TCREUR_Public/050315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 15, 2005, Vol. 6, No. 52

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Interior Minister Takes over 'Wheel'


D E N M A R K

NYCO HOLDINGS: Moody's Warns of Possible Downgrade
NYCO HOLDINGS: Additional PIK Notes Issuance Triggers Downgrade
NYCOMED: Nordic Capital Acquires Majority Holding


G E R M A N Y

AIR COOPERATION: Claims Filing Period Ends Next Month
BREMER BROADCAST: Bremen Court Appoints Interim Administrator
CELANESE AG: Antitrust Regulator Inquires into Acetex Takeover
CELANESE AG: Assures E.U. Probe Is Just S.O.P.
EHS PROJEKTENTWICKLUNG: Administrator Takes over Operations

ELEKTRO-NOHLEN: Administrator's Report Out May
ESCADA AG: Outlook Stable on Improved Financials
ESCADA AG: Gets (P)B2 Ratings, Positive Outlook from Moody's
IESY GMBH: S&P Puts Ratings on CreditWatch Negative
IWF: Creditors Have Until this Week to File Proofs of Claim

PARADISE TRAVELS: Proofs of Claim Due Later this Month
SHALOM: Applies for Bankruptcy Proceedings
WALTER BAU: Deutsche Bank Buys Commerzbank's Guarantees


I R E L A N D

ELAN CORPORATION: Attending SG Cowen Conference this Week


I T A L Y

IMPREGILO SPA: Mulls Merger with Astaldi


R U S S I A

BANK AVANGARD: Fitch Affirms Lower-B Ratings; Outlook Stable
BRYANSK-CONCRETE: Undergoes Bankruptcy Supervision Procedure
CHUCHKOVO-AGRO-KHIM: Bankruptcy Hearing Resumes Next Month
CITY-ENERGO: Under Bankruptcy Supervision
MANSUROVSKIY COMBINE: Public Auction Set Today

MECHANIZED WORKS: Insolvency Manager Takes over Operations
PRIGOROD-AGRO-KHIMIYA: Bankruptcy Proceedings Begin
PUBLISHING HOUSE: Hires A. Chechenin as Insolvency Manager
REPAIR-TECHNICAL ENTERPRISE: Succumbs to Bankruptcy
YAGODINSKIY: Selling RUB1.5 Million Worth of Assets Today
ZLATOUSTOVSKIY METALLURGICAL: Declared Insolvent


S W I T Z E R L A N D

SWISS INTERNATIONAL: In Merger Talks with Lufthansa


U K R A I N E

ARTSIZAGRODORSTROJ: Odesa Court Opens Bankruptcy Proceedings
CHORNOMORSKE REPAIR: Bankruptcy Supervision Begins
ENERGOVTORRESURS: Succumbs to Bankruptcy
KARSAN: Under Bankruptcy Supervision
PIVDENNIJ RADIO: Temporary Insolvency Manager Steps in

TERMOIZOLYATSIYA: Insolvency Manager Takes over Helm
VOROHNYANSKIJ WOOD: Applies for Bankruptcy Proceedings
ZHMERINKA' ELEVATOR: Creditors' Claims Due Friday


U N I T E D   K I N G D O M

AFRICAN INTERIORS: Liquidator Takes over Operations
ASHWORTHS FOODS: Food Manufacturer Appoints Administrators
ATHENA WINDOWS: Windows Maker Falls into Administration
DECORATIVE INDUSTRIES: Names BRI Business Recovery Administrator
DIRECTIONAL DRILLING: Liquidator from Dains Moves in

ELEGANCE LIMITED: Former Director Banished for Six Years
FIRST INLINE: Insolvency Service Disqualifies Directors
FKI PLC: Long-term Ratings Downgraded to Ba1
F.S.R MACHINE: Calls in Administrators from Portland Business
MARCHE LTD.: Members Decide to Wind up Firm

MCDOWELL ENTERPRISES: Calls in Liquidator from Charles David
MINDSAIL LIMITED: Joint Liquidators from Blades Move in
MISS SIAMA: Hires HKM to Liquidate Company
MTU (LOGISTICS): Hires Liquidator from S. F. Plant & Co.
NEW YOU: Opts for Liquidation

NYED PLUS: Names David Horner & Co. Administrator
PACE ELECTRICAL: Names Valentine & Co. Liquidator
PERFORMANCE PARTITIONING: Calls in Liquidator from Peter Edwards
PLYDOR LIMITED: Hires Liquidator from Bridgestones
POWR INDUSTRIES: Directors Get 20-year Disqualification

PRESENTATION PRINT: Names Parkin S. Booth & Co. Liquidator
QXL RICARDO: Directors Recommend Florissant's Offer
RACERACK LIMITED: Restaurant Manager Calls in Administrators
RA ENGINEERING: Names Simmonds & Co. Liquidator
RED HOUSE: Hires Jeremy Knight & Co. as Liquidator

RHINO PROMOTIONAL: Liquidator from Parkin S. Booth Moves in
SHAFTFIELD STAINLESS: Appoints Portland Business Administrator
SPECIALIST CAPITAL: Top Honcho Banned for 11 Years
THOMAS PERSONNEL: Liquidator from Dains Moves in
TRAFFORD PARK: Members Pass Winding-up Resolutions
WELWYN INTERIORS: Hires Kelmanson Partnership as Liquidator
WINDMERE SERVICES: Members Pass Winding-up Resolutions

* Large Companies with Insolvent Balance Sheets


                            *********


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


CYPRUS AIRWAYS: Interior Minister Takes over 'Wheel'
----------------------------------------------------
The government has appointed a new chairman for loss-making
carrier Cyprus Airways, Reuters says.

Interior ministry director-general Lazaros Savvides replaced
erstwhile chairman Constantinos Loizides, who quit amidst
criticisms over his turnaround plans.  The government, which
owns 69.6% of the carrier, has also named another government
bureaucrat to Cyprus Airways' turnaround team.

Rumors have it that Mr. Loizides, who also relinquished his post
at Hellenic Bank, failed to get the full support of the board
for his cost-cutting measures, which include redundancies,
division spin-offs and sale of Hellas Jet.

Mr. Loizides was the third board member to leave after an
impromptu strike by cabin crew, which was triggered by the axing
of 22 chief stewards.  Fearing its fleet would be grounded
indefinitely, the carrier rescinded its decision.  Prior to the
strike, redundancies had already cost 123 ground personnel and a
third of senior management.

The government-owned airline posted CYP33.5 million in net loss
for 2004.  It blames stiff competition and costly fleet renewal
for its financial woes.

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


=============
D E N M A R K
=============


NYCO HOLDINGS: Moody's Warns of Possible Downgrade
--------------------------------------------------
Moody's Investors Service placed all ratings of Nyco Holdings
ApS and its subsidiaries under review for possible downgrade
following the announcement of a change in ownership of the
company and the proposed EUR400 million debt issuance in the
form of PIK notes at Nycomed A/S.

The company announced that its existing shareholders led by DLJ
Merchant Banking and The Blackstone Group have signed a
definitive agreement to sell a major part of their shareholding
to Nordic Capital Fund V.  Moody's notes the possibility that
the sale may trigger the change of control provision under its
senior notes and if required to repurchase any senior notes
thereby tendered, the company would use availability under its
senior facilities to do so.  Proceeds of the PIK notes will be
used to fund a shareholder distribution as well as repayment of
the company's 16% mezzanine notes.

In its review, Moody's will focus on:

     (a) the impact of the proposed transaction on the capital
         structure and debt protection metrics of Nycomed; and

     (b) any potential changes in operating or financial
         strategies by the company as a result of, or in tandem
         with, the change in ownership.

Ratings placed under review are:

     (a) Senior implied rating of B1;

     (b) Issuer rating of B3;

     (c) EUR225 million senior notes due 2013 at Nyco Holdings 2
         ApS rated B3;

     (d) Senior credit facilities at Nyco Holdings 3 ApS rated
         B1.

Based in Roskilde, Denmark, Nycomed is a leading European mid-
sized marketing-driven pharmaceutical company.  For the twelve
months ended December 31, 2004, Nycomed generated net turnover
of approximately EUR644.6 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Christian Rauch
          Senior Vice President
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          London
          Amanda Neff
          VP, Senior Credit Officer
          Corporate Finance Group

          NYCOMED HOLDING APS
          Langebjerg 1
          P.O. Box 88
          DK-4000 Roskilde
          Phone: +45 46 77 11 11
          Fax: +45 46 75 66 40
          Web site: http://www.nycomed.com


NYCO HOLDINGS: Additional PIK Notes Issuance Triggers Downgrade
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Denmark-based pharmaceuticals group
Nyco Holdings 2 ApS (Nycomed) to 'B' from 'B+', following the
group's announcement that its new majority shareholder Nordic
Capital, via a newly created holding company Nycomed A/S,
intends to issue EUR400 million (US$542 million) of 11.5% fixed-
rate pay-in-kind (PIK) for life notes due September 2013.  The
outlook is negative.

At the same time, Standard & Poor's lowered its senior
subordinated debt ratings on Nycomed to 'CCC+' from 'B-'.  The
net proceeds from the proposed PIK transaction will be used to
redeem the group's outstanding 16% EUR50 million junior
mezzanine notes (maturing 2013), with the remainder being used
for a EUR330 million dividend to Nycomed's previous owners,
Credit Suisse First Boston Private Equity and The Blackstone
Group and partners.

"The downgrade reflects the substantial deterioration in
Nycomed's financial profile as a result of the proposed PIK
notes following the takeover of the group by Nordic Capital,"
said Standard & Poor's credit analyst Omar Saeed.

Although the proposed PIK transaction should be slightly
positive on a cash basis -- given the cash interest savings from
the redemption of the junior mezzanine notes -- the issuance of
PIK notes still represents additional debt that might need to be
refinanced in the future and, therefore, this adds to Nycomed's
overall debt burden.

"The negative outlook reflects Standard & Poor's opinion that
Nycomed could be faced with significant challenges to ensure it
quickly generates enough free cash flow to deleverage to levels
consistent for the ratings," added Mr. Saeed.

The ratings could be lowered over the next 9-12 months if the
group fails to demonstrate its ability in achieving lease- and
pension-adjusted total debt (including accruing PIK notes) to
EBITDA of less than 6.5x by financial year-end 2006.  In the
meantime, the group is expected to maintain an adequate
liquidity profile to meet its debt repayments.  In addition, we
assume that the proposed PIK notes will not have a cash impact.

