TCREUR_Public/050310.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 10, 2005, Vol. 6, No. 49

                            Headlines

B E L G I U M

GOODYEAR DUNLOP: S&P Rates Senior Secured Facility 'B+'


C Y P R U S

CYPRUS AIRWAYS: Company Profile


F I N L A N D

FINNAIR OYJ: Has Two Weeks to Convince Crew to Call off Strike
METSO CORPORATION: Inks Service Contract with Spain's SAICA


F R A N C E

RAY ACQUISITION: Receives (P)Caa1 Unsecured Issuer Rating
REXEL SA: Senior Secured Debt Rated 'B-'; Sub- Notes 'CCC+'


G E R M A N Y

DYCKERHOFF AG: Outlook on Ba1 Ratings Revised to Stable
ELSTER BETON: Creditors Have Until March 24 to File Claims
ERWA BEKLEIDUNGS: Proofs of Claims Due Tomorrow
FAHRZEUGHAUS ZELLA-MEHLIS: Creditors Claims Due this Week
HEINKEL AG: Declares Insolvency

HOTEL DEUTSCHE: Applies for Bankruptcy Proceedings
IDEAL-FRISUR: Essen Court Stays All Pending Lawsuits
ISES INTERNATIONAL: Potsdam Court Confirms Bankruptcy
PLANEN+WOHNEN OLIVER: Creditors Meeting Set April
PRIVATBRAUEREI GEBRUDER: Falls into Bankruptcy

RED POST: Interim Administrator to Deliver Report Next Month
SCHNABLER WOHN: Falls into Bankruptcy
SCHONING BAUUNTERNEHMEN: Creditors Claims Due Next Week
SOUND-EXPRESS: Cedes Control to Administrator
SPIES & KLEIN: Koln Court Appoints Interim Administrator

VALTIN IFFERT: Creditors Have Until Next Week to File Claims
WALTER BAU: Founder's Share Reduced to 5%
ZERBE WERKZEUG: Verification of Claims Set Third Week of April


I T A L Y

PARMALAT FINANZIARIA: New Bill Threatens Viability of Lawsuits
PARMALAT U.S.A.: GE Gets 70% Equity in Dairy Unit


L U X E M B O U R G

STOLT-NIELSEN: U.S. DOJ Trying to Break Anti-trust Shield


N O R W A Y

PETROLEUM GEO-SERVICES: To Redeem Senior Notes Due 2006


P O L A N D

NETIA SA: Achieves Net Profit of PLN159.2 Million in 2004
NETIA SA: Management Recommends First Dividend Payment


R U S S I A

BANK OF TAYMYRSKIY: Applies for Bankruptcy Proceedings
DMITRIEV-PLOD-OVOSH-PROM: Insolvency Manager Takes over Helm
DOLZHANSKOYE: Files for Bankruptcy
ELECTROMECHANICAL PLANT: Proofs of Claim Deadline April 5
KUZBASS-HYDRO-ENERGO-STROY: Sets Public Auction Monday

PRECAST CONCRETE: Hires O. Shevtsova as Insolvency Manager
RASSKAZOVO-AGRO-PROM-KHIMIYA: Selling RUB1 Mln Worth of Assets
RYB-KHOZ ZARECHYE: Last Day for Filing Claims April 12
RYSLKAYA MTS: Expects to Raise RUB2.4 Mln from Public Auction
STRELKA: Gives Creditors Until Next Month to File Claims


U K R A I N E

ALCHEVSK' BUILDING: Insolvency Manager Takes over Operations
BANKOMZVYAZOK: Harkiv Court Appoints Liquidator
KOKSOHIMTEPLOREMONT: Lugansk Court Opens Bankruptcy Proceedings
KRISHTAL UKRAINI: Succumbs to Insolvency
MRIYA: Court Appoints Sergij Yankovskij to Liquidate Firm


U N I T E D   K I N G D O M

3 GUYS: Liquidators from PricewaterhouseCoopers Move in
ADVANCED TECHNOLOGY: Collapses into Administration
ALBERT COURT: Hires Joint Administrators from Harris Lipman
ALKRON EXPORT: Names KPMG Administrator
ALLIED PRESENTATIONS: Names Peter Alan Langard Liquidator

BEAVER ELECTRONIC: In Administrative Receivership
BEITH LEISURE: Creditors to Name Liquidator March 21
CLARK CIVIL: Winding-up Report Out Later this Month
CLARKES (RADIO): Members Call in Begbies Traynor
E. WARD: Names PricewaterhouseCoopers Liquidator

FUEL CARDS: Deadline for Debt Claims May
GOLDEN TRIANGLE: Files for Administration
GOSHAWK INSURANCE: Acute Surge in Q3 Claims Wipes out Profit
GULLHAVEN LIMITED: Calls in Administrator from Richard J. Smith
KENSINGTON COMMERCIAL: Hires Chantrey Vellacott to Dissolve Firm

LEITEREELY CONSTRUCTION: Liquidator to Present Report March 29
LYLESLAND GARAGE: Creditors to Meet in Two Weeks
MAC VISION: HSBC Bank Calls in Receivers from Royce Peeling
MARKETING SKILLS: Food Wholesaler Hires Administrator
MY DESPATCH: Taxi Operator Names Berg Kaprow Lewis Administrator

NICKERSON EUROPE: Administrators from Kroll Glasgow Move in
Q L G LTD.: Final Creditors Meeting Slated Later this Month
QXL RICARDO: Tiger Acquisition Improves Offer
READY PHARMACY: Calls in Liquidators from PricewaterhouseCoopers
SHENLEY ROOFING: Creditors Meeting Next Week

SPACEMINSTER LIMITED: Hires Kroll Glasgow as Administrator
TELDEX LIMITED: Appoints Administrator from Begbies Traynor
TELDEX LIMITED: Calls in Administrator from Begbies Traynor
T. MULLEN: Members Decide to Wind up Firm
VANGUARD INDUSTRIAL: Administrators from KPMG Step in

VANWEST LIMITED: Hires Administrator from Haines Watts
WEIR HOLDINGS: Bank of Scotland Appoints Grant Thornton Receiver
WESTMINSTER COMMERCIAL: Names Chantrey Vellacott Liquidator
XYZ124 LIMITED: Decides to File for Administration

* FSCS Declares 32 Firms in Default


                            *********


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B E L G I U M
=============


GOODYEAR DUNLOP: S&P Rates Senior Secured Facility 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating and
'2' recovery rating to Goodyear Dunlop Tires Europe B.V.'s
EUR505 million senior secured credit facility.  The facility is
guaranteed by parent Goodyear Tire & Rubber Co.  The ratings
indicate the likelihood that lenders will realize substantial
(80%-100%) recovery of principal in the event of payment
Default.  At the same time, the 'B+' corporate credit rating on
the parent was affirmed.

Akron, Ohio-based Goodyear has total debt of about US$6.8
billion, and US$6.0 billion of underfunded employee benefit
liabilities.  The ratings outlook is stable.

The new five-year credit facility replaces Goodyear's existing
US$650 million European revolving credit facility and term loan,
which were due to expire in April 2005.  Security for the new
facilities will include a substantial portion of the tangible
and intangible assets of Goodyear Dunlop Tires Europe B.V., a
joint venture with Sumitomo Rubber Industries Ltd. through which
most of Goodyear's European operations are conducted.  Goodyear
owns 75% of the joint venture, and Sumitomo owns 25%.  Goodyear
and its U.S. subsidiaries will provide unsecured guarantees. The
refinancing will modestly enhance Goodyear's financial
flexibility by extending debt maturities.

"Goodyear is expected to continue to improve its operating
results," said Standard & Poor's credit analyst Martin King.
"Upside rating potential is limited, however, by an onerous debt
burden, large near-term cash obligations, and weak, albeit
improving, earnings.  Downside risk is limited by improving
market fundamentals, expectations of further progress in North
American operations, and Goodyear's fair liquidity."

Goodyear is one of the three largest global tire manufacturers,
with good geographic diversity, strong distribution, and a well-
recognized brand name.

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

CONTACT:  GOODYEAR DUNLOP TIRES EUROPE B.V.
          Web site: http://www.dunloptires.com/

          THE GOODYEAR TIRE & RUBBER COMPANY (Headquarter)
          1144 East Market Street
          Akron, Ohio 44316-0001
          Phone: (330) 796-2121
          Fax: (330) 796-2222
          Web site: http://www.goodyear.com/


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


CYPRUS AIRWAYS: Company Profile
-------------------------------
NAME: Cyprus Airways Group

ADDRESS: 21 Alkeou Str.
         2404 Engomi
         P.O. Box 21903
         1514 Nicosia, Nicosia

PHONE: 22663054

FAX: 22663167

E-MAIL: webcentre@cyprusair.com.cy

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

TYPE OF BUSINESS: Cyprus Airways Group operates in the air
                  transport sector of Europe and the Middle
                  East.  The Group is comprised of Cyprus
                  Airways Limited, the main operating unit;
                  Eurocypria Airlines Limited, which operates
                  charter flights from European destinations to
                  Cyprus; Zenon NDC Limited, which provides and
                  distributes electronic information for the
                  travel industry; CA Duty Free Shops Limited,
                  which operates at Larnaca and Paphos airports;
                  and Hellas Jet, which operates scheduled
                  flights from Greece to/from European
                  destinations.

EXECUTIVES: (a) Constantinos Loizides          Chairman
            (b) Achilleas Kyprianou            Vice-Chairman
            (c) Charalambos Alexandrou         Director
            (d) Michalis Antoniou              Director
            (e) George Georgiou                Director
            (f) Christos Papaellinas           Director
            (g) Andreas Philippou              Director
            (h) George Kallis                  Director
            (i) Kikis Lefkaritis               Director
            (j) Pavlos Photiades               Director

NUMBER OF EMPLOYEES: 2,187 (2004)

ANNUAL REVENUE: CYP201.4 million (2004)

ASSETS: CYP189.9 million (2003)

DEBT: CYP67.6 million (2003)

NET PROFIT (LOSS): (CYP33.5) million (2004)

THE TROUBLE:  Cyprus Airways has been posting losses in recent
              years, booking CYP33.5 million in net loss
              for 2004.  The carrier attributed last year's huge
              loss to the liberalization of air transport and
              the abolition of duty-free sales beginning last
              year.  In December 2004, the carrier said it needs
              around CYP60 million to finance its short-term and
              long-term needs.  To answer this, management
              drafted a restructuring plan, which calls for
              redundancies, wage cuts, outsourcing of services
              and fleet reduction.  Its cabin crew recently held
              a two-day strike following the dismissal of 22
              employees, forcing the carrier to cancel and or
              delay a few flights.

CREDITORS: Cyprus government    69.62%
           Private investors    30.38%


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


FINNAIR OYJ: Has Two Weeks to Convince Crew to Call off Strike
--------------------------------------------------------------
More time has been given to the cabin crew labor dispute
negotiations.  The Ministry of Labor, on the state negotiator's
proposal, has postponed the start date of the strike by two
weeks.  If a settlement is not reached, the strike would begin
on March 26, 2005 at 4:00 a.m. local time.

The parties will continue negotiations to avoid a demonstration.
A strike could disrupt passenger and cargo traffic; Finnair,
though, plans to operate as many flights as possible.

The union for Finnish cabin crew submitted a strike warning on
Feb. 25 2005 when negotiations broke down.  Finnair has aimed in
the negotiations to reduce staff unit costs at current salary
rates.  To achieve these aims, it would be possible to make
amendments, for example, to working and rest hours, crew
numbers, and vacation and other arrangements.  Achieving these
aims would allow for salary increases based on the Incomes
Policy Agreement.

Finnair Plc
Communications
8 March 2005

CONTACT:  Taneli Hassinen
          Phone: +358 9 818 4976


METSO CORPORATION: Inks Service Contract with Spain's SAICA
-----------------------------------------------------------
Metso Paper concluded a long-term agreement with Sociedad
Anonima Industrias Celulosa Aragonesa (SAICA) on maintenance and
service of SAICA's mills in Zaragoza and El Burgo de Riebro,
Spain, from the beginning of March 2005.  The actual maintenance
work will be carried out by Scandinavian Mill Service S.L., a
joint venture of Scandinavian Mill Service (SMS) and SAICA. The
value of the agreement is not published.

In the start up phase, SMS S.L. will be involved in mill
maintenance services and workshop services.  From the beginning
of 2006 the scope of the operations will be extended to the roll
services.  Scandinavian Mill Service S.L. will employ 125
people.  The main customer for SMS S.L. will be SAICA, but the
services will also be sold to other pulp and paper industry
customers in Spain and Portugal.

