%, excluding any
interest paid on the Note.

Thus, ReGen and Riverside contend that the Plan should not be
confirmed if the subordination provision remains in place.

Subordination of the general unsecured creditors' Note is not
the only way in which the Plan favors GE.  ReGen and Riverside
add that the potential for fluctuation in the amount of general
unsecured claims also favors GE, as the Plan does not provide a
mechanism which protects general unsecured creditors from
allowed claims being higher than anticipated.

In addition, the Plan proposes a structure that is rife with
conflicts of interest on GE's part.  The Plan's structure
facilitates self-interested decision-making for GE.  The
Plan provides that GE gets all of the preferred and 80% of the
common stock of Reorganized Farmland, and will essentially own
the company and control its directors and officers.  However,
while GE will have fiduciary duties stemming from its
directorship and ownership roles, it is in its own interest to
sell the company, therefore having its preferred interests
propelled ahead of the Note.

For these reasons, ReGen and Riverside contend that the Plan is
not proposed in good faith and cannot pass the "essential smell
test."

Furthermore, concerns about GE controlling Reorganized Farmland
and, under the terms of the Plan, the return to general
unsecured creditors, are elevated by GE's prior conduct in the
Montgomery Ward case.  In a similar situation, GE became the
equity owner under Montgomery Ward's Chapter 11 Plan.  However,
it has been alleged that GE took a less than even-handed
approach to its varied and, at times, conflicting, fiduciary
duties as owners and directors.  GE was also intent on
misleading and deceiving its creditors.  These allegations,
ReGen and Riverside tell Judge Drain, demonstrate that concerns
about the control given to GE under the Plan are not merely
speculative or hypothetical, especially since the very terms of
the Plan render GE's interests conflicting.

Moreover, because it has been shown that the Plan favors GE and
because the Plan proponents have failed to provide a valuation,
ReGen and Riverside assert that it is imperative that the Court
require, at a minimum, that a valuation of the equity in
Reorganized Farmland be provided.  A market test should also be
conducted to establish the fair value of the equity and ensure
that the highest and best value is attained for the benefit of
the U.S. Debtors' constituents.

ReGen and Riverside further note that the Plan is flawed in that
it provides that preference actions against potential
defendants, whose aggregate payments during the preference
period are estimated to be at least $126,000,000, have been
inexplicably waived.  Recovery of even a small fraction of the
preferential payments would have brought a substantial increase
in the pool of funds to be distributed to unsecured creditors.

For all these reasons, ReGen and Riverside ask the Court to deny
confirmation of the U.S. Debtors' Plan.

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

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

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


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


UNITEDGLOBALCOM INC.: Bank Facilities Rated B1; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of
UnitedGlobalCom, Inc. and its subsidiaries, and assigned ratings
to new tranches of its multi-tranche bank credit facilities.
The rating outlook remains stable.  The rating analysis took
into account the announcement of UGC's prospective merger with
its 52% owner, Liberty Media International.  The rating levels
reflect the expectation that borrower group's financial profile
will not be immediately affected by the merger, while
recognizing that changes in strategic goals following the
combination could affect credit ratings in the future.

Moody's affirmed UGC's senior implied rating of B1 and senior
unsecured issuer rating of B3.

Actions taken for ratings of UPC Broadband Holding B.V.
(formerly UPC Distribution Holding B.V.):

(a) Senior implied rating of B1 and senior unsecured issuer
    rating of B3 affirmed;

(b) Ratings of B1 assigned to these facilities under the
    Amended and Restated EUR1,072,000,000 (original amount)
    Senior Secured Credit Agreement:

     (i) Tranche G EUR1.0 billion term loan maturing April 2010,

    (ii) Tranche H EUR1.5 billion term loan maturing September
         2012 (composed of Tranche H-1 for US$1,250 million, and
         H-2 for EUR550 million),

   (iii) Tranche I EUR500 million revolving credit facility
         maturing April 2010; and

(c) Ratings of B1 affirmed for Tranche A revolving credit
    facility (which is being reduced to EUR500 million from
    EUR667 million) expiring June 2008 and Tranche F term loans
    with EUR539 million outstanding.

Ratings on the existing bank facilities will be withdrawn when
they are repaid.  The new ratings assignments assume no
substantive changes to preliminary documentation.

The ratings continue to reflect the expectation that UGC's
stand-alone leverage remains high and is unlikely to fall given
the company's stated growth focus and leverage targets.  The
credit agreement has been amended to ease rules on acquisitions
and allows for a substantial amount of leverage to be added on a
subordinated basis if needed.  Risks continue to include
potential integration risks with regards to future acquisitions;
strong competition from larger and more established
telecommunications competitors; and the challenge of managing a
broad base of multi-national operations in a complex capital
structure.

The ratings are supported by UGC's healthy growth trends and
satisfactory margins; the size and scope of the company's
operations, and the upgraded nature of a portion of the
company's networks, which allows for provision of multiple
services (broadband, Internet and telephony) as well as the
flexibility of success-based investment going forward; and
historically limited competition for analog cable television in
the Netherlands, UGC's largest market.

The rating outlook remains stable and continue to incorporate
the expectation that UGC will not enter into direct guarantee or
financial support arrangements with affiliates following the
proposed merger with Liberty Media International.  The proposed
merger of UGC and Liberty Media International is expected to
occur through an exchange of each company's stock for stock of a
new holding company, Liberty Global.  UGC and Liberty would each
operate as subsidiaries under this newly-created public parent
company.  Moody's believes the combined company could be
financially stronger than UGC alone.  More than 80% of the
combined company's operating assets, liabilities and operating
cash flow will be contributed by UGC, but Liberty Media will add
about US$1 billion of any additional cash and the value of
investments in other companies.

Moody's does not expect any immediate changes to the borrowing
group's financial or operating profile that will change the
company's prospects or financial position.  Management has
raised the prospect of using the new company's liquidity, in
terms of both cash and stock, to explore new growth
opportunities and to use the strength of the combined balance
sheet to finance share purchases.  If UGC's leverage rises as a
result of higher debt balances or the need to guarantee
affiliates' debt, ratings could fall.  Ratings could rise if
UGC's bondholders receive direct benefits by being part of a
larger organization, which could include growth of UGC fueled by
stock or cash of its parent or affiliates.

Proceeds from the new term loan facilities will be used to repay
existing term loans Tranches B, C, and E.  The new EUR500
million Tranche I revolving credit facility represents a net
increase of EUR333 million and a maturity extension in UGC's
revolving availability, since the Tranche A revolver is being
reduced by EUR167 million.  The new bank facilities continue to
enjoy the structural benefits and most of the credit protections
available to lenders under the facilities being repaid.  The
facilities are guaranteed by operating subsidiaries representing
at least 95% of revenues and EBITDA of the consolidated Borrower
Group (and more than 75% of the consolidated entity headed by
UGC) and are secured by shares of certain subsidiaries.  There
is some ability to grant a limited amount of mortgages and asset
liens to lenders in the future.

UnitedGlobalCom Inc., headquartered in Denver, Colorado, is a
leading provider of broadband communication services with over 9
million revenue generating units in 14 countries.  Consolidated
LTM revenues reported through September 2004 were US$2.6
billion.

CONTACT:  UNITEDGLOBALCOM INC.
          Web site: http://www.unitedglobal.com
          Richard S.L. Abbott
          Investor Relations - UGC
          Phone: (303) 220-6682
          E-mail: ir@unitedglobal.com

          Bert Holtkamp
          Corporate Communications - UGC Europe
          Phone: + 31 (0) 20 778 9447
          E-mail: communications@ugceurope.com

          Claire Appleby
          Investor Relations - Europe
          Phone: +44 20 7 838 2004
          E-mail: ir@ugceurope.com


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


AVTO-SPETS-OBORUDOVANIYE: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Avto-Spets-
Oborudovaniye.  The case is docketed as A19-1588/05-29.  Mr. O.
Fominykh has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Irkutsk,
Proletarskaya Str. 8, Office 34.  A hearing will take place on
May 12, 2005.

CONTACT:  AVTO-SPETS-OBORUDOVANIYE
          665420, Russia, Irkutsk region, Cheremkhovskiy region,
          Svirsk, Kiselevskaya Str. 16

          Mr. O. Fominykh
          Temporary Insolvency Manager
          Russia, Irkutsk region,
          Proletarskaya Str. 8, Office 34


LARGE-PANEL HOUSEBUILDING: Falls into Bankruptcy
------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on close joint stock company
Factory of Large-Panel Housebuilding.  The case is docketed as
A60-2165/05-S2.  Ms. S. Romanenko has been appointed temporary
insolvency manager.  Creditors have until March 12, 2005 to
submit their proofs of claim to 620089, Russia, Ekaterinburg,
Post User Box 140.