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

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

          NYCOMED HOLDING APS
          Langebjerg 1
          P.O. Box 88
          DK-4000 Roskilde
          Phone: +45 46 77 11 11
          Fax: +45 46 75 66 40
          Web site: http://www.nycomed.com


NYCOMED: Nordic Capital Acquires Majority Holding
-------------------------------------------------
Nordic Capital Fund V has agreed to acquire a controlling
interest in Nycomed from a group of investors led by DLJ
Merchant Banking, part of CSFB's Alternative Capital Division,
and The Blackstone Group.  In connection with the transaction,
Nycomed is valued at EUR1.8 billion.

Nordic Capital funds owned Nycomed between 1999 and 2002, during
which time the company restructured its manufacturing
operations, boosting efficiency and capacity, and improved the
licensing program for new products.  DLJ Merchant Banking and
Blackstone, together with a group of investors including
Alpinvest (previously NIB Capital Private Equity), acquired 100%
of the shares in Nycomed from Nordic Capital in November 2002.

Since 2002, Nycomed has reached a number of strategic milestones
including in-licensing of products targeted to hospital
specialists in Europe, such as Preotact(TM) a new treatment for
osteoporosis, and AI-700, an ultrasound contrast agent.
Further, Nycomed has registered and launched products on a
European level including Angiox(TM), an anticoagulant for
patients undergoing percutaneous coronary intervention (PCI),
and TachoSil(R), a surgical patch developed by Nycomed to assist
surgeons in achieving bleeding control.  The company has also
opened new offices in the U.K., Italy and Poland and is
preparing to enter Portugal and Spain during 2005.

Going forward, priorities will include a strengthened market
presence through a push into new markets, combined with
expansion in existing markets.  Further, new products as well as
investments in pre-launch and launch activities of key future
growth products will remain high priorities.  New key products
will account for the majority of growth over the coming five
years.  Hakan Bjorklund will continue as CEO of Nycomed and Toni
Weitzberg of Nordic Capital will become Chairman.

"Nordic Capital is very familiar with the company, CEO Hakan
Bjorklund and his management team," says Toni Weitzberg, Partner
at Nordic Capital.  "Nycomed has come a long way in recent
years.  And we are looking forward to work with the management
to further develop the business.  This means maintaining the
focus on new products, new markets and consolidating the
company's position.  There are excellent growth prospects."

"We welcome the opportunity to work together with Nordic Capital
on the board of Nycomed and we look forward to continue working
with Nycomed's management as it continues to implement its
proven growth strategy in Europe," says Thompson Dean, Managing
Partner of DLJ Merchant Banking and Head of Leveraged Corporate
Private Equity at CSFB's Alternative Capital Division.

"It is very positive to have Nordic Capital back with Nycomed, I
believe they together with DLJ Merchant Banking and Blackstone
can provide valuable support as we are entering a period of
significant growth," says Hakan Bjorklund, CEO of Nycomed.
"Nycomed will benefit from Nordic Capital's knowledge in the
healthcare industry."

Nordic Capital has agreed to acquire a controlling equity
interest in the company.  Nordic Capital, DLJ Merchant Banking
and Blackstone will all be represented on the board of a new
holding company (Nycomed A/S).  The transaction financing will
include the issuance of approximately EUR400 million PIK
(Payment in Kind) notes.  Closing of the transaction is subject
to customary closing conditions including the approval of
competition authorities.

Morgan Stanley advised Nordic Capital.  Credit Suisse First
Boston and Goldman Sachs were joint advisors to DLJ Merchant
Banking.

About Nycomed

Nycomed is a pharmaceutical company dedicated to meeting needs
in Europe.  The company provides hospital products throughout
the region and general practitioner and pharmacy medicines in
selected markets.

New products are sourced through licensing agreements with
research companies.  Here Nycomed provides late-stage clinical
development, registration and marketing.

Headquartered in Roskilde, Denmark, the company employs about
3,000 people throughout Europe and Russia/CIS.  Nycomed is
privately owned and had a 2004 revenue of EUR644.6 million.  For
more information, visit http://www.nycomed.com.

About Nordic Capital

Nordic Capital is a leading private equity firm focusing on
investments primarily in the Nordic middle-market arena.  The
firm has a strong investment track record, an extensive network
of contacts and firsthand knowledge of local industries and
business practices.  Since its inception in 1989, Nordic Capital
has invested in more than 60 Nordic based companies operating in
a range of segments and sectors.  Nordic Capital's proven
investment strategy creates value by actively implementing key
value drivers such as new industrial combinations, strategic
repositioning and internationalization.  A range of leading
Nordic and international institutions are investors in Nordic
Capital funds.  For more information, visit
http://www.nordiccapital.com.

About DLJ Merchant Banking

DLJ Merchant Banking Partners is a leading private equity
investor that has a 20-year record of investing in leveraged
buyouts and related transactions across a broad range of
industries.  Since 1985, DLJ Merchant Banking has invested more
than US$9 billion in more than 140 portfolio companies.  DLJ
Merchant Banking is currently investing through DLJ Merchant
Banking Partners III, which has capital commitments of US$5.3
billion.  DLJ Merchant Banking is the largest business within
Credit Suisse First Boston's Alternative Capital Division,
Credit Suisse First Boston's dedicated alternative investment
platform.  For more information, visit http://www.csfb.com

About The Blackstone Group

The Blackstone Group, a private investment and advisory firm
with offices in New York, Atlanta, Boston, London, Hamburg, and
Paris, was founded in 1985.  The firm has raised a total of
approximately US$32 billion for alternative asset investing
since its formation.  Over US$14 billion of that has been for
private equity investing, including Blackstone Capital Partners
IV, the largest institutional private equity fund ever raised at
US$6.45 billion.  In addition to Private Equity Investing, The
Blackstone Group's core businesses are Private Real Estate
Investing, Corporate Debt Investing, Marketable Alternative
Asset Management, Corporate Advisory, and Restructuring and
Reorganization Advisory.  For more information, visit
http://www.blackstone.com

CONTACT:  NYCOMED
          Hakan Bjorklund, CEO
          Phone: +45 46 77 11 11

          Christoffer Jensen, VP Communications
          Phone: +45 46 77 11 12
          Mobile: +45 22 43 69 44

          NORDIC CAPITAL
          Toni Weitzberg, Partner, Nordic Capital
          Phone: +46 8 440 50 50

          CREDIT SUISSE FIRST BOSTON
          Franziska Scheele
          Phone: +44 (0) 207 888 6499


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


AIR COOPERATION: Claims Filing Period Ends Next Month
-----------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against Air Cooperation Gebaudetechnik GmbH on Feb. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 8, 2005
to register their claims with court-appointed provisional
administrator Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 29, 2005, 9:00 a.m. at Saal 118,
Amtsgericht Gifhorn, Am Schlossgarten 4, 38518 Gifhorn 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:  AIR COOPERATION GEBAUDETECHNIK GMBH
          Woltorfer Str. 118, 31224 Peine
          Contact:
          Karsten Sturm, Manager
          Kafkastr. 25, 30629 Hannover

          Ralf Toplak, Manager
          Wanneweg 50, 38162 Cremlingen

          Torsten Gutmann, Administrator
          Zum blauen See 5, 31275 Lehrte
          Phone: 05132/82680
          Fax: 05132/8268-96


BREMER BROADCAST: Bremen Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Bremer Broadcast Service GmbH on Feb. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 3, 2005 to
register their claims with court-appointed provisional
administrator Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 10:40 a.m. at the district court
of Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen 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 May 26, 2005, 9:30 a.m.
at the same venue.

CONTACT:  BREMER BROADCAST SERVICE GMBH
          Wuste Statte 10, 28195 Bremen
          Contact:
          Werner Stoffregen
          Dwoberger Str. 63, 27753 Delmenhorst

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Phone: 0421/3485212/213
          Fax: 0421/341078


CELANESE AG: Antitrust Regulator Inquires into Acetex Takeover
--------------------------------------------------------------
The European Commission has opened an in-depth investigation
under the European Union Merger Regulation into the planned
acquisition by the U.S.-based merchant-banking firm Blackstone
of the Canadian chemicals company Acetex.  One of the companies
controlled by Blackstone (Celanese) is active on the same
markets as Acetex.

The Commission's initial market investigation has found that the
proposed acquisition may create significant competition problems
given the parties' horizontal overlaps in the markets of acetic
acid, vinyl acetate monomer (VAM) and acetic anhydride.  The
decision to open a detailed inquiry does not prejudge the final
result of the investigation.  The Commission now has four months
to take a final decision on whether the concentration would
significantly impede effective competition within the European
Economic Area (EEA).

"This takeover is in a sector that is currently undergoing
substantial developments in terms of both consolidation and
shifting patterns of supply and demand," commented Competition
Commissioner Neelie Kroes.  "It is therefore crucial that the
Commission verifies that effective competition will be
preserved."

Both Celanese and Acetex are companies that produce commodity
chemicals including acetic acid, VAM and acetic anhydride.
These products are chemical intermediaries used in a wide
variety of applications.  The two firms are among the three
major suppliers in Europe, where together they have very
significant shares of the merchant market (the part of the
market that is not captive).

The Commission's preliminary investigation indicates that the
relevant geographic markets for these products may be European
in scope, due to high transport and storage costs, import
duties, regional pricing by suppliers and the fact that a large
majority of the imports are undertaken by the companies
themselves.  The preliminary investigation also indicates that
there may be substantial horizontal overlaps on these markets.

The Commission has therefore opened a second phase investigation
in order to carry out an in-depth assessment of the proposed
transaction.  It now has four months to investigate whether the
markets at stake are EEA in scope and whether the proposed
acquisition will significantly impede effective competition in
these markets.

Blackstone is a private merchant-banking firm based in the U.S.,
active mainly in financial advisory services, private equity
investing and property investment.

Celanese is a worldwide chemicals company, controlled by
Blackstone.  It is active in four main sectors: chemical
products, acetate products, technical polymers and food
ingredients.

Acetex, headquartered in Vancouver, Canada is active in the
acetyls and the plastic business.

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


CELANESE AG: Assures E.U. Probe Is Just S.O.P.
----------------------------------------------
Celanese Corporation responds to questions about the European
Commission's announced Phase II review of the proposed
acquisition of Acetex Corporation:

"The announced Phase II review is an established procedure in
the European Commission's overall anti-trust approval processes
for certain transactions.

"As the European Commission has made clear, the decision to open
a detailed inquiry does not prejudge the eventual outcome of the
review.  Celanese believes that it has a compelling business
rationale for the transaction and is cooperating fully with the
European Commission in its process.

"Celanese Corporation's recent financial guidance for 2005 did
not include any potential contributions from Acetex."

