TCREUR_Public/050311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, March 11, 2005, Vol. 6, No. 50

                            Headlines

B E L A R U S

BELGAZPROMBANK: Gets 'B-' Long-term Foreign Currency Rating


C Y P R U S

ATHINA CYPRUS: Board to Convene Later this Month
CYPRUS AIRWAYS: Chairman Quits for Undisclosed Reasons


C Z E C H   R E P U B L I C

UNION POJISTOVNA: Last Day for Filing Claims April 25


F I N L A N D

FINNAIR OYJ: February Load Factor Slightly Up Year-on-year


F R A N C E

TROUILLET: Court Takes over Management of Trailer Maker


G E R M A N Y

AK IMMOBILIEN: Creditors Meeting Set First Week of May
AUTOHAUS SCHUBOTZ: Gives Creditors Until April to File Claims
A. WOLF: First Creditors Meeting Set May
AXXIMA PHARMACEUTICALS: Sells Patents to GPC Biotech
BEHINDERTE FUR BEHINDERTE: Claims Verification Set Next Month

CELANESE AG: Parent Declares Cash, Stock Dividends
EIFELER BAU: Proofs of Claim Deadline March 29
JAESCHKE PREUSS: Court Stays All Pending Lawsuits
NATURSTEIN BLANKE: Provisional Administrator Moves in
PIPPERT & KOCH: Claims Filing Period Ends Later this Month
SKINS GMBH: Frankfurt Court to Review Claims June
VERSATILE SYSTEMS: Succumbs to Bankruptcy


H U N G A R Y

MALEV HUNGARIAN: Seeks Tie-up with Another Carrier


I R E L A N D

AERDART: Bus Operator to Halt Service Later this Month


I T A L Y

CIRIO FINANZIARIA: Tan Eyes Controlling Stake in Del Monte


L I T H U A N I A

UKIO BANKAS: Long-term Rating Cut to 'B-'


P O L A N D

AIR POLONIA: Attracts American Buyer


R U S S I A

ANZHERO-SUDZHENSKIY WATER: Declared Insolvent
ATOM-REM-MASH: Bankruptcy Proceedings Begin
KRASNYJ MAYAK: Under Bankruptcy Supervision
METROMEDIA INTERNATIONAL: CEO to Receive US$1.3 Mln Sale Bonus
PROM-ENERGO-COMPLECT: Declared Insolvent

SAKHALIN-GEO-FIZ-RAZVEDKA: Bankruptcy Proceedings Begin
SAMTEKS: Ivanovo Court Names A. Konstantinov Insolvency Manager
SHARYA-STROY-TREST: Undergoes Bankruptcy Supervision Procedure
SYLVENSKAYA: Under Bankruptcy Supervision
TORBEEVSKOYE: Deadline for Proofs of Claim Next Month
VORONINSKOYE: Creditors Have Until April to File Claims
YUKOS OIL: Seeks Stay of Dismissal Order


U N I T E D   K I N G D O M

AA1 SECURITIES: Calls Final Meeting of Creditors
ACERISE LIMITED: Members Pass Winding-up Resolution
ALLENWEST ELECTRICAL: Names Vantis Redhead French Administrator
AME PRECISION: Members Pass Winding-up Resolutions
ANNO DEVELOPMENTS: Hires Liquidator from Horwath Clark

BAU.WAUS: Final Creditors Meeting Slated Last Week of March
BEGLEY PATTEN: Calls in Administrators from Baker Tilly
CASAMASS LIMITED: Furniture Retailer Calls in Administrator
CHESTERTON LTD.: Files for Receivership After Racking up Losses
EUROPEAN NEW: Names Liquidators from Menzies Corporate

FEDERAL-MOGUL: Seeks Approval of Surety Claims Settlement Pact
FRUEHAUF PARTS: Names PricewaterhouseCoopers Administrator
G.P. COMBUSTION: Deadline for Debt Claims Next Month
HEART OF MIDLOTHIAN: Drops Plan to Sell Tynecastle
JARVIS PLC: Considers Name Change to Leave Troubled Past

KINGFISHER REPLACEMENT: Meeting of Creditors Set Next Week
MARTIN BIRD: Liquidator from DTE Leonard Curtis Moves in
M INVESTMENT: Calls in Liquidator
MOWLEM PLC: Outlook Stable on Improved Internal Risk Management
M.T.B. SECURITY: Winding-up Report Out Later this Month

NISSAN INTERNATIONAL: Members Decide to Wind up Firm
OAKDALE FASTENERS: Creditors Meeting Set Later this Month
PHOENIX DATABASE: Joint Administrators from Numerica Move in
PHYSICAL DISTRIBUTION: Appoints Maidment Judd Administrator
POINT INFORMATION: Hires Ernst & Young as Liquidator

POLYFENCE (UK): In Administrative Receivership
PRE-MET ELECTRICAL: Calls in Administrators from Kingston Smith
QXL RICARDO: Tiger Acquisition Improves Offer
RAILWAY PERFORMANCE: Hires Wilson Field as Administrator
RICKARDS TRADEGLAZE: Names Thompson Partnership Administrator

ROYAL & SUNALLIANCE: Hires Turnaround Expert to Chair U.S. Biz
ROYAL & SUNALLIANCE: Ratings of Merged U.S. Units Withdrawn
TRANSWORLD SCOTLAND: Hires Liquidator from PKF
TRIBUNE RISK: Liquidators' Report Now Available
WESTON COACH: Administrator from Albert Goodman Moves in

WILLIAM BALL: Creditors Have Until Next Month to File Claims
WRYCOM GROUP: Calls in Joint Administrators from PKF
WYNDHAM UK: Hires Liquidator from Menzies Corporate


                            *********


=============
B E L A R U S
=============


BELGAZPROMBANK: Gets 'B-' Long-term Foreign Currency Rating
-----------------------------------------------------------
Fitch Ratings assigned Belarus-based Belgazprombank ratings of
Long-term foreign currency 'B-', Short-term foreign currency
'B', Individual 'E', and Support '5'.  The Outlook is Stable.

BGB's Long-term, Short-term and Support ratings are based on
Fitch's view of the likelihood of support for the bank being
forthcoming from its main shareholder, Russian integrated gas
utility Gazprom (Long-term 'BB', Rating Watch Positive).
However, the sovereign risk of Belarus limits the extent to
which this support can be factored into the ratings.

BGB's Individual rating reflects its small size and franchise,
weak profitability and moderate capitalization.  It also takes
into account the bank's high dependence on its main shareholder
and concentration levels on both sides of the balance sheet, as
well as significant weaknesses in the operating environment.
However, it also factors in BGB's adequate, to date, asset
quality and relatively strong management.

BGB's profitability is weak with a return on equity below the
estimated inflation rate and a third of revenue coming from
volatile sources of income.  Although asset quality seems to be
adequate at present, rapid loan growth could result in some
deterioration of asset quality as the portfolio seasons.  The
loan book is highly concentrated by international standards, but
reported lending to related parties, including entities of the
Gazprom group, are not significant.

The majority of non-equity funding is from current accounts of
customers, which are highly concentrated.  Related parties
account for a significant 19% of total customer funding.  BGB's
capitalization is undermined by the high level of fixed assets,
rapid asset growth, a highly concentrated loan book and modest
loan loss reserves.

BGB was founded in 1991 and at end-H104 was the ninth largest
bank in Belarus by assets and equity.  Gazprom, together with
its subsidiary Gazprombank, owns a 68% stake in the bank, while
entities controlled by the Belarusian government hold a 32%
share.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

          Vladlen Kuznetsov
          Phone: +7 095 956 9901

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

          BELGAZPROMBANK
          Web site: http://www.belgazprombank.by/en/


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


ATHINA CYPRUS: Board to Convene Later this Month
------------------------------------------------
The Board of Directors of loss-making Athina Cyprus Public
Company Limited will meet on March 29, 2005 to:

(a) approve the 2004 financial results,

(b) set the date of the Annual General Meeting

The decision of the board will be revealed before Cyprus Stock
Exchange opens for trading on March 30, 2005.

                            *   *   *

Athina Cyprus Public Company Limited saw its net loss swell from
CYP565,543 in 2003 to CYP822,836 in 2004.  The company has not
booked a profit since 2001.

CONTACT:  ATHINA CYPRUS PUBLIC COMPANY LTD.
          Hellenic Bank (Investments) Ltd.
          Menandrou 1
          2nd-3rd Floor
          P.O. Box 24747
          1394 Nicosia, Nicosia
          Phone: 22553655
          Fax: 22660551
          E-mail: athena@athenacy.com
          Web site: http://www.athenacy.com


CYPRUS AIRWAYS: Chairman Quits for Undisclosed Reasons
------------------------------------------------------
Constantinos Loizides, chairman of loss-making carrier Cyprus
Airways, resigned Wednesday, Reuters says.  He likewise
relinquished his post at Hellenic Bank.

Transport Minister Haris Thrasou confirmed Mr. Loizides'
resignation, saying the chairman informed him over the phone.
"We had two meetings with Mr. Loizides [Wednes]day and he
decided to hand in his resignation," Mr. Thrasou said.

Mr. Loizides, who did not reveal his reasons for quitting, is
the third board member to leave after last week's impromptu
strike by cabin crew.  The mass action was triggered by the
axing of 22 chief stewards.  Hours later the carrier rescinded
its decision after the labor ministry ruled the termination
illegal.

Achilleas Kyprianou, the carrier's vice-chairman, was the first
to resign following the strike, saying the board had been ill-
informed about the effects of implementing redundancies at the
carrier.  Rumors have it that board members are not fully behind
Mr. Loizides' cost-cutting measures, which include redundancies,
division spin-offs and sale of Hellas Jet.  Since last year, the
redundancies have already cost 123 ground personnel and a third
of senior management.

The government-owned airline posted CYP33.5 million in net loss
for 2004.  It blames stiff competition and costly fleet renewal
for its financial woes.  Meanwhile, as of Wednesday, two
investors have already taken interest in Hellas Jet and talks
are expected to close soon, Mr. Thrasou says.

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


===========================
C Z E C H   R E P U B L I C
===========================


UNION POJISTOVNA: Last Day for Filing Claims April 25
-----------------------------------------------------
Creditors of collapsed insurer Union Pojistovna have until April
25 to file their proofs of claim, according to Czech News
Agency.  Finance Ministry Spokesman Radek Nemecek said the
claims will be reviewed at a later date.  The insurer declared
bankruptcy in August after admitting it can no longer settle its
obligations.

CONTACT:  UNION POJISTOVNA A.S.
          HavlIckova 15
          110 00 Praha 1
          Phone: 296 332 872, 296 332 870
          Fax: 296 332 871
          E-mail: sekretariat_praha@unionpoj.cz
          Web site: http://www.unionpoj.cz


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


FINNAIR OYJ: February Load Factor Slightly Up Year-on-year
----------------------------------------------------------
Finnair Oyj scheduled traffic, measured in passenger kilometers,
increased by 6.0% compared to February last year.  Passenger
load factor was 64.8%, up 1.9 percentage points.  Number of
passengers carried was 553,900, up to 0.7%.

Double-digit growth in Asian traffic continues.  In February,
demand for Asian flights grew by 18.2%.  European traffic grew
by 4.3% and passenger numbers by 11.1%.  European passenger load
factors increased 3.9 percentage points.  In domestic service,
capacity was cut because the New Year's lightened schedule was
applied longer than normally, and capacity increases were
applied to winter holiday weeks.  About 50% of Finnair scheduled
traffic revenues are generated in European traffic, 25% come
from Asian flights and 20% from domestic services.

Finnair traffic increased by 2.9% in February, while the
capacity was up by 2.4%, resulting in a passenger load factor of
72.8%, 0.3 points higher than last year.  All Finnair Group
airlines together transported 655,200 passengers, which is 0.3%
more than a year ago.  Comparisons versus last year are impacted
by some 3.5 percentage points, because 2004 was a leap year.

Departure punctuality of scheduled flights was 85.3% (based on a
fifteen-minute standard), 0.8 points higher than in February
2004.  Including leisure flights departure punctuality was 83.9%
(+0.7 p.p).  Arrival punctuality of scheduled flights was 84.9%
and that of all operations was 83.0%.  According to the
punctuality data of the Association of European Airlines (AEA),
in January-December Finnair was the most punctual airline and
one of the airlines with least cancellations.

Finnair's Tallinn-based subsidiary Aero AS, carried 61,500
passengers (+429.1%) on routes between Helsinki and the Baltic
capitals and within Southern Finland.  During February,
Stockholm-based flynordic continued to gain market share and
carried 86,100 passengers (+60.2%) on its Scandinavian routes.
Aero and flynordic figures are respectively included in Finnair
Group total figures.

Scheduled traffic

(a) In scheduled traffic (international + domestic) revenue
    passenger kilometers increased by 6.0%.  The change in
    capacity was +2.9%.  Passenger load factor was 64.8%, 1.9
    percentage points higher than last year.

(b) In scheduled international traffic, total number of
    passengers was up by 11.2%.  Capacity in ASKs was +6.2%,
    while RPKs increased by 9.5%.

    (i) In European scheduled traffic, ASKs decreased by 2.7%,
        and as RPKs increased by 4.3%, the passenger load factor
        was 58.1%, up 3.9 points from previous year.

