TCREUR_Public/050314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 14, 2005, Vol. 6, No. 51

                            Headlines

F R A N C E

MARIONNAUD PARFUMERIES: Watson Nears Deal with Creditor Banks
SPEEDWICH SARL: High Cost Eats up Sandwich-maker's Profit


G E R M A N Y

A. SCHWARZ: Essen Court Confirms Bankruptcy
BASATEC SPEZIALBAU: Under Bankruptcy Administration
BAUTRALUX WOHNUNGSUNTERNEHMEN: Succumbs to Insolvency
DEBAU DESSAUER: Dessau Court Appoints Interim Administrator
EM.TV AG: Extends ZDF Partnership

FRANZISKA UEBERMUTH: Cedes Control to Interim Administrator
FREILEITUNGS-GESELLSCHAFT MBH: Declared Insolvent
IM INTERNATIONALMEDIA: Returns to Profit in Fourth Quarter
ROLLI TREFF: Gives Creditors Until Friday to File Claims
TFE TRAGERGESELLSCHAFT: Interim Administrator Takes over Helm
TORBEN OTTMAR: Last Day for Filing Claims March 29
WERBEAGENTUR FROHLICH: Declares Bankruptcy


G R E E C E

BANK OF ATTICA: EUR100 Mln Subordinated Debt Issue Rated Ba2
EFG HELLAS: Moody's Rates EUR200 Mln Preferred Securities Baa1


I T A L Y

PARMALAT FINANZIARIA: Bondi Amends Recovery Ratios
PARMALAT FINANZIARIA: Court Okays Debt Settlement Among Units


K A Z A K H S T A N

ATF BANK: Fitch Rates Proposed Eurobond 'B+'


N E T H E R L A N D S

UNITEDGLOBALCOM INC.: New Bank Loan Tranches Rated 'B'


R O M A N I A

HIDROELECTRICA SA: Senior Implied Rating Raised to Ba1


R U S S I A

AVTOREMONTNIK: Hires S. Orlov as Insolvency Manager
BALTASINSKOYE: Proofs of Claim Deadline April 12
BUKHT-UGOL-STROY: Declared Insolvent
KARDYMOVO-FLAX: Appoints A. Mamnev Insolvency Manager
KHEZMET: Bankruptcy Hearing Resumes Next Month

METRO-MECHANIZATION: Applies for Bankruptcy Proceedings
SERNURSKIY MEAT: Undergoes Bankruptcy Supervision Procedure
SHAKHTINSKIY AVTO-REM-ZAVOD: Bankruptcy Hearing Next Week
SHUCHANSKIY COMBINE: Last Day for Filing Claims April 12
TEPLO-SNAB: Bankruptcy Hearing Resumes May


U K R A I N E

ATLANT: Sumi Court Appoints Insolvency Manager
BAJRAK: Declares Bankruptcy
ENERGY-SERVICE: Succumbs to Insolvency
LVIV' AUTO 14631: Ivanitskij Named Temporary Insolvency Manager
OREKS: Donetsk Court Freezes Debt Payments

SHOSTKA' SIVERIYA: Bankruptcy Supervision Starts
SNYATINSKA: Under Bankruptcy Supervision
STAHANOV' MEAT: Applies for Bankruptcy Proceedings
TIN PLANT: Bankruptcy Proceedings Begin
VINPROMTEH: Court Orders Debt Moratorium


U N I T E D   K I N G D O M

APEX ENTERPRISES: Members Pass Winding-up Resolutions
ATLAS SURFACTANTS: Hires Liquidator from Fisher Partners
BARBICAN CAR: Appoints Administrators from Leonard Curtis & Co.
BOWDEN & WILLIS: Deadline for Debt Claims Next Month
BREMASTAN LIMITED: Administrators from Poppleton Move in

B. S. HOWELLS: Calls in Liquidators from Springfields
CATTERICK LAUNDRY: Hires Kroll Limited as Liquidator
CHALICE HOLDINGS: Creditors Have Until April 18 to File Claims
CHEERS BAR: Calls in PwC Liquidators
CHILL OUT: Members Call in Liquidator from Marks Bloom

CNC CASE: Liquidator from Daly & Co. Moves in
C SANDLER: Members Pass Special Winding-up Resolution
DURABELLA HARDWOODS: Hires Liquidator from Kroll Limited
EIDOS PLC: Books GBP29 Mln Operating Loss in Second Half of 2004
EPIC BRAND: Members Call in Liquidator from KPMG

INTERNATIONAL POWER: Pre-tax Profit Steady at GBP287 Million
INTERNATIONAL POWER: Ratings Unaffected by 2004 Results
MCCOWAN'S LTD.: Files for Receivership
MERZARIO LIMITED: Freight Forwarder Succumbs to Administration
MILO DESIGNS: Liquidator from Monahans Steps in

M J & H LIMITED: Creditors Appoint Liquidator
MONTELLER LIMITED: Members Pass Special Winding-up Resolution
MUIRMILL INTERNATIONAL: Names James Bernard Stephen Liquidator
NEW WORLD: Hires Wilson Field as Administrator
OSPREY KITCHENS: Kroll Liquidator Takes over Helm

PALCON SYSTEMS: Hires Administrators from Moore Stephens
PARTHENON PROJECTS: In Administrative Receivership
RALEIGH STREET: Members Decide to Wind up Firm
REMOTE PROPERTIES: Calls in Liquidators from Ernst & Young
RHS PANELTECH: Creditors Meeting Set Next Week

ROYAL & SUNALLIANCE: Meets Strategic Commitments for 2004
ROYAL & SUNALLIANCE: To Distribute Final Dividend of 2.96p
ROYAL & SUNALLIANCE: A.M. Best Ratings Remain Unchanged
SHOPS ETC: Creditors Have Until April to File Claims
STARS 1: Joint Liquidators from KPMG Move in
TOXO EUROPE: Liquidator Takes over Operations
TRINITY INVESTMENTS: Creditors Meeting Set Next Week


                            *********


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


MARIONNAUD PARFUMERIES: Watson Nears Deal with Creditor Banks
-------------------------------------------------------------
A lifeline has been thrown Marionnaud Parfumeries' way, Les
Echos says.

AS Watson, set to takeover Marionnaud, is reportedly close to
forging a financing deal with the perfume group's creditor
banks.  If the deal pushes through, Marionnaud will avert a
default on its short-term loans and possibly insolvency.  Watson
has pledged to guarantee the loans.

Troubled Company Reporter-Europe said on January 19, 2005 that
Marionnaud chief executive Marcel Frydman accepted a EUR534
million takeover offer from Asian tycoon Li Ka-Shing, who owns
Watson through his Hutchinson Whampoa conglomerate.

A small securities holders' association has recently filed a
false reporting suit against Marionnaud, accusing the group of
reporting distorted figures for its 2002 and 2003 balance sheet
and cash reserves.  Financial markets authority, Autorite Des
Marches Financiers (AMF), has also been investigating Marionnaud
since January following the company's admission of EUR93 million
in accounting errors.  The group could also face a full-blown
probe from the Paris public prosecutor's office, which has
launched a preliminary investigation.

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

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



SPEEDWICH SARL: High Cost Eats up Sandwich-maker's Profit
---------------------------------------------------------
The commercial court of Arras has placed sandwich group
Speedwich under administration, Les Echos says.

The court also did the same to Panitrade, the group's bread-
making arm.  Speedwich's troubles began soon after doubling its
production capacity, when it lost a major customer responsible
for half of its turnover.  The group maintained its 2004 sales
by venturing into other markets, but was plagued by high
structural cost.

Considered the country's fifth largest sandwich group, Speedwich
has been holding talks with another group regarding a possible
share sale.  Now that it has filed for insolvency, that group
might launch a takeover bid.  Speedwich remains optimistic of
its future, citing good commercial prospects.

The group specializes in the production and distribution of
ultra-fresh sandwiches, snacks and salads.  Based in Brebiere,
Speedwich supplies hypermarkets, supermarkets, and food outlets
in Paris.  The group, which employs around 100 people, achieved
EUR7 million in turnover in 2004.

CONTACT:  SPEEDWICH SARL
          Parc Horizon 2000
          62117 Brebiere
          Phone: 03 21 50 76 50
          Fax: 03 21 50 76 51
          E-mail: contact@speedwich.fr
          Web site: http://www.speedwich.fr


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


A. SCHWARZ: Essen Court Confirms Bankruptcy
-------------------------------------------
The district court of Essen opened bankruptcy proceedings
against A. Schwarz & Sohn Beteiligungsgesellschaft mbH on Feb.
22.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 30,
2005 to register their claims with court-appointed provisional
administrator Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 2:00 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  A. SCHWARZ & SOHN BETEILIGUNGSGESELLSCHAFT MBH
          Martin-Luther-Str. 84-88, 45145 Essen
          Contact:
          Manfred Schwarz, Manager

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


BASATEC SPEZIALBAU: Under Bankruptcy Administration
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Basatec Spezialbau GmbH on Feb. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 9:40 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 19, 2005, 9:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  BASATEC SPEZIALBAU GMBH
          Ringstr. 55,12205 Berlin

          Hartwig Albers, Administrator
          Lutzowstr. 100, 10785 Berlin


BAUTRALUX WOHNUNGSUNTERNEHMEN: Succumbs to Insolvency
-----------------------------------------------------
The district court of Sulzbach opened bankruptcy proceedings
against BAUTRALUX Wohnungsunternehmen und Baustoffe GmbH on Feb.
17.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 14,
2005 to register their claims with court-appointed provisional
administrator Dr. Thomas Christmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 9:00 a.m. at the district court
of Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasssse 2,
66280 Sulzbach, 1. Etage, Saal 13 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 13, 2005, 8:50 a.m. at the same
venue.

CONTACT:  BAUTRALUX WOHNUNGSUNTERNEHMEN UND BAUSTOFFE GMBH
          Gabrielenstrasse 2, 66798 Wallerfangen

          Dr. Thomas Christmann, Administrator
          Graf-Johann-Strasse 8, 66121 Saarbrucken
          Phone: 0681-301404 69
          Fax: 0681-63 53 21


DEBAU DESSAUER: Dessau Court Appoints Interim Administrator
-----------------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against DEBAU Dessauer Baugesellschaft mbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 4, 2005
to register their claims with court-appointed provisional
administrator Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 9:30 a.m. at the district court of
Dessau, Willy-Lohmann-Str. 33, Saal 123 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:  DEBAU DESSAUER BAUGESELLSCHAFT MBH
          Wilhelm-Feuerherdt-Strasse 13, 06844 Dessau

          Dr. Nikolaus Schmidt, Insolvency Manager
          Magdeburger Strasse 23, 06112 Halle
          Phone: 0345/2311111
          Fax: 0345/2311199


EM.TV AG: Extends ZDF Partnership
---------------------------------
EM.TV's subsidiary, EM.Entertainment GmbH, agreed with ZDF on a
deal-memo extending an existing framework agreement until 2011.
The agreement, which is to be incorporated into a long-form
agreement in the next few weeks, relates to the period with
effect from 2006 and to a total of approximately 625 half-hour
programs, including classics from the Astrid Lindgren library
such as Pippi Longstocking, Emil in Loenneberga, Kalle Blomquist
and Lindgren films such as Ronia the Robber's Daughter and The
Brothers Lionheart.

The license periods have also been extended for Heidi, fairy
tale films and a large number of other series from the extensive
library of the EM.TV Group.  EM.TV and ZDF also agreed to
continue their joint co-production activities in the children
and youth market business and to plan four additional co-
production seasons over and above the co-productions still
outstanding under the existing contract.  The total volume of
the contract extension over the whole period is in the lower
double-digit million Euro range.

                            *   *   *

EM.TV AG reported a net loss after minority interests of EUR2.5
million in the third quarter.

CONTACT:  EM.TV AG
          Beta-Strasse 11, D-85774 Unterfohring
          Phone: +49 (0) 89 - 99 500 0
          Fax: +49 (0) 89 - 99 500 111

          Beta-Strasse 11
          85744 Unterfohring
          Deutschland

          PR
          Sabine Lais
          Phone: +49 (0) 89 - 99 500 461
          Fax: +49 (0) 89 - 99 500 466

          Frank Elsner
          Kommunikation fur Unternehmen GmbH
          Phone: +49 (0) 5404 - 91 92 0
          Fax: +49 (0) 5404 - 91 92 29

          IR
          Jens Stahmann
          Phone: +49 (0) 89 - 99 500 436
          Fax: +49 (0) 89 - 99 500 433


FRANZISKA UEBERMUTH: Cedes Control to Interim Administrator
-----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Franziska Uebermuth Fashion-Shop GmbH on
Feb. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 11, 2005 to register their claims with court-appointed
provisional administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on May 9, 2005, 10:30 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle at which time the
administrator will present his first report of the insolvency
proceedings.  The court will 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:  FRANZISKA UEBERMUTH FASHION-SHOP GMBH
          Grosse Ulrichstr. 60, 06108 Halle
          Contact:
          Franziska Uebermuth, Manager
          Dorfstr. 10, 06188 Oppin

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


FREILEITUNGS-GESELLSCHAFT MBH: Declared Insolvent
-------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Freileitungs-Gesellschaft mbH. Werk Berlin
Kommanditgesellschaft on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 13, 2005 to register their claims
with court-appointed provisional administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:20 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 12, 2005, 9:25 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  FREILEITUNGS-GESELLSCHAFT MBH. WERK BERLIN
          KOMMANDITGESELLSCHAFT
          Gradestrasse 109, 12347 Berlin

          Rudiger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


IM INTERNATIONALMEDIA: Returns to Profit in Fourth Quarter
----------------------------------------------------------
According to preliminary figures, IM Internationalmedia AG
generated a positive operating result (EBIT) as well as a
slightly positive result after taxes in the fourth quarter 2004.
Revenues of the last quarter 2004 exceeded EUR100 million.

Overall revenues of the fiscal year 2004 amounted to
approximately EUR185 million (EUR248 million in the year
before).  Compared to the fiscal year 2003 this is a decline,
which partially was affected by the U.S.-dollar exchange rate
though.

The company's operating result (EBIT) for the year 2004 will
amount to about -EUR19 million (-EUR19.5 million in the year
before); depreciations on film development totaled approximately
EUR20.5 million (EUR23.8 million in the year before).

Again, annual overhead costs could be reduced by around 30%
falling below EUR13 million (EUR18.5 million in the year
before).  Thus the target of EUR14 million for the past fiscal
year could be substantially exceeded.

By the end of the fiscal year 2004 liquidity amounts to about
EUR32 million (EUR11.6 million in the year before), the large
part of which is assigned for a new production though.  Free
liquidity by the end of the year was on a similar level as in
the third quarter and thus remains the main insecurity for the
company group's future development.