The concluded agreement is a result of Metso's aim to increase
aftermarket services.  It also demonstrates the trend within the
pulp and paper industry to outsource their maintenance
operations, while concentrating on their core businesses.

Scandinavian Mill Service S.L. is part of Scandinavian Mill
Service Group, which is owned by Metso Paper.  The group employs
over 400 people and operates in improving and developing of the
pulp and paper industry maintenance primarily through
outsourcing.  The group has operations in Finland, Sweden,
Norway, Czech Republic and now also in Spain.

SAICA is the leading company in Spain in the manufacture and
sale of paper for corrugating.  It has five production centers
in Spain and France with an annual production capacity of 1.5
million tons.  SAICA is a family owned company and has some
5,400 employees.

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

                            *   *   *

In February, Moody's Investors Service changed the rating
outlook for the Ba1 senior unsecured and issuer ratings of Metso
Corporation, the Finland-based industrial group, to stable from
negative.  The change in outlook reflects Moody's
acknowledgement of Metso's successful efforts to improve
financial flexibility and operational performance.

CONTACT:  METSO CORPORATION
          Kari Kalliala
          President, Board Business Line
          Phone: +358 40 540 8335

          Ari Mankki
          Managing Director, Scandinavian Mill Service
          Phone: +358 40 582 1408

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

          Web sites: http://www.scandinavianmillservice.com
                     http://www.saica.es
                     http://www.metsopaper.com
                     http://www.metso.com


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


RAY ACQUISITION: Receives (P)Caa1 Unsecured Issuer Rating
---------------------------------------------------------
Moody's Investor Service assigned first time ratings to Ray
Acquisition SCA, which is the direct owner of Rexel S.A.  The
outlook for all ratings is stable.  These ratings are
prospective, assuming the planned financing associated with the
pending acquisition of Rexel S.A. by the private equity
consortium is completed.  The assigned ratings assume there will
be no material variations to the draft legal documentation
reviewed by Moody's and assume that these agreements are legally
valid, binding and enforceable.

Ratings assigned are:

(a) Ray Acquisition SCA

     (i) Senior implied rating of (P)B2,

    (ii) Unsecured issuer rating of (P)Caa1,

   (iii) EUR600 million equivalent Senior Subordinated Notes due
         2015 rated (P) Caa1; and

(b) Rexel S.A.

    EUR1,627 million Senior Secured Credit Facilities (excluding
    Securitization bridge) rated (P)B2.


                 Summary Rating Rationale

Rexel's (P)B2 senior implied rating reflects:

(a) Financial risks from the company's aggressively leveraged
    structure, which pro forma for the transaction and assuming
    100% acquisition of the company, results in adjusted total
    debt (adjusted for securitization, operating leases and
    pension deficit)/adjusted EBITDAR of 7.8x, and is considered
    by Moody's to be very high;

(b) Our expectation of minimal deleveraging over the medium-term
    and limited flexibility to reduce debt as it did in the
    recent past through a rights issue, working capital changes
    and disposals;

(c) A highly competitive market, with competitors that are
    better capitalized and less leveraged;

(d) High business risk given the cyclical nature of the
    company's end-customer markets, as evidenced by weak
    operating performance over the period 2001 to 2003 (which
    will be exacerbated by high financial leverage going
    forward), low margin characteristics of the distribution
    segment, and relative complexity of the business model given
    strong regional/local preferences which tends to limit scale
    advantage to local markets; and

(e) Execution risks given its ongoing reorganization projects,
    likelihood of bolt-on acquisitions and the risks inherent in
    managing a large, globally diverse organization.

However, the rating is supported by:

(a) Rexel's position as the world's largest distributor of
    electrical products with leading positions in several of its
    key markets and long operating history;

(b) Potential for top line growth given the improving trend in
    its end-user markets and a focus on higher margin products
    and market segments;

(c) Some benefits of diversification in terms of geography and
    end-customers; and

(d) A management team that successfully reduced leverage and
    instigated a number of growth as well as restructuring
    initiatives prior to the proposed leveraged buyout.

The company's senior implied rating is considered weakly
positioned as a result of the company's aggressive capital
structure.  However, the stable outlook reflects Moody's view
that should the company perform in line with its business plan,
its ratings should strengthen within the rating category over
time.

Given the company's already constrained financial profile, the
current ratings do not factor any additional indebtedness beyond
expected drawings under its acquisition/restructuring facility
and revolver over the medium term.  Any increase in leverage, as
a result of additional indebtedness or weaker than expected
operational performance, is likely to place downward pressure on
the ratings.  Additionally, whilst the rating incorporates the
likelihood of small bolt-on acquisitions, a large acquisition
could put downward pressure on the rating.

Given the rating's weak positioning, an upgrade is considered
unlikely over the intermediate term.  However, should the
company deliver a reduction in adjusted leverage approaching 6x
combined with evidence of a sustainable improvement in operating
performance, there could be upward pressure on the rating.

The purpose of the transaction is to fund the leveraged buy-out
of Rexel by an equity consortium comprising Clayton Dublier &
Rice, Eurazeo and Merrill Lynch Global Private Equity (the
sponsors).  The transaction includes the purchase by the
sponsors of PPR's 73.45% stake in Rexel as well as a tender
offer for the remaining publicly traded shares.  Moody's
prospective ratings are based on the assumption of 100%
ownership of the shares by the sponsors.  Based on this
assumption, total consideration including assumed debt is c.
EUR3.9 billion, representing an acquisition multiple of 2004
reported EBITDA of 10.8x, which Moody's considers to be a full
price.


Acquisition financing for the transaction is being provided by
senior credit facilities of EUR1.0 billion, a securitization
borrowing base of EUR800 million, EUR600 million of senior notes
and a EUR110 million loan to fund the tax payable on the
extraordinary distribution.  The company is also expected to
rollover existing debt of c. EUR174 million.  The sponsors and
management are expected to contribute c. EUR1,648 million of
equity to the transaction, structured as shareholder loans and
equity.

Rexel's proposed senior secured credit facilities, rated (P)B2,
benefit from a security package that encompasses the main
operating subsidiaries of the company accounting for c 90% of
the company's EBITDA.  The fact that the proposed senior credit
facilities (excluding the securitization bridge) constitute the
largest component of the capital structure combined with minimal
tangible asset coverage given the company's use of
securitization programs and some complexity in terms of the
company's corporate structure, precludes notching above the
senior implied rating.

The proposed senior subordinated notes have been assigned a
(P)Caa1 rating, i.e. two notches below the senior implied rating
to reflect the fact that the notes are structurally subordinated
to a significant amount of priority debt, i.e. senior credit
facilities of EUR1,112 million borrowed at close at Rexel S.A.,
EUR76 million of bank debt borrowed at the same entity as the
notes i.e. Ray Acquisition SCA, the company's securitization
program and substantial trade payables at Rexel's operating
subsidiaries.

Further details of the rating rationale and the proposed
transaction will be provided in an Analysis on the company to be
published by Moody's in the near future.

Company Summary

Ray Acquisition SCA is the direct parent of Rexel S.A., which is
the world's largest distributor of low and ultra low voltage
electrical parts and components.  For the twelve months ended 31
December 2004, the company generated total sales of EUR6.8
billion.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          Amanda Neff
          VP - Senior Credit Officer
          Corporate Finance Group
          For Journalists:
          Phone: 44 20 7772 5456


REXEL SA: Senior Secured Debt Rated 'B-'; Sub- Notes 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to France-based business-to-business
distributor Rexel S.A. and to Ray Acquisition SCA, the
acquisition vehicle that is owned by Rexel's financial
investors.  The outlook is stable.

In addition, Standard & Poor's assigned its 'CCC+' senior
subordinated debt rating to the proposed EUR600 million senior
subordinated notes, maturing in 2015, to be issued by Ray
Acquisition.

Standard & Poor's also assigned its 'B-' long-term senior
secured bank loan, with a recovery rating of '3', to the
proposed EUR2,427 million senior secured facilities also issued
by Ray Acquisition.  The ratings are subject to final
documentation.

"The senior subordinated debt rating on the notes is two notches
lower than the corporate credit rating due to structural
subordination issues," said Standard & Poor's credit analyst Eve
Greb.

"The loan is rated one notch lower than the corporate credit
rating, reflecting the relative disadvantage of senior secured
lenders versus lenders to a proposed EUR800 million receivable
securitization program."

Standard & Poor's considers the latter to be the highest-ranking
debt within the group's capital structure, as in an event of
default we believe that securitized noteholders, with their
first priority ranking charge over the majority of the group's
receivables, would be in a materially better position than the
senior secured lenders.  The recovery rating of '3' indicates,
nonetheless, Standard and Poor's expectation of meaningful
recoveries (in the 50%-80% range) for senior lenders in the
event of a payment default.

The ratings on the loan and the notes reflect the expected
credit quality of Rexel upon the successful signing of about
EUR1 billion of shareholder loans.

The rating on Rexel primarily reflects the group's weak
financial profile, resulting from a heavy debt burden and thin
cash flow protection measures.  The rating benefits from an
average business profile, based on Rexel's leading position in
the low- and ultra-low voltage electrical distribution market,
as well as its diverse customer base and strong relationship
with suppliers.  Upon completion of the acquisition, and
assuming that it acquires 100% ownership of Rexel's share
capital, the group will have pro forma total debt of EUR2.6
billion (including finance leases), and EUR117 million of
pension liabilities under IFRS reporting.

With 2004 sales of EUR6.8 billion, Rexel is the world leader in
a highly fragmented, cyclical sector, where demand is driven in
part by overall economic conditions and the increasing use of
electrical parts.

"Rexel's balance sheet is highly leveraged, with adjusted pro
forma total debt to earnings before interest, taxes,
depreciation, amortization, and rent (EBITDAR) of about 7x at
Dec. 31, 2004," said Ms. Greb.

"We expect the group to deleverage its balance sheet to an
adequate level for the rating category by using free operating
cash flow."

The stable outlook reflects Standard & Poor's expectation that
the group's credit protection measures will improve gradually in
the medium term and make its financial profile commensurate with
the ratings, with expected total debt to EBITDAR of about 6x.
The outlook could be revised to negative or the ratings would be
lowered if Rexel cannot achieve these targets, if liquidity does
not remain sufficient, or should the company not be in
compliance with financial covenants.  An outlook revision to
positive, which is less likely in the short term, would require
additional financial improvement beyond the set target ratios.

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

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


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


DYCKERHOFF AG: Outlook on Ba1 Ratings Revised to Stable
-------------------------------------------------------
Moody's Investors Service has changed the rating outlook for the
Ba1 senior implied rating of Dyckerhoff AG to stable from
negative.  Its short-term rating remains Not Prime.  The outlook
on senior debt of Lonestar Industries Inc., guaranteed by
Dyckerhoff AG, has also been changed to stable from negative.

The change in outlook reflects:

     (i) stabilized and improved conditions in Dyckerhoff's most
         important market, Germany;

    (ii) the successful implementation of Dyckerhoff's cost-
         cutting program "Dyckerhoff 21";

   (iii) the increased shareholding of Dyckerhoff's parent
         company Buzzi Unicem S.p.A., whose profile, in Moody's
         view, continues to provide additional credit strength
         to that of Dyckerhoff;

    (iv) improved operating results; (v) Moody's expectation of
         a further stabilization in the German market; and

     (v) Dyckerhoff's strong position in strongly growing
         emerging markets like Poland, the Czech Republic, the
         Ukraine or Russia.

Dyckerhoff's rating, however, also takes into account:

     (i) the group's complex structure;

    (ii) the company's small size compared to its competitors;

   (iii) limited regional diversification with high
         vulnerability in the event of a serious and long
         lasting downturn in one of its major markets;

    (iv) considerable weighting of the profitable U.S. assets,
         which are consolidated proportionally with the 48.5%
         shareholding, on the group's overall performance;

     (v) a further expected contraction of volumes in the German
         market in the current year, even though we expect a
         further price recovery in this market; and

    (vi) its improved, but still low, adjusted leverage ratio in
         the financial year 2004 which is due to Moody's
         adjustments for the 100% guarantee of Lonestar's
         outstanding bonds, albeit Lonestar's cash flows are
         only consolidated proportionally with 48.5%.