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

                            *   *   *

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

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

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

CONTACT:  CELANESE CORPORATION
          U.S.A.
          Vance Meyer
          Phone: +1 972 443 4847
          Fax: +1 972 443 8519
          E-mail: Vance.Meyer@celanese.com
          or
          Europe
          Michael Kraft
          Phone: +49 69 30514072
          Fax: +49 69305 36787
          E-mail: M.Kraft@celanese.com
          or
          Investor Relations
          Andrea Stine
          Phone: +1 908 901 4504
          Fax: +1 908 901 4805
          E-mail: A.Stine@celanese.com


EHS PROJEKTENTWICKLUNG: Administrator Takes over Operations
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against EHS Projektentwicklung GmbH on Feb. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 8, 2005 to
register their claims with court-appointed provisional
administrator Dr. Olaf Buchler.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 10:25 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  EHS PROJEKTENTWICKLUNG GMBH
          Flughafenstrasse 52b, 22335 Hamburg
          Contact:
          Andreas Holtfreter, Manager

          Dr. Olaf Buchler, Administrator
          Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


ELEKTRO-NOHLEN: Administrator's Report Out May
----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Elektro-Nohlen GmbH on Feb. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 8, 2005 to register their
claims with court-appointed provisional administrator Dr. Hans-
U. Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 9:30 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ELEKTRO-NOHLEN GMBH
          Petzolddamm 126, 22175 Hamburg
          Contact:
          Kirsten Nohlen, Manager

          Dr. Hans-U. Hildebrandt, Administrator
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111


ESCADA AG: Outlook Stable on Improved Financials
------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Germany-based high-end women's
fashion designer and retailer ESCADA AG.  The outlook is stable.
At the same time, a 'BB-' senior unsecured debt rating was
assigned to Escada's proposed EUR200 million bond.

"The ratings reflect the company's relatively weak financial
profile, owing to earnings volatility inherent in the industry,
its strong exposure to external shocks, and the group's reliance
on one brand," said Standard & Poor's credit analyst Olaf Tolke.
"The ratings are supported by Escada's strong brand name, which
has limited exposure to fashion risk and is not dependent on one
single designer."

Escada's financial profile is only now beginning to recover
after being severely affected over the past few years by
external shocks and company-specific problems.  As international
travel, one of the drivers of luxury-goods demand, is negatively
affected by external shocks -- such as the Sept. 11, 2001,
terror attacks -- the Escada brand lost about 6% in sales in
fiscal 2003 on a like-for-like basis, compared with about 5%
growth in fiscal 2004.  At the same time, the company
experienced problems with over-expansion and poor-performing
non-core subsidiaries.  As a result, lease-adjusted operating
margins collapsed to 2% in fiscal 2003, from 9% the previous
year.

They recovered to 16% in fiscal 2004, following a successful
restructuring program in 2003, which realized EUR45 million in
cost savings.

Escada consequently improved debt coverage ratios significantly
in fiscal 2004, aided also by recovering demand.  This continued
in the first quarter of 2005, with group sales growing by 8% on
a like-for-like basis.

"Although Escada's earnings will remain vulnerable to external
shocks in the future, we expect the company's leaner cost
structure, which has lowered its breakeven point, to result in
increased earnings resilience," said Mr. Tolke.

To maintain the ratings, Escada is required to reach and
maintain lease-adjusted net debt to EBITDAR (earnings before
interest, taxes, depreciation, amortization, and rents) of
between 3.0x and 3.5x and to achieve positive free cash flow
from fiscal 2005.  In addition, lease-adjusted FFO to net debt
is required to reach and maintain 15%-20% at all times.

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

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

          ESCADA AG
          Web site: http://www.escada.com


ESCADA AG: Gets (P)B2 Ratings, Positive Outlook from Moody's
------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 senior implied rating
to ESCADA AG and a (P)B2 rating to the proposed EUR200.0 million
issuance of senior notes due 2012.  This is a first-time rating
for ESCADA.  The ratings outlook is positive.  These ratings are
prospective assuming the planned financing is completed as
presented to Moody's.  The assigned ratings assume there will be
no material variations to the draft legal documentation reviewed
by Moody's and assume that these agreements are legally valid,
binding and enforceable.

Ratings assigned are:

(a) Senior implied rating at (P)B2;

(b) EUR200.0 million senior notes due 2012 rated (P)B2; and

(c) Senior unsecured issuer rating at (P)B3.

Summary Rating Rationale

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

     (i) the company's highly leveraged capital structure with
         LTM lease-adjusted Total Debt/EBITDAR of approximately
         6.6x (pro-forma for the proposed bond offering);

    (ii) the cyclical nature of the luxury goods industry
         coupled with the fashion risk and high working capital
         investment required by ESCADA's role as both a retailer
         and supplier;

   (iii) the company's currently low operating profitability
         together with Moody's expectations that ESCADA's cash
         flow generation will be further constrained by its
         significant capex requirements going forward;

    (iv) the risks embedded in the company's strategy to
         continue expanding its directly controlled retail
         business;

     (v) the exposure to foreign currency movements as more
         than 60% of the ESCADA brand sales are mainly
         denominated in U.S. dollar and Japanese yen while the
         company's costs structure is mainly euro-denominated;
         and

    (vi) the risks related to the succession of Wolfgang Ley,
         the company's founder.

More positively, the (P)B2 senior implied rating reflects:

     (i) ESCADA's loyal and geographically diverse customer base
         with North America and Asia accounting respectively for
         21% and 14.5% of the company's consolidated sales for
         financial year 2004;

    (ii) the benefits to the company's operating performance of
         the cost cutting measures initiated in October 2003
         which generated EUR45.5 million net cost savings during
         2004;

   (iii) ESCADA's strong brand recognition emphasized by its
         high quality product standards;

    (iv) the flexibility gained by outsourcing of the apparel
         production to third party sub-contractors which for a
         large extent work exclusively for ESCADA; and

     (v) its sound liquidity profile with approximately EUR70.0
         million available under the new revolving credit
         facility and EUR21.9 million cash and cash equivalent
         on balance sheet as of 31 January 2005.

The positive rating outlook mainly reflects Moody's belief that
ESCADA can continue to experience operating profit improvements
over the short- to medium-term as the company continues to
benefit from its restructuring efforts to improve fundamental
business processes.

Although the company's profitability is likely to remain
negatively affected by weak operating performance at some
operating subsidiaries (i.e. ESCADA France and ESCADA U.K.) and
business divisions (i.e. ESCADA Accessories), Moody's expects
ESCADA to improve its credit protection measures and cash flow
profile going forward.  Should the company's adjusted RCF/lease-
adjusted Net Total Debt ratio stabilize above 10% to 12%
combined with evidence of a sustainable improvement in operating
performance, there could be upward pressure on the ratings.

Conversely, any increase in financial leverage, as result, in
particular, of weaker-than-anticipated operating performance, or
the company's failure to meet Moody's expectations in terms of
operating cash flow improvements could put downward pressure on
the ratings.

Moody's expects the price environment for luxury goods to be
favorable during 2005, although largely off-set by higher raw
material prices and production costs coupled with the impact of
a weak US$/EUR exchange rate.  While recognizing the company's
ability to pass production costs increases onto to their
customers, Moody's cautions that ESCADA may find it difficult to
retain more price-sensitive marginal customers in the event of
continued significant price increases.

ESCADA benefits from a limited risk of pricing pressure from the
large retail chain as wholesale distribution accounts only for
30% of the company's consolidated sales, in value terms.  The
company is still exposed to pricing and margin risk due to
fashion risk and economic cycles.

In addition, the rating agency notes the company's exposure to
unfavorable exchange rate movements as approximately 60% of
ESCADA brand's revenues are denominated in currencies other than
the euro.  While adopting a stringent hedging policy, which
preserves profitability from currency risk, ESCADA, in Moody's
opinion, remains exposed to the impact of its euro-denominated
cost structure.  In particular, the material devaluation of the
U.S. dollar to the Euro recorded at the end of 2004 is likely to
drive ESCADA's 05/06 collections prices up, effectively reducing
the company's customer base.

The proposed EUR200.0 million senior notes will be issued at
ESCADA AG (the holding company) and will be senior unsecured
obligations of the issuer and rank pari passu with all its
senior unsecured indebtedness including, in particular, the new
EUR90.0 million revolving credit facility.  The notes will also
benefit from a senior guarantee by some of the company's
operating subsidiaries representing approximately 71% of the
consolidated sales and more than 100% of the consolidated
EBITDA.  Moody's acknowledges that the new EUR90.0 million
revolver will benefit from upstream guarantees granted by the
same subsidiaries which are guarantors under the senior notes'
indenture.

In addition, Moody's notes that the PRIMERA Group (and its
subsidiaries) will become guarantors under the senior notes upon
registration of a domination agreement between PRIMERA AG and
its parent company, PRIMERA Holding GmbH.  Following the
execution of the domination agreement, PRIMERA AG and its
subsidiaries will become guarantors under the notes with some
limitations currently applied to BiBA GmbH which is 75%
controlled by ESCADA.  It is Moody's understanding that ESCADA
intends to exercise a call option to buy the minority stake in
BiBA GmbH during 2005.  Moody's ratings assume that the
domination agreement will be signed shortly.

The (P)B2 rating assigned to the senior notes reflects their
seniority within the proposed capital structure and Moody's
expectations that the notes together with the new revolver will
be the main debt instruments in the new capital structure with
no or limited senior indebtedness ranking ahead.  While the
senior notes will be subordinated to secured indebtedness
(subject to the limitation defined in the indenture), we note
that the issuer and its subsidiary guarantors do not have any
secured debt outstanding.  In addition, the amount of debt
currently raised at the non-guarantor subsidiaries' level
amounts to approximately EUR31.8 million.

The bondholders do not benefit from any security package.
However, under certain circumstances, the senior lenders under
the new revolver may request securities; should this happen, it
is Moody's understanding that the same security package will be
extended to the proposed senior notes for the benefit of the
bondholders.

The proposed notes will be sold in a privately negotiated
transaction without registration under the United States
Securities Act of 1933 under circumstances reasonably designed
to preclude a distribution thereof in violation of the Act.  The
issuance will be designed to permit resale under Rule 144A.

Company Summary

ESCADA, headquartered in Munich, is one of the leading European
players in the ready-to-wear luxury apparel market for women.
For financial year ended 31 October 2004, the company, including
PRIMERA Group, reported consolidated sales and EBITDA of
EUR625.5 million and EUR47.3 million, respectively.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Francesco Sebastiani
          Analyst
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          London
          David G. Staples
          Managing Director
          Corporate Finance Group

          ESCADA AG
          Web site: http://www.escada.com


IESY GMBH: S&P Puts Ratings on CreditWatch Negative
---------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on German cable-TV operator Iesy GmbH on
CreditWatch with negative implications, following the company's
announcement that it has agreed to take control of Kabelnetz NRK
Ltd., the parent of ish GmbH & Co. KG, another cable operator in
the contiguous North Rhine-Westphalia region.