Project development costs could be decreased to below EUR12
million (EUR24.2 million in the year before).  This decline of
over 50% shows that the main financial downsides in this area
have been reduced significantly.  The equity ratio amounts to
approximately 16% (16.9% in the year before).

CONTACT:  IM INTERNATIONALMEDIA AG
          Cuvilliesstrasse 25
          81679 Munchen
          Deutschland
          Investor Relations
          Phone: +49 (89) 98 107 100
          Fax: +49 (89) 98 107 199
          E-mail: info@internationalmedia.de


ROLLI TREFF: Gives Creditors Until Friday to File Claims
--------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Rolli Treff GmbH on Feb. 15.  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 Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 11:30 a.m. at Raum 6, Amtsgericht
Erfurt, Rudolfstr. 46, 99092 Erfurt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ROLLI TREFF GMBH
          Contact:
          Hubert Junger, Manager
          Edgar Gellert, Manager
          Harjesstrasse 2a, 99867 Gotha

          Peter Scholl, Administrator
          Andreasstr. 39, 99084 Erfurt


TFE TRAGERGESELLSCHAFT: Interim Administrator Takes over Helm
-------------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against TfE Tragergesellschaft fur energiesparendes
Bauen mbH & Co. on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 13, 2005 to register their claims with
court-appointed provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 9:55 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 13, 2005, 9:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  TFE TRAGERGESELLSCHAFT FUR ENERGIESPARENDES BAUEN MBH
          & CO. SCHLUTERSTRASSE 4 KG
          Pfalzburger Str. 72 a, 10719 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


TORBEN OTTMAR: Last Day for Filing Claims March 29
--------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Bauberatungs- und Mietservice GmbH on Feb. 18.
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 Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2005, 12:00 noon at Karl-Marx-Strasse
18a, 16816 Neuruppin, Saal 325 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:  Torben Ottmar Herbold, Administratort
          Haeckelstrasse 10, 39104 Magdeburg


WERBEAGENTUR FROHLICH: Declares Bankruptcy
------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Werbeagentur Frohlich & Friends GmbH on Feb. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2005
to register their claims with court-appointed provisional
administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 2:20 p.m. at Saal 226, 2.
Obergeschoss, Amtsgericht Hannover, Dienstgebaude Hamburger
Allee 26, 30161 Hannover at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  WERBEAGENTUR FROHLICH & FRIENDS GMBH
          Bodekerstr. 7, 30161 Hannover
          Contact:
          Marco Frohlich, Manager

          Helge Wachsmuth, Administrator
          Alexanderstr. 2, 30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


===========
G R E E C E
===========


BANK OF ATTICA: EUR100 Mln Subordinated Debt Issue Rated Ba2
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the EUR100
million subordinated guaranteed floating rate notes due in 2015
to be issued by Attica Funds plc and guaranteed by Bank of
Attica S.A.  The Ba2 subordinated debt rating reflects a one-
notch difference from the Ba1 foreign currency deposit rating
already assigned to Bank of Attica, in line with Moody's
notching practice for subordinated debt.

Moody's existing ratings for Bank of Attica, of Ba1/NP for long-
and short-term foreign currency deposits and D for financial
strength, reflect the bank's adequate financial performance and
growing business dynamism, but also its small franchise, its
late entry into certain market sectors and the challenges it
faces in the increasingly competitive Greek banking market.

Headquartered in Athens, Greece, Bank of Attica had total assets
of EUR2.4 billion (based on Greek Accounting Standards) at end-
2004.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED
          Limassol
          Adel Satel, General Manager
          Financial Institutions Group
          Constantinos Pittalis
          Vice President - Senior Analyst
          For Journalists
          Phone: 44 20 7772 5456


EFG HELLAS: Moody's Rates EUR200 Mln Preferred Securities Baa1
--------------------------------------------------------------
Moody's Investors Service assigned a Baa1 rating to the EUR200
million Series A CMS-linked Non-cumulative Guaranteed Non-voting
Preferred Securities issued by EFG Hellas Funding Limited and
guaranteed on a subordinated basis by EFG Eurobank Ergasias S.A.
(Eurobank), currently rated at A2 and Prime-1 for long- and
short-term foreign currency deposits and debt and at C+ for bank
financial strength.

The preferred securities are perpetual securities and have no
fixed redemption date, but are callable after five years.  The
Baa1 preferred securities rating reflects a two-notch difference
from the A2 foreign currency senior debt rating assigned to EFG
Eurobank Ergasias in line with Moody's notching practice for
such hybrid securities.

Moody's notes that Eurobank's A2/Prime-1/C+ ratings reflect its
solid market positioning in its domestic market and its strong
financial fundamentals.  Through organic growth and a number of
successfully executed acquisitions, Eurobank is now the third-
largest financial institution in Greece.  The bank's strong
franchise is underpinned by major market shares in high-margin
segments exhibiting good growth potential, such as consumer
credit, mortgage lending, small and medium-sized enterprises and
asset management.

Moody's also notes that Eurobank enjoys one of the highest
recurring earning powers among Greek banks, underpinned by
healthy interest margins, high fee and commission income and
good operational efficiency.  Despite its rapidly growing loan
portfolio and its expansion in high-risk segments, Eurobank's
credit quality remains satisfactory.  However, with credit
growing faster than customer deposits, Eurobank has been forced
to tap the capital markets to fund its business expansion,
albeit at a higher funding cost.  Despite the increase in its
financial leverage, the bank's capital position remains at
comfortable levels and compares well with that of its peers.

Headquartered in Athens, Greece, EFG Eurobank Ergasias reported
total assets of EUR32 billion (based on Greek Accounting
Standards) at end-2004.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED
          Limassol
          Adel Satel, General Manager
          Financial Institutions Group
          Constantinos Pittalis
          Vice President - Senior Analyst
          For Journalists
          Phone: 44 20 7772 5456


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


PARMALAT FINANZIARIA: Bondi Amends Recovery Ratios
--------------------------------------------------
On February 19, 2005, Enrico Bondi, Extraordinary Commissioner
of Parmalat Finanziaria S.p.A. and its affiliates, filed with
the Italian Ministry of Production Activities an application to
amend the method of implementing the June 2004 Restructuring
Program of the Parmalat Group and the Proposal of Composition
with Creditors, as well as other changes and clarifications.

Finanziaria revised the recovery ratios applicable to the claims
of the unsecured creditors of the 16 companies under
Extraordinary Administration that are included in the Proposal
of Composition with Creditors.  The final calculation of the
Recovery Ratios was made on the basis of the lists of creditors
filed with the Court of Parma on December 16, 2004, and of the
challenges filed by January 12, 2005, by creditors residing in
Italy and by January 27, 2005, by creditors residing outside
Italy.

The Application was approved March 1, 2005, by the MPA, acting
in concert with the Minister of Farming and Forestry Policies,
Parmalat said in a press release on March 2.

The Restructuring Program and the Proposal of Composition with
Creditors was initially approved by the MPA July 23, 2004.

A full-text copy of Parmalat's press release and related
exhibits is available at no charge at
http://bankrupt.com/misc/Parmalat_Amends_Restructuring_Program.p
df

                    Changes and Clarification

Parmalat clarifies certain assumptions contained in the Proposal
of Composition with Creditors and the Restructuring Program:

   (a) The final recovery ratios were calculated after the
       publication of the lists of creditors.  The sums of
       assets take into account significant events that have
       occurred between the date when the Restructuring Program
       was first released and now, when those events have
       produced material changes in the valuations made.

   (b) The publication of the final recovery ratios, of the
       claim reductions under the composition with creditors and
       of the amount of the capital increase reserved for
       eligible unsecured creditors is expected to take place
       after the lists of creditors have been published and
       after the expiration of the statutory deadlines for
       filing challenges to the list.

   (c) To comply with the provisions of the statutes governing
       financial markets, which require that the resolution
       approving the Assumptor's capital increase be adopted
       before a resolution accepting the Assumptor's securities
       for listing may be issued and the Consob approves the
       Prospectus, Fondazione Creditori Parmalat is required to
       approve the capital increases reserved for eligible
       unsecured creditors, creditors who challenged the sum of
       liabilities, creditors with conditional claims and late-
       filing Creditors after the publication of the final
       recovery ratios, rather than after the approval of the
       Proposal of Composition with Creditors.  In addition, the
       capital increase must be subscribed in full by Fondazione
       Creditori Parmalat on behalf of eligible unsecured
       creditors after the Proposal of Composition with
       Creditors has been approved.

   (d) Additional open and fractionable capital increases -- for
       distribution of shares to creditors challenging the list
       of creditors and having conditional claims, and to allow
       the issuance of warrants -- may be carried out within a
       10-year rather than a 5-year deadline.  A further open
       and fractionable capital increase may be carried out
       within 10 years to distribute shares to eligible
       unsecured creditors with a title and cause that predates
       the date when the companies that are parties to the
       Proposal of Composition with Creditors were declared
       eligible for Extraordinary Administration Proceedings,
       including creditors whose claims were not included in the
       sum of liabilities but were later verified by a court
       decisions that has become final and, therefore, can no
       longer be challenged, or creditors whose claim was
       verified pursuant to a settlement with the Assumptor.
       The capital increase and any subsequent capital increases
       that may be approved for the purpose of distributing
       shares to late-filing creditors must be carried out at
       par and must not be subject to the preemptive rights of
       other stockholders, as an exception to the provisions of
       Article 2441, Section Six, of the Italian Civil Code.

   (e) Article 31 of the Assumptor's Bylaws, a significant
       portion of which is reflected in Paragraph 4.5 of the
       Proposal of Composition with Creditors, will be amended
       by an Extraordinary Stockholders' Meeting of the
       Assumptor to address the issues regarding the Assumptor's

       securities.  Article 31 of the Assumptor's Bylaws will
       also be amended to change from the current 12 months to
       14 months the term of office of a seven-member Board of
       Directors, beginning on the date when the purchase by the
       Foundation of the Assumptor's entire capital stock is
       recorded in the Company Register.  The Assumptor's Bylaws
       will also be amended to address the issues regarding
       capital increases.

   (f) As a partial exception to the guidelines contained in the
       Proposal of Composition with Creditors and the
       Restructuring Program, which require that the interests
       held by the Proposal's parties in companies under
       Extraordinary Administration may not be transferred to
       the Assumptor, the interests held by Parmalat S.p.A. and
       Contal S.r.l. in Boschi Luigi e Figli S.p.A. will be
       transferred to the Assumptor.

   (g) With regard to the treatment of certain debt instruments,
       upon filing the final lists of creditors, the Giudice
       Delegato, as an exception to the Restructuring Program:

       -- admitted as a conditional claim against Parmalat
          S.p.A. the claim filed by WestLB with respect to
          preferred shares issued by Parmalat Capital Finance
          Ltd. "in light of the fact that Parmalat Capital
          Finance Ltd. is not in bankruptcy procedure," while
          previously that claim had been excluded by Dr. Bondi
          in accordance with the guidelines adopted for the
          handling of subordinated guarantees; and

       -- never admitted the make-whole-amount claim for the
          private placements of companies other than Parmalat
          S.p.A. that were admitted to the Extraordinary
          Administration proceedings.

       In the Restructuring Program, this claim had been
       included among the liabilities of the issuer.  As a
       result, Dr. Bondi will compute the sums of assets and
       sums of liabilities and the recovery ratios without
       taking into account the make whole call but including the
       WestLB claim with respect to preferred shares, in
       accordance with the decisions handed down by the Giudice
       Delegato upon the filing of the enforceable lists of
       creditors.

   (h) The Proposal of Composition with Creditors states that
       creditors retain in full their right to pursue joint
       obligors, sureties or obligors in recovery actions, as
       allowed under the general rule set forth in the
       provisions of Articles 135 and 184 of the Italian
       Bankruptcy Law that govern compositions with creditors.

   (i) As stated in the Restructuring Program, the Group planned
       to change its strategy in South America concurrently with
       the implementation of its Industrial Plan.  More
       specifically, in light of the deterioration caused to the
       financial position of the Venezuelan operations by
       certain political developments and despite the commitment
       of the Parmalat Group to protect the value and viability
       of the Venezuelan operating companies, there is no
       certainty that these companies will continue to be
       included among the Group's core businesses in the future.

                       New Recovery Ratios

The Recovery Ratio is the ratio between the sum of assets and
the sum of liabilities applicable to the claims of the unsecured
creditors of the 16 companies included in the Proposal of
Composition with Creditors.

The sum of assets of each of the relevant companies primarily
includes:

  (1)  operating businesses;
  (2)  equity investments;
  (3)  any cash or cash equivalents; and
  (4)  financial receivables.

The sum of liabilities of each company includes:

  (1)  admitted claims of unsecured creditors;

  (2)  conditional claims of unsecured creditors and claims
       verified with reservation of unsecured creditors who
       filed challenges within the statutory deadlines;

  (3)  rejected claims of unsecured creditors who filed
       challenges within the statutory deadlines, after
       deducting with a conservative approach those challenges
       that are deemed to be without merit; and

  (4)  unsecured intra-Group claims of the 16 companies that
       were not included in the Lists of Creditors but were used
       for Recovery Ratio computation purposes.

The Recovery Ratios listed in the previously approved
Restructuring Program were the product of a provisional
analysis, as changes were likely to occur in the sums of
liabilities of the relevant companies, with a corresponding
impact on their sums of assets.  The main changes made to the
calculation of Recovery Ratios also take into account
significant events that have:

     * occurred since the Ratios were published in July 2004;
       and

     * have produced material changes to the valuations at
       January 1, 2004.

More specifically:

   -- The valuations of the operating businesses of Eurolat and
      Boschi Luigi e Figli and of those located in Venezuela and
      Portugal have been updated.

   -- In light of the data contained in the Parmalat Group's
      Semiannual Report at June 30, 2004, the write-downs of
      certain balance sheet items booked as a result of the
      conservative approach used in computing the provisional
      Recovery Ratios as of July 2004 have been reversed.

   -- The proceeds generated by the Nextra settlement in October
      2004 have been taken into account.

   -- The allocation of the costs incurred in connection with
      the Extraordinary Administration Proceedings have also
      been taken into account.

   -- In accordance with the guidelines provided by the Giudice
      Delegato and in contrast with the process followed in July
      2004, intercompany loans are no longer subordinated, even
      when the provisions of Articles 2467 and 2497-quinquies of
      the Italian Civil Code are applicable and all intra-Group
      receivables and payables are netted out.