When calculating Dyckerhoff's debt ratios, Moody's has not
included the proportional amount of the private placements of
its indirect U.S. subsidiary RC (EUR260 million), as this
obligation is on-lent to and fully guaranteed by Buzzi Unicem.
Moody's notes that a change in outlook to positive will only be
considered in the case of a turnaround in the German market with
volume increases for cement as well as further improved retained
cash leverage ratios that are sustainably above the 20% range.

Downward pressure is expected to result from the failure of the
implementation of further price increases in Germany as well as
from large debt funded acquisitions, which would lead to a
weaker leverage ratio to below the mid teens.

Although U.S. subsidiary Lonestar Industries Inc. is now part of
the enlarged RC Lonestar Group, which is 51.5% owned by Buzzi
Unicem and 48.5% owned by Dyckerhoff AG, the outstanding bonds
(US$350 million, due in 2012 and US$150 million, due in June
2005) continue to be 100% guaranteed by Dyckerhoff AG and
therefore carry the same rating as Dyckerhoff's senior implied
rating.

Outlook changed from negative to stable for these ratings:

Dyckerhoff AG: (a) Senior Implied Ba1, (b) Short term Not Prime;
and

Lonestar Industries Inc.: Senior guaranteed bonds Ba1.

Headquartered in Wiesbaden, Germany, Dyckerhoff AG is an
established cement producer.  It is among the market leaders
domestically, in Europe and is also represented in the US via
its 48.5% owned subsidiary RC Lonestar.  The Group's sales for
2004 amounted to EUR1.2 billion.  Dyckerhoff is majority-owned
by Italian cement producer BuzziUnicem S.p.A.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Michael West, Managing Director
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          Matthias Hellstern
          Vice President - Senior Analyst
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456


ELSTER BETON: Creditors Have Until March 24 to File Claims
----------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Elster Beton GmbH & Co. KG on Feb. 11.  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 Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 9:30 a.m. at Saal 145,
Amtsgericht Leipzig 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:  ELSTER BETON VERWALTUNGS-GMBH
          Contact:
          Egon Lange, Manager
          Leitholdstrasse 23, 04179 Leipzig

          Rainer M. Bahr
          Nonnenstrasse 37, 04229 Leipzig


ERWA BEKLEIDUNGS: Proofs of Claims Due Tomorrow
-----------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against ERWA Bekleidungs-GmbH on Feb. 2, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 11, 2005 to
register their claims with court-appointed provisional
administrator Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:15 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden 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:  ERWA BEKLEIDUNGS-GMBH
          Mohnstrasse 46
          01127 Dresden

          Olaf Seidel, aaaaa
          Weisseritzstrasse 3
          01067 Dresden


FAHRZEUGHAUS ZELLA-MEHLIS: Creditors Claims Due this Week
---------------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Fahrzeughaus Zella-Mehlis GmbH on Feb. 10.
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 Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 8:15 a.m. at the district court of
Meiningen Lindenallee 15, Saal A 0105 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:  FAHRZEUGHAUS ZELLA-MEHLIS GMBH
          Talstrasse 73, 98544 Zella-Mehlis

          Rolf Rombach, Insolvency Manager
          Magdeburger Allee 159, 99086 Erfurt


HEINKEL AG: Declares Insolvency
-------------------------------
Loss-making filter specialist Heinkel AG has applied for
insolvency proceedings after talks with creditor banks and
investors failed, Borsen Zeitung says.

Troubled Company Reporter Europe said on Feb. 18 that Heinkel
managed to cut its net loss from EUR3.9 million in 2003 to
EUR1.9 million in 2004.  Though the group booked an increase in
turnover, management warned its liquidity and survival remain
threatened by one European pharmaceutical group, which has not
paid its outstanding bill.  A restructuring plan was drafted,
but was not enough to convince creditor banks, which froze the
group's loans in February.  Things turn to worse when creditor
banks froze EUR1.2 million in credit balance through a right of
lien.

CONTACT:  HEINKEL AKTIENGESELLSCHAFT
          Gottlob-Grotz-Strasse 1
          D- 74321 Bietigheim-Bissingen
          Phone: +49 7142 356-0
          Fax: +49 7142 356-269
          E-mail: info@heinkel.de
          Web site: http://www.heinkel.de


HOTEL DEUTSCHE: Applies for Bankruptcy Proceedings
--------------------------------------------------
The district court of Uelzen opened bankruptcy proceedings
against Hotel Deutsche Eiche U. Vierling KG on Feb. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 26, 2005
to register their claims with court-appointed provisional
administrator Dr. Gert Wasner.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 10:00 a.m. at Saal 2,
Hauptgebaude, Veersser Strasse 49, 29525 Uelzen 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:  HOTEL DEUTSCHE EICHE U. VIERLING KG
          Soltauer Strasse 14, 29525 Uelzen
          Contact:
          Ursula Vierling, Manager
          Krempelweg 35, 29525 Uelzen

          Dr. Gert Wasner, Administrator
          Veersser Strasse 41, 29525 Uelzen
          Phone: 0581/16006
          Fax: 0581/17159


IDEAL-FRISUR: Essen Court Stays All Pending Lawsuits
----------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Ideal-Frisur GmbH on Feb. 16, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 6, 2005 to register their
claims with court-appointed provisional administrator Klaus W.
Gerling.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 1:00 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  IDEAL-FRISUR GMBH
          Hulsmannstr. 75
          45355 Essen

          KLAUS W. GERLING, aaaaa
          Heinrich-Heine-Allee 20
          40213 Dusseldorf


ISES INTERNATIONAL: Potsdam Court Confirms Bankruptcy
-----------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against ISES International Schiller Education Society
Gesellschaft mit beschrankter Haftung on Feb. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 1, 2005 to
register their claims with court-appointed provisional
administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 10:30 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004 statt 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:  ISES INTERNATIONAL SCHILLER EDUCATION SOCIETY
          GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Fritz-Lang-Strasse 15, 14480 Potsdam

          Rolf Rattunde, Insolvency Manager
          Kurfurstendamm 212, 10719 Berlin


PLANEN+WOHNEN OLIVER: Creditors Meeting Set April
-------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Planen+Wohnen Oliver Rotsche e.K. on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until March 4, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jurgen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005 at the district court of Dresden,
Olbrichtplatz 1, 01099 Dresden 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:  PLANEN+WOHNEN OLIVER ROTSCHE E.K.
          Rissweg 70
          01324 Dresden

          Dr. Jurgen Wallner, aaaaa
          Unterer Kreuzweg 1
          01097 Dresden


PRIVATBRAUEREI GEBRUDER: Falls into Bankruptcy
----------------------------------------------
The district court of Wetzlar opened bankruptcy proceedings
against Privatbrauerei Gebruder Eurler GmbH & Co. KG on Feb.
14.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 23,
2005 to register their claims with court-appointed provisional
administrator Gerhard Hauk.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 8:20 a.m. at the district court of
II. Stock, Sitzungssaal 201, Gebaude B, Wertherstr. 1, 35578
Wetzlar 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:  PRIVATBRAUEREI GEBRUDER EULER GMBH & CO. KG
          Garbenheimer Strasse 20, 35578 Wetzlar

          EULER GMBH
          Garbenheimer Strasse 20, 35578 Wetzlar
          Contact:
          Manfred Gebhardt-Euler, Manager
          Garbenheimer Strasse 20, 35578 Wetzlar

          Gerhard Hauk, Administrator
          Marktlaubenstrasse 9, 35390 Giessen
          Phone: 0641/932430
          Fax: 0641/9324350


RED POST: Interim Administrator to Deliver Report Next Month
------------------------------------------------------------
The district court of Luneburg opened bankruptcy proceedings
against Red Post Dienstleistungs GmbH on Feb. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 24, 2005 to
register their claims with court-appointed provisional
administrator Hans-Peter Rechel.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 9:00 a.m. at Saal 302, Am
Ochsenmarkt 3, 21335 Luneburg 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:  RED POST DIENSTLEISTUNGS GMBH
          Niedermoor 7, 21217 Seevetal
          Contact:
          Gregor Morauf, Manager

          Hans-Peter Rechel, Insolvency Manager
          Magdalenenstrasse 64c, 20148 Hamburg
          Phone: 040/48063933
          Fax: 040/48063999


SCHNABLER WOHN: Falls into Bankruptcy
-------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Schnabler Wohn- und Industriebau Immobilien-
und Baubetreuungesellschaft mbH on Feb. 16.  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 Eberhard
Stock.

Creditors and other interested parties are encouraged to attend
the meeting on May 11, 2005, 9:00 a.m. at the district court of
Monchengladbach, Hauptstelle, Hohenzollernstrasse 157, 41061
Monchengladbach 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:  SCHNABLER WOHN- UND INDUSTRIEBAU IMMOBILIEN- UND
          BAUBETREUUNGESELLSCHAFT MBH
          Albert-Einstein-Strasse 1a, 41751 Viersen
          Contact:
          Stefan Schnabler, Manager
          Albert-Einstein-Strasse 41, 41751 Viersen

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld
          Phone: 02151/58 13143
          Fax: +4921515813133


SCHONING BAUUNTERNEHMEN: Creditors Claims Due Next Week
-------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Schoning Bauunternehmen GmbH on Feb. 16, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 17, 2005
to register their claims with court-appointed provisional
administrator Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 9:10 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  SCHONING BAUUNTERNEHMEN GMBH
          Am Schlagbaum 19
          59192 Bergkamen
          Contact:
          Matthias Schoning, Manager

          Dr. Sabine Aldermann, aaaaa
          Landgrafenstr. 2 a
          44139 Dortmund
          Phone: 0231-8808390
          Fax: 0231-88083922


SOUND-EXPRESS: Cedes Control to Administrator
---------------------------------------------
The district court of Regensburg opened bankruptcy proceedings
against Sound-Express Gastronomische Betreiber GmbH on Feb. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2005
to register their claims with court-appointed provisional
administrator Dr. Werner Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 10:00 a.m. at Zi. 105, Augustenstr.
5 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:  SOUND-EXPRESS GASTRONOMISCHE BETREIBER GMBH
          Spindelbachweg 16 in 93059 Regensburg

          Dr. Werner Pohlmann, Administrator
          Aussere Sulzbacher Strasse 118, 90491 Nurnberg
          Phone: 0911/598900
          Fax: 0911/59890-11-12


SPIES & KLEIN: Koln Court Appoints Interim Administrator
--------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Spies & Klein Strassen- und Tiefbau GbR on Feb. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 20, 2005
to register their claims with court-appointed provisional
administrator Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 9:00 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:  SPIES & KLEIN STRASSEN- UND TIEFBAU GBR
          Hans-Sachs-Str. 31, 50389 Wesseling
          Contact:
          Benjamin Klein, Manager
          Geschwister-Scholl-Str. 1, 50374 Erftstadt
          Hermann Manfred Spies, Manager
          Wehrstr. 9, 41844 Wegberg

          Dr. Christian Frystatzki, Administrator
          Sankt-Augustiner-Str. 94 a, 53225 Bonn
          Phone: 02 28/40 09 4-90
          Fax: +492284009499


VALTIN IFFERT: Creditors Have Until Next Week to File Claims
------------------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Valtin Iffert und Sohn Verwaltungs GmbH on Feb. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 14, 2005
to register their claims with court-appointed provisional
administrator Winfried Steinfeld.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 8:45 a.m. at the district court of
Meiningen, Lindenallee 15, Saal A 0105 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:  VALTIN IFFERT UND SOHN VERWALTUNGS GMBH
          Breiter Fahrweg 6, 36448 Schweina

          Winfried Steinfeld, Administrator
          Magdeburger Allee 159, 99086 Erfurt


WALTER BAU: Founder's Share Reduced to 5%
-----------------------------------------
Ignaz Walter, founder of insolvent building firm Walter Bau has
sold majority of his shares in the group, Financial Times
Deutschland says.

Walter Bau revealed Monday Mr. Walter's stake in the group
dropped to around 5% from 57%.  The founder received around EUR5
million based on the trading price on Monday of EUR0.20.  Walter
Bau trading volume has been high in recent days, causing its
share price to hike as well.

The group filed for insolvency on February 1 after failing to
get the nod of 27 creditor banks on its restructuring plan that
would have allowed it to open a EUR1.5 billion credit line.
Walter Bau's move triggered a string of insolvency filings by 30
subsidiaries, affecting half its 9,400 employees.

Receiver Werner Schneider has sold a number of Walter Bau's
subsidiary while various construction group across Europe have
expressed interest in acquiring a couple of them.