In addition, the 'CCC+' rating on the EUR215 million ($279.4
million) subordinated notes maturing in 2015, issued by related
entity Iesy Repository GmbH; and the 'B' rating on the undrawn
EUR230 million senior secured credit facility -- arranged at the
level of Iesy's fully owned operating company, Iesy Hessen GmbH
& Co. KG -- were also placed on CreditWatch with negative
implications.

The acquisition of ish was being contemplated by Iesy when
ratings were first assigned to the company on Jan. 31, 2005.
"Standard & Poor's will review the proposed transaction to
assess whether it is in line with earlier expectations," said
Standard & Poor's credit analyst Simon Redmond.  "A rating
affirmation is the most likely outcome on resolution of the
CreditWatch placement but if elements of the deal are different
to expectations a negative outlook revision or rating action
could be possible."

Standard & Poor's will review the new capital structure,
amortization schedule, covenant headroom, and business profile
of the combined entity if the proposed transaction takes place,
as well as the potential benefits to be garnered from the
transaction.  At Dec. 31, 2004, Iesy had total debt of about
EUR0.4 billion and this would increase to about EUR1.7 billion
if the proposed transaction were to be completed.

The proposed acquisition of ish by Iesy is subject to regulatory
clearance, a decision on which is expected by the middle of June
2005.  Resolution of the CreditWatch placement, however, could
occur before this date.

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

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

          IESY HESSEN GMBH & CO.KG
          Rudolf-Breitscheid-Str. 9-11
          35037 Marburg
          Phone: 01803 - 88 88 33*
          Fax: 01803 - 88 88 34*
          (* 9 ct./Minute)
          Web site: http://www.iesy.de


IWF: Creditors Have Until this Week to File Proofs of Claim
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against IWF -- Institut fur Weiterentwicklung und Fortbildung
von Menschen mit und ohne Beeintrachtigungen GmbH on Feb. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 18, 2005
to register their claims with court-appointed provisional
administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 11:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  IWF -- INSTITUT FUR WEITERENTWICKLUNG UND FORTBILDUNG
          VON MENSCHEN MIT UND OHNE BEEINTRACHTIGUNGEN GMBH
          Donnerstrasse 9a-11a, 22763 Hamburg
          Contact:
          Jens Wulff, Manager

          Stefan Hinrichs, Manager
          Osterbekstrasse 90a, 22083 Hamburg
          Phone: 040/41004040
          Fax: 040/41004059


PARADISE TRAVELS: Proofs of Claim Due Later this Month
------------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Paradise Travels GmbH on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 28, 2005 to register their
claims with court-appointed provisional administrator Thomas
Neumann.

Creditors and other interested parties are encouraged to attend
the meeting on April 18, 2005, 8:00 a.m. at the district court
of Hagen -- Haupthaus (Neubau) -- Heinitzstrasse 42, 58097
Hagen, Etage 2, Raum 251 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:  PARADISE TRAVELS GMBH
          Seckel 7, 58762 Altena
          Contact:
          Oliver Strietzel, Manager
          Seckel 7, 58762 Altena

          Thomas Neumann, Administrator
          Altenaer Str. 2, 58507 Ludenscheid
          Phone: 02351/3265
          Fax: +49235132670


SHALOM: Applies for Bankruptcy Proceedings
------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Shalom -- Die Schmuckgalerie GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 6, 2005
to register their claims with court-appointed provisional
administrator Joachim Buttner.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:15 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SHALOM -- DIE SCHMUCKGALERIE GMBH
          Ronkrei 3, 22399 Hamburg
          Contact:
          Hans-Christian Brandt, Manager
          Christoph Klammt, Manager

          Joachim Buttner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


WALTER BAU: Deutsche Bank Buys Commerzbank's Guarantees
-------------------------------------------------------
Commerzbank has reportedly sold EUR116 million in guarantees
provided to insolvent construction group Walter Bau, Financial
Times Deutschland says.

Commerzbank reportedly sold the guarantees to Deutsche Bank's
London unit, for around EUR41 million, or 35% of its nominal
value.  The move surprised several bankers, who said the price
was too high.

Many investment banks nowadays are on the prowl for problem
loans, which they sell to risk-taking hedge and opportunity
funds.  Deutsche Bank, which has granted EUR180 million in loans
to Walter Bau, is also one of the group's major creditors.

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

          DEUTSCHE BANK AG
          Taunusanlage 12
          Tower A
          60325 Frankfurt
          Phone: +49-69-910-00
          Fax: +49-69-910-38591
          Web site: http://www.deutsche-bank.de

          COMMERZBANK AG
          Kaiserplatz
          60261 Frankfurt
          Phone: +49-69-136-20
          Fax: +49-69-285389
          Web site: http://www.commerzbank.com


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


ELAN CORPORATION: Attending SG Cowen Conference this Week
---------------------------------------------------------
Elan Corporation plc will present at the SG Cowen Annual
Healthcare Conference in Boston, MA on Wednesday, March 16, at
10:30 a.m. Eastern Standard Time, 3:30 p.m. Greenwich Mean Time.
Interested parties may access a live audio Web cast of the
presentation by visiting http://www.elan.comand clicking on the
Investor Relations section, then on the event icon.  An archived
version of the Web cast will be available at the same Web site
following the presentation.

About Elan

Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases, and severe pain.  Elan's (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

                            *   *   *

Earlier this month, Standard & Poor's Ratings Services revised
its outlook on Elan Corporation plc to stable, from positive.
At the same time, Standard & Poor's affirmed its ratings on Elan
and its subsidiaries, including its 'B' corporate credit rating.
The Dublin, Ireland-based specialty pharmaceutical company had
roughly US$2.3 billion in debt.

The rating actions are in response to Elan's and its marketing
partner, Biogen Idec Inc.'s announcement that they were halting
the marketing of Tysabri, a promising new multiple sclerosis
treatment, due to two serious adverse events affecting patients
being treated with a combination therapy consisting of Tysabri
and Biogen Idec's multiple sclerosis treatment, Avonex.

CONTACT:  ELAN CORPORATION
          Investors
          Emer Reynolds
          Phone: 353-1-709-4000 or 800-252-3526
          or
          Media
          Anita Kawatra
          Phone: 212-407-5740 or 800-252-3526


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


IMPREGILO SPA: Mulls Merger with Astaldi
----------------------------------------
The board of directors of troubled construction group Impregilo
will meet on March 16 to discuss its planned merger with
building firm Astaldi, Il Sole 24 Ore says.

The group is waiting for its adviser, investment bank Lazard, to
give its opinion on the matter.  Astaldi, the country's second-
largest construction group, is reportedly mulling whether to
join the consortium or to launch a separate bid.  Astaldi is
also reportedly considering a partnership with French builder
Eiffage.  Aside from the planned merger, the board will also
tackle an application for a EUR120 million bridging loan.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it

          ASTALDI S.p.A.
          Via G.V. Bona, 65
          00156 Rome
          Phone: +39 06 417661
          Fax: +39.06.41766720
          Web site: http://www.astaldi.it

          EIFFAGE S.A.
          143, avenue de Verdun
          92130 Issy-les-Moulineaux
          Phone: +33-1-41-08-38-38
          Fax: +33-1-41-08-38-08
          Web site: http://www.eiffage.fr

          LAZARD LLC
          121 Boulevard Haussmann
          75382 Paris Cedex 08
          Phone: +33-1-4413-01-11
          Fax: +33-1-4413-01-00
          Web site: http://www.lazard.com


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


BANK AVANGARD: Fitch Affirms Lower-B Ratings; Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed Bank Avangard's ratings at Long-term 'B-
', Short-term 'B', Individual 'D', Support '5' and National
Long-term 'BB+(rus)'.  The Outlook for the Long-term rating
remains Stable.

The Long-term, Short-term and Individual ratings reflect
Avangard's significant related-party lending, high loan book
concentrations, modest liquidity and potential corporate
governance concerns, as well as weaknesses in the operating
environment.  They also take into account the bank's niche in
the Russian leasing market and, to date, reasonable asset
quality.  The Individual rating also reflects Fitch's
expectation that its key weaknesses, such as the very high level
of related-party lending and declining capital ratios, will be
addressed in the near term.  A lack of improvement in both or
either of these could lead to a negative rating action.

Avangard's profitability is moderate, with a return on average
equity slightly above inflation in H104.  Revenues, coming
mainly from interest and fee and commission income, are
generally of good quality.  The bank's net interest margin may
be volatile due to low rates on some transactions.  The cost-to-
income ratio is reasonable and expected to remain so, and
compares well with many Fitch-rated banks in Russia.

The loan book grew by a rapid 81% in 2003, mainly due to lending
to new borrowers, before slowing to 13% in H104.  Reported
related-party loans were a high 24% of the loan book at end-H104
(2003: 14%) and consisted largely of loans to Russian Solod, a
malt factory owned by the bank's shareholder.  At end-H104,
exposure to this company accounted for a large approximate 70%
of equity (end-2002: about 44%).  Concentration of the loan
portfolio was very high at end-H104, with the top 20 loans
comprising 65% of the portfolio (equivalent to a high 2.4x of
equity).

Asset quality has been adequate to date.  However, potentially
riskier longer-term loans to finance capital expenditures make
up a substantial share of the loan book.  Loss loans made up a
relatively small proportion of lending and were sufficiently
covered by reserves.  However, loan loss reserve cover of gross
loans, at 4.2% at end-H104, was somewhat low given recent rapid
loan growth and the rising tenor of lending.  Market risk is
high and mainly structural, mostly in FX positions.

Customer funding has grown since end-2002, mainly due to new
clients, but is still largely short-term.  Liquidity is modest
and came under stress during the mini-crisis in the Russian
banking sector in the summer of 2004, when the bank lost
substantial corporate and retail funds.  However, liquidity was
supported by the refinancing of some leases with another CIS
bank and additional funding from core customers.

Avangard's Tier 1 and total capital ratios are adequate, but its
capital is fully tied up in fixed assets and net long-term
assets.  A share issue of RUB500 million (equal to 14% of end-
H104 equity) is planned in 2005.

Avangard is a medium-sized bank and ranks among the top 50
Russian banks by equity and total assets.  It was established in
1994.  The bank and Russian Solod are the core assets of the
Alkor Group, which is owned by Avangard's president, Mr. Kirill
Minovalov.  Avangard has developed a niche in longer-term
leasing (real estate, equipment, etc.) and is also active in
other areas of corporate and retail banking.

