TCREUR_Public/050316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 16, 2005, Vol. 6, No. 53

                            Headlines

F R A N C E

ARTEMIS ENVIRONNEMENT: Court Orders Group's Liquidation
BODY WORLD: Unfit to Continue Business
COM ONE: Failed Recovery Forces Group into Liquidation


G E R M A N Y

AGENTUR FUR CREATION: Cedes Control to Administrator
BORUSSIA DORTMUND: Avoids Bankruptcy
CELANESE AG: Frankfurt Court Dismisses Shareholder Motion
HAUS-PLUS BAUBETREUUNGS: Fritzer Takes over Operations
HERTZ GEBAUDEREINIGUNG: Proofs of Claim Due Later this Month

IESY REPOSITORY: Moody's Rating Unaffected by Ish Buyout News
IMMOB GMBH: Administrator from hww Moves over
"INTRA" VERWALTUNGS: Falls into Insolvency
KASTNER ESTRICH: Dresden Court Appoints Administrator
NORIDAS HOHLRAUMBODENSYSTEME: Declared Insolvent

OKO HAUS-TECHNIK: Proofs of Claim Due Next Week
SACHSEN-EXPRESS TRANSPORT: Under Bankruptcy Proceedings
WOESTE, WOLTER: Administrator's Report Out Next Week


I R E L A N D

ELAN CORPORATION: Faces Class Action Over TYSABRI(R)


I T A L Y

IMPREGILO SPA: To Get EUR120M Loan


L U X E M B O U R G

SBS BROADCASTING: Earns Upgrade on Improving Performance


N E T H E R L A N D S

NORTEM N.V.: Makes Initial Liquidation Payments


P O L A N D

BROK STRZELEC: Results Below Expectations


R U S S I A

BUNKERING TERMINAL: Bankruptcy Proceedings Begin
CHERDAKLINSKIY: Ulyanovsk Court Appoints Insolvency Manager
CONSUL-M: Declared Insolvent
DON-KHLEB-INVEST: Bankruptcy Hearing Set Next Month
ENERGY SAVING: Hires M. Igoshin as Insolvency Manager

GATCHIN-COM-BANK: Declared Insolvent
KOLCHUGIONSKIY FACTORY: Under Bankruptcy Supervision
MECHANIZED COLUMN: Undergoes External Management Procedure
MONOLITH: Bankruptcy Proceedings Begin
SPETS-STROY: Declared Insolvent
YUKOS OIL: To Fight New Tax Claims


S W E D E N

SCANDINAVIAN AIRLINES: Inks Strategic Deal with Carlson Firms


S W I T Z E R L A N D

SWISS INTERNATIONAL: Takeover Offer Could Cut Lufthansa's Rating


U K R A I N E

GORLIS: Court Appoints Temporary Insolvency Manager
HARKIV' ELECTROMECHANICAL: Under Bankruptcy Supervision
INDUSTRY: Liquidator Takes over Helm
INTER-SOHTA-GAZ: AR Krym Court Opens Bankruptcy Proceedings
NADVIRNA' BREAD: Creditors' Claims Due this Week

NAFTOMASH: Proofs of Claim Deadline Set this Weekend
PRILUKI' SHOE: Claims Filing Period Expires This Weekend
RIZHAVSKIJ BEET: Court Brings in Insolvency Manager
TALNE' RAJAGROPROMMEHANIZATSIYA: Bankruptcy Supervision Begins
UKRAINA: Gives Creditors Until Weekend to File Claims


U N I T E D   K I N G D O M

3T TELECOM: Creditors Meeting Set Next Week
4279246 UK: Members Pass Winding up Resolutions
ASSURED ELECTRICAL: Hires Administrators from Tenon Recovery
ATLANTIC TELECOMMUNICATIONS: Annual Meeting Set this Week
AW CONSULTANTS: Hires Kroll Limited as Administrator

BELLWATER LIMITED: Creditors Meeting Set Next Week
BOOTS GROUP: Finance Director Quits
CAIRNVIEW INTERIORS: Hires PKF Liquidator
CALEDONIAN SEALANTS: Calls First Creditors Meeting
CASTLE INTERIOR: Creditors to Meet April

CITY EXECUTIVE: Creditors Meeting Set Next Week
EIDOS PLC: Shares Dip to Record Low
EXPRESS CARGO: Names Administrators from Thompson Shaw
FEDERAL-MOGUL: U.K. Insurance Dispute Settlement Still Bleak
GW 107: Liquidator from Grant Thornton Moves in

HOTELOC PLC: D, E Notes Downgraded After Assets Disposal
HYDROMECH SYSTEMS: Names Baker Tilly Administrator
INCO 400: Plastic Manufacturer Calls in Administrator
INTIMO CREATION: Apparel Company Hires Administrators
IRWIN COLLEGE: Joint Administrators from Numerica Move in

ITC INTERIORS: Administrators from Kroll Limited Move in
MEDIA VEHICLE: Creditors Meeting Set Next Week
NIMACS LIMITED: Calls in Liquidator from Crane & Partners
PANDALIN LIMITED: Appoints Middleton Partners Administrator
PEARTREE FOODS: Hires Grant Thornton as Administrators

PLACE VENDOME: Hires BDO Stoy Hayward as Administrator
PLASTIC CONTAINERS: Company Names Administrator from Numerica
PREMIER MORTGAGE: Creditors Meeting Set Next Week
READYBAKE LIMITED: Hires Begbies Traynor as Administrator
REGUS GROUP: On Track to Report Growth in 2005

REGUS GROUP: Stephen East Appointed new Director
ROYAL & SUNALLIANCE: To Exit from U.S. Car Insurance Biz
SCREEN SYSTEMS: Company Appoints Menzies Administrator
SECURE NETWORKS: Joint Administrators from Harrisons Move in
SPECIFIC ENVIRONMENTS: Calls in Administrators

ST. FERGUS: Winding-up Report Out Next Week
UPC BROADBAND: S&P Rates New EUR3 Billion Bank Loans 'B'
WATERFORD WEDGWOOD: To Miss Financial Targets This Year
WOODKIRK STONE: Meeting of Creditors Set Next Week


                            *********


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


ARTEMIS ENVIRONNEMENT: Court Orders Group's Liquidation
-------------------------------------------------------
The Commercial Court of Dijon placed Artemis Environnement into
liquidation on March 1, 2005 and appointed Jean-Joachim
liquidator.  Creditors are urged to submit their proofs of claim
to the liquidator as soon as possible.

CONTACT:  SARL ARTEMIS ENVIRONNEMENT
          10, rue Marechal-de-Lattre-de-Tassigny
          21220 Gevrey-Chambertin

          Jean-Joachim, liquidator
          36, rue Jeannin
          21000 Dijon


BODY WORLD: Unfit to Continue Business
--------------------------------------
The Commercial Court of Dijon placed SARL Body World into
liquidation on March 4, 2005 and appointed Cure-Thiebaut
liquidator.  Creditors are urged to submit their proofs of claim
to the liquidator as soon as possible.

The company operates fitness centers.

CONTACT:  SARL BODY WORLD
          54, av. de la Sabliere
          21200 Beaune

          Cure-Thiebaut, liquidator
          78, av. V. Hugo
          21015 Dijon


COM ONE: Failed Recovery Forces Group into Liquidation
------------------------------------------------------
The commercial court of Bordeaux has placed electronics group
Com One into liquidation, Les Echos says.

Jacques Saubade, one of Com One's founders, filed for the
group's liquidation last week, citing losses in 2003 and 2004.
Com One had undergone restructuring last year, but still failed
to achieve a break-even.

The court had advised Com One not to sell its activities until
it could settle its debt, in line with its restructuring plan.
The group, however, did otherwise, gaining EUR500,000.  This
forced the court to seize the money, which Com One says it
needed to continue trading.  Mr. Saubade failed to convince the
court to release the funds earlier than planned.

Com One, which went into administration in February 2003,
previously employed some 100 people, but trimmed down its
workforce to 14 after experiencing financial difficulties.

CONTACT:  COM ONE
          11 Parc de Marticot
          33610 Cestas
          Phone: +33 5 57 97 72 72
          Fax: +33 5 56 78 84 78
          E-mail: info@com1.fr
          Web site: http://www.com1.fr


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


AGENTUR FUR CREATION: Cedes Control to Administrator
----------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Agentur fur Creation und Merketing GmbH on Feb. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2005
to register their claims with court-appointed provisional
administrator Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 9:40 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  AGENTUR FUR CREATION UND MERKETING GMBH
          Max-Keith-Str. 33, 45136 Essen
          Contact:
          Arndt Booms, Manager
          Max-Keith-Str. 33, 45136 Essen

          Rolf Weidmann, Administrator
          Einigkeitstr. 9, 45133 Essen
          Phone: 0201/437760
          Fax: 02014377620


BORUSSIA DORTMUND: Avoids Bankruptcy
------------------------------------
Troubled soccer club Borussia Dortmund averted bankruptcy Monday
after its shareholders approved its financial rescue package,
Agence France Presse says.

Borussia sold its 95% stake in Westfallen stadium to Molsiris in
2002, a division of Commerzbank.  Borussia recently revealed
inability to cover rent payments as it was near collapse.  To
avert bankruptcy, Borussia drafted a rescue plan, which entails
buying back 42.8% of Molsiris' stake and a EUR9 million cash
injection.  The plan received more than 75% of the needed votes
from Molsiris' shareholders, paving the way for the club's
recovery.

Under the plan, Molsiris will return EUR52 million to Borussia,
covering the EUR42.85 million needed for the stake in the
stadium and reducing the club's annual rent.  Molsiris also
agreed to defer Borussia's EUR15 million annual repayments for
2005 and 2006.

Reinhard Rauball, Borussia president, said: "That was Borussia's
toughest away game in Duesseldorf since the relegation match we
played against Fortuna Cologne in 1986."

The deal boosted Borussia's chances to regain its German
Football League license.

Borussia, the only publicly listed football club in Germany,
booked a EUR27 million operating loss for the second half of
2004, and it now expects full-year operating loss to swell to
EUR68.8 million.  Including last year's loss of EUR73.3 million,
Borussia's total deficit now stands at EUR142.1 million.

CONTACT:  BORUSSIA DORTMUND GMBH & CO. KGAA
          Rheinlanddamm 207-209
          44137 Dortmund
          Phone: +49 (2 31) 9 02 00
          Web site: http://www.borussia-dortmund.de


CELANESE AG: Frankfurt Court Dismisses Shareholder Motion
---------------------------------------------------------
Celanese Corporation's European subsidiary on Monday received
notice that the Frankfurt District Court has dismissed as
inadmissible a shareholder motion that challenges the
compensation offered to minority shareholders as part of the
2004 domination and profit and loss transfer agreement between
Celanese Europe Holding GmbH & Co. KG and Celanese AG.  The
court's ruling, which is subject to appeal, also mentions that
the motions of all other 43 plaintiffs in this matter are
inadmissible.

The court's ruling is not related to shareholder claims that
challenge the approval of the domination and profit and loss
transfer agreement.

Celanese Europe Holding GmbH & Co. KG was formerly named BCP
Crystal Acquisition GmbH & Co. KG, the acquisition vehicle that
made the public tender offer for Celanese AG in early 2004.

Prior to the domination and profit and loss transfer agreement
which took effect October 1, 2004, Celanese AG was the legal
entity holding all Celanese business activities worldwide.
Following the domination and profit and loss transfer agreement,
the Celanese group was reorganized, forming Celanese Corporation
in the U.S. Celanese AG, which is approximately 84% owned by
Celanese Corporation, now serves as the holding company for
Celanese European and other assets.