CONTACT:  FACTORY OF LARGE-PANEL HOUSEBUILDING
          623150, Russia, Sverdlovsk region,
          Bogdanovich, Stepana Razina Str. 62

          Ms. S. Romanenko
          Temporary Insolvency Manager
          620089, Russia, Ekaterinburg,
          Post User Box 140


MINE SHUSHTALEPSKAYA: Proofs of Claim Deadline Saturday
-------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Mine Shushtalepskaya after finding the open
joint stock company insolvent.  The case is docketed as A27-
26884/2004-4.  Mr. F. Poddybnyj has been appointed insolvency
manager.  Creditors have until March 12, 2005 to submit their
proofs of claim to 652815, Russia, Kemerovo region, Osinniki,
15, Post User Box 128.

CONTACT:  MINE SHUSHTALEPSKAYA
          Russia, Kemerovo region,
          Kaltan, Mayakovskogo Str. 1

          Mr. F. Poddybnyj
          Insolvency Manager
          652815, Russia, Kemerovo region,
          Osinniki, 15, Post User Box 128


OMSK-ELECTRO-SET-STROY: Applies for Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Omsk-Electro-Set-Stroy after finding the
close joint stock company insolvent.  The case is docketed as
K/E-149/04.  Mr. N. Utochenko has been appointed insolvency
manager.  Creditors have until March 12, 2005 to submit their
proofs of claim to Russia, Omsk, Mira Pr. 106A, Room 136.

CONTACT:  OMSK-ELECTRO-SET-STROY
          Russia, Omsk region,
          Mira Pr. 173

          Mr. N. Utochenko
          Insolvency Manager
          Russia, Omsk region,
          Mira Pr. 106A, Room 136


POLUNOCHNOYE MINE: Creditors Have Until April to File Claims
------------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Polunochnoye Mine Management after finding
the limited liability company insolvent.  The case is docketed
as A60-14-630/2004-S1.  Mr. S. Merzlyakov has been appointed
insolvency manager.  Creditors have until April 12, 2005 to
submit their proofs of claim to 624222, Russia, Sverdlovsk
region, Nizhnyaya Tura, Ilyicha Str. 11.

CONTACT:  POLUNOCHNOYE MINE MANAGEMENT
          624590, Russia, Sverdlovsk region,
          Ivdel, Polunochnoye, Sovetskaya Str. 10

          Mr. S. Merzlyakov
          Insolvency Manager
          624222, Russia, Sverdlovsk region,
          Nizhnyaya Tura, Ilyicha Str. 11


RAMON-AGRO-TRANS: Bankruptcy Hearing Resumes May
------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Ramon-Agro-Trans.  The case is docketed as A14-17558-
2004/92/20b.  Mr. V. Lobanov has been appointed temporary
insolvency manager.   Creditors have until March 12, 2005 to
submit their proofs of claim to 394018, Russia, Voronezh, Kirova
Str. 9, Office 30.  A hearing will take place on May 12, 2005,
11:20 a.m.

CONTACT:  RAMON-AGRO-TRANS
          Russia, Voronezh region,
          Ramosnkiy region, Novozhitinnoye

          Mr. V. Lobanov
          Temporary Insolvency Manager
          394018, Russia, Voronezh region,
          Kirova Str. 9, Office 30

          The Arbitration Court of Voronezh Region
          Russia, Voronezh region,
          Srednemoskovskaya Str. 77, Room 501


REINFORCED-CONCRETE CONSTRUCTIONS: Declared Insolvent
-----------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Reinforced-Concrete Constructions-1 after
finding the open joint stock company insolvent.  The case is
docketed as A57-881B/02-12.  Mr. A. Maevskiy has been appointed
insolvency manager.  Creditors have until April 12, 2005 to
submit their proofs of claim to 410028, Russia, Saratov,
Michurina Str. 98/102, Office 105.

CONTACT:  REINFORCED-CONCRETE CONSTRUCTIONS-1
          410080, Russia, Saratov region,
          Stroiteley Pr. 31

          Mr. A. Maevskiy
          Insolvency Manager
          410028, Russia, Saratov region,
          Michurina Str. 98/102, Office 105


URAL-ELECTRO-SILA: Last Day for Filing Claims April 12
------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Ural-Electro-Sila (TIN 6603011130) after
finding the close joint stock company insolvent.  The case is
docketed as A60-31270/2003-S2.  Ms. N. Kudashkina has been
appointed insolvency manager.  Creditors have until April 12,
2005 to submit their proofs of claim to 620146, Russia,
Ekaterinburg, Post User Box 170.

CONTACT:  URAL-ELECTRO-SILA
          624260, Russia, Sverdlovsk region,
          Asbet, Promyshlennaya Str. 5

          Ms. N. Kudashkina
          Insolvency Manager
          620146, Russia, Ekaterinburg,
          Post User Box 170


VEKS VORONEZHSKIYI: Voronezh Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Veks Voronezhskiyi Excavator.  The case is docketed as A14-
13640-2004/79/7b.  Mr. V. Sidelev has been appointed temporary
insolvency manager.  Creditors have until March 12, 2005 to
submit their proofs of claim to 394018, Russia, Voronezh, Kirova
Str. 9, office 30.  A hearing will take place on April 20, 2005,
10:00 a.m.

CONTACT:  VEKS VORONEZHSKIYI EXCAVATOR
          Russia, Voronezh region,
          Moskovskiy Pr. 11

          Mr. V. Sidelev
          Temporary Insolvency Manager
          394018, Russia, Voronezh region,
          Kirova Str. 9, Office 30

          The Arbitration Court of Voronezh Region
          Russia, Voronezh region,
          Srednemoskovskaya Str. 77, Room 314


VYATSKIYE MOTOR: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on open joint stock company Vyatskiye
Motor Roads (TIN 4347014373).  The case is docketed as A28-
252/04-691/20.  Mr. A. Malygin has been appointed temporary
insolvency manager.  Creditors have until May 20, 2005, 10:00
a.m. to submit their proofs of claim to 610046, Russia, Kirov,
Zakhvataeva Str. 23.  A hearing will take place on June 1, 2005,
9:00 a.m.

CONTACT:  VYATSKIYE MOTOR ROADS
          610046, Russia, Kirov region,
          Zakhvataeva Str. 23

          Mr. A. Malygin
          Temporary Insolvency Manager
          610046, Russia, Kirov region,
          Zakhvataeva Str. 23

          The Arbitration Court of Kirov Region
          Russia, Kirov region,
          Gostinyj Per. 5/1, Room 305
          Phone: 32-05-40


YUKOS OIL: Posts US$16.5 Billion Net Loss in December 2004
----------------------------------------------------------
                        Yukos Oil Company
                          Balance Sheet
                     as of December 31, 2004

Assets

Non-current assets
   Intangible assets                                   $286,079
   Fixed assets                                     256,526,153
   Long-term financial investments                7,978,613,411
   Deferred tax assets                               68,618,948
   Other non-current assets                                   -
                                                ---------------
   Total non-current assets                       8,306,744,591

Current Assets
   Cash                                              84,119,054
   Cash in the United States                         26,986,223
   Inventory                                         14,387,870
   Prepaid expenses                                  42,576,738
   VAT taxes                                         41,283,549
   Accounts receivable                            2,377,809,977
   Short term financial investments                 306,074,370
                                                ---------------
   Total Current Assets                           2,893,237,782
                                                ---------------
   TOTAL ASSETS                                 $11,199,982,373
                                                ===============


Liabilities & Owner's Equity

Liabilities
   Prepetition payables
      Bank Debt                                  $1,325,787,069
      Non-affiliated companies                      945,694,420
      Affiliated companies                       10,635,031,761
      Previously affiliated companies             2,359,738,173
                                                ---------------
      Total prepetition debt                     15,266,251,422

   Postpetition debt
      Bank Debt                                               -
      Non-affiliated companies                       73,594,823
      Affiliated companies                                    -
      Previously affiliated companies                         -
                                                ---------------
      Total prepetition debt                         73,594,823

   Other                                            102,877,079
   Taxes                                         18,383,813,054
                                                ---------------
   TOTAL LIABILITIES                            $33,826,536,379

Owner's Equity
   Charter capital                                     $387,672
   Treasury stocks                                   (1,579,255)
   Additional Paid-in Capital                        19,794,768
   Legal reserves                                        58,140
   Retained earnings                            (22,645,215,331)
                                                ---------------
TOTAL OWNER'S EQUITY                            (22,626,554,006)
                                                ---------------
TOTAL LIABILITIES & OWNER'S EQUITY              $11,199,982,373
                                                ===============


                        Yukos Oil Company
                         Income Statement
                   Period Ended December 31, 2004


Revenue                                             $43,223,081
Cost of goods sold                                   11,969,609
Gross profit                                         31,253,472

Commercial expenses                                     861,586
Administrative expenses                              18,308,959
Operating income                                     12,082,927

Other income (expenses)                          (4,671,924,685)
Income before taxes                              (4,659,841,757)
Taxes                                           (11,869,219,284)
                                                ---------------
NET INCOME                                     ($16,529,061,041)
                                                ===============


                         Yukos Oil Company
                 Cash Receipts and Disbursements
                   Period Ended December 31, 2004


Cash -- Beginning of the Month                      $15,760,225

Receipts
   Cash Sales                                                 -
   Collection of Accounts Receivable                          -
   Other                                           $267,253,769
                                                ---------------
   Total Receipts                                   267,253,769

Disbursements
   Sales, use & other taxes paid                    165,825,900
   Other                                                766,607
                                                ---------------
   Total Disbursements                              166,592,507

Net Cash Flow                                       100,661,262
                                                ---------------
Cash -- End of the Month                           $116,421,487
                                                ===============

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., of Fulbright & Jaworski LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.