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

          Lindsey Liddell, London
          Phone: +44 20 7417 3495

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

          BANK AVANGARD
          Web site: http://www.avangard.ru/


BRYANSK-CONCRETE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on limited liability company Bryansk-
Concrete.  The case is docketed as A09-17520/04-27.  Mr. I.
Medvedev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 241012, Russia,
Bryansk, Orlovskaya Str. 19, Apartment 107.  A hearing will take
place on April 26, 2005, 11:00 a.m.

CONTACT:  BRYANSK-CONCRETE
          Russia, Bryansk region,
          Shosseynaya Str. 1

          Mr. I. Medvedev
          Temporary Insolvency Manager
          241012, Russia, Bryansk region,
          Orlovskaya Str. 19, Apartment 107

          The Arbitration Court of Bryansk Region
          Russia, Bryansk region,
          Trudovoy Per. 6, Room 601


CHUCHKOVO-AGRO-KHIM: Bankruptcy Hearing Resumes Next Month
----------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company Chuchkovo-
Agro-Khim.  The case is docketed as A54-4400/04-S6.  Mr. A.
Androsov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 390039, Russia,
Ryazan, Post User Box 269.  A hearing will take place on April
12, 2005, 10:00 a.m.

CONTACT:  CHUCHKOVO-AGRO-KHIM
          Russia, Ryazan region,
          Chuchkovo, Gracheva Str. 8

          Mr. A. Androsov
          Temporary Insolvency Manager
          390039, Russia, Ryazan region,
          Post User Box 269


CITY-ENERGO: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on limited liability company City-Energo.
The case is docketed as A40-54563/04-74-38B.  Mr. D. Bostan has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 119049, Russia, Moscow, B.
Yakimanka Str. 42, Building 1-2.  A hearing will take place on
April 19, 2005, 10:00 a.m.

CONTACT:  CITY-ENERGO
          105064, Russia, Moscow region,
          Nizhniy Susalnyj Pr. 5

          Mr. D. Bostan
          Temporary Insolvency Manager
          119049, Russia, Moscow region,
          B. Yakimanka Str. 42, Building 1-2

          The Arbitration Court of Moscow
          107996, Russia, Moscow region,
          N. N. Basmannaya Str. 10, Hall 709


MANSUROVSKIY COMBINE: Public Auction Set Today
----------------------------------------------
The open joint stock company Mansurovskiy Combine of Building
Materials will sell a 15% stake for RUB2,191,000 on March 15,
2005, 11:00 a.m.  The public auction will take place at Russia,
Bashkortostan republic, Uchaly, Leninskogo Komsomola Str. 16,
1st floor.

The list of documentary requirements is available at 157860,
Russia, Bashkortostan republic, Uchaly, Leninskogo Komsomola
Str. 16.  To participate, bidders must deposit an amount
equivalent to 20% of the starting price to the settlement
account 40702810601060000024 at OJSC Sotsinvestbank, Uchaly, BIC
048073739, correspondent account 30101810900000000739, TIN
0270009727.

CONTACT:  MANSUROVSKIY COMBINE OF BUILDING MATERIALS
          157860, Russia, Bashkortostan republic,
          Uchaly, Leninskogo Komsomola Str. 16
          Phone: (34791) 6-00-63


MECHANIZED WORKS: Insolvency Manager Takes over Operations
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Building Corporation of
Mechanized Works (TIN 0272011908) after finding the limited
liability company insolvent.  The case is docketed as A07-43975-
G-MOG.  Mr. Kh. Kavyev has been appointed insolvency manager.

CONTACT:  BUILDING CORPORATION OF MECHANIZED WORKS
          450057, Russia, Bashkortostan republic,
          Ufa, Glazovskaya Str. 2a

          Mr. Kh. Kavyev
          Insolvency Manager
          450097, Russia, Ufa,
          Post User Box 164

          The Arbitration Court of Bashkortostan Republic
          450057, Russia, Ufa,
          Oktyabrskoy Revolyutsii Str. 63a


PRIGOROD-AGRO-KHIMIYA: Bankruptcy Proceedings Begin
---------------------------------------------------
The Arbitration Court of Magadan region commenced bankruptcy
proceedings against Prigorod-Agro-Khimiya after finding the open
joint stock company insolvent.  The case is docketed as A37-
2726/03-2 B.  Ms. I. Sosnitskaya has been appointed insolvency
manager.  Creditors have until April 12, 2005 to submit their
proofs of claim to 685030, Russia, Magadan , Kozhzavodskaya Str.
3.

CONTACT:  PRIGOROD-AGRO-KHIMIYA
          685030, Russia, Magadan region,
          Kozhzavodskaya Str. 3

          Ms. I. Sosnitskaya
          Insolvency Manager
          685030, Russia, Magadan region,
          Kozhzavodskaya Str. 3


PUBLISHING HOUSE: Hires A. Chechenin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on close joint stock company Publishing
House Mass Media Press.  The case is docketed as A40-54676/04-
124-43B.  Mr. A. Chechenin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 127051, Russia, Moscow, Petrovka Str. 26, Office 215.  A
hearing will take place on April 19, 2005, 10:00 a.m.

CONTACT:  PUBLISHING HOUSE MASS MEDIA PRESS
          127051, Russia, Moscow region,
          Petrovka Str. 16, Building 1

          Mr. A. Chechenin
          Temporary Insolvency Manager
          127051, Russia, Moscow region,
          Petrovka Str. 26, Office 215

          The Arbitration Court of Moscow
          107996, Russia, Moscow region,
          N. Basmannaya Str. 10, Hall 773


REPAIR-TECHNICAL ENTERPRISE: Succumbs to Bankruptcy
---------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Repair-Technical Enterprise after finding
the joint stock company insolvent.  The case is docketed as A04-
9416/04-7/421 B.  Mr. D. Gumirov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to Russia,
Blagoveshensk, Shevchenko Str. 7, Room 2.

CONTACT:  REPAIR-TECHNICAL ENTERPRISE
          Russia, Zeya, Magistralnaya Str. 23

          Mr. D. Gumirov
          Insolvency Manager
          Russia, Blagoveshensk,
          Shevchenko Str. 7, Room 2


YAGODINSKIY: Selling RUB1.5 Million Worth of Assets Today
---------------------------------------------------------
The insolvency manager of open joint stock company Yagodinskiy
Mining-and-Processing Integrated Works will sell its property on
March 15, 2005, 3:00 p.m.  The public auction will take place at
685000, Russia, Magadan, Lenina Str. 3, Conference Hall.

The assets for sale are:

Lot 1: Administrative building.  Starting price: RUB1,504,520;

Lot 2: Three-room apartment.  Starting price: RUB75,420.

The list of documentary requirements is available at 685000,
Russia, Magadan, Main Post Office, Post User Box 58.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the settlement account
40502810510000047012 at FOJSC Kolyma-Bank, Yagodnoye, BIC
044469729, correspondent account 30101810900000000729, TIN
4908000820.

CONTACT:  YAGODINSKIY MINING-AND-PROCESSING INTEGRATED WORKS
          Russia, Magadan region, Yagodnoye

          Mr. A. Telyakov
          Insolvency Manager
          685000, Russia, Magadan,
          Main Post Office, Post User Box 58
          Phone: (413 22) 62-632


ZLATOUSTOVSKIY METALLURGICAL: Declared Insolvent
------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Zlatoustovskiy Metallurgical Combine (TIN
7404031550) after finding the open joint stock company
insolvent.  The case is docketed as A76-21333/03-34-165.  Mr. S.
Rogov has been appointed insolvency manager.  A hearing will
take place on April 19, 2005, 9:30 a.m.

CONTACT:  ZLATOUSTOVSKIY METALLURGICAL COMBINE
          456207, Russia, Chelyabinsk region,
          Zlatoust, Karla Marksa Str. 26
          Phone: 8 (35136) 9-72-10

          Mr. S. Rogov
          Insolvency Manager
          456207, Russia, Chelyabinsk region,
          Zlatoust, Karla Marksa Str. 26


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


SWISS INTERNATIONAL: In Merger Talks with Lufthansa
---------------------------------------------------
Deutsche Lufthansa AG and Swiss International Air Lines AG are
in constructive negotiations about the takeover and integration
of Swiss into the Lufthansa group.  Both companies jointly
developed the business model, which is subject to the approval
of the Lufthansa supervisory board, the relevant Swiss-corporate
bodies as well as the Swiss core shareholders bound by the lock-
up agreement.  If the required approvals are obtained, Lufthansa
will submit an offer to the free float shareholders based on the
average share price of the recent weeks.

The jointly developed business model aims at providing a
concentration of the strengths of both airlines, while retaining
the independence of Swiss to the extent possible.  The
cornerstones include, inter alia, maintaining the air traffic
infrastructure within Switzerland as well as the brand "Swiss".

Both companies will inform about the progress of the
negotiations in due time.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (1) 5642122 / +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


ARTSIZAGRODORSTROJ: Odesa Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against Artsizagrodorstroj (code EDRPOU 03579029) on
January 28, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 21/109-04-7192.  Mr. Liseyev
Kirilo (License Number AA 485243) has been appointed
liquidator/insolvency manager.

Creditors have until March 18, 2005 to submit their proofs of
claim to:

(a) ARTSIZAGRODORSTROJ
    68400, Ukraine, Odesa region,
    Artsiz, Bondarev Str. 1-a

(b) Mr. Liseyev Kirilo
    Liquidator/Insolvency Manager
    Ukraine, Odesa region,
    Paustovskij Str. 27/1-49

(c) ECONOMIC COURT OF ODESA REGION
    65032, Ukraine, Odesa region,
    Shevchenko Avenue, 4


CHORNOMORSKE REPAIR: Bankruptcy Supervision Begins
--------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Chornomorske Repair-Transport
Enterprise (code EDRPOU 03758973) on January 20, 2005.  The case
is docketed as 2-6/1868-2005.  Mr. Volodimir Yablonskij (License
Number AA 249580) has been appointed temporary insolvency
manager.  The company holds account number 25601010048901 at
OJSC OKB, MFO 324269.