   (ii) In North Atlantic scheduled traffic, capacity increased
        by 6.5%.  Change in RPKs was +0.9%, and passenger load
        factor for February was 70.9%, 3.9 points lower than
        previous year.

  (iii) In Asian scheduled traffic, capacity increase was 20.4%
        mainly due to adding frequencies to Shanghai and Osaka
        since beginning of June.  The passenger traffic was up
        by 18.2%.  Passenger load factor was 75.3%, 1.4
        percentage points down.

(c) Domestic scheduled traffic decreased by 14.3% on a capacity
    decrease of 13.9%.  Passenger load factor decreased by 0.3
    percentage points to 56.1%.

Leisure traffic

ASKs for leisure traffic increased in February by 1.1%, and
RPKs decreased by 2.1%, resulting in a passenger load factor of
92.4%, 3.1 points lower than last year.

Cargo

Cargo traffic decreased by 0.7% in terms of cargo tons carried.
Growth in scheduled traffic was -4.9%.  Decrease in Asian
traffic was - 3.6%.  Volume in European traffic decreased by
11.5%.  In North-Atlantic traffic cargo volume increased by
12.9%.  Cargo traffic carried on chartered cargo flights
increased by 32.0%.  The cargo load factor was 53.8%.  The cargo
load factor in the Far Eastern traffic was 71.4% and in the
North Atlantic traffic 71.3%.

Air Traffic During February 2005 and Financial Year 2005

                  Feb 05    %-         Jan05-      %-CHANGE
                            CHANGE      Feb05
TOTAL TRAFFIC
Passengers  1000  655,2      0,3       1 276,3       3,3
Available seat-kilometres
mill             1 855,3     2,4       3 726,7       3,4
Revenue passenger
kilometres mill
                 1 351,1     2,9       2 716,8       4,6
Passenger
load factor %       72,8     0,3p         72,9       1,2p
Cargo tonnes
total            6 537,5    -0,7      12 951,1       2,4
Available
tonne-kilometres
mill               268,9     6,4         541,1       7,1
Revenue
tonne-kilometres
mill               151,8     2,9         304,1       5,0
Overall
load factor%        56,4    -1,9 p        56,2      -1,2 p

SCHEDULED TOTAL
Passengers  1000   553,9      0,7      1 071,0       4,0
Available
seat-kilometres
mill             1 315,1      2,9      2 641,8       4,2
Revenue
passenger kilometres
mill               851,9      6,0      1 714,1       9,2
Passenger
load factor%        64,8      1,9 p       64,9       4,8p

EUROPE

Passengers  1000   301,7       11,1      578,2      13,0
Available
seat-kilometres
mill               572,3       -2,7    1 153,9       0,0
Revenue passenger
kilometres mill    332,4        4,3      648,1       7,9
Passenger
load factor%        58,1        3,9p      56,2       7,9p

NORTH ATLANTIC

Passengers  1000    12,5        -0,3      28,9       9,7
Available
seat-kilometres
mill               128,2         6,5     281,6      12,4
Revenue passenger
kilometres mill     90,9         0,9     209,3      10,5
Passenger
load factor%        70,9        -3,9p     74,3      -1,7 p

ASIA
Passengers  1000    48,0        15,7      97,4      11,3
Available
seat-kilometres
mill               435,9        20,4     857,3      15,1
Revenue
passenger kilometres
mill               328,4        18,2     665,7      16,3
Passenger
load factor%        75,3        -1,4p     77,6       1,0p

DOMESTIC

Passengers  1000   191,7        -14,5    366,5      -9,4
Available
seat-kilometres
mill               178,8        -13,9    348,9      -9,8
Revenue
pax-kilometres
mill               100,2        -14,3    190,9      -7,9
Passenger
load factor%        56,1         -0,3p    54,7       2,1p

LEISURE TRAFFIC

Passengers  1000    101,3     -1,9      205,3      -0,4
Available
seat-kilometres
mill                540,2      1,1    1 085,0       1,5
Revenue passenger
kilometres mill     499,1     -2,1    1 002,7      -2,4
Passenger
load factor%         92,4   -3,1 p       92,4    -3,8 p

CARGO TRAFFIC

Cargo scheduled
traffic total     5 458,0    -4,9   10 805,4      -3,4
tonnes
Europe tonnes     1 827,0    -11,5    3 695,6      -9,6
North Atlantic
tonnes              723,4     12,9    1 386,2       6,8
Asia tonnes       2 539,3     -3,6    5 012,4      -0,8
Domestic tonnes     368,3     -6,9      711,2      -5,6
Cargo leisure
traffic tonnes       38,8    -32,0       82,3     -34,0
Scheduled cargo
charter tonnes    1 040,7     32,0    2 063,5      54,4
Cargo tonnes
total             6 537,5     -0,7   12 951,1       2,4
Available
tonne-kilometres*
mill                 58,1     10,2      117,9      13,1
Revenue
tonne-kilometres
mill                 31,3      2,8       61,6       6,1
Cargo
load factor* %       53,8   -3,8 p       52,2    -6,2 p

- - - - - - - - - - -
p= percentage points

Finnair Oyj
Communications
March 9, 2005

CONTACT:  FINNAIR OYJ
          Taneli Hassinen
          Communications Officer, IR
          Phone: +358 9 818 4976

          Mr. Christer Haglund
          SVP Communications
          Phone: +358 9 8184007

          Mr. Timo Riihimaki
          Assistant VP, Cargo
          Phone: +358 9 8185487


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


TROUILLET: Court Takes over Management of Trailer Maker
-------------------------------------------------------
The commercial court of Roanne placed semi-trailer manufacturer
Trouillet under court-supervised administration on Monday, Les
Echos says.

The ruling came after the group filed for insolvency on Friday.
Eric Etienne-Martin has been appointed administrator.  The
company has failed to pay EUR4 million in debt, despite posting
EUR12 million in turnover in 2004.  It recently removed its
chairman and main shareholder, Michel Lucas, following a two-day
strike by 120 employees, who demanded payment of their wages for
February.

The public prosecutor in Marseilles is currently investigating
Mr. Lucas for fraud and embezzlement involving another company.

CONTACT:  TROUILLET
          Michel Lucas, President
          8 Rue de L'Industrie
          42510 Balbigny


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


AK IMMOBILIEN: Creditors Meeting Set First Week of May
------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against AK Immobilien GmbH on Feb. 4, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 23, 2005
to register their claims with court-appointed provisional
administrator Fabio Algari.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:55 a.m. at the district court of
Frankfurt am Main, Klingerstrasse 20, 60313 Frankfurt am Main 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:  AK IMMOBILIEN GMBH
          Am Steinfurter Weg 1b
          61231 Bad Nauheim

          Fabio Algari, Provisional Administrator
          Oppenheimer Landstrasse 3
          60594 Frankfurt/Main
          Phone: 069/6109160
          Fax: 069/61091616


AUTOHAUS SCHUBOTZ: Gives Creditors Until April to File Claims
-------------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Autohaus Schubotz GmbH on Feb. 3, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 5, 2005
to register their claims with court-appointed provisional
administrator Rudiger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 11:15 a.m. at the district court of
Halle-Saalkreis, Thuringer Str. 16, 06112 Halle at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  AUTOHAUS SCHUBOTZ GMBH
          Trift 5
          06231 Bad Durrenberg

          Rudiger Weiss, Provisional Administrator
          Delitzscher Str. 70
          06112 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


A. WOLF: First Creditors Meeting Set May
----------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against A. Wolf Haustechnik GmbH on Feb. 3, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 5, 2005
to register their claims with court-appointed provisional
administrator Rudiger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting on May 2, 2005, 10:00 a.m. at the district court of
Halle-Saalkreis, Thuringer Str. 16, 06112 Halle 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:  A. WOLF HAUSTECHNIK GMBH
          Hansastr. 9a
          06118 Halle
          Contact:
          Andreas Wolf, Manager
          Fontanestr. 38
          06179 Teutschenthal

          Rudiger Weiss, Provisional Administrator
          Delitzscher Str. 70
          06112 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


AXXIMA PHARMACEUTICALS: Sells Patents to GPC Biotech
----------------------------------------------------
Biopharmaceutical company GPC Biotech AG acquired the assets of
bankrupt Axxima Pharmaceuticals AG for US$17 million, Mass High
Tech reports.  The sale includes Axxima's patents, patent
applications and technology, as well as several early-stage drug
discovery programs for cancer.

GPC is involved in discovering and developing new anti-cancer
drugs.  Axxima, which declared bankruptcy in December, is into
kinase drug research.  Axxima holds some US$11 million in assets
that may be turned into cash.  According to a GPC spokesman,
they intend to use the amount to keep Axxima's 40 workers in
Germany for about 18 months.

CONTACT:  AXXIMA PHARMACEUTICALS AG
          Am Klopferspitz 19
          Martinsried, Germany 82152
          Phone: 49 (0) 89 - 740 165 - 0
          Fax: 49 (0) 89 - 740 165 - 20
          E-mail: mail@axxima.com
          Web site: http://www.axxima.com/


BEHINDERTE FUR BEHINDERTE: Claims Verification Set Next Month
-------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Behinderte fur Behinderte e.V. on Feb. 2,
2005.  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 Manfred Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 9:30 a.m. at the district court
of Frankfurt am Main, Klingerstrasse 20, 60313 Frankfurt am Main
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:  BEHINDERTE FUR BEHINDERTE E.V.
          Rodelheimer Landstrasse 192
          60489 Frankfurt am Main
          Contact:
          Stephan Hohl, Manager

          Manfred Burghardt, Provisional Administrator
          Theobald-Christ-Strasse 24
          D-60316 Frankfurt am Main
          Phone: 069/94414770
          Fax: 069/94414780


CELANESE AG: Parent Declares Cash, Stock Dividends
--------------------------------------------------
In accordance with its previously disclosed intentions, the
Board of Celanese Corporation (NYSE:CE) declared on Tuesday a
special cash dividend and special stock dividend to the holders
of its Series B common stock of record as of March 8, 2005.  The
cash dividend, in the amount of $803,594,144.00, is payable on
April 7, 2005.  The stock dividend of 7,500,000 shares of the
company's Series A common stock is payable on March 9, 2005 and
was triggered by the expiration of the underwriters' over-
allotment option, which was not exercised.

The special cash dividend and the special stock dividend were
declared in accordance with terms of the company's Second
Amended and Restated Certificate of Incorporation as described
in the company's registration statement on Form S-1 filed with
the U.S. Securities and Exchange Commission in connection with
the company's IPO on January 21, 2005.

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

                            *   *   *

In January, Standard & Poor's Ratings Services assigned its 'B+'
rating and its recovery rating of '3' to US$2.8 billion of
senior secured credit facilities of Dallas, Texas-based chemical
producer BCP Crystal U.S. Holdings Corp., a subsidiary of
Celanese Corp.  The outlook is revised to positive from
negative.

Standard & Poor's also affirmed its 'B+' corporate credit
ratings on BCP Crystal U.S. Holdings and its Germany-based
subsidiary, Celanese AG.  In addition, Standard & Poor's
affirmed its 'B+' corporate credit and senior unsecured debt
ratings on Acetex Corp., which is being acquired by Celanese
Corp., and revised the outlook to positive from negative.

The outlook revision reflects the potential that improving
earnings, debt reduction, and Celanese Corp.'s financial
policies would enable debt leverage measures to gradually
strengthen to more-than-satisfactory levels within the next few
years.  The 'B+' and the '3' recovery rating indicate that
lenders of the senior secured credit facilities can expect a
meaningful (50%-80%) recovery of principal in the event of
default.

CONTACT:  CELANESE CORPORATION, Dallas
          Media Contacts:
          U.S.A
          Vance Meyer
          Phone: 972-443 4847
          Fax: 972-443 8519
          E-mail: Vance.Meyer@celanese.com
          or
          Europe
          Michael Kraft
          Phone: 49 (0)69-305-14072
          Fax: 49 (0)69 305 36787
          E-mail: M.Kraft@celanese.com
          or
          Investor Relations
          Andrea Stine
          Phone: 908-901 4504
          Fax: 908-901 4805
          E-mail: A.Stine@celanese.com


EIFELER BAU: Proofs of Claim Deadline March 29
----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Eifeler Bau- und Mobelschreinerei GmbH on Feb. 16, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 29, 2005
to register their claims with court-appointed provisional
administrator Siegfried Muller.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 11:30 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen 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:  EIFELER BAU- UND MTBELSCHREINEREI GMBH
          Annastr. 7
          53945 Blankenheim
          Contact:
          Elisabeth Udelhofen, Manager
          Herzogstr. 6
          53533 Aremberg

          Siegfried Muller, Provisional Administrator
          Zum Markt 10
          53888 Mechernich
          Phone: 02443/9812-0
          Fax 02443/9812-19


JAESCHKE PREUSS: Court Stays All Pending Lawsuits
-------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Jaeschke u. Preuss Baugesellschaft mbH on
Feb. 7, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 5, 2005 to register their claims with court-appointed
provisional administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 2:00 p.m. at the district court of
Halle-Saalkreis, Thuringer Str. 16, 06112 Halle 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:  JAESCHKE U. PREUSS BAUGESELLSCHAFT MBH
          Rontgenweg 3
          06667 Weissenfels

          Dr. Lucas F. Flother, Provisional Administrator
          Hansering 1
          D-06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


NATURSTEIN BLANKE: Provisional Administrator Moves in
-----------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Naturstein Blanke & Giebe GbR on Feb. 11,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Dr. Volker Schlittgen has been
appointed provisional administrator.

Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2005, 9:45 a.m. at the district court
of Halle-Saalkreis, Thuringer Str. 16, 06112 Halle 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:  NATURSTEIN BLANKE & GIEBE GBR
          Happberg 3
          06667 Tagewerben
          Contact:
          Reiner Blanke

          Dr. Volker Schlittgen, Provisional Administrator
          Lohrstrasse 11
          04105 Leipzig


PIPPERT & KOCH: Claims Filing Period Ends Later this Month
----------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Pippert & Koch GmbH & Co. KG on Feb, 10,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 22,
2005 to register their claims with court-appointed provisional
administrator Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 10:10 a.m. at the district court
of Frankfurt am Main, Klingerstrasse 20, 60313 Frankfurt am Main
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:  PIPPERT & KOCH GMBH & CO. KG
          Flinschstr. 59
          60388 Frankfurt am Main
          Contact:
          Gerhard Muller, Manager

          Karl-Heinz Trebing, Provisional Administrator
          Hanauer Landstrasse 287-289
          60314 Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


SKINS GMBH: Frankfurt Court to Review Claims June
-------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Skins GmbH Ledermoden on Feb. 8, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 18, 2005
to register their claims with court-appointed provisional
administrator Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:35 a.m. at the district court of
Frankfurt am Main, Klingerstrasse 20, 60313 Frankfurt am Main 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:  SKINS GMBH LEDERMODEN
          Kruppstr. 122
          60388 Frankfurt am Main

          Karl-Heinz Trebing, Provisional Administrator
          Hanauer Landstrasse 287-289
          60314 Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


VERSATILE SYSTEMS: Succumbs to Bankruptcy
-----------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Versatile Systems GmbH on Feb. 4, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 23, 2005
to register their claims with court-appointed provisional
administrator Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:35 a.m. at the district court of
Frankfurt am Main, Klingerstrasse 20, 60313 Frankfurt am Main 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:  VERSATILE SYSTEMS GMBH
          Hauptstrasse 30
          65760 Eschborn

          Dr. Holger Lessing, Provisional Administrator
          Hanauer Landstrasse 287-289
          60314 Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


=============
H U N G A R Y
=============


MALEV HUNGARIAN: Seeks Tie-up with Another Carrier
--------------------------------------------------
Troubled national carrier Malev Hungarian Airlines is looking
for a strategic partner to boost its chances of recovery,
Reuters says.

New chairman Peter Honig, in an interview with Klub Radio, said
the carrier is eyeing a partnership with another airline that
can bring in fresh funds.  A partnership would also enable the
carrier to expand its fleet and optimize its size.  Mr. Honig
said, "Strategic alliances can survive serious market
competition."

The chairman revealed an overlap between Malev's target market
and those of low-cost carriers.  He, however, denied any plan to
cater to budget travelers.  Mr. Honig added the carrier might
spin off some of its operations to focus on its core passenger
transport activity to survive the current financial crisis.  He
said, "There are branches without which the civilian air
transport could survive, and we could consider spinning them off
or selling them if required to keep the company operating."

Mr. Honig expressed optimism Malev would break even this year,
indicating the carrier managed to cut its HUF13 billion loss in
2003.  "There is no risk to Malev's ability to operate in the
long term," he said.

Troubled Company Reporter Europe said on March 2 that five
bidders are competing to buy the state's 99.95% stake in Malev.
Among the bidders are Italy's Air One, Aviation Solutions,
Kyrgyzstan Airlines, Sky Alliance, and Euroinvest Company.

Of the five applications, three are bids while the two others
are regarded as letters of intent.  The winner of the bidding
will be announced within 30 days, state privatization agency
Allami Privatizacios es Vagyonkezelo said.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Phone: 06-40-212121
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


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


AERDART: Bus Operator to Halt Service Later this Month
------------------------------------------------------
Private bus company AerDart will be shutdown on March 20 with
the loss of nine jobs, Businessworld reports.

The company decided to suspend its service between Dart systems
to Dublin Airport due to falling passenger numbers and continued
losses.  This follows weekend closures of the DART line for
upgrade work.  Dart line's reopening has been suspended to
September, making a resumption of AerDart's service in the near
future unlikely.


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


CIRIO FINANZIARIA: Tan Eyes Controlling Stake in Del Monte
----------------------------------------------------------
Philippine's tobacco tycoon Lucio Tan is interested in acquiring
majority control of Singapore-listed fruit producer Del Monte
Pacific Ltd., an official from its bidding vehicle said.

Salvador Mison, president of Basic Holdings Corp., told the
Inquirer: "Whenever the Lucio Tan groups buys a company, we want
majority control."

Mr. Tan already offered to buy the 40% held by Cirio Finanziaria
S.p.A. in Del Monte Pacific.  But according to Mr. Mison, he is
still looking towards additional acquisition, such as the 22%
stake held by the second biggest shareholder in Del Monte, the
family of Luis Lorenzo, former secretary of agriculture.

The family, however, does not appear willing to part with its
stake, and is in fact looking forward to exercising its right to
buy the 29% of the 40% being offered by Cirio.  The 40% stake
was worth US$174 million as of last Friday; the 29% stake was
valued at US$126 million.

Mr. Lorenzo was unavailable for comment when sought by the
Inquirer.  Cirio is selling assets to pay off debt after
defaulting on more than EUR1 billion (US$1.33 billion) in bonds
in 2002.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


=================
L I T H U A N I A
=================


UKIO BANKAS: Long-term Rating Cut to 'B-'
-----------------------------------------
Fitch Ratings downgraded Lithuania's Ukio Bankas' Long-term
rating to 'B-' from 'B+'.  Following the downgrade, the Outlook
is now Stable.  The bank's other ratings are affirmed at Short-
term 'B', Individual 'D/E' and Support '5'.  At the same the
agency has withdrawn the ratings and it will no longer provide
ratings or analytical coverage of the issuer.

The downgrade of the long-term rating reflects Fitch's ongoing
concerns over the lack of progress in dealing with the
weaknesses in the bank's corporate governance and transparency.

Ukio has weak corporate governance from the perspective of
creditors and an opaque shareholder structure.  A Lithuanian
businessman, Vladimir Romanov, and his family directly own
19.99% of the bank and in January 2005 he was given permission
by the central bank, the Bank of Lithuania, to increase his
direct stake to 33%.

It is Fitch's belief, however, that Mr. Romanov's influence on
the bank is greater than his shareholding suggests and that the
continuing activity between the bank and this shareholder's
other business interests is an ongoing cause for concern.  A
recent example includes Ukio's involvement in the Scottish
football club, Heart of Midlothian, after Mr. Romanov's purchase
of 30% stake in the club in early 2005 and the appointment of
Liutauras Varanavicius, the chairman of the Supervisory Council
of Ukio, as an active member to the club's non-executive
council.  Fitch has been informed that Ukio became involved in
the club at the recommendation of Mr. Romanov.

These concerns outweigh the positive developments on the
potential sale of the bank's property development in Moscow,
which is valued on the bank's books at nearly twice the bank's
equity.  Fitch has been informed that the sale will be finalized
by the beginning of May 2005.  The bank has been expanding its
retail business, via its leasing subsidiary.  As a result, it
has made some progress in diversifying its funding and revenues.
Loan quality appears adequate, although concentration risks
remain high.

Ukio was the sixth largest bank in Lithuania by assets (US$594.1
million) on a bank-only basis at end-2004.  In Fitch's opinion,
support from the Lithuanian authorities is possible, given
Ukio's market share of 5% at end-June 2004, although it cannot
be relied upon.

CONTACT:  FITCH RATINGS
          Banu Cartmell
          Claudia Nelson
          Tim Beck, London
          Phone: +44 20 7417 4222

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


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


AIR POLONIA: Attracts American Buyer
------------------------------------
An unnamed American investor is interested in buying the entire
shares of domestic low budget airways Air Polonia, according to
Warsaw Business Journal.

The potential acquisition stands to change the terms of the sale
offer, which envisions retaining a significant amount of shares
with private entrepreneurs who established it.

"The Americans have decided that our participation in the new
structure is not possible," said Tomasz Sudol, a shareholder in
Air Polonia.  Under the plan, shareholders will get one-fifth of
their total investments.

Air Polonia suspended flights in December last year after
defaulting on debt.

CONTACT:  AIR POLONIA
          Web site: http://www.airpolonia.com


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


ANZHERO-SUDZHENSKIY WATER: Declared Insolvent
---------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Anzhero-Sudzhenskiy Water Pipe And
Canalization after finding the open joint stock company
insolvent.  The case is docketed as A27-10190/2004-4.  Mr. V.
Trofimov has been appointed insolvency manager.  Creditors have
until April 5, 2005 to submit their proofs of claim to 650065,
Russia, Kemerovo, Moskovskiy Pr. 45B, 107.

CONTACT:  ANZHERO-SUDZHENSKIY WATER PIPE AND CANALIZATION
          652090, Russia, Kemerovo region, Znzhero-Sudzhensk,
          Militseyskaya Str. 64

          Mr. V. Trofimov
          Insolvency Manager
          650065, Russia, Kemerovo region,
          Moskovskiy Pr. 45B, 107


ATOM-REM-MASH: Bankruptcy Proceedings Begin
-------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Atom-Rem-Mash after finding the factory
insolvent.  The case is docketed as A35-6443/04 g.  Mr. P.
Bondarev has been appointed insolvency manager.   Creditors have
until April 5, 2005 to submit their proofs of claim to 305022,
Russia, Kursk, 1st Shigrovskaya Str. 46 A2.

CONTACT:  Mr. P. Bondarev
          Insolvency Manager
          305022, Russia, Kursk region,
          1st Shigrovskaya Str. 46 A2


KRASNYJ MAYAK: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on close joint stock company
Krasnyj Mayak (TIN 3317000615).  The case is docketed as A11-
12054/2004-K1-66B.  Mr. A. Bukhanov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 121359, Russia,
Moscow, Akad Pavlova Str. 13, Apartment 73.  A hearing will take
place on April 12, 2005, 1:30 p.m.

CONTACT:  KRASNYJ MAYAK
          601975, Russia, Vladimir region,
          Kovrovskiy region, Krasnyj Mayak

          Mr. A. Bukhanov
          Temporary Insolvency Manager
          121359, Russia, Moscow,
          Akad Pavlova Str. 13, Apartment 73


METROMEDIA INTERNATIONAL: CEO to Receive US$1.3 Mln Sale Bonus
--------------------------------------------------------------
On March 8, 2005, Metromedia International Group, Inc. entered
into Transaction Bonus Agreements with each of Mark Hauf, the
Company's Chairman and Chief Executive Officer and Natalia
Alexeeva, the General Counsel and Secretary of the Company.  On
March 1, 2005, the Company entered into a Transaction Bonus
Agreement with Victor Koresh, the Company's Vice President of
Operations -- Russia.  The following summary of such Transaction
Bonus Agreements is qualified in its entirety by reference to
the applicable Transaction Bonus Agreement.

Transaction Bonus Agreement with Mark Hauf

Under the terms of Mr. Hauf's Transaction Bonus Agreement, which
is effective from the Effective Date through and including
September 30, 2005, he is entitled to these compensation and
benefits:

Transaction Bonus

If the Company sells its entire interest in ZAO PeterStar, and
such sale is consummated on or before September 30, 2005, Mr.
Hauf is entitled to a cash bonus in an amount equal to
US$1,333,333, plus 15% of the amount, if any, by which the
aggregate consideration paid to the Company in the sale exceeds
U.S. $178,000,000.

This cash bonus will be paid 50% at the closing of such
transaction, 25% six-months following the closing of such
transaction and the remaining 25% on the first anniversary of
such closing, subject to Mr. Hauf's continued employment with
the Company as of each such date.

After the Company pays to Mr. Hauf the portion of the bonus
payable at the closing, the remaining portion is to be placed in
a "rabbi" trust and paid when due.  As previously disclosed on
the Form 8-K filed by the Company on February 22, 2005, the
Company has entered into a Share Purchase Agreement, dated
February 17, 2005, by and among the Company, First National
Holding S.A., Emergent Telecom Ventures, S.A. and Pisces
Investment Limited (the Share Purchase Agreement), pursuant to
which the Company has agreed to sell its entire interest in
PeterStar for a purchase price of US$215,000,000.

In accordance with the terms of Mr. Hauf's Transaction Bonus
Agreement, Mr. Hauf will be entitled to a cash bonus in an
amount equal to US$6,883,333 if the sale of PeterStar pursuant
to the Share Purchase Agreement occurs on or before September
30, 2005.

Termination of Employment

If Mr. Hauf's employment is terminated by the Company without
"Cause" or by Mr. Hauf for "Good Reason" (as such terms are
defined in Mr. Hauf's employment agreement) after the payment of
the first installment of his bonus described above, but before
the payment of the second or third installments, then the
balance of the bonus is payable within 10 days after the date of
such termination.  In such event, Mr. Hauf is also entitled to
receive:

     (i) Company-paid COBRA for him and his family until Mr.
         Hauf ceases to be eligible for COBRA;

    (ii) accrued and unused vacation; and

   (iii) reimbursement of business and certain other expenses
         (relating to costs associated with Mr. Hauf's
         performance of services abroad), that are based on
         services performed by Mr. Hauf through the date of his
         termination.