On Feb. 24, 2005, U.S. Bankruptcy Judge Letitia Clark dismissed
the case, citing Yukos' inability to effectuate a
reorganization.  A subsequent motion for reconsideration and new
trial was similarly dismissed.  Yukos has appealed to the U.S.
District Court for the Southern District of Texas.


YUKOS OIL: Has US$99.9 Million Cash as of January
-------------------------------------------------
Yukos Oil Company closes its quarterly books.  Yukos has reached
an agreement with the U.S. Trustee to provide full data on
company income and balance sheet on a quarterly basis and cash
receipts and disbursements on a monthly basis.

                        Yukos Oil Company
                          Balance Sheet
                     As of January 31, 2005

Assets

Non-current assets
   Intangible assets                                          -
   Fixed assets                                               -
   Long-term financial investments                            -
   Deferred tax assets                                        -
   Other non-current assets                                   -
                                                ---------------
   Total non-current assets                                   -

Current Assets
   Cash                                             $72,974,077
   Cash in the United States                         27,008,043
   Inventory                                                  -
   Prepaid expenses                                           -
   VAT taxes                                                  -
   Accounts receivable                                        -
   Short term financial investments                           -
                                                ---------------
   Total Current Assets                                       -
                                                ---------------
   TOTAL ASSETS                                               -
                                                ===============


Liabilities & Owner's Equity

Liabilities
   Prepetition payables
      Bank Debt                                               -
      Non-affiliated companies                                -
      Affiliated companies                                    -
      Previously affiliated companies                         -
                                                ---------------
      Total prepetition debt                                  -

   Postpetition debt
      Bank Debt                                               -
      Non-affiliated companies                                -
      Affiliated companies                                    -
      Previously affiliated companies                         -
                                                ---------------
      Total prepetition debt                                  -

   Other                                                      -
   Taxes                                                      -
                                                ---------------
   TOTAL LIABILITIES                                          -

Owner's Equity
   Charter capital                                            -
   Treasury stocks                                            -
   Additional Paid-in Capital                                 -
   Legal reserves                                             -
   Retained earnings                                          -
                                                ---------------
TOTAL OWNER'S EQUITY                                          -
                                                ---------------
TOTAL LIABILITIES & OWNER'S EQUITY                            -
                                                ===============


                        Yukos Oil Company
                         Income Statement
                   Period Ended January 31, 2005

Revenue                                            $170,471,492
Cost of goods sold                                            -
Gross profit                                                  -

Commercial expenses                                           -
Administrative expenses                                       -
Operating income                                              -

Other income (expenses)                                       -
Income before taxes                                           -
Taxes                                                         -
                                                ---------------
NET INCOME                                                    -
                                                ===============


                         Yukos Oil Company
                 Cash Receipts and Disbursements
                   Period Ended January 31, 2005

Cash -- Beginning of the Month                     $116,421,487

Receipts
   Cash Sales                                                 -
   Collection of Accounts Receivable                          -
   Other                                            170,471,492
                                                ---------------
   Total Receipts                                   170,471,492

Disbursements
   Sales, use & other taxes paid                    186,595,092
   Other                                                337,497
                                                ---------------
   Total Disbursements                              186,932,589

Net Cash Flow                                       (16,461,097)
                                                ---------------
Cash -- End of the Month                            $99,960,390
                                                ===============

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski LLP represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.


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


IZAR: New Shipbuilding Group Sets Sail
--------------------------------------
The government on Wednesday officially launched Navantia, the
new shipbuilding group formed out of the military shipyards of
Izar, El Pais says.

The "new Izar" boasts of an order book worth EUR3.6 billion and
a workforce of 5,562.  Navantia will primarily focus on military
contracts, according to the government, and no more than 20% of
its projects will be civilian works.

State holding group Sociedad Estatal de Participaciones
Industriales (SEPI) retains ownership of Navantia, which name is
drawn from the words "naval" and "avance."  Four military and
two profitable shipyards, namely Ferrol, Fene, Cartagena, Cadiz,
Puerto Real and San Fernando, make up the new group.

Navantia's launching, the fourth reorganization in the local
shipbuilding sector in 20 years, completes Izar's liquidation.
Izar's remaining civilian shipyards in Sestao, Gijon, Seville
and Manises will be sold to private investors in April.  A plan
has been drafted for the creation of a European naval
consortium, in which Izar's civilian shipyards will participate.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


IZAR: Redundancy Program Gets Workers' Nod
------------------------------------------
The early retirement plan proposed by Izar has gotten the
required approval by its workers, El Pais reports.

The plan, which affects 4,028 employees, offers workers aged 52
and up 76% of their gross salary, adjusted along with the
consumer price index, until they reach the mandatory retirement
age of 65.  The redundancy program will take effect on April 1
and will reduce Izar's workforce to 6,000.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


SAS GROUP: February Passenger Traffic Almost Flat
-------------------------------------------------
SAS Group traffic highlights:

(a) Total passenger traffic (RPK) increased by 0.8% in February
    2005 vs. 2004,

(b) The SAS Group transported 2.3 million passengers in February
    2005, an increase of 0.3%,

(c) Overall group passenger load factor decreased by 1.9 p.u. to
    57.2% for February 2005 vs. 2004,

(d) Yields continued to be stable

Group market trends and yield development Group total traffic
volumes increased in February with a traffic (RPK) growth of
0.8%.  Capacity (ASK) increased by 4.2% resulting in a reduced
load factor of -1.9 p.u.  It must be noted that all traffic
figures are negatively affected by last year's leap year with
approx 3-4% p.u.

Yield for Scandinavian Airlines in January 2005 was up by 2% vs.
2003 due to improved yield management and full effect of fuel
charges.  Yield for February will be reported next month, and is
expected to be flat or slightly positive.

Capacity on intercontinental routes was not fully met and load
factor was down 8.1 p.u. vs. last year, partly due to different
holiday pattern.  SAS Group European routes continued to
stabilize with a traffic increase of 9.4% and cabin factor was
flat.  SAS Braathens traffic increased by 1.0% and passenger
load factor increased by 4.1p.u.  Spanair's traffic was up 14.4%
and load factor was down with 1.6 p.u. Blue 1 in Finland
developed very well with an increase in number of passengers of
42.4% and improved load factor by 8.0 p.u.  Swedish domestic
routes continued to be weak due to severe overcapacity on many
routes.

Group traffic was slightly weaker in February adjusted for the
leap year effect.  Passenger load factor continued to develop
weaker than last year.  The capacity reductions initiated under
"Capacity and Utilization Focus" will further reduce capacity as
from March.  Yields continued to be stable in January, up 2% vs.
2004.  Yield for Scandinavian Airlines Businesses for February
is expected to be flat or slightly positive.  In summary, yields
are expected to be stable vs. 2004, but due to the situation
with continued overcapacity and the competitive situation and
price pressure in many markets, the overall outlook remains
cautious.

CONTACT:  SAS GROUP
          Sture Stoelen
          VP, Head of SAS Group Investor Relations
          Phone: + 46 8 797 1451
          E-mail: sture.stolen@sas.se
          Web site: http://www.sasgroup.net


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


CELANESE AG: Subsidiary Wins US$44 Million Settlement
-----------------------------------------------------
As a result of a settlement through mediation, CNA Holdings,
Inc., an indirect, wholly owned subsidiary of Celanese
Corporation, will receive US$44 million as an insurance
reimbursement, in exchange for the release of certain claims
relating to previously reported plumbing matters.  Celanese
expects to receive this insurance reimbursement by the end of
the first quarter of 2005.  Celanese does not anticipate that
this insurance reimbursement will impact net earnings.

Celanese Corporation (NYSE:CE) is an integrated global producer
of value-added industrial chemicals with 2004 sales of US$5
billion.  Based in Dallas, Texas, the company holds no. 1 or no.
2 market positions in products comprising the majority of its
sales and has four major businesses: Chemicals Products,
Technical Polymers Ticona, Acetate Products and Performance
Products.  Celanese has 29 production plants, with major
operations in North America, Europe and Asia.  For more
information, visit http://www.celanese.com.

                            *   *   *

Celanese AG reported a second quarter operating profit of EUR54
million compared to EUR109 million in the same period last year,
which included EUR90 million of insurance recoveries related to
the previously disclosed plumbing litigation cases.  In the
second quarter 2004 report, the company said it had a net loss
for the period of EUR91 million, or EUR1.85 per share, compared
to net earnings of EUR96 million, or EUR1.95 per share, in the
same period last year.