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

                            *   *   *

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

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

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

CONTACT:  CELANESE CORPORATION
          Dallas
          Vance Meyer
          Phone: 972-443-4847
          E-mail: Vance.Meyer@celanese.com


HAUS-PLUS BAUBETREUUNGS: Fritzer Takes over Operations
------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against HAUS-PLUS Baubetreuungs- und Bautragergesellschaft mbH
on Feb. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 30, 2005 to register their claims with court-appointed
provisional administrator Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting on May 11, 2005, 9:30 a.m. at Saal D131, Amtsgericht
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HAUS-PLUS BAUBETREUUNGS- UND BAUTRAGERGESELLSCHAFT
          Teichstrasse 24 in 02739 Eibau

          Barbara Fritzer, Administrator
          Louis-Braille-Str. 1, 01099 Dresden
          Web site: http://www.ra-fritzer.de


HERTZ GEBAUDEREINIGUNG: Proofs of Claim Due Later this Month
------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Hertz Gebaudereinigung und Hotelservice GmbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2005
to register their claims with court-appointed provisional
administrator Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 11:15 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 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:  HERTZ GEBAUDEREINIGUNG UND HOTELSERVICE GMBH
          Herzebrocker Str. 29 - 31, 33330 Gutersloh
          Contact:
          Uwe Gunther Falkenau, Manager
          Im Lutken Ort 37, 33334 Gutersloh

          Frank M. Welsch, Administrator
          Barkeystrasse 30, 33330 Gutersloh


IESY REPOSITORY: Moody's Rating Unaffected by Ish Buyout News
-------------------------------------------------------------
Following an announcement by iesy Repository GmbH to acquire
cable operator Kabelnetz NRW Holdco GmbH (ish), Moody's comments
on the potential impact on iesy's business and financial risk
profile.  Moody's currently rates iesy's senior subordinated
notes due 2015 at Caa1 (senior implied at B2) with a stable
outlook.

Moody's notes that iesy had publicly indicated its interest in
possibly acquiring ish, a Level 3 cable operator based in the
adjacent federal state of North-Rhine Westphalia, at the time of
the note issuance allowing the associated event risk to be
factored into the senior implied rating as initially assigned by
Moody's.  Based on the present announcement, the rating agency
believes the transaction is broadly in line with the initial
expectations as embedded in the original rating.

The transaction (a total consideration of approximately EUR1.6
billion) will be financed through a combination of cash on
iesy's balance sheet from the earlier financing undertaken in
February 2005 as well as additional secured bank facilities and
further high yield issuance.  Moody's underlines its
expectations embedded in the B2 rating that the combined
leverage will not exceed approximately 6.8x Total Debt/EBITDA,
including any contemplated PIK issuance.

Based in Germany, iesy is the largest cable television provider
in the federal region of Hessen.  For the twelve months ending
30 September 2004, the company reported pro forma revenues of
approximately EUR137.2 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Jenya Brown
          Analyst
          European Corporates
          For Journalists
          Phone: 44 20 7772 5456


IMMOB GMBH: Administrator from hww Moves over
---------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Immob GmbH on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 21, 2005 to register their claims
with court-appointed provisional administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 10:30 a.m. at Saal D132, Amtsgericht
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  IMMOB GMBH
          Dornichtweg 52 in 01109 Dresden

          HWW
          Rudiger Wienberg, Administrator
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


"INTRA" VERWALTUNGS: Falls into Insolvency
------------------------------------------
The district court of Essen opened bankruptcy proceedings
against "INTRA" Verwaltungs- und Beratungsgesellschaft fur
Vermogensanlagen mbH on Feb. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 13, 2005 to register their claims
with court-appointed provisional administrator Rolf Otto
Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 2:15 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  "INTRA" VERWALTUNGS- UND BERATUNGSGESELLSCHAFT FUR
          VERMOGENSANLAGEN MBH
          Wittekindstr. 27, 45879 Gelsenkirchen
          Contact:
          Klaus - Dieter Rohricht, Manager
          Cranger str. 37, 45894 Gelsenkirchen

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


KASTNER ESTRICH: Dresden Court Appoints Administrator
-----------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Kastner Estrich und Bodenbelag GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 29, 2005
to register their claims with court-appointed provisional
administrator Dr. Heinz-Jorg Engels.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 9:45 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  KASTNER ESTRICH UND BODENBELAG GMBH
          Arndtstr. 3 in 01099 Dresden

          Dr. Heinz-Jorg Engels, Administrator
          Schillerplatz 6, 01309 Dresden


NORIDAS HOHLRAUMBODENSYSTEME: Declared Insolvent
------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against NORIDAS Hohlraumbodensysteme GmbH on Feb. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 24, 2005
to register their claims with court-appointed provisional
administrator Dr. Christoph Munz.

Creditors and other interested parties are encouraged to attend
the meeting on April 18, 2005, 10:15 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  NORIDAS HOHLRAUMBODENSYSTEME GMBH
          Gorlitzer Str. 30b in 02957 Weisskeissel

          Dr. Christoph Munz, Administrator
          Gustav-Adolf-Str. 6b, 01219 Dresden


OKO HAUS-TECHNIK: Proofs of Claim Due Next Week
-----------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against OKO Haus-Technik GmbH & Co. KG Heizungs-Sanitar-Systeme
on Feb. 11.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Mar. 22, 2005 to register their claims with court-appointed
provisional administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 10:00 a.m. at Saal D131, Amtsgericht
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  OKO HAUS-TECHNIK GMBH & CO KG
          Heizungs-Sanitar-Systeme
          An der Hohe 1 in 01109 Dresden

          Rudiger Wienberg, Administrator
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


SACHSEN-EXPRESS TRANSPORT: Under Bankruptcy Proceedings
-------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Sachsen-Express Transport GmbH on Feb. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 6, 2005
to register their claims with court-appointed provisional
administrator Dr. Gunter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 1:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SACHSEN-EXPRESS TRANSPORT GMBH
          Am Luftschacht 4, 45307 Essen
          Contact:
          Lothar Niehuser, Manager
          Viktor Niehuser

          Dr. Gunter Trutnau, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Phone: (0201) 1095-3


WOESTE, WOLTER: Administrator's Report Out Next Week
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Woeste, Wolter & Burger Transport Service
GbR on Feb. 18.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until May 5, 2005 to register their claims with court-appointed
provisional administrator Christoph Rosenmuller.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 9:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 19, 2005, 9:35 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  WOESTE, WOLTER & BURGER TRANSPORT SERVICE GBR
          Zillestrasse 16,10585 Berlin

          Christoph Rosenmuller, Administrator
          Berliner Str. 117, 10713 Berlin


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


ELAN CORPORATION: Faces Class Action Over TYSABRI(R)
----------------------------------------------------
Statement issued on Monday by the law firm of Schiffrin &
Barroway LLP:

Notice is hereby given that a class action lawsuit was filed in
the United States District Court for the District of
Massachusetts on behalf of securities purchasers of Elan
Corporation, plc (ELN) on February 18, 2004, and February 25,
2005 inclusive (the Class Period).

If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect
to these matters, please contact Schiffrin & Barroway LLP (Marc
A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-
7706 or 1-610-667-7706, or via info@sbclasslaw.com.

The complaint charges Elan, Kelly Martin, Lars Eckman, and Shane
Cooke with violations of the Securities Exchange Act of 1934.
More specifically, the complaint alleges that the Company failed
to disclose and misrepresented the following material adverse
facts which were known to defendants or recklessly disregarded
by them: (1) that TYSABRI posed serious immune-system side
effects; (2) that TYSABRI, like other MS drugs, made patients
susceptible to progressive multifocal leukoencephalopathy (PML)
by changing the way certain white blood cells function thereby
allowing PML, a normally dormant virus, to run rampant within
the human body; (3) that defendants knew and/or recklessly
disregarded documented facts that MS drugs can cause greater
incidents of PML to occur; and (4) that defendants concealed
these facts in order to fast track TYSABRI for FDA approval so
that they could reap the financial benefits from the sales of
the drug.

On February 28, 2005, before the market opened, Elan announced a
voluntary suspension in the marketing of TYSABRI(R)
(natalizumab), a treatment for multiple sclerosis, because of
two serious adverse events that have occurred in patients
treated with TYSABRI in combination with AVONEX(R) (Interferon
beta-1a) in clinical trials.  News of this shocked the market.
Shares of Elan fell $18.90 per share, or 70.26 percent, to close
at $8.00 on unusually high trading volume.

Plaintiff seeks to recover damages on behalf of class members
and is represented by the law firm of Schiffrin & Barroway,
which prosecutes class actions in both state and federal courts
throughout the country.  Schiffrin & Barroway is a driving force
behind corporate governance reform, and has recovered in excess
of a billion dollars on behalf of institutional and high net
worth individual investors.  For more information about
Schiffrin & Barroway, or to sign up to participate in this
action online, please visit http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not
later than May 3, 2005 move the Court to serve as lead plaintiff
of the class, if you so choose.  A lead plaintiff is a
representative party that acts on behalf of other class members
in directing the litigation.  In order to be appointed lead
plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that
the class member will adequately represent the class.  Under
certain circumstances, one or more class members may together
serve as "lead plaintiff."  Your ability to share in any
recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff.  You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your
counsel in this action.

CONTACT:  SCHIFFRIN & BARROWAY LLP
          Marc A. Topaz, Esq.
          Darren J. Check, Esq.
          280 King of Prussia Road
          Radnor, PA 19087
          Phone: 1-888-299-7706 (toll free)
                 1-610-667-7706
          E-mail: info@sbclasslaw.com


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


IMPREGILO SPA: To Get EUR120M Loan
----------------------------------
Troubled construction group Impregilo will reportedly gain
access to a EUR120 million bridging loan, La Stampa says.

The loan, organized by local bank Capitalia, reportedly gained
the nod of Impregilo's creditor banks, which include Banca
Intesa, Unicredit, and San Paolo IMI.  Each bank is expected to
dole in EUR22.5 million, while Gemina, Impregilo's main
shareholder, will chip in EUR30 million.

The loan's final approval could come in time for the board of
directors' meeting today.  The board is expected to approve its
2004 accounts in the meeting.  Impregilo is currently reviewing
separate takeover offers from building group Astaldi and
motorway operator Gavio.

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

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          SANPAOLO IMI S.p.A.
          Piazza San Carlo 156
          10121 Turin
          Phone: +39-011-5551
          Fax: +39-011-555-2989
          Web site: http://www.sanpaolo.it

          UNICREDIT S.p.A.
          Via Dante, 1
          16121 Genoa
          Phone: +39-02-8862-1
          Fax: +39-02-8862-8503
          Web site: http://www.credit.it

          CAPITALIA S.p.A.
          Via Marco Minghetti 17
          00187 Rome
          Phone: +39-06-6707-1
          Fax: +39-06-6707-0652
          Web site: http://www.capitalia.it


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


SBS BROADCASTING: Earns Upgrade on Improving Performance
--------------------------------------------------------
Moody's Investors Service upgraded the ratings of SBS
Broadcasting S.A.  The outlook for all rating remains positive.
Ratings affected are:

SBS Broadcasting S.A.:

(a) Senior implied rating to Ba2 from Ba3,

(b) Senior unsecured issuer rating to Ba3 from B1,

(c) EUR135 million senior notes due 2008 to Ba3 from B1
    (EUR103.7 million outstanding at December 31, 2004)

The upgrade recognizes the ongoing improvements in the company's
operating performance during 2004.  Moody's notes that the
recent acquisition of Scandinavian pay TV operator CMore AB
strengthens SBS's product offering in Scandinavia and that there
is potential for meaningful synergies to be realized.