CONTACT:  WALTER BAU A.G.
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de


ZERBE WERKZEUG: Verification of Claims Set Third Week of April
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Zerbe Werkzeug- und Vorrichtungsbau GmbH on Feb. 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until March 8,
2005 to register their claims with court-appointed provisional
administrator Annett Kittner.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 9:40 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresden 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:  ZERBE WERKZEUG- UND VORRICHTUNGSBAU GMBH
          Rodertalstrasse 1
          01458 Ottendorf-Okrilla

          Annett Kittner, aaaaa
          Gustav-Adolf-Str. 6b
          01219 Dresden


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


PARMALAT FINANZIARIA: New Bill Threatens Viability of Lawsuits
--------------------------------------------------------------
A new bill might deny Parmalat around EUR7 billion in claims, Il
Sole 24 Ore says.

The new decree modifies an insolvent company's right to rescind
negligent financial deals done within six months prior to its
collapse.  The current draft proposes retroactivity of changes,
but it is said this clause would be deleted.  The parliament
will scrutinize the proposed law this week.

If the bill is passed, around 60% of lawsuits filed by
Parmalat's government-appointed administrator Enrico Bondi
against a number of financial institutions and individuals would
be erased.  Should this occur, total claims against these
entities would be cut by around EUR7 billion, half the amount
needed to plug the group's EUR14 billion-debt hole.  The bill
might also lower Parmalat's valuation when it returns to the
stock market in July and may force creditors to reject the
group's restructuring plan.

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


PARMALAT U.S.A.: GE Gets 70% Equity in Dairy Unit
-------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York confirmed on March 7, 2005,
the Plan of Reorganization filed by Parmalat U.S.A. Corporation,
Milk Products of Alabama LLC and Farmland Dairies LLC.

As previously reported, the cornerstone of the plan is an
agreement between GE Commercial Finance, the lessor of a
majority of Farmland's manufacturing equipment at its New Jersey
and Michigan production facilities, and the Unsecured Creditors
Committee.

The plan calls for the satisfaction of the company's prepetition
liabilities through the distributions of cash, notes, stock and
rights to pursue certain causes of action.  Specifically,
Farmland's unsecured creditors will receive cash, a note, and
preferential rights of recovery from causes of action pursued by
a litigation trust.

"I think the Plan is a terrific example of how chapter 11 is
supposed to work," Gary Holtzer, Esq., counsel for New York-
based Parmalat, told Tom Becker at Bloomberg News.  "This Plan
is a product of negotiations with all of the major creditor
constituents and has received their overwhelming support."

                       What GE Capital Gets

Parmalat U.S.A.'s plan will transfer to GE Capital 70% of the
new common stock in Farmland, 100% of a new preferred stock
issue, about $11.6 million in litigation proceeds and up to $2
million in additional payments to satisfy the $39 million
financing GE extended to Parmalat.

                   Unsecured Creditors Recovery

Parmalat U.S.A.'s Unsecured Creditors will receive 62 cents on
the dollar for their claims totaling $27 million.  Farmland's
unsecured creditors are expected to recover 29 cents on the
dollar.  Farmland's unsecured creditors receive a $2.8 million
cash payment, a $7 million note and approximately $6.5 million
from the litigation trust.

Farmland has obtained $55 million of exit financing from
Wachovia Corp. and $45 million from GE to fund its operations
upon emergence from bankruptcy.

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., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


STOLT-NIELSEN: U.S. DOJ Trying to Break Anti-trust Shield
---------------------------------------------------------
On Jan. 14, 2005, the U.S. District Court for the Eastern
District of Pennsylvania issued a judgment enjoining the U.S.
Department of Justice from indicting or prosecuting the Company
for anti-competitive conduct in the parcel tanker industry up to
and including Jan. 15, 2003, the date on which DOJ admitted the
Company into DOJ's amnesty program.

On Feb. 14, 2005, DOJ filed a notice of appeal to the U.S. Court
of Appeals for the Third Circuit.  DOJ attorneys informed
Company attorneys that DOJ has decided to pursue the appeal.
The Company continues to be confident in its legal position and
looks forward to presenting its case in the appellate court.

About Stolt-Nielsen S.A.

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

CONTACT:  STOLT-NIELSEN S.A.
          Reid Gearhart
          Phone: (U.S.) 1 917 846 1055
          E-mail: rhgnyc@optonline.net

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


PETROLEUM GEO-SERVICES: To Redeem Senior Notes Due 2006
-------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE and NYSE: PGS) has sent a
notice of redemption relating to US$175 million of its US$250
million 8% Senior Notes, due 2006.  The Notes will be redeemed
on April 7, 2005 at a redemption price equal to 102.00% of the
principal amount of such Notes, plus accrued and unpaid interest
to the redemption date.

This partial debt redemption is in line with PGS previously
announced intention of using a portion of the proceeds from the
Pertra sale and a portion of its cash position to reduce debt.
The Company will consider redeeming the remaining US$75 million
of the Notes later in 2005.

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

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

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


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


NETIA SA: Achieves Net Profit of PLN159.2 Million in 2004
---------------------------------------------------------
Netia S.A. (WSE: NET) released on March 1, 2005 its audited
consolidated financial results for the year and unaudited
results for quarter ended December 31, 2004.

Financial Highlights:

(a) Revenues for 2004 were PLN897.2 million (US$300.0 million),
    a year-on-year increase of 28%.  Revenues for Q4 2004 were
    PLN231.1 million (US$77.3 million), a year-on-year increase
    of 25%;

(b) Adjusted EBITDA for 2004 was PLN324.9 million (US$108.7
    million), representing an adjusted EBITDA margin of
    36.2% and a year-on-year increase of 61%.  Adjusted EBITDA
    for Q4 2004 was PLN81.5 million (US$27.2 million),
    representing an adjusted EBITDA margin of 35.3% and a year-
    on-year increase of 50%;

(c) Net profit for 2004 was PLN159.2 million (US$53.2 million),
    representing a net profit margin of 17.7%, compared to a
    net loss of PLN729.1 million a year ago.  Net profit for Q4
    2004 was PLN45.7 million (US$15.3 million) and included PLN
    46.7 million (US$15.6 million) of income tax benefit
    resulting from the recognition of a deferred income tax
    asset as well as PLN21.7 million (US$7.3 million) of the
    non-cash write-off charges on non-current assets; and

(d) Cash at December 31, 2004 was PLN301.9 million (US$100.9
    million) as compared to PLN257.1 million at September 30,
    2004 and PLN228.0 million at December 31, 2003.

Operational Highlights:

(a) Sales of telecommunications products other than traditional
    direct voice (including indirect voice, data
    transmission, interconnection revenues, wholesale,
    intelligent network and other telecom services) increased
    their share of total revenues from telecom services to 41%
    or PLN93.3 million (US$31.2 million) in Q4 2004 from 32% in
    Q4 2003 and to 38% or PLN339.6 million (US$113.6 million)
    for 2004 from 29% in 2003;

(b) Revenues from business customers accounted for 73% and 72%
    of total telecom revenues in Q4 2004 and year 2004,
    respectively;

(c) Subscriber lines (net of voluntary churn and disconnections)
    increased to 424,802 at December 31, 2004 from 360,147 at
    December 31, 2003, a year-on-year increase of 18%, and
    remained essentially flat vs. 426,523 at September 30,
    2004.  Business customer lines increased 23% year-on-year to
    145,658 and these now account for 34.3% of total subscriber
    lines;

(d) Average monthly revenue per line (with regard to direct
    voice services) decreased by 8% to PLN105 (US$35) in Q4 2004
    from PLN114 in Q4 2003, reflecting the continued overall
    tariff reduction trends in the sector, and remained
    unchanged compared with Q3 2004; and

(e) Headcount of the Netia group was 1,234 at December 31, 2004,
    compared to 1,273 at December 31, 2003 and 1,253 at
    September 30, 2004.  The net reduction in headcount compared
    with Q4 2003 was achieved despite the addition of 224
    employees from the acquisition of El-Net in Q1 2004.

Wojciech Madalski, Netia's President and Chief Executive
Officer, commented: "Netia delivered excellent performance in
2004, led by 28% growth in revenues and a 61% increase in
EBITDA.  The proposed dividend and share repurchase program we
have announced -- on the back of Netia's first-ever annual net
profit -- underscores the Company's financial strength, market
position and growth prospects and our commitment to delivering
value to our shareholders.

"Two years into our five-year strategic plan, we are half-way
towards our goal of doubling Netia's revenues by 2008.  Despite
intense competition, we widened our market share in business
customer segments in 2004 and added new customers through the
acquisition of El-Net.  I'm pleased to report that we also
achieved and exceeded our strategic profitability objective of a
minimum 35% EBITDA margin this year, thanks to continued
operational streamlining, acquisition integration benefits and
increased productivity of Netia's workforce.

"Netia is thus in an excellent position to make use of its
financial strength to reward shareholders and further pursue its
strategic aims in the Polish telecommunications market."

Kent Holding, Netia's Chief Financial Officer, added: "Netia's
2004 revenues of PLN897.2 million represent a nearly 50%
increase over 2002, confirming our progress on our strategic
commitment of doubling revenues by 2008.  Of the 28% increase in
revenues year-on-year, 19% is attributable to acquisitions while
9% reflects Netia's organic growth.  This performance was
achieved through successful sales and marketing to business
customers, who accounted for 72% of Netia's total telecom
revenues in 2004.  Growth has been driven by the success of
products other than traditional voice telephony.  Revenues
generated by these data and non-direct voice products increased
by 70% year-on-year to PLN339.6 million.  To further strengthen
our customer offering, we are evaluating our approach to the
mobile market based on the analysis of the conditions of
Poland's GSM and UMTS tenders this spring.

"Efficiency has continued to improve strongly, driving a 61%
increase in adjusted EBITDA for the year to PLN324.9 million,
while our EBITDA margin reached 36.2%, representing significant
progress from 28.8% a year ago.

This underscores our success in gaining synergies from
acquisitions and driving productivity improvements throughout
our operations.  Despite the impact of two acquisitions and 28%
revenue growth, Netia has reduced total headcount year-on-year
by 3%.  Manpower costs in Q4 2004 represented only 14% of
revenues while revenue per employee increased 35% year-on-year
to PLN186 thousand.  The acquisitions of El-Net and Swiat
Internet have brought important strategic benefits to Netia,
expanding our urban footprint in Warsaw and other cities,
widening our ability to offer advanced telecom solutions and
contributing significantly to revenue growth.  Consolidation
opportunities and productivity enhancements thus remain
important elements of our strategy going forward."

A full copy of Netia's 2004 results is available free of charge
at http://bankrupt.com/misc/netia_2004.pdf.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul.  Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323
          Web site: http://www.netia.pl

          Anna Kuchnio
          Investor Relations Manager
          Phone:  [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Jolanta Ciesielska
          Public Relations
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


NETIA SA: Management Recommends First Dividend Payment
------------------------------------------------------
Netia S.A. (WSE: NET) revealed on March 1, 2005 the draft
resolutions to be presented for the shareholders' vote at the
Ordinary General Meeting on March 17, 2005, along with the
management's justification for certain items of the Meeting's
agenda announced previously concerning, among others, the
dividend and share and subscription warrant buy-back program.

Due to the fundamental improvement in Netia's financial position
following the Company's successful restructuring carried out
during the 2002-2004 period, Netia's management is recommending
a first-ever dividend and a share and subscription warrant buy-
back program to shareholders at the Meeting.

The recommended dividend is PLN0.10 per share for shareholders
of record as at April 7, 2005, payable on April 22, 2005.  As a
further move to return capital to shareholders, Netia's
management will also recommend a share and subscription warrant
buy-back program of up to PLN120 million to be run transparently
and openly over a 15-month period in compliance with all Polish
and E.U. rules and regulations.  The buy-back envisages shares
and warrants purchased only on the Warsaw Stock Exchange -- no
off-exchange block purchases -- in order to ensure maximum
transparency and to give all shareholders access to the same
opportunity.