CONTACT:  CELANESE CORPORATION
          U.S.A.
          Vance Meyer
          Phone: +1 972 443 4847
          Fax: +1 972 443 8519
          E-mail: Vance.Meyer@celanese.com
          or

          Europe
          Michael Kraft
          Phone: +49 69 30514072
          Fax: +49 69305 36787
          E-mail: M.Kraft@celanese.com
          or

          Investor Relations
          Andrea Stine
          Phone: +1 908 901 4504
          Fax: +1 908 901 4805
          E-mail: A.Stine@celanese.com


KABA HOLDING: Company Profile
-----------------------------
NAME: Kaba Holding AG

COMPANY LOCATION: Hofwisenstrasse 24
                  8153 Rumlang
                  Switzerland

PHONE: +41 44 818 90 11

FAX: +41 44 818 90 18

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

TYPE OF BUSINESS: Kaba Holding is a globally active, publicly
traded security corporation.  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.

BOARD OF DIRECTORS: Rudolf Hauser
                    Chairman, non-executive

                    Gerhard Zeidler
                    Vice-Chairman, non-executive

                    Ulrich Graf
                    President and Chief Executive Officer

                    Maurice P. Andrien
                    Member, non-executive

                    Rolf Dorig
                    Member, non-executive

                    Karina Dubs-Kuenzle
                    Member, non-executive

                    Rudolf W. Weber
                    Member, non-executive

                    Thomas Zimmermann
                    Member, non-executive

NUMBER OF EMPLOYEES: 5,867 as of June 2004

OPERATING REVENUES: CHF998.3 million (2003/2004)

TOTAL CURRENT ASSETS: CHF490 million (as at June 30, 2004)

TOTAL LONG-TERM ASSETS: CHF222.8 million (as at June 30, 2004)

SHORT-TERM LIABILITIES: CHF109.0 million (as at June 30, 2004)

LONG-TERM LIABILITIES: CHF467.0 million (as at June 30, 2004)

                       Long-term liabilities
                       ---------------------
             due date  due date  due date  June 30 June 30
              <1 year  1- 5 years  >5 years  2004     2003

(in CHF millions)
Bank loans      7.0        85.8      224.4   317.2   399.4
Convertible bond                     146.3   146.3   141.4
Other long-term liabilities
                1.7         0.9        0.9     3.5     3.7
Total           8.7        86.7      371.6   467.0   544.5

                       Short-term liabilities
                       ----------------------
                         June 30, 2004 June 30, 2003
Trade accounts payable
due to third parties         60.8          57.8
Due to banks                   1.4          30.8
Other short-term liabilities
  Advances                     7.5           6.0
  Due to pension plan          0.5           0.5
  Taxes payable               12.2          14.0
  Social security payable      4.3           4.3
  Other                        8.8          10.9
Accruals                      13.5          12.9
Total                        109.0         137.2

Secured Liabilities

On June 30, 2004, liabilities totaling CHF317.0 million
(previous year: CHF399.0 million) were secured by all types of
assets in the countries of the most important Group companies.

A copy of the latest annual report is available free of charge
at http://bankrupt.com/misc/Kaba_20032004.pdf

SHAREHOLDERS: Heirs of Leo Bodmer - 24.3%
              Public shareholders - 72.8%
              Executives          -  2.9%

AUDITOR: PRICEWATERHOUSECOOPERS AG
         Stampfenbachstrasse 138
         CH-8035 Zurich
         Switzerland

         Mail Address:
         P.O. Box 634
         CH-8035 Zurich
         Phone: [41] (1) 630 11 11


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


BASHTANSKA AGROPROMTEHNIKA: Insolvency Manager Takes over Helm
--------------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Bashtanska Agropromtehnika (code EDRPOU
03753378) on January 28, 2005 after finding the limited
liability company insolvent.  The case is docketed as 2/377.
Mr. V. Cherepenko (License Number AA 140411) has been appointed
liquidator/insolvency manager.  The company holds account number
26006301430999 at Prominvestbank, Bashtanka branch, MFO 326438.

Creditors may submit their proofs of claim to:

(a) BASHTANSKA AGROPROMTEHNIKA:
    56100, Ukraine, Mikolaiv region,
    Bashtanka, O. Sizonenko Str. 9

(b) Mr. V. Cherepenko
    Liquidator/Insolvency Manager
    54017, Ukraine, Mikolaiv region,
    Moskovska Str. 54-a

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


ENGINEERING NETWORKS: Succumbs to Bankruptcy
--------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Engineering Networks Buildings on
January 25, 2005.  The case is docketed as B/29/191/04.
Arbitral manager Mr. Shevtsov Yevgen (License Number AA 250313)
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) ENGINEERING NETWORKS BUILDINGS
    50034, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Kimovska Str. 1

(b) Mr. Shevtsov Yevgen
    Temporary Insolvency Manager
    49069, Ukraine, Dnipropetrovsk region, a/b 3925

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


FISH-IMPEKS: Court Brings in Liquidator
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Fish-Impeks (code EDRPOU 30522813) after
finding the limited liability company insolvent.  The case is
docketed as 15/567-b.  Arbitral manager Mrs. Svitlana Klimenko
has been appointed liquidator/insolvency manager.

CONTACT:  FISH-IMPEKS
          Ukraine, Kyiv region,
          Ivana Kudri Str. 30

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


INDUSTRIYA: Court Freezes Debt Payments
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Industriya (code EDRPOU 13534074) on
January 6, 2005 and ordered a moratorium on satisfaction of
creditors' claims on January 20, 2005.  The case is docketed as
21/1 B.  Arbitral manager Mrs. Nataliya Vishnevska (License
Number AA 668268) has been appointed temporary insolvency
manager.  The company holds account number 26006198014891 at
OJSC Kreditprombank, Donetsk branch, MFO 335593.

Creditors may submit their proofs of claim to:

(a) INDUSTRIYA
    86020, Ukraine, Donetsk region,
    Yasinuvatskij district,
    Ocheretino, Pervomajska Str. 1A

(b) Mrs. Nataliya Vishnevska
    Temporary Insolvency Manager
    83000, Ukraine, Donetsk region,
    Komsomolskij Avenue, 15/39

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


KRIMTABAK: Applies for Bankruptcy Proceedings
---------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Krimtabak (code EDRPOU 31898590) on January
20, 2005 after finding the limited liability company insolvent.
Arbitral manager Mr. I. Dragun (License Number AA 719819) has
been appointed liquidator/insolvency manager.

CONTACT:  KRIMTABAK
          95000, Ukraine, AR Krym region,
          Simferopol, Elevatorna Str. 4

          Mr. I. Dragun
          Liquidator/Insolvency Manager
          33028, Ukraine, AR Krym region,
          Rivne, Soborna Str. 34/14

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region
          Simferopol, Karl Marks Str. 18


TSEMINDUSTRIYA: Declared Insolvent
----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Tsemindustriya (code EDRPOU 30871363) on
January 17, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 27/66 B.  Mrs. Svitlana
Bezverha (License Number AA 779204) has been appointed
liquidator/insolvency manager.  The company holds account number
26004301636134 at Prominvestbank, Yenakiyeve branch, MFO 334215.

CONTACT:  TSEMINDUSTRIYA
          86400, Ukraine, Donetsk region,
          Yenakiyeve, Marata Str. 1

          Mrs. Svitlana Bezverha
          Liquidator/Insolvency Manager
          83037, Ukraine, Donetsk region,
          Kirov Str. 147/10

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


VELIKONOVOSILKIVSKIJ TIN: Court Orders Debt Moratorium
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Velikonovosilkivskij Tin Plant
(code EDRPOU 00375852) on December 13, 2004 and ordered
moratorium on satisfaction of creditors' claims.  The case is
docketed as 42/200 B.  Mr. O. Polishuk (License Number AA
140445) has been appointed temporary insolvency manager.

CONTACT:  VELIKONOVOSILKIVSKIJ TIN PLANT
          85500, Ukraine, Donetsk region,
          Velikonovosilkivskij district,
          Octyabrska Str. 4

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


ZOLOTONISKIJ HEMP: Under Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Zolotoniskij Hemp Plant (code
EDRPOU 00306288) on December 2, 2004.  The case is docketed as
01/3788.  Mr. Sergij Vinnik has been appointed temporary
insolvency manager.

CONTACT:  ZOLOTONISKIJ HEMP
          19700, Ukraine, Cherkassy region,
          Zolotonosha, Zhashkivska Str. 32

          Mr. Sergij Vinnik
          Temporary Insolvency Manager
          Ukraine, Cherkassy region,
          Sumgayitska Str. 17/1-916

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


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


AUTOMGT LIMITED: Falls into Receivership
----------------------------------------
Karen Ilett appointed Jeremy Charles Frost (Office Holder No
9091) and Andrew William Thompson (Office Holder No 5807) joint
administrative receivers for Automgt Limited (Reg No 04178275).
The company lets vehicle.