The ratings continue to positively reflect SBS' large and
geographically diverse asset base and the company's strong
market positions in the Benelux and Scandinavian broadcasting
markets.  In addition, Moody's has noted that SBS has increased
control of some of its stations, notably by buying the 49%
minority stake in TV Norge and increasing the company's equity
stake in Prima TV of Romania.

However, the ratings continue to be constrained by the highly
competitive environments in which the company operates; the
challenges associated with managing a number of stations spread
across a number of different countries; the company's continued,
albeit with the acquisition of CMore AB, slightly reduced
dependence on the European advertising market; and remaining
structural considerations relating to the company's consolidated
capital structure (Dutch minorities).  SBS will also be
launching several new stations during 2005, which will initially
be EBITDA-negative.  SBS expects the EBITDA loss from these
stations to be around EUR10-12 million.

During 2004, revenue increased 16.6% to EUR678.3 million (2003:
EUR581.7 million) and EBITDA (after non-cash compensation)
increased to EUR101.3 million (2003: EUR68.1 million).  As a
consequence, the EBITDA margin has grown to 14.9% (2003: 11.7%).
Adjusted Retained Cash Flow (after working capital and adjusted
for 2/3 of operating lease expense) remained a healthy EUR57.3
million (2003: EUR78.9 million) but below the prior year, partly
due to adverse working capital movements.

To finance the acquisition of CMore AB, SBS has received EUR300
million of bridge financing from ABN Amro.  Taking this into
account, the pro forma leverage is 1.5x on a net debt to EBITDA
basis.  In addition the company has publicly stated that it
intends to refinance the High Yield Bond due 2008 at the first
call date (June 15 2005).

While Moody's believes that SBS might seek limited further
acquisitions and/or new channel launches, the ratings are based
on the agency's expectation that the company will maintain net
debt to EBITDA leverage levels at or below 3.0x.

The outlook for the ratings remains positive and reflects
amongst other things the potential for synergies from the CMore
acquisition.  The addition of Pay-TV to the SBS Group means that
approximately one third of SBS's revenues are now non-
advertising related and the company aims to increase this to
around 50% in the medium to long-term.  Should these synergies
be realized in the next 12-18 months such that the EBITDA margin
continues to move towards the company's long-term target of 20%
and Net/DEBT to EBITDA is maintained below 2.5x on a sustainable
basis, upward pressure on the ratings can be expected.

The Ba3 rating of the company's senior notes reflects the
structural subordination of the notes to existing and potential
future structural and/or secured indebtedness.  Should there be
a significant increase of debt at the subsidiary level, the
notching could widen, Moody's said.

SBS Broadcasting S.A. is a Luxembourg based holding company with
TV and radio broadcasting operations in Western and Central
Europe.  For the financial year ending 31 December, 2004, the
company reported revenue and EBITDA of EUR678.3 million and
EUR101.3 million, respectively.

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


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


NORTEM N.V.: Makes Initial Liquidation Payments
-----------------------------------------------
Nortem N.V. (Nasdaq:MTCH), formerly Metron Technology N.V.,
distributed initial liquidation payments to its shareholders on
Friday.  It gave US$3.75 per share to the shareholders of record
on March 4, 2005.

A final liquidating distribution will be made after the company
files its liquidation accounts and plan of distribution in The
Netherlands, and when all of Nortem's outstanding liabilities
have been paid.  The timing and amount of the final liquidating
distribution will be determined by Nortem's liquidators in
accordance with the plan of distribution.

CONTACT:  STAPLETON COMMUNICATIONS INC.
          Ellen Brook
          Phone: 650-470-0200


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


BROK STRZELEC: Results Below Expectations
-----------------------------------------
Brewery Brok-Strzelec fell short of its financial forecast for
2004, according to the Warsaw Business Journal.

The publicly listed brewery, which lacks capital and can only
work on 25% of its maximum output, could also be fined
PLN500,000 for not withdrawing its forecast.

Brok-Strzelec initially predicted a net profit of PLN2.2
million, but instead booked a net loss of PLN8.3 million.
Revenues were PLN112.4 million.

International brewers Bryggerigruppen, Cobra Beer of Britain,
and Scottish & Newcastle, owner of the Foster brand, have
already eyed to buy Brok-Strzelec's production facilities, but
not the company itself.

Brok-Strzelec produces 1,000 hectoliters of beer a year.

CONTACT:  BROWARY POLSKIE BROK - STRZELEC S.A.
          ul. Pachonskiego 5
          31-223 Krakow
          Phone: (12) 415 87 73-75
          Fax: (12) 415 89 61
          E-mail strzelec@strzelec.com.pl


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


BUNKERING TERMINAL: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Bunkering
Terminal West after finding the open joint stock company
insolvent.  The case is docketed as A56-17190/2004.  Mr. V.
Sadriev has been appointed insolvency manager.

CONTACT:  BUNKERING TERMINAL WEST
          188480, Russia, Leningrad region, Kingisepp,
          B. Sovetskay Str. 37/2, Apartment 268

          Mr. V. Sadriev
          Insolvency Manager
          197349, Russia, Saint-Petersburg region,
          Post User Box 797


CHERDAKLINSKIY: Ulyanovsk Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Cherdaklinskiy.  The case is docketed as A72-12445/04-19/36-B.
Mr. A. Stepin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 432980, Russia,
Ulyanovsk, Post User Box 5026.  A hearing will take place on
June 16, 2005.

CONTACT:  CHERDAKLINSKIY
          Russia, Ulyanovsk region, Cherdakly region,
          Molodyezhnaya Str. 1

          Mr. A. Stepin
          Temporary Insolvency Manager
          432980, Russia, Ulyanovsk region,
          Post User Box 5026


CONSUL-M: Declared Insolvent
----------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Consul-M (TIN 5191407837) after finding the
close joint stock company insolvent.  The case is docketed as
A42-3490/04-14.  Ms. L. Shkanova has been appointed insolvency
manager.

CONTACT:  CONSUL-M
          183038, Russia, Murmansk region,
          Vorovskogo Str. 5/23

          Ms. L. Shkanova
          Insolvency Manager
          183071, Russia, Murmansk region,
          Starostina Str. 19, Office


DON-KHLEB-INVEST: Bankruptcy Hearing Set Next Month
---------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company Don-Khleb-
Invest.  The case is docketed as A-53-22390/2004-S2-9.  Mr. I.
Kravtsov has been appointed temporary insolvency manager.  A
hearing will take place on April 18, 2005.

CONTACT:  DON-KHLEB-INVEST
          Russia, Rostov region,
          Millerovo, Sedova Str. 12

          Mr. I. Kravtsov
          Temporary Insolvency Manager
          334002, Russia, Rostov-na-Donu,
          Temernitskaya Str. 93/33


ENERGY SAVING: Hires M. Igoshin as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Energy Saving Glass Systems after finding
the open joint stock company insolvent.  The case is docketed as
A55-4953/04-47.  Mr. M. Igoshin has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 446250,
Russia, Samara region, Bezenchukskiy region, Bezenchuk, East
Prom.zone.

CONTACT:  ENERGY SAVING GLASS SYSTEMS
          Russia, Samara region,
          Bezenchukskiy region, Bezenchuk

          Mr. M. Igoshin
          Insolvency Manager
          446250, Russia, Samara region,
          Bezenchukskiy region, Bezenchuk, East Prom.zone


GATCHIN-COM-BANK: Declared Insolvent
------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Gatchin-Com-Bank
after finding the joint stock company insolvent.  The case is
docketed as A56-43339/2004.  Mr. V. Solovyev has been appointed
insolvency manager.

CONTACT:  GATCHIN-COM-BANK
          188350, Russia, Leningrad region, Gatchina,
          Roshinskaya Str. 13, Building 2

          Mr. V. Solovyev
          Insolvency Manager
          195273, Russia, Saint-Petersburg region,
          Shafirovskiy Pr. 4, Room 420
          Phone: (812) 545-30-12

          The Arbitration Court of Saint-Petersburg
          and the Leningrad region
          193015, Russia, Saint-Petersburg region,
          Suvorovskiy Pr. 50/52


KOLCHUGIONSKIY FACTORY: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on open joint stock company
Kolchugionskiy Factory On The Non-Ferrous Metals Processing.
The case is docketed as A11-14035/2004-K1-70B/11B.  Mr. A.
Bersenev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 125315, Russia,
Moscow, Usievicha Str. 24/2, Office 57, Post User Box 13.  A
hearing will take place on July 5, 2005, 1:30 p.m.

CONTACT:  KOLCHUGIONSKIY FACTORY ON
          THE NON-FERROUS METALS PROCESSING
          Russia, Vladimir region,
          Kolchugino, K. Marksa Str. 25

          Mr. A. Bersenev
          Temporary Insolvency Manager
          125315, Russia, Moscow, Usievicha Str. 24/2,
          Office 57, Post User Box 13

          The Arbitration Court Of Vladimir Region
          Russia, Vladimir region,
          Oktyabrskiy Pr. 14, Room 57


MECHANIZED COLUMN: Undergoes External Management Procedure
----------------------------------------------------------
The Arbitration Court of Samara region has commenced external
management bankruptcy procedure on open joint stock company
Mechanized Column #68.  The case is docketed as A55-15287/02-14.
Mr. S. Kukanov has been appointed external insolvency manager.
Creditors have until April 12, 2005 to submit their proofs of
claim to 443110, Russia, Samara-110, Post User Box 4253.

CONTACT:  MECHANIZED COLUMN #68
          Russia, Syzran

          Mr. S. Kukanov
          External Insolvency Manager
          443110, Russia, Samara-110,
          Post User Box 4253


MONOLITH: Bankruptcy Proceedings Begin
--------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Monolith after finding the close joint stock
company insolvent.  The case is docketed as A52/2444/2004/4.
Mr. A. Demidov has been appointed insolvency manager.  Creditors
have until April 12, 2005 to submit their proofs of claim to
236000, Russia, Kalinigrad, Dm. Donskogo Str. 7, Office 221.

CONTACT:  MONOLITH
          Russia, Porkhov

          Mr. A. Demidov
          Insolvency Manager
          236000, Russia, Kalinigrad,
          Dm. Donskogo Str. 7, Office 221

          The Arbitration Court of Pskov region
          180001, Russia,
          Pskov region, Nekrasova Str. 23


SPETS-STROY: Declared Insolvent
-------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Spets-Stroy after finding the open joint
stock company insolvent.  The case is docketed as A55-7523/03-
18.  Mr. M. Igoshin has been appointed insolvency manager.
Creditors may submit their proofs of claim to 445038, Russia,
Samara region, Tolyatti, Vokzalnaya Str. 45.

CONTACT:  SPETS-STROY
          Russia, Samara region, Tolyatti

          Mr. M. Igoshin
          Insolvency Manager
          445038, Russia, Samara region,
          Tolyatti, Vokzalnaya Str. 45


YUKOS OIL: To Fight New Tax Claims
----------------------------------
Yukos Oil Company confirmed it intends to contest, in
appropriate fora, any new tax claims levied against its
subsidiaries, affiliates and associated companies.  This
announcement follows the most recent allegations from the
Russian Tax Authorities of additional questionable tax
assessments for its production subsidiary, Tomsneft.

Equally concerning to Yukos are recent comments by the Russian
Tax Authorities that Fargoil and Ratibor, two Yukos associated
trading companies consolidated in Yukos' U.S. GAAP Consolidated
Financial Statements, are under investigation for inappropriate
distribution of funds.  Yukos strongly asserts that such
allegations are completely unfounded.