Full copy of Netia's draft resolutions can be viewed free of
charge at http://bankrupt.com/misc/netia_dr.pdf.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323
          Web site: http://www.netia.pl

          Anna Kuchnio
          Investor Relations Manager
          Phone:  [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Jolanta Ciesielska
          Public Relations
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


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


BANK OF TAYMYRSKIY: Applies for Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Bank of Taymyrskiy after finding the limited
liability company insolvent.  The case is docketed as A33-
30234/04-S4.  Mr. V. Kravchenko has been appointed insolvency
manager.  Creditors have until April 12, 2005 to submit their
proofs of claim to:

(a) Insolvency Manager
    660021, Russia, Taymyrskiy Dolgano-Nenetskiy autonomous
    region, Dudinka, Sovetskaya Str. 14

(b) The Arbitration Court of Krasnoyarsk Region
    660021, Russia, Krasnoyarsk region,
    Lenina Str. 143

(c) Bank of Taymyrskiy
    647000, Russia, Taymyrskiy Dolgano-Nenetskiy autonomous
    region, Dudinka, Sovetskaya Str. 14


DMITRIEV-PLOD-OVOSH-PROM: Insolvency Manager Takes over Helm
------------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Dmitriev-Plod-Ovosh-Prom after finding the
close joint stock company insolvent.  The case is docketed as
A35-6124/04 g.  Mr. Y. Alyabyev has been appointed insolvency
manager.  Creditors have until April 12, 2005 to submit their
proofs of claim to 305007, Russia, Kursk, Olshanskogo Str. 9.

CONTACT:  DMITRIEV-PLOD-OVOSH-PROM
          305019, Russia, Kursk region,
          Malykh Str. 21

          Mr. Y. Alyabyev
          Insolvency Manager
          305007, Russia, Kursk region,
          Olshanskogo Str. 9


DOLZHANSKOYE: Files for Bankruptcy
----------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Dolzhanskoye after finding the open joint
stock company insolvent.  The case is docketed as A-32-
12207/2004-27/134-B.  Mr. P. Kulchitskiy has been appointed
insolvency manager.  Creditors have until April 12, 2005 to
submit their proofs of claim to 353655, Russia, Krasnodar
region, Eyskiy region, Dolzhanskaya St. Lenina Str. 22.

CONTACT:  DOLZHANSKOYE
     353655, Russia, Krasnodar region, Eyskiy region,
          Dolzhanskaya St. Lenina Str. 22

          Mr. P. Kulchitskiy
          Insolvency Manager
          353655, Russia, Krasnodar region, Eyskiy region,
          Dolzhanskaya St. Lenina Str. 22


ELECTROMECHANICAL PLANT: Proofs of Claim Deadline April 5
---------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Electromechanical Plant (TIN/KPP
2629008953/262901001) after finding the open joint stock company
insolvent.  The case is docketed as A63-245/04-S5.  Mr. Y.
Shapovalov has been appointed insolvency manager.  Creditors
have until April 5, 2005 to submit their proofs of claim to
Russia, Pyatigorsk, Ermolova Str. 38.

CONTACT:  ELECTROMECHANICAL PLANT
          Russia, Stavropol region,
          Lermontov, Gornaya Str. 9

          Mr. Y. Shapovalov
          Insolvency Manager
          Russia, Pyatigorsk,
          Ermolova Str. 38


KUZBASS-HYDRO-ENERGO-STROY: Sets Public Auction Monday
------------------------------------------------------
The insolvency managers of Kuzbass will sell the properties of
open joint stock company Kuzbass-Hydro-Energo-Stroy on March 14,
2005, 11:00 a.m.  The public auction will take place at 650066,
Russia, Kemerovo, Oktyabrskiy Pr. 4 - 406.

For sale are:

Lot 1: Garage.  Starting price: RUB3,160,000;

Lot 2: Parking area (good for 4 cars).  Starting price:
       RUB521,000;

Lot 3: Unfinished building.  Starting price: RUB2,950.

Preliminary examination and reception of bids are done until
today from 9:00 a.m. to 5:00 p.m. (Moscow time).  The list of
documentary requirements is available at 650066, Russia,
Kemerovo, Oktyabrskiy Pr. 4 - 406.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810700120000423 at OJSC MDM-Bank, Kemerovo, BIC 043207791,
correspondent account 30101810600000000791.

CONTACT:  KUZBASS-HYDRO-ENERGO-STROY
          652449, Russia, Kemerovo region,
          Krapivinskiy region, Zelenogorskiy

          LLC PARTNERSHIP OF INSOLVENCY MANAGERS OF KUZBASS
          (TIN 4205056410)
          Bidding Organizer
          650066, Russia, Kemerovo region,
          Oktyabrskiy Pr. 4 - 406


PRECAST CONCRETE: Hires O. Shevtsova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Precast Concrete after finding the company
insolvent.  The case is docketed as A47-11455/04-14GK.  Ms. O.
Shevtsova has been appointed insolvency manager.  Creditors have
until April 12, 2005 to submit their proofs of claim to 460006,
Russia, Orenburg, Komsomolskaya Str. 126-51.

CONTACT:  PRECAST CONCRETE
     Russia, Orenburg region, Novotroitsk,
          Stroygorodok, Post User Box 82

          Ms. O. Shevtsova
          Insolvency Manager
          460006, Russia, Orenburg region,
          Komsomolskaya Str. 126-51
          Phone: (3532) 73-26-01
          Fax: (3532) 36-13-37


RASSKAZOVO-AGRO-PROM-KHIMIYA: Selling RUB1 Mln Worth of Assets
--------------------------------------------------------------
Open joint stock company Rasskazovo-Agro-Prom-Khimiya will sell
its properties on March 11, 2005, 11:00 a.m.  The public auction
will take place at Russia, Tambov region, Rasskazovo, 1st
Nekrasovskiy Per. 92.  Up for sale are warehouses and other
assorted assets.  Starting price: RUB1,050,000.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to the settlement
account 40702810402070000103, correspondent account
30101810600000000713, at Tambovskiy regional branch of OJSC Ros-
Sel-Khoz-Bank, TIN 7725114488, KPP 681503001, BIC 046850713.

CONTACT:  RASSKAZOVO-AGRO-PROM-KHIMIYA
          Russia, Tambov region, Rasskazovo,
          1st Nekrasovskiy Per. 92
          Phone: (07537) 3-53-79, 8-910-854-19-00


RYB-KHOZ ZARECHYE: Last Day for Filing Claims April 12
------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Ryb-Khoz Zarechye after finding the open
joint stock company insolvent.  The case is docketed as A35-
4518/04g.  Mr. V. Churilov has been appointed insolvency
manager.  Creditors have until April 12, 2005 to submit their
proofs of claim to 304022, Russia, Kursk, Soyuznaya Str. 59,
Apartment 69.

CONTACT:  RYB-KHOZ ZARECHYE
     Russia, Kursk region,
          Manturovskiy region

          Mr. V. Churilov
          Insolvency Manager
          304022, Russia, Kursk region,
          Soyuznaya Str. 59, Apartment 69


RYSLKAYA MTS: Expects to Raise RUB2.4 Mln from Public Auction
-------------------------------------------------------------
The insolvency manager of open joint stock company Ryslkaya MTS
will sell its property on March 11, 2005, 11:00 a.m.  The public
auction will take place at Russia, Rylsk, Lunacharskogo Pr. 11.
Up for sale is an immovable property with a starting price of
RUB2,450,000.  The list of documentary requirements is available
at Russia, Kursk, 2nd Litovskiy Per. 4B.

CONTACT:  RYSLKAYA MTS
          Russia, Rylsk,
          Lunacharskogo Pr. 11

          Insolvency Manager
          Russia, Kursk,
          2nd Litovskiy Per. 4B
          Phone: (0712-54-16-71)


STRELKA: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Strelka (TIN 2339001843) after finding the
agro-company insolvent.  The case is docketed as A-32-
18505/2001-44/616B.  Mr. Y. Smirnov has been appointed
insolvency manager.  Creditors have until April 12, 2005 to
submit their proofs of claim to 352040, Russia, Krasnodar
region, Pavlovskaya St. Pushkina Str. 294.

CONTACT:  STRELKA
     Russia, Kurganinskiy region,
          Temirgoevskaya St. Mira Str. 171

          Mr. Y. Smirnov
          Insolvency Manager
          352040, Russia, Krasnodar region,
          Pavlovskaya St. Pushkina Str. 294


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


ALCHEVSK' BUILDING: Insolvency Manager Takes over Operations
------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Alchevsk' House Building Combine (code
EDRPOU 01240462) on January 11, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 20/15 b.
Mr. Igor Alyohin (License Number AA 250165) has been appointed
liquidator/insolvency manager.

CONTACT:  ALCHEVSK' HOUSE BUILDING COMBINE
          94200, Ukraine, Lugansk region,
          Alchevsk, Lenin Str. 3

          Mr. Igor Alyohin
          Liquidator/Insolvency Manager
          94000, Ukraine, Lugansk region,
          Stahanov, Borodin Str. 11/2

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square, 3a


BANKOMZVYAZOK: Harkiv Court Appoints Liquidator
-----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Bankomzvyazok (code EDRPOU 24336165) on
January 17, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-48/82-04.  Arbitral
manager Mr. V. Lyalyuk (License Number AA 779233) has been
appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) BANKOMZVYAZOK
    Ukraine, Harkiv region,
    Moskovskij Avenue, 254-V/185

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

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


KOKSOHIMTEPLOREMONT: Lugansk Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against LLC KOKSOHIMTEPLOREMONT (code EDRPOU
13404816) on January 11, 2005 after finding the limited
liability company insolvent.  The case is docketed as 9/38 b.
Mr. Igor Alyohin (License Number AA 250165) has been appointed
liquidator/insolvency manager.

CONTACT:  KOKSOHIMTEPLOREMONT
          94202, Ukraine, Lugansk region,
          Alchevsk, Gorkij Str. 12 b

          Mr. Igor Alyohin
          Liquidator/Insolvency Manager
          94000, Ukraine, Lugansk region,
          Stahanov, Borodin Str. 11/2

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV square, 3a


KRISHTAL UKRAINI: Succumbs to Insolvency
----------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Krishtal Ukraini on January 12, 2005 after
finding the limited liability company insolvent.  Mr. Mikola
Kachur (License Number AA 719751) has been appointed
liquidator/insolvency manager.  Creditors may submit their
proofs of claim to:

(a) Mr. Kachur Mikola
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Butsmanuk Str. 92 B/2

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


MRIYA: Court Appoints Sergij Yankovskij to Liquidate Firm
---------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Mriya (code EDRPOU 23412188) on January 26,
2005 after finding the company insolvent.  The case is docketed
as 42/8 B.  Liquidation Commission manager Mr. Sergij Yankovskij
has been appointed liquidator/insolvency manager.  The company
holds account number 26009301553114 at Prominvestbank, Gorlivka
central city branch, MFO 334464.

CONTACT:  MRIYA
          84610, Ukraine, Donetsk region,
          Gorlivka, Gorlivskoyi diviziyi Str. 10

          Mr. Sergij Yankovskij
          Liquidator/Insolvency Manager
          Phone: (06242) 7-81-30

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


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


3 GUYS: Liquidators from PricewaterhouseCoopers Move in
-------------------------------------------------------
Name of companies:
3 Guys Limited
Bride Developments (Borehamwood) Limited
Bride Developments (Colchester) Limited
Bride Developments (Ely) Limited
Bride Developments (Middlewich) Limited
Bride Developments (Twickenham) Limited
Charles Phillips & Company Limited
Daylin Stores Limited
Glenne Motors Limited
Jivebill Limited

At the extraordinary general meeting of these companies on Feb.
22, 2005, the special and ordinary resolutions to wind up the
companies were passed.  Richard Setchim and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of these companies.

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


ADVANCED TECHNOLOGY: Collapses into Administration
--------------------------------------------------
Further to the announcement of 1 March 2005, Advanced Technology
(U.K.) plc announces that its principal operating subsidiary,
Advanced Technology Ramar Limited, has been placed in
administration.  The Company's shares will remain suspended,
pending the outcome of that process.  A further announcement
will be made in due course.

                            *   *   *

The fall into administration follows a period of transition
between manufacturers used by the Group, which has become unduly
protracted and has resulted in ATL being unable to meet demand,
which has in turn adversely impacted the Group's cash position.

CONTACT:  ATL
          Andrew Channon
          Phone: 01202 592000


ALBERT COURT: Hires Joint Administrators from Harris Lipman
-----------------------------------------------------------
Michaela Joy Hall and Freddy Khalastchi (IP Nos 9081, 8752) have
been appointed joint administrators for Albert Court Management
Services Ltd.  The appointment was made Feb. 25, 2005.  The
company offers management services.  Its registered office is
located at 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court
          310 Friern Barnet Lane
          London N20 0YZ
          Phone: 020 8446 9000
          Fax: 020 8446 9537


ALKRON EXPORT: Names KPMG Administrator
---------------------------------------
Paul Andrew Flint and Richard Dixon Fleming (IP Nos 9075, 8370)
have been appointed administrators for Alkron Export Services
Ltd.  The appointment was made Feb. 25, 2005.  The company
offers plant and machinery services.