CONTACT:  THE THOMPSON PARTNERSHIP
          Square Root Business Centre
          102 Windmill Road
          Croydon, Surrey CR0 2XQ
          Phone: 020 8665 4284
          Fax: 020 8665 4201
          E-mail: jcf@thethompsonpartnership.co.uk

          THOMPSON SHAW ASSOCIATES
          The Old Halsall Arms
          2 Summerwood Lane
          Halsall, Merseyside L39 8RJ
          Phone: 01704 841870
          Fax: 01704 841811


BAE SYSTEMS: U.S. Unit Makes Move on United Defense Industries
--------------------------------------------------------------
BAE Systems plc's wholly owned U.S. subsidiary, BAE Systems
North America Inc., has entered into a definitive merger
agreement to acquire United Defense Industries, Inc. (UDI) for
US$75 per share in cash, representing a total consideration for
UDI's fully diluted share capital of approximately US$3,974
million (GBP2,092 million)[1].  Including the assumption of net
debt of US$218 million (GBP115 million)[2], the transaction
values the enterprise at US$4,192 million (GBP2,207 million).

UDI is a leading U.S. defense company, which generated annual
sales in 2004 of US$2,292 million.  It designs, develops and
produces combat vehicles, artillery systems, naval guns, missile
launchers and precision munitions, used by the U.S. Department
of Defense and allies worldwide, and provides non-nuclear ship
repair, modernization and conversion to the U.S. Navy and other
U.S. Government agencies.  UDI employs approximately 8,000
people in 25 locations in the U.S. and Sweden.

Highlights:

(a) The Proposed Acquisition is a significant step in the
    delivery of BAE Systems' strategy  to grow as the premier
    transatlantic aerospace and defense contractor by:

     (i) expanding and developing its business in North America,

    (ii) creating a global land systems business,

   (iii) developing its worldwide through-life support and
         services capabilities;

(b) UDI, together with BAE Systems' existing U.K. and Swedish
    land systems businesses, will form part of a newly created
    global land systems business, which will be headquartered
    and led in the U.S., as part of BAE Systems North America,
    by the highly regarded and experienced UDI management team;

(c) The combined business creates a leading international
    position in the fast growing land systems sector.  As a
    result of the global war on terror and ongoing operations in
    Iraq and Afghanistan, the U.S. Department of Defense has
    significantly shifted its priorities and budget towards land
    systems;

(d) UDI is also well placed to benefit from the shift in U.S.
    defense spending to prioritize the refurbishment and upgrade
    of existing systems until the next of generation of vehicles
    is deployed.  In addition, the planned restructuring of the
    U.S. Army is likely to require an upgrade of the large
    inventory of Bradley and other UDI vehicles;

(e) UDI is responsible for the repair and upgrade of a large
    number of combat vehicles for the U.S. Armed Forces,
    including, in particular the Bradley program of over 7,000
    vehicles.  The 2005 U.S. defense budget and supplemental
    request include approximately US$1.3 billion for resets and
    upgrades to the Bradley vehicle fleet;

(f) The enlarged land systems business will hold a significant
    position within the Future Combat Systems program, the
    U.S. Army's largest procurement program, and offers enhanced
    opportunities in relation to programs such as the U.K.'s
    FRES and Sweden's SEP, and in the export market;

(g) UDI's weapons systems positions and leading technological
    capabilities complement BAE Systems North America's advanced
    electronic systems and subsystems in areas such as
    targeting, communications, protection and situational
    awareness, creating significant synergy potential;

(h) The Proposed Acquisition further develops BAE Systems'
    through-life support and services capabilities by adding to
    its operations the U.S. Navy's largest non-nuclear ship
    repair and overhaul business;

(i) The Proposed Acquisition is expected to be immediately
    accretive to BAE Systems' earnings, with a step up expected
    in the first full year (2006)[3] as well as delivering
    returns in excess of BAE Systems' cost of capital in the
    second full year (2007) following the Proposed
    Acquisition[4]

The Proposed Acquisition is conditional, amongst other things,
upon receiving the required regulatory clearances, UDI
shareholder approval and the approval of BAE Systems
shareholders at an Extraordinary General Meeting and is expected
to close by mid 2005.

The Proposed Acquisition will be financed through a placing of
150 million new ordinary shares in BAE Systems, which is
expected to raise approximately GBP375 million[5], before
expenses, a new debt facility of US$3,000 million and existing
internal resources.  The Placing, which was launched Monday, is
not conditional upon the completion of the Proposed Acquisition.

Commenting on the Proposed Acquisition, Mike Turner, Chief
Executive of BAE Systems, said: "UDI is a strong business with
an excellent track record, outstanding growth prospects and a
highly regarded management team.  By combining UDI with BAE
Systems' existing land systems and North American operations,
our capabilities will be strengthened to the benefit of current
and future U.S. Department of Defense, U.K. and Swedish
Ministries of Defence programs and their respective armed
forces.  This global land systems business will also build on
its existing strong position in export markets."

Mark Ronald, President and CEO of BAE Systems North America,
added: "The combination of UDI with our existing land systems
and U.S. operations will create a world class business, better
able to meet the ever more demanding requirements of our
military customers with innovative capabilities, products and
solutions.  BAE Systems North America has a demonstrable track
record of excellent stewardship of its acquired U.S. businesses,
having increased investment, grown jobs, improved performance
and consistently achieved double digit annual growth.  We look
forward to welcoming UDI's management team and employees into
BAE Systems North America.  Culturally, it's a great match --
BAE Systems and UDI have common values and a similar heritage,
with long histories of innovation and commitment to national
security."

This summary should be read in conjunction with the full text of
this announcement.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Assuming exchange rate of U.S.$1.90: GBP1.  Based on 52.99
million fully diluted UDI shares outstanding,

[2] Net debt of UDI as at 31 December 2004.  UDI financials are
prepared in accordance with U.S. GAAP

[3] Pre-goodwill amortization

[4] This statement regarding earnings enhancement is not a
profit forecast and should not be interpreted to mean that BAE
Systems' future earnings per share will necessarily match or
exceed the historical published earnings per share of BAE
Systems or UDI

[5] Based on 4 March 2005 closing price for the Company's
ordinary shares of 250p per ordinary share

                            *   *   *

Not for release, publication or distribution in or into the
United States, Canada, Australia, Japan or the Republic of
Ireland.

The full text of the offer is available free of charge at
http://bankrupt.com/misc/BAE_UDI_Buyout.htm

CONTACT:  BAE SYSTEMS PLC
          Charlotte Lambkin, Group Communications Director
          Phone: +44 1252 383 836

          Andy Wrathall, Investor relations
          Phone: +44 1252 383 820

          Richard Coltart, Press relations
          Phone: +44 1252 384 875

          GOLDMAN SACHS INTERNATIONAL
          Financial adviser to BAE Systems
          Simon Dingemans
          Phone: +44 20 7774 1000
          Basil Geoghegan

          Gleacher Shacklock LLP
          Financial adviser to BAE Systems
          Tim Shacklock
          Phone:  +44 20 7484 1150
          James Dawson


BAE SYSTEMS: Proposed UDI Acquisition Prompts Ratings Review
------------------------------------------------------------
Moody's Investors Service placed the debt ratings of BAE Systems
plc (Baa2) on review for possible downgrade.  In a related
action, Moody's also placed the debt ratings of United Defense
Industries, Inc. (Ba2) under review for possible upgrade.  The
reviews were prompted by the announcement that BAE had agreed to
purchase United Defense in an all cash transaction valued at
US$3.97 billion plus assumed debt.  The acquisition is expected
to be financed with approximately US$3 billion in new debt, with
the remainder funded with cash and new equity issued by BAE.

In reviewing the debt ratings of BAE for possible downgrade,
Moody's will focus on the impact of the acquisition on the
company's cash flow metrics and overall financial leverage.
Moody's current ratings have anticipated a rebuilding of the
company's retained cash flow and free cash flow generation in
line with its improving operating performance.

While these metrics have improved during 2004, retained cash
flow as a percentage of total debt remained relatively weak at
about 12%.  While the favorable cash flow generation of United
Defense will benefit the company going forward, the review will
assess the degree to which the incremental debt incurred as part
of the transaction delays or averts the previously anticipated
improvements in BAE's financial metrics.

Moody's review will also consider the outlook for United
Defense's businesses particularly in the armored vehicle and
naval repair segments, and in light of the outlook for U.S.
Department of Defense budget allocations over the next several
years.  The degree of further diversification, which the
transaction provides in terms of business and geographic mix as
well as with respect to fixed priced contracts, will also be
included in the review.

Moody's notes BAE's existing acquisitions in the U.S. have
performed well and does not expect integration issues to be a
major factor in its review.  United Defense's primary operations
include the manufacture and repair of tracked armored vehicles
and ship repair as well as the development and manufacture of
howitzers, guided missiles and precision munitions, primarily
related to the U.S. Department of Defense.  While a more diverse
company, BAE's existing businesses include similar products and
services, but aligned more significantly with the U.K. MoD and
European countries.  BAE's ability to develop synergies from the
combined businesses that enhance overall earnings and cash flow
performance will also be considered in the review.