Creditors may submit their proofs of claim to:

(a) CHORNOMORSKE REPAIR-TRANSPORT ENTERPRISE
    96400, Ukraine, AR Krym region,
    Chornomorske, Yuzhna Str. 56

(b) Mr. Volodimir Yablonskij
    Temporary Insolvency Manager
    95034, Ukraine, AR Krym region,
    Simferopol, Lermontov Str. 18/68

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


ENERGOVTORRESURS: Succumbs to Bankruptcy
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Energovtorresurs (code EDRPOU
32197842) on January 13, 2005.  The case is docketed as 27/114
B.  Mrs. M. Kondratyeva (License Number AB 116160) has been
appointed temporary insolvency manager.  The company holds
account number 26006108598001 at JSCB Capital, Donetsk branch,
MFO 334828.

Creditors may submit their proofs of claim to:

(a) ENERGOVTORRESURS
    83003, Ukraine, Donetsk region,
    Antipov Str. 7-a

(b) Mrs. M. Kondratyeva
    Temporary Insolvency Manager
    83086, Ukraine, Donetsk region,
    Gorkij Str. 349

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


KARSAN: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Karsan (code EDRPOU 30381147).  The
case is docketed as 6/371-4/182.  Arbitral manager Mr. V.
Ivanitskij (License Number AA 783097) has been appointed
temporary insolvency manager.  The company holds account number
2600301461109 at Prominvestbank, Borislav branch, MFO 325406.

Creditors may submit their proofs of claim to:

(a) KARSAN
    82300, Ukraine, Lviv region,
    Borislav, Brativ Lisikiv Str. 1-a

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


PIVDENNIJ RADIO: Temporary Insolvency Manager Steps in
------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Pivdennij Radio Plant (code EDRPOU
14313949) on December 23, 2004.  The case is docketed as B
15/160/04.  Mr. Maxim Reva (License Number AA 419497) has been
appointed temporary insolvency manager.  The company holds
account number 26004056000069 at CB Privatbank, MFO 305794.

Creditors may submit their proofs of claim to:

(a) PIVDENNIJ RADIO PLANT
    52200, Ukraine, Dnipropetrovsk region,
    Zhovti Vodi, Zaliznichna Str. 5

(b) Mr. Maxim Reva
    Temporary Insolvency Manager
    49038, Ukraine, Dnipropetrovsk region,
    K. Marks Avenue, 98, 4th floor

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


TERMOIZOLYATSIYA: Insolvency Manager Takes over Helm
----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Termoizolyatsiya (code EDRPOU 01414413) on
February 2, 2005 after finding the open joint stock company
insolvent.  The case is docketed as B-24/06-05.  Mr. Yurij
Grishko (License Number AA 779337) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) TERMOIZOLYATSIYA
    61003, Ukraine, Harkiv region,
    Universitetskij Lane, 1

(b) Mr. Yurij Grishko
    Liquidator/Insolvency Manager
    61003, Ukraine, Harkiv region,
    Universitetskij Lane, 1

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


VOROHNYANSKIJ WOOD: Applies for Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Vorohnyanskij Wood Combine (code
EDRPOU 00274223) on December 30, 2004 after finding the limited
liability company insolvent.  The case is docketed as B-
4/32511/46.  Mr. Vitalij Gumenyuk (License Number AA 779337) has
been appointed liquidator/insolvency manager.  The company holds
account number 26001350021333 at JSCB Ukrsocbank, Yaremcha
branch, MFO 336019.

CONTACT:  VOROHNYANSKIJ WOOD COMBINE
          Ukraine, Ivano-Frankivsk region,
          Nadvirnyanskij district, Vorohta

          Mr. Vitalij Gumenyuk
          Liquidator/Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Privokzalna Str. 9/81

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


ZHMERINKA' ELEVATOR: Creditors' Claims Due Friday
-------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Zhmerinka' Elevator (code EDRPOU
00953214).  The case is docketed as 5/25-05.  Mr. Anatolij
Leshenko (License Number AA 484190) has been appointed temporary
insolvency manager.  The company holds account number 2600365301
at JSB Energobank, Vinnitsya branch, MFO 302731.

Creditors have until March 18, 2005 to submit their proofs of
claim to:

(a) ZHMERINKA' ELEVATOR
    23100, Ukraine, Vinnitsya region,
    Zhmerinka, Barlyayev Str. 2

(b) Mr. Anatolij Leshenko
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Lipovetskij district, Turbiv,
    Chervona Girka Str. 43

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


AFRICAN INTERIORS: Liquidator Takes over Operations
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF African Interiors (Edinburgh) Ltd.
                         (In Liquidation)

I, Douglas B. Jackson, Chartered Accountant, 25 Bothwell Street,
Glasgow G2 6NL, hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that on 22 February 2005, I
was appointed Liquidator of African Interiors (Edinburgh) Ltd.
by a resolution of the First Meeting of Creditors held in terms
of Section 138(3) of the Insolvency Act 1986. A Liquidation
Committee was not 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.

Creditors who have not already done so are requested to lodge
formal claims with me before May 22, 2005.

Douglas B. Jackson, Liquidator
February 22, 2005

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

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


ASHWORTHS FOODS: Food Manufacturer Appoints Administrators
----------------------------------------------------------
Matthew Colin Bowker and Ian Nigel Millington (IP Nos 8106,
8270) have been appointed joint administrators for Ashworths
Foods Limited.  The appointment was made Jan. 7, 2005.  The
company manufactures other food products.  Its registered office
is located at Clive House, Clive Street, Bolton, Lancashire BL1
1ET.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton Lancashire BL1 1ET
          Phone: 01204 395 000
          Fax: 01204 377 530
          E-mail: info@ubsg.co.uk


ATHENA WINDOWS: Windows Maker Falls into Administration
-------------------------------------------------------
Ian Pattinson (IP No 004422) has been appointed administrator
for Athena Windows Limited.  The appointment was made Dec. 22,
2004.  The company manufactures windows.  Its registered office
is located at 16 The Square, Attleborough, Nuneaton CV11 4JY.

CONTACT:  PATTINSONS
          Kings Business Centre
          90-92 King Edward Road
          Nuneaton
          Warwickshire CV11 4BB
          Phone: 024 7637 5777
          Fax: 024 7638 7587
          E-mail: insol@pattinsons.co.uk


DECORATIVE INDUSTRIES: Names BRI Business Recovery Administrator
----------------------------------------------------------------
Gary Steven Pettit and Peter John Windatt (IP Nos 1413, 008611)
have been appointed joint administrators for Decorative
Industries (U.K.) Limited.  The appointment was made Jan. 6,
2005.  The company produces nail lacquer.  Its registered office
is located at 100-102 St James Road, Northampton NN5 5LF.

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


DIRECTIONAL DRILLING: Liquidator from Dains Moves in
----------------------------------------------------
At the extraordinary general meeting of the members of The
Directional Drilling Company Ltd. on Jan. 27, 2005 held at
Dains, 1st Floor, Gibraltar House, Crown Square, First Avenue,
Burton on Trent DE14 2WW, the extraordinary and ordinary
resolutions to wind up the company were passed.  M. F. P. Smith
of Dains, St. Johns Court, Wiltell Road, Lichfield,
Staffordshire has been appointed liquidator of the company.

CONTACT:  DAINS
          St. Johns Court
          Wiltell Road
          Lichfield
          Staffordshire WS14 9DS
          Phone: 01543 263484
          Fax: 01543 415465
          E-mail: nhawksley@dains.com


ELEGANCE LIMITED: Former Director Banished for Six Years
--------------------------------------------------------
A director of a clothing retail business operating across Kent
that failed with total debt estimated at around GBP467,000 has
given an undertaking not to hold directorships or take any part
in company management for six years.

The undertaking by Roy Pomphrett, 63, of Bethshan Church Road,
Hartley, Longfield, Dartford was given in respect of his conduct
as a director of Elegance Limited, which carried out business
from premises at 192 High Street, Chatham; 70 High Street,
Bromley; 128 Broadway, Bexleyheath; 95 Week Street, Maidstone
and 23a St Georges Centre, Princess Street, Gravesend.

Acceptance of the undertaking on February 4, 2005 prevents Mr.
Pomphrett from being a director of a company or, in any way
being concerned or taking part in the promotion, formation or
management of a company for the above period.  Elegance was
placed into liquidation on January 23, 2003 with estimated debt
of GBP466,984 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Mr. Pomphrett, were
that he:

(a) Caused Elegance to trade to the detriment and risk of HM
    Customs and Excise with the result that GBP204,150 was due
    to the Crown on liquidation; and

(b) caused Elegance to fail to file accounts with the Registrar
    of Companies for the years ended November 30, 2001 and 2002
    and to maintain sufficient financial information in that
    proper accounting records were not maintained despite the
    fact that the auditors have raised concern regarding the
    lack of stock records and the insufficient cash records to
    verify cash transactions.

Due to the lack of financial information, the liquidator and The
Insolvency Service were unable to ascertain:

(a) The amount owed to him under his director's loan account;

(b) The remuneration and other drawings paid to him and Ms.
    Watson, another director, after the last professionally
    prepared accounts to November 30, 2000;

(c) That the concerns expressed by the company's auditors in the
    accounts for the years ended November 30, 1999 and 2000 that
    cash and stock records were inadequate had been rectified or
    had continued to liquidation;
(d) That all expenditure was properly incurred on behalf of
    Elegance; and

(e) That all receipts have been accounted for.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


FIRST INLINE: Insolvency Service Disqualifies Directors
-------------------------------------------------------
The directors of an employment agency, which failed with total
debt estimated at GBP430,000, have given undertakings not to
hold directorships or take any part in company management for a
total of six years.

The undertaking for three-and-a-half years given by Murray
Spencer Matthews, 36, and the undertaking for two-and-a-half
years given by Jacqueline Matthews, 36, both husband and wife;
and both of Lower Green, Leigh, Tonbridge, Kent were given in
respect of their conduct as directors of First Inline
Recruitment Limited, which carried on business from premises at
Concordia Wharf, 5 Mill Street, London SE1 2BB.

Acceptance of the undertakings on February 10, 2005 prevent Mr.
and Mrs. Matthews from being directors of a company or in any
way being concerned or taking part in the promotion, formation
or management of a company for the above period.  First Inline
Recruitment Limited was placed into compulsory liquidation by
Order of the Leeds District Registry of the High Court of
Justice on October 29, 2002 on the petition of HM Customs &
Excise for GBP104,715.60 aimed in respect of unpaid VAT.  The
company has an estimated total deficiency of GBP429,228.  The
Official Receiver at London had conduct of the investigation and
disqualification procedure.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future

Matters of unfit conduct, not disputed by Mr. and Mrs. Matthews:

(a) Mr. Matthews caused First Inline Recruitment Limited to
    trade to the detriment of Crown Departments, whose indebted
    rose whilst liabilities to trade creditors were reduced; and

(b) Mrs. Matthews abrogated her duty to act as a director of
    First Inline Recruitment Limited by taking no active part in
    the company's management and therefore allowing her husband
    and co-director, the opportunity to perpetrate the
    misconduct set out above.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


FKI PLC: Long-term Ratings Downgraded to Ba1
--------------------------------------------
Moody's Investors Service lowered the senior unsecured ratings
of FKI plc to Ba1 from Baa3.  In addition, Moody's assigns a
Senior Implied rating of Ba1 to the group.  The outlook for all
ratings is stable.  This concludes the review process initiated
on 15 December 2004.