CONTACT:  KPMG LLP
          St James's Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4089

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


ALLIED PRESENTATIONS: Names Peter Alan Langard Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Allied Presentations
Limited on Feb. 28, 2005 held at Lifford Hall, Lifford Lane,
Kings Norton, Birmingham B30 3JN, the special resolution to wind
up the company was passed.  Peter Alan Langard of Langard
Lifford Hall Limited, Lifford Hall, Lifford Lane, Kings Norton,
Birmingham B30 3JN has been appointed liquidator of the company.

CONTACT:  LANGARD LIFFORD HALL
          Lifford Hall, Tunnel Lane
          Off Lifford Lane, Kings Norton
          Birmingham
          West Midlands B30 3JN
          Phone: 0121 459 1222
          Fax: 0121 433 5268
          E-mail: palangard@liffordhall.co.uk


BEAVER ELECTRONIC: In Administrative Receivership
-------------------------------------------------
SME Invoice Finance Limited appointed P. R. Boyle and J. C.
Sallabank (Office Holder Nos 008897 008099) joint administrative
receivers for Beaver Electronic Services Limited (Reg No
03909675).  The application was filed February 22, 2005.  The
company repairs home entertainment equipment.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


BEITH LEISURE: Creditors to Name Liquidator March 21
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Beith Leisure Limited
                        (In Liquidation)

I, James David Cockburn Macintyre, CA, James Macintyre & Co.,
Chartered Accountants, Dundas Business Centre, 38/40 New City
Road, Glasgow G4 9JT, hereby give notice that I was appointed
Interim Liquidator of Beith Leisure Limited, trading as The Bird
in the Hand, on February 17, 2005 by Interlocutor of the Sheriff
of North Strathclyde at Kilmarnock.

Notice is also given, pursuant to Section 138(4) of The
Insolvency Act 1986 and Rule 4.12 of The Insolvency (Scotland)
Rules 1986 as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the First Meeting of Creditors of the company
will be held at Dundas Business Centre, 38/40 New City Road,
Glasgow G4 9JT, on March 21, 2005 at 12:00 noon, for the purpose
of choosing a Liquidator and determining whether to establish a
Liquidation Committee.  A Resolution at the Meeting is passed if
a majority of those voting have voted in favor of it.

A Creditor will be entitled to vote at the Meeting only if a
claim has been lodged with me at the Meeting or before the
Meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, Creditors should note that the date of commencement of
the Liquidation is January 3, 2005.  Proxies may also be lodged
with me at the Meeting or before the Meeting at my office.

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


CLARK CIVIL: Winding-up Report Out Later this Month
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Clark Civil Engineering Plc
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a Final Meeting of the Creditors of Clark Civil
Engineering Plc will be held at 33 Albyn Place, Aberdeen AB10
1YL, on March 23, 2005, at 11:00 a.m. for the purposes of
receiving the Liquidator's report on the winding-up and to
determine whether the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com

          Thomas Campbell MacLennan
          E-mail: tom.maclennan@tenongroup.com


CLARKES (RADIO): Members Call in Begbies Traynor
------------------------------------------------
At the extraordinary general meeting of the members of Clarkes
(Radio) Limited on Feb. 28, 2005 held at the offices of Hamilton
Burke Dufau, Gladstone House, 2 Church Road, Liverpool L15 9EG,
the special resolution to wind up the company was passed.  David
Moore of Begbies Traynor, No.1 Old Hall Street, Liverpool L3 9HF
has been appointed liquidator of the company.  Creditors are
required to send their names and addresses to David Moore, of
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF on or
before April 11, 2005.

CONTACT:  BEGBIES TRAYNOR
          No. 1 Old Hall Street
          Liverpool
          Merseyside L3 9HF
          Phone: 0151 227 4010
          Fax: 0151 227 4009


E. WARD: Names PricewaterhouseCoopers Liquidator
------------------------------------------------
At the extraordinary general meeting of E. Ward (Wellingborough)
Limited on Feb. 25, 2005, the special and ordinary resolutions
to wind up the company were passed.  Tim Walsh and Jonathan
Sisson of PricewaterhouseCoopers LLP have been appointed joint
liquidators of the company.

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


FUEL CARDS: Deadline for Debt Claims May
----------------------------------------
At the extraordinary general meeting of Fuel Cards Direct
Limited on Feb. 23, 2005 held at DTE House, Hollins Mount,
Hollins Lane, Bury BL9 8AT, the special and ordinary resolutions
to wind up the company were passed.  John Malcolm Titley of DTE
Leonard Curtis, DTE House, Hollins Mount, Hollins Lane, Bury BL9
8AT has been appointed liquidator of the company.

Creditors are required to send their debt claims to Mr. John M.
Titley at DTE Leonard Curtis, DTE House, Hollins Mount, Hollins
Lane, Bury BL9 8AT on or before May 22, 2005.

CONTACT:  DTE LEONARD CURTIS
          DTE House
          Hollins Mount
          Bury
          Lancashire BL9 8AT
          Phone: 0161 767 1250
          Fax: 0161 767 1201
          E-mail: jtitley@dte-Leonardcurtis.com


GOLDEN TRIANGLE: Files for Administration
-----------------------------------------
Darren Brookes and Gary J. Corbett (IP Nos 9297, 9018) have been
appointed administrators for Golden Triangle Snacks Limited.
The appointment was made March 1, 2005.  The company
manufactures food products.  Its registered office is located at
22 Camp Road, Farnborough, Hampshire GU14 6EW.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House
          Ashley Road
          Hale, Altrincham
          Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7799
          E-mails: garyc@milnerboardman.co.uk
                   darrenb@milnerboardman.co.uk


GOSHAWK INSURANCE: Acute Surge in Q3 Claims Wipes out Profit
------------------------------------------------------------
Goshawk Insurance Holdings plc released recently its results for
the year ended 31 December 2004.

Highlights

(a) Group loss after tax for the year of US$3 million (-US$0.02
    per share),

(b) compared to a 2003 loss after tax of US$108 million
    (-US$0.63 per share),

(c) Loss principally resulting from approximately US$40 million
    of net claims caused by natural catastrophes occurring in
    the third quarter of 2004,

(d) Group net tangible asset value per share as at 31 December
    2004 of US$1.00 (52p) (2003: US$1.03 (57p)),

(e) Market profile and acceptance significantly improved over
    the year and Rosemont Re 'A-' rating outlook upgraded to
    stable,

(f) Portfolio grown by nearly 40% in January 2005 renewals, with
    improved quality and diversity within target territories,

(g) Sale of subsidiary completed post year-end to monetize off-
    balance sheet tax assets

Paul Spencer, Chairman, commented: "Although the impact of the
catastrophe losses severely affects our result for 2004, it
masks the significant advances we have made during the year.
The change in strategy, the re-branding of the Bermuda operation
and the retention and strengthening of the executive and
underwriting teams in Bermuda have all provided a solid basis
for our excellent progress at the January 2005 renewals.  I am
confident that we can continue this positive momentum during
2005, remaining focused on our core expertise."

A full copy of the results is available free of charge at
http://bankrupt.com/misc/Goshawk_2004.htm

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Phone: 020 7661 9374 (London)
                 +1 441 295 5485 (Bermuda)
          Paul Spencer, Chairman
          Russell Brooke, Chief Executive
          Jonathan Beck, Finance Director

          COLLEGE HILL
          Phone: 020 7457 2020
          Tony Friend
          Roddy Watt


GULLHAVEN LIMITED: Calls in Administrator from Richard J. Smith
---------------------------------------------------------------
G. R. Frampton (IP No 7911) has been appointed administrator for
Gullhaven Limited.  The appointment was made Feb. 18, 2005.  The
company manages hotel and restaurant.  Its registered office is
located at The Sharksfin Hotel and Waterside Restaurant, The
Quay, Mevagissey, St Austell, Cornwall PL26 6QU.

CONTACT:  RICHARD J. SMITH & CO.
          53 Fore Street
          Ivybridge
          Devon PL21 9AE
          Phone: 01752 690101
          Fax: 01752 690808
          E-mail: giles@richardjsmith.com


KENSINGTON COMMERCIAL: Hires Chantrey Vellacott to Dissolve Firm
----------------------------------------------------------------
At the extraordinary general meeting of Kensington Commercial
Property Holdings Limited on Feb. 18, 2005 held at Carlton
House, 33 Robert Adam Street, London W1U 3HR, the subjoined
special and ordinary resolutions to wind up the company were
passed.  Richard Toone and Kenneth Touhey 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-mail: rtoone@cvdfk.com

          CHANTREY VELLACOTT DFK
          1st Floor
          16/17 Boundary Road
          Hove
          East Sussex BN3 4AN
          Phone: 01273 421200
          Fax: 01273 417330
          E-mail: ktouhey@chantrey-vellacott.com


LEITEREELY CONSTRUCTION: Liquidator to Present Report March 29
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Leitereely Construction Limited
                        (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Leitereely Construction Limited will be held at Dundas Business
Centre, 38/40 New City Road, Glasgow G4 9JT, on 29 March 2005,
at 12:00 noon, for the purpose of showing how the winding-up has
been conducted and the property of the Company disposed of, and
of hearing an explanation that may be given by the Liquidator,
and also of determining the manner in which the books, accounts
and documents of the Company and of the Liquidator shall be
disposed of.

Proxies to be used at the Meeting must be lodged with the
Liquidator at Dundas Business Centre, 38/40 New City Road,
Glasgow G4 9JT, no later than 12:00 noon on the preceding day.

J. D. C. Macintyre, Liquidator
February 23, 2005

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


LYLESLAND GARAGE: Creditors to Meet in Two Weeks
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Lylesland Garage Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 146(1) of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Lylesland Garage Limited will be held at Dundas Business Centre,
38/40 New City Road, Glasgow G4 9JT, on March 25, 2005, at 12:00
noon, for the purpose of showing how the winding-up has been
conducted and the property of the Company disposed of, and of
hearing any explanation that may be given by the Liquidator, and
also of determining the manner in which the books, accounts and
documents of the Company and of the Liquidator shall be disposed
of.

J. D. C. Macintyre, Liquidator
February 21, 2005

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


MAC VISION: HSBC Bank Calls in Receivers from Royce Peeling
-----------------------------------------------------------
HSBC Bank Plc called in Roderick Michael Withinshaw and Peter
Jones (Office Holder Nos 8014 and 4163) joint administrative
receivers for Mac Vision Limited (Reg No 4534809, Trade
Classification: 4534).  The application was filed Feb. 17, 2005.
The company provides CCTY and security systems.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Centre
          Trinity Way
          Manchester
          Greater Manchester M3 7BG
          Phone: 0161 608 0000
          Fax: 0161 608 0001
          E-mails: rwithinshaw@rpg.co.uk
                   pjones@rpg.co.uk


MARKETING SKILLS: Food Wholesaler Hires Administrator
-----------------------------------------------------
Stephen Hull and Geoffrey Martin (IP Nos 0/008321/01,
0/002207/01) have been appointed administrators for Marketing
Skills Limited (t/a Sea Harvest).  The appointment was made
March 1, 2005.  The company sells food.  Its registered office
is located at Geoffrey Martin & Co, St James's House, 28 Park
Place, Leeds LS1 2SP.

CONTACT:  GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mails: stephen.hull@geoffreymartin.co.uk
                   geoffrey.martin@geoffreymartin.co.uk


MY DESPATCH: Taxi Operator Names Berg Kaprow Lewis Administrator
----------------------------------------------------------------
Stewart Trevor Bennett (IP No 1205) has been appointed
administrator for My Despatch East Ltd.  The appointment was
made Feb. 28, 2005.  Formerly named Mycourier.Biz East Limited
and Linktrend Limited handles taxi operation.  Its registered
office is located at Treviot House, 186-192 High Road, Ilford,
Essex IG1 1JQ.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


NICKERSON EUROPE: Administrators from Kroll Glasgow Move in
-----------------------------------------------------------
Fraser J. Gray and Stuart C. E. Mackellar (IP Nos 8905 and 6883)
have been appointed administrators for Nickerson Europe Limited.
The appointment was made Feb. 28, 2005.  The company handles
other business activities.