Confirmation of BAE's ratings as an outcome of the review will
be dependent on its ability to demonstrate clear sources of cash
flow that will be applied to debt reduction to achieve steady
progress toward a retained cash flow to debt metric of greater
than 20% in the intermediate term.  If, in Moody's opinion, an
improvement in cash flow coverage is not likely to occur in the
near to intermediate term, a negative outlook or a downgrade of
the rating could result.  Moody's does not anticipate a ratings
action that would lower the rating out of the investment grade
category.

The review of the ratings of United Defense will consider the
potential credit benefits resulting from the company's inclusion
in the BAE group.  United Defense's debt is primarily in the
form of outstanding bank debt.  Moody's review will consider the
treatment of this debt under the proposed transaction.  If all
of United Defense's debt is repaid as part of the transaction
the ratings could be withdrawn.  Alternatively, if any existing
debt remains outstanding, Moody's review will consider the
relative priority of claim the debt holds within BAE's capital
structure, the degree of explicit support provided by BAE for
the debt, and the adequacy of ongoing information about United
Defense's operations to maintain the ratings on an ongoing
basis.

Ratings placed under review for possible downgrade are:

(a) BAE SYSTEMS plc:

    Senior debt rating Baa2,

    Issuer rating Baa2

(b) BAE SYSTEMS Finance, Inc.

    Guaranteed senior debt Baa2

    MTN program. Baa2

(c) BAE SYSTEMS Holdings, Inc.

    Guaranteed senior debt Baa2

    Prime-2 short term debt rating

Ratings placed under review for possible upgrade are:

(a) United Defense Industries, Inc:

    Senior secured credit facilities rated Ba2,

    Senior Implied Rating of Ba2

    Senior Unsecured Issuer Rating of Ba3

Headquartered in Farnborough, England, BAE Systems plc is a
major aerospace/defense company.

United Defense Industries, Inc. is a prime contractor of
tracked, armored combat vehicles, weapons delivery systems and
other armaments.  It is headquartered in Arlington, Virginia.

CONTACT:  MOODY'S INVESTORS SERVICE
          New York
          Michael J. Mulvaney
          Managing Director
          Corporate Finance Group
          For Journalists
          Phone: 212-553-0376

          New York
          Richard Bittenbender
          Senior Vice President
          Corporate Finance Group
          For Journalists
          Phone: 212-553-0376

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


BAE SYSTEMS: May Suffer Cut from S&P if UDI Purchase Goes Ahead
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB'/'A-2'
corporate credit and its other ratings on Farnborough, U.K.-
based BAE Systems PLC on CreditWatch with negative implications.

"The action followed BAE Systems' announcement that it has
agreed to acquire U.S.-based United Defense Industries Inc.,
which has a 'BB+' corporate credit rating, for US$4.2 billion in
cash, including assumed net debt," said Standard & Poor's credit
analyst Roman Szuper.

"BAE Systems expects to finance the transaction with a new US$3
billion credit facility, cash on hand, and proceeds from an
equity issue.  Although the acquisition will further expand BAE
Systems' presence in the important U.S. defense market and
diversify its operations, the significantly increased debt
levels will weaken key credit protection measures.  The
potential downgrade is likely to be limited to one notch."

Standard & Poor's also published a story on United Defense.  The
transaction is subject to regulatory approval and the approval
of the shareholders of both companies.

BAE Systems is a major supplier of military aircraft, defense
electronics, submarines and surface combatants for the Royal
Navy, support services, information technology, and
aerostructures.

United Defense is a leading supplier of tracked armored combat
vehicles, naval weapons systems, and ship maintenance and
repair, with 2004 sales around US$2.3 billion.

Standard & Poor's will meet with management to assess the
rationale of the transaction, the method of financing, as well
as business and financial policies.

Complete ratings information is available to subscribers of
RatingsDirect at http://ratingsdirect.com. All ratings affected
by this rating action can be found at
http://www.standardandpoors.com

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


BAE SYSTEMS: Fitch Warns of Potential Downgrade
-----------------------------------------------
Fitch Ratings is keeping BAE Systems Plc's Senior Unsecured
'BBB+' and Short-term 'F2' ratings on Rating Watch Negative.
This follows an announcement that BAE's wholly owned U.S.
subsidiary, BAE Systems North America Inc. (BAE-NA), has entered
into a definitive merger agreement to acquire United Defense
Industries, Inc. pending regulatory clearance.  UDI is rated
'BB+' (Positive Outlook) for its US$525 million senior secured
bank facility.

Should the acquisition proceed as per the announced terms Fitch
expects to downgrade BAE's Senior Unsecured and Short-term
ratings by a notch, due to the negative impact of the
substantial additional leverage on its credit metrics.
Following the potential downgrade, the agency, however, could
maintain the Rating Watch Negative pending the resolution of the
ongoing investigation undertaken by the U.K. Serious Fraud
Office (please refer to Fitch rating action dated 18 November
2004).

BAE has informed that the US$4,192 million (GBP2,207 million)
acquisition will be financed by a combination of debt, cash and
equity.  The consideration includes UDI's net debt of US$218
million (GBP115 million).  BAE expects to raise GBP375 million
of equity, while this injection is not conditional on closing of
acquisition.

UDI is a leading producer of military ground combat vehicles and
also supplies artillery systems, naval weapons systems, missile
launchers and precision munitions to U.S. and international
customers.  The company employs around 8,000 people in 25
locations in the U.S. and Sweden.  UDI has shown a sustained
solid operating performance and cash flow generation as it
continues to benefit from strong U.S. defense spending in
general, as well as its position as a significant player in the
U.S. Army's transformation and the placement of its medium-
calibre guns on a number of U.S. Navy and Coast Guard vessels.

Fitch believes that this transaction is in line with BAE's
stated strategy to continue its growth in the U.S. defense
market through acquisitions.  However, the agency notes that the
size of this acquisition diverges from management's previously
stated objectives to target small- to medium-sized enterprises.
Activities in the U.S. represent the largest business group
within BAE, measured by the number of employees, and with the
potential UDI acquisition will also represent the largest
revenue contributor.  UDI's 2004 preliminary revenues and EBITDA
totaled US$2,292 million and US$340 million, respectively.

While the addition of the UDI's U.S. exposure and business
profile will help BAE in creating a global land systems
business, Fitch believes that the latter's credit statistics
will be negatively affected by the proposed acquisition.  On a
pro-forma basis, the agency expects net debt/EBITDA to reach
1.5x on a best-case scenario (assuming GBP375m equity issuance).
Should this not be achievable Fitch estimates that net leverage
might reach 1.8x.

The agency notes that BAE has been delivering strong operating
cash flows in 2004, boosted by high oil prices in connection
with the Al Yamamah (AY) contract and an increase in customer
advance payments.  Nonetheless, 2005 cash generation is likely
to be more modest, as the collection of receivables from the AY
contracts slows down and inventories build up as a number of
programs enter into production.

BAE is Europe's largest defense equipment company and a 20%
shareholder in aircraft manufacturer Airbus.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 87 90 87213

          Wolfgang Wiehe, London
          Phone: +44 (0) 20 7417 4233

          Monica Klingberg Insoll
          Phone: +44 (0) 20 7417 4281

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084

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


BRAYSTAR SERVICES: Hires Administrators from Poppleton & Appleby
----------------------------------------------------------------
Stephen Lord and Stephen James Wainwright (IP Nos 3443, 5306)
have been appointed administrators for Braystar Services
Limited.  The appointment was made Feb. 24, 2005.

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


CEDARYELLOW LIMITED: Creditors Meeting Set Later this Month
-----------------------------------------------------------
The creditors of Cedaryellow Limited (formerly Crombie Retail
Ltd.) will meet on March 21, 2005 at 10:30 a.m.  It will be held
at Burley House, 12 Clarendon Road, Leeds LS2 9NF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Mr. Gerald Krasner at Bartfields (UK) Limited,
Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than
12:00 noon, March 18, 2005.

CONTACT:  BARTFIELDS (UK) LIMITED
          Barley House
          12 Clarendon Road
          Leeds, West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


CENTREBUTTON LIMITED: Opts for Liquidation
------------------------------------------
At the general meeting of Centrebutton Limited on Jan. 31, 2005,
the special resolution to wind up the company was passed.
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK, Russell Square House, 10-12 Russell Square,
London WC1B 5LF have been appointed joint liquidators of the
company.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House
          10-12 Russell Square
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          E-mails: rtoone@cvdfk.com
                   kmurphy@cvdfk.com


CHARTCITY LIMITED: Hires Administrator from Antony Batty & Co.
--------------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for Chartcity Limited.  The appointment was made
Feb. 23, 2005.  The company's registered office is located at
New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY.

CONTACT:  ANTONY BATTY & COMPANY
          New House, Suite 24
          67-68 Hatton Garden
          London EC1N 8JY

          Mr. Antony Batty
          IP Number: 8111
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


CREADENCE LIMITED: Meeting of Creditors Set Later this Month
------------------------------------------------------------
The creditors of Creadence Limited (formerly Crombie Ltd.) will
meet on March 21, 2005 at 10:30 a.m.  It will be held at
Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds
LS2 9NF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Mr. Gerald Krasner at Bartfields (UK) Limited,
Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than
12:00 noon, March 18, 2005.