Employment Agreement Change of Control Provisions

During the term of Mr. Hauf's Transaction Bonus Agreement, the
change of control provisions in his employment agreement are
null and void; however, such provisions will again become
effective on October 1, 2005 if the Company's sale of its
interest in PeterStar is not consummated before that date.

Employment Agreement Severance Provisions

If a sale by the Company of its interest in PeterStar is
consummated on or before September 30, 2005, then the severance
provisions of Mr. Hauf's employment agreement are null and void
as of the date of such consummation.  However, if such sale is
not consummated on or before such date, then the severance
provisions of Mr. Hauf's employment agreement will govern any
compensation and benefits that Mr. Hauf is entitled to in
connection with any termination of his employment.

Gross-Up for "Golden Parachute" Excise Taxes

To the extent that any amounts payable to Mr. Hauf, whether
under the Transaction Bonus Agreement or otherwise, are subject
to any excise taxes, the Company has agreed to "gross up" all
such amounts in an amount equal to the excise taxes imposed,
including any excise taxes imposed on the "gross up" payments,
and any interests and penalties associated with such excise
taxes.

Restrictive Covenants

Pursuant to Mr. Hauf's Transaction Bonus Agreement, the Company
has waived its rights under certain restrictive covenants in Mr.
Hauf's employment agreement (in exchange for which Mr. Hauf has
waived his right to severance under the employment agreement, as
described above), and Mr. Hauf has agreed to instead be bound by
certain restrictive covenants set forth in the Transaction Bonus
Agreement.

The restrictive covenants in the Transaction Bonus Agreement are
in effect commencing on the Effective Date and remain in effect
during Mr. Hauf's employment and for two years following
termination of his employment for any reason.  These restrictive
covenants prohibit him from, among other things, materially
competing with the Company, intentionally interfering with
material business relationships of the Company, disparaging or
making certain other public statements about the Company,
soliciting business from customers or suppliers of the Company,
soliciting for employment or employing certain employees of the
Company or requesting any employee to leave the employ of the
Company.

If the Company's sale of its interest in PeterStar is not
consummated on or prior to September 30, 2005, then the
restrictive covenants in Mr. Hauf's employment agreement shall
once again become effective and the restrictive covenants in his
Transaction Bonus Agreement shall be null and void.

Transaction Bonus Agreement with Natalia Alexeeva

Under the terms of Ms. Alexeeva's Transaction Bonus Agreement,
which is effective from the Effective Date through and including
September 30, 2005, she is entitled to the following
compensation and benefits:

Transaction Bonus

If the Company sells its entire interest in PeterStar, and such
sale is consummated on or before September 30, 2005, Ms.
Alexeeva is entitled to receive an amount equal to: (i) two
times her base salary, plus; (ii) US$66,667.

This cash bonus will be paid 50% at the closing of such
transaction, 25% six-months following the closing of such
transaction and the remaining 25% on the first anniversary of
such closing, subject to Ms. Alexeeva's continued employment
with the Company as of each such date.  In accordance with the
terms of Ms. Alexeeva's Transaction Bonus Agreement, Ms.
Alexeeva will be entitled to a cash bonus in an amount equal to
US$466,667 if the sale of PeterStar pursuant to the Share
Purchase Agreement occurs on or before September 30, 2005.

Termination of Employment

If Ms. Alexeeva's employment is terminated by the Company
without "Cause" (as defined in Ms. Alexeeva's employment
agreement) after the payment of the first installment of her
bonus described above, but before the payment of the second or
third installments, then the balance of the bonus is payable
within 10 days after the date of such termination.  In such
event, Ms. Alexeeva is also entitled to receive: (i) Company-
paid COBRA for her and her family until Ms. Alexeeva ceases to
be eligible for COBRA, and (ii) accrued and unused vacation.

Employment Agreement Severance and Change of Control Provisions

If Ms. Alexeeva's employment is terminated by the Company
without Cause at any time after a sale of PeterStar that is
consummated on or before September 30, 2005, then, to the extent
she would be entitled to severance under Section 7.08 of her
employment agreement (relating to severance upon a termination
without Cause), or Section 8.02 of her employment agreement
(relating to enhanced severance payable upon such a termination
that occurs following a "Change of Control," as defined in the
employment agreement), such severance payment shall be reduced
by the full amount of the bonus under Ms. Alexeeva's Transaction
Bonus Agreement.

Ms. Alexeeva's Transaction Bonus Agreement provides that (i) a
sale of PeterStar that triggers payment of the bonus under the
agreement and (ii) the occurrence of a Change of Control under
Ms. Alexeeva's employment agreement, are mutually exclusive such
that any single transaction may not constitute both a Change of
Control and a transaction triggering the bonus payment under the
Transaction Bonus Agreement.  If a sale of PeterStar is not
consummated on or before September 30, 2005, then the severance
provisions in Ms. Alexeeva's employment agreement, as amended by
the amendment described below, will govern any compensation and
benefits that Ms. Alexeeva is entitled to in connection with any
termination of her employment.

Gross-Up for "Golden Parachute" Excise Taxes

To the extent that any amounts payable to Ms. Alexeeva, whether
under the Transaction Bonus Agreement or otherwise, are subject
to any excise taxes, the Company has agreed to "gross up" all
such amounts in an amount equal to the excise taxes imposed,
including any excise taxes imposed on the "gross up" payments,
and any interests and penalties associated with such excise
taxes.

Transaction Bonus Agreement with Victor Koresh

Under the terms of Mr. Koresh's Transaction Bonus Agreement,
which is effective from March 1, 2005 through September 30,
2005, he is entitled to these compensation and benefits:

Transaction Bonus

If the Company sells its entire interest in PeterStar, and such
sale is consummated on or before September 30, 2005, the Company
will pay Mr. Koresh, at the closing of such transaction, a lump
sum cash bonus in an amount equal to US$1,000,000, subject to
his continued employment with the Company through such date.  In
accordance with the terms of Mr. Koresh's Transaction Bonus
Agreement, Mr. Koresh will be entitled to a cash bonus in an
amount equal to US$1,000,000 if the sale of PeterStar pursuant
to the Share Purchase Agreement occurs on or before September
30, 2005.

Termination of Employment Agreement

If Mr. Koresh is entitled to the bonus described above, Mr.
Koresh's employment with the Company and his employment
agreement with the Company will terminate as of the date of
consummation of the PeterStar sale (except that certain
covenants protecting the Company's confidential information and
intellectual property rights shall survive such termination, in
accordance with their terms).

Employment Agreement Change of Control Provisions

During the term of Mr. Koresh's Transaction Bonus Agreement, the
change of control provisions in his employment agreement are
null and void; however, such provisions will again become
effective on October 1, 2005 if the Company's sale of its
interest in PeterStar is not consummated before that date.

Employment Agreement Severance Provisions

If Mr. Koresh is terminated at any time before a sale of
PeterStar, or if no sale of PeterStar occurs on or before
September 30, 2005, then the severance provisions of his
original employment agreement will become in force once again.

Employment Agreement Amendment

On March 8, 2005, the Company and Natalia Alexeeva entered into
an amendment to her employment agreement with the Company.  The
Employment Agreement Amendment entered into with Ms. Alexeeva is
attached hereto as Exhibit 10.4 and is incorporated herein by
reference.  The following summary is qualified in its entirety
by reference to the Employment Agreement Amendment.

The Employment Agreement Amendment includes changes to these
material provisions of Ms. Alexeeva's employment agreement with
the Company:

(a) Ms. Alexeeva's right to terminate her employment for "good
    reason" and receive severance has been eliminated,

(b) The section of the definition of "change of control" in the
    Ms. Alexeeva's employment agreement that includes a sale by
    the Company of all or substantially all of its assets has
    been amended by deleting the phrase "all or substantially
    all" and inserting in lieu thereof "more than 90% (in
    value)."

CONTACT:  METROMEDIA INTERNATIONAL
          Headquarters: Charlotte, North Carolina
          Web site: http://www.metromedia-group.com
          Contact:
          Mark Hauf, Chief Executive Officer
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


PROM-ENERGO-COMPLECT: Declared Insolvent
----------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Prom-Energo-Complect after finding the
limited liability company insolvent.  The case is docketed as
A55-4305/2004-14.  Ms. V. Kryslova has been appointed insolvency
manager.  Creditors have until April 5, 2005 to submit their
proofs of claim to 443086, Russia, Samara, Michurina Str. 128.

CONTACT:  PROM-ENERGO-COMPLECT
          443008, Russia, Samara region,
          Pobedy Str. 99

          Ms. V. Kryslova
          Insolvency Manager
          443086, Russia, Samara region,
          Michurina Str. 128


SAKHALIN-GEO-FIZ-RAZVEDKA: Bankruptcy Proceedings Begin
-------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Sakhalin-Geo-Fiz-Razvedka after finding the
open joint stock company insolvent.  The case is docketed as
A59-2453/03-S.  Mr. K. Glodev has been appointed insolvency
manager.  Creditors have until April 5, 2005 to submit their
proofs of claim to 123100, Russia, Moscow, A. Zhivova Str. 6,
Room 5, Building 3.

CONTACT:  SAKHALIN-GEO-FIZ-RAZVEDKA
          Russia, Sakhalin region,
          Okha, Lenina Str. 47

          Mr. K. Glodev
          Insolvency Manager
          123100, Russia, Moscow,
          A. Zhivova Str. 6, Room 5, Building 3
          Phone: (095) 707-28-78


SAMTEKS: Ivanovo Court Names A. Konstantinov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Samteks after finding the open joint stock
company insolvent.  The case is docketed as A1212/1-B.  Mr. A.
Konstantinov has been appointed insolvency manager.  Creditors
have until April 5, 2005 to submit their proofs of claim to
153439, Russia, Ivanovo, Kolotilova Str. 49.

CONTACT:  SAMTEKS
          153439, Russia, Ivanovo region,
          Kolotilova Str. 49

          Mr. A. Konstantinov
          Insolvency Manager
          153439, Russia, Ivanovo region,
          Kolotilova Str. 49


SHARYA-STROY-TREST: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
Sharya-Stroy-Trest.  The case is docketed as A31-9221/18.  Mr.
A. Petrosyan has been appointed temporary insolvency manager.  A
hearing will take place on April 14, 2005, 10:00 a.m.

CONTACT:  SHARYA-STROY-TREST
          Russia, Kostroma region, Sharya,
          Vetluzhskiy, Tsentralnaya Str. 2

          Mr. A. Petrosyan
          Insolvency Manager
          157510, Russia, Kostroma region,
          Sharya, Vetluzhskiy, Tsentralnaya Str. 2
          Phone/Fax: (09449) 56-693

          The Arbitration Court of Kostroma region
          156961, Russia,
          Shagova Str. 20


SYLVENSKAYA: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on open joint stock company Sylvenskaya.
The case is docketed as A50-44826/2004-B.  Mr. P. Plisetskiy has
been appointed temporary insolvency manager.  A hearing will
take place on April 5, 2005, 10:00 a.m.

CONTACT:  SYLVENSKAYA
          614503, Russia,
          Perm region, Sylva


TORBEEVSKOYE: Deadline for Proofs of Claim Next Month
-----------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Torbeevskoye after finding the close joint
stock company insolvent.  The case is docketed as A23-310/04B-7-
12.  Mr. O. Didenko has been appointed insolvency manager.
Creditors have until April 5, 2005 to submit their proofs of
claim to 248010, Russia, Kaluga, Komsomolskaya Rosha, 43, office
401.

CONTACT:  TORBEEVSKOYE
          249087, Russia, Kaluga region,
          Maloyaroslavlskiy region, Yubileynyj

          Mr. O. Didenko
          Insolvency Manager
          248010, Russia, Kaluga region,
          Komsomolskaya Rosha, 43, Office 401


VORONINSKOYE: Creditors Have Until April to File Claims
-------------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Voroninskoye (TIN 4001000522) after finding
the close joint stock company insolvent.  The case is docketed
as A23-1006/04B-10-27.  Mr. I. Smirnov has been appointed
insolvency manager.  Creditors have until April 5, 2005 to
submit their proofs of claim to 248001, Russia, Kaluga, Post
User Box 308.

CONTACT:  VORONINSKOYE
          Russia, Kaluga region,
          Babyninksiy region, Voronino

          Mr. I. Smirnov
          Insolvency Manager
          248001, Russia, Kaluga re3gion,
          Post User Box 308


YUKOS OIL: Seeks Stay of Dismissal Order
----------------------------------------
Yukos Oil Company asks the U.S. District Court for the Southern
District of Texas to stay Judge Letitia Z. Clark's order
dismissing its Chapter 11 case pending resolution of its appeal.

Zack A. Clement, Esq. at Fulbright & Jaworski L.L.P. tells
District Court Judge Nancy F. Atlas that the request could be
its last chance to survive as a going concern.  Mr. Clement
explains that efforts to dismember the company have accelerated
since the Bankruptcy Court issued its dismissal order on
February 24, 2005.