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


Q L G LTD.: Final Creditors Meeting Slated Later this Month
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                    IN THE MATTER OF Q L G Ltd.
                         (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Q L G Ltd.
will be held at 1 Royal Terrace, Edinburgh EH7 5AD, on March 31,
2005 at 10:30 a.m. for the purposes of receiving the
Liquidator's report on the winding-up and to determine whether
the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com

          Thomas Campbell MacLennan
          E-mail: tom.maclennan@tenongroup.com


QXL RICARDO: Tiger Acquisition Improves Offer
---------------------------------------------
Introduction

It was announced on 26 November 2004 that agreement had been
reached between the directors of Tiger Acquisition Corporation
Plc (TAC) and the Independent Directors of QXL on the terms of a
recommended cash offer, to be made by Deloitte Corporate Finance
on behalf of TAC, to acquire the entire issued and to be issued
ordinary share capital of QXL.  The Original Offer Document was
posted to QXL Shareholders on 26 November 2004.  On 13 January
2005, this recommendation was withdrawn.

On 20 January 2005, an offer on behalf of Florissant was made to
acquire the entire issued and to be issued ordinary share
capital of QXL.  The Independent Directors advised QXL
Shareholders to reject the Florissant Offer.

On 14 February 2005, TAC announced that agreement had been
reached between the directors of TAC and the Independent
Directors of QXL on the terms of a recommended increased offer,
to be made by Deloitte Corporate Finance on behalf of TAC, to
acquire the entire issued and to be issued ordinary share
capital of QXL.  The Increased Offer Document was posted to QXL
Shareholders on 14 February 2005.

On 3 March 2005, Florissant announced that agreement had been
reached between the directors of Florissant and the Independent
Directors of QXL on the terms of a recommended increased cash
offer, to be made by Hawkpoint Partners Limited and ISB
Corporate Finance on behalf of Florissant, for the entire issued
and to be issued ordinary share capital of QXL.  At the same
time, the Independent Directors withdrew their recommendation of

the Increased Offer.  The formal offer document relating to the
Revised Florissant Offer was posted to QXL Shareholders on 4
March 2005.

On 4 March 2005 the Panel ruled upon the terms of the Auction
Process, and each of TAC, Florissant and QXL accepted the
ruling.  The Panel announced the terms of the Auction Process on
the same day.

In accordance with the terms of the Auction Process, TAC hereby
announces the terms of the Second Increased Offer.

Terms of the Second Increased Offer

The Second Increased Offer, which will be on the terms and
subject to the conditions set out in the Second Increased Offer
Document (which will, save as set out in that document,
incorporate the terms and conditions contained in the Original
Offer Document and Increased Offer Document) and the Second New
Form of Acceptance, will be made on the following basis:

for each QXL Share    GBP10 in cash and one New Litigation
                      Entitlement Unit

The Second Increased Offer values the entire existing issued
ordinary share capital of QXL at approximately GBP17 million
(without attributing any value to the New Litigation Entitlement
Units).

Without attributing any value to the New Litigation Entitlement
Units, the Second Increased Offer represents a premium of
approximately 205% to the Closing Price of 327.5 pence per QXL
Share on 11 November 2004 (being the last Business Day prior to
the announcement by QXL on 12 November 2004 that it was in
discussions that could lead to an offer being made for QXL).

Each New Litigation Entitlement Unit will give each QXL
Shareholder a contingent entitlement to an additional GBP10.25
in cash per QXL Share.  In the event that the contingent payment
is made, each accepting QXL Shareholder will receive a total of
GBP20.25 in cash for each QXL Share that they hold.

Save that each New Litigation Entitlement Unit will give each
QXL Shareholder a contingent entitlement to an additional 25p in
cash per QXL Share as compared to the Litigation Entitlement
Units, the terms of the New Litigation Entitlement Units are
identical to those of the Litigation Entitlement Units.  Further
details in relation to the New Litigation Entitlement Units are
set out in paragraph 3 below and will be set out in the Second
Increased Offer Document.

The QXL Shares will be acquired by, or on behalf of, TAC fully
paid and free from all liens, charges, equitable interests,
encumbrances, rights of pre-emption and other third party rights
or interests of any nature whatsoever and together with all
rights attaching thereto, including, without limitation, the
right to receive and retain all dividends, interest and other
distributions declared, made or paid on or after 26 November
2004.

The Second Increased Offer will extend to all QXL Shares
unconditionally allotted or issued whilst the Second Increased
Offer remains open for acceptance (or until such earlier date as
TAC may, subject to the City Code, determine), including any QXL
Shares which are unconditionally allotted or issued and fully
paid pursuant to the exercise of options granted under the QXL
Share Option Schemes.

No offer is being made in respect of the 6 non-voting special
shares of GBP1 each in the capital of QXL.  It is the Board of
TAC's intention to redeem these shares in accordance with the
provisions of QXL's articles of association as soon as possible
after the Second Increased Offer has been declared wholly
unconditional.

New Litigation Entitlement Units

TAC has agreed that, following the Second Increased Offer being
declared wholly unconditional, accepting QXL Shareholders will
receive GBP10 in cash and one New Litigation Entitlement Unit
per QXL Share, which will give each QXL Shareholder a contingent
entitlement to additional consideration in the form of New Loan
Notes which, if issued, will be in the principal amount of
GBP10.25 and will bear interest at 1% per annum below the rate
at which Barclays Bank PLC offers six month deposits to lending
banks in the London Sterling Inter-bank Market from time to
time.

Subject to certain conditions to be set out in the Second
Increased Offer Document, each New Loan Note will be issued at a
principal amount of GBP10.25 in the event that QXL recovers,
following a final, non-appealable and binding determination, or
a binding agreement, an equity interest in, and/or assets of,
QXL Poland, which together with QXL's retained 8 percent
interest in QXL Poland, accounts for or generates, as the case
may be, annualized revenue (based on the three month period
prior to such recovery) of at least PLN20 million.

According to the accounts of QXL Poland for the year to 31 March
2004 that were approved by the court appointed administrator of
QXL Poland, the annual revenues of QXL Poland in the year to 31
March 2004 were approximately PLN21.8 million (2003: PLN8.8
million), an increase of approximately 148% over the same period
in 2003.

The New Loan Notes, if any, will be issued within 30 days of an
independent auditor's report being issued confirming the level
of revenues generated during such three month period by QXL
Poland, the resultant annualized revenue of QXL Poland and the
proportion of such revenue which the recovered interest and/or
assets represent.  The New Loan Notes will be redeemed for cash
at par six months and one day following their issue, together
with interest accrued thereon.

Irrevocable undertakings

TAC received acceptances pursuant to irrevocable undertakings to
accept (or procure the acceptance of) the Original Offer from
each of J B Bulkeley, M X Zaleski (and Isabelle Gaspar, his
wife), R S Dighero and T T Parkinson amounting to, in aggregate,
25,524 QXL Shares, representing approximately 1.5% of the
existing issued ordinary share capital of QXL.  These
undertakings remain binding in the event of a higher competing
offer being made for QXL and the acceptances received pursuant
thereto have not been withdrawn.

In addition, TAC received acceptances pursuant to irrevocable
undertakings to accept (or procure acceptance of) the Increased
Offer from certain QXL Shareholders (namely Christopher Fleet,
Jeffrey Fleet and Donald Godwin) amounting to, in aggregate,
126,428 QXL Shares representing approximately 7.4% of the
existing issued ordinary share capital of QXL.  These
undertakings remain binding in the event of a higher competing
offer being made for QXL.

Apax Partners Limited accepted the Original Offer in respect of
60,997 QXL Shares, representing approximately 3.6% of the
existing issued ordinary share capital of QXL, and the
irrevocable undertaking given by Apax Partners Limited in
respect of the Increased Offer in respect of these QXL Shares
remains binding unless a higher competing offer is announced,
the value of which is at least 50% higher than the cash element
of the Increased Offer.

Current Trading and Prospects

This statement was included in Florissant's increased offer
document dated 4 March 2005:  "The QXL Group's results for the
quarter ended 31 December 2004 were announced on 3 February 2005
and were included in the circular posted to QXL Shareholders on
the same day.  As announced at that time, the directors of QXL
remain pleased with the QXL Group's performance in the last
quarter as it has continued to show good growth in its core
markets.  Current quarter trading has also started strongly, in
line with QXL's expectations.

Shareholders' attention is drawn to the Company's cash position.
The QXL Group's net cash balance at 31 December 2004 was GBP1.01
million.  However, exceptional costs of GBP455,000 had been
incurred or provided for in connection with the various offers,
and remained outstanding, as at 31 December 2004.  Furthermore,
significant additional costs relating to the various offers have
been incurred since that date."

Information on TAH and TAC

As set out in the Increased Offer Document, TAC has been re-
registered as a public limited company and is now a wholly owned
subsidiary of TAH.

TAH was incorporated in England and Wales on 7 February 2005 at
the direction of Great Hill Partners GP.  Since its
incorporation, TAH has not traded nor has it entered into any
obligations other than in connection with the Increased Offer,
the Second Increased Offer and the financing thereof and those
incidental to its organization.  Upon the Second Increased Offer
being declared wholly unconditional, the shares in TAH will be
owned by the Great Hill Funds, the Management Team and Robert
Montgomery.

TAH will be funded by the Great Hill Funds, the Management Team
and Robert Montgomery.  TAH will provide a loan to TAC in order,
inter alia, to fund TAC's obligation to fund the cash element of
the Second Increased Offer.

The current directors of TAH and TAC are Christopher Gaffney and
Michael Kumin, appointees of the Great Hill Funds.  Jonathan
Bulkeley, Mark Zaleski and Robert Dighero will be appointed as
directors of TAH upon the Second Increased Offer being declared
wholly unconditional.

Further information on TAH and TAC and the financing of the
Second Increased Offer will be contained in the Second Increased
Offer Document.

Information on Great Hill Partners

Great Hill Partners is a Boston-based private equity firm
managing approximately US$1 billion in capital, focused on
investments in service providers with recurring revenue in the
media, business and consumer services, communications, education
and information technology industries.  Within these selected
industries, the firm transacts across all growth stages, from
start-ups to buy-outs, typically investing $10-40 million in
equity per transaction.  The managing partners of Great Hill
Partners each have approximately twenty years of experience
investing in growth companies and collectively have completed
over 250 acquisitions and over US$5 billion in financings during
their careers.  The Great Hill Funds' investors include large
pension funds, university endowments and investment managers.

Further information on the Great Hill Funds is included in the
Original Offer Document and the Increased Offer Document.

Arrangements with the Management Team

J B Bulkeley, M X Zaleski and R S Dighero, as well as T T
Parkinson, QXL's company secretary and general counsel, will
participate in the management of TAH, the parent company of TAC,
and will have shareholdings in TAH.  Details of these
arrangements with TAH and of the service contracts of the
Management Team will be set out in the Second Increased Offer
Document.

Employees

The Board of TAC confirms that, following the Second Increased
Offer being declared wholly unconditional, the existing
employment rights of all employees of the QXL Group will be
fully safeguarded.

QXL Share Option Schemes

Appropriate proposals will be made to participants in the QXL
Share Option Schemes as soon as practicable after the Second
Increased Offer is declared wholly unconditional.

11 Revised Inducement Fee

In substitution for the inducement fee agreement referred to in
the Original Offer Document, (payment of any fee in respect of
which has been waived) QXL agreed to pay a revised inducement
fee to Great Hill Equity Partners II, L.P. (one of the Great
Hill Funds) of GBP174,124 (inclusive of VAT to the extent the
same is not recoverable by QXL) in the event that inter alia the
Independent Directors withdraw their recommendation or opinion
of the Increased Offer or modify either of them in a manner
which is adverse to Great Hill Equity Partners II, L.P. or to
the chances of the Increased Offer becoming wholly
unconditional.

As the Independent Directors withdrew their recommendation of
the Increased Offer on 3 March 2005, the revised inducement fee
has become payable within 3 business days of demand.

Disclosure of Interests in QXL Shares

As at the close of business on 7 March 2005, being the last
practicable date prior to the date of this announcement, parties
acting in concert with TAC owned 32,380 QXL Shares representing
approximately 1.9% of the existing issued ordinary share capital
of QXL and these parties held options over 76,793 QXL Shares.

By 3.00 p.m. on 7 March 2005, TAC had received valid acceptances
(which had not been validly withdrawn) in relation to the
Increased Offer in respect of a total of 326,293 QXL Shares,
representing approximately 19.2% of QXL's existing issued
ordinary share capital.

Save for these interests, neither TAH, TAC, the Great Hill
Parties, nor the directors of TAH and TAC, nor any party acting
in concert with TAC, TAH or the Great Hill Parties, owns or
controls any QXL Shares or holds any options to purchase or
subscribe for QXL Shares or any derivative referenced to QXL
Shares.