FKI has experienced trend weakness in its key cash flow metrics
over the past three years due to, among others:

     (i) a prolonged fall in demand in the Logistex business
         which has seen turnover fall from its peak at the
         formation of the unit of approximately GBP540 million
         in the fiscal year 2000/2001 to just under GBP350
         million at 12 months to September 30 2004;

    (ii) weakness in the Energy Technology business prompted by
         a fallout in demand for turbo generators after the 2002
         California energy crisis; and

   (iii) the company's inability to reduce net adjusted debt
         levels to sufficiently match weakened cash flows.

Going forward, Moody's does not anticipate any further
substantial deterioration in the credit profile of FKI but notes
that the group will remain challenged both to improve the
operating performance of the Logistex business, especially
should weak demand patterns continue in its core European
markets, and to subsequently reduce net debt to more sustainable
levels both through free cash flows and through disposals.
Despite the weakness in the Logistex business, FKI's other
businesses, and the Lifting Products and Hardware businesses in
particular, have solid market positions and have shown
resilience to economic downturn, providing the group with a
backbone of stable turnover and profits through the cycle.

The stable outlook encompasses Moody's expectation that the
company's operating cash flows will stabilize and begin to
improve over the next twelve months and that Adjusted Retained
Cash Flow to Net Adjusted Debt (Adj. RCF/Net Adj. Debt) will
reach levels over 10% during the same period.

FKI's operating profitability and cash flow generation as a
percentage of sales has continued on a steady decline since
Moody's last review in December 2003.  As at 30 September 2004,
net debt was at GBP377 million and gross cash flow (operating
cash flow before working capital) reached GBP61.5 million on a
rolling 12-month basis.  Although some of this could be
attributable to the weakening of the US$/GBP exchange rate,
gross cash flow has consistently declined on a rolling 12-months
basis from a level of GBP193 million at fiscal year-end 2001.
Consequently, Adj. RCF/Net Adj. Debt coverage ratios have also
declined over the same period and reached low single-digit
levels at 30 September 2004 although this ratio is expected to
moderately improve in the coming financial year 2005/2006.

While the decline in FKI's profits is partly due to one-off
items like project cost overruns and restructuring, Moody's also
notes the surplus capacity of assets in the core businesses.
Management has been actively downsizing the operations and has
improved the overall focus of the group but further cost
savings, particularly in the Logistex business, may be required
to improve margins and/or reduce its vulnerability to any
potential prolonged order weakness.  Such additional measures
may result in additional cash restructuring charges and asset
write-offs.

FKI's credit profile is underpinned by its strong liquidity
position, given its long dated maturity profile, sizeable cash
balances, the expectation for future free cash flow generation
and liquidity support from its syndicated credit facility,
although covenant headroom for the facility remains limited.

FKI, headquartered in Loughborough, England, is an international
engineering group active in the four specialized business areas:
FKI Logistex, Lifting Products & Services, Hardware and Energy
Technology.  The group recorded revenues from continuing
operations of GBP1,327 million on a last twelve months basis at
30 September 2004.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          For Journalists
          Phone: 44 20 7772 5456

          Frankfurt
          Michael West
          Managing Director
          European Corporate Finance

          Jeremy Haug
          Analyst
          European Corporate Finance

          FKI PLC
          Falcon Works
          P. O. Box 7713
          Meadow Lane
          Loughborough
          Leicestershire LE11 1ZF
          Phone: +44 (0) 20 7832 0000
          Fax: +44 (0) 20 7832 0001
          Web site: http://www.fki.co.uk/


F.S.R MACHINE: Calls in Administrators from Portland Business
-------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125,
008767) have been appointed joint administrators for F.S.R
Machine Tool Engineers Limited.  The appointment was made Dec.
30, 2004.

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


MARCHE LTD.: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Marche
Ltd. on Jan. 25, 2005 held at 6 Ridge House, Ridgehouse Drive,
Festival Park, Stoke on Trent ST1 5TL, the extraordinary and
ordinary resolutions to wind up the company were passed.  M. H.
Abdulali of PKF, 6 Ridge House, Ridgehouse Drive, Festival Park,
Stoke on Trent ST1 5TL has been appointed liquidator of the
company.

CONTACT:  PKF
          6 Ridge House
          Ridge House Drive
          Festival Park
          Stoke On Trent
          Staffordshire ST1 5TL
          Phone: 01782 201120
          Fax: 01782 201599
          E-mail: mustafa.abdulali@uk.pkf.com


MCDOWELL ENTERPRISES: Calls in Liquidator from Charles David
------------------------------------------------------------
At the extraordinary general meeting of McDowell Enterprises
Limited on Jan. 7, 2005 held at The Limes Hotel, High Street,
Needham Market, Suffolk IP6 8DQ, the extraordinary and ordinary
resolutions to wind up the company were passed.  Peter Hickman
of Charles David & Company, Birches Meadow, The Wytchwoods,
Pettaugh, Stowmarket, Suffolk IP14 6TB has been appointed
liquidator of the company.

CONTACT:  CHARLES DAVID & COMPANY
          Birches Meadow, The Wytchwoods,
          Pettaugh, Stowmarket,
          Suffolk IP14 6TB


MINDSAIL LIMITED: Joint Liquidators from Blades Move in
-------------------------------------------------------
At the extraordinary general meeting of Mindsail Limited on Jan.
5, 2005 held at Corus Hotel Romsey, Ampfield, near Romsey,
Hampshire the extraordinary and ordinary resolutions to wind up
the company were passed.  Philip Anthony Brooks and Julie
Willetts of Blades Insolvency Services, Charlotte House, 19B
Market Place, Bingham, Nottingham has been appointed joint
liquidators of the company.

CONTACT:  BLADES
          Charlotte House
          19b Market Place
          Bingham
          Nottingham
          Nottinghamshire NG13 8AP
          Phone: 01949 831260
          Fax: 01949 831960
          E-mail: advice@bladesinsol.co.uk


MISS SIAMA: Hires HKM to Liquidate Company
------------------------------------------
At the extraordinary general meeting of the members of Miss
Siama Limited on Jan. 10, 2005 held at Jarvis Clayton Lodge
Hotel, Clayton Road, Newcastle under Lyme, Staffordshire ST5
4AF, the extraordinary and ordinary resolutions to wind up the
company were passed.  John Phillip Walter Harlow has been
appointed liquidator of the company.

CONTACT:  HKM LLP
          73-75 Aston Road North
          Waterlinks
          Birmingham B6 4DA
          Phone: 0121 333 7300
          Fax: 0121 333 7301
          E-mail: johnh@hkm.co.uk


MTU (LOGISTICS): Hires Liquidator from S. F. Plant & Co.
--------------------------------------------------------
At the extraordinary general meeting of MTU (Logistics) Limited
on Jan. 24, 2005 held at Lutomer House, 100 Prestons Road,
London E14 9SB, the extraordinary and ordinary resolutions to
wind up the company were passed.  Daniel Plant of S. F. Plant &
Co., Lutomer House, 100 Prestons Road, London E14 9SB has been
appointed liquidator of the company.

CONTACT:  S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


NEW YOU: Opts for Liquidation
-----------------------------
At the Extraordinary General Meeting of the members of New You
Fitness Ltd. (formerly Abbey Court Leisure (Witney) Ltd.) on
Jan. 13, 2005 held at Little Britten Farm, Woodnesborough,
Sandwich, Kent CT13 0EN, the extraordinary and ordinary
resolutions to wind up the company were passed.  Peter Edwards
of Peter Edwards & Co. has been nominated liquidator of the
company.


NYED PLUS: Names David Horner & Co. Administrator
-------------------------------------------------
David Anthony Horner (IP No 008956) has been appointed
administrator for Nyed Plus Limited.  The appointment was made
Dec. 22, 2004.  The company offers medical telephone answering
services.  Its registered office is located at David Horner &
Co, 11 Clifton Moor Business Village, James Nicholson Link,
Clifton Moor, York YO30 4XG.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link
          York
          North Yorkshire YO30 4XG
          Phone: 01904 479801
          Fax: 01904 479802
          E-mail: info@davidhornerandco.co.uk


PACE ELECTRICAL: Names Valentine & Co. Liquidator
-------------------------------------------------
At the extraordinary general meeting of Pace Electrical Services
Limited on Jan. 14, 2005 held at the offices of Valentine & Co.,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator of the
company.

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


PERFORMANCE PARTITIONING: Calls in Liquidator from Peter Edwards
----------------------------------------------------------------
At the extraordinary general meeting of Performance Partitioning
& Interiors Limited on Jan. 11, 2005 held at Chartered
Accountant's Hall, Moorgate Place, London EC2P 2BJ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Peter Edwards of Peter Edwards & Co., 4 Meadow
Court, 41-43 High Street, Witney OX28 6RN has been appointed
liquidator of the company.

CONTACT:  PETER EDWARDS & CO.
          4 Meadow Court
          41-43 High Street
          Witney
          Oxfordshire OX28 6RN
          Phone: 01993 700244
          Fax: 01993 704648
          E-mail: peter@peteredwardsandco.com


PLYDOR LIMITED: Hires Liquidator from Bridgestones
--------------------------------------------------
At the extraordinary general meeting of Plydor Limited on Jan.
12, 2005 held at Bridgestones, 125-127 Union Street, Oldham OL1
1TE, the extraordinary and ordinary resolutions to wind up the
company were passed.  Robert Cooksey of Bridgestones, 125-127
Union Street, Oldham OL1 1TE has been appointed liquidator of
the company.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


POWR INDUSTRIES: Directors Get 20-year Disqualification
-------------------------------------------------------
Three directors of New Milton-based engineering business that
failed with total debt estimated at around GBP554,000 have given
undertakings not to hold directorships or take any part in
company management for a total of 20 years.

Undertakings by Philip Miles Clark, 32, of Fildyke Close,
Meppershall, Bedfordshire and James Richard Yates, 60, of Willow
Walk, Barton on Sea, New Milton, Hampshire were given in respect
of their conduct as directors of Powr Industries (U.K.) Limited,
which carried out business from premises at Unit 8, Queensway,
Stem Lane Industrial Estate, New Milton, Hampshire. The company
went into liquidation on March 19, 2002 with estimated debt of
GBP299,000 owed to creditors.