At the root of many of these allegations, and those previously
disputed by Yukos, is a lack of understanding or the
unwillingness of the Russian Tax Authorities to comprehend
consolidated accounting.  Yukos has followed U.S. generally
accepted accounting principles, U.S. GAAP since 1999, and has
openly operated this system consistently for five years.  Under
these GAAP principles, Yukos accounts have been audited by
independent auditors PricewaterhouseCoopers, the results of
which in the past have been made available in Russia and to all
of the company's approximately 60,000 domestic and international
shareholders.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


SCANDINAVIAN AIRLINES: Inks Strategic Deal with Carlson Firms
-------------------------------------------------------------
SAS Group and U.S.-based Carlson Hotels Worldwide have signed an
agreement that improves the commercial terms of Rezidor S.A.S.
Hospitality Group's Master Franchise agreements (MFA) with
Carlson and extends its options until 2052.  In return, Carlson
gets a 25% shareholding in Rezidor.

The MFA is the agreement between Rezidor and Carlson by which
Rezidor manages the Carlson Hotel brands operated by Rezidor
under the brand names Radisson SAS, Park Inn and Regent
throughout Europe, the Middle East and Africa.

The transaction will substantially increase the annual
profitability of Rezidor as from the closing of the deal,
pending regulatory approval.  It is expected to take place in
the first half of 2005.  Under the improved terms of the
transaction, and on a fully annualized basis for 2005, Rezidor
profitability before tax is estimated to be impacted positively
by EUR11 million.  This profit enhancement is expected to
increase in the future as the business grows and its revenues
increase.  The transaction will have an immediate accretive
impact on the SAS Group 2005 earnings.

"The SAS Group is very pleased to announce this agreement with
Carlson Hotels Worldwide.  The SAS Group will maintain the
majority holding and control over Rezidor SAS, while also
strengthening the strategic business platform of the company for
the future", said Mr. Jorgen Lindegaard, President and CEO of
the SAS Group.

"Carlson Hotels Worldwide is a strategic partner within the
global hospitality sector for Rezidor.  It will bring additional
scale and profitability to Rezidor and further enhance its
development opportunities," said Mr. Gunnar Reitan, Executive VP
& Deputy CEO of the SAS Group and Chairman of Rezidor.

The deal will give Carlson two seats on the six-member board of
Rezidor.

CONTACT:  SAS GROUP
          Jorgen Lindegaard, President & CEO
          Phone: +46 8 797 1361
          Gunnar Reitan, Deputy CEO SAS Group
          Phone: +46 70 997 2844
          Hans Ollongren, SVP Corporate Communications
          Phone: +46 8 797 1950
          Sture Stolen, VP Head of SAS Group Investor Relations
          Phone: +46 8 797 1451


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


SWISS INTERNATIONAL: Takeover Offer Could Cut Lufthansa's Rating
----------------------------------------------------------------
Moody's Investors Service said Monday that the confirmation by
Deutsche Lufthansa Aktiengesellschaft that it is in advanced
negotiations with Swiss International Air Lines over a proposed
takeover and integration of Swiss (not rated) into the Lufthansa
group will have no immediate impact on Lufthansa's Baa2/Prime-2
ratings and stable outlook given the tentative state of the
discussions, the uncertainty with regard to possible
consideration and the terms of any potential combination.
However, Moody's will be closely monitoring the negotiations and
is likely to move to a formal review of the ratings with
possible negative consequences if an offer is made by Lufthansa.

A proposed business model is being developed jointly by the two
companies and is subject to the approval of the Lufthansa
supervisory board and the relevant corporate bodies and core
shareholders of Swiss.  Moody's notes Lufthansa's statement
that, provided the required approvals are obtained, it will in
all likelihood submit an offer to the free float Swiss
shareholders based on the average share price of recent weeks.

Moody's understands that the jointly developed business model
aims to combine the strengths of the two airlines, while at the
same time retaining the independence of Swiss to the extent
possible through, inter alia, maintaining the air traffic
infrastructure within Switzerland as well as the "Swiss" brand.

Although the combination of the two airlines would mark a
further step in the consolidation of the European airline
industry, Moody's recognizes that Lufthansa's credit metrics are
much stronger than those of Swiss, while the latter is
continuing to make slow progress in returning to operating
profitability -- hence the possibility of a negative outcome of
a rating review in the event of an offer being made by
Lufthansa.

CONTACT:  Moody's France S.A.
          Paris
          Eric de Bodard
          Managing Director
          Myriam Durand
          Vice President - Senior Analyst
          European Corporates Group
          For Journalists:
          Phone: 44 20 7772 5456


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


GORLIS: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Gorlis (code EDRPOU
00415770).  The case is docketed as 01/488.  Mr. Bilera Oleg has
been appointed temporary insolvency manager.  The company holds
account number 260030028 at JSCB Legbank, Cherkassy branch, MFO
354813.

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

(a) GORLIS
    19645, Ukraine, Cherkassy region,
    Cherkassy district, Dumantsi,
    Zelena Str. 14 A

(b) Mr. Bilera Oleg
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Volkov Str. 59/35
    Phone: 8 (067) 470-89-00

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


HARKIV' ELECTROMECHANICAL: Under Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on State Scientific-Production Association
Harkiv' Electromechanical Plant (code EDRPOU 00213782) on
January 11, 2005.  The case is docketed as B-24/05-05.  Arbitral
manager Mr. Sergij Sautenko (License Number AA 419246) has been
appointed temporary insolvency manager.  The company holds
account number 260082354 at OJSC Megabank, Harkiv branch, MFO
351629.

Creditors have until March 19, 2005 to submit their proofs of
claim to:

(a) HARKIV' ELECTROMECHANICAL PLANT
    61037, Ukraine, Harkiv region,
    Moskovskij Avenue, 199

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


INDUSTRY: Liquidator Takes over Helm
------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Industry (code EDRPOU 21953402) after
finding the joint stock company insolvent.  The case is docketed
as 5/179 B.  Mr. Yurij Menzarenko (License Number AB 116255) has
been appointed liquidator/insolvency manager.

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

(a) INDUSTRY
    86405, Ukraine, Donetsk region,
    Yenakiyeve, Bogomoltsya Str. 9

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


INTER-SOHTA-GAZ: AR Krym Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Inter-Sohta-Gaz (code EDRPOU 22317832) on
January 13, 2005 after finding the limited liability company
insolvent.   The case is docketed as 2-6/1311-2005.  Arbitral
manager Mr. Koblitskij Viktor (License Number AA 779275 of
September 23, 2004) has been appointed liquidator/insolvency
manager.

Creditors have until March 19, 2005 to submit their proofs of
claim to:

(a) INTER-SOHTA-GAZ:
    97570, Ukraine, AR Krym region,
    Simferopol district,
    Chistenke, Molodizhna Str. 7

(b) Mr. Koblitskij Viktor
    Liquidator/Insolvency Manager
    98607, Ukraine, AR Krym region,
    Yalta, a/b 30
    Phone: 8 (050) 645-90-28

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


NADVIRNA' BREAD: Creditors' Claims Due this Week
------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on Nadvirna' Bread Combine
(code EDRPOU 00378342) on December 14, 2004.  The case is
docketed as B-7/168.  Arbitral manager Mr. Nasadyuk Vitalij
(License Number AA 485245) has been appointed temporary
insolvency manager.  The company holds account number
2600130011383 at Ukrsocbank, Yaremche branch, MFO 336149.

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

(a) NADVIRNA' BREAD COMBINE
    77400, Ukraine, Ivano-Frankivsk region,
    Nadvirna, Vizvolennya Str. 1

(b) Mr. Nasadyuk Vitalij
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Nadvirna, I. Franko Str. 12/53
    Phone/Fax: (03475) 2-50-81

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


NAFTOMASH: Proofs of Claim Deadline Set this Weekend
----------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Naftomash (code EDRPOU 20557331)
after finding the limited liability company insolvent.  The case
is docketed as B-11/155.  Arbitral manager Mr. I. Vatutin
(License Number AA 250388) has been appointed
liquidator/insolvency manager.  The company holds account number
2600425231 at CB Privatbank, Ivano-Frankivsk branch, MFO 336677.

Creditors have until March 19, 2005 to submit their proofs of
claim to:

(a) NAFTOMASH:
    Ukraine, Ivano-Frankivsk region,
    Kalush, Dolinska Str. 88

(b) Mr. I. Vatutin
    Liquidator/Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Kolomiya, Novodvorskij Str. 24

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


PRILUKI' SHOE: Claims Filing Period Expires This Weekend
--------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Priluki' Shoe Factory after finding the
limited liability company insolvent.  Mr. Volodimir Kurovskij
(License Number AA 250377) has been appointed
liquidator/insolvency manager.

Creditors have until March 19, 2005 to submit their proofs of
claim to:

(a) PRILUKI' SHOE FACTORY
    Ukraine, Chernigiv region,
    Priluki, Pershogo Travnya Str. 48

(b) Mr. Volodimir Kurovskij
    Liquidator/Insolvency Manager
    Ukraine, Chernigiv region,
    Nizhin, Moskovska Str. 2A

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


RIZHAVSKIJ BEET: Court Brings in Insolvency Manager
---------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Rizhavskij Seed Beet (code EDRPOU 00387387)
after finding the limited liability company insolvent.  The case
is docketed as 8/4360.  Arbitral manager Mr. Kotko Oleg (License
Number AA 630116) has been appointed liquidator/insolvency
manager.  The company holds account number 26000351339001 at CB
Privatbank, Uman branch, MFO 354347.

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

(a) RIZHAVSKIJ SEED BEET
    20384, Ukraine, Cherkassy region,
    Uman district, Zatishok

(b) Mr. Kotko Oleg
    Liquidator/Insolvency Manager
    20700, Ukraine, Cherkassy region,
    Smila, Kronshtadska Str. 16/82
    Phone: (04733) 5-24-71
           (067) 264-10-24

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


TALNE' RAJAGROPROMMEHANIZATSIYA: Bankruptcy Supervision Begins
--------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Talne' District Production
Association Rajagroprommehanizatsiya (code EDRPOU 03766837).
The case is docketed as 10/357.  Arbitral manager Mr. Sergij
Nazarenko (License Number AA 484198) has been appointed
temporary insolvency manager.  The company holds account number
260066523 at JSPPB Aval, Cherkassy regional branch, MFO 354411.

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

(a) TALNE' PRODUCTION ASSOCIATION RAJAGROPROMMEHANIZATSIYA
    20400, Ukraine, Cherkassy region,
    Talne, Vokzalna Str. 109

(b) Mr. Sergij Nazarenko
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Dobrovolskij Str. 3/1-25

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


UKRAINA: Gives Creditors Until Weekend to File Claims
-----------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Ukraina (code EDRPOU
00414196).  The case is docketed as 5/30-05.  Arbitral manager
Mr. Vasil Glebov (License Number AA 630087) has been appointed
temporary insolvency manager.  The company holds account number
26008055302617 at CB Privatbank, Vinnitsya branch, MFO 302689.

Creditors have until March 19, 2005 to submit their proofs of
claim to:

(a) UKRAINA
    23127, Ukraine, Vinnitsya region,
    Zhmerinka district, Oleksandrivka

(b) Mr. Vasil Glebov
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 23/13
    Phone: (0432) 32-75-22

(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
===========================


3T TELECOM: Creditors Meeting Set Next Week
-------------------------------------------
The creditors of 3T Telecom Limited will meet on March 24, 2005
at 11:00 a.m.  It will be held at Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW.