According to Mr. Clement, Yukos has already suffered the effects
of lack of bankruptcy protection.  Mr. Clement proceeded to
apprise the District Court of the events that occurred since the
Dismissal Order was issued:

    -- Ingosstrakh Insurance Company and AIG Russia Insurance
       Company cancelled Yukos' directors' and officers'
       liability policies;

    -- Additional criminal charges were filed against management
       in Russia;

    -- Yukos' appeal of the reassessment of its 2002 taxes was
       denied by the Moscow Arbitrazh Court of Appeals;

    -- Gazprom merged with Rosneft;

    -- Rosneft threatened to sue if Yukos does not pay the
       US$3.8 billion in receivables due to Yuganskneftegas;

    -- According to published reports, the Russian Government is
       planning to take more assets.

"Without a stay pending appeal, essentially reinstating the
automatic stay in Yukos' Chapter 11 case, Yukos may well be
completely destroyed before this appeal can be completed," Mr.
Clement says.

Mr. Clement reminds Judge Atlas that the Bankruptcy Court did
not make the finding required under Section 1112(b) of the
Bankruptcy Code that dismissal would be in the best interests of
creditors and the estate.  Mr. Clement contends that there is no
evidence that dismissal would best serve Yukos' creditors or its
estate.

Hulley Enterprises Ltd., Yukos Universal Ltd., and Moravel
Investments Ltd., agree that the stay should be imposed pending
the appeal of the Dismissal Order.  William L. Medford, Esq., at
Greenberg Traurig LLP in Dallas, Texas, explains that absent a
stay, it is likely that one or more creditors or third parties
would take actions prior to the orderly resolution of the appeal
that will continue to eliminate any possibility for Yukos to
restructure and continue as a viable commercial entity.

Hulley and Universal together own 51% shares of Yukos stock.
Hulley owns 1,090,043,968 shares and Universal owns 50,340,995
shares.

Moravel is an affiliate of Hulley and a creditor of Yukos.
Based on Yukos' schedules of assets and liabilities, Moravel is
owed $804,875,408 in prepetition debt.  The amount constitutes
54.4% of the Debtor's general unsecured bank and trade debt.

                      Deutsche Bank Objects

Deutsche Bank AG wants the request denied.

J. Gregory St. Clair, Esq. at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, tells Judge Atlas that Yukos cannot
demonstrate that the Bankruptcy Court abused its discretion in
dismissing Yukos' case.  Yukos failed to offer a single reason
-- legal or factual -- for the District Court to grant the stay.
Yukos failed to establish any post-dismissal factual
developments that would require reversal of the Bankruptcy
Court's Dismissal Opinion or would render the Bankruptcy Court's
findings clearly erroneous.

Mr. St. Clair also points out that Yukos identified no untested
legal questions or divergence of authority in the Fifth Circuit
that would cast doubt on Judge Clark's ruling.  Yukos also
failed to demonstrate any chance for success on the merits of
its appeal.

Mr. St. Clair asserts that Yukos' bankruptcy petition was a
last-gasp attempt to avoid tax consequences in Russia.  The
petition, Mr. St. Clair says, was filed on behalf of "a foreign
holding company with essentially no customers, suppliers,
employees or actual operations in Russia or elsewhere."

Mr. St. Clair also notes that Judge Clark was compelled to issue
a temporary restraining order to halt the December 2004 auction
of Yuganskneftegas as the bankruptcy petition was filed on the
eve of the auction and she had no time, information or
opportunity to effectively cross-examine witnesses.
Nonetheless, the Russia Government ignored the TRO and went on
with the auction.

In determining whether dismissal of Yukos' case was appropriate
under Section 1112(b), Mr. St. Clair informs Judge Atlas that
the Bankruptcy Court listened to numerous witnesses and examined
records.  Accordingly, the Bankruptcy Court's decision is
substantially based on critical findings of fact.

In determining what constitutes "cause" under Section 1112(b),
Mr. St. Clair contends that a court has judicial discretion to
evaluate the totality of the circumstances and use its equitable
powers to reach an appropriate result in individual cases.
According to Mr. St. Clair, Yukos is misstating the standard of
dismissal under Section 1112(b).  Yukos insists that Section
1112(b) permits dismissal for cause only when it is in the best
interest of creditors and the estate.

In essence, Mr. St. Clair says Yukos is attempting to collapse a
two-step analysis --

   (i) whether "cause" exists for dismissal or conversion of a
       case; and

  (ii) if "cause" exists, whether it better serves the interests
       of the estate to dismiss or convert the case

-- into a single gravamen, namely the best interests of the
estate.

However, before considering the best interests of creditors, Mr.
St. Clair contends, a court must first determine whether cause
exists to convert or dismiss the case (In re Mech. Maint., Inc.,
128 B.R., 382, 386 (E.D. Pa. 1991)).  Only if a court finds that
cause exists will the court then consider which option --
conversion or dismissal -- is in the best interests of creditors
(In re Original IFPC S'holders, Inc., 317 B.R. 738, 753 (Bankr.
N.D. Ill. 2004)).

Yukos' assertion that it will be irreparably harmed does not
justify granting a stay.  Mr. St. Clair points out that courts
routinely hold that the potential for an appeal to become moot
does not constitute irreparable harm (In re Convenience U.S.A.,
Inc., 290 B.R. 558, 563 (Bankr. M.D.N.C. 2003)).  Moreover, the
mere potential for harm is never irreparable.  Mr. St. Clair
notes that the court in Nuclear Regulatory Comm'n, 812 F.2d at
290, held that "the harm alleged must be both certain and great,
rather than speculative or theoretical.

Mr. St. Clair also argues that each attempt by Yukos to press
its case in a U.S. court interferes with judicial proceedings in
Russia and the Russian Federation's administration of its own
tax laws, and thus directly contravenes public interest.

                       Yukos Should Post Bond

Deutsche Bank asserts that any stay should be conditioned on
Yukos posting an appeal bond in an amount sufficient to protect
all parties-in-interest from potential losses they might suffer
as a result of the appeal.  Deutsche Bank believes that a
US$40,000,000 bond will provide adequate security to interested
parties in the case.

Mr. St. Clair tells the District Court that the amount is a mere
fraction of Yukos' own valuation of its assets.  Based on
filings with the Bankruptcy Court, Mr. St. Clair says Yukos
appears to have sufficient liquid assets in accounts in Texas,
including a $35,000,000 in the registry of the Bankruptcy Court,
to be able to post the bond.

                 District Court Will Review Case

Judge Atlas said at a hearing March 9, 2005, that she will
review whether U.S. courts have jurisdiction over Yukos' case,
Bloomberg News reports.  Judge Atlas said Yukos' case deserves
careful consideration and analysis in writing.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com

          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

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

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


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


AA1 SECURITIES: Calls Final Meeting of Creditors
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF AA1 Securities (Guards) Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
AA1 Securities (Guards) Ltd. will be held at 1 Royal Terrace,
Edinburgh EH7 5AD, on March 29, 2005, at 10:00 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


ACERISE LIMITED: Members Pass Winding-up Resolution
---------------------------------------------------
At the extraordinary general meeting of the members of ACERISE
LIMITED (t/a Opera Oriental Restaurant) on Feb. 22, 2005 held at
47-49 Green Lane, Northwood, Middlesex HA6 3AE, the
extraordinary resolution to wind up the company was passed.
Ashok K. Bhardwaj of 47-49 Green Lane, Northwood, Middlesex HA6
3AE has been nominated liquidator of the company.

Creditors are required to send their names and addresses, with
particulars of their debt or claims, and the names and addresses
of their Solicitors (if any), to the undersigned, Ashok K
Bhardwaj, of 47-49 Green Lane, Northwood, Middlesex HA6 3AE on
or before April 5, 2005.

CONTACT:  BHARDWAJ
          47-49 Green Lane
          Northwood
          Middlesex HA6 3AE
          Phone: 01923 820966
          Fax: 01923 835311
          E-mail: info@bhardwaj.co.uk


ALLENWEST ELECTRICAL: Names Vantis Redhead French Administrator
---------------------------------------------------------------
J. S. French and G. Mummery (IP Nos 003862, 100898) have been
appointed administrators for Allenwest Electrical Limited.  The
appointment was made Feb. 28, 2005.  The company manufactures
electric motors, generators etc.

CONTACT:  VANTIS REDHEAD FRENCH
          43-45 Butts Green Road
          Hornchurch
          Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


AME PRECISION: Members Pass Winding-up Resolutions
--------------------------------------------------
At the extraordinary general meeting of the members of Ame
Precision Engineering (UK) Limited on Feb. 23, 2005 held at
Sheraton House, Castle Park, Cambridge CB3 0AX, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew McTear of McTear Williams & Wood, 90 St
Faiths Lane, Norwich NR1 1NE has been appointed liquidator of
the company.

CONTACT:  MCTEAR WILLIAMS & WOOD
          De Vere House
          90 St Faiths Lane
          Norwich
          Norfolk NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: andrewmctear@mw-w.com


ANNO DEVELOPMENTS: Hires Liquidator from Horwath Clark
------------------------------------------------------
At the extraordinary general meeting of Anno Developments
Limited on Feb. 22, 2005 held at Holly House, Spring Gardens
Lane, Keighley, the special resolutions to wind up the company
were passed.  Mark N. Ranson of Horwath Clark Whitehill
(Yorkshire) LLP, North Lane House, 9B North Lane, Headingley,
Leeds LS6 3HG has been appointed liquidator of the company.

CONTACT:  HORWATH CLARK WHITEHILL (YORKSHIRE) LLP
          North Lane House
          9b North Lane
          Headingley
          West Yorkshire LS6 3HG
          Phone: 0113 274 0404
          Fax: 0113 274 3780
          E-mail: mark.ranson@horwath-yorks.co.uk


BAU.WAUS: Final Creditors Meeting Slated Last Week of March
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                   IN THE MATTER OF Bau.Waus Ltd.
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Bau.Waus Ltd.
will be held at 1 Royal Terrace, Edinburgh EH7 5AD, on March 24,
2005 at 10:00 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


BEGLEY PATTEN: Calls in Administrators from Baker Tilly
-------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly
(IP Nos 009300, 008602) have been appointed joint administrators
for Begley Patten Engineering Limited.  The appointment was made
Feb. 24, 2005.  The company offers provision of electrical
engineering and contracting services.

CONTACT:  BAKER TILLY
          The Clock House
          140 London Road
          Guildford
          Surrey GU1 1UW
          Phone: 01483 503050
          Fax: 01483 457744
          E-mail: gck1@bakertilly.co.uk


CASAMASS LIMITED: Furniture Retailer Calls in Administrator
-----------------------------------------------------------
David Frederick Wilson and Julian Nigel Richard Pitts (IP Nos
703, 7851) have been appointed administrators for Casamass
Limited.  The appointment was made March 1, 2005.  The company
sells furniture.

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


CHESTERTON LTD.: Files for Receivership After Racking up Losses
---------------------------------------------------------------
Receivers from Grant Thornton were called in for estate agent
Chesterton Ltd. on Monday -- weeks after it celebrated its 200th
anniversary, The Guardian reports.

A spokesman for Grant Thornton said the collapse was due to
"significant losses" in the past years.  In the last seven
months, the commercial side of the business already lost more
than GBP2 million.

Some 300 of the firm's 700 staff were made redundant on Monday.
Most of these are from the commercial property side.  According
to the report, the operation may likely be shut down.

The residential business, which continues to operate, is for
sale.

Chesterton is based in London and Bristol.  It has 36 branches
across the country from Edinburgh to Plymouth.  The residential
business is based in the capital and specializes in properties
costing more than GBP500,000.

The firm was delisted a year ago after its buyout by private
owners in 2003.  A subsidiary of venture capital company Resurge
controls 87% of Chesterton.

CONTACT:  CHESTERTON LTD.
          Phone: 020 7015 8888
          E-mail: claire.oliver@chesterton.co.uk
          Web site: http://www.chesterton.co.uk


EUROPEAN NEW: Names Liquidators from Menzies Corporate
------------------------------------------------------
Name of companies:
European New Timeshare Limited
Wyn Hotels Limited
Wyn International Resorts Limited

At the general meeting of these companies, the special
resolutions to wind up the companies were passed.  Paul John
Clark and Andrew John Duncan of Menzies Corporate Restructuring,
17-19 Foley Street, London W1W 6DW have been appointed joint
liquidators of the companies.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: aduncan@menzies.co.uk


FEDERAL-MOGUL: Seeks Approval of Surety Claims Settlement Pact
--------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve a
proposed compromise and settlement among the Debtors and certain
of the other proponents to the Plan of Reorganization, on one
hand, and Safeco Insurance Company of America, Travelers
Casualty and Surety Company of America, and National Fire
Insurance Company of Hartford and Continental Casualty Company,
on the other hand, pursuant to the terms of a settlement
agreement resolving certain secured surety claims in connection
with the treatment of those claims under the Debtors' Joint Plan
of Reorganization.

A full-text copy of the Settlement Agreement is available for
free at http://bankrupt.com/misc/SuretyClaimsSettlement.pdf

The Debtors' proposed compromise and settlement with the
Sureties is the culmination of more than three years of
intensive litigation involving numerous parties, numerous court
proceedings, extensive discovery, and protracted settlement
negotiations spanning the past six months.