Mr. Yates' undertaking was based not only on his conduct in
respect of Powr Industries (U.K.) Limited, in which he acted as
a director without being formally appointed, but also in respect
of a connected company, Powerseal Engineers Limited.  He had
been a director of Powerseal Engineers Limited, which went into
liquidation in 2001 having traded out of the same premises as
Powr Industries (U.K.) Limited in the Stem Lane Industrial
Estate.

Mr. Yates' fellow director at Powerseal Engineers Limited,
Robert Lewis Shafran, 59, of Lansdowne Road, Luton, Bedfordshire
also gave a disqualification undertaking in respect of his
conduct as a director of the company, which was placed into
liquidation on July 4, 2001 with estimated debt of GBP255,000
owed to creditors.  The Secretary of State for Trade & Industry
accepted a four-year undertaking from Mr. Clark on January 31,
2005; a nine-year undertaking from Mr. Yates on January 28,
2005; and a seven-year undertaking from Mr. Shafran on January
28, 2005.

Their disqualification prevents Mr. Clark, Mr. Yates and Mr.
Shafran from being directors of a company or, in any way being
concerned or taking part in the promotion, formation or
management of a company for the periods stated above.

Mr. Clark and Mr. Yates have made applications pursuant to the
Company Directors Disqualification Act for leave to continue as
Directors notwithstanding their disqualification undertakings.
They currently have interim permission, which allows them,
subject to certain conditions, to retain their current
directorships pending the hearing of their applications.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Mr. Clark and Mr.
Yates in respect of Powr Industries (U.K.) Limited, were that
they:

(a) Caused or allowed the company to trade to the specific
    detriment of Crown departments causing an estimated
    liability of GBP48,371 to accrue whilst other creditors of
    the company received regular payments;

(b) Knew, or ought to have known that the company was insolvent
    on October 15, 2001 but allowed it to trade on to the
    detriment of creditors generally.  This caused a GBP100,406
    increase in the claims of trade, expense and Crown creditors
    and a final deficiency in the proceedings of GBP299,246; and

(c) Failed to maintain or preserve adequate accounting records
    for Powr Industries (U.K.) Limited.

Matters of unfit conduct, not disputed by Mr. Shafran and Mr.
Yates in respect of Powerseal Engineers Limited, were that they:

(a) Caused or allowed the company to effect transactions to the
    benefit of connected parties, and to the detriment of
    creditors generally;

(b) Between September 1999 and July 2001 they financed the
    company through the retention of GBP60,651 payable to HM
    Inland Revenue, failed to make payments in respect of
    Corporation Tax and failed to deal with HM Customs & Excise
    in a timely manner; and

(c) Failed to maintain or preserve adequate accounting records
    for Powerseal Engineers Limited.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


PRESENTATION PRINT: Names Parkin S. Booth & Co. Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Presentation Print
Products Ltd. on Jan. 11, 2005 held at the offices of Parkin S.
Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Jonathan R. Booth of Parkin S. Booth & Co., 44 Old
Hall Street, Liverpool L3 9EB has been appointed liquidator of
the company.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


QXL RICARDO: Directors Recommend Florissant's Offer
---------------------------------------------------
The Independent Directors of QXL Ricardo plc, note the
announcement released 10 March 2005 by Beleggingsmaatschappij
Florissant N.V., saying it has agreed with Great Hill Equity
Partners II LLC (GHP) (the principal funder of Tiger Acquisition
Corporation plc) that GHP will take an option to subscribe for
23% of the share capital of Florissant after Florissant's offer
has become or been declared unconditional in all respects.  The
announcement also referred to the potential lapse of Tiger's
Increased Offer on 14 March 2005 and advised that Florissant
will not be revising the terms of its recommended Increased Cash
Offer of 1400 pence per QXL share.

Whilst they are disappointed that the outcome of the auction
process failed to realize additional value for shareholders, the
Independent Directors continue to recommend Florissant's
Increased Cash Offer and remind shareholders that Florissant's
Increased Cash Offer will, in accordance with the Panel's
auction rules, remain open for acceptance until 1.00 p.m. on 7
April 2005.

CONTACT:  FINANCIAL DYNAMICS
          Phone: 020 7831 3113
          James Melville-Ross
          Juliet Clarke


RACERACK LIMITED: Restaurant Manager Calls in Administrators
------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Racerack Limited.  The
appointment was made Jan. 7, 2005.  The company manages
restaurants.  Its registered office is located at Crown
Passages, Hale WA15 9SP.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


RA ENGINEERING: Names Simmonds & Co. Liquidator
-----------------------------------------------
At the extraordinary general meeting of the members of RA
Engineering Services Limited on Jan. 14, 2005 held at Heron
House, Wellington Street, Stockport, the extraordinary
resolution to wind up the company was passed.  Gordon Allan Mart
Simmonds of Simmonds & Company, Crown House, 217 Higher
Hillgate, Stockport, Cheshire SK1 3RB has been nominated
liquidator of the company.

CONTACT:  SIMMONDS & COMPANY
          Crown House,
          217 Higher Hillgate,
          Stockport, Cheshire SK1 3RB


RED HOUSE: Hires Jeremy Knight & Co. as Liquidator
--------------------------------------------------
At the extraordinary general meeting of the members of The Red
House Furniture Co. Limited on Jan. 26, 2005 held at 68 Ship
Street, Brighton, East Sussex BN1 1AE, the extraordinary and
ordinary resolutions to wind up the company were passed.
William Jeremy Jonathan Knight has been appointed liquidator of
the company.

CONTACT:  JEREMY KNIGHT & CO.
          68 Ship Street
          Brighton
          Sussex BN1 1AE
          Phone: 01273 203654
          Fax: 01273 206056
          E-mail: jknight@mistral.co.uk


RHINO PROMOTIONAL: Liquidator from Parkin S. Booth Moves in
-----------------------------------------------------------
At the extraordinary general meeting of Rhino Promotional
Garment Co. Ltd. on Jan. 11, 2005 held at the offices of Parkin
S. Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Jonathan R. Booth of Parkin S. Booth & Co., 44 Old
Hall Street, Liverpool L3 9EB has been appointed liquidator of
the company.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


SHAFTFIELD STAINLESS: Appoints Portland Business Administrator
--------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125 and
008767) have been appointed joint administrators for Shaftfield
Stainless & Alloys Ltd.  The appointment was made Dec. 30, 2004.
The company manufactures metal structures.

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


SPECIALIST CAPITAL: Top Honcho Banned for 11 Years
--------------------------------------------------
The director of a management consultancy business that failed
with debt of more than GBP1,159,000 has been disqualified in the
High Court of Justice from acting as a company director for 11
years.

Banton Mark Ratnavira, 36, of Rag Hill Road, Tatsfield, Kent,
was a director of Specialist Capital Group Limited (SCG), which
carried on business from premises at 182 Cranbrook Road, Ilford,
Essex, IG1 4LX.  SGC was placed into voluntary liquidation on
April 23, 2002 with estimated debt of GBP1,158,791.

The Disqualification Order, made on February 14, 2005, prevents
Mr. Ratnavira from being a director of a company or in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.

The Insolvency Service, on behalf of the Secretary of State for
Trade and Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.

Matters of unfit conduct found by the court and not disputed by
Mr. Ratnavira were that:

(a) Between April 6, 1998 to his discharge on 11 December 1999
    he acted as a director of SCG whilst an undischarged
    bankrupt; and

(b) He caused or allowed SCG to enter into transactions that
    were to the detriment of creditors generally from January
    16, 2000 to the date of liquidation, in that he:

    (i) Caused SCG to enter an interest free short-term loan of
        GBP58,914 with him, which was outstanding as at
        December 31, 2000, and a further GBP66,496 was withdrawn
        from January 31, 2001 to February 11, 2002.  These loans
        have not been repaid;

   (ii) Caused or allowed SCG to enter into a loan of
        GBP120,170 with another company of which he was a
        director, Valley Park Development Limited; and

  (iii) Caused or allowed SCG to pay another of SCG's directors'
        children's school fees totaling GBP27,506 at various
        dates between February 12, 2001 and October 16, 2001 at
        the expense of trade creditors.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


THOMAS PERSONNEL: Liquidator from Dains Moves in
------------------------------------------------
At the extraordinary general meeting of the members of Thomas
Personnel Limited on Jan. 26, 2005 held at Dains, First Floor,
Gibraltar House, Crown Square, First Avenue, Burton-on-Trent
DE14 2WW, the extraordinary and ordinary resolutions to wind up
the company were passed.  M. F. P. Smith of Dains, St Johns
Court, Wiltell Road, Lichfield, Staffordshire has been appointed
liquidator of the company.

CONTACT:  DAINS
          St. Johns Court
          Wiltell Road
          Lichfield
          Staffordshire WS14 9DS
          Phone: 01543 263484
          Fax: 01543 415465
          E-mail: nhawksley@dains.com


TRAFFORD PARK: Members Pass Winding-up Resolutions
--------------------------------------------------
At the extraordinary general meeting of the members of Trafford
Park Packaging Limited on Jan. 21, 2005 held at Elliot House,
151 Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  S. Conn of
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP
has been appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          151 Deansgate
          Manchester
          Greater Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 832 7436
          E-mail: stephen.conn@begbies-traynor.com


WELWYN INTERIORS: Hires Kelmanson Partnership as Liquidator
-----------------------------------------------------------
At the meeting of the members of Welwyn Interiors Limited on
Jan. 24, 2005, the extraordinary resolutions to wind up the
company was passed.  John Kelmanson and Elias Paourou have been
appointed joint liquidators of the company.

CONTACT:  THE KELMANSON PARTNERSHIP
          Avco House
          6 Albert Road
          Barnet
          Hertfordshire EN4 9SH
          Phone: 020 8441 2000
          Fax: 020 8441 3000
          E-mails: tkp@kelpart.co.uk
                   ep@kelpart.co.uk


WINDMERE SERVICES: Members Pass Winding-up Resolutions
------------------------------------------------------
At the extraordinary general meeting of the members of Windmere
Services Limited on Jan. 11, 2005 held at The Strathdon, Derby
Road, Nottingham NG1 5FT, the extraordinary and ordinary
resolutions to wind up the company were passed.  John Phillip
Walter Harlow has been appointed liquidator of the company.

CONTACT:  HKM LLP
          73-75 Aston Road North
          Waterlinks
          Birmingham B6 4DA
          Phone: 0121 333 7300
          Fax: 0121 333 7301
          E-mail: johnh@hkm.co.uk


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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