Creditors who want to be represented at the meting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW not later than 12:00 noon, March 23,
2005.

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


4279246 UK: Members Pass Winding up Resolutions
-----------------------------------------------
At the extraordinary general meeting of 4279246 UK Limited
(formerly Jupiters UK Limited) on Feb. 8, 2005 held at 116
Highland Terrace, St Lucia, QLD, 4067, Australia, the subjoined
special and ordinary resolutions to wind up the company were
passed.  Paul Michael Davis and Timothy John Edward Dolder of
Begbies Traynor (South) LLP, of 32 Cornhill, London EC3V 3BT
have been appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


ASSURED ELECTRICAL: Hires Administrators from Tenon Recovery
------------------------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) have been
appointed administrators for Assured Electrical Services
Limited.  The appointment was made Feb. 14, 2005.  The company
installs electrical wiring.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


ATLANTIC TELECOMMUNICATIONS: Annual Meeting Set this Week
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Atlantic Telecommunications Limited
                          In Liquidation

Notice is hereby given that annual meetings of the members and
creditors of Atlantic Telecommunications Limited will be held at
the offices of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP on March 18, 2005 at 11:00 a.m.
and 11:15 a.m. respectively.

By an order of the High Court dated 19 May 2004 it was ordered
that notice of this meeting might be given by advertisement
without sending formal notice by post to all creditors.
Creditors wishing to vote at the Meeting must apply to
PricewaterhouseCoopers LLP for a form of proxy by calling 0113
289 4862 between 9:00 a.m. and 5:00 p.m. from Monday to Friday.
Forms of proxy will then be dispatched by post to the creditors
concerned, together with instructions for their completion and
associated information.  Completed forms of proxy together with
an accompanying statement of account should then be returned to
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP no later than midday on March 18, 2005.  The proxy
may be posted, or sent by facsimile to Alexandra Newton on 0113
289 4580.  It would be of assistance if any creditor proposing
to attend the meeting would let Ms. Newton know of their
intention in order to assist with meeting formalities.

D. Thornhill, Joint Liquidator

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com

          David Thornhill
          E-mail: david.thornhill@uk.pwc.com
          Phone: 0161 247 4067
          Fax: 0161 245 2828


AW CONSULTANTS: Hires Kroll Limited as Administrator
----------------------------------------------------
Stuart C. E. Mackellar and Charles Peter Holder (Office Holder
Nos 6883, 9093) have been appointed administrators for AW
Consultants Gas Supply Limited.  The appointment was made Feb.
28, 2005.

The company is an agent of particular products.  Its registered
office is located at 99A Bute Street, Treorchy CF42 6AH.

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


BELLWATER LIMITED: Creditors Meeting Set Next Week
--------------------------------------------------
The creditors of Bellwater Limited will meet on March 23, 2005
at 11:00 a.m.  It will be held at Oxford Room, New Connaught
Rooms, Covent Garden Exhibition Centre, 61-65 Great Queen
Street, London WC2B 5DA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT not later than 12:00 noon, March 22, 2005.

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


BOOTS GROUP: Finance Director Quits
-----------------------------------
Ailing health and beauty retailer Boots plc received a further
blow Sunday as Howard Dodd, its finance director for three
years, announced he was quitting.

His resignation came in the wake of a shock profits warning,
which convinced analysts to cut pre-tax profit forecasts for the
year to March to GBP475 million from GBP505 million.  Boots said
results would be 7% below expectations.  The firm is being
stifled by cutthroat competition from rival supermarket chains
such as Asda and Tesco.  It is also suffering the setbacks of
poor investment in its core stores in the last years.

Mr. Dodd, who earned GBP600,000 last year in salary and short-
term bonuses, will receive no compensation for his resignation.
He will stay in office until May.

Prior to joining Boots, Mr. Dodd had served in the chemicals and
pharmaceuticals sector, with positions at ICI, Zeneca and
Novartis.

CONTACT:  BOOTS GROUP PLC
          Media
          Donal McCabe
          Phone: +44 (0) 115 968 7029
          Mobile: +44 (0) 7769 690 618

          Investors
          Howard Dodd, Chief Financial Officer
          Phone: +44 (0) 115 968 7005

          Chris Laud, Investor Relations
          Mobile: +44 (0) 7811 460 611
          Phone: +44 (0) 115 968 7080


CAIRNVIEW INTERIORS: Hires PKF Liquidator
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Cairnview Interiors Limited

Notice is hereby given that on Feb. 23, 2005, I, Anne Buchanan,
PKF, 78 Carlton Place, Glasgow G5 9TH, was appointed liquidator
of Cairnview Interiors Limited by the company's creditors.

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

          Anne Buchanan
          E-mail: anne.buchanan@uk.pkf.com
          Phone: 0141 418 1119
          Fax: 0141 429 1210


CALEDONIAN SEALANTS: Calls First Creditors Meeting
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Caledonian Sealants Limited
                         (In Liquidation)

I, Ian W Wright, hereby give notice that I was appointed Interim
Liquidator of Caledonian Sealants Limited on February 17, 2005,
by Interlocutor of the Sheriff of North Strathclyde at Paisley.

Notice is also given that the First Meeting of Creditors of the
above Company will be held at the offices of Haines Watts, James
Miller House, 98 West George Street, Glasgow G2 1PJ on March 24,
2005 at 11:30 a.m. for the purposes of choosing a Liquidator and
of determining whether to establish a Liquidation Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below.  A resolution
will be passed when a majority of those voting have voted in
favor of it.  For the purpose of formulating claims, creditors
should note that the date of commencement of the Liquidation is
January 24, 2005.

I. W. Wright, Interim Liquidator

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

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


CASTLE INTERIOR: Creditors to Meet April
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Castle Interior Contracts Limited
                        (In Liquidation)

I, Keith V. Anderson of Scott & Paterson, Chartered Accountants,
Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh, hereby give
notice, pursuant to Rule 4.18 of The Insolvency (Scotland) Rules
1986, I was appointed Interim Liquidator of the above company by
Interlocutor of Edinburgh Sheriff Court dated February 18, 2005.

Notice is hereby given, pursuant to section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, that the First Meeting of Creditors of the said
company will be held at Bruntsfield Hotel, 69 Bruntsfield Place,
Edinburgh, on April 1, 2005 at 11:00 a.m. for the purpose of
choosing a Liquidator and considering the other resolutions
specified in Rule 4.12(3) of the aforementioned Rules.

Creditors whose claims are unsecured in whole or in part are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand at the address below.  A resolution
will be passed when a majority of those voting have been voted
in favor of it.  For the purpose of formulating claims,
creditors should note that the date of commencement of the
Liquidation is January 26, 2005.

Keith V. Anderson, Interim Liquidator
February 22, 2005

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk

          Keith Veitch Anderson
          E-mail: Keith.Anderson@scottandpaterson.co.uk
          Phone: 0131 248 2638
          Fax: 0131 248 2608


CITY EXECUTIVE: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of City Executive Centres Limited will meet on
March 23, 2005 at 11:00 a.m.  It will be held at Regus, 68
Lombard Street, London EC3V 9LJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor (South) LLP, 32 Cornhill, London
EC3V 3BT not later than 12:00 noon, March 22, 2005.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


EIDOS PLC: Shares Dip to Record Low
-----------------------------------
Shares in computer games maker Eidos plc hit rock bottom last
week due to worries about its financial health.  The company's
troubles clearly eclipsed hopes of a possible GBP75.3 million
takeover, according to The Scotsman.

Eidos said it required a formal takeover offer by March 25 to
comply with the terms of a new GBP23 million loan.  This was
after it made a GBP29 million operating loss in the second half
of 2004 due to poor sales and delays to key titles.

Eidos is the largest video games publisher and developer of
entertainment software in the U.K.  It has publishing operations
across Europe (France, Germany, Spain and the U.K.) and in the
U.S., Japan and Australia.  It also has significant development
studio expertise, both internal and external, in Europe and the
U.S.

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

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

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

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


EXPRESS CARGO: Names Administrators from Thompson Shaw
------------------------------------------------------
Andrew W. Thompson and Daniel P. Hennessy (IP Nos 5807, 1388)
have been appointed joint administrators for Express Cargo
Systems Limited.  The appointment was made Feb. 21, 2005.  The
company is into transporting goods.

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


FEDERAL-MOGUL: U.K. Insurance Dispute Settlement Still Bleak
------------------------------------------------------------
In April 2004, Federal-Mogul Corporation and its debtor-
affiliates asked the U.S. Bankruptcy Court for the District of
Delaware to approve certain settlement agreements resolving an
asbestos insurance coverage litigation in England among non-
Debtor subsidiary Curzon Insurance Limited, Curzon's insurance
brokers, and a reinsurance firm.

Subsequently, Munchener Ruckversicherungs-Gesellschaft AG and
Centre Reinsurance International Co., a subsidiary of the Zurich
Financial Services Group, notified the Debtors of their belief
that the settlements with European International Reinsurance
Company Ltd. and Sedgwick may breach one or more provisions of
the Reinsurance Agreement.

In a Form 10-K filing with the Securities and Exchange
Commission, the Debtors reported that the hearing to review the
March 1, 2004 motion has been adjourned indefinitely as the
parties attempt to resolve the issues raised by Munich Re and
Centre Reinsurance.  However, the settlement efforts have been
unsuccessful, prompting the Administrators to file an action in
the High Court of Justice, Chancery division in London, England,
seeking a declaration that the settlements with European
International and Sedgwick do not breach provisions of the
Reinsurance Agreement.

At a hearing on February 14, 2005, the English High Court gave
directions to set out an approximate 35-day timetable for the
production of evidence for a substantive hearing in early April
2005.  In addition, the English High Court gave a direction that
Curzon Insurance Limited, the original insurer under the policy,
should make a similar application to run in tandem with the
Administrators' application.

            English Court Rules on Curzon and T&N's Appeal
                   on Claims Handling Issues

In December 2002, Munchener Ruckversicherungs-Gesellschaft AG
and Centre Reinsurance International Co. sought certain
declarations from the English High Court as to the meaning of
certain terms contained in the policy and Reinsurance Agreement.
These proceedings were adjourned.  However, in August 2003,
T&N's Administrators issued their own applications for
determinations of certain legal issues arising under the policy,
including whether:

      (i) the provision for the transfer of claims handling
          rights under the policy was not enforceable under the
          provisions of S1(3) of the Third Party (Rights Against
          Insurers) Act 1930;

     (ii) the Reinsurers must meet all expenses incurred in
          claims handling following the transfer of the right to
          handle claims, even if the expenses are incurred
          within the retention of the policy; and

    (iii) the expenses incurred by the Reinsurers constitute an
          administration expense payable in priority to other
          creditors.

On February 12, 2004, the English High Court held that:

      (i) claims handling rights had been transferred;

     (ii) claims handling rights did not rank as an
          administration expense; and

    (iii) the Reinsurers could be obliged, in the proper
          exercise of claims handling, to incur expenses -- but
          only on the basis that they formed part of the
          ultimate net loss under the policy.

The English High Court of Appeal gave judgment on February 11,
2005.  Curzon and T&N's appeal was unsuccessful on all points.
Munich Re and CRIC were successful only in relation to their
appeal to the extent to which claims handling expenses incurred
by the Reinsurers were administration expenses.  The Court of
Appeal held that the reimbursement of the expenses should be
treated as sums payable in respect of liabilities incurred
within Section 19(5) of the Insolvency Act of 1986.  However,
the Court of Appeal said that what claims handling expenses need
to be incurred by the Reinsurers must remain a matter under the
control of the Court.  Curzon and T&N sought permission to
appeal to the House of Lords but leave was refused.  T&N's
Administrators are considering whether to seek permission to
appeal from the House of Lords.