The final Recovery Ratios for each of the 16 companies under
Extraordinary Administration are:

      Company                         Revised Recovery Ratio
      -------                         ----------------------
      Parmalat Finanziaria S.p.A.               5.7%
      Parmalat S.p.A.                           6.9%
      Centro Latte Centallo S.r.l               64.8%
      Contal S.r.l.                              7.1%
      Eurolat S.p.A.                           100.0%
      Parmengineering S.r.l.                     4.9%
      Geslat S.r.l.                             28.2%
      Lactis S.p.A.                            100.0%
      Newco S.r.l.                              14.0%
      Panna Elena CPC S.r.l.                    75.7%
      Olex S.A.                                  2.3%
      Parmalat Soparfi S.A.                     21.0%
      Dairies Holding International B.V.        39.2%
      Parmalat Capital Netherlands B.V.          5.3%
      Parmalat Finance Corporation B.V.          5.0%
      Parmalat Netherlands B.V.                  6.4%

The final claim reductions under the composition with creditors
are:

(In EUR Millions)

                               Third       Intra-      Total
                               Parties'    Group       Unsecured
Company                        Claims      Claims      Claims
-------                        ----------  ----------  ---------
Parmalat Finanziaria S.p.A.       1,885.1     1,363.1    3,248.2
Parmalat S.p.A.                  11,910.2     1,575.3   13,485.5
Centro Latte Centallo S.r.l.         13.3         0.0       13.3
Contal S.r.l.                       141.0       242.1      383.1
Eurolat S.p.A.                      209.2        66.9      276.1
Parmengineering S.r.l.                7.5        93.1      100.6
Geslat S.r.l.                       117.3        71.4      188.8
Lactis S.p.A.                        17.8         9.0       26.8
Newco S.r.l.                          3.3        12.2       15.4
Panna Elena CPC S.r.l.                8.2         6.9       15.2
Olex S.A.                             0.1       558.8      558.8
Parmalat Soparfi S.A.               573.8       232.6      806.4
Dairies Holding International         0.0       413.9      414.0
Parmalat Capital Netherlands        335.1         0.0      335.1
Parmalat Finance Corporation      5,427.8       540.0    5,967.7
Parmalat Netherlands B.V.           564.8       292.9      857.7
                               ----------  ----------  ---------
   Total                        21,214.4     5,478.3   26,692.7


(In EUR Millions)

                              Estimate Sum of    Claim Reduction
                              Assets to Compute  Under Compos.
Company                       Recovery Ratio     with Creditors
-------                       -----------------  ---------------
Parmalat Finanziaria S.p.A.           185.7           3,062.5
Parmalat S.p.A.                       936.5          12,549.0
Centro Latte Centallo S.r.l.            8.6               4.7
Contal S.r.l.                          27.1             356.1
Eurolat S.p.A.                        316.7               0.0
Parmengineering S.r.l.                  4.9              95.7
Geslat S.r.l.                          53.3             135.5
Lactis S.p.A.                          55.9               0.0
Newco S.r.l.                            2.2              13.3
Panna Elena CPC S.r.l.                 11.5               3.7
Olex S.A.                              12.7             546.2
Parmalat Soparfi S.A.                 169.5             636.9
Dairies Holding International         162.3             251.7
Parmalat Capital Netherlands           17.7             317.4
Parmalat Finance Corporation          299.3           5,668.5
Parmalat Netherlands B.V.              54.9             802.7
                              -----------------  ---------------
   Total                            2,318.6          24,443.8

The final Recovery Ratios will be used to determine the number
of Assumptor shares and warrants that will be awarded to the
unsecured creditors of the companies that are parties to the
Proposal of Composition with Creditors.

As previously reported, the Proposal of Composition with
Creditors calls for:

   * Settlement in cash by the Assumptor of 100% of all
     preferential claims;

   * Settlement in cash by the Assumptor of 100% of all
     pre-deduction claims;

   * Partial settlement of unsecured claims through the
     allotment of Assumptor shares, the number of which will
     vary depending on the different debtor companies, and
     warrants, which will be awarded free of charge to each
     creditor on the basis of one warrant for every allocated
     share for the first 650 allotted shares.  Each warrant will
     give the right to buy one share.  Each Warrant gives an
     unsecured creditor the ongoing right to buy one Assumptor
     share at par value during the first 10 days of the month
     following the month in which the creditor files an
     application to buy in each calendar year from 2005 through
     2015.

The unsecured creditors of each company, excluding the claims of
companies under Extraordinary Administration that are included
in the Proposal of Composition with Creditors that will not
receive Assumptor shares, will receive a percentage of the
Assumptor's shares determined by weighing the total of their
claims on the basis of the applicable Recovery Ratios and
determining their "weight" within the final stockholder base of
the Assumptor:

                               Debt weighted
                               accdg to Recovery  % of Assuntore
Company                        Ratio (EUR/mln)    shares
-------                        ----------------  ---------------
Parmalat Finanziaria S.p.A.             128.4             7.2%
Parmalat S.p.A.                         881.2            49.5%
Centro Latte Centallo S.r.l.              8.6             0.5%
Contal S.r.l.                            11.6             0.7%
Eurolat S.p.A.                          224.7            12.6%
Parmengineering S.r.l.                    0.4             0.0%
Geslat S.r.l.                            33.3             1.9%
Lactis S.p.A.                            18.0             1.0%
Newco S.r.l.                              0.5             0.0%
Panna Elena CPC S.r.l.                    6.2             0.4%
Olex S.A.                                 0.1             0.0%
Parmalat Soparfi S.A.                   120.6             6.8%
Dairies Holding International            16.0             0.9%
Parmalat Capital Netherlands             17.7             1.0%
Parmalat Finance Corporation            274.7            15.4%
Parmalat Netherlands B.V.                37.9             2.1%
                              -----------------  ---------------
   Total                             1,780.0           100.0%

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq. and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.  (Parmalat Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

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


PARMALAT FINANZIARIA: Court Okays Debt Settlement Among Units
-------------------------------------------------------------
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates have
filed proofs of claim in excess of $350 million against Parmalat
S.p.A., Parmalat Finanziaria S.p.A., and Parmalat Finance
Corporation B.V. in their insolvency proceedings before the
Court of Parma in Italy:

   $292,542,198, relating to an intercompany loan and
                 reimbursement credits owing to Farmland Dairies
                 LLC by Parmalat S.p.A. and the same claim in a
                 similar amount against Finanziaria based on an
                 Italian statute that may require Finanziaria to
                 satisfy certain of Parmalat S.p.A.'s alleged
                 financial obligations;

     $9,938,081, relating to an intercompany loan allegedly
                 owing to Farmland by Parmalat S.p.A. and the
                 same claim alleging a similar amount against
                 Finanziaria as Parmalat S.p.A.'s sole
                 shareholder;

     $8,835,071, relating to amounts allegedly advanced to
                 Transora by Farmland, allegedly at Parmalat
                 S.p.A.'s direction, and the same claim in a
                 similar amount against Finanziaria as Parmalat
                 S.p.A.'s sole shareholder;

    $20,592,555, relating to amounts allegedly advanced by
                 Farmland to acquire the stock of DASI Products
                 on behalf of Parmalat TechHold Corporation,
                 allegedly at Parmalat S.p.A.'s direction, and
                 the same claim in a similar amount against
                 Finanziaria as Parmalat S.p.A.'s sole
                 shareholder;

     $5,415,115, relating to amounts allegedly withheld from or
                 paid by Farmland and Milk Products of Alabama
                 LLC for the benefit of Curcastle Corporation
                 N.V., allegedly at Parmalat S.p.A.'s direction,
                 and the same claim in a similar amount against
                 Finanziaria;

     $4,258,698, relating to amounts allegedly advanced by
                 Farmland to Parmalat Gelateria U.S.A., Parmalat
                 Gelateria Miami, Inc., and Parmalat Gelateria
                 Houston, Inc., allegedly at Parmalat S.p.A.'s
                 direction, and the same claim in a similar
                 amount against Finanziaria as Parmalat S.p.A.'s
                 sole shareholder; and

    $17,523,850, relating to reimbursement credits allegedly
                 owing by Parmalat Finance Corp. to Farmland.

Parmalat S.p.A. has acknowledged an obligation to Farmland equal
to approximately $75 million.  Parmalat Finance Corp. also
acknowledged an obligation to Farmland amounting to $13 million.

On December 16, 2004, the Court of Parma allowed the two
acknowledged claims.  The remainder of the U.S. Debtors' more
than $375 million of claims was excluded from the final list of
allowed claims.  The Debtors have appealed the denial of their
unacknowledged claims.

The restructuring plan pending before the Parma Court currently
provides for these creditor recoveries:

        Entity                   Percentage Recovery
        ------                   -------------------
        Parmalat S.p.A.                  7.3%
        Finanziaria                     11.3%
        Parmalat Finance Corp.           4.6%

Nonetheless, Parmalat S.p.A., Finanziaria, and Parmalat Finance
Corp., pursuant to their restructuring plan, are currently
seeking to subordinate all of the U.S. Debtors' claims based
solely on their corporate affiliation with the U.S. Debtors.

On September 18, 2004, the Debtors filed an objection in the
Italian Insolvency Proceedings, contesting the proposed
restructuring plan and subordination of their claims.

Stephen B. Selbst, Esq. at McDermott Will & Emery LLP in New
York tells Judge Drain that it is too early to predict the
likely recovery in respect of the claims against Parmalat S.p.A.
and its affiliates.  However, absent settlement and pending the
occurrence of the effective date of their Plan of Reorganization
and execution of the Litigation Trust Agreement, the U.S.
Debtors intend to prosecute their claims in the Italian
Insolvency Proceedings vigorously.

In addition to the proofs of claim filed against Parmalat S.p.A.
Finanziaria, and Parmalat Finance Corp. in the Italian
Insolvency Proceedings, the U.S. Debtors have served demand
letters on certain other Parmalat Affiliates -- TechHold,
Parmalat Dairy & Bakery, Inc., Curcastle, and Gelateria --
between June 17, 2004, and August 6, 2004.  The Parmalat
Affiliates have asserted claims totaling more than $700 million
against each of the U.S. Debtors.

Furthermore, certain Parmalat Affiliates asserted claims for
unliquidated and undetermined amounts against each of the U.S.
Debtors alleging breaches of obligations.

Absent a settlement, the U.S. Debtors would object to each of
Parmalat S.p.A.'s claims and those of its affiliates.  Based on
the analysis of the proofs of claim, the Debtors believe that
the vast majority of the claims filed by the Parmalat Affiliates
have no merit.

The U.S. Debtors would also seek to re-characterize some or all
of the claims as equity investments, and alternatively, seek to
have those claims subordinated to all general unsecured claims
or to other equity.  Based on their investigation, the Debtors
believe that the claims filed by the Parmalat Affiliates were
not bona fide debt, but were instead disguised equity
investments in the Debtors, and that Parmalat Affiliates engaged
in inequitable and unfair conduct, and, in the process, breached
fiduciary duties owed to the Debtors, therefore causing injury
to the Debtors' creditors and conferring an unfair advantage on
the Parmalat Affiliates and certain of their officers and
directors.

The U.S. Debtors plan to file substantive objections to all, or
substantially all, of Parmalat S.p.A.'s and its affiliates'
claims, arguing that the claims:

    (i) were filed against the wrong Debtor,

   (ii) lack support,

  (iii) are subject to set off or recoupment;

   (iv) are barred by the applicable statute of limitations; and

    (v) are barred by Section 502(d) of the Bankruptcy Code
        because the claimants have not paid amounts owed to the
        Debtors' estates under Sections 542, 543, 550, or 553.

The U.S. Debtors believe that the claims asserted by the
Parmalat Affiliates, if not subordinated or re-characterized,
could be reduced to no more than $212 million against Parmalat
U.S.A. Corp. and disallowed in full against both Farmland and
Milk Products.  To the extent that certain claims were allowed,
the Debtors intended to set off, to the greatest extent
possible, the amounts they are owed against the claims.

The U.S. Debtors also anticipate that TechHold would contest the
order temporarily enjoining its transfer of the DASI patents,
and seek to hold the Debtors liable for administrative claims
for the alleged unauthorized use of the DASI patents during the
Chapter 11 cases.  In addition, TechHold would seek to enjoin
Reorganized Farmland from using the DASI patents, and Parmalat
S.p.A. would seek to enjoin the Debtors from using the Parmalat
trademark in the event that the Plan were confirmed over the
objections of the Parmalat Affiliates.  Moreover, Parmalat
S.p.A. would seek allowance of an administrative claim against
the Debtors for their alleged unauthorized use of the Parmalat
trademark during the course of the Chapter 11 cases, which the
Debtors would vigorously contest.

Mr. Selbst notes, however, that the U.S. Debtors cannot predict
with certainty the duration of any litigation, the success of
the litigation or the issues that could thereafter become
subject to appeal.  Yet, one thing is clear -- given the
magnitude of the claims, the number of claimants, and the fact
that virtually all of the Parmalat Affiliates are foreign
entities or persons, the litigation of the claims is likely to
be lengthy and expensive.

To settle all issues with respect to Parmalat S.p.A. and its
affiliates, the U.S. Debtors engaged in discussions and,
subsequently, entered into a settlement agreement with the
Parmalat Affiliates.

By this motion, the U.S. Debtors ask Judge Drain to approve the
Settlement Agreement.

                         Settling Parties

The U.S. Debtors, GE Capital Public Finance, Inc., as lessor
under the Master Lease Financing Agreement, General Electric
Capital Corporation, as agent under the Master Lease, and the
Official Committee of Unsecured Creditors constitute one side of
the negotiating table.

The other side consists of Parmalat S.p.A. and 32 of its
affiliates:

     * Parmalat Holdings Limited,
     * Parmalat Dairy & Bakery Inc.,
     * Parmalat Food Inc.,
     * BF Holdings U.S.A. Inc.,
     * Eaux Vives Harricana Inc.,
     * Parmalat Finanziaria S.p.A.,
     * Fratelli Strini Costruz Meccaniche S.r.l.,
     * Centro Latte Centallo S.r.l.,
     * Coloniale S.p.A.,
     * Contal S.r.l.,
     * Eliair S.r.l.,
     * Eurolat S.p.A.,
     * Geslat S.r.l.,
     * Hit International S.p.A.,
     * Hit S.p.A.,
     * Lactis S.p.A.,
     * Parmalat Soparfi S.p.A.,
     * Newco S.r.l.,
     * Nuova Holding S.p.A.,
     * Olex S.A.,
     * Panna Elena S.r.l.,
     * Parmengineering S.r.l.,
     * Dairies Holding International B.V.,
     * Parmalat Capital Netherlands B.V.,
     * Parma Food Corporation B.V.,
     * Parmalat TechHold Corporation,
     * Parmalat Finance Corporation B.V.,
     * Parmalat Netherlands B.V.,
     * Curcastle Corporation N.V.,
     * Parmalat Gelateria U.S.A.,
     * Parmalat Gelateria Miami Inc., and
     * Parmalat Gelateria Houston Inc.

                       Settlement Agreement

Under the terms of the Settlement, the Parmalat Affiliates agree
to pay the Farmland Litigation Trust $22 million.