The Settlement Agreement relates to the proposed settlement of
those certain Surety Claims, which -- due to its complexity and
multi-faceted nature -- the parties have elected to negotiate
and document as a separate transaction.  However, the
effectiveness of the Settlement Agreement is contractually
conditioned on the Court's approval of another settlement
resolving a $29 million cash dispute involving members of the
Center for Claims Resolution.

                          CCR Litigation

Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub P.C. relates that before the Petition Date, certain
of the Debtors were members of the CCR.  The CCR was established
to administer, negotiate, defend, or settle asbestos-related
personal injury claims and wrongful death claims brought against
CCR participants.

The CCR required its members, including T&N Limited, Gasket
Holdings, Inc., and Ferodo America, Inc., to provide the CCR
with assurance that they will satisfy their financial
obligations arising under certain group settlement agreements
and protocols to be negotiated by the CCR on behalf of its
members.  A surety bond was considered an appropriate form of
payment assurance.

In December 2000, pursuant to Federal-Mogul's request, the
Sureties issued performance bonds aggregating $250 million on
behalf of T&N Limited, Gasket Holdings, and Ferodo America, in
favor of the CCR.  Under the terms of the Bonds, the maximum
penal sum was reduced automatically and permanently on a semi-
annual basis in accordance with a schedule set forth in the
Bonds.  As of the Petition Date, the aggregate penal amount of
the Bonds was reduced to $225 million.

The CCR Debtors subsequently terminated their memberships in
2001.  Notwithstanding the terminations and the commencement of
the Chapter 11 cases, the CCR notified the Debtors and made
demands on the Sureties postpetition for a $183 million payment
under the Bonds.  As a result, the Debtors, T&N Limited, Gasket
Holdings and Ferodo America commenced an adversary proceeding
against the CCR and the Sureties in order to prevent a draw on
the Bonds until the Court could determine all disputes relating
to the CCR's entitlement to payment under the Bonds.

The CCR Litigation was later consolidated with other similar
Delaware Chapter 11 cases.

Pursuant to a case management order issued by then District
Court Judge Alfred Wolin, the CCR Litigation was divided into:

   * Phase One issues -- the CCR's right to draw on the Bonds;
     and
   * Phase Two issues -- the specific amounts the CCR would be
     entitled to draw if it prevailed on Phase One issues.

After extensive discovery, the parties filed cross-motions for
summary judgment related to Phase One issues.

Judge Wolin's Case Management Order was interpreted by the non-
CCR litigants as severely limiting the Debtors' potential
liability to the CCR under the Bonds.  The CCR disputed the non-
CCR parties' interpretation and sought reconsideration of the
Case Management Order contending that the obligations for which
the Bonds could be drawn remained in the range of $183 million.
Judge Wolin then issued a second opinion determining CCR's
motion for reconsideration, which left open the possibility of
having to litigate certain key legal and factual issues at
trial, notwithstanding the earlier Order.

As of February 24, 2005, formal discovery related to Phase Two
of the CCR Litigation has not commenced and no decision has been
rendered on the Phase Two issues.  Instead, the Debtors and the
Official Committee of Unsecured Creditors -- with the remaining
Plan Proponents' consent -- negotiated with the CCR and reached
an agreement in principle to compromise and settle all claims
and causes of action asserted in the CCR Litigation, for $29
million cash to be paid to the CCR.  The CCR Settlement is in
the process of being documented and will be filed with the Court
in the near future.

Ms. Jones explains that pursuant to the Settlement Agreement,
the Sureties agree to provide the funding for the CCR Settlement
on specified terms and conditions.  Implementation of the CCR
Settlement will thus, in turn, fix and determine the amount of a
major component of the Surety Claims that would require
treatment under any plan of reorganization confirmed in the
Debtors' Chapter 11 cases.

According to Ms. Jones, the Settlement Agreement also resolves
several issues:

A. Temporary Allowance of Surety Claims

   As a condition for issuance of the Bonds, the Debtors were
    required to execute Contracts of Indemnity in favor of the
    Sureties.  The majority of the Debtors also granted liens
    and security interests in favor of the Sureties as
    collateral for any resulting indemnity obligations.  Based
    on the Indemnity Contracts and related instruments, each of
    the Sureties filed proofs of claim against the applicable
    Debtors premised on the Sureties' claims, which arise out of
    or relate to the Sureties' obligations under the Bonds.

    For voting purposes only, the Court accorded the Sureties
    the right to vote the Surety Claims:

    (a) as both a $29 million Secured Claim and a $29 million
        Unsecured Claim against the estate of each indemnitor-
        Debtor; and

    (b) as Unsecured Claims against T&N Limited and Gasket
        Holdings.

    The Settlement Agreement does not impair the voting rights
    of the Sureties.

B. Letter of Credit

   Before the Petition Date, Travelers issued Supersedeas Bond
   for the account of Federal-Mogul and T&N Limited in
   connection with an asbestos personal injury action entitled
   Hoskins v. Federal-Mogul Corporation and T&N Ltd., Circuit
   Court of Jackson County, Missouri.  As collateral for any
   obligations under the Supersedeas Bond, Federal-Mogul caused
   a documentary Letter of Credit to be issued in favor of
   Travelers for $10,956,584.

   As a result of Travelers' previous draws from the Letter of
   Credit, only $2.2 million remain of the Letter of Credit's
   principal drawable balance.  The remaining drawable balance,
   according to Travelers, provides additional security to it
   for its portion of the Surety Claims relating to the CCR.
   The Debtors, the Creditors Committee, and other Plan
   Proponents dispute Travelers' contention regarding the scope
   and nature of the claims for which the Letter of Credit may
   be drawn.

   The dispute regarding the Letter of Credit is compromised
   and resolved as an integral part of the overall Settlement
   Agreement.

C. Avoidance Litigation

   The Avoidance Litigation relates to the Creditors
   Committee's and other estate representative's belief that
   there are or may be viable causes of action to avoid and
   recover certain of the collateral granted to the Sureties in
   December 2000, and avoid certain of the indemnity
   obligations also incurred at that time.  No action has been
   commenced with respect to these claims.

   Under the Settlement Agreement, the Creditors Committee, the
   estate representatives and the Sureties agree to toll the
   time for commencing the Avoidance Litigation and to waive
   the claims and causes of action when the mutual releases
   contemplated by the Settlement Agreement become effective.

D. Valuation Proceedings

   The Valuation Proceedings relate to the Creditors
   Committee's and other estate representatives' contention
   that the Surety Claims may not be fully collateralized.  No
   contested matter has been initiated to value the Sureties'
   collateral.  As with the Avoidance Litigation, the Creditors
   Committee, the other estate representatives and the Sureties
   agree to toll the time for commencing the Valuation
   Proceedings and to waive the claims and causes of action
   when the mutual releases contemplated by the Settlement
   Agreement become effective.

                        Settlement Agreement

The terms and conditions of the Settlement Agreement are:

A. Settlement of CCR Litigation and Funding of CCR Settlement
   Amount

    (1) The CCR Settlement Amount will not exceed $29 million;

    (2) CCR will return the Bonds to Federal-Mogul for immediate
        delivery to the Surety in the event that the Bond Draw
        is fully paid;

    (3) CCR and each of its members will issue full releases of
        all claims arising under the Bonds and the CCR
        Litigation; and

    (4) The CCR Litigation will be dismissed with prejudice with
        each party bearing its own costs and attorney's fees,
        except for reimbursement of a portion of the Sureties'
        attorney's fees by the Debtors.

    The Sureties will fund the CCR Settlement Amount by honoring
    the CCR's draw request under the Bonds with the allocation
    of liability among the Sureties fixed as:

              Surety                      Liability
              ------                      ---------
              Safeco Insurance               30%
              National Fire Insurance        30%
              Travelers                      40%

    Twenty percent of Travelers' liability is in its capacity as
    successor-in-interest to Reliance Insurance Company.

    The Bond Draw will occur on the earlier of:

    (1) the third business day after the Effective Date of a
        Plan; or

    (2) May 2, 2005.

B. Interest Accrual on Bond Draw and Adequate Protection

   The Sureties is entitled to adequate protection on the full
   payment of the $28 million Net Bond Draw -- $29 million less
   $1 million drawn under the Letter or Credit.  Thus, the
   Sureties will receive monthly payments of interest on the
   Net Bond Draw at a rate of LIBOR plus 200 basis points --
   adjusted monthly.

C. Plan Treatment of Surety Claims

   In the event the Plan Proponents seek to obtain confirmation
   of the Plan or Modified Plan, the Settlement Agreement
   mandates that:

    (1) The Surety Claims will be allowed as fully Secured
        Claims against Federal-Mogul and its estate, the Net
        Bond Draw allocated among the Sureties, and held and
        controlled by each Surety as its separate Allowed
        Secured Claim:


            Surety                         Liability
            ------                         ---------
            Safeco Insurance              $8,700,000

            National Fire Insurance        8,700,000

            Travelers, as successor-
               in-interest to Reliance     5,300,000

            Travelers                      5,300,000

    (2) In the event that the mutual releases under the
        Settlement Agreement becomes effective, the Sureties
        will be deemed to have waived and released any and all
        other claims against the Debtors and their estates
        unrelated to the Surety Claims;

    (3) The Plan Proponents will file an appropriate
        modification of the Plan -- or include in any Modified
        Plan, as the case may be -- which will provide for
        treatment of the Allowed Secured Surety Claims in
        substantially the same manner as the Plan proposes to
        treat the Secured Bank Claims, and with pari passu
        participation in the same collateral that will secure
        the debt instruments to be issued under the Plan on
        account of the Secured Bank Claims.  In full and
        complete satisfaction of the Allowed Secured Surety
        Claims, the Sureties will receive:

        -- $22,764,000 in senior, secured term loans to be
           repaid under the Reorganized Federal-Mogul Secured
           Term Loan Agreement and related documents, but in any
           event on the same terms and conditions the holders of
           Bank Claims will receive under the Plan or the
           Modified Plan, as the case may be; and

        -- $5,236,000 in "Junior Secured PIK Notes" to be repaid
           under the Reorganized Federal-Mogul Junior Secured
           PIK Notes and related documents, but in any event on
           the same terms and conditions the holders of Bank
           Claims will receive under the Plan;

    (4) On the Effective Date of the Plan or Modified Plan, the
        rights of the Plan Proponents, or any of them, to
        commence and pursue the Avoidance Litigation or the
        Valuation Proceedings will be deemed waived and
        released, and the releases by certain of the Plan
        Proponents in favor of the Sureties as provided in the
        Settlement Agreement will take effect;

    (5) The definitions of "Protected Party" and "Released
        Party" under the Plan and the Modified Plan will be
        amended to include each of the Sureties to afford them
        the same protections as the Administrative Agent and the
        holders of the Bank Claims by virtue of the releases and
        injunctions contained in the Plan, provided that the
        addition will not jeopardize the confirmability of the
        Plan or a Modified Plan.  In the event any party-in-
        interest objects to the confirmation of the Plan based
        on the inclusion, the Plan Proponents have the right to
        further amend the Plan or omit the inclusion; and

    (6) With respect to the Allowed Secured Surety Claims, each
        of the Sureties agrees to:

        -- vote its Allowed Secured Surety Claim to accept the
           Plan or any Modified Plan;

        -- support the Plan or any Modified Plan;

        -- not vote in favor of or support any Alternative Plan,
           so long as the Plan or a Modified Plan is pending;
           and

        -- waive any objection to confirmation of the Plan or a
           Modified Plan.

In the event the Plan Proponents propose and seek confirmation
of an Alternative Plan, the Settlement Agreement requires that
the Sureties be offered the same treatment, proportionally, for
the Surety Claims as is proposed for the Bank Claims under the
Alternative Plan.  If the Sureties accept the proposed
treatment, the treatment provisions with respect to the Plan or
Modified Plan will apply with certain modifications:

    (1) The Surety Claims will be allowed as Secured Claims to
        the same extent that the Bank Claims are allowed as
        Secured Claims;

    (2) The form of consideration offered to holders of the Bank
        Claims offered to the Sureties will be proportionate to
        the value provided to holders of Bank Claims based on
        the amount of Bank Claims and Surety Claims;

    (3) The Sureties will be provided waivers of Avoidance
        Litigation, Valuation Proceedings and releases if the
        waivers and releases are also provided to holders of
        Bank Claims; and

    (4) To the extent an Alternative Plan provides for releases
        and injunctions in favor of Protected Parties and
        Released Parties and those Parties include holders of
        Bank Claims, the Sureties will be included within the
        protections, subject to the right of the Plan Proponents
        to delete the Sureties from the provisions to obtain
        confirmation of the Plan.

D. Attorneys' Fees and Costs

   The Sureties' claims against the Debtors' estates for
   attorneys' fees and cost reimbursement will fall into two
   categories under the Settlement Agreement:

    (1) fees and expenses not covered by provisions of the Final
        DIP Order, which is $1.1 million, to be applied by the
        Sureties to fees and expenses not yet reimbursed under
        the Final DIP Order as of the date of the Bond Draw; and

    (2) fees and expenses covered by the Final DIP Order from
        the Petition Date through March 31, 2005 -- projected --
        and from and after April 1, 2005, with the imposition of
        a $10,000 per month fee cap on the amount of
        reimbursable fees and expenses going forward.