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

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


GW 107: Liquidator from Grant Thornton Moves in
-----------------------------------------------
At the meeting of GW 107 Limited on March 2, 2005, the special
resolutions to wind up the company was passed.  Roy Welsby of
Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ has
been appointed liquidator of the company.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


HOTELOC PLC: D, E Notes Downgraded After Assets Disposal
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D and E notes issued by HOTELoC PLC.  At the same time,
the ratings on the class A, B, and C notes were affirmed.

The downgrades follow a reassessment of the underlying loan's
refinance risk as operational performance of the portfolio of
hotels backing the loan fails to improve.  While progress has
been made in restructuring and aligning the interest of
subordinate interests in the transaction, and some asset sales
have occurred, the certainty of full repayment of the lower
tranches of rated debt is, in Standard & Poor's view, declining.

Although three London hotels: Lancaster Gate, Kensington Palace,
and Kensington Park are expected to be sold for GBP127 million,
this is significantly below the contractual release price
required to be repaid when the transaction was first rated.  The
decision follows an agreement from noteholders in December 2004
to sell the three hotels for a price of at least GBP125 million.

The performance of the hotel sector in general, and the
performance of the operator in this transaction in particular,
will be key influences on the borrower's ability to refinance
the portfolio.  If the loan is not refinanced at loan maturity
in May 2005, GMAC Commercial Mortgage Ltd. (GMACCM) as special
servicer will be able to call a loan event of default.

Standard & Poor's points out that its ratings address timely
payment of interest and repayment of principal by May 2007,
which should allow time for GMACCM to implement a workout or
foreclosure strategy.  We will continue to monitor the above
factors in our assessment of any such strategy and its
implication for the ratings on the notes.

Related media releases on HOTELoC can be found on RatingsDirect
at http://www.ratingsdirect.com. Alternatively, call one of the
following Standard & Poor's numbers: London Client Support 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 on media_europe@standardandpoors.com.

RATINGS LIST

HOTELoC PLC

GBP514 Million Commercial Mortgage-Backed Floating-Rate Notes
And $26.557 Million Mortgage-Backed Floating-Rate Notes

Class               Ratings
                 To         From

Ratings Lowered
D                BB       BBB-
E1                B        BB-
E2                B        BB-
E3                B        BB-

Ratings Affirmed
A                AAA
B                AAA
C                A

CONTACT:  STANDARD AND POOR'S RATING SERIVICES
          Group E-Mail Address
          StructuredFinanceEurope@standardandpoors.com

          Stuart Nelson, London
          Phone: (44) 20-7176-3621
          E-mail: stuart_nelson@standardandpoors.com

          Ronan Fox, London
          Phone: (44) 20-7176-3758
          E-mail: ronan_fox@standardandpoors.com


HYDROMECH SYSTEMS: Names Baker Tilly Administrator
--------------------------------------------------
Adrian David Allen and Robert Henry Barker (IP Nos 8740, 006679)
have been appointed administrators for Hydromech Systems
Limited.  The appointment was made March 1, 2005.

CONTACT:  BAKER TILLY
          Garrick House
          76-80 High Street
          Old Fletton
          Peterborough
          Cambridgeshire PE2 8ST
          Phone: 01733 342444
          Fax: 01733 319725
          E-mail: adrian.allen@bakertilly.co.uk

          BAKER TILLY
          2 Whitehall Quay
          Leeds
          West Yorkshire LS1 4HG
          Phone: 0113 285 5000
          Fax: 0113 285 5001
          E-mail: recovery@bakertilly.co.uk


INCO 400: Plastic Manufacturer Calls in Administrator
-----------------------------------------------------
Timothy Alexander Close (IP No 8023) has been appointed
administrator for Inco 400 Limited (formerly Polybeam Limited).
The appointment was made March 4, 2005.

The company manufactures plastic products.  Its registered
office is located at Milsted Langdon, One Redcliff Street,
Bristol BS1 6NP.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          Somerset TA1 2UH
          Phone: 01823 445566
          Fax: 01823 445555
          E-mail: tclose@milsted-langdon.co.uk


INTIMO CREATION: Apparel Company Hires Administrators
-----------------------------------------------------
Mr. V. M. Bairstow and Mr. P. M. Davis (IP Nos 5316, 7805) have
been appointed administrators for Intimo Creation Limited.  The
appointment was made March 7, 2005.

The company sells clothing and footwear.  Its registered office
is located at 46A Goring Road, Worthing, West Sussex BN12 4AD.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


IRWIN COLLEGE: Joint Administrators from Numerica Move in
---------------------------------------------------------
Lynn Robert Bailey and Alan Roy Limb (IP Nos 6496, 8955) have
been appointed joint administrators for Irwin College Limited.
The appointment was made Feb. 22, 2005.

CONTACT:  NUMERICA
          Stoughton House
          Harborough Road
          Oadby, Leicester
          Leciestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 0597
          E-mail: alan.limb@numerica.biz


ITC INTERIORS: Administrators from Kroll Limited Move in
--------------------------------------------------------
Stuart C. E. Mackellar and Charles Peter Holder (IP Nos 6883,
9093) have been appointed administrators for ITC Interiors
Limited.  The appointment was made March 4, 2005.  Its
registered office is located at The Bank, 33-39 Mumps, Oldham,
Lancashire OL1 3TP.

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


MEDIA VEHICLE: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of The Media Vehicle Limited will meet on March
24, 2004 at 10:00 a.m.  It will be held at the offices of Mercer
& Hole, International Press Centre, 76 Shoe Lane, London EC4A
3JB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Mercer & Hole, International Press Centre, 76
Shoe Lane, London EC4A 3JB not later than 12:00 noon, March 23,
2005.

CONTACT:  MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


NIMACS LIMITED: Calls in Liquidator from Crane & Partners
---------------------------------------------------------
At the extraordinary general meeting of Nimacs Limited on March
7, 2005 held at Sussex House, 8-10 Homesdale Road, Bromley, Kent
BR2 9LZ, the subjoined special resolution to wind up the company
was passed.  Guy Charles David Harrison of Crane & Partners,
Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2 9LZ has
been appointed liquidator of the company.

CONTACT:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


PANDALIN LIMITED: Appoints Middleton Partners Administrator
-----------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer (IP Nos 008154,
008835) have been appointed administrators for Pandalin Limited.
The appointment was made March 7, 2005.  Its registered office
is located at 65 St Edmund's Church Street, Salisbury, Wiltshire
SP1 1EF.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmonds
          Church Street
          Salisbury
          Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk

          MIDDLETON PARTNERS
          3 The Carronades
          New Road
          Southampton
          Hampshire SO14 1AA
          Phone: 023 8027 1727
          Fax: 023 8038 6816
          E-mail: mike@middletonpartnerssalisbury.co.uk


PEARTREE FOODS: Hires Grant Thornton as Administrators
------------------------------------------------------
Andrew D. Conquest and Duncan K. Swift (IP Nos 5329, 8093) have
been appointed administrators for Peartree Foods Limited.  The
appointment was made March 4, 2005.  The company processes meat.

CONTACT:  GRANT THORNTON UK LLP
          31 Carlton Crescent
          Southampton
          Hampshire SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8033 0443
          E-mail: duncan.k.swift@gtuk.com


PLACE VENDOME: Hires BDO Stoy Hayward as Administrator
------------------------------------------------------
Malcolm Cohen and Shay Bannon (IP Nos 6825/01, 8777/01) have
been appointed joint administrators for Place Vendome Limited.
The appointment was made March 3, 2005.  The company sells haute
couture clothing.

CONTACT:  BDO Stoy Hayward
          8 Baker Street
          London W1U 3LL
          Phone: 0207 486 5888
          Fax: 0207 935 3944
          E-mail: shay.bannon@bdo.co.uk


PLASTIC CONTAINERS: Company Names Administrator from Numerica
-------------------------------------------------------------
Frank Wessely and Peter Hughes-Holland (IP Nos 007788, 001700)
have been appointed joint administrators for Plastic Containers
Limited.  The appointment was made March 1, 2005.  The company
manufactures plastics.

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


PREMIER MORTGAGE: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of Premier Mortgage Management Limited will meet
on March 24, 2005 at 10:30 a.m.  It will be held at Abacus
House, Acorn Business Park, Tower Park, Poole, Dorset BH12 4NZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Fortune at Fortune Peat, Abacus House, Acorn
Business Park, Tower Park, Poole, Dorset BH12 4NZ not later than
12:00 noon, March 23, 2005.

CONTACT:  FORTUNE PEAT
          Abacus House
          Acorn Business Park
          Tower Park, Poole, Dorset
          Phone: 01202 380300
          Fax:   01202 380400
          E-mail: mikefortune@fortunepeat.co.uk
          Web site: http://www.fortunepeat.co.uk


READYBAKE LIMITED: Hires Begbies Traynor as Administrator
---------------------------------------------------------
Ian Walker and Don Bailey (IP Nos 6537, 6739) have been
appointed joint administrators for Readybake Limited.  The
appointment was made March 2, 2005.

The company manufactures bread, fresh pastry and cakes.  Its
registered office is located at Michelmores Limited, 18
Cathedral Yard, Exeter, Devon EX1 1HE.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester
          Greater Manchester M3 3BP
          Phone: 0161 834 0900
          Fax: 0161 832 7436
          E-mail: don.bailey@begbies-traynor.com


REGUS GROUP: On Track to Report Growth in 2005
----------------------------------------------
Regus Group plc, the global office outsourcing company, unveiled
audited results for the twelve months ended 31 December 2004.

Financial Results [1]
                              2004        2003         Changes
GBPm
(except EPS and REVPAW)                                 Inc
                                                        HQ
Turnover                      312.2       256.6        +55.6
Centre contribution            44.6        16.9        +27.7
Group operating loss           (3.3)      (28.2)       +24.9
Loss before interest and tax   (6.5)      (25.5)       +19.0
Adjusted profit/(loss)
before interest and tax [2]     4.1       (25.8)       +29.9
Loss per share (p)             (0.6)       (4.7)        +4.1
Adjusted earnings/
(loss) per share (p) [2]        0.3        (4.7)        +5.0

REVPAW (GBP) [3]               5,252       4,614        +638

----------
[1] 2004 includes HQ figures since its acquisition on 20 August
    2004.  For Regus like for like revenues see Financial
    Review.

[2] Adjusted profit before interest and tax and EPS is stated
    before charging exceptional items of GBP8.6 million (2003:
    GBP6.4 million); amortization of goodwill of GBP2.0 million
    (2003: GBPNil) and deducting the profit on sale of
    subsidiaries of GBP0.1 million (2003: GBP6.6 million).

[3] REVPAW = Annualized revenue per available workstation.

Highlights

(a) Q4 occupancy up 10% to 77% (Q4 2003: 70%),

(b) 2004 annualized REVPAW up 14% to GBP5,252 (2003: GBP4,614),

(c) GBP163.5 million ($302.5 million) acquisition and successful
    integration of HQ Global Holdings Inc.,

(d) Synergies from HQ acquisition ahead of schedule,

(e) Strong cash generation, closing cash GBP82.3 million,

(f) GBP10.5 million (US$20 million) early repayment on GBP57.9
    million (US$110 million) term debt scheduled for April 2005

Mark Dixon, Chief Executive Officer, Regus Group plc, commented:
"Regus made further strong progress during 2004.  Trading in the
final quarter was particularly good, with the forward order book
at record levels providing a solid platform for 2005.  With the
acquisition of HQ now successfully integrated, delivering
synergies ahead of schedule, Regus is well positioned for
continued growth in revenues, profits and cash generation during
2005."