In consideration of the proceeds to be received by GE Capital
Public Finance from the Litigation Trust under the Plan and the
other consideration provided, GE Capital Public Finance and GECC
will sell and assign to the Litigation Trust all rights, claims
and causes of action against any or all of the Parmalat
Affiliates arising under or relating to the Master Lease, or the
use of the proceeds, or the U.S. Debtors, except for the allowed
claims of GE or the participants under the Master Lease in the
Italian Insolvency Proceedings.

The Master Lease Participants are:

  (1)  Societe Generale Financial Corp.,
  (2)  ING Capital LLC,
  (3)  Bank Hapoalim, B.M., and
  (4)  GECPAC Investment II Inc.

                         Trademark Issues

(A) "Parmalat" Trademark Granted to Farmland

     -- In connection with UHT and aseptic products, Farmland
        will pay Parmalat S.p.A. 0.5% of gross sales using the
        trademark for the first two years, 1% of gross sales
        using the trademark for the third year and 2% of gross
        sales using the trademark thereafter; 5-year term with
        renewal options reasonably acceptable to Farmland, GE,
        and the Parmalat Affiliates; assignable to purchaser of
        assets or business; exclusive use for UHT and aseptic
        products authorized only in the U.S. and Puerto Rico;

     -- In connection with the sales of fresh milk for three
        months after the Closing Date, Farmland will pay
        Parmalat S.p.A. $0.01 per gallon of fresh milk sold
        using the trademark in current territories; and

     -- Parmalat S.p.A. retains quality control rights.

(B) DASI Technology Granted to Farmland:

    Farmland will pay TechHold 1% of gross sales using the
    technology until expiration of the patents; use out of
    current production facilities.  The U.S. Debtors will
    withdraw all claims against the Parmalat Affiliates.

(C) "Parmalat" trademark Granted to Atlanta Purchaser:

    Farmland will pay Parmalat S.p.A. $0.01 per gallon of fresh
    milk sold using the trademark; three-year term; current
    territories; Parmalat S.p.A. retains quality control rights.

(D) "Active" trademark Granted to Atlanta Purchaser:

    Farmland will pay Parmalat S.p.A. 2% of gross sales using
    the trademark; five-year term; renewal options; exclusive
    use in current territories; Parmalat S.p.A. retains quality
    control rights.

                       Resolution of Claims

Parmalat U.S.A., Farmland and Milk Products will:

   (a) withdraw any and all claims and appeals against Parmalat
       S.p.A., Finanziaria, Parmalat Finance Corp. and EVH; and

   (b) provide the Parmalat Affiliates with a letter stating
       that all amounts formerly due from Parmalat S.p.A., PDBI,
       TechHold, Curcastle, Parmalat Gelateria, Parmalat
       Gelateria Houston, and Parmalat Gelateria Miami to the
       Debtors have been cancelled and are no longer due and
       owing.

The Parmalat Affiliates will withdraw any and all claims against
the U.S. Debtors.

                           Other Terms

Parmalat S.p.A. is to obtain warrants equal to 10% of the fully
diluted common equity interest in Reorganized Farmland
exercisable upon sale or recapitalization of Reorganized
Farmland at a strike price based on 10% of the common equity
value less $32 million.

Farmland will transfer certain unused DASI equipment located at
its Wallington, New Jersey plant to PDBI at PDBI's expense.

The parties also agree to various cooperative commercial
endeavors.

The U.S. Debtors agree not to cause the Effective Date of their
Plan to occur before March 25, 2005.  In the event the parties
are unable to agree on any provisions of the Settlement
Agreement, any of the Debtors, GE, the Creditors Committee, or
the Parmalat Affiliates may submit their disagreement to the
U.S. Bankruptcy Court for the Southern District of New York and
the Court will conduct a conference or hearing and determine the
disputed matter promptly.

                          *     *     *

"Motion granted," Judge Drain rules.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.  (Parmalat Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

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

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


===================
K A Z A K H S T A N
===================


ATF BANK: Fitch Rates Proposed Eurobond 'B+'
--------------------------------------------
Fitch Ratings assigned Kazakhstan-based ATF Bank's upcoming
Eurobond an expected Long-term 'B+' rating.  ATF is rated Long-
term 'B+' with a Stable Outlook, Short-term 'B', Individual 'D',
and Support '4'.

The rating is contingent upon receipt of final documentation
conforming materially to information already received and the
final rating will be confirmed at that time.

The notes are to rank at least pari passu with the claims of
other unsecured creditors of ATF, save those preferred by
relevant legislation.  Covenants prevent ATF entering into
transactions of US$3 million or more on other than market terms,
restrict dividend payments to 50% of net income, and oblige the
bank to maintain a total capital ratio of at least 10%, as
calculated in accordance with the Basel recommendations.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by ATF.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

ATF Bank is the fourth largest commercial bank in Kazakhstan by
assets, with around 6.5% of the banking system's assets at end-
2004.  It provides a broad range of banking services to
corporates and SMEs, and is also growing its retail business,
focusing on higher- and middle-income individuals.  It is also
active in the foreign exchange and government securities markets
in Kazakhstan.

CONTACT:  FITCH RATINGS
          Alexei Kechko
          James Watson
          Natasha Page, Moscow
          Phone: +7 095 956 9901

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


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


UNITEDGLOBALCOM INC.: New Bank Loan Tranches Rated 'B'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
UPC Broadband Holding B.V.'s (formerly named UPC Distribution
Holding B.V.) approximately EUR3 billion in new bank loan
tranches.  A recovery rating of '3' also was assigned to the
loan, indicating the expectation for meaningful recovery of
principal (50%-80%) in the event of a default.  (These ratings
are based on preliminary information and are subject to final
bank loan documentation.)

The new bank tranches are pari passu with the company's EUR3.6
billion of existing senior secured bank facilities.  The
proceeds from these new bank tranches will be partially used to
repay existing bank tranches, including tranche B, C, and E
(EUR2.36 billion).  In addition, the tranche A revolving credit
will be permanently reduced by EUR167 million.  The resultant
total commitment for the bank facilities will be EUR4 billion.

The ratings on the new bank tranches were placed on CreditWatch
with positive implications, in conjunction with parent
UnitedGlobalCom Inc.'s (UGC; B/Watch Pos/--) existing ratings.
However, the '3' recovery rating for the amended and restated
bank facility is not on CreditWatch, as recovery prospects for
the loan will not improve due to UGC's pending merger with
Liberty Media International (LMI).

On Jan. 19, 2005, Standard & Poor's placed its ratings on
European cable TV operator UGC and its related entities on
CreditWatch with positive implications.  This action followed
the announced merger agreement between UGC and its approximate
53% economic owner LMI.

"If the merger is consummated, ratings on UGC will reflect the
ratings of its new parent, which will incorporate the assets of
LMI," explained Standard & Poor's credit analyst Catherine
Cosentino.

"The rating on the parent entity may be higher than the current
'B' corporate credit rating on UGC, given its 45% interest in
Japanese cable TV operator Jupiter Telecommunications Co. Ltd.
(JCOM).  JCOM generates substantial EBITDA and has good growth
prospects relative to that of UGC's European cable operations,
which have been viewed by Standard & Poor's as being fairly
weak."

Standard & Poor's will meet with management to review JCOM's
business strategy.  With JCOM's Feb. 18 initial public offering,
UGC now exerts control of JCOM under terms of the joint venture
agreement and began to consolidate this operation effective Jan.
1, 2005.  Standard & Poor's will also evaluate the combined
company's plans for the significant cash and non-core
monetizable investment balances that are expected to exist
subsequent to the merger, especially in light of management's
indications about prospective share buybacks.

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

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


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


HIDROELECTRICA SA: Senior Implied Rating Raised to Ba1
------------------------------------------------------
Moody's Investors Service upgraded the senior implied rating of
Hidroelectrica S.A., one of Romania's leading power generators,
to Ba1 from Ba3.  The rating outlook is stable.

The upgrade is a response to Moody's recent upgrade of the
Romanian Government to Ba1 from Ba3 on 2 March 2005.
Hidroelectrica is 100% owned by the State, and the Ministry of
Economy and Commerce has provided a letter of support
recognizing Hidroelectrica's strategic importance as one of the
largest power generators in Romania.  Moody's believes that the
current Romanian Government, which has oversight of the company
via the Ministry, will continue to act as a supportive
shareholder and will seek to avoid potential financial stress
arising at Hidroelectrica.

Headquartered in Bucharest, Romania, Hidroelectrica S.A has an
installed capacity of 6,288 MW, comprising 82 MW from five power
pumping stations, 172 MW from 224 micro-hydro plants (below 4MW)
and 6,036MW from larger hydropower plants.  In 2003, the company
accounted for 23% of the total energy production (or 13,195GWh),
27% of power generated and sold (or 56,906GWh) and around 85% of
ancillary services.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Christine Garburg
          Analyst
          European Corporates
          London
          Stuart Lawton
          Managing Director
          For Journalists
          Phone: 44 20 7772 5456


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


AVTOREMONTNIK: Hires S. Orlov as Insolvency Manager
---------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on open joint stock company
Avtoremontnik.  The case is docketed as A12-36924/04-s57.  Mr.
S. Orlov has been appointed temporary insolvency manager.

CONTACT:  AVTOREMONTNIK
          Russia, Volgograd region,
          Kalach-na-Donu

          Mr. S. Orlov
          Temporary Insolvency Manager
          400005, Russia, Volgograd region,
          Post User Box 256


BALTASINSKOYE: Proofs of Claim Deadline April 12
------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Baltasinskoye after finding the company
insolvent.  The case is docketed as A65-12198/2004-SG4-27.  Mr.
T. Sagdeev has been appointed insolvency manager.  Creditors
have until April 12, 2005 to submit their proofs of claim to
420039, Russia, Kazan, Post User Box 95.

CONTACT:  BALTASINSKOYE
          422250, Russia, Tatarstan republic,
          Baltasinskiy region, Baltasi, Lenina Str. 147

          Mr. T. Sagdeev
          Insolvency Manager
          420039, Russia, Kazan,
          Post User Box 95


BUKHT-UGOL-STROY: Declared Insolvent
------------------------------------
The Arbitration Court of Chukotskiy autonomous region commenced
bankruptcy proceedings against Bukht-Ugol-Stroy after finding
the mining corporation insolvent.  The case is docketed as A80-
22/2004-B.  Mr. O. Syskov has been appointed insolvency manager.

CONTACT:  BUKHT-UGOL-STROY
          689101, Russia, Chukotskiy autonomous region,
          Beringovskiy-1, Mandrikova Str. 2

          Mr. O. Syskov
          Insolvency Manager
          680000, Russia, Khabarovsk,
          Zaparina Str. 67-7


KARDYMOVO-FLAX: Appoints A. Mamnev Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Kardymovo-Flax after finding the open joint
stock company insolvent.  The case is docketed as A62-608-N/04.
Mr. A. Mamnev has been appointed insolvency manager.

CONTACT:  KARDYMOVO-FLAX
          215850, Russia, Smolensk region, Kardymovskiy region,
          Kardymovo, Lnozavodskaya Str. 1

          Mr. A. Mamnev
          Insolvency Manager
          214000, Russia, Smolensk region,
          Main Post Office, Post User Box 281
          Phone: (8-22) 55-87-41-69
          Fax: (8-22) 55-87-20


KHEZMET: Bankruptcy Hearing Resumes Next Month
----------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Khezmet.  The case is docketed as A65-25034/2004-SG-16.  Mr. S.
Voloskov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420073, Russia,
Kazan, Post User Box 16.  A hearing will take place on April 12,
2005, 9:00 a.m.

CONTACT:  KHEZMET
          423740, Russia, Tatarstan republic,
          Aktanysh, Lenina Pr. 53

          Mr. S. Voloskov
          Temporary Insolvency Manager
          420073, Russia, Kazan,
          Post User Box 16


METRO-MECHANIZATION: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Metro-Mechanization (TIN 6315353850) after
finding the close joint stock company insolvent.  The case is
docketed as A55-13626/04-40.  Mr. K. Garkanov has been appointed
insolvency manager.

CONTACT:  METRO-MECHANIZATION
          443022, Russia, Samara region,
          Kirova Str. 6

          Mr. K. Garkanov
          Insolvency Manager
          443110, Russia, Samara-110,
          Post User Box 4166


SERNURSKIY MEAT: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy supervision procedure on open joint stock company
Sernurskiy Meat Combine.  The case is docketed as A-38-15/11/11-
2005.  Mr. S. Kleshev has been appointed temporary insolvency
manager.

CONTACT:  SERNURSKIY MEAT COMBINE
          425450, Russia, Mariy El republic,
          Sernur, Zavodskaya Str. 10

          Mr. S. Kleshev
          Temporary Insolvency Manager
          424000, Russia, Mariy El republic,
          Yoshkar-Ola, Shabdarova Str. 38


SHAKHTINSKIY AVTO-REM-ZAVOD: Bankruptcy Hearing Next Week
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company Shakhtinskiy
Avto-Rem-Zavod.  The case is docketed as A53-22907/04S2-30.  Ms.
I. Korsakova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Rostov
region, Shakhty, Belgorodskaya Str. 2.  A hearing will take
place on March 22, 2005, 12:30 p.m.

CONTACT:  SHAKHTINSKIY AVTO-REM-ZAVOD
          Russia, Rostov region,
          Shakhty, Belgorodskaya Str. 2

          Ms. I. Korsakova
          Temporary Insolvency Manager
          Russia, Rostov region,
          Shakhty, Belgorodskaya Str. 2


SHUCHANSKIY COMBINE: Last Day for Filing Claims April 12
--------------------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
proceedings against Shuchanskiy Combine of Grain Products (TIN
452500907) after finding the open joint stock company insolvent.
The case is docketed as A-34-4285/04-s29.  Mr. N. Shadrin has
been appointed insolvency manager.  Creditors have until April
12, 2005 to submit their proofs of claim.

CONTACT:  SHUCHANSKIY COMBINE OF GRAIN PRODUCTS
          Russia, Kurgan region,
          Shuchye, 50 Let VLKSM Str. 1

          Mr. N. Shadrin
          Insolvency Manager
          Russia, Kurgan region,
          Shuchye, 50 Let VLKSM Str. 1


TEPLO-SNAB: Bankruptcy Hearing Resumes May
------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Teplo-Snab after finding the state-owned
enterprise insolvent.  The case is docketed as A04-110/05-17/9
b.  Mr. V. Dmitrov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 676450, Russia,
Amur region, Svobodnyj, 50 Let Oktyabrya Str. 33, section 308,
Room 2.  A hearing will take place on May 5, 2005.

CONTACT:  TEPLO-SNAB
          Russia, Amur region,
          Svobodnyj, Fadeeva Str. 12

          Mr. V. Dmitrov
          Insolvency Manager
          676450, Russia, Amur region, Svobodnyj,
          50 Let Oktyabrya Str. 33, Section 308, Room 2
          Phone/Fax: (41643) 2-60-48


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


ATLANT: Sumi Court Appoints Insolvency Manager
----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Atlant (code EDRPOU 21102087) on November
30, 2004 after finding the state enterprise insolvent.  The case
is docketed as 7/44-04.  Mr. Oleksandr Malyovanij (License
Number AA 250426) has been appointed liquidator/insolvency
manager.