CONTACT:  BARTFIELDS (UK) LIMITED
          Barley House
          12 Clarendon Road
          Leeds, West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


CRESSWELL LIGHTING: Calls in Liquidator from Chantrey Vellacott
---------------------------------------------------------------
At the general meeting of Cresswell Lighting Limited on Jan. 31,
2005, the special resolution to wind up the company was passed.
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK, Russell Square House, 10-12 Russell Square,
London WC1B 5LF have been appointed joint liquidators of the
company.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House
          10-12 Russell Square
          LONDON WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          E-mails: rtoone@cvdfk.com
                   kmurphy@cvdfk.com


DARWIN AGENCY: Calls First Creditors Meeting
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Darwin Agency Limited
                         (In Liquidation)

I, Ian W. Wright, hereby give notice that I was appointed
Interim Liquidator of Darwin Agency Limited on February 16,
2005, by Interlocutor of the Court of Session in Edinburgh.

Notice is also given that the First Meeting of Creditors of the
above Company will be held at the offices of Haines Watts, James
Miller House, 98 West George Street, Glasgow G2 1PJ, on March
24, 2005 at 10:30 a.m. for the purposes of choosing a Liquidator
and of determining whether to establish a Liquidation Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand at the address below.  A Resolution
will be passed when a majority those voting have voted in favor
of it.  For the purpose of formulating claims, Creditors should
note that the date of commencement of the Liquidation is January
18, 2005.

I. W. Wright, Interim Liquidator

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com

          Ian William Wright
          E-mail: iwright@hwca.com


DENFLEET INTERNATIONAL: Succumbs to Administration
--------------------------------------------------
Asher Miller and David Rubin (IP Nos 9251, 2591) have been
appointed administrators for pharmaceutical company Denfleet
International Limited.  The appointment was made Feb. 23, 2005.

CONTACT:  DAVID RUBIN & CO.
          Pearl Assurance House
          319 Ballards Lane
          London N12 8LY

          Mr. David Antony Rubin
          IP Number: 2591
          Phone: 020 8446 8203
          Fax: 020 8446 2994
          E-mail: davidrubin@drpartners.com


DORF HOLDINGS: Hires Liquidator from BRI
----------------------------------------
At the meeting of DORF Holdings Limited on Feb. 18, 2005, the
special resolution to wind up the company was passed.  Gavin G.
Bates of BRI (UK) Limited, 3 The Quadrant, Coventry CV1 2DY has
been appointed liquidator of the company.

CONTACT:  BRI (UK) LIMITED
          100-102 St James Road
          Northampton
          Northamptonshire NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: gbates@briuk.co.uk


DORRIDGE PROPERTIES: Hires Liquidator from Eden Currie Limited
--------------------------------------------------------------
At the extraordinary general meeting of Dorridge Properties
Limited on Feb. 25, 2005 held at Charter House, 49-51 Shirley
Road, Acocks Green, Birmingham B27 7XU, the special, ordinary
and extraordinary resolutions to wind up the company were
passed.  Timothy James Wetton of Eden Currie Limited, Charter
House, 49-51 Shirley Road, Acocks Green, Birmingham B27 7XU has
been appointed liquidator of the company.

CONTACT:  EDEN CURRIE LIMITED
          Charter House
          49-51 Shirley Road
          Acocks Green
          Birmingham
          West Midlands B27 7XU
          Phone: 0121 706 5657
          Fax: 0121 706 6226


EMESS (PMF): Members Decide to Liquidate Firm
---------------------------------------------
At the general meeting of the members of Emess (PMF) Limited on
Jan. 31, 2005, the special resolution to wind up the company was
passed.  Richard Howard Toone and Kevin Anthony Murphy, of
Chantrey Vellacott DFK, Russell Square House, 10-12 Russell
Square, London WC1B 5LF have been appointed joint liquidators of
the company.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House
          10-12 Russell Square
          LONDON WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          E-mails: rtoone@cvdfk.com
                   kmurphy@cvdfk.com


ENGINEERING & GLASSFIBRE: Plastic Producer Hires Administrator
--------------------------------------------------------------
Dermot J. Power and David Swaden (IP Nos 6006/01, 5495/01) have
been appointed joint administrators for Engineering & Glassfibre
Developments Limited.  The appointment was made Feb. 25, 2005.
The company manufactures other plastic products.

CONTACT:  BDO STOY HAYWARD
          Commercial Buildings
          11-15 Cross Street
          Manchester, Greater Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3787


EXCAP SERVICES: Names Ernst & Young Liquidator
----------------------------------------------
At the extraordinary general meeting of Excap Services Limited
on Feb. 21, 2005 held at 1 More London Place, London SE1 2AF,
the special resolution to wind up the company was passed.
Elizabeth Anne Bingham and Alan Lovett of Ernst & Young LLP, 1
More London Place, London SE1 2AF have been appointed joint
liquidators of the company.

CONTACT:  ERNST & YOUNG
          Becket House
          1 Lambeth Palace Road
          London SE1 7EU
          Phone: 020 7951 2000
          Fax: 020 7951 9998
          E-mail: lbingham@uk.ey.com

          ERNST & YOUNG
          Apex Plaza
          Forbury Road
          Reading, Berkshire RG1 1YE
          Phone: 0118 928 1489
          Fax: 0118 928 1269
          E-mail: alovett@uk.ey.com


EXIS CAPITAL: Appoints Liquidators from Ernst & Young
-----------------------------------------------------
At the meeting of Exis Capital LLP on Feb. 21, 2005 held at
Ernst & Young LLP,1 More London Place, London SE1 2AF, the
resolution to wind up the company was passed.  Elizabeth Anne
Bingham and Alan Lovett of Ernst & Young LLP, 1 More London
Place, London SE1 2AF has been appointed joint liquidators of
the company.

CONTACT:  ERNST & YOUNG
          Becket House
          1 Lambeth Palace Road
          London SE1 7EU
          Phone: 020 7951 2000
          Fax: 020 7951 9998
          E-mail: lbingham@uk.ey.com

          ERNST & YOUNG
          Apex Plaza
          Forbury Road
          Reading, Berkshire RG1 1YE
          Phone: 0118 928 1489
          Fax: 0118 928 1269
          E-mail: alovett@uk.ey.com


FIRSTSQUARE MANAGEMENT: Calls in Liquidators from Chantrey
----------------------------------------------------------
At the general meeting of Firstsquare Management Limited on Jan.
31, 2005, the special resolution to wind up the company was
passed.  Richard Howard Toone and Kevin Anthony Murphy of
Chantrey Vellacott DFK, Russell Square House, 10-12 Russell
Square, London WC1B 5LF have been appointed joint liquidators of
the company.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House
          10-12 Russell Square
          LONDON WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          E-mails: rtoone@cvdfk.com
                   kmurphy@cvdfk.com


GHE REALISATIONS: Brings in Administrators from BRI
---------------------------------------------------
Peter John Windatt and Gavin Geoffrey Bates (IP Nos 008611,
008983) have been appointed administrators for estate agents GHE
Realisations Limited.  The appointment was made Feb. 21, 2005.
Its registered office is located at 100-102 St James Road,
Northampton NN5 5LF.

CONTACT:  BRI BUSINESS RECOVERY & INSOLVENCY
          100-102 St James Road
          Northampton
          Northamptonshire NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mails: pwindatt@briuk.co.uk
                   gbates@briuk.co.uk


HILLCHURCH HOUSE: Names Marshall Peters Administrator
-----------------------------------------------------
Clive Morris (IP No 8820) has been appointed joint administrator
for Hillchurch House Private Day Nurseries Limited.  The
appointment was made Feb. 21, 2005.  The company manages private
children's nurseries.

CONTACT:  MARSHALL PETERS
          Heskin Hall Farm,
          Wood Lane, Heskin,
          Preston PR7 5PA


JOHN MCGILVRAY: Creditors to Name Liquidator Later this Month
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF John McGilvray & Son Limited

Notice is hereby given that by Interlocutor of the Court of
Session dated February 3, 2005, James Inglis Smith, Chartered
Accountant, Suite 412, Baltic Chambers, 50 Wellington Street,
Glasgow G2 6HJ, was appointed Interim Liquidator of John
McGilvray & Son Limited, having its Registered Office at 168
Bath Street, Glasgow G2 4TQ.

Pursuant to section 138(4) of the Insolvency Act 1986 and Rule
4.12, of the Insolvency (Scotland) Rules 1986, the First Meeting
of Creditors will be held at Smith Inglis & Co, Suite 412,
Baltic Chambers, 50 Wellington Street, Glasgow, at 12:00 noon on
Tuesday 22 March 2005, for the purposes of choosing a person to
be the Liquidator of the Company, and of determining whether to
establish a Liquidation Committee in terms of Rule 4.12(3) of
the aforementioned rules.