E. Bond Premiums Proration

   Subject to the Final Order approving the CCR Settlement, the
   Settlement Agreement provides that the Bond renewal premium
   for 2005 paid or payable by the Debtors to National Fire
   Insurance and Safeco Insurance will be prorated from the
   period from January 1, 2005, through the Bond Draw date.

   The Settlement Agreement provides that the Bond renewal
   premiums for 2005 paid or payable by the Debtors to CNA and
   Safeco will be prorated for the period January 1, 2005,
   through the date of the Bond Draw.  CNA and Safeco have
   agreed to promptly refund my excess premiums to the Debtors
   following the date of the Bond Draw.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and $8.86 billion in liabilities.

At Dec. 31, 2004, Federal-Mogul's balance sheet showed a $1.925
billion stockholders' deficit.  (Federal-Mogul Bankruptcy News,
Issue No. 74; Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  Federal-Mogul Corporation (OTC: FDMLQ)
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


FRUEHAUF PARTS: Names PricewaterhouseCoopers Administrator
----------------------------------------------------------
Stephen Mark Oldfield and Stephen Andrew Ellis (IP Nos 9010,
8843) have been appointed joint administrators for Fruehauf
Parts & Service Limited.  The appointment was made Feb. 15,
2005.

The company sells and offers trailer parts services.  Its
registered office is located at Rash's Green, Toftwood, Dereham,
Norfolk NR19 1JF.

CONTACT:  PRICEWATERHOUSECOOPERS
          Abacus House
          Castle Park
          Gloucester Street
          Cambridge
          Cambridgeshire CB3 0AN
          Phone: 01223 460055
          Fax: 01223 462111
          E-mail: stephen.m.oldfield@uk.pwcglobal.com

          PRICEWATERHOUSECOOPERS
          Plumtree Court
          London EC4A 4HT
          Phone: 020 7583 5000
          Fax: 020 7212 6598
          E-mail: kevin.ellis@uk.pwcglobal.com


G.P. COMBUSTION: Deadline for Debt Claims Next Month
----------------------------------------------------
At the extraordinary general meeting of G.P. Combustion And
Energy Limited on Feb. 23, 2005 held at 43-45 Devizes Road,
Swindon, Wiltshire, the special resolution to wind up the
company was passed.  Paul Michael McConnell of 38-42 Newport
Street, Swindon, Wiltshire has been appointed Liquidator for the
purpose of such winding-up.

Creditors are required to send their names and addresses and the
particulars of their debt or claims, and the names and addresses
of their Solicitors, if any, to Paul Michael McConnell, of 38-42
Newport Street, Swindon, Wiltshire on or before April 8, 2005.

CONTACT:  MONAHANS
          38-42 Newport Street
          Swindon
          Wiltshire SN1 3DR
          Phone: 01793 521231
          Fax: 01793 512188
          E-mail: paulm@monahans.co.uk


HEART OF MIDLOTHIAN: Drops Plan to Sell Tynecastle
--------------------------------------------------
Further to the Feb. 8 announcement of the company's withdrawal
from the sale of Tynecastle Stadium, the Board of Hearts of
Midlothian said it notified the SRU of the decision 7 March.

                            *   *   *

The withdrawal follows the Extraordinary General Meeting of the
Company on 10 January 2005, which voted by a significant
majority in favor of cancellation of the agreement for sale.

More particularly, the withdrawal follows agreement between The
Bank of Scotland and UKIO Bankas whereby UKIO Bankas has become
the principal banker to Hearts.

The exercise of the right of withdrawal triggers Cala's
entitlement to reimbursement of its reasonably incurred costs in
connection with the sale agreement, as described in the circular
to shareholders dated 19 August 2004.

CONTACT:  HEART OF MIDLOTHIAN PLC
          Chris Robinson
          Phone: 0131 200 7245


JARVIS PLC: Considers Name Change to Leave Troubled Past
--------------------------------------------------------
Support services group Jarvis plc is mulling over changing name
to leave memories of the disasters that besieged it in recent
years.

Chief executive Alan Lovell told the Financial Times the board
believes "it is worth considering."

Jarvis, once synonymous with the country's biggest construction
and engineering firm, had in the past three years met a series
of accidents, the worst being the Potter Bar rail crash in 2002,
which killed seven people.

It accumulated around GBP250 million in debt due to rail
derailments and cost overruns.  It almost collapsed had it not
sold a stake in London's underground rail network, and reached a
refinancing deal that runs until March 2006 in December.

Last week, the firm suffered another setback when its finance
director, Alistair Rae, who oversaw its recent restructuring,
left.  He reportedly refused to relocate with colleagues to New
York, where the firm's new headquarters would be starting next
month.  He is replaced by Alasdair Marnoch.

Mr. Rae said Jarvis has little room for expansion in its home
market, and is looking at overseas opportunities.

"When work is finished on a budget for next year and on our key
strategic thrust we will work on a strategy to improve the
balance sheet and reduce the level of debt," he added.

CONTACT:  JARVIS PLC
          24 Britton St.
          London EC1M 5UA
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com


KINGFISHER REPLACEMENT: Meeting of Creditors Set Next Week
----------------------------------------------------------
The creditors of Kingfisher Replacement Windows Limited will
meet on March 16, 2005 at 10:30 a.m.  It will be held at the
offices of Elwell Watchorn & Saxton, 109 Swan Street, Sileby,
Leicestershire LE12 7NN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Mr. P. A. Saxton at Elwell Watchorn & Saxton, 109
Swan Street, Sileby, Leicestershire LE12 7NN not later than
12:00 noon, March 15, 2005.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street
          Sileby
          Leicestershire LE12 7NN
          Phone: 01509 815150
          Fax: 01509 815121


MARTIN BIRD: Liquidator from DTE Leonard Curtis Moves in
--------------------------------------------------------
At the extraordinary general meeting of Martin Bird (Life And
Pensions) Limited on Feb. 18, 2005 held at 24 Wellington Street,
St Johns, Blackburn BB1 8AF, the special and ordinary
resolutions to wind up the company were passed.  John Malcolm
Titley of DTE Leonard Curtis has been appointed liquidator of
the company.

Creditors are required to send their full forenames and surname,
their addresses and descriptions, full particulars of their debt
or claims to the undersigned, J.M. Titley, of DTE Leonard
Curtis, 24 Wellington Street, St Johns, Blackburn BB1 8AF or on
before April 18, 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


M INVESTMENT: Calls in Liquidator
---------------------------------
At the meeting of M Investment Company Limited on Jan. 31, 2005,
the special resolution to wind up the company was passed.
Stephen Philip Linney has been appointed liquidator of the
company.

Creditors are required to submit their debt or claims and to
send full particulars of their debt or claims to Philip Linney
at Le Petit Touessrok, La Vielle Charriere, St Martin, Jersey
JE3 6DL, Channel Islands on or before April 18, 2005.


MOWLEM PLC: Outlook Stable on Improved Internal Risk Management
---------------------------------------------------------------
Fitch Ratings affirmed Mowlem plc's Senior Unsecured 'BB' and
Short-term 'B' ratings and removed them from Rating Watch
Negative.  A Stable Outlook has been assigned.

This rating action follows recent steps taken by Mowlem's new
Chief Executive Simon Vivian to strengthen internal risk
management structures and processes together with a more prudent
approach to profit recognition and a greater focus on cash
generation.  Additionally, the agency considers important
Mowlem's confirmation that sufficient bonding facilities remain
available, that potential breaches have been resolved and that
the FY04 audited accounts will receive an unqualified audit
opinion.  Fitch further notes the absence of negative surprises
in the recently published FY04 preliminary financial statements.

The Stable Outlook reflects Fitch's expectation that Mowlem's
financial profile will now be more predictable, in line with its
existing and future business.  Future cash or non-cash charges
cannot be ruled out due to the nature of Mowlem's business, and
given the group's low margins, potential charges may have an
amplified impact on financial results.  However, the agency
takes comfort that the likelihood of such events occurring has
receded.  The Stable Outlook also assumes that the group's net
debt will not rise materially despite higher financing needs
caused by lower advance payments in construction, volume growth
in support services and high bid costs and increased investment
in Private Finance Initiatives.

The ratings are supported by Mowlem's established market
position as a medium-sized construction and support services
group.  Additionally, the U.K. construction market remains a
generally favorable environment due to ongoing public and
private sector infrastructure programs.  Recent difficulties
faced by certain high profile European peers do not apply to
Mowlem.

On Feb. 3, 2005, Fitch downgraded Mowlem's Senior Unsecured
rating to 'BB' from 'BB+' and placed the ratings on Rating Watch
Negative.  This action followed the announcement of further
unexpected charges, which would push the group into losses for
FY04, and reinforced the agency's concerns about risk management
and the quality of contracts.  In addition, Fitch had concerns
about potential breaches under certain bonding facilities and
the still ongoing annual audit process.

CONTACT:  FITCH RATINGS
          Alex Herbert, London
          Phone: +44 (0) 20 7417 6334
          E-mail: alex.herbert@fitchratings.com

          Valerie Poulain
          Phone: +44 (0) 20 7417 4294
          E-mail: valerie.poulain@fitchratings.com

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

          MOWLEM PLC
          Brian O'Neill
          Phone: 020 8568 9111

          CARDEW GROUP
          Jonathan Rooper
          Phone: 020 7930 0777


M.T.B. SECURITY: Winding-up Report Out Later this Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF M.T.B. (Security Services) Ltd.
                        (In Liquidation)

Notice is hereby given, in terms of Section 146 of the
Insolvency Act 1986, that the Final Meeting of Creditors of
M.T.B. (Security Services) Ltd. will be held at Allan House, 25
Bothwell Street, Glasgow G2 6NL, on March 24, 2005, at 10:00
a.m. for the purposes of receiving the Liquidator's report on
the conduct of the winding-up and determining whether the
Liquidator should be released in terms of Section 174 of the
Insolvency Act 1986.

Douglas B. Jackson, Liquidator
February 22, 2005

CONTACT:  MOORE STEPHENS
          Allan House
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk

          Douglas Brown Jackson
          Phone: 0141 566 4480
          Fax: 0141 566 4485


NISSAN INTERNATIONAL: Members Decide to Wind up Firm
----------------------------------------------------
At the extraordinary general meeting of the members of Nissan
International Finance (Europe) Limited on Feb. 28, 2005 held at
Nissan Europe S.A.S., Parc de Pissaloup, 8 Avenue Jean
d'Alembert, 78190 Trappes, France, the subjoined special
resolution to wind up the company was passed.  Simon John Lundy
and John Bell of Hawdon Bell & Co, Chartered Accountants, 4
Northumberland Place, North Shields NE30 1QP 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 S. J. Lundy and J. Bell,
of Hawdon Bell & Co, 4 Northumberland Place, North Shields NE30
1QP on or before March 31, 2005.

CONTACT:  HAWDON BELL & CO.
          4 Northumberland Place
          North Shields
          Tyne And Wear NE30 1QP
          Phone: 0191 257 7113
          Fax: 0191 296 2034
          E-mail: jbell@hawdonbell.co.uk


OAKDALE FASTENERS: Creditors Meeting Set Later this Month
---------------------------------------------------------
The creditors of Oakdale Fasteners Limited will meet on March
22, 2005 at 11:00 a.m.  It will be held at
PricewaterhouseCoopers LLP, Donington Court, Pegasus Business
Park, Castle Donington, East Midlands DE74 2UZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. E. T. Bowen and S. D. Maddison at
PricewaterhouseCoopers LLP, Donington Court, Pegasus Business
Park, Castle Donington, East Midlands DE74 2UZ not later than
12:00 noon, March 21, 2005.

CONTACT:  PRICEWATERHOUSECOOPERS
          Cornwall Court
          19 Cornwall Street
          Birmingham
          West Midlands B3 2DT
          Phone: 0121 200 3000
          Fax: 0121 200 2464
          E-mail: mark.e.bowen@uk.pwcglobal.com

          PRICEWATERHOUSECOOPERS
          Donington Court
          Pegasus Business Park
          Castle Donington
          Derbyshire DE74 2UZ
          Phone: 01509 604 000
          E-mail: stuart.maddison@uk.pwc.com


PHOENIX DATABASE: Joint Administrators from Numerica Move in
------------------------------------------------------------
Peter Hughes-Holland and Frank Wessely (IP Nos 001700, 007788)
have been appointed joint administrators for Phoenix Database
Technologies Limited.  The appointment was made Feb. 25, 2005.
The company provides database solutions.

CONTACT:  NUMERICA
          81 Station Road
          Marlow
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax: 01628 472629
          E-mails: peter.hughesholland@numerica.biz
                   frank.wessely@numerica.biz


PHYSICAL DISTRIBUTION: Appoints Maidment Judd Administrator
-----------------------------------------------------------
A. D. Kent (Office Holder No 8764) has been appointed
administrators for Physical Distribution Limited.  The
appointment was made March 2, 2005.

The company organizes European freight.  Its registered office
is located at Altendeg, Vicarage Road, Potten End, Berkhamstead,
Hertfordshire HP4 1QZ.

CONTACT:  MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


POINT INFORMATION: Hires Ernst & Young as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Point Information
Systems Limited on Feb. 18, 2005 held at Culverdon House,
Abbot's Way, Pyrcroft Road, Chertsey, the special resolution to
wind up the company was passed.  Patrick Joseph Brazzill and
Alan Lovett of Ernst & Young LLP, 1 More London Place, London
SE1 2AF have been appointed joint liquidators of the company.