CONTACT:  ATLANT
          Ukraine, Sumi region,
          Konotop, Chervonozavodska Str. 5

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Ribalko Str. 2


BAJRAK: Declares Bankruptcy
---------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Bajrak (code EDRPOU 03777232) on November
22, 2004 after finding the limited liability company insolvent.
The case is docketed as 12/97-04.  Mr. Oleksandr Malyovanij
(License Number AA 250426) has been appointed
liquidator/insolvency manager.

CONTACT:  BAJRAK
          Ukraine, Sumi region,
          Lipovodolinskij district, Bajrak

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Ribalko Str. 2


ENERGY-SERVICE: Succumbs to Insolvency
--------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Energy-Service (code EDRPOU 30473782) on
January 31, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 7/127-B.  Arbitral manager
Mr. Volodimir Timchishin (License Number AA 630072) has been
appointed liquidator/insolvency manager.  The company holds
account number 260013005537 at CB Zahidinkombank, Lutsk branch,
MFO 303484.

Creditors may submit their proofs of claim to:

(a) ENERGY-SERVICE
    Ukraine, Volinska region,
    Lutsk, Karbishev Str. 1

(b) Mr. Volodimir Timchishin
    Liquidator/Insolvency Manager
    Ukraine, Volinska region,
    Lutsk, Svitla Str. 5/3

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue, 54-a


LVIV' AUTO 14631: Ivanitskij Named Temporary Insolvency Manager
---------------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Lviv' Auto Transport Enterprise 14631
(code EDRPOU 25547892).  The case is docketed as 6/372-4/183.
Mr. V. Ivanitskij (License Number AA 783097) has been appointed
temporary insolvency manager.  The company holds account number
26003301344 at Oshadbank, Shevchenkivske branch, MFO 385059.

Creditors may submit their proofs of claim to:

(a) LVIV' AUTO TRANSPORT ENTERPISE
    14631 Ukraine, Lviv region,
    Plastova Str. 10

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


OREKS: Donetsk Court Freezes Debt Payments
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Production Firm Oreks (code EDRPOU
24639014) and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 27/121 B.  Mr. Mihajlo
Klimenkov (License Number AA 668290) has been appointed
temporary insolvency manager.  The company holds account number
2600630175 at Oshadbank, Donetsk branch, MFO 335106.

Creditors may submit their proofs of claim to:

(a) PRODUCTION FIRM OREKS
    83050, Ukraine, Donetsk region,
    Oreshkov Lane, 1

(b) Mr. Mihajlo Klimenkov
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Sofijska Str.16/47

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


SHOSTKA' SIVERIYA: Bankruptcy Supervision Starts
------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Shostka' Beer Combine Siveriya
(code EDRPOU 13998678).  The case is docketed as 12/143-04.
Arbitral manager Mr. Dmitro Pehterev (License Number AA 779257)
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) SHOSTKA' BEER COMBINE SIVERIYA
    Ukraine, Sumi region,
    Shostka, Shevchenko Str. 27

(b) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Ribalko Str. 2


SNYATINSKA: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on agricultural limited
liability company Bird Factory Snyatinska (code EDRPOU
03868741).  The case is docketed as B-6/246.  Mr. Bogdan
Pavlikivskij (License Number AA 719806) has been appointed
temporary insolvency manager.  The company holds account number
260071257 at JSPPB Aval, Kolomiya branch, MFO 336495.

Creditors may submit their proofs of claim to:

(a) SNYATINSKA
    78300, Ukraine, Ivano-Frankivsk region,
    Snyatin, Shiroka Str. 34

(b) Mr. Bogdan Pavlikivskij
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Ukrayinskoyi Diviziyi Str. 4/2

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76018, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


STAHANOV' MEAT: Applies for Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against STAHANOV' MEAT COMBINE (code EDRPOU
00443200) on January 28, 2005 after finding the close joint
stock company insolvent.  The case is docketed as 12/108 B.  Ms.
T. Paterikina (License Number AA 487835) has been appointed
liquidator/insolvency manager.

CONTACT:  STAHANOV' MEAT COMBINE
          Ukraine, Lugansk region,
          Stahanov, Kerchenska Str. 86

          Mrs. T. Paterikina
          Liquidator/Insolvency Manager
          Ukraine, Lugansk region,
          Geologichna Str. 15/45

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


TIN PLANT: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Tin Plant (code EDRPOU 25314834) on December
6, 2004 after finding the limited liability company insolvent.
The case is docketed as 4/30.  Arbitral manager Mr. Franko Oleg
(License Number AA 669687) has been appointed
liquidator/insolvency manager.

CONTACT:  TIN PLANT
          Ukraine, Rivne region,
          Dubno, Mirogoshanska Str. 57

          Mr. Franko Oleg
          Liquidator/Insolvency Manager
          33028, Ukraine, Rivne region,
          Guryev Str. 13

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


VINPROMTEH: Court Orders Debt Moratorium
----------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Vinpromteh (code EDRPOU 25498337)
on January 14, 2005 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 10/3-05.  Mr.
Vitalij Balhovitin (License Number AA 630030) has been appointed
temporary insolvency manager.  The company holds account number
26006399601 at JSB Energobank, Vinnitsya branch, MFO 302731, and
account number 260073013781 at JSCB Ukrsocbank, Vinnitsya
branch, MFO 302010.

Creditors may submit their proofs of claim to:

(a) VINPROMTEH
    21100, Ukraine, Vinnitsya region,
    Karl Marks Str. 56

(b) Mr. Vitalij Balhovitin
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 2-a/602
    Phone: (0432) 52-03-41

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


APEX ENTERPRISES: Members Pass Winding-up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of Apex
Enterprises (UK) Ltd. on Feb. 28, 2005 held at O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley, West
Yorkshire WF17 9EJ, the extraordinary and ordinary resolutions
to wind up the company were passed.  Peter O'Hara and Simon Weir
of O'Hara & Co, Wesley House, Huddersfield Road, Birstall,
Batley WF17 9EJ have been appointed joint liquidators of the
company.

CONTACT:  O'HARA & CO.
          Wesley House
          Huddersfield Road
          Birstall
          Batley
          West Yorkshire WF17 9EJ
          Phone: 01924 477449
          Fax: 01924 475262
          E-mails: insol@ohara.co.uk
                   simon.weir@ohara.co.uk


ATLAS SURFACTANTS: Hires Liquidator from Fisher Partners
--------------------------------------------------------
Name of companies:
Atlas Surfactants Limited
British Nylon Spinners Limited
Impkemix (No.17) Limited
Impkemix (No.23) Limited
Maidgold Limited
Thames House Estate Limited
The Industrial Housing Association (No.3) Limited
Tioxide Investment Holdings Limited
Tioxide Overseas Investments Limited
Trimpell Limited

At the meeting of these companies on Feb. 21, 2005, the special
resolutions to wind up said companies were passed.  Stephen Katz
has been appointed liquidator of these companies.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


BARBICAN CAR: Appoints Administrators from Leonard Curtis & Co.
---------------------------------------------------------------
K. D. Goodman and N. A. Bennett (IP Nos 2407, 9083) have been
appointed administrators for Barbican Car Hire Limited.  The
appointment was made March 3, 2005.  The company's registered
office is located at Leonard Curtis & Co, One Great Cumberland
Place, London W1H 7LW.

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


BOWDEN & WILLIS: Deadline for Debt Claims Next Month
----------------------------------------------------
At the extraordinary general meeting of the members of Bowden &
Willis (Builders) Limited on Feb. 24, 2005 held at 67 Butts
Green Road, Hornchurch, Essex RM11 2JS, the extraordinary and
ordinary resolutions to wind up the company were passed.  S.
Lettice of Peters Elworthy & Moore, Salisbury House Station
Road, Cambridge CB1 2LA has been appointed liquidator of the
company.

Creditors are required to send their full forenames and
surnames, addresses and descriptions, full particulars of their
debt or claims, and the names and addresses of their Solicitors
(if any) to the undersigned, Shay Lettice, of Salisbury House,
Station Road, Cambridge CB1 2LA on or before April 7, 2005.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House
          Station Road
          Cambridge CB1 2LA
          Phone: 01223 728222
          Fax: 01223 461424
          E-mail: pcorbett@pem.co.uk
          Web site: http://www.pem.co.uk/


BREMASTAN LIMITED: Administrators from Poppleton Move in
--------------------------------------------------------
Stephen Lord and Stephen James Wainwright (IP Nos 3443, 5306)
have been appointed administrators for Bremastan Limited
(formerly Littlemoss Construction Limited).  The appointment was
made Feb. 25, 2005.

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


B. S. HOWELLS: Calls in Liquidators from Springfields
-----------------------------------------------------
At the extraordinary general meeting of B. S. Howells (Antique
Restorers) Limited on March 3, 2005 held at 80 Hinckley Road,
Leicester LE3 0RD, the subjoined extraordinary resolution to
wind up the company was passed.  Situl Devji Raithatha and John
Patrick Thomas Redmond of Springfields, 80 Hinckley Road,
Leicester LE3 0RD have been appointed joint liquidators of the
company.

CONTACT:  SPRINGFIELDS BUSINESS RECOVERY
          Spencer House
          3 Spencer Road
          Northampton
          Northamptonshire NN1 5AA
          Phone: 01604 633 244
          Fax: 01604 633 266
          E-mail: john.r@springfields-uk.com


CATTERICK LAUNDRY: Hires Kroll Limited as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Catterick Laundry
Services Limited on Feb. 28, 2005 held at The Quality Hotel,
Scotch Corner, near Darlington DL10 6NR, the extraordinary and
ordinary resolutions to wind up the company were passed.  C. P.
Holder and S. C. E. Mackellar of Kroll, 5th Floor, Airedale
House, 77 Albion Street, Leeds LS1 5AP have been appointed joint
liquidators of the company.

CONTACT:  KROLL LIMITED
          5th Floor
          Airedale House
          77 Albion Street
          Leeds
          West Yorkshire LS1 5AW
          Phone: 0113 386 0800
          Fax: 0113 244 9305
          E-mail: smackellar@krollworldwide.com


CHALICE HOLDINGS: Creditors Have Until April 18 to File Claims
--------------------------------------------------------------
At the extraordinary general meeting of Chalice Holdings Limited
on March 3, 2005 held at Numerica, 66 Wigmore Street, London W1A
3RT, the extraordinary and ordinary resolutions to wind up the
company were passed.  Nicholas Hugh O'Reilly and Colin Ian
Vickers of Numerica, 66 Wigmore Street, London W1A 3RT have been
appointed joint liquidators of the company.

Creditors are required to submit their proofs of claim to
Nicholas Hugh O'Reilly of Numerica, 66 Wigmore Street, London
W1A 3RT on or before April 18, 2005.

CONTACT:  NUMERICA
          P.O. Box 2653
          66 Wigmore Street
          London W1A 3RT
          Phone: 020 7467 4000
          Fax: 020 7467 4250
          E-mail: nick.oreilly@numerica.biz

          NUMERICA
          4th Floor
          Southfield House
          11 Liverpool Gardens
          Worthing
          Sussex BN11 1RY
          Phone: 01903 222500
          Fax: 01903 207009
          E-mail: ian.vickers@numerica.biz


CHEERS BAR: Calls in PwC Liquidators
------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Cheers Bar (FR) Limited
                         (In Liquidation)

We, Neil A. Armour, CA and Blair C. Nimmo, CA, KPMG, 37 Albyn
Place, Aberdeen AB10 1JB, give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that on February 15, 2005
we were appointed Joint Liquidators of Cheers Bar (FR) Limited
by Resolution of the First Meeting of Creditors.

A Liquidation Committee was not established.  Accordingly I give
notice that I do not intend to summon a further Meeting for the
purposes of establishing a Liquidation Committee unless one-
tenth in value of the Creditors require me to do so in terms of
section 142(3) of the Insolvency Act 1986.

Blair C. Nimmo, Joint Liquidator

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          32 Albyn Place
          Aberdeen AB10 1YL
          Phone: [44] (1224) 210100
          Fax: [44] (1224) 253318
          Web site: http://www.pwcglobal.com

          Neil Anthony Armour
          E-mail: neil.armour@kpmg.co.uk
          Phone: 01224 59100
          Fax: 01224 590909

          Blair Carnegie Nimmo
          Phone: 0141 226 5511
          Fax: 0141 204 1584


CHILL OUT: Members Call in Liquidator from Marks Bloom
------------------------------------------------------
At the extraordinary general meeting of the members of Chill Out
Air Conditioning Limited on March 3, 2005 held at 60-62 Old
London Road, Kingston upon Thames, Surrey KT2 6QZ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew John Whelan of Marks Bloom, 60-62 Old
London Road, Kingston Upon Thames KT2 6QZ has been appointed
liquidator of the company.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


CNC CASE: Liquidator from Daly & Co. Moves in
---------------------------------------------
At the extraordinary general meeting of CNC Case Corporation
Limited on March 2, 2005 held at The Ibis Hotel, Moorhead Way,
Bramley, Rotherham S66 1YY, the extraordinary and ordinary
resolutions to wind up the company were passed.  Philip Malachy
Daly of Daly & Co, The Portergate, Ecclesall Road, Sheffield S11
8NX has been appointed liquidator of the company.

CONTACT:  DALY & CO.
          The Portergate
          Ecclesall Road
          Sheffield
          South Yorkshire S11 8NX
          Phone: 0114 209 6262
          Fax: 0114 200 6001
          E-mail: dalyco@btconnect.com


C SANDLER: Members Pass Special Winding-up Resolution
-----------------------------------------------------
At the extraordinary general meeting of the members of C.
Sandler & Associates Limited on March 1, 2005 held at 46 Vivian
Avenue, London NW4 3XP, the special resolution to wind up the
company was passed.  Jonathan Sinclair of Sinclair Harris, 46
Vivian Avenue, London NW4 3XP has been appointed liquidator of
the company.

Creditors are required to send their names and addresses with
particulars of their debt or claims to Jonathan Sinclair, 46
Vivian Avenue, London NW4 3XP on or before April 10, 2005.

CONTACT:  SINCLAIR HARRIS
          46 Vivian Avenue,
          London NW4 3XP


DURABELLA HARDWOODS: Hires Liquidator from Kroll Limited
--------------------------------------------------------
At the extraordinary general meeting of Durabella Hardwoods
Limited on March 1, 2005 held at Kroll, 5th Floor, Airedale
House, 77 Albion Street, Leeds LS1 5AP, the extraordinary and
ordinary resolutions to wind up the company were passed.  S. C.
E. Mackellar and C. P. Holder of Kroll, 5th Floor, Airedale
House, 77 Albion Street, Leeds LS1 5AP have been appointed joint
liquidators of the company.