To be entitled to vote at the Meeting, Creditors must have
lodged their claims at or before the Meeting. A Resolution at
the Meeting is passed if a majority of those voting vote in
favor of it.  Voting may be either in person by the Creditor of
by form of proxy, which must be lodged at or before the Meeting.

For the purposes of formulation claims, Creditors should note
that the date of liquidation is November 15, 2004.

J. I. Smith CA, Interim Liquidator

CONTACT:  SMITH INGLIS & CO.
          Suite 412
          Baltic Chambers
          50 Wellington Street
          Glasgow G2 6HJ

          James Inglis Smith
          Phone: 0141 248 8339
          Fax: 0141 248 8339


LAMBERT BROS.: Hires Liquidators from PwC
-----------------------------------------
At the extraordinary general meeting of Lambert Bros (Farm
Produce) Limited on Feb. 28, 2005, the special and ordinary
resolutions to wind up the company were passed.  Tim Walsh and
Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP have been appointed joint
liquidators of the company.

CONTACT:  PRICEWATERHOUSECOOPERS
          Plumtree Court
          London EC4A 4HT
          Phone: 020 7606 7700
          Fax: 020 7822 4652

          PRICEWATERHOUSECOOPERS
          No. 8 Princes Parade
          St. Nicholas Place
          Liverpool, Merseyside L3 1QJ
          Phone: 0151 227 4242
          Fax: 0151 227 4575
          E-mail: tim.g.walsh@uk.pwc.com


LIGHTMODE LIMITED: Names Tait Walker Administrator
--------------------------------------------------
Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have
been appointed joint administrators for Lightmode Limited.  The
appointment was made Feb. 23, 2005.  The company manufactures
lighting equipment, electrical lamps and other furniture.

CONTACT:  TAIT WALKER
          Bulman House
          Regent Centre
          Gosforth
          Newcastle Upon Tyne NE3 3LS
          Phone: 0191 285 9321
          Fax: 0191 284 9117
          E-mails: allan.kelly@taitwalker.co.uk
                   gordon.goldie@taitwalker.co.uk


MCFARLANE MASONRY: Claims Filing Period Expires June
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF McFarlane Masonry Limited

I, James David Cockburn Macintyre CA, of James Macintyre & Co.,
Chartered Accountants, Dundas Business Centre, 38/40 New City
Road, Glasgow G4 9JT give notice that on February 22, 2005 I was
appointed Liquidator of McFarlane Masonry Limited by Resolution
of a Meeting of Creditors, pursuant to Section 109 of the
Insolvency Act 1986.

A Liquidation Committee was not established.  All creditors who
have not already done so are required on or before June 22, 2005
to lodge their claims with me.

J. D. C. Macintyre, Liquidator

CONTACT:  JAMES MACINTYRE & CO.
          Dundas Business Centre
          38/40 New City Road
          Glasgow G4 9JT

          James David Cockburn Macintyre
          E-mail: enquiries@jamesmacintyre.co.uk
          Phone: 0141 353 0449
          Fax: 0141 353 2332


M. H. PHARMA: Appoints BDO Stoy Hayward Administrator
-----------------------------------------------------
Martha H. Thompson and Shay Bannon (IP Nos 8678/01, 5694/01)
have been appointed joint administrators for M. H. Pharma
Limited.  The appointment was made Feb. 23, 2005.  The company
is engaged in developing, marketing and licensing herbal
medicines.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf
          20-30 Kings Road
          Reading, Berkshire RG1 3EX
          Phone: 0118 958 5466
          Fax: 0118 956 7782
          E-mail: martha.thompson@bdo.co.uk


NEW PERCY: Bank of Scotland Brings in Ernst & Young Receivers
-------------------------------------------------------------
Name of companies:
New Percy Limited (New Pimpernel Limited)
Percy Group Limited (Cloverleaf Group Limited)
Percy (Holdings) Limited (Pimpernel (Holdings) Limited)
Percy International Limited (Pimpernel International Limited)
The Pimpernel Group Limited

The Bank of Scotland called in G. Wilson and R. H. Kelly (Office
Holder Nos 9062, 8582) administrative receivers for these
companies.  The application was made Feb. 22, 2005.

CONTACT:  ERNST & YOUNG
          PO Box 61
          Cloth Hall Court
          14 King Street
          Leeds, West Yorkshire LS1 2JN

          G. Wilson
          Phone: 0113 285 5163
          Fax: 0113 244 2241
          E-mail: gwilson11@uk.ey.com

          R. H. Kelly
          Phone: 0113 298 2337
          Fax: 0113 298 2206
          E-mail: hkelly@uk.ey.com


PARKSIDE FLEXIBLES: Sets Creditors Meeting Next Week
----------------------------------------------------
The creditors of Parkside Flexibles S.A. will meet on March 18,
2005 at 1:30 p.m.  It will be held at Novotel Hotel, Andersa Sq
1, Poznan, Poland.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon,
March 17, 2005.

CONTACT:  PRICEWATERHOUSECOOPERS
          Plumtree Court
          London EC4A 4HT
          Phone: 020 7212 5951
          Fax: 020 7212 6800

          PRICEWATERHOUSECOOPERS
          Benson House
          33 Wellington Street, Leeds
          West Yorkshire LS1 4JP
          Phone: 0113 289 4000
          Fax: 0113 289 4473
          E-mail: edward.klempka@uk.pwcglobal.com

          PRICEWATERHOUSECOOPERS
          9 Bond Court
          Leeds, West Yorkshire LS1 2SN
          Phone: 0113 289 4000
          Fax: 0113 289 4473
          E-mail: i.stokoe@uk.pwc.com


TOP MARQUES: Appoints Administrators from BDO Stoy Hayward
----------------------------------------------------------
Antony David Nygate (IP No 9237) has been appointed
administrators for Top Marques Car Rental Limited.  The
appointment was made Feb. 24, 2005.  The company lets car.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


VFG HIRE: Names Kroll Limited Administrator
-------------------------------------------
Alistair Beveridge and Peter Saville (IP Nos 8991, 9029) have
been appointed administrators for VFG Hire Limited.  The
appointment was made March 1, 2005.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RH
          Phone: 020 7029 5000
          Fax: 020 7029 5001
          E-mail: abeveridge@krollworldwide.com


WIDDY'S (2000): Claims Filing Deadline Nears
--------------------------------------------
The creditors of Widdy's (2000) Limited will meet on March 18,
2005 at 10:00 a.m.  It will be held at 435 Lichfield Road,
Aston, Birmingham B6 7SS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to CBA, 435 Lichfield Road, Aston, Birmingham B6 7SS
not later than 12:00 noon, March 17, 2005.

CONTACT:  CBA
          Lichfield Place
          435 Lichfield Road
          Aston, Birmingham,
          West Midlands B6 7SS
          Phone: 0121 326 0880
          Fax: 0121 328 6456


WRIGHT VENTILATION: Calls First Creditors Meeting
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Wright Ventilation Limited
                       (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG LLP, 191
West George Street, Glasgow G2 2LJ, United Kingdom, hereby give
notice, that by Interlocutor of the Sheriff of Glasgow dated
February 8, 2005, I was appointed Interim Liquidator of Wright
Ventilation Limited, having its registered office at Downiebrae
Road, Rutherglen, Glasgow G73 1PW.

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting
of Creditors will be held within the offices of KPMG LLP, 191
West George Street, Glasgow G2 2LJ, at 11:00 a.m. on March 22,
2005 for the purpose of choosing a Liquidator.

The Meeting may also consider other Resolutions referred to in
Rule 4.12(3).  All Creditors are entitled to attend in person or
by proxy and to vote, provided their claims and proxies, if any,
have been submitted at or before the Meeting.

B. C. Nimmo, Interim Liquidator
February 7, 2005

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


ZIDON COMPUTING: Sets Creditors Meeting March 24
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Zidon Computing Limited

Notice is hereby given that I, Bryan A. Jackson, of PKF 78
Carlton Place, Glasgow G5 9TH, was appointed Interim Liquidator
of the above Company by Interlocutor of the Court of Session on
February 17, 2005.

Pursuant to section 138(3) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, a Meeting of
Creditors will be held on March 24, 2005 at 12:00 noon within
the offices of PKF, Accountants and business advisors, 78
Carlton Place, Glasgow G5 9TH for the purpose of choosing a
Liquidator, who may either be the Interim Liquidator or any such
person qualified to act as Liquidator.

Creditors may vote either in person at the Meeting of Creditors
or by forms of proxy.  To be valid, a proxy must be lodged with
me at PKF, Accountants and business advisors, 78 Carlton Place,
Glasgow G5 9TH before or at the Meeting of Creditors, or at any
adjourned Meeting at which it is to be used.  Any Creditor who
has not yet lodged their claim may do so at or before the
aforementioned Meeting.

Bryan A. Jackson, Interim Liquidator
February 21, 2005

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

          Bryan Alan Jackson
          E-mail: bryan.jackson@uk.pkf.com
          Phone: 0141 429 5900
          Fax: 0141 429 5901


                            *********


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.

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