2004 Operational Review

The benefits of the changes put in place at Regus over the past
two years have been evidenced by the improved results achieved
in 2004.  The thorough overhaul of our business undertaken in
2003 and the restructuring measures implemented thereafter have
delivered a platform for growth in revenues, profits and cash
generation.  We enter 2005 with a record forward order book,
customer satisfaction at an all-time high, renewal levels
improved by approximately 13% year on year and our costs firmly
under control.

Last year saw a clear shift in our focus towards the U.S. where,
following the successful acquisition and integration of HQ
Global Holdings Inc., acquired in August 2004 for GBP163.5
million (US$302.5 million), we now generate approximately 60% of
Group revenues.  Reflecting this change in focus, the Company's
Chief Executive, Mark Dixon, relocated to the U.S. in 2003 to
drive the development of the business in the U.S. and
subsequently to lead the integration of HQ.  Against a
continuing backdrop of favorable economic conditions, Regus is
well placed to achieve further growth in the U.S. and will
benefit from the dual branding that HQ brings to its service
offering in that market.

We have seen good growth in Asia Pacific in 2004 and we have
opened new offices in Shanghai, Sydney and Korea.  Performance
in Europe, however, has been slower and we have taken steps in
The Netherlands and Germany to rationalize our portfolio,
exiting out of under performing inventory where necessary.

We also invested significantly in our products last year and
expect to see the benefits of this in 2005 and beyond.  While
workstation and related services comprise the majority of our
revenues, our meeting room business has also been expanded,
attracting major deals from both government and the private
sector, and we have also grown our Virtual Office business by
applying dedicated resources.  These businesses are experiencing
high teen year on year growth and we expect both of them to
contribute to like for like growth in revenues and profits this
year.

There is an increasing trend amongst customers to outsource
their business space and, as the global leader in office
outsourcing, Regus is well placed to benefit from this trend.
We have also seen similar growing demand from government
departments who recognize the benefits of flexibility and ease
of use that office outsourcing can bring.  With this
increasingly diversified customer base, Regus looks forward with
confidence to 2005.

Q4 review

We delivered an excellent fourth quarter with revenues of
GBP105.5 million (2003: GBP64.2 million) and EBITDA (pre
exceptional items, joint ventures and associate) of GBP16.5
million (2003: GBP4.8 million).

Occupancy rose to 77% in the quarter and we saw improvement in
pricing on both new sales and renewals over the corresponding
period last year.

Year-on-year global enquiries, excluding HQ, in the fourth
quarter have risen by 21% through more focused marketing
activities.  Our substantial investment in new media channels,
such as search engine optimization and marketing, has played a
vital part in increasing enquiries, reducing cost per enquiry
and improving return on investment.

Financial Review

The table presents the Group's revenue, center contribution
before exceptional items and workstations (i.e. weighted average
number of available workstations) by geographic region.  The
table also shows the split between Regus and HQ performance.

Segmental Analysis

(GBP million, except workstations)

                         2004
            Revenue      Centre           Available
                         Contribution     Workstations

Americas
Regus         79.0             4.8           18,238
HQ            55.7            11.0            9,347
Americas     134.7            15.8           27,585
EMEA [a]     149.6            27.4           27,431
Asia Pacific  25.2             5.3            4,435
             309.5            48.5           59,451
UK fee [b]     2.7             2.7                -
Group        312.2            51.2           59,451



                         2004
            Revenue      Centre           Available
                         Contribution     Workstations

Americas
Regus         80.2           (4.1)           20,525
HQ            ---             ---              ---
Americas      80.2           (4.1)           20,525
EMEA [a]     148.4            13.8           30,831
Asia Pacific  24.2             3.4            4,262
             252.8            13.1           55,618
UK fee [b]     3.8             3.8                -
Group        256.6            16.9           55,618

----------
[a] EMEA represents Europe (excluding U.K.), Middle East and
    Africa
[b] U.K. fee is management income for services provided to the
    U.K. Associate

The table below shows total revenues and profits of the Regus
Group as well as the separate contributions of Regus and HQ.

Financial results
                          2004                       2003
GBPm (except REVPAW)   Total     HQ      Regus       Regus
Turnover               312.2    55.8     256.4       256.6
Centre contribution     44.6    11.0      33.6        16.9
Group operating
(loss)/profit           (3.3)    3.3      (6.6)      (28.2)
(Loss)/profit before
interest and tax        (6.5)    3.3      (9.8)      (25.5)
Adjusted profit/(loss)
before interest and tax  4.1     6.3       2.3       (25.8)

REVPAW (GBP)           5,252   5,970     5,117       4,614

Workstations

The Group has seen a significant improvement in workstation
utilization in 2004 with average occupancy for the year
improving to 75% (2003: 63%).  This has been achieved through a
combination of capacity reductions (10% reduction in inventory)
and a 6% increase in the number of occupied workstations on a
like for like basis excluding the impact of HQ.  Workstation
occupancy of the existing Regus U.S. business increased to 82%
(2003:66%).  HQ has operated at 80% occupancy since acquisition.
New sale and renewal prices grew 14% and 3% respectively on the
average of 2003.

Revenue

Revenue of GBP312.2 million (2003: GBP256.6 million) was 22%
above last year, principally due to the acquisition of HQ, which
was completed in August 2004.  Our reported results (excluding
the impact of HQ) were affected by the weakening dollar and the
reduction of inventory by approximately 5,000 less available
workstations in the year.  Compared to 2003, sterling has
appreciated by 12% against the U.S. dollar.  At constant rates,
Regus revenues for the year increased by 5%.

Revenue for the Americas was GBP54.5 million higher than last
year due to the acquisition of HQ.  Setting aside the effect of
the acquisition, underlying revenues at constant currency
increased by 8%.  Strong economic activity coupled with the
economic benefits of integrating our back office and sales force
has improved operational performance and profitability.

EMEA revenue of GBP149.6 million (2003: GBP148.4 million) was
achieved despite an 11% capacity reduction in the region.
Underlying revenues at constant currency increased by 3%.  We
have continued to optimize our inventory base in this region by
addressing those centers trading below their potential.  As
discussed in our December trading update, additional plans are
in place to improve profitability in this region, particularly
in The Netherlands and Germany, through the removal of excess
capacity and continued restructuring of our cost base.

Asia Pacific revenues of GBP25.2 million were GBP1.0 million
(4%) higher than last year (2003: GBP24.2 million).  New center
openings generated GBP0.7 million of revenue in the year, while
currency had an adverse impact of GBP1.5 million.  Underlying
revenues increased by 10% on a constant currency basis.

Center Contribution

Center contribution pre exceptional costs increased by GBP34.3
million to GBP51.2 million (2003: GBP16.9 million).  This
represents a center contribution margin of 16% (2003: 7%).
After exceptional costs of GBP6.6 million, center contribution
was GBP44.6 million.  The improvement in center contribution has
been driven by a combination of increasing local revenues on
reduced inventory and a lower cost base, which has benefited
from operational improvements and cost control programs.

The Americas region accounted for GBP15.8 million of the GBP51.2
million, with HQ contributing GBP11.0 million in the four months
since acquisition.  The restructuring of Regus' operations in
the U.S.A., started in 2003, is now largely completed.

Center contribution in EMEA increased from GBP13.8 million to
GBP27.4 million, representing a margin of 18% of turnover (2003:
9%).  This improvement was principally realized through a re-
alignment of the cost base and better market conditions.  Center
contribution in Asia Pacific increased by 53% to GBP5.3 million.

When compared with 2003, total costs (excluding HQ) were reduced
by GBP23.7 million or 10% to GBP216.0 million (2003: GBP239.7
million).  More importantly we have reduced costs without
sacrificing the quality of our customer service.

Administration Expenses and Exceptional Items

Administration expenses of GBP43.9 million were 4% down on 2003
even after including HQ administration expenses of GBP4.6
million and adjusting for the effect of GBP2.1 million one-off
items benefiting 2003.

Results for the year include exceptional items of GBP8.6
million.  Center contribution includes a charge of GBP6.6
million relating to an onerous contract provision of GBP3.4
million and a fixed asset impairment of GBP3.2 million.
Administration expenses include a charge of GBP2.0 million
comprising HQ integration costs of GBP2.8 million offset by the
release of prior year restructuring provisions of GBP0.8
million.

Adjusted Profit and Earnings per Share Pre-exceptional Items and
Goodwill Amortization

Profit before interest and tax, adjusted for exceptional items,
goodwill amortization and profit on disposal of subsidiaries was
GBP4.1 million, a GBP29.9 million improvement on the prior year.
This was achieved through a GBP23.5 million reduction in center
costs and a contribution of GBP6.4 million from HQ.

Adjusted earnings per share were 0.3p (2003: 4.7p loss per
share).

Liquidity and Capital Resources

Cash at bank and in hand at 31 December 2004 was GBP82.3 million
(2003: GBP85.0 million) of which GBP64.1 million (December 2003:
GBP64.8 million) is readily accessible.

Indebtedness (excluding finance leases) at 31 December 2004 was
GBP64.1 million (2003: GBP9.2 million).  The Group had
outstanding finance lease obligations of GBP13.2 million (2003:
GBP17.6 million), of which GBP7.3 million is due within one
year.

Acquisition of HQ

In August 2004, we consolidated our position as the No 1
serviced office provider in the U.S.A. with the acquisition of
HQ for GBP163.5 million (US$302.5 million) financed through new
debt facilities and a 1 for 4 rights issue to raise GBP119.0
million, net of expenses.

The integration of HQ is substantially complete and we are very
pleased to have achieved this well ahead of our original
timetable of 18 months.  As a result, the costs of integration
and any associated disruption have been minimized.  In addition,
the financial benefits we had previously estimated have started
to accrue earlier.  We achieved GBP10.3 million (US$19.6
million) of annualized synergies in the period to 31 December
2004.  This compares favorably against our original target of
synergies of at least US$20.0 million by the end of 2005.  Our
synergies have come mainly from headcount reduction (US$11.3
million), procurement savings (US$5.2 million), elimination of
cost duplication (US$2.4 million) and other general savings
(US$0.7 million).  Headcount reduction involved the loss of 69
corporate employees and 45 center staff.

Our increased capacity has allowed us to strengthen our
purchasing power and leverage better deals with suppliers.  70%
of the US$5.2 million procurement savings have been achieved
through renegotiating contracts with telecom and courier
providers.  Elimination of costs have been realized through
consolidating insurance policies, brokers and financing
arrangements.  The removal of management fees and directors'
fees incurred by HQ as a standalone operation accounted for
US$0.8 million of the US$2.4 million cost eliminations.  Other
savings amounting to US$4.4 million of which US$3.7 million is
to be delivered in 2005 encompasses further headcount reductions
and savings arising from property negotiations.

Overall, the integration costs incurred during the year were
GBP2.5 million.  We expect to incur a further GBP3.5 million
(US$7 million) in 2005 against a total original estimate of GBP8
million (US$15 million).

Since acquisition, HQ has generated revenues of GBP55.7 million
and an underlying profit pre exceptional items and amortization
of goodwill of GBP10.8 million.  Total revenues of HQ in 2004
were GBP153.5 million (translated at an average rate for the
period).  In addition to the cost synergies above, we have
benefited from cross-selling opportunities as evidenced by
contract wins with American Express, NASA and American Home
Mortgage.

We now have the two leading brands in the industry in the U.S.
working effectively together, able to offer more choice for the
customer and attract more new customers to our portfolio.