Save for these interests and the irrevocable undertakings
described above (and acceptances received by TAC in respect
thereof), neither TAC, TAH, the Great Hill Parties, nor any
persons acting in concert with TAC, TAH or the Great Hill
Parties have any arrangement in relation to QXL Shares, or any
securities convertible or exchangeable into QXL Shares or
options (including traded options) in respect of, or derivatives
referenced to, QXL Shares.  For these purposes, 'arrangement'
includes any indemnity or option arrangement, any agreement or
understanding, formal or informal, of whatever nature, relating
to relevant securities which is, or may be, an inducement to
deal or refrain from dealing in such securities.

General

The Second Increased Offer will be made subject to the
conditions and on the terms contained in the Second Increased
Offer Document, which (save as set out in that document) will
incorporate the terms and conditions contained in the Original
Offer Document and Increased Offer Document, and in the Second
New Form of Acceptance.  The Second Increased Offer will comply
with the provisions of the City Code.

QXL Shareholders who have accepted either the Florissant Offer
or the Revised Florissant Offer are entitled to withdraw such
acceptances to enable them to accept the Second Increased Offer,
provided the Revised Florissant Offer has not become or been
declared unconditional as to acceptances.  TAC intends that a
Form of Withdrawal will accompany the Second Increased Offer
Document.

The Second Increased Offer Document, together with the Second
New Form of Acceptance and Form of Withdrawal, will (except with
the consent of the Panel or otherwise in accordance with the
Auction Process) be posted to QXL Shareholders and (for
information only) to participants in the QXL Share Option
Schemes on or before the seventh day after the date on which the
last offer for QXL is announced in accordance with the Auction
Process.

CONTACT:  HOLBORN PUBLIC RELATIONS LIMITED
          David Bick
          Phone: 020 7929 5599

          DELOITTE CORPORATE FINANCE
          Phone: 020 7936 3000
          Financial adviser to TAC, TAH and the Great Hill
          Parties
          Jonathan Hinton
          David Kent

          FINANCIAL DYNAMICS
          Phone: 020 7831 3113
          PR adviser to QXL
          James Melville-Ross
          Juliet Clarke


READY PHARMACY: Calls in Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Name of companies:
Ready Pharmacy Limited
Sheraz Limited
Williamsons Limited

At the extraordinary general meeting of these companies on Feb.
22, 2005, the special and ordinary resolutions to wind up the
companies were passed.  Richard Setchim and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies.

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


SHENLEY ROOFING: Creditors Meeting Next Week
--------------------------------------------
The creditors of Shenley Roofing Limited will meet on March 17,
2005 at 11:00 a.m.  It will be held at Lavendon Suite, Novotel
Milton Keynes, Saxon Street, Milton Keynes MK13 7RA.  Creditors
who want to be represented at the meeting may appoint proxies.
Proxy forms must be submitted together with written debt claims
to Mr. Mark Jeremy Orton of KPMG LLP, 2 Cornwall Street,
Birmingham B3 2DL not later than 12:00 noon, March 16, 2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3279
          Fax: 0121 232 3261
          E-mail: mark.orton@kpmg.co.uk


SPACEMINSTER LIMITED: Hires Kroll Glasgow as Administrator
----------------------------------------------------------
Fraser J. Gray and Stuart C. E. Mackellar (IP Nos 8905, 6883)
have been appointed administrators for Spaceminster Limited.
The appointment was made Feb. 28, 2005.  The company manages
holding companies and head offices.

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


TELDEX LIMITED: Appoints Administrator from Begbies Traynor
-----------------------------------------------------------
Louise Donna Baxter (IP No 9123) has been appointed
administrator for Teldex Limited.  The appointment was made Feb.
8, 2005.  Its registered office is located at The Old Exchange,
234 Southchurch Road, Southend on Sea, Essex SS1 2EG.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Soutchurch Road
          Southend On Sea
          Essex SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: louise.baxter@begbies-traynor.com


TELDEX LIMITED: Calls in Administrator from Begbies Traynor
-----------------------------------------------------------
Louise Donna Baxter (IP No 9123) has been appointed
administrator for Teldex Limited.  The appointment was made Feb.
8, 2005.  Its registered office is located at The Old Exchange,
234 Southchurch Road, Southend on Sea, Essex SS1 2EG.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Soutchurch Road
          Southend On Sea
          Essex SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: louise.baxter@begbies-traynor.com


T. MULLEN: Members Decide to Wind up Firm
-----------------------------------------
At the extraordinary general meeting of the members of T. Mullen
(Morley) Limited on Feb. 25, 2005 held at Wilson Pitts,
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ, the
special resolution to wind up the company was passed.  D. F.
Wilson and J. N. R. Pitts have been appointed joint liquidators
of the company.

Members are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to the undersigned, D. F. Wilson of Wilson
Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ
on or before May 25, 2005.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561
          E-mails: julian.pitts@wilson-pitts.co.uk
                   david.wilson@wilson-pitts.co.uk


VANGUARD INDUSTRIAL: Administrators from KPMG Step in
-----------------------------------------------------
Paul Andrew Flint and Richard Dixon Fleming (IP Nos 9075, 8370)
have been appointed administrators for Vanguard Industrial
Limited.  The appointment was made Feb. 25, 2005.

CONTACT:  KPMG LLP
          St James's Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4089

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


VANWEST LIMITED: Hires Administrator from Haines Watts
------------------------------------------------------
Andrew Appleyard (IP No 1224) has been appointed administrator
for Vanwest Limited.  The appointment was made March 1, 2005.
The company designs, manufactures and installs handrail and
light structural systems.

CONTACT:  HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


WEIR HOLDINGS: Bank of Scotland Appoints Grant Thornton Receiver
----------------------------------------------------------------
Bank of Scotland Plc appointed Keith Hinds and Joseph McLean
(Office Holder Nos 6745, 8903) joint administrative receivers
for Weir Holdings Limited (Reg No 3356522, Trade Classification:
10).  The application was filed Feb. 25, 2005.

CONTACT:  GRANT THORNTON UK LLP
          St. Johns Centre
          110 Albion Street
          Leeds
          West Yorkshire LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 0828
          E-mail: keith.hinds@gtuk.com

          GRANT THORNTON UK LLP
          Earl Grey House
          75-85 Grey Street
          Newcastle Upon Tyne
          Tyne And Wear NE1 6EF
          Phone: 0191 261 2631
          Fax: 0191 261 4994
          E-mail: joe.mclean@gtuk.com


WESTMINSTER COMMERCIAL: Names Chantrey Vellacott Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Westminster Commercial
Property Investments Limited on Feb. 18, 2005 held at Carlton
House, 33 Robert Adam Street, London W1U 3HR, the subjoined
special and ordinary resolutions to wind up the company were
passed.  Richard Toone and Kenneth Touhey of Chantrey Vellacott
DFK have been appointed joint liquidators of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to the undersigned, Richard Toone at 16-17
Boundary Road, Hove, East Sussex BN3 4AN on or before March 25,
2005.

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

          CHANTREY VELLACOTT DFK
          1st Floor
          16/17 Boundary Road
          Hove
          East Sussex BN3 4AN
          Phone: 01273 421200
          Fax: 01273 417330
          E-mail: ktouhey@chantrey-vellacott.com


XYZ124 LIMITED: Decides to File for Administration
--------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125,
008767) have been appointed joint administrators for computer
consultancy firm XYZ124 Limited.  The appointment was made Feb.
17, 2005.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whitley, Fareham
          Hampshire PO14 7AH
          Phone: 01489 550440
          Fax: 01489 550499
            Or 01489 550 440
          E-mails: james.tickell@portland-solutions.co.uk
                   carl.faulds@portland-solutions.co.uk


* FSCS Declares 32 Firms in Default
-----------------------------------
Consumers may be entitled to compensation of up to GBP48,000 if
they have lost money as a result of their dealings with any one
of 32 firms recently declared in default by the Financial
Services Compensation Scheme (FSCS).

FSCS is the U.K.'s statutory fund of last resort for customers
of regulated financial services firms.

"It is important that consumers know where to turn if they have
lost money and the firm can't pay," says Loretta Minghella,
Chief Executive.

"If they have had dealings with one of these firms, we may be
able to help."

Declaring a firm in default opens the way for customers who have
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  It is the final part of a
process whereby a regulated firm (for example, a financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it.  The U.K.'s independent financial
watchdog, the Financial Services Authority (FSA), regulates
financial services firms.

Consumers who believe they may have a claim should contact the
Scheme on 020 7892 7300.  The service is free.  The limit for
investment compensation is GBP48,000.

                  Default Declarations by FSCS

East England

Marshall-Emmens Associates Limited, Rayleigh, SS6 7BS

Midlands

(a) Barry Wheelock & David Clark, formerly trading as Gunby
    Investment Services, Kenilworth CV8 1HL;

(b) Chase Financial Services Limited, Cannock WS11 1AT;

(c) Edwin James Limited, Birmingham B15 1DL; and

(d) Williams Independent Financial Services Limited, formerly
    Killimor Financial Services Limited, Spalding PE11 1DL.

North West

(a) Bruce Elliot and Chris Hammond, formerly trading as The
    Money Management Centre, Cumbria LA9 4BH;

(b) Embery Gillespie Limited, formerly Neville A Barker (Life &
    Pensions Consultants) Limited, Alderley Edge SK9 7NT; and

(c) Lancastrian Financial Services Limited, Rochdale OL16 1RQ.

Scotland

(a) Harvest Financial Services Limited, Saltcoats, Ayrshire KA21
    5ED;

(b) Jonathan Battersby, formerly trading as Jonathan Battersby &
    Company, Pinkerton Cottage, Gorebridge, Midlothian EH23 4SQ;

(c) Stirling And Gilmour (Financial And Property Services)
    Limited, Helensburgh G84 8TF; and

(d) Thomson And Turner (Life And Pensions) Limited, Galashiels
    TD1 1NZ.

South East (including London)

(a) Adrian W Wright & Angus MacLeod, formerly trading as Pension
    Mortgage Plans, Weybourne KT13 9XF;

(b) Hanover Druce Insurance Services Limited, London W1A 2DD;

(c) Hanson Securities (Financial Services) Limited, London NW3;
    6TP

(d) Havering Insurance Brokers (Essex) Limited, formerly
    Havering Insurance Bureau Limited, Rainham RM13 8SP;

(e) John R. Broughton, formerly trading as Broughton More &
    Company, Worthing BN11 1TA;

(f) LMD International Investment Management Limited, Barham CT4
    6PN;

(g) M Factor and others, formerly trading as Matters, London N12
    OEH;

(h) Michael Whitfield, formerly trading as Whitfield & Partners,
    London SW13 OHQ;

(i) Money Box Independent Financial Services Limited, Bitterne
    SO19 5LB;

(j) Money Watchers Limited (In Liquidation), Harpenden AL5 4EL;

(k) Peter Broome and Company Limited, Croydon CR2 8RB;

(l) Peter Sellers (Insurance Brokers) Limited, Sutton SM1 3RQ;

(m) Practical Financial Management Limited, Epsom KT17 4RS;

(n) Sanderson Harris Associates Limited, Twickenham TW2 5QE; and

(o) Surene Limited, formerly Walji Asaria Financial & Insurance
    Services Limited, Eastleigh SO5 4DT.

South West

(a) A R O Foster Limited, Wimborne BH21 1LW; and

(b) Monarch Financial Advisers Limited (In Liquidation), Bristol
    BS12 3SE.

Wales

Paul Freeman & Company Limited, Swansea SA1 6DR

Yorkshire and Humberside

(a) Baldersons Financial Services Limited, Sheffield S8 7BN; and

(b) S R Services (UK) Limited, Knaresborough HG5 9DF.

CONTACT:  FINANCIAL SERVICES COMPENSATION SCHEME
          7th Floor Lloyds Chambers
          1 Portsoken Street
          London E1 8BN
          E-mail enquiries@fscs.org.uk
          Web site: http://www.fscs.org.uk

          Phone: +44 (0) 20 7892 7300
          Fax: + 44 (0) 20 7892 7301
          Web site: http://www.fscs.org.uk

          Suzette Browne
          Phone: 020 7892 7372
          E-mail: Suzette.Browne@fscs.org.uk

          Heather Tilston
          Phone: 020 7892 7370
          E-mail: H.Tilston@fscs.org.uk


                            *********


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

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

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

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

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

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


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