CONTACT:  KROLL LIMITED
          5th Floor
          Airedale House
          77 Albion Street
          Leeds
          West Yorkshire LS1 5AW
          Phone: 0113 386 0800
          Fax: 0113 244 9305
          E-mail: smackellar@krollworldwide.com


EIDOS PLC: Books GBP29 Mln Operating Loss in Second Half of 2004
----------------------------------------------------------------
Eidos Plc unveiled interim results for the six-month period
ended December 31, 2004.

Highlights

(a) Turnover significantly lower due to limited H1 release
    schedule;

(b) Consequential operating loss before goodwill of GBP26.5
    million* (operating loss including goodwill GBP29.2
    million);

(c) ShellShock: Nam '67 (new IP) achieved c. 900,000 unit sales;

(d) Significant investment in R&D and next generation platforms;

(e) Continued focus on management of cost base;

(f) Additional short-term working capital facility of up to
    GBP23 million agreed with RBS;

(g) Strategic decision to reschedule certain titles originally
    planned for H2 release to FY06 including key franchise
    titles Hitman and Tomb Raider;

(h) Revised release schedule expected to result in a significant
    negative impact on the results for current financial year;

(i) Proposal received on March 2, 2005 of a possible cash offer
    at a price of 53 pence per share, subject to one principal
    condition.  However there can be no assurance that this
    condition will be satisfied and no certainty that an offer
    will be made nor as to the terms on which any offer might be
    made.  This disclosure has not been made with the consent of
    the other party.

Interim Results: Summary          6 months         6 months
                               Dec. 31, 2004    Dec. 31, 2003
GBP Million                      Unaudited        Unaudited

Turnover                          31.5             78.7

Gross Margin                      50.6%            62.2%

(Loss)/profit after tax          (29.0)             6.2

Operating (loss)/profit before
goodwill*                       (26.5)             7.1

Cash and cash equivalents         11.8             58.1

Operating cash (outflow)/inflow  (25.2)             4.2

(Loss)/earnings per share        (20.7)p            4.5p

(Loss)/earnings per share before
goodwill                        (18.8)p            4.6p

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Operating loss (before goodwill) of GBP26.5 million (2003:
GBP7.1 million profit) is derived from a total operating loss
from continuing operations of GBP29,187,000 (2003: GBP6,930,000
profit), adjusted for amortization of goodwill of GBP2,658,000
(2003: GBP126,000).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Commenting on the results, John van Kuffeler, Chairman of Eidos,
said: "As these results show, the first half has been a very
difficult period for Eidos.  Although we had expected to report
an operating loss in the first half given the release schedule,
this has been exacerbated by the deferral of the PC version of
Championship Manager 5 as anticipated, and the disappointing
performance of some of the other titles released.  On the
positive side, we have been pleased with the performance of
ShellShock: Nam '67 and with the good reviews received for
Project: Snowblind which forms part of a strong residual release
line up for the remainder of FY2005 including Championship
Manager 5, LEGO Star Wars: The Video Game, Imperial Glory and
Commandos Strike Force.

"The management team has devoted considerable time and effort to
the strategic review and we announce that we received a proposal
on March 2, 2005 in relation to a possible cash offer at a price
of 53 pence per share subject to one principal condition.
However there can be no assurance that this condition will be
satisfied and no certainty that an offer will be made nor as to
the terms on which any offer might be made.  This disclosure has
not been made with the consent of the other party concerned.
Given the financial position and standalone prospects for the
Company, it is the Board's current intention to recommend this
offer to shareholders if it is made.

"In the absence of a successful conclusion to the strategic
review, the outlook for Eidos as an independent company remains
challenging and the strategic decision to defer the release of
certain titles to FY06 will have a significant impact on the
expected results for the current financial year as a whole."

About Eidos

Eidos Plc is listed on the London Stock Exchange (EID.L) and on
the NASDAQ National Market (symbol: EIDSY).  Further information
on the Company can be found at http://www.eidos.com.

A full copy of Eidos' first-half financial result is available
free of charge at http://bankrupt.com/misc/Eidos_1H2005.htm.

CONTACT:  EIDOS PLC
          Wimbledon Bridge House
          1 Hartfield Rd.
          Wimbledon
          London SW19 3RU
          Phone: +44-20-8636-3000
          Fax: +44-20-8636-3001
          Web site: http://www.eidos.com

          Brunswick U.K
          Jonathan Glass
          Wendel Carson
          Phone: 020 7404 5959

          Brunswick N.Y.
          Nina Devlin
          Phone: 001 212 333 3810


EPIC BRAND: Members Call in Liquidator from KPMG
------------------------------------------------
At the extraordinary general meeting of the members of Epic
Brand Investments Plc on Feb. 17, 2005, the special resolution
to wind up the company was passed.  M. J. Fayle of KPMG,
Heritage Court, 41 Athol Street, Douglas, Isle of Man has been
appointed liquidator of the company.

CONTACT:  KPMG LLC
          Heritage Court,
          41 Athol Street,
          Douglas, Isle of Man
          Phone: 01624 681000


INTERNATIONAL POWER: Pre-tax Profit Steady at GBP287 Million
------------------------------------------------------------
International Power announces its preliminary results for the
year ended 31 December 2004, and reports on key developments to

date.

Sir Neville Simms, Chairman of International Power, said: "2004
was a significant year for International Power.  Our operational
capacity has grown considerably through the successful
completion of key acquisitions and good progress has already
been made on the integration of the new assets.

"I am pleased to report earnings per share (excluding
exceptional items) of 8.3p for 2004, and can confirm the Board's
recommendation of our first dividend of 2.5p per share, and a
new progressive dividend policy."

Financial Highlights

(a) Profit before interest and tax of GBP287 million (2003:
    GBP285 million) before exceptional items,

(b) Free cash flow of GBP104 million (2003: GBP125 million) (see
    Liquidity section),

(c) Earnings per share before exceptional items of 8.3p (2003:
    9.1p*),

(d) ANP debt successfully restructured,

(e) Acquisition of EME asset portfolio completed,

(f) Acquisition of majority share in 990 MW Turbogas, Portugal,
    completed,

(g) 2004 dividend of 2.5p per Ordinary Share recommended by the
    Board

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* adjusted for Rights Issue during the second half of 2004
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

For an analysis and explanation of exceptionals please see Note
3 to this statement.  All subsequent references to 2004
financial performance are on a pre-exceptional basis (unless
otherwise stated).

Outlook

Our priority in 2005 is to complete the integration of the EME
and Turbogas acquisitions to deliver significant earnings
enhancement.  Based on our current assessment of our expanded
regional portfolio, the markets in which they operate, and a
modest improvement in market conditions in Texas for 2005, we
anticipate EPS in 2005 in the range of 11.0p to 12.5p (under
U.K. GAAP).

EME Acquisition Update

The existing shareholder at CBK (Philippines) has exercised pre-
emption, and at Doga (Turkey) the required shareholder consent
has not been obtained.  In addition, existing shareholders at
Italian Wind (Italy) and Tri Energy (Thailand) have exercised a
'right of purchase' and these assets will not form part of
International Power's portfolio.  As a result of these events,
we will own 3,202 MW (net), representing 85% of the EME
portfolio.  The net cash consideration will be reduced by US$339
million (GBP178 million) from the expected net cash
consideration of US$2.2 billion (GBP1.15 billion) for the entire
EME portfolio.

Dividend Policy

The Board is pleased to recommend a final dividend for the year
ended 31 December 2004 of 2.5p per share.  Payment of this
dividend, to shareholders registered on the Company share
register on 27 May 2005, is expected on 8 July 2005.

In future the Board will propose an annual dividend at the time
of our preliminary results, taking into account the outlook for
future earnings, free cash flow generation and the investment
opportunities available to the Group to deliver further growth
and shareholder value.

For 2005 the Board expects to maintain a dividend pay-out ratio
similar to the 30% level provided for the 2004 dividend. We
expect then to move progressively towards a pay-out ratio of 40%
in the medium-term.

North America

The North American region saw a reduction in turnover from
GBP414 million in 2003 to GBP260 million in 2004 principally due
to our Hays plant in Texas being mothballed for 2004.  The
region incurred a loss of GBP13 million before interest and tax
(2003 profit before interest and tax: GBP2 million).  Excluding
intra-group charges, this is equivalent to an EPS loss of 2.6p
(2003: EPS loss of 2.3p) and reflects the continued weakness in
Texas and New England markets.  The 2003 profit before interest
and tax included GBP27 million of compensation payments from
Alstom compared to GBP3 million in 2004.

Our long-term contracted assets, namely Hartwell and Oyster
Creek, delivered a consistent performance in 2004 with a profit
before interest and tax of GBP15 million (2003: GBP15 million).
EcoElectrica, which also has a long-term offtake contract, was
added to the North American portfolio in mid-December as part of
the EME acquisition.  The financial contribution of this asset
was minimal due to the timing of the acquisition.

The Texas power market remains oversupplied, but some market
participants have begun to take encouraging steps to reduce the
level of inefficient capacity in the market.  Since February
2005, over 13,100 MW has been mothballed or permanently retired
(or subject to an announced intent to be retired), which is some
16% of the total installed capacity in Texas.  Demand for
electricity continues to grow at a solid rate, with a 2.4% long-
term growth rate forecast in that market.  In light of this,
there has been a limited improvement in spark spreads in Texas.
We have therefore recently decided to reinstate operations at
the 1,100 MW Hays plant effective from May 2005, as this will
deliver a welcome, but modest, improvement in earnings and cash
flow.

The reserve margin in New England, while large at 20%, is
somewhat less than in Texas at 24%.  In 2004, for the first time
since 1998, demand growth for power at 2.3% exceeded the net
supply additions, as power plants in the course of construction
in the region have now been completed and 400 MW of capacity was
retired.  However, spark spreads for gas-fired generators have
remained low due to the high cost of gas, which has enabled
older, less efficient and less environmentally friendly oil
fired stations to operate more frequently.

Continued demand growth and additional capacity retirements are
expected to result in an improvement in margins over the next
few years.

For 2005, approximately 70% of expected merchant output has been
contracted, with a particular focus on the key summer period
when spark spreads are generally at their highest level of the
year.  On the whole, we continue to expect market recovery in
Texas and New England in the period between 2007 and 2009.

In July 2004, the US$879 million (GBP488 million) of non-
recourse debt for our U.S. merchant portfolio was restructured.
A key achievement of the restructuring was the extension of debt
maturity from 2006 to 2010, beyond our expected date of market
recovery.  In addition, an interest 'roll-up' was agreed on
US$399 million (GBP222 million) of the loan amount, which lowers
the cash interest burden on the business by allowing interest
obligations to be rolled over until the assets generate improved
cash flow.

As part of this debt restructuring, International Power agreed
to provide, over two years, new funds of US$175 million (GBP97
million) for our US business.  This, together with the other
agreed terms, provides a stable and long-term capital structure
for our U.S. business.  Also, the restructuring allowed for a
reduction in International Power's credit support of trading
activity to US$100 million (GBP55 million) from US$150 million
(GBP83 million).  This restructuring was a significant
achievement through which we retained 100% equity ownership of
the U.S. merchant assets.

EME Integration

EcoElectrica, the 524 MW plant in Puerto Rico acquired from EME,
now forms part of International Power's North American asset
portfolio.  Output from the plant is contracted under a long-
term PPA until 2021.  The International Power/Mitsui partnership
(IPM) has worked quickly to integrate EcoElectrica's operations.
A full-time asset manager has been appointed in Puerto Rico, and
steps have been initiated to align EcoElectrica's operating
practices with International Power standards.  EcoElectrica has
operated well in the past and continues to achieve high levels
of availability.

Europe

Turnover in Europe in 2004 increased to GBP520 million (2003:
GBP474 million) and profit before interest and tax increased to
GBP113 million (2003: GBP103 million).

Our EOP business in the Czech Republic again performed strongly,
with good technical performance enabling it to benefit from the
cold weather and an extended heating season.  Turbogas
contributed to earnings immediately on acquisition in November
2004.

At Uni-Mar in Turkey and at Pego in Portugal, high availability
led to continued strong financial performance during the year.
As expected, there will be a planned step down in tariff under
the long-term contracts in 2005.

In the U.K. gas spark spreads were flat year on year.  However
the significant increase in forward power prices in 2004 will
benefit Rugeley (which is coal fired) in 2005.  Rugeley is now
highly contracted for 2005.  Rugeley has entered into a longer-
term contract with Centrica to supply 250 MW of peak power for a
three-year period commencing October 2005.

Under the Government's revised National Allocation Plan (NAP),
CO2 allocations to Rugeley and Deeside are 3.5 million and
990,000 tonnes per year respectively for the three-year period
(2005 to 2007), implying a load factor of 47% for Rugeley and
58% for Deeside.  This revised plan has not yet received E.U.
approval.

The amount of compensation to be received by Rugeley, in respect
of the termination of the tolling agreement with TXU Europe, was
agreed with the administrators of TXU Europe.  Rugeley expects
to receive compensation of between GBP73 million and GBP84
million.  A first dividend distribution (estimated at GBP50
million) is anticipated at the end of March 2005, and the
remainder later in 2005 and early 2006.  The majority of this
settlement will be used to repay project debt at Rugeley.

Overall, the medium term outlook for our merchant plants in the
U.K. has improved in the last year, but the near-term outlook
for Deeside still looks challenging.

In November, we completed the acquisition of a 75% shareholding
in the 990 MW CCGT Turbogas plant in Portugal from RWE for ?195
million (GBP135 million).  This was followed by the purchase of
a further 5% interest in the plant from Koch in January 2005.
Turbogas is an important acquisition as it adds a modern,
efficient, and contracted plant to our European portfolio.
Turbogas has strengthened the Group's position in the Iberian
market by adding fuel diversity and scale to our existing
position alongside Pego -- we now have an interest in two assets
that represent a market share of some 17% in Portugal.

In December, EdP (the partner at Turbogas) exercised an option
to increase its shareholding in the plant from 20% to 40%.
Completion of this is expected in March 2005 and International
Power's final ownership in Turbogas will total 60% (net capacity
of 594 MW).

The Portuguese Government is working to implement market changes
aimed at creating an integrated and liberalized Iberian
wholesale power market, which is planned to commence operation
in mid 2005.  The Government is therefore in discussions with
incumbent generators, including Pego and Turbogas, with a view
to making changes to long-term power purchase agreements (PPAs).
We remain very confident that our financial returns from these
long-term PPAs will be maintained through these market reforms.

EME Integration

The integration of the European EME portfolio is progressing
very well.  The four assets acquired in Europe, namely First
Hydro, Derwent, ISAB and Spanish Hydro have been integrated into
our existing European management structure, and EME's London
office has been closed.