International Financial Reporting Standards

For the period commencing 1 January 2005, Regus will report its
financial results in accordance with International Financial
Reporting Standards (IFRS).  The transition date for adoption of
IFRS is determined in accordance with IFRS 1, First time
Adoption of International Financial Reporting Standards, and has
been determined as 1 January 2004.  The consolidated results of
Regus converted from a U.K. Generally Accepted Accounting
Principles (U.K. GAAP) basis onto an IFRS basis for the year
ended 31 December 2004, together with an explanation of the
adjustments, will be presented in a separate announcement before
the issuance of our interim results.

Outlook

The reorganization of our business has created a platform for
growth and improving profitability and, following an excellent
fourth quarter last year and with the acquisition of HQ now
successfully integrated, we have strong momentum going into
2005.  Our forward order book is some GBP10 million higher than
at the same period last year and we have seen a substantial rise
in enquiry levels as well as a reduction of discounting for new
sales.  Costs remain firmly under control.

In the U.S.A., our largest market, there is clear evidence of
increasing activity levels and the outlook in Asia-Pacific is
similarly very positive.  During 2005, we will look selectively
to open new centers in both these regions to address rising
demand.  Although the outlook in Europe is less certain, we are
making steady progress in our key countries and where necessary
are addressing those centers trading below their potential.

We have invested substantially in the business over the past
year, particularly in the acquisition of HQ, but also in our
meeting room and Virtual Office businesses and we expect these
to contribute significantly to our performance in the coming
year.  We will also continue to manage our property portfolio
actively, taking advantage of lease renewals to realign our cost
base and remove excess or unprofitable capacity.

With the current levels of occupancy and good pricing momentum
into 2005, the Board is confident that Regus has a solid
platform in place for strong growth in revenues, profits and
cash during 2005.

CONTACT:  REGUS GROUP PLC

          John Matthews, Chairman
          Mark Dixon, Chief Executive
          Phone: +44 1932 895 135

          FINANCIAL DYNAMICS
          David Yates
          Richard Mountain
          Phone: + 44 20 7269 7291


REGUS GROUP: Stephen East Appointed new Director
------------------------------------------------
On 11th March 2005, Stephen East (47) was appointed to the Board
of Regus as a non-executive director.  Stephen was formerly
Finance Director of MEPC plc.  Prior to that, he had run his own
consultancy business and held senior positions with Redland PLC.
He is a non-executive director of Star Energy Group plc.  He has
been appointed as a member of the Audit, Remuneration and
Nomination Committees of Regus.  Stephen is a Chartered
Accountant and Vice President of the Association of Corporate
Treasurers.

CONTACT:  REGUS GROUP PLC
          David Yates
          Rob Gurner
          Phone: 020 7269 7291


ROYAL & SUNALLIANCE: To Exit from U.S. Car Insurance Biz
--------------------------------------------------------
Royal & SunAlliance has announced plans to sell its U.S. auto
unit this year.  It also revealed a GBP316 million increase from
last year's operating result of GBP140 million.

Royal & SunAlliance, which has increased U.S. claims reserves by
GBP160 million last year, said the sale of the U.S. auto
business would set off the company's exit from writing business
in the United States after it recorded an operating loss of
GBP274 million last year.

Investment bank Lazard is advising Royal & SunAlliance on the
sale.

CONTACT:  ROYAL & SUNALLIANCE
          Jay Aitken
          U.K. Life PR Manager
          Phone: 0151 239 3151
          Mobile: 0771 368 4436

          Paul Atkinson
          U.K. Communications Director
          Phone: 020 7337 5712
          Mobile: 0771 466 0182


SCREEN SYSTEMS: Company Appoints Menzies Administrator
------------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman (IP Nos 9097,
8728) have been appointed joint administrators for Screen
Systems Limited.  The appointment was made Feb. 25, 2005.

The company produces non-ferrous metal.  Its registered office
is located at 17-19 Foley Street, London W1W 6DW.

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


SECURE NETWORKS: Joint Administrators from Harrisons Move in
------------------------------------------------------------
P. R. Boyle and J. C. Sallabank (IP Nos 008897, 008099) have
been appointed joint administrators for Secure Networks Limited.
The appointment was made Feb. 28, 2005.  Its registered office
is located at 4 St Giles Court, Southampton Street, Reading RG1
2QL.

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


SPECIFIC ENVIRONMENTS: Calls in Administrators
----------------------------------------------
P. R. Boyle and J. C. Sallabank (IP Nos 008897, 008099) have
been appointed joint administrators for Specific Environments
Limited.  The appointment was made March 3, 2005.

The company manages heating and ventilation engineers.  Its
registered office is located at Penmoor House, Gallows Lane,
High Wycombe, Buckinghamshire HP12 4BX.

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


ST. FERGUS: Winding-up Report Out Next Week
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF St. Fergus Joiners Limited
                        (In Liquidation)

Notice is hereby given that final meetings of St. Fergus Joiners
Limited and the creditors will be held in terms of Section 106
of the Insolvency Act 1986 at the offices of Ritson Smith,
Chartered Accountants, 16 Carden Place, Aberdeen AB10 1FX on
Wednesday, March 23, 2005 at 11:00 a.m. and 11:30 a.m.
respectively.  The purposes of the meetings are to receive the
Liquidator's report showing how the winding up has been
conducted together with any explanations that may be given by
him and to determine whether the Liquidator should have his
release in terms of Section 173 of the Act.

Ewen R. Alexander, Liquidator

CONTACT:  RITSON SMITH
          16 Carden Place
          Aberdeen AB10 1FX

          Ewen Ross Alexander
          E-mail: era@ritson-smith.com
          Phone: 01224 643311
          Fax: 01224 624359


UPC BROADBAND: S&P Rates New EUR3 Billion Bank Loans 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
UPC Broadband Holding B.V.'s (formerly named UPC Distribution
Holding B.V.) approximately EUR3 billion in new bank loan
tranches.

A recovery rating of '3' also was assigned to the loan,
indicating the expectation for meaningful recovery of principal
(50%-80%) in the event of a default.  (These ratings are based
on preliminary information and are subject to final bank loan
documentation).  The new bank tranches are pari passu with
company's EUR3.6 billion of existing senior secured bank
facilities.  The proceeds from these new bank tranches will be
partially used to repay existing bank tranches, including
tranche B, C, and E (EUR2.36 billion).

In addition, the tranche A revolving credit will be permanently
reduced by EUR167 million.  The resultant total commitment for
the bank facilities will be EUR4 billion.  The ratings on the
new bank tranches were placed on CreditWatch with positive
implications, in conjunction with parent UnitedGlobalCom Inc.'s
(B/Watch Pos/--) existing ratings.  However, the '3' recovery
rating for the amended and restated bank facility is not on
CreditWatch, as recovery prospects for the loan will not improve
due to UnitedGlobalCom's pending merger with Liberty Media
International.

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

"If the merger is consummated, ratings on UGC will reflect the
ratings of its new parent, which will incorporate the assets of
Liberty Media," explained Standard & Poor's credit analyst
Catherine Cosentino.  "The rating on the parent entity may be
higher than the current 'B' corporate credit rating on
UnitedGlobalCom, given its 45% interest in Japanese cable TV
operator Jupiter Telecommunications Co. Ltd.  Jupiter
Telecommunications generates substantial EBITDA and has good
growth prospects relative to that of UnitedGlobalCom's European
cable operations, which have been viewed by Standard & Poor's as
being fairly weak."

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


WATERFORD WEDGWOOD: To Miss Financial Targets This Year
-------------------------------------------------------
Total sales of luxury lifestyle group Waterford Wedgwood for the
year to 31 March 2005 are expected to be approximately 6% down
on the prior year on a like-for-like basis.  Profit margins are
also lower than last year.  Accordingly, the financial results
for the year will be below current market expectations.

As previously announced, there has been considerable monthly
variation in Group revenues during the year.  Sales for the six
months to the end of September 2004 were down 5% on the same
prior-year period on a like-for-like basis (i.e. at constant
currency exchange rates and excluding discontinued or disposed-
of activities).  While sales in October were down 10% on the
same basis, sales for November and December stabilized -- up 3%
and 2% respectively on prior year in constant terms.  However,
this was not the start of a sustained upturn.  Sales in January
and February have disappointed, particularly February, and were
11% down on the same months last year.

Lower volume of production at the group's main operations led to
significant under-recovery of fixed overhead and to lower
margins.

The Board remains confident in the group's ability to
successfully navigate its way through these difficult times.  It
continues to have the support of its principal shareholders as
it seeks to reduce the company's fixed cost base.  The
Board is reviewing the actions required to return the company to
sustainable profitability at current sales levels and exchange
rates.

In parallel with its focus on costs, Waterford Wedgwood plans to
bring to market new products under each of its brand names.

Waterford Wedgwood further advises that the projected cost
synergies from its recent acquisition of Royal Doulton plc are
likely to meet expectations.  It is anticipated that the
majority of the financial benefits from these savings should be
enjoyed towards the second half of the year ending March 2006.
The transfer of Royal Doulton's fine bone china production to
Wedgwood's nearby Barlaston plant is on schedule and first
production is expected in the week of 11 April.

The Company advises that its planned program of inventory
reduction, announced in June of last year, has been largely
accomplished.  This has led to inventory reduction of
approximately EUR50 million.

The Company announced in June 2004 its plans to simplify its
business by focusing on more productive lines and very
significantly reducing the total number of actively available
products (its total stock-keeping units - SKU's).  This SKU-
rationalization program has now been successfully implemented,
leading to a 64% reduction in active SKUs.

Waterford Wedgwood expects to announce its preliminary results
for the full year to 31 March 2005 on or around 16 June 2005.

Redmond O'Donoghue, Group Chief Executive, said: "Weak demand in
January, February and the beginning of March combined with an
accelerated inventory reduction program will substantially
impact our financial results.

"In these circumstances, we plan to continue to address our
fixed costs base while investing in new, classic and
contemporary product streams and other focused marketing
program."

                            *   *   *

In December, Fitch Ratings affirmed the ratings on Waterford
Wedgwood's EUR165 million 9.875% mezzanine notes due 2010.  This
follows an announcement of Waterford Wedgwood PLC's recommended
cash offer for Royal Doulton PLC together with a timetable for a
rights issue to finance the bid.  The rating Outlook remains
Stable.

At the same time, Fitch has affirmed WW's ratings at Senior
Unsecured 'B-', and Short-term 'B'.  The rating on its senior
secured debt is affirmed at 'B+'.

CONTACT:  WATERFORD WEDGEWOOD
          Phone: +353 1 607 0166
          Contact:
          Redmond O'Donoghue, Group Chief Executive Officer
          Peter Cameron, Group Chief Operating Officer
          Patrick Dowling, Acting Chief Financial Officer

          DENNEHY ASSOCIATES (IRELAND)
          Phone: +353 1 676 4733

          Michael Dennehy
          POWERSCOURT (U.K./INTERNATIONAL)
          Phone: +44 20 7236 5615

          Rory Godson
          Victoria Brough


WOODKIRK STONE: Meeting of Creditors Set Next Week
--------------------------------------------------
The creditors of Woodkirk Stone Limited will meet on March 23,
2005 at 11:00 a.m.  It will be held at The Weetwood Hall Hotel,
Otley Road, Leeds LS16 5PS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. N. Ranson at Horwath Clark Whitehill
(Yorkshire) LLP, North Lane House, 9B North Lane, Headingley,
Leeds LS6 3HG not later than 12:00 noon, March 22, 2005.

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


                            *********


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, Julybien Atadero and Jay Malaga, Editors.

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

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