CONTACT:  ERNST & YOUNG
          Becket House
          1 Lambeth Palace Road
          London SE1 7EU
          Phone: 020 7951 2000
          Fax: 020 7951 4001
          E-mail: pbrazzill@uk.ey.com

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


POLYFENCE (UK): In Administrative Receivership
----------------------------------------------
Cattles Invoice Finance Limited appointed Paul A. Whitwam and
Gary E. Blackburn (Office Holder Nos 8346, 6234) joint
administrative receivers for Polyfence (UK) Limited (Reg No
04786401, Trade Classification: 11).  The application was filed
Feb. 28, 2005.  The company manufactures plastic fencing and
fence posts.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          E-mail: bwc@bwc-solutions.com
          Phone: 0113 2433434
          Fax: 0113 2435049


PRE-MET ELECTRICAL: Calls in Administrators from Kingston Smith
---------------------------------------------------------------
Nicholas John Miller and Ian Robert (IP Nos 007899, 008706) have
been appointed joint administrators for Pre-Met Electrical
Components Limited.  The appointment was made Feb. 28, 2005.
The company manufactures other fabricated metals.

CONTACT:  KINGSTON SMITH & PARTNERS LLP
          Devonshire House
          60 Goswell Road
          London EC1M 7AD
          Phone: 020 7556 4020
          Fax: 020 7566 4021
          E-mail: nmiller@kingstonsmith.co.uk


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

In accordance with the terms of the Auction Process announced by
the Panel on 4 March 2005, TAC announced the terms of the Second
Increased Offer on 8 March 2005, and hereby announces the terms
of the Third Increased Offer.

Terms of the Third Increased Offer

The Third Increased Offer, which will be on the terms and
subject to the conditions set out in the Third 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 Third New
Form of Acceptance, will be made on the following basis:

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

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

Without attributing any value to the Revised New Litigation
Entitlement Units, the Third 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 Revised New Litigation Entitlement Unit will give each QXL
Shareholder a contingent entitlement to an additional GBP10.50
in cash per QXL Share.  In the event that the contingent payment
is made, each accepting QXL Shareholder will receive a total of
GBP20.50 in cash for each QXL Share that they hold.

Save that each Revised New Litigation Entitlement Unit will give
each QXL Shareholder a contingent entitlement to an additional
50p in cash per QXL Share as compared to the Litigation
Entitlement Units, the terms of the Revised New Litigation
Entitlement Units are identical to those of the Litigation
Entitlement Units.  Further details in relation to the Revised
New Litigation Entitlement Units are set out in paragraph 3
below and will be set out in the Third 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 Third Increased Offer will extend to all QXL Shares
unconditionally allotted or issued whilst the Third 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 Third Increased Offer has been declared wholly
unconditional.

Revised New Litigation Entitlement Units

TAC has agreed that, following the Third Increased Offer being
declared wholly unconditional, accepting QXL Shareholders will
receive GBP10 in cash and one Revised New Litigation Entitlement
Unit per QXL Share, which will give each QXL Shareholder a
contingent entitlement to additional consideration in the form
of Revised New Loan Notes which, if issued, will be in the
principal amount of GBP10.50 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 Third
Increased Offer Document, each Revised New Loan Note will be
issued at a principal amount of GBP10.50 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% 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 Revised 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 Revised 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.

Information on TAH and TAC

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 Third Increased Offer.

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

Employees

The Board of TAC confirms that, following the Third 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 Third
Increased Offer is declared wholly unconditional.

Disclosure of interests in QXL Shares

As at the close of business on 8 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 8 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 325,583 QXL Shares,
representing approximately 19.15% 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 has 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

Save as disclosed in this announcement, there has been (and in
the case of the information regarding current trading and
prospects, so far as TAC is aware) no change to the information
contained in the announcement made by TAC on 8 March 2005 in
relation to the Second Increased Offer.

The Third Increased Offer will be made subject to the conditions
and on the terms contained in the Third 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 Third
New Form of Acceptance.  The Third 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 Third Increased Offer,
provided the Revised Florissant Offer has not become or been
declared unconditional as to acceptances.  TAC intends that a
New Form of Withdrawal will accompany the Third Increased Offer
Document.

The Third Increased Offer Document, together with the Third New
Form of Acceptance and New 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.

In the light of this announcement and in accordance with the
terms of the Auction Process, TAC will not make the Second
Increased Offer or post the Second Increased Offer Document.

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


RAILWAY PERFORMANCE: Hires Wilson Field as Administrator
--------------------------------------------------------
Lisa Hogg and David Elliot (IP Nos 9037, 5632) have been
appointed joint administrators for Railway Performance Ltd.  The
appointment was made Feb. 24, 2005.

CONTACT:  WILSON FIELD
          289 Abbeydale Road
          Sheffield S17 3LB
          Phone: 0114 235 6780


RICKARDS TRADEGLAZE: Names Thompson Partnership Administrator
-------------------------------------------------------------
Jeremy Charles Frost (IP No 9091) has been appointed
administrator for Rickards Tradeglaze Limited.  The appointment
was made Feb. 18, 2005.  Its registered office is located at The
Pines, Boars Head, Crowborough, East Sussex TN6 3HD.

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


ROYAL & SUNALLIANCE: Hires Turnaround Expert to Chair U.S. Biz
--------------------------------------------------------------
Royal & SunAlliance U.S.A. appointed William Shea as Chairman
and Michael Crall as outside Director.

William Shea, 56, brings with him more than 30 years financial
services experience.  From 2001 until 2004, he was CEO of U.S.
insurer, Conseco Inc., where he successfully restructured the
company and brought it back into profitability.  Previously he
was Vice Chairman and CFO at BankBoston Inc. and was also a Firm
Council Member and Senior Partner of Coopers & Lybrand, now
PricewaterhouseCoopers.

Michael Crall, 61, was the first CEO of Equitas (1995-2003),
successfully creating and leading the GBP 20 billion company
formed to reinsure and manage the pre-1993 liabilities of Lloyds
of London.  Mr. Crall remains an outside Director of Equitas and
in 2003 he was also appointed outside Director of Catlin, the
property and casualty insurer and reinsurer.  Previously, he was
President and Chief Executive of Argonaut Insurance Company, the
US casualty insurance specialist.  He began his career with
Insurance Company of North America, holding several executive
posts in Europe and the U.S.

John Tighe, President and CEO, Royal & SunAlliance USA, said:
"These appointments bring us a great depth of senior U.S.
insurance expertise.  They will be a great asset as we continue
to restructure our U.S. business."

CONTACT:  ROYAL & SUNALLIANCE U.S.A.
          Libby McLaughlin
          Phone: 704-522-3064
          or
          Kedar Bryan
          Phone: 704-522-2721


ROYAL & SUNALLIANCE: Ratings of Merged U.S. Units Withdrawn
-----------------------------------------------------------
Moody's Investors Service withdrew the Ba3 insurance financial
strength ratings of seven former members of the Royal &
SunAlliance U.S.A. intercompany pool.  Moody's has withdrawn the
ratings on these entities because they have been merged into
other members of the RSA USA Pool.  Please refer to Moody's
Withdrawal Policy on moodys.com.

Ratings withdrawn:

(a) American and Foreign Insurance Company -- insurance
    financial strength at Ba3;

(b) The Connecticut Indemnity Company -- insurance financial
    strength at Ba3;

(c) The Fire and Casualty Insurance Company of Connecticut --
    insurance financial strength at Ba3;

(d) Globe Indemnity Company -- insurance financial strength at
    Ba3;

(e) Phoenix Assurance Company of New York - insurance financial
    strength at Ba3;

(f) Royal Insurance Company of America - insurance financial
    strength at Ba3; and

(g) Safeguard Insurance Company -- insurance financial strength
    at Ba3.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.  For more information,
visit http://www.moodys.com/insurance.

CONTACT:  MOODY'S INVESTORS SERVICE
          New York
          James Eck
          Asst Vice President - Analyst
          Financial Institutions Group
          For Journalists
          Phone: 212-553-0376

          New York
          Robert Riegel
          Managing Director
          Financial Institutions Group
          For Journalists
          Phone: 212-553-0376

          ROYAL & SUNALLIANCE
          Helen Pickford
          Phone: +44 (0) 20 7111 7212

          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047

          FINSBURY
          Julius Duncan
          Phone: +44 (0) 20 7251 3801


TRANSWORLD SCOTLAND: Hires Liquidator from PKF
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Transworld (Scotland) Limited
                        (In Liquidation)

I, Bryan Jackson, Chartered Accountant, PKF, 78 Carlton Place,
Glasgow G5 9TH, hereby give notice that I was appointed
Liquidator of Transworld (Scotland) Limited by a Resolution of a
Meeting of Creditors, duly convened and held in 78 Carlton
Place, Glasgow G5 9TH, under the terms of Section 138 of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, on February 22, 2005.  No Liquidation Committee was
formed at this Meeting.

I hereby give notice that, under Rule 4.18 of the Insolvency
(Scotland) Rules 1986, I do not intend to summon a further
Meeting for the purpose of establishing a Liquidation Committee.
However, under the terms of Section 142(3) of the Insolvency Act
1986, I am required to call such a Meeting if requested to do so
by one-tenth in value of the Company's Creditors.

Bryan Jackson, Liquidator
February 22, 2005

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

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


TRIBUNE RISK: Liquidators' Report Now Available
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF Tribune Risk And Insurance Services Limited
                         (In Liquidation)

I, J. Bruce Cartwright, CA, PricewaterhouseCoopers LLP, 68-73
Queen Street, Edinburgh EH2 4NH, Joint Liquidator of Tribune
Risk and Insurance Services Limited, advise creditors that in
terms of an interlocutor issued by Lord Reed dated February 15,
2005, I have prepared a report detailing our outlays and
remuneration which have been determined by the Liquidation
committee for the period February 13, 2004 to April 7, 2004.

The creditors' right of appeal against the committee's
determination is set out in Rule 4.35 of the Insolvency
(Scotland) Rules 1986 and Section 53 of the Bankruptcy
(Scotland) Act 1985 (as amended), as applied to Liquidations by
Rule 4.68 and in terms of the interlocutor issued by Lord Reed,
creditors may lodge their appeals.

Creditors of the company may obtain a copy of the report from
the offices of PricewaterhouseCoopers LLP, Erskine House, 68-73
Queen Street, Edinburgh from 9:00 a.m. to 5:30 p.m. on any
normal business day excluding bank or public holidays.

J. B. Cartwright, Joint Liquidator
February 18, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Erskine House
          68-73 Queen Street
          Edinburgh EH2 4NH
          Phone: [44] (131) 226 4488
                            260 4402 VAT
          Fax: [44] (131) 260 4008
                          260 4030 VAT
          Web site: http://www.pwcglobal.com

          John Bruce Cartwright
          E-mail: bruce.cartwright@uk.pwc.com
          Phone: 0131 226 4488
          Fax: 0131 260 4008


WESTON COACH: Administrator from Albert Goodman Moves in
--------------------------------------------------------
Laurence Russell (IP No 9199) has been appointed administrator
for Weston Coach & Body Works Ltd.  The appointment was made
March 2, 2005.  The company repairs motor vehicle accident.

CONTACT:  ALBERT GOODMAN
          Mary Street House
          Mary Street
          Taunton
          Somerset TA1 3NW
          Phone: 01823 286096
          Fax: 01823 257319


WILLIAM BALL: Creditors Have Until Next Month to File Claims
------------------------------------------------------------
At the extraordinary general meeting of William Ball Properties
Limited on Feb. 22, 2005 held at Ultimate House, 471 London
Road, Grays, Essex RM20 4WD, the special and ordinary
resolutions to wind up the company were passed.  Alan Clifton 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 details in writing of any claim
against the company to Mr. Alan Roy Clifton at DTE Leonard
Curtis, DTE House, Hollins Mount, Hollins Lane, Bury BL9 8AT on
or before April 30, 2005.

CONTACT:  DTE LEONARD CURTIS
          50-52 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 236 7274
          Fax: 0121 236 7556
          E-mail: AClifton@dte-leonardcurtis.com


WRYCOM GROUP: Calls in Joint Administrators from PKF
----------------------------------------------------
Keith R. Morgan and Ian Gould (IP Nos 6831, 7866) have been
appointed joint administrators for Wrycom Group Limited.  The
appointment was made Feb. 16, 2005.

The company repairs telecomm equipment.  Its registered office
is located at Unit 2, Bamfurlong Industrial Estate, Staverton,
Gloucestershire GL51 6SX.

CONTACT:  PKF
          18 Park Place
          Cardiff CF10 3PD
          Phone: 029 2064 6200
          Fax: 029 2064 6201
          E-mail: keith.morgan@uk.pkf.com

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com


WYNDHAM UK: Hires Liquidator from Menzies Corporate
---------------------------------------------------
At the general meeting of Wyndham UK Holdings Limited, the
special resolution to wind up the company was passed.  Paul John
Clark and Andrew John Duncan of Menzies Corporate Restructuring,
17-19 Foley Street, London W1W 6DW have been appointed joint
liquidators of the company.

Creditors are required to prove their debt by sending to the
undersigned, Paul John Clark, of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW on or before
April 25, 2005.

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


                            *********


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

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

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

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