Middle East

2004 saw turnover in the Middle East rise to GBP54 million
(2003: GBP33 million) and profit before interest and tax rise to
GBP29 million (GBP2003: GBP23 million).

Profitability in the region increased with higher contributions
from Umm Al Nar and first time earnings from Shuweihat, where
full commercial operation commenced in October.

International Power's business in the Middle East has grown
significantly over the last few years and continues to grow
through the addition of new Greenfield and brownfield projects.
The substantial construction program in the region is advancing
well, with construction of the 1,550 MW and 25 MIGD Umm Al Nar
extension project in Abu Dhabi progressing on schedule.
Commercial operation of the first three gas turbines is expected
by the end of Q2 2005, with the full extension scheduled to come
on stream a year later, in Q2 2006.  This is a large brownfield
project, where new capacity is being integrated with an existing
power and desalination plant.

Construction of the 1,074 MW, 4.5 million lbs/hr (steam) Tihama
cogeneration (Saudi Aramco) project, which comprises four sites,
is progressing ahead of schedule.  Commercial operation is
expected at the first site Uthmaniyah, in the first half of
2006.  The other three cogeneration plants, Shedgum, Ras Tanura
and Ju'aymah, are scheduled to come into commercial operation
later in 2006.  The Saudi Aramco cogeneration projects have 20-
year Energy Conversion Agreements with Saudi Aramco as the power
and steam offtaker.  International Power also has a key
operational role in each of the assets.

In July, in accordance with the original project agreements
signed with the Government of Oman, we sold 35% of our equity in
the 285 MW Al Kamil plant, via an Initial Public Offering (IPO).
The listing was fully subscribed and generated net proceeds of
approximately US$15 million (GBP8 million).  The shares are now
traded publicly on the Muscat Securities Market.

In February 2005, we secured a further project in the Middle
East.  Together with partners Qatar Electricity & Water Company
(QEWC) and Chubu Electric of Japan, we signed an agreement to
build, own and operate a 1,025 MW and 60 MIGD plant called Ras
Laffan B, in Qatar.  International Power will own 40% of the
proposed plant.  The entire output from the plant will be sold
under a 25-year power and water purchase agreement to KAHRAMAA,
which is in turn wholly owned by the Government of Qatar.
Financial close is expected by 31 March 2005.  Construction has
commenced and first production of power and water (600 MW and 15
MIGD) is expected to come on stream in Q2 2006.

International Power has had many successes in the Middle East
region and now has assets in operation or under construction in
the UAE, Oman, Saudi Arabia and Qatar.  Economic growth in the
Gulf nations over the last four years has been strong, and
continues to stimulate growth in electricity demand.  Going
forward, this region remains a key growth area for us, and we
continue to target new projects in this market that are
consistent with our risk profile and our required financial
returns.

Australia

The Australian business generated a turnover of GBP231 million
in 2004 (2003: GBP224 million), and a profit before interest and
tax of GBP104 million (2003: GBP101 million).  Hazelwood and
Synergen once again benefited from a strong contractual
position, with achieved prices above the weaker underlying
market prices.  Earnings at Pelican Point were down, primarily
due to lower electricity prices and the delayed supply of gas
from the new Minerva gas field in Victoria (which is now
supplying gas under a ten-year contract).  The 2004 earnings
also benefited from a first time contribution from the 687 km
SEA Gas pipeline.

For 2005, some 75% of expected output has been contracted.

In March 2004, financing was completed for International Power's
first wind farm at Canunda in South Australia.  All 23 wind
turbines are now operational and generating up to 46 MW, which
is enough capacity to power approximately 30,000 homes.  The
entire generation is contracted under a long-term agreement with
an Australian retail company.

In 2004 a focused retail business was established by
International Power to target industrial and small to medium
business customers, primarily in Victoria and South Australia.

EME Integration

The EME assets acquired in Australia (Loy Yang B, Valley Power
and Kwinana) are an excellent fit with the base portfolio.
Including the assets acquired from the EME portfolio, which
added 884 MW (net) of new capacity, International Power's
generation capacity in Australia now totals 3,275 MW (net).
This enhanced capacity has increased the Company's share of the
Australian national electricity market to circa 12%, up from 8%
before the EME acquisition.  This represents a market share of
some 27% in Victoria and 20% in South Australia.

The integration of the EME assets is well advanced and good
progress has been made on extracting synergies in a number of
business areas including trading, settlement, regional office
and business development.  Relevant management structures are
now in place and selected staff members from EME have been
integrated within the International Power team.  EME's Melbourne
office is in the process of being closed.

Asia

Turnover in Asia increased to GBP202 million in 2004 (2003:
GBP128 million).  The 2004 turnover includes turnover from
KAPCO, which was treated as a trade investment in 2003. Profit
before interest and tax increased marginally in 2004 to GBP87
million (2003: GBP84 million), reflecting increased production
capacity and higher earnings at Malakoff.

In Pakistan, HUBCO and KAPCO performed in line with expectations
and delivered cash backed earnings.  KAPCO delivered
particularly good operational performance in 2004 with high
levels of availability and utilization.

In February 2005, our partner WAPDA sold part of its
shareholding in KAPCO via a successful Initial Public Offering.
20% of KAPCO is now traded on the Karachi Stock Exchange.  As at
9 March 2005, KAPCO's market capitalization totaled GBP465
million, making it one of the largest publicly listed companies
in Pakistan alongside HUBCO.

In Malaysia, Malakoff's increased profitability highlights the
success of its expansion program.  During 2004, the Company's
operational capacity increased by 968 MW to 2,863 MW (net).  The
key addition to Malakoff's portfolio was a 40% shareholding in
the 2,420 MW coal/gas/oil fired Kapar Power Station in Malaysia.
Malakoff now has 1,890 MW (net) of new capacity under
construction, all of which is expected to be operational by
2007.  The entire output from this new capacity is contracted
under long-term power purchase agreements with Tenaga Nasional
Berhad (TNB), Malaysia's national electricity company.

The Thai economy continued to grow strongly in 2004, stimulating
higher demand for power.  At Thai National Power (TNP), an
expansion project is currently under development to add 20 MW of
incremental capacity to service the growing needs of local
industrial customers.  During 2004, TNP developed a co-
generation project to utilize waste steam, which involves the
production and supply of chilled water using steam fired
absorption chillers.  The chilled water plant is currently under
construction and will be commissioned in the first half of 2005.

In February 2005, International Power completed the acquisition
of a 40% shareholding in Uch, a 586 MW gas fired plant in
Pakistan, from EON.  The remaining shareholding in Uch is owned
by Tenaska (33%), GE Capital (18%) and Hawkins Uch Holdings
(9%).  The entire output from the plant is sold to WAPDA under a
long-term power purchase agreement until 2023.

EME Integration

Through the EME acquisition, we added the 1,230 MW coal fired
Paiton plant in East Java, Indonesia.  The International Power
partnership with Mitsui owns 45% of Paiton, with the remainder
held by Mitsui, General Electric and PT BHP, an Indonesian
company.  Paiton has been running at high load factors,
underlining the strong demand growth for power in the region. We
also acquired with Mitsui 100% of the Paiton Energy operating
company, which operates the plant under a long term O&M
agreement.  Output from Paiton is contracted to PLN, the state
owned utility under a long-term PPA expiring in 2040.
Integration is proceeding very well, with International Power
operating professionals already in place in key operational
roles.

Exceptional Items

A net exceptional charge of GBP16 million was booked in 2004,
comprising:

(a) GBP11 million release of a provision relating to a guarantee
    following the sale of an investment in Elcogas,

(b) GBP4 million profit on the disposal of a further 4% share in
    HUBCO,

(c) GBP15 million charge from the cessation of the interest rate
    swaps as part of the restructuring of the ANP debt facility,

(d) GBP16 million of costs associated with debt raising and debt
    restructuring

Net Interest

Net interest payable for the year ended 31 December 2004 was
GBP123 million (excluding exceptional items).  Corporate and
subsidiary operations accounted for interest payable of GBP77
million comprising gross interest on bonds, bank loans and
overdrafts, offset by interest receivable and capitalized
interest.

Associates and joint ventures incurred net interest payable of
GBP46 million.  Consolidated interest cover was 2.3 times
(excluding exceptional items).

Tax

The tax charge for the year (pre-exceptional items) amounted to
GBP45 million compared to GBP54 million in the previous year.
The 2004 charge represents an effective tax rate of 27%,
compared to 31% in the prior period, and this reduction results
from confirmation of foreign tax holidays and the resolution of
certain tax issues.

Liquidity

                                       Year ended    Year ended
                                       31 December   31 December
                                            2004          2003
                                            GBPm            GBPm
Operating profit/(loss)                     121            (279)
Impairment of plant                           -             404
Release of guarantee on sale of Elcogas     (11)           -

                                             110          125
Depreciation and amortization                 85          109
Dividends from joint ventures and associates  69          101
Movement in working capital and provisions     3          (50)

Operating cash flow                          267          285

Capital expenditure - maintenance            (59)         (64)
Tax and interest paid                       (104)         (96)

Free cash flow                               104          125

Finance costs - exceptional                  (26)          (4)
Refinancing costs capitalized on acquisition (22)           -
debt
Capital expenditure - growth                (158)         (57)
Capital expenditure - other financial        (61)          (9)
investment
Compensation for long-term performance         5           56
shortfalls
Acquisitions                              (1,195)           -
Disposals - exceptional                       17           35
Share buyback                                  -          (13)
Proceeds from Rights Issue                   286            -
Funding from minorities                      165            -
Foreign exchange, hedging and other           57          (13)

(Increase)/ decrease in net debt            (828)         120

Opening net debt                            (692)        (812)
Net debt on acquisition of subsidiaries   (1,219)           -

Closing net debt                          (2,739)        (692)


Operating cash flow for the year ended 31 December 2004
decreased by 6% to GBP267 million (2003: GBP285 million)
principally due to reduced operating profits from the U.S.,
together with a lower level of dividends from our investments in
associates and joint ventures. 2003 included an unusually large
dividend from KAPCO.

Capital expenditure to maintain operating capacity of our power
stations is at a very similar level compared to 2003.  Capital
expenditure to increase our operating capacity amounted to
GBP158 million comprising spend on Tihama Power, the Canunda
wind farm and the West Field mine development at Hazelwood in
Australia.

Acquisitions in 2004 include the purchase of the EME portfolio
and Turbogas at GBP1,073 million (of which GBP13 million of
acquisition costs were outstanding at the year end) and GBP135
million (including costs of acquisition) respectively.
Disposals include proceeds from the sale of a 4% holding in
HUBCO.

The Rights Issue in contemplation of the Turbogas and EME
acquisitions was completed in September with a 91.2% take up and
raised net proceeds of GBP286 million.

Funding from minorities includes cash injections from partners
towards the EME portfolio acquisition, Tihama and Al Kamil.

Balance Sheet

A summarized, reclassified presentation of the Group balance
sheet is set out:

                                          As at         As at
                                      31 December    31 December
                                         2004          2003
                                         GBPm            GBPm
Fixed assets
Intangibles and tangibles                3,656         2,049
Investments                              1,251           536
Other long term assets                   581             3

Total fixed assets                       5,488         2,588

Net current liabilities (excluding
short-term debt)                          (150)          (93)

Provisions and creditors due after more than
one year(excluding debt)                  (537)         (243)

Net debt                                 (2,739)         (692)

Net assets                               2,062         1,560

Gearing                                  133%          44%
Debt capitalization                       57%          31%

Net assets at 31 December 2004 increased by GBP502 million to
GBP2,062 million, as compared with GBP1,560 million as at 31
December 2003.  This comprises an increase in Shareholders'
funds arising from the Rights Issue and retained profits for the
year offset by a net loss arising on retranslation of our net
investment in foreign entities.  Minority interests have also
increased since 2003 as a result of the sale of the 35%
shareholding in Al Kamil and the minority interest of 30% of our
acquisition of EME and 25% of our acquisition of Turbogas.

The acquisition of Turbogas and the EME assets has fundamentally
changed the balance sheet of the Group, with fixed assets and
investments almost doubling in size.  The acquisitions are
highly leveraged due to the contracted nature of the assets
acquired, causing debt capitalization to rise to 57%.  Long-term
assets mainly represent long-term receivables in respect of
lease assets.

Net debt at 31 December 2004 has increased to GBP2,739 million
from GBP692 million in 2003.  This increase is principally due
to new debt raised to finance the EME acquisition and Tihama,
together with GBP1,219 million of net debt on the balance sheets
of the acquired subsidiaries.

International Financial Reporting Standards

We are well prepared to adopt International Financial Reporting
Standards (IFRS) for the year ending 31 December 2005.  The
significant impacts include:

(a) fair valuing financial instruments,

(b) recognition of pension fund assets and liabilities on the b
    balance sheet;

(c) deferred tax provisions;

(d) cessation of goodwill amortization; and

(e) inclusion of fair value charge in respect of outstanding
    share options.

An IFRS update conference call will be held at 10:00 on 24 March
2005, to give details of the Group's 2004 results using IFRS.

About International Power

International Power plc is a leading independent electricity
generating company with 15,684 MW (net) in operation and 1,713
MW (net) under construction.  International Power has power
plants in operation or under construction in Australia, the
United States of America, the United Kingdom, the Czech
Republic, Italy, Portugal, Spain, Turkey, Oman, Qatar, Saudi
Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and
Thailand.  International Power was listed on the London Stock
Exchange and the New York Stock Exchange (as ADRs), on
2 October 2000.  The ticker symbol on both stock exchanges is
'IPR'.

Financial results are available free of charge at
http://bankrupt.com/misc/InternationalPower_2004.htm.

CONTACT:  INTERNATIONAL POWER
          Media Contact:
          Sara Richardson
          Phone: +44 (0)20 7320 8619
          Mobile: 07989 492 740

          Investor Contact:
          Aarti Singhal
          Phone: +44 (0)20 7320 8681
          Mobile: 07989 492 447


INTERNATIONAL POWER: Ratings Unaffected by 2004 Results
-------------------------------------------------------
Standard & Poor's Ratings Services said the announcement of
U.K.-based global power developer International Power PLC
(IPower; BB-/Negative/--) of financial results for fiscal 2004,
a first dividend payment of 2.5 pence sterling per share, and a
continuous dividend policy would have no impact on the ratings
or outlook on the group, as these factors had already been
incorporated.

In 2004, profit before interest and tax, excluding exceptional
items, remained stable at GBP287 million (US$551 million, 2003:
GBP285 million).  The company also announced its future policy,
expecting to maintain in the current fiscal year a dividend
payout ratio similar to the 30% level reached in 2004.
Despite a reshuffle in the U.S. generating plant portfolio,
IPower continues to suffer weak performance in the U.S. The
company's operations in Europe, Middle East, and Asia, however,
support IPower's financial performance.  IPower continues to
have an adequate cash position.

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

          INTERNATIONAL POWER PLC
          Senator House
          85 Queen Victoria St.
          London EC4V 4DP
          Phone: +44-20-7320-8600
          Fax: +44-20-7320-8700
          Web site: http://www.ipplc.com


MCCOWAN'S LTD.: Files for Receivership
--------------------------------------
Around 100 employees will lose their jobs as toffee producer
McCowan's Ltd. undergoes receivership, BBC reports.

Despite an internal restructuring, the company failed to
overcome financial difficulties caused by adverse currency
movement, increase in prices of raw material and poor wheat
harvest.

Graham Watson and Laurie Manson of PricewaterhouseCoopers were
appointed receivers.  They plan to keep the company operating
while they search for a buyer willing to purchase the company as
a going concern.

Established in the early 1920s by Andrew McCowan, the company is
one of the best-known confectionary maker in Scotland.  Sold to
Nestle in the 1960s, the company underwent several management
buy out, the first one in the 1980s.  In the mid-90s, Dutch
company Phideas took over the company and operated it until
2003, when it yielded to a management buyout.  Last year, the
company got a GBP125,000 Regional Selective Assistance Grant to
fund its expansion project.

CONTACT:  MCCOWAN'S LTD.
          44 Tryst Road
          Stenhousemuir
          Larbert
          Stirlingshire FK5 4HA
          Phone: (01324) 562158
          Fax: (01324) 552667


MERZARIO LIMITED: Freight Forwarder Succumbs to Administration
--------------------------------------------------------------
Mark Robert Fry and Lloyd Biscoe (IP Nos 008588, 009141) have
been appointed joint administrators for Merzario Limited.  The
appointment was made Feb. 22, 2005.  The company offers freight
forwarding services.  Its registered office is located at 44
Broadway, Stratford, London E15 1XH.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


MILO DESIGNS: Liquidator from Monahans Steps in
-----------------------------------------------
At the extraordinary general meeting of Milo Designs Limited on
March 1, 2005 held at Clarks Mill, Stallard Street, Trowbridge,
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 of the company.

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 May 4, 2005.

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


M J & H LIMITED: Creditors Appoint Liquidator
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF M J & H LIMITED
                        (In Liquidation)

I, Michael D. Sheppard, of Wylie & Bisset, 168 Bath Street,
Glasgow, G2 4TP hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules, that on 31 January 2005 I was
appointed Liquidator of M J & H Limited by a resolution of the
first meeting of creditors held in terms of Section 138(3) of
the Insolvency Act 1986.  No Liquidation Committee was
established.

I do not intend to summon a further meeting for the purpose of
establishing a Liquidation Committee unless one-tenth, in value,
of the creditors require it in terms of Section 142(3) of the
Insolvency Act 1986.

M. D. Sheppard, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


MONTELLER LIMITED: Members Pass Special Winding-up Resolution
-------------------------------------------------------------
At the extraordinary general meeting of the members of Monteller
Limited on Feb. 21, 2005 held at Enterprise House, 21 Buckle
Street, London E1 8NN, the special resolution to wind up the
company was passed.  Melvyn Julian Carter and John Alfred George
Alexander 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 Joint Liquidators, of
Enterprise House, 21 Buckle Street, London, El 8NN on or before
March 31, 2005.

CONTACT:  CARTER BACKER WINTER
          Enterprise House
          21 Buckle Street
          London E1 8NN
          Phone: 020 7309 3800
          Fax: 020 7309 3801
          E-mail: john.alexander@cbw.co.uk


MUIRMILL INTERNATIONAL: Names James Bernard Stephen Liquidator
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Muirmill International Centre
                       (Scotland) Limited
                        (In Liquidation)

I, James Bernard Stephen, Deloitte & Touche LLP, Lomond House, 9
George Square, Glasgow G2 1QQ, hereby give notice that I was
appointed Liquidator of Muirmill International Centre (Scotland)
Limited, at a meeting of creditors, on February 21, 2005.

A Liquidation Committee was not established. I do not propose to
summon a further meeting of the Company's creditors for the
purposes of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require me to do so in terms
of Section 142(3) of the Insolvency Act 1986.

James Bernard Stephen, Liquidator
February 22, 2005

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


NEW WORLD: Hires Wilson Field as Administrator
----------------------------------------------
David Andrew Field and Lisa Hogg (IP Nos 9178, 9037) have been
appointed administrators for New World Fuchsia Ltd. (t/a
Fuchsia).  The appointment was made March 1, 2005.  The company
manages nightclub and restaurant.

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


OSPREY KITCHENS: Kroll Liquidator Takes over Helm
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Osprey Kitchens and Bedrooms Limited
                         (In Liquidation)

I, Fraser James Gray, hereby give notice pursuant to Rule 4.19
of the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Osprey Kitchens and Bedrooms Limited by a
Resolution of a Meeting of Creditors held under S138 of the
Insolvency Act 1986, on February 16, 2005.  A Liquidation
Committee was not formed.

I do not intend to summon another Meeting to establish a
Liquidation Committee unless requested to do so by one-tenth in
value of the Company's Creditors.

Fraser James Gray, Liquidator
February 16, 2005

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

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


PALCON SYSTEMS: Hires Administrators from Moore Stephens
--------------------------------------------------------
Steven Draine and David Rolph (IP Nos 8866, 5930) have been
appointed administrators for Palcon Systems Ltd.  The
appointment was made March 3, 2005.  The company installs
heating and electrical systems.

CONTACT:  MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com

          MOORE STEPHENS
          St Paul's House
          Warwick Lane
          London EC4P 4BN
          Phone: 020 7334 0334
          Fax: 020 7334 7933
          E-mail: david.rolph@moorestephens.com


PARTHENON PROJECTS: In Administrative Receivership
--------------------------------------------------
The Governor and Company of The Bank of Scotland appointed
Robert William Birchall and Michael David Gercke (Office Holder
Nos 6623, 2360) joint administrative receivers for Parthenon
Projects (New Homes) Limited (Reg No 04568487, Trade
Classification: Construction: General Construction and
Demolition).  The application was filed Feb. 25, 2005.  The
company develops and sells real estate.

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


RALEIGH STREET: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Raleigh
Street Properties (2) Ltd. on March 4, 2005 held at Little
Tennis Street, Nottingham, the special resolution to wind up the
company was passed.  Tyrone S. Courtman and Evelyn G. Exley of
Cooper Parry LLP have been appointed joint liquidators of the
company.

Creditors are required to send their names and addresses, with
particulars of their debt or claims, and the name and addresses
of their solicitors (if any), to the undersigned, Tyrone Shaun
Courtman and Evelyn Gabrielle Exley, of Cooper Parry LLP, 14
Park Row, Nottingham NG1 6GR on or before March 31, 2005.

CONTACT:  COOPER-PARRY
          14 Park Row
          Nottingham
          Nottinghamshire NG1 6GR
          Phone: 0115 958 0212
          Fax: 0115 958 8800
          E-mail: evelyne@cooperparry.com


REMOTE PROPERTIES: Calls in Liquidators from Ernst & Young
----------------------------------------------------------
At the extraordinary general meeting of Remote Properties 2100
Limited on Feb. 28, 2005, the special resolution to wind up the
company was passed.  Patrick Joseph Brazzill and Alan Lovett of
Ernst & Young LLP 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


RHS PANELTECH: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of RHS Paneltech Limited will meet on March 24,
2005 at 11:00 a.m.  It will be held at Hilton Hotel, Victoria
Quays, Furnival Road, Sheffield S4 7YA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Haines Watts, First Floor, Park House, Park
Square West, Leeds LS1 2PS not later than 12:00 noon, March 23,
2005.

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


ROYAL & SUNALLIANCE: Meets Strategic Commitments for 2004
---------------------------------------------------------
Year-end Results 2004

(a) Significant improvement in Group operating result

     (i) Ongoing business combined operating ratio (COR) of
         94.0% (2003: 96.8%),

    (ii) Group COR of 103.4% (2003: 108.0%),

   (iii) Group operating result[1] of GBP456 million (2003:
         GBP140 million),

    (iv) Group operating profit of GBP188 million;

(b) Strong performance from ongoing operations

     (i) U.K. business COR of 92.5% (2003: 94.8%) -- excellent
         commercial and significantly improved personal result,

    (ii) Strong performance in Scandinavia with a COR of 95.4%
        (2003: 99.3%),

   (iii) International continues to produce solid results with a
         COR of 95.8% (2003: 98.3%) including a significant
         turnaround in Canada with a COR of 96.6% (2003:
         102.9%);

(c) Delivered on strategic objectives

     (i) Strengthened capital position with surpluses against
         all key measures

    (ii) Significant progress in stabilizing U.S. business --
         focus on structural change including proposed sale
         of non-standard auto,

   (iii) Two significant appointments to the U.S. Board,

    (iv) Operational improvement program has now achieved GBP190
         million of annualized savings.

                                          12 Months    12 Months
                                             2004          2003
General business net premiums written     GBP5,206 m  GBP6,630 m
Combined Ratios
- Ongoing operations                         94.0%        96.8%
- Overall                                    103.4%       108.0%
Group operating result (based on LTIR)    GBP456 m    GBP140 m
Group operating profit (based on LTIR)    GBP188 m    GBP196 m
Balance sheet Restated

                                         31 December 31 December
                                              2004        2003
Shareholders' funds                     GBP2,672 m    GBP2,986 m
Net asset value per share                     96p          107p
Dividend for the year per ordinary share     4.61p        4.52p

Andy Haste, Group CEO Royal & SunAlliance said: "2004 has been a
year of substantial progress for the Group.  We've driven strong
operational performance and delivered against the strategic
commitments we set out for the Group eighteen months ago.  Our
strategy for the future is clear -- to run general insurance
businesses where we have strong market positions and where we
can deliver sustainable profitable performance."

Financial results are available free of charge at
http://bankrupt.com/misc/RoyalSunAlliance_2004.pdf

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7111 7212
          Mobile: +44 (0) 7834 005589

          Press
          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047
          Mobile: +44 (0) 7834 005605

          Julius Duncan (Finsbury)
          Phone: +44 (0) 20 7251 3801
          Mobile: +44 (0) 7970 407394


ROYAL & SUNALLIANCE: To Distribute Final Dividend of 2.96p
----------------------------------------------------------
The directors of Royal & Sun Alliance Insurance Group plc will
recommend to the Annual General Meeting to be held on 27 May
2005 that a final dividend of 2.96p per ordinary share be paid
on 2 June 2005.

The dividend will be paid to holders of ordinary shares on the
register at the close of business on 18 March 2005.  The ex-
dividend date will consequently be 16 March 2005.

7.375% Cumulative Irredeemable Preference Shares of GBP1 each
The preferential dividend at the rate of 3.6875% in respect of
the six months ended 31 March 2005 will be paid on 1 April 2005
in accordance with the terms of issue to holders of preference
shares on the register at the close of business on 18 March
2005.  The ex-dividend date will consequently be 16 March 2005.

CONTACT:  ROYAL & SUN ALLIANCE INSURANCE GROUP PLC
          Caroline Webb
          Phone: +44 (0)20 7111 7075


ROYAL & SUNALLIANCE: A.M. Best Ratings Remain Unchanged
-------------------------------------------------------
A.M. Best Co. said the ratings of Royal & SunAlliance Insurance
Group plc (R&SA) (United Kingdom) are unaffected by 2004
reported earnings as they were in line with A.M. Best's
expectations.

R&SA reported a break-even pre-tax result for 2004 (GBP146
million (US$260 million) pre-tax loss for 2003), in line with
A.M. Best's expectations.  An improvement in the reported
consolidated combined ratio for the year to 103.4% (108.0% for
2003) was achieved as a consequence of focused underwriting and
expense savings, in spite of strong reserve strengthening on
U.S. prior years.  A.M. Best continues to monitor R&SA's
reserves development during 2005.

For Best's Ratings, an overview of the rating process and rating
methodologies, visit http://www.ambest.com/ratings.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.  For
more information, visit http://www.ambest.com.

CONTACT:  A.M. BEST CO.
          Public Relations
          Jim Peavy
          Phone: 908-439-2200, ext. 5644
          E-mail: james.peavy@ambest.com
          or
          Rachelle Striegel
          Phone: 908-439-2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com
          or
          Analysts
          Simon Martin
          Phone: +(44) 20 7626 6264
          E-mail: simon.martin@ambest.com
          or
          Jose Sanchez-Crespo
          Phone: +(44) 20 7626 6264
          E-mail: jose.sanchez-crespo@ambest.com


SHOPS ETC: Creditors Have Until April to File Claims
----------------------------------------------------
At the extraordinary general meeting of Shops Etc Limited on
Feb. 25, 2005 held at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG, the subjoined special
resolutions to wind up the company were passed.  Louise Donna
Baxter of Begbies Traynor, The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG has been appointed
liquidator 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 Louise Donna Baxter of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG on or before April 1, 2005.

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


STARS 1: Joint Liquidators from KPMG Move in
--------------------------------------------
At the extraordinary general meeting of Stars 1 Plc on Feb. 28,
2005 held at Tower 42, 25 Old Broad Street, London EC2N 1HQ, the
special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of
KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 730
          20 Farringdon Street
          London EC4A 4PP
          Phone: 020 7311 3933
          Fax: 020 7311 3607
          E-mail: jeremy.spratt@kpmg.co.uk

          KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Phone: 020 7311 1000
          Fax: 020 7311 3607


TOXO EUROPE: Liquidator Takes over Operations
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Toxo (Europe) Ltd.
                        (In Liquidation)

I, Graham Cameron Tough, CA, Martin Aitken & Co, Caledonia
House, 89 Seaward Street, Glasgow G41 1HJ, hereby give notice
that on 11 February 2005, I was appointed Liquidator of Toxo
(Europe) Ltd. by a Resolution of the First Meeting of Creditors
held in terms of S.138(3) of the Insolvency Act 1986.  No
Liquidation Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-tenth
in value of the creditors require it in terms of Section 142(3)
of the Insolvency Act 1986.

Graham Cameron Tough, Liquidator

CONTACT:  MARTIN AITKEN & CO.
          Caledonia House
          89 Seaward Street
          Glasgow G41 1HJ
          Phone: 0141 332 0488
          Fax: 0141 272 0011
          E-mail: ca@maco.co.uk
          Web site: http://www.maco.co.uk

          Graham Cameron Tough
          E-mail: gct@maco.co.uk
          Phone: 0141 272 0000
          Fax: 0141 272 0011


TRINITY INVESTMENTS: Creditors Meeting Set Next Week
----------------------------------------------------
The unsecured creditors of Trinity Investments (Wrexham) Ltd.
will meet on March 24, 2005 at 11:00 a.m.  It will be held at
BDO Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street,
Manchester M2 1BD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Mr. David Swaden at BDO Stoy Hayward LLP,
Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD not
later than 12:00 noon, March 23, 2005.

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *