TCREUR_Public/050317.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 17, 2005, Vol. 6, No. 54

                            Headlines

C Z E C H   R E P U B L I C

OSKAR MOBIL: Parent Accepts Vodafone's US$4 Billion Offer
OSKAR MOBIL: S&P Hails Proposed Sale to Vodafone; Mulls Upgrade
UNION BANKA: Receiver in Hot Water Anew


F R A N C E

ALCATEL: Gets Two-year Extension on EUR1.3 Billion Credit line
NANORAPTOR: Court Takes over Management of Imaging Specialist


G E R M A N Y

B & J SCHNEIDER: Creditors' Claims Due Next Month
KARSTADTQUELLE AG: Management Board Chairman Not Quitting
MASCHINEN- UND APPARATEBAU: Succumbs to Insolvency
NORDEX AG: Recapitalization Plan Goes According to Plan
"ROSENENGEL" GARTEN: Under Bankruptcy Administration


I R E L A N D

GREENCORE GROUP: Abandons Factory in Carlow


I T A L Y

BANCA NAZIONALE: Books EUR34 Million Net Loss
PARMALAT U.S.A.: May Dump GE Capital Master Lease, Says Court
POLIGRAFICA SAN FAUSTINO: Improves Performance But Still in Red


N E T H E R L A N D S

UNITEDGLOBALCOM INC.: Books US$382 Million Net Loss for 2004


R O M A N I A

MOBIFON HOLDINGS: S&P Reviews Ratings for Possible Upgrade


R U S S I A

ATOM-REM-MASH: Creditors Have Until April to File Claims
BASH-REGION-SBYT: Insolvency Manager Moves in
HELICOPTERS-MI: Bankruptcy Hearing Resumes Next Month
KARACHAEVO-CHERKESSK-STROY: Last Day for Filing Claims April 12
MIKHAYLOVSKAYA: Proofs of Claim Deadline Expires April

PROM-ENERGO-COMPLECT: Names V. Kryslova Insolvency Manager
SAKHALIN-GEO-FIZ-RAZVEDKA: Sets Deadline for Proofs of Claim
SMENA: Proofs of Claim Deadline Nears
STROY-TORG-SERVICE SEVERSKIY: Under Bankruptcy Supervision
VORONINSKOYE: Gives Creditors Until Next Month to File Claims


S W E D E N

SCANDINAVIAN AIRLINES: Sets out Agenda for April AGM


U K R A I N E

AGROPROMINVEST: Gives Creditors Until Next Week to File Claims
ASTRANTSIYA: Proofs of Claim Deadline March 19
EKSVIZIT: Claims Filing Period Expires Weekend
FASTIVBUD: Succumbs to Bankruptcy
KOMEH: Bankruptcy Proceedings Before Volinska Court Ongoing

KOMUNALNIK: Last Day for Filing Claims March 22
REVYERA-INTER: Lviv Court Opens Bankruptcy Proceedings
SPUTNIK: Court Names Milena Kostina Insolvency Manager
VOJNIVSKA: Creditors' Claims Due Next Week
VOLNOVAHA' RAJSILGOSPTEHNIKA: Court Grants Debt Moratorium


U N I T E D   K I N G D O M

AIRSEC PLC: Members Pass Winding-up Resolutions
ARCHITECTA LIMITED: HSBC Brings in Receiver from PKF
ASHTEAD GROUP: Cops Pre-goodwill Profit in Normally Weak Quarter
AUTOMOTIVE PRODUCTS: Business for Sale
BAE SYSTEMS: Antitrust Regulator Clears Sale of Avionics Biz

BARCLAYS GLOBAL: Hires Deloitte & Touche as Liquidator
BLUEFIN COMMUNICATIONS: Members Call in Liquidator
'BONA' ARTS: Hires Liquidator from Rendell Thompson
BUTCHER BOY: Claims Filing Period Expires September
CHOICE INTERIORS: Bathroom Furniture Retailer Up for Sale

CINCINNATI MACHINE: Members Final Meeting Set Next Month
CLAIM CONTROL: Joint Liquidators from KPMG Move in
CLEAR WATER: Members Decide to Wind up Firm
COLLINGE RAYNER: Liquidator from Griffin & King Moves in
CONTROL TECHNIQUES: Hires Grant Thornton as Liquidator

C.P.B. ELECTRICAL: Meeting of Creditors Set Next Week
DUNCAN (SOUTHWOLD): Liquidator from Ensors Moves in
ELTON FORECOURT: Members General Meeting Set Next Month
EPIC BRAND: Distributes Liquidation Payments to Shareholders
EXETER FUND: Hires PricewaterhouseCoopers as Administrator

FETTER FIVE: Sets Members General Meeting May
HARECLIVE (BRISTOL): Creditors Meeting Set Next Week
HOPESOURCE LIMITED: Final Meeting Set Next Month
IMRY PROPERTY: Joint Liquidators from Deloitte & Touche Move in
J FENTON: Receiver Takes over Operations

LABOUR POOL: In Administrative Receivership
LONDON & CITY: Members Decide to Wind up Firm
LUTON PAINTING: Bank of Scotland Appoints KPMG Receiver
MACKAY (CONSTRUCTION CHEMICALS): Calls in Administrator
MEPC LIMITED: Proposes to Repay Unsecured Loan Stock

MEPC LIMITED: Fitch Frowns on Debt Prepayment Plan
MEPC LIMITED: S&P Keeps Debt Ratings on CreditWatch Negative
MONTALT MAINTENANCE: Sets Creditors Meeting Next Week
MORGAN BLAIR: Hires Liquidator from Begbies Traynor
NTL INC.: Trims down Net Loss by GBP100 Million

PEART HEYWOOD: Bank of Scotland Appoints KPMG Receiver
QXL RICARDO: Tiger Acquisition Offer Expires
SUSCOM INTERNATIONAL: Hires Administrators for Bridgestones
UNIQ PLC: Shakeup Displaces CEO Bill Ronald
WATERFORD WEDGWOOD: Rating Cut to 'CCC+' on Liquidity Risk


                            *********


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


OSKAR MOBIL: Parent Accepts Vodafone's US$4 Billion Offer
---------------------------------------------------------
Telesystem International Wireless Inc. has entered into
definitive agreements with Vodafone International Holdings B.V.,
a wholly owned subsidiary of Vodafone Group Plc.

The agreement involves:

(a) the sale of its interests in 79% of MobiFon S.A. and
    100% of Oskar Mobil a.s. for a cash consideration of
    approximately US$3.5 billion (subject to adjustments); and

(b) the assumption of approximately US$950 million of net debt
    (as at Dec. 31, 2004).

The consideration is payable in cash upon closing of the sale
and is not subject to financing.  The sale of TIW's interests in
MobiFon and Oskar will be completed through the sale of its
interests in ClearWave N.V., an indirect 99.99%-owned
subsidiary.  Vodafone already owns 20.1% of MobiFon.

At closing, net proceeds from the sale along with net cash at
TIW is expected to equate to US$16 per fully diluted share and
is intended to be distributed to shareholders pursuant to a plan
of arrangement, as described more fully below.

The transaction value based on proportionate net debt represents
a multiple of 10.5x[1] TIW's proportionate Operating Income
Before Depreciation and Amortization (OIBDA)[2] for 2004, pro
forma for the recently completed acquisition of a 72.9% interest
in Oskar Holdings N.V.  The US$16 per share would represent a
premium of 21.3% to TIW's three-month average share price and a
premium of 43.0% to TIW's share price on December 31, 2004.

Closing of the sale is subject to:

(a) Court approval pursuant to the plan of arrangement (as more
    fully described below);

(b) Shareholder approval on a basis to be determined by the
    Court (expected to be 66-2/3% of the votes); and

(c) customary conditions, including the receipt of all necessary
    regulatory approvals under relevant competition legislation
    (E.U. and Romania).

Closing of the sale will take place as soon as practicable after
receipt of such regulatory approvals, which is expected to occur
in the third quarter of 2005.

Certain shareholders of TIW (namely certain affiliates of J.P.
Morgan Partners LLC, Capital d'Amerique CDPQ Inc., an affiliate
of Caisse de depot et placement du Quebec, and certain
affiliates of AIG Emerging Europe Infrastructure Fund L.P.)
representing in total approximately 33.6% of the outstanding
share capital of TIW have agreed to support and vote their
shares in favor of the transaction and not to solicit any
competing transaction.

The Board of Directors of TIW has approved the sale transaction
and has recommended that the shareholders of the Company vote in
favor of the sale transaction, which will be included in the
Arrangement referred to below.  The Board of TIW has received
opinions from Lazard Freres & Co. LLC (financial advisor to the
Company) and Lehman Brothers Inc. (financial advisor to the
Board of Directors) as to the fairness, from a financial point
of view, to TIW's selling subsidiaries of the sale consideration
to be paid to such subsidiaries.

The agreements between TIW and Vodafone contain customary
provisions prohibiting TIW from soliciting any other acquisition
proposal but allowing termination in certain circumstances,
including receipt by TIW of an unsolicited proposal from a third
party that TIW's Board of Directors, in the exercise of its
fiduciary duties, finds to be superior to the proposed
transaction, subject to a termination fee to Vodafone of US$110
million, representing approximately 2.5% of the transaction
value.  The shareholder undertakings referred to above would
also terminate in such circumstances.  In addition, Vodafone has
agreed to a standstill provision.

The transaction is to be carried out by way of a statutory plan
of arrangement under the Canada Business Corporations Act.  The
Arrangement is intended to provide for a shareholder vote, the
distribution of the proceeds of the sale to TIW's shareholders
and the eventual liquidation of TIW.  Upon shareholder approval,
TIW will as soon as practicable thereafter seek an order from
the Superior Court of Quebec approving the Arrangement.
Concurrently with the approval of the Arrangement, TIW will seek
Court authorization to initiate a creditor claims process.

It is expected that, pursuant to the Arrangement, the
distribution to TIW's shareholders will be completed in stages
up to a maximum amount of US$16 per TIW share, plus investment
income, if any, earned following closing:

(a) upon closing of the sale, TIW intends to distribute the
    amount permitted by the Court (the "First Distribution");

(b) upon completion of the creditor claims process, TIW intends
    to distribute all remaining cash, except for appropriate
    reserves (the "Second Distribution");

(c) upon liquidation of TIW, it is intended that shareholders
    will receive any residual value to the extent of US$16 per
    share (plus investment income), and any excess shall be
    returned to Vodafone as an adjustment to the consideration.

The agreements with Vodafone provide for adjustments in certain
circumstances but do not guarantee a minimum distribution to the
shareholders of TIW.  Pursuant to the agreements with Vodafone
and the Arrangement, TIW shareholders will receive a maximum of
US$16 per share (plus investment income).  To the extent that
assumptions as to the amount of inter alia:

(a) transaction and liquidation costs,

(b) net cash position at closing, and

(c) the absence of unidentified claims is different than
    expected, the shareholders may receive less than US$16 per
    share.

Accordingly, TIW can give no assurances as to the total amount
and timing of distributions to TIW's shareholders.  The Company
anticipates mailing a proxy circular relating to the transaction
to shareholders as soon as practicable convening the
shareholders' meeting to approve the transaction and the
Arrangement.

About TIW

TIW is a leading provider of wireless voice, data and short
messaging services in Central and Eastern Europe with over 6.7
million subscribers as at December 31, 2004.  TIW operates in
Romania through MobiFon under the brand name Connex and in the
Czech Republic through Oskar Mobil under the brand name Oskar.
TIW's shares are listed on NASDAQ (TIWI) and on the Toronto
Stock Exchange (TIW).

About MobiFon

MobiFon is a leader of mobile telecommunication market and one
of the strongest companies in Romania.  MobiFon, which operates
under the registered trademark Connex, launched the first GSM
network in Romania on April 15, 1997.  MobiFon registered 4.9
million subscribers as at December 31, 2004.

About Oskar

Oskar is the brand name for mobile services offered by Oskar
Mobil.  Oskar is the newest mobile operator in the Czech
Republic.  Since its commercial launch in March 2000, Oskar has
already attracted more than 1.8 million subscribers, becoming
one of the fastest growing 3rd operators in Europe.

About Vodafone

Vodafone is the world's leading mobile telecommunications
company with operations in 26 countries across 5 continents with
416 million customers and 152 million proportionate customers
worldwide as at December 31, 2004.  For further information,
please visit http://www.vodafone.com.

About Vodafone International Holdings B.V.

Vodafone International Holdings B.V. is an indirectly wholly
owned subsidiary of Vodafone, incorporated in the Netherlands.
It acts as a holding company within the Vodafone Group and
currently holds interests in a number of Vodafone subsidiaries.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Based on fully diluted number of shares, adjusted for option
proceeds, assuming a share price of US$16.

[2] We use the term operating income before depreciation and
amortization (OIBDA), which may not be comparable to similarly
titled measures reported by other companies.  We believe that
OIBDA, referred to by some other telecommunication operators as
EBITDA, provides useful information to investors because it is
an indicator of the strength and performance for our ongoing
business operations, including our ability to fund discretionary
spending such as capital expenditures and other investments and
our ability to incur and service debt.  While depreciation and
amortization are considered operating costs under generally
accepted accounting principles, these expenses primarily
represent the non-cash current period allocation of costs
associated with long-lived assets acquired or constructed in
prior periods.  Our OIBDA calculation is commonly used as one of
the bases for investors, analysts and credit rating agencies to
evaluate and compare the periodic and future operating
performance and value of companies within the wireless
telecommunications industry.  OIBDA should not be considered in
isolation or as an alternative measure of performance under
generally accepted accounting principles (GAAP).  For the
reconciliation of OIBDA to net income refer to the non-GAAP
measures and operating data section of our quarterly release.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca
          Web site: http://www.tiw.ca


OSKAR MOBIL: S&P Hails Proposed Sale to Vodafone; Mulls Upgrade
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit ratings on Oskar Mobil a.s. and parent Oskar
Holdings N.V. (collectively Oskar) on CreditWatch with positive
implications following the announced agreement between
Telesystem International Wireless Inc. (TIW; B+/Watch Pos/--)
and U.K.'s Vodafone Group PLC (A/Stable/A-1).

TIW and Vodafone have entered into a definitive agreement
whereby Vodafone will purchase TIW's 100% ownership interest in
Oskar Mobil a.s. through interim holding company Clearwave N.V.

The degree of implied or actual credit support for Oskar from
Vodafone is unclear at present; however, Standard & Poor's views
this as a positive credit event for Oskar.  Vodafone's purchase
of the company is based on strategic as well as financial
considerations as it expands the company's wireless footprint in
central Europe.

Vodafone's intentions regarding the financing arrangements
currently in place at Oskar have yet to be established.  If
Vodafone were to keep some or all of the debt in place, the
affect on the credit ratings would be dependent on a number of
items, but principally the amount of remaining debt, as well as
the actual or implied support provided by Vodafone.

"The affect on the ratings on Oskar will be determined by
Standard & Poor's as soon as is practical after the debt
structure is evident and the transaction closes," said Standard
& Poor's credit analyst Joe Morin.  "Should Oskar continue to be
financed on a stand-alone basis with all the existing debt
remaining, the maximum support likely to be factored into the
rating for the Vodafone ownership would be one notch," Mr. Morin
added.

Oskar Mobil has a EUR350 million equivalent senior secured bank
facility and EUR325 million in first priority senior secured
notes outstanding.  Approximately EUR100 million of the bank
facility is currently undrawn.  The bank facility and notes rank
pari passu, share equally and ratably in collateral, and also
benefit from a guarantee and pledge of shares from the parent
Oskar Holdings, as well as interim holding company Oskar
Finance.  The bank facility can be prepaid at any time, and the
notes are redeemable before Oct. 15, 2008, subject to a make-
whole provision, and thereafter subject to applicable redemption
prices.

Vodafone may or may not choose to redeem all current debt
outstanding, weighing the cost of redemption against the
restrictive covenants under the bank facility and the notes.
Creditor consent under the bank facility for the change of
control is required.  In addition, upon a change of control at
Oskar, an offer to purchase the notes at 101% must be made,
which may or may not be exercised by the holders of the notes.

Standard & Poor's will review Vodafone's intentions regarding
Oskar and the company's debt structure; we will then make a
determination as to any change in the stand-alone credit
strength of Oskar, as well as the degree of actual or implied
credit support from Vodafone.

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

CONTACT:  OSKAR MOBIL a.s.
          Vinohradska 167
          Praha 10
          100 00
          Phone: 800 77 77 00
          Web site: http://www.oskar.cz


UNION BANKA: Receiver in Hot Water Anew
---------------------------------------
Michaela Huserova, receiver of collapsed Union Banka (UB), faces
another lawsuit regarding the controversial sale of the bank's
claims, Czech Happenings says.

Blanka Dolezalova, who refused to identify her client, lodged
the lawsuit before the Ostrava regional court.  She accused Ms.
Huserova of not selling the claims to the highest bidder,
harming the bank's creditors.

In November 2004, the receiver offered CZK530 million worth of
claims, attracting seven bidders, four of whom qualified.  IV
Nova won the tender after offering CZK28.4 million.  According
to Ms. Dolezalova, her client's bid was 60% higher.  "The
receiver did not react to my client's bid and the client then
learned the claims had been sold," Ms. Dolezalova says.

Ms. Dolezalova is asking the court to declare the sale to IV
Nova invalid.  According to the report, the case is now under
consideration by the High Court in Olomouc.

Aside from this lawsuit, Ms. Huserova also faces numerous cases
involving the sale of UB's branches.  The latest was filed in
May 2004 by G.E.N., which failed to win in the tender despite
outbidding the declared winner Aspana.  UB spokesman Oldrich
Babicky has denied G.E.N. offered the highest bid.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


ALCATEL: Gets Two-year Extension on EUR1.3 Billion Credit line
--------------------------------------------------------------
Alcatel has amended its existing undrawn EUR1.3 billion
syndicated 3-year revolving credit facility to benefit from the
attractive conditions prevailing in the loan market.

The maturity of the facility was pushed back from June 2007 to
June 2009 with a possible extension until 2011, canceling one of
the two financial covenants and reducing the cost of the
facility.

Alcatel, which received EUR1.18 billion commitments from 22
banks, decided to reduce its overall amount to EUR1 billion.
The facility, which is undrawn for the time being, may be used
for general corporate purposes.

The participants are:

     Mandated Lead Arrangers:
     ABN AMRO Bank N.V.
     BNP Paribas
     SG Corporate & Investment Banking

     Arrangers:
     Bank of America, NA
     HSBC CCF
     CDC Ixis
     Calyon Corporate and Investment Bank
     Citigroup
     Deutsche Bank
     Natexis Banques Populaires
     WestLB

     Co-Arrangers:
     Banco Bilbao Vizcaya Argentaria, S.A.
     Commerzbank AG
     Credit Industriel et Commercial
     Credit Suisse First Boston International
     Fortis Banque France
     HVB Group
     ING
     Merrill Lynch Capital Markets Bank Limited
     The Bank of Tokyo-Mitsubishi Ltd.
     The Royal Bank of Scotland Plc
     Sumitomo Mitsui Banking Corporation Paris Branch

About Alcatel

Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EURO 12.3
billion in 2004, Alcatel operates in more than 130 countries.

                            *   *   *

In February, Moody's Investors Service placed the Ba3 ratings
for Alcatel's Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.3 billion revolving credit facility, and the
company's senior implied rating on review for possible upgrade.
A possible upgrade may not be limited to one notch, but Moody's
does not envisage a move to investment grade at that stage.

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


NANORAPTOR: Court Takes over Management of Imaging Specialist
-------------------------------------------------------------
The commercial court of Le Mans has placed surface imaging
specialist Nanoraptor under court-supervised administration, Les
Echos says.

Established in 1999, Nanoraptor has suffered cash flow problems
despite a flourishing business.  The group reportedly nixed a
planned capital increase in 2003 after investors pressed for the
renegotiation of the final payment.

Employing 19 people, the company is known for developing the new
surface imaging technique, Sarfus.

CONTACT:  NANORAPTOR
          Parc des Sittelles
          F 72450 Montfort-le-Gesnois
          Phone: + 33 (0) 2 43 54 09 00
          Fax: + 33 (0) 2 43 54 09 09
          E-mail: contact@nanoraptor.com
          Web site: http://www.nanoraptor.com


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


B & J SCHNEIDER: Creditors' Claims Due Next Month
-------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
B & J Schneider Bauunternehmung GbR on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 4, 2005 to
register their claims with court-appointed provisional
administrator Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 10:30 a.m. at the district court
of Bonn Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, Zimmer
W 1.24 C 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:  B & J SCHNEIDER BAUUNTERNEHMUNG GBR
          Derschlagerstr. 18, 51580 Reichshof
          Contact:
          Bernd Schneider, Manager
          Kreishausstr. 10, 58097 Hagen
          Johannes Schneider, Manager
          Derschlagerstr. 18, 51580 Reichshof
          Dr. Henning Dohrmann, Administrator
          Moltkestrasse 12, 51643 Gummersbach
          Phone: 02261 / 92 79 0
          Fax: 0226192 799


KARSTADTQUELLE AG: Management Board Chairman Not Quitting
---------------------------------------------------------
The Chairman of the Supervisory Board of KarstadtQuelle AG, Dr.
Thomas Middelhoff, denies the report by Manager Magazin that Dr.
Christoph Achenbach, who chairs the Management Board, has
offered to resign.

"The Supervisory Board of KarstadtQuelle AG does not plan to
dismiss Dr. Christoph Achenbach," says Dr. Middelhoff. "Dr.
Achenbach has the full confidence of the Supervisory Board of
KarstadtQuelle AG.  The Supervisory Board anticipates that he
will fulfill his contract as planned."

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          Detlef Neveling
          Head of Investor Relations
          Phone: + 49 (0)201/727-98 17
          Fax: + 49 (0)201/727-98 54
          E-mail: detlef.neveling@karstadtquelle.com


MASCHINEN- UND APPARATEBAU: Succumbs to Insolvency
--------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Maschinen- und Apparatebau Hans Serbent Nachfolger GmbH
on Feb. 25.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 21, 2005 to register their claims with court-appointed
provisional administrator Uwe Huggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 9:00 a.m. at the district court of
Bochum Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29 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:  MASCHINEN- UND APPARATEBAU HANS SERBENT NACHFOLGER
          GMBH
          Ackerstr. 1, 44652 Herne
          Contact:
          Robert Drisga, Manager
          Wilhelmstr. 119 a, 44649 Herne

          Uwe Huggenberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


NORDEX AG: Recapitalization Plan Goes According to Plan
-------------------------------------------------------
On the basis of provisional figures, Nordex AG shareholders have
subscribed to an expected 10.2 million new shares arising from
the cash capital increase in the subscription period expiring
Tuesday.  As a result, Nordex is able to offer the CMP and Gold-
man Sachs investor group sufficient new shares, which have not
been subscribed by the existing shareholders to successfully
complete the re-capitalization.

Accordingly, the investors have a contractual obligation to take
at least 30 million new shares as the condition precedent for
the acquisition of at least 52% of Nordex AG's share capital has
been fulfilled.  As well as this, the responsible tax
authorities have recognized the restructuring privilege for tax
loss carryforwards, a further precondition for recapitalization.

With the successful cash capital increase under the terms of
which at least 30 million shares are to be issued at a price of
EUR1 each, a further prerequisite upon which continued bank
financing was contingent will also be met.  Thus, the banks will
reduce their loan receivables by around EUR28 million in return
for the issue of around 12 million new shares -- or implement an
alternative plan with comparable economic results -- and grant
the Company new cash and bonding facilities of EUR50 million to
EUR60 million.

CONTACT:  NORDEX AG
          Bornbarch 2
          22848 Norderstedt
          Deutschland
          Ralf Peters
          Phone: +49 40/500 -522
          Fax:  +49 40/500 -333
          Mobile: +49 173 / 523 97 19


"ROSENENGEL" GARTEN: Under Bankruptcy Administration
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against "Rosenengel" Garten- und Landschaftsbau GmbH
on Feb. 24.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
May 24, 2005 to register their claims with court-appointed
provisional administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:15 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, 9:25 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  "ROSENENGEL" GARTEN- UND LANDSCHAFTSBAU GMBH
          Peter-Vischer-STr. 8,12157 Berlin

          Joachim Voigt, Administrator
          Rankestrasse 33, 10789 Berlin


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


GREENCORE GROUP: Abandons Factory in Carlow
-------------------------------------------
Greencore Group Plc shut down its sugar factory in Carlow
Friday, according to Businessworld.  The closure left 190 full-
time and 130 seasonal workers jobless.

The workers were informed of the closure as early as January.
The company blames the E.U. policy, dictating a cut in subsidies
and quota this year, for its woes.

According to the company, it doesn't have the EUR28 million
needed to upgrade the Carlow factory; thus, the closure.  This
leaves the plant in Mallow as its only operating factory.

CONTACT:  Greencore Group Plc
          Investor Relations
          St. Stephen's Green House,
          Earlsfort Terrace,
          Dublin 2
          Phone: +353 (0) 1605 1000
          Fax: +353 (0) 1605 1100
          E-mail: investor.relations@greencore.com
          Web site: http://www.greencore.ie


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


BANCA NAZIONALE: Books EUR34 Million Net Loss
---------------------------------------------
(a) Sizeable strengthening of capital base (Tier 1 ratio at
    7.67%) aimed at coping with IAS/IFRS impact and sustaining
    commercial growth;

(b) Significant increase in problem loans coverage (non-
    performing loans coverage at 58%) and marked improvement in
    asset quality along the guidelines defined for the rights
    issue;

(c) Growth in domestic lending (+4.2%) especially in the retail
    sector (personal loans new production +5.6%; residential
    mortgages +26.7%); market share increases to 4.96%;

(d) Gross operating income contracting on 2003 (-5.4%), but
    recovering in the last quarter of the year (+7% compared to
    the average for the first three quarters of the year);

(e) Reduction in operating costs (-2.2%);

(f) Net result showing a negative balance of EUR34 million;

(g) Strengthened corporate governance rules; and

(h) Implementation of IAS/IFRS principles in terms of systems
    and accounting procedures at an advanced stage.

The Board of Directors of BNL, chaired by Luigi Abete, has
approved the consolidated Group accounts and the draft annual
report of the Parent Company for 2004.

The results achieved by BNL Group show a rapid acceleration in
the processes of capital reinforcement, improvement in asset
quality and commercial recovery in specific core areas of
activity.

The Group's capital base was strengthened considerably thanks to
the capital increase finalized last December and to the
selective repositioning of risk-weighted assets in non-core
areas of activity with a consequent improvement in the Tier 1
ratio, which comes to 7.67% (from 6.21% in 2003 and 5.02% in
2002).  The level reached will enable the Group to cope with the
impact of applying IAS/IFRS accounting principles, as well as
sustain commercial initiatives.

The Group's risk profile has been further lowered. Problem loans
coverage has been raised to 51.4% (45.6% in 2003); non-
performing loans coverage comes to 57.6% (from 48.7%).  Net
problem loans (non-performing loans plus substandard loans) have
been reduced by 12.3% compared to December 2003, coming in at
EUR2,804 million.  Net non-performing loans, for a total of
EUR2,008 million, are down by 14.7% compared to the previous
year.

Action on coverage, coupled with results achieved in reducing
the expected risk rate of the loan book, has made it possible to
achieve the targets laid down in the Operating Plan a year ahead
of schedule.

The rationalization of equity investments in Italy and abroad
has continued at a rapid pace with the disposal of several
participations no longer consistent with the revised Group
profile envisaged by the Operating Plan to 2005. Noteworthy are
the disposals of BNL Investimenti, Albacom, Hesse Newman and BNL
Brazil.  Exit from Latin America will be completed with the sale
of the Argentinean assets, for which, as announced recently, an
agreement on the terms of sale has been reached.

On the other hand, support has been given to the development of
companies involved in strategic sectors of activity: Advera, a
JV with BBVA in consumer finance has become operating; the basis
to expand the business potential of Artigiancassa has been laid
through the agreement with ICCREA.

The re-composition of activities towards strategic sectors
(retail and domestic midcorporate) has resulted in a significant
growth of domestic loans (+4%), especially in the retail sector
(consumer credit +5.6% and residential mortgages +26.7%).
Domestic performing loans, including securitizations finalized
in the period, grew by almost 10% (with an increase of
approximately EUR3.9 billion).  This has translated into an
increase in market share, which reached 4.96% (having been 4.80%
in 2003)[1].

International loans, following the sizeable reduction
implemented in 2003, have been reduced by a further 30%, with a
total divestment over the two years of almost EUR5 billion.
The Board of Directors has called an Ordinary Shareholders'
Meeting on April 30 at 10:00 a.m. at first calling and on May 21
at 10:00 a.m. at second calling.

The Board also approved the report on the activity performed by
the Internal Control Committee and the Remuneration Committee as
laid down in the Code of Conduct for Listed Companies.  In
addition, subject to the approval of the Shareholders' Meeting,
it was decided to renew for a further 18 months the reserve for
the purchase of own shares for an amount of approximately EUR75
million, as well as the rules regulating buying and selling of
the shares.

As regards corporate governance, in order to prevent potential
conflicts of interest and to safeguard the principle of
separation between the bank and any non-banking, non-financial
company, the powers of the Board of Directors have been
strengthened in the case of transactions initiated with
shareholders of the Bank.  In particular, it was decided to
adopt similar rules to the ones established in 2002 for "related
parties" also for transactions with shareholders belonging to a
shareholders' pact to which more than 10% of BNL's ordinary
shares have been conferred.  Moreover, the rules and regulations
envisaged by article 136 of the TUB (Consolidated Banking Act)
and related guidelines issued by the Supervisory Authorities
shall be applied to transactions involving company officers as
well as to those transactions that entail any kind of obligation
on the part of the Bank (such as, for example, financial,
commercial or JV transactions) involving shareholders of BNL who
carry out to a significant extent business activities in non-
banking and non-financial sectors and who directly or indirectly
hold more than 2% of BNL's ordinary share capital.

The Bank has activated since June 2003 an IAS/IFRS project to
update and revise accounting and organizational structures in
accordance with the new accounting standards, which shall be
implemented on the Group Accounts from 2005. As regards 2005
interim reports, CONSOB has defined a process of progressive
transition, allowing a transitional phase for the first two
consolidated quarterly reports.  The conversion process of the
procedures to the new accounting requirements is at an advanced
stage, even though the completion of a number of procedures is
dependent on the definition of the accounting treatment of
certain financial instruments.  The Bank intends to prepare in
time for the Shareholders' Meeting that will approve the 2004
Annual Report a prospectus with the impacts on the Net Equity
deriving from the application of the new accounting principles,
while the accounts reconciliation details for the first time
IAS/IFRS application will be attached to the first interim
report prepared on the basis of these new principles.  The
figures resulting from the transition process will be verified
by the auditing company.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Source: Servizio IRS - ABI
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Summary of 2004 Results

Gross operating income comes to EUR2,903 million, contracting
5.4% on the previous year but rising in the last quarter (+7% on
the average for the first three quarters of the year); the
decrease for the Parent Company comes to 3.5% (EUR2,565
million).

The decline in revenues was mainly caused by net interest
income, which at Group level came to EUR1,496 million falling by
9.9%, penalized both by the unfavorable trend in interest rates
and by the re-composition of the loan book in accordance with
the Operating Plan guidelines.  However, the negative
differential accumulated in the first half of the year (-15.7%
the year on year contraction at 30th June 2004) has been
partially recouped in the second half: a trend consistent with
the above-mentioned policy of re-composition of the loan book,
which saw in the latter part of 2003 and the first part of 2004
a phase of sizeable downsizing in non-core sectors for the Bank.
The more favorable trend has become particularly significant in
the fourth quarter, when net interest income grew by 8.7%
compared to the average of the first three quarters.

Net income from services, for a total of EUR1,407 million,
remain substantially unchanged on the previous year (-0.1% on
December 2003), once again with a significant recovery in the
latter part of the year (+5.3% on the average for the first
three quarters).  In particular, commission and other net income
came to EUR1,153 million (+0.3%), with asset management fees of
EUR311 million, 0.6% up on the previous year. This positive
result considering the prevailing economic environment was
mainly sustained by the bancassurance sector, where production
during the year rose by more than 20% with a consequent increase
in market share.  Profits from financial transactions amounted
to EUR178 million (-3.3%) while profits from investments valued
at equity and dividends came to EUR77 million (+1.3%).

The process of improving operating efficiency has continued with
the achievement of a further reduction in the cost structure.
Total operating costs, amounting to EUR1,881 million at December
2004, have in fact fallen by 2.2% compared to the previous year.
Within this aggregate, personnel expenses decreased by 5.1%
year-on-year, coming in at EUR1,045 million, as a result of the
ongoing personnel reduction in the course of 2004. As a result,
the number of Group employees at year-end fell to 16,876: with
926 exits and 377 new hires.

Administrative expenses remain substantially unchanged on the
previous year (623 million; -0.5%), demonstrating the
effectiveness of the Bank's policy of structural retrenchment.
Depreciation and amortization, amounting to EUR213 million, grew
by 8.7%, mainly due to the revaluation of the real estate
portfolio.

The consolidated operating profit therefore comes to EUR1,022
million, a decrease of 10.9% (Parent Company at EUR857 million,
-9.3%). In the fourth quarter it amounted to EUR274 million,
8.7% down on the fourth quarter 2003 and 33.7% up on the third
quarter 2004.  Actions implemented to improve asset quality,
which involved initiating a policy of non-performing loan
disposals, accelerating the alignment of the criteria used to
evaluate problem loans and the implementation of the
observations made by the Supervisory Authority, absorbing the
profit generated during the year as a result, has allowed BNL
Group to improve considerably its level of coverage and to
position itself in the upper part of the system's average.
Overall, net write-downs and provisions amounted to EUR1,000
million (+18.5%), split as follows:

(a) EUR849 million for net write-downs on loans and provisions
    for loan losses;

(b) EUR148 million provisions for risks and contingencies; and

(c) EUR3 million net write-downs on financial fixed assets.

Provisions for inherent lending risk were also increased,
bringing them to 0.68% of performing loans (from 0.47% in 2003);
the Bank's provisions for the credit lines to the Argentinean
subsidiary have been moved under this item. Coverage of this
exposure amounts to approximately 30% in view of the improvement
in Argentina and the preliminary agreement reached for the sale
of the activities.  Previously these credit lines were entirely
covered under the generic loan loss reserve.

The consolidated net extraordinary income came to EUR3 million
(versus EUR72 million in 2003), including also the capital gain
of EUR74 million on the disposal of BNL Investimenti and the
redundancy costs of EUR77 million.  A charge for EUR43 million
was also made to write-downs on financial fixed assets (EUR163
million in 2003) in connection with the sale of Albacom.  The
reserve for general banking risks has been utilized for EUR64
million (EUR67 million in 2003).

The year closes with a consolidated net loss of EUR34 million
(compared with a profit of EUR141 million in 2003), after
charging EUR76 million of income taxes for the year (EUR135
million in 2003).  The Parent Company turned in a net loss of
EUR60 million.

As regards the balance sheet, loans to customers grew overall
during the year by 1.9%, coming in at EUR57,083 million.  This
growth took place on the domestic market, where loans, for a
total of EUR54,501 million (+4.2%), rose by almost EUR2 billion
despite the securitizations finalized in the period for around
EUR1.9 billion. Growth was concentrated mainly in the mid-
corporate and retail sectors, which offer the best opportunities
to optimize the risk/return ratio.

Direct deposits from customers came to EUR53,482 million, -1.7%
as a result of the hefty contraction in the international
component (which fell by 43.6% to EUR3,569 million), while the
domestic component marked a significant progress on the previous
year.

Indirect deposits amounted to EUR70,104 million (-3.6%). The
decline is concentrated in the asset management component
(EUR26,982 million; -7.7%), where mutual funds' stocks fell
principally as a result of the sale of BNL Investimenti.

Securities under custody, totaling EUR43,122 million, remain
stable (-0.8%).  Securities amounted to EUR5,510 million,
increasing 42.7% on 2003.  The increase, which took place in the
trading portfolio, mainly involved the government and corporate
securities portfolio, which amounted to EUR4,421 million.
Investment securities totaled EUR665 million, down 38.2% on the
previous year.

Total net problem loans (non-performing loans and substandard
loans) decreased by 12.3% in the year from EUR3,199 million to
EUR2,804 million, while the coverage ratio rose to 51.4% versus
45.6% at December 2003. In particular, net non-performing loans
showed a 14.7% reduction and their level of coverage rose to
57.6% from 48.7% at year-end 2003; substandard loans fell by
5.6% with coverage of 24.4%.

Full copy of Banca Nazionale del Lavoro's 2004 consolidated
results can be viewed at http://bankrupt.com/misc/bnl_2004.pdf.

CONTACT:  BANCA NAZIONALE DEL LAVORO S.p.A.
          Via Vittorio Veneto, 119
          Rome, Italy
          Phone: +39-06-47-02-1
          Fax: +39-06-47-02-7336
          Web site: http://www.bnl.it


PARMALAT U.S.A.: May Dump GE Capital Master Lease, Says Court
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gives authority to Parmalat U.S.A. Corporation and its debtor-
affiliates to reject their equipment lease with GE Capital.

GE Capital Public Finance Inc. and Farmland Dairies LLC entered
into an equipment lease wherein GE Capital agreed to purchase
from and lease back to Farmland certain equipment owned by
Farmland and located at Farmland's facilities in Wallington, New
Jersey; Brooklyn, New York; and Grand Rapids, Michigan.  The
purchase price for the equipment was $100,000,000.

Under the Lease, Farmland was required to make $2,500,000
quarterly "rental" payments to GE Capital, plus interest on the
outstanding balance.  Before defaulting, Farmland has made two
quarterly payments, on August 1, 2003, for $3,278,875 and on
November 4, 2003, for $3,216,970.

Farmland received notices of default on three various dates from
GE Capital in connection with the Lease.  As of its bankruptcy
petition date, Farmland's outstanding obligations under the
Lease were approximately $96,000,000.

On March 30, 2004, the Court authorized the Debtors to incur
postpetition financing from GE Capital.  Pursuant to the DIP
Credit Agreement, Farmland granted to GE Capital as additional
security under the Lease, second mortgages on the real estate
owned by Farmland at New Jersey, Michigan, and New York.

On July 8, 2004, GE Capital filed a proof of claim for
$96,226,489, representing the amount allegedly due under the
Lease.

Subsequently, Farmland has determined that rejecting the Lease
as of the effective date of its Plan is in the best interest of
its estate.  To assume the Lease, Farmland would have to cure
the default, compensate GE Capital for any actual pecuniary
loss, and provide GE Capital with adequate assurance of future
performance.

However, Farmland is financially incapable of curing the Lease
and making adequate assurance of future performance.  Farmland
says its finances are insufficient to cover either initial cure
payments or the future payments under the Lease.

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

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


POLIGRAFICA SAN FAUSTINO: Improves Performance But Still in Red
---------------------------------------------------------------
Print and graphics specialist Poligrafica San Faustino trimmed
down its net loss from EUR559,000 in 2003 to EUR406,000 in 2004,
Il Sole 24 Ore.

The company saw EBITDA decrease from EUR3.176 million to
EUR2.889 million, despite posting increasing its sales from
EUR32.8 million to EUR35.14 million.  The group attributed this
to high cost of raw materials.

                            *   *   *

The company offers printing, graphics and other Internet
services.  Its 900,000 shares, carrying a nominal value of
EUR5.16, is listed on the Nuovo Mercato, a market dedicated to
companies with high growth potential.  The Frigoli family holds
56.67% of PSF; the rest of the capital stock is "freely-
negotiable shares."

CONTACT:  POLIGRAFICA SAN FAUSTINO S.p.A.
          Via Valenca, 15
          25030 Castrezzato
          Brescia Italy
          Phone: 030.7049.1
          Fax: 030.7049.280
          E-mail: info@psf.it
          Web site: http://www.psf.it

          Investor Relations Office
          Anna Lambiase
          Phone: 030.70491
          E-mail: ir@psf.it


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


UNITEDGLOBALCOM INC.: Books US$382 Million Net Loss for 2004
------------------------------------------------------------
UnitedGlobalCom Inc. posted on March 14, 2005 its operating and
financial results for the fourth quarter and year-ended December
31, 2004.

Highlights for the Fiscal Year

(a) Revenue growth of 34% to US$2.53 billion;

(b) Operating Cash Flow growth of 40% to US$879 million[2];

(c) Net RGU additions of 552,800 on an organic basis[3];

(d) Net loss of US$382 million compared to net income of
    US$2.0 billion[4]; and

(e) Free Cash flow growth of 272% to US$219 million[5].

Mike Fries, President and Chief Executive Officer of UGC said:
"Our 2004 results were excellent across the board, as we
achieved or exceeded all of our public guidance targets.
Organic subscriber growth was robust as we added 552,800 RGUs
for the full year, excluding acquisitions, compared to guidance
of 500,000.  This solid performance was driven by record fourth
quarter net additions of over 250,000 RGUs.  At year-end 2004,
we had over 11.6 million consolidated RGUs and growth remains
strong in early 2005.  During the first two months of the year,
we've added over 100,000 RGUs."

"On a reported basis, revenue and Operating Cash Flow (OCF) in
fiscal 2004 increased 34% and 40%, respectively, in part due to
favorable foreign currency (FX) movements.  Adjusting for FX
changes and excluding acquisitions, our full year organic
revenue growth was 10.5%, modestly ahead of our 10% guidance
target.  Due to the strong RGU growth we generated toward the
end of the year, our fourth quarter organic revenue growth
accelerated significantly, increasing 4.0% on a sequential basis
from the third quarter.  Our full year OCF growth was 20% on an
organic basis, consistent with our guidance on that metric and
despite the additional costs associated with our better than
expected subscriber additions.  And, excluding approximately
US$22 million of fourth quarter costs associated with the
termination and settlement of a Dutch programming contract
(MovieCo), our organic cash flow growth rate for the full year
would have been 24%."

"We made significant progress on a number of our strategic
initiatives during the fourth quarter, including the launch of
our digital phone (VoIP) services in The Netherlands and
Hungary, as well as successful trials of 30 Mbps broadband
Internet speeds and 'off-net' voice and data services outside of
our cable footprint.  We have added over 55,000 digital phone
subscribers since October of last year, and this month we expect
to begin the commercial launch of our digital phone products
across France.  In addition, we are planning upcoming launches
of digital phone services in Austria, Norway, Sweden, Belgium,
Poland and Czech Republic and, in total, we expect to have 5.5
million VoIP homes serviceable this Summer."

"Consistent with our strategy of disciplined footprint
expansion, we completed several acquisitions in the quarter,
including Irish pay-TV provider Chorus, an indirect 14% interest
in Belgian cable company Telenet, and in February 2005, we
closed the acquisition of Telemach, the largest cable company in
Slovenia.  We applied the same disciplined approach to the
purchase of ZoneVision, a global programming company with a
significant presence in Eastern Europe."

"We continue to have strong access to the senior secured and
institutional debt markets, as evidenced by the latest partial
refinancing of our European credit facility.  Last week, we
closed three new tranches totaling EUR3.0 billion, primarily to
refinance existing debt.  The total facility size has increased
from EUR3.5 billion to EUR3.8 billion, of which EUR2.8 billion
was outstanding at close.  We have full access to our increased
revolver capacity of EUR1.0 billion, which can be used for
financing potential acquisitions and general corporate purposes.
The average maturity of the loan has been extended to
approximately 6 years, with no amortization payments required
until 2010.  In addition, the average credit spread on the
facility has been reduced to 262 basis points over Euribor."

"Looking ahead to fiscal 2005, we announced aggressive guidance
targets that we believe position UGC as the fastest growing
public cable company in terms of Operating Cash Flow.  Including
a full year of Noos' results in France and, together with other
announced acquisitions, we expect to grow revenue and OCF by 20%
on a consolidated basis in 2005.  In addition, driven by data
and digital phone launches, we expect to add at least 800,000
net new RGUs, an improvement of 34% compared to last year."

Recent Events

On March 10, 2005, the Chilean Supreme Court dismissed the
appeal challenging the prior regulatory approval of the
combination of UGC's wholly owned Chilean subsidiary, VTR
GlobalCom S.A., with Metropolis Intercom S.A.  The combination
of VTR and Metropolis had been previously approved, subject to
certain conditions, by the Chilean anti-trust tribunal in
October 2004.

On January 18, 2005, Liberty Media International, Inc. (LMI)
(LBTYA)(LBTYB) and UGC announced that the two companies reached
an agreement to combine the businesses under a single entity to
be named Liberty Global, Inc.  Liberty Global will be one of the
largest owners and operators of broadband communications systems
outside the United States with ownership interests in companies
serving more than 14 million RGUs in 17 countries.

Fiscal 2004 Results

Our significant and consolidated operating subsidiaries in
Europe include UPC Broadband -- our cable television and
broadband division with operations in 13 countries, and
chellomedia -- our media and programming division, which also
includes our Competitive Local Exchange Carrier (CLEC), Priority
Telecom.  In Latin America, our primary operation is VTR, our
cable television and broadband provider in Chile.

Revenue

Revenue for the year ended December 31, 2004 was US$2.53
billion, an increase of 34% or US$634 million compared to the
same period in 2003.  Excluding the impact of foreign exchange
rates and the acquisitions of Noos and Chorus, organic year-
over-year revenue growth was approximately 10.5% for fiscal 2004
as a result of higher average monthly revenue per subscriber
(ARPU) and RGU growth.  Please refer to the table on page 11 for
additional information.

Total European revenue increased 34% to US$2.2 billion for the
year ended December 31, 2004, primarily due to a 35% increase in
our core triple play operation, UPC Broadband.  Revenue in
Western Europe increased 18%, or US$215 million (excluding Noos
and Chorus) compared to the same period in 2003, while revenue
in Central and Eastern Europe increased 30% or US$106 million.
In Chile, revenue at VTR increased 31% or US$70 million for the
year ended December 31, 2004 compared to last year.

Revenue for the three months ended December 31, 2004 was US$775
million, an increase of 50% compared to the same period last
year.  On a sequential basis from September 30, 2004, revenue
increased 18% or approximately 71% on an annualized basis.  On
an organic basis our sequential revenue growth in the fourth
quarter was 4.0%.  This represents a meaningful acceleration of
our revenue growth compared to our previous results this year
driven primarily by faster customer growth resulting from
aggressive new product launches.

Average monthly revenue (ARPU) per RGU, excluding acquisitions,
for the three months ended December 31, 2004 was US$20.67, an
increase of 16.6% compared to the same period in 2003.
Excluding foreign currency movements, the organic increase in
ARPU per RGU was approximately 8% year-over-year.  ARPU per
customer relationship was US$25.62 for the three months ended
December 31, 2004, a sequential increase of 10% from US$23.30 in
third quarter 2004.  Excluding foreign currency movements, the
organic increase in ARPU per customer relationships was 4.3% on
a sequential basis.

Operating Cash Flow

Operating Cash Flow (OCF) for the year ended December 31, 2004
was US$879 million, an increase of 40% compared to the prior
year.  Excluding the impact of foreign exchange rate
fluctuations and acquisitions, our organic OCF growth was
approximately 20% for the period, in line with our guidance of
20% for the full year.  Excluding approximately US$22 million of
fourth quarter charges associated with the termination and
settlement of a Dutch programming contract, our organic cash
flow growth rate for the full year would have been 24%.

Total European OCF increased 36% to US$778 million for the year
ended December 31, 2004, primarily due to a 35% increase at UPC
Broadband.  OCF in Western Europe increased 39% to US$626
million (including Noos and Chorus), while OCF in Central and
Eastern Europe increased 39% to US$182 million.  Excluding Noos
and Chorus, OCF in Western Europe increased 27% to US$573
million.  In Chile, 2004 OCF increased 55% to US$109 million as
compared to 2003.

For the year ended December 31, 2004, our consolidated OCF
margin was 34.8% compared to 33.2% for the same period last
year.  However, our consolidated OCF margin decreased
sequentially to 30.8% for fourth quarter 2004, compared to 36.7%
in the third quarter.  Excluding the results of Noos and Chorus
and approximately US$22 million of costs associated with the
termination and settlement of a Dutch programming contract, our
fourth quarter overall OCF margin was 35.8% compared to 36.1%
for the same period last year.

Net Income (Loss)

Net loss was US$382 million or -US$0.50 per share for the year
ended December 31, 2004, which compares with net income of
US$2.0 billion or US$7.41 per share for the prior year.  The
2003 result was due primarily to a US$2.2 billion gain related
to the extinguishments of debt.

Free Cash Flow and Capital Expenditures

Free Cash Flow (FCF) for the year ended December 31, 2004 was
US$219 million, a US$160 million improvement compared to US$59
million of FCF in 2003.  The increase was driven by a 78%
improvement in cash flow from operating activities, offset by a
44% increase in reported capital expenditures.  For the three
months ended December 31, 2004, FCF was US$39 million, a 192%
increase or US$25 million improvement compared to the same
period last year despite higher marketing costs associated with
the 72% increase in subscriber growth between the periods.

Capital expenditures for the year ended December 31, 2004 were
US$480 million (19.0% of revenues) compared to US$333 million
(17.6% of revenues) for fiscal year 2003.  The primary reason
for the increase was higher spending on customer premise
equipment (CPE) due to the significant increase in RGU growth in
fourth quarter 2004 compared to the same period last year, as
well as foreign currency movements.

Balance Sheet, Leverage, and Liquidity

At December 31, 2004, total long-term debt was US$4.8 billion
and we had cash and cash equivalents (including short-term
liquid investments) of US$1.0 billion.  Net debt to annualized
Operating Cash Flow[6] or consolidated leverage ratio was 4.0x
compared to 5.4x for the same period in the prior year.
Excluding approximately US$22 million of costs associated with
the MovieCo programming contract, our year-end leverage was
3.8x.

In addition to our cash balances, as a result of the partial
refinancing of our European Credit Facility, we currently have
EUR1.0 billion available under the revolvers.  Together with the
market value of our interests in the publicly traded securities
of SBS Broadcasting and Austar United, we have total liquidity
of approximately US$3.0 billion.

Operating Statistics

Total RGUs were over 11.6 million at December 31, 2004,
including 1.9 million RGUs at Noos and Chorus.  Excluding Noos
and Chorus, total RGUs at December 31, 2004 were 9.7 million.
Since December 31, 2003, we added 552,800 net new RGUs
(excluding acquisitions), which exceeded our full year guidance
target of 500,000 RGUs by 11%.

In terms of net additions by product and excluding acquisitions,
we added a total of 264,800 broadband Internet subscribers
during 2004, including 216,800 in Europe.  Together with the
211,200 broadband Internet subscribers we acquired from Noos and
Chorus, our total broadband Internet subscriber base now exceeds
1.4 million.  Digital video RGU additions were over 100,000 for
the year driven primarily by the success of our digital HITs
product in France.  Including the acquisition of Noos' and
Chorus' digital subscribers, we had a total of 725,100 digital
subscribers at the end of the year.  Telephony additions were
70,200 for the year including 42,000 during the fourth quarter
following our commercial VoIP launches in The Netherlands and
Hungary, and we had a total of 803,500 telephony subscribers at
December 31, 2004.

During the fourth quarter of 2004, we added 254,200 net new RGUs
(excluding acquisitions), which represent the strongest single
quarter in the Company's history and a 72% improvement compared
to last year's fourth quarter.  In Europe we added 218,500 RGUs
during the fourth quarter and in Chile we added 35,600 RGUs.  We
ended 2004 with a backlog of over 60,000 RGUs awaiting
installation which is approximately double our normal backlog
due to the strong demand we are experiencing for our new
broadband Internet and VoIP products.

2005 Guidance

In 2005, we expect to generate a significant increase in
customer growth compared to 2004 driven primarily by the
continued aggressive rollout of digital phone services across
Europe as well as continued broadband product innovation.  As a
result we expect to add 800,000 net new RGUs in 2005, a 34%
increase compared to the 599,000 RGUs that we added in 2004
(which includes approximately 47,000 net gain at Noos, which we
acquired in July of last year).

We expect revenue to increase 20% for 2005 compared to 2004,
including the impact of announced acquisitions (i.e. Noos,
Chorus, Telemach, and ZoneVision) and assuming an average
exchange rate of 1.24 dollars per euro for the full year.
Operating Cash Flow is also expected to increase by 20% on the
same basis.

Capital expenditures for the year are expected to range between
20% and 22% of sales, an increase from 19% in 2004.  The
spending increase is primarily to support such new product
launches as digital phone, and resultant higher RGU growth
anticipated this year, as well as to support the upgrade of
approximately 1.0 million new two way homes, primarily in
Central and Eastern Europe.  In addition, we expect to continue
to be meaningfully Free Cash Flow positive in fiscal 2005.

About UnitedGlobalCom

UGC[1] (UCOMA)is a leading international provider of video,
voice, and broadband Internet services with operations in 16
countries, including 13 countries in Europe.  Based on the
Company's operating statistics at December 31, 2004, UGC's
networks reached approximately 16.0 million homes passed and
served over 11.6 million RGUs, including approximately 9.5
million video subscribers, 1.4 million broadband Internet
subscribers, and 803,500 telephone subscribers.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Also referred to as the "Company," "we," "us," "our," and
similar terms.

[2] Please see explanation of Operating Cash Flow and
reconciliation of Operating Cash Flow to Net Income (Loss).

[3] RGUs or Revenue Generating Units excluding the impact of
acquisitions.

[4] Net income in 2003 primarily due to US$2.2 billion gain on
the extinguishments of debt.

[5] Please see explanation of Free Cash Flow and a
reconciliation of Free Cash Flow to Net Cash Flows from
operating activities.

[6] Represents net debt/Operating Cash Flow annualized for the
three months ended December 31, 2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of UGC's 2004 results can be viewed free of charge
at http://bankrupt.com/misc/UGC_2004.htm

CONTACT:  UNITEDGLOBALCOM INC.
          4643 South Ulster Street
          Suite 1300
          Denver, Colorado 80237
          Phone: 303-770-4001
          Fax: 303-770-4207
          E-mails: info@unitedglobal.com
                   ir@unitedglobal.com
          Web site: http://www.unitedglobal.com

          Richard S. L. Abbott
          Investor Relations - Denver
          Phone: (303) 220-6682
          E-mail: ir@unitedglobal.com

          Bert Holtkamp
          Corporate Communications - Europe
          Phone: +31 (0) 778 9447
          E-mail: communications@ugceurope.com

          Claire Appleby
          Investor Relations - Europe
          Phone: +44 20 7 838 2004
          E-mail: ir@ugceurope.com


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


MOBIFON HOLDINGS: S&P Reviews Ratings for Possible Upgrade
----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on MobiFon
Holdings B.V. and parent Telesystem International Wireless Inc.
on CreditWatch with positive implications following the
announced definitive agreement between TIW and U.K.'s Vodafone
Group PLC (A/Stable/A-1), whereby Vodafone will purchase TIW's
79% ownership interest in MobiFon a.s. (79%-owned subsidiary of
MobiFon Holdings) through interim holding company Clearwave N.V.
The CreditWatch placement also reflects the improving standalone
credit profile of MobiFon.

"The degree of implied or actual credit support for MobiFon
Holdings from Vodafone has yet to be established; however,
Standard & Poor's views this as a positive credit event for
MobiFon," said Standard & Poor's credit analyst Joe Morin.
"Vodafone's purchase of MobiFon is based on strategic as well as
financial considerations as it expands the company's wireless
footprint in Eastern Europe," Mr. Morin added.

The stand-alone credit profile of MobiFon continues to improve
driven by strong subscriber growth, which is fueling revenue and
EBITDA growth.  The company also benefits from an improving
macroeconomic environment in Romania and debt reduction at the
operating company level.  The improving credit strength of
MobiFon could result in the stand-alone rating on the company
being raised in the near term.

Vodafone's intentions regarding the financing arrangements that
are currently in place at MobiFon are unclear presently.  If
Vodafone were to keep some or all of the debt in place, the
effect on the credit ratings would be dependent on a number of
items, but principally the amount of remaining debt, as well as
the actual or implied support provided by Vodafone.  The ratings
affect will be determined by Standard & Poor's as soon as is
practical after the debt structure is evident and the
transaction closes.  Should MobiFon continue to be financed on a
stand-alone basis with the existing debt remaining in place, the
maximum support Standard & Poor's will factor into the rating
for the Vodafone ownership will be one notch.

The ratings on MobiFon could therefore be raised by more than
one notch, given the company's stand-alone credit strengthening,
the potential for additional debt reduction post closing, as
well as potentially one notch for imputed support from Vodafone.
However, the ratings on MobiFon would be capped at 'BB+', which
is equivalent to the foreign currency rating on Romania.

Standard & Poor's will meet with MobiFon management in the near
term to determine whether raising the ratings is warranted given
the credit strengthening at MobiFon.  In addition, we will
review Vodafone's intentions with respect to MobiFon and the
company's debt structure; Standard & Poor's will then make a
determination as to any further change in the stand-alone credit
strength of MobiFon, as well as the degree of actual or implied
credit support from Vodafone.

The ratings on TIW will be withdrawn once the transaction is
concluded, as the company will be wound-up through a court-
supervised plan of arrangement.

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

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix (Investors)
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca
          Web site: http://www.tiw.ca


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


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

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


BASH-REGION-SBYT: Insolvency Manager Moves in
---------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bash-Region-Sbyt after finding
the limited liability company insolvent.  The case is docketed
as A-07-42638/04-G-MOG.  Mr. I. Sayfutdinov has been appointed
insolvency manager.

CONTACT:  BASH-REGION-SBYT
          463110, Russia, Bashkortostan republic, Sterlitamak,
          Promyshlennaya Str. 10, Building A

          Mr. I. Sayfutdinov
          Insolvency Manager
          450000, Russia, Bashkortostan republic,
          Ufa, Main Post Office, Post User Box 1429


HELICOPTERS-MI: Bankruptcy Hearing Resumes Next Month
-----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Helicopters-Mi.  The case is docketed as A65-20545/2004-SG4-26.
Mr. V. Davydov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420132, Russia,
Tatarstan republic, Kazan, Post User Box 131.  A hearing will
take place on April 25, 2005.

CONTACT:  HELICOPTERS-MI
          420085, Russia, Tatarstan republic,
          Kazan, Tetsevskaya Str. 14a

          Mr. V. Davydov
          Temporary Insolvency Manager
          420132, Russia, Tatarstan republic,
          Kazan, Post User Box 131


KARACHAEVO-CHERKESSK-STROY: Last Day for Filing Claims April 12
---------------------------------------------------------------
The Arbitration Court of Karachaevo-Cherkesskaya republic
commenced bankruptcy proceedings against Karachaevo-Cherkessk-
Stroy (TIN 0901000310/030101001) after finding the open joint
stock company insolvent.  The case is docketed as A25-6158/04-
S2-24.  Mr. G. Pushkarnyj has been appointed insolvency manager.
Creditors have until April 12, 2005 to submit their proofs of
claim to Russia, Pyatigorsk, Ermolova Str. 38.

CONTACT:  KARACHAEVO-CHERKESSK-STROY
     Russia, Cherkessk, Lenina Str. 2

          Mr. G. Pushkarnyj
          Insolvency Manager
          Russia, Pyatigorsk, Ermolova Str. 38


MIKHAYLOVSKAYA: Proofs of Claim Deadline Expires April
------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Mikhaylovskaya (TIN 3416032865) after
finding the agricultural company insolvent.  The case is
docketed as A12-6249/04-s55.  Mr. V. Kartashov has been
appointed insolvency manager.  Creditors have until April 12,
2005 to submit their proofs of claim to 344002, Russia, Rostov-
na-Donu, Serafimovicha Str. 58, Office 401.

CONTACT:  MIKHAYLOVSKAYA
          403340, Russia, Volgograd region,
          Mikhaylovka, Svobody Square, 34A

          Mr. V. Kartashov
          Insolvency Manager
          344002, Russia, Rostov-na-Donu,
          Serafimovicha Str. 58, Office 401


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

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

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


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

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

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


SMENA: Proofs of Claim Deadline Nears
-------------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Smena after finding the agricultural company
insolvent.  The case is docketed as A42-8457/03-9.  Mr. I.
Raskin has been appointed insolvency manager.

Creditors have until April 5, 2005 to submit their proofs of
claim to:

(a) Insolvency Manager
    183038, Russia, Murmansk region,
    Shmidta Str. 17

(b) The Arbitration Court Of Murmansk Region
    183049, Russia, Murmansk region,
    Knipovicha Str. 20

(c) Smena
    183071, Russia, Murmansk region,
    K. Marksa Str. 56


STROY-TORG-SERVICE SEVERSKIY: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Stroy-Torg-Service Severskiy.  The case is docketed as A-32-
38973/2004-44/225-B.  Mr. A. Savelyev has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 350059, Russia,
Krasnodar, Uralskaya Str. 134.  A hearing will take place on
April 19, 2005.

CONTACT:  STROY-TORG-SERVICE SEVERSKIY
          Russia, Krasnodar region, Severskaya St.

          Mr. A. Savelyev
          Temporary Insolvency Manager
          350059, Russia, Krasnodar region,
          Uralskaya Str. 134


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

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

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


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


SCANDINAVIAN AIRLINES: Sets out Agenda for April AGM
----------------------------------------------------
Shareholders in SAS AB (publ) are invited to attend the Annual
General Meeting on Wednesday, April 13, 2005.

The Annual General Meeting will be held at Berns Hotell,
Kammarsalen, Berzelii Park, Nackstromsgatan 8, in Stockholm, at
4:00 p.m.  Shareholders are also entitled to participate in the
Annual General Meeting over a telecommunications link at the
Radisson SAS Scandinavia Hotel, Amager Boulevard 70, Copenhagen,
at 4:00 p.m. and at the Radisson SAS Plaza Hotell, Sonja Henies
plass 3, Oslo, at 4:00 p.m.

Registration of participants at the Annual General Meeting will
be discontinued when the Annual General Meeting opens.

Instructions to holders of shares registered with the Swedish
Securities Center (VPC AB) (other than holders of shares
registered with Securities Center in Denmark
(Vaerdipapirscentralen - VP) or the Securities Center in Norway
(Verdipapirsentralen - VPS).

Shareholders who wish to attend the Annual General Meeting must
be registered in the shareholder register maintained by VPC AB
on Friday, April 1, 2005.

Shareholders whose shares are registered with a trustee must
temporarily have their shares reregistered in their own name to
be entitled to participate in the Annual General Meeting.  This
re-registration process with VPC AB must be completed not later
than Friday, April 1, 2005.  This means that shareholders must
notify their trustees in sufficient time prior to this date.

Registration to attend the Annual General Meeting must be
submitted to the Company not later than Friday, April 8, 2005,
at 4:00 p.m. at: SAS AB (publ), Attn: SAS Group Investor
Relations, Agneta Kampenborg Ekstrom/STOUU, SE-195 87 Stockholm.
It is also possible to register by telephone on +46 (0)8-797 12
93, on weekdays between 9:00 a.m. and 3:00 p.m., by fax on +46
(0)8-797 51 10 or over the Internet at http://www.sasgroup.net
under Investor Relations/Corporate Governance.

Instructions to Holders of Shares Registered with VP in Denmark

Shareholders who wish to attend the Annual General Meeting must
contact Nordea Bank Danmark A/S (Nordea Danmark) by letter
addressed to Issuer Services, Postbox 850, DK-0900 Copenhagen C,
by telephone on +45 33 33 33 01 or by fax on +45 33 33 10 31,
not later than Thursday, March 31, 2005, at 3:00 p.m.  These
rules also apply to participation:

(a) Shareholders who wish to attend the Annual General Meeting
    must be registered in the shareholder register maintained by
    VPC AB in Sweden on Friday, April 1, 2005;

(b) Accordingly, shareholders who acquired their shares in
    Denmark must request that Nordea Danmark temporarily
    Re-registers these shares in the shareholder's own name with
    VPC AB in Sweden to be entitled to participate in the Annual
    General Meeting.  Notification of participation at the
    Annual General Meeting with a request for the registration
    must be submitted in sufficient time and not later than
    Thursday, March 31, 2005, at 3:00 p.m. to Nordea Danmark at
    the above address.  Forms for confirmation of attendance are
    available from Nordea Danmark;

(c) Shareholders who have questions regarding the Annual General
    Meeting's implementation in Copenhagen can also contact
    Bente Lemire, SAS AB/Sekretariat Generalforsamling at +45 23
    22 45 45;

(d) The re-registration application must include the account-
    operating institute in Denmark (with custody account number)
    with whom the shareholder's shares are deposited; and

(e) Shareholders whose shares are already registered in their
    own name with VPC AB in Sweden can register for attendance
    at the Annual General Meeting at a later date, but not later
    than Friday, April 8, 2005, at 4:00 p.m. in the manner
    prescribed above.

Instructions to Holders of Shares Registered with VPS in Norway

Shareholders who wish to attend the Annual General Meeting must
contact Nordea Bank Norge ASA (Nordea Norge), Custody
Services/Issuer Services, by letter addressed to Postboks 1166
Sentrum, NO-0107 Oslo, or by fax to +47 22 48 49 90, not later
than Thursday, March 31, 2005, at 3:00 p.m.

These rules also apply to participation:

(a) Shareholders who wish to attend the Annual General Meeting
    must be registered in the shareholder register maintained by
    VPC AB in Sweden on Friday, April 1, 2005;

(b) Accordingly, shareholders who acquired their shares in
    Norway must request that Nordea Norge temporarily
    Re-registers these shares in the shareholder's own name with
    VPC AB in Sweden to be entitled to participate in the Annual
    General Meeting.  Notification of participation at the
    Annual General Meeting with a request for the above
    registration must be submitted in sufficient time and not
    later than Thursday, March 31, 2005, at 3:00 p.m. to Nordea
    Norge at the above address.  Forms for confirmation of
    attendance are available from Nordea Norge;

(c) Shareholders whose shares are already registered in their
    own name with VPC AB in Sweden can register for attendance
    at the Annual General Meeting at a later date, but not later
    than Friday, April 8, 2005, at 4:00 p.m. in the manner
    described above.

Joint Instructions to All Shareholders

The place of attendance should be stated when registering.

Shareholders who have shares registered in more than one country
should state this when registering.

Shareholders or representatives of shareholders may be
accompanied by not more than two assistants at the Annual
General Meeting.  Assistants to shareholders will only be
admitted to the Annual General Meeting if the shareholder
registers the number of assistants with the Company in
accordance with the registration instructions provided above for
shareholder participation in each country.

Shareholders represented by representatives must issue a
written, dated power of attorney for the representatives.  The
original copy of the power of attorney should be submitted to
the Company in adequate time prior to the Annual General Meeting
at one of the addresses provided in this notification.
Representatives of a legal entity must also submit a witnessed
copy of the registration certificate or corresponding
authorization documentation.

At the Annual General Meeting, a list shall be prepared of the
shareholders, representatives and assistants present with
details of the number of shares represented by each shareholder
and representative at the Annual General Meeting (list of
shareholders).  A list of shareholders, representatives and
assistants registered for participation, with the stated
details, (list of registered participants) will be distributed
on admission.

Proposed Agenda

(a) Meeting is declared open,

(b) Election of Chairman for the Meeting,

(c) Preparation and approval of list of shareholders,

(d) Approval of the agenda,

(e) Election of two minutes-checkers,

(f) Determination of whether the Meeting has been duly convened,

(g) Presentation of the Annual Report and the consolidated group
    accounts,

(h) Presentation of the Auditor's Report and the Auditor's Group
    Report,

(i) Address by the Chairman of the Board, including a report on
    the work of the Board, the Remuneration Committee and the
    Audit Committee, followed by the President's address and in
    conjunction the opportunity for shareholders to put
    questions to the Board and Group Management,

(j) Decision on approval of the income statement and balance
    sheet and the consolidated income statement and consolidated
    balance sheet.

(k) Decision on the disposal of the Group's earnings for the
    year in accordance with the approved balance sheet,

(l) Decision on discharge of responsibility for the members of
    the Board and the President,

(m) Proposed changes to the Articles of Association,

(n) Decision on the number of Board members,

(o) Determination of remuneration to the Board,

(p) Election of the Board of Directors,

(q) Election of the Chairman of the Board,

(r) Determination of the Auditor's fees,

(s) Election of Auditor,

(t) Decision on mandate for the Nomination Committee,

(u) Election of Nomination Committee,

(v) Meeting is declared closed

Proposed Decisions

Election of Chairman for the Meeting: The Board proposes that
Attorney Claes Beyer (member of the Swedish Bar Association) be
elected Chairman for the Meeting.

Decision on the disposal of the Group's earnings in accordance
with the approved balance sheet: The Board proposes that no
dividend be paid for 2004.

Change to the Articles of Association: The Board proposes the
following changes to the Articles of Association:

(a) Paragraph 6 to be changed so that the Board comprises six to
    eight members elected by the Annual General Meeting and so
    that the SAS Group's employee groups in Denmark, Norway and
    Sweden are each able to appoint one Board member and two
    deputies.  Furthermore, the control provisions regarding the
    Board of Directors' formal work plan will cease to apply,
    since this complies with legislation;

(b) Paragraph 9 to be changed so that the Annual General Meeting
    can be held in either Stockholm or Solna;

(c) Paragraph 13 to be changed so that matters to be presented
    for approval at the Annual General Meeting shall also
    include election of the Chairman of the Board and, through
    replacement of the current rules on the Nomination
    Committee, election of the Nomination Committee, whose
    structure shall be representative of the shareholder
    structure in the Company for the purpose of contributing to
    an appropriate and representative Board structure and
    further creating a sound basis for the Annual General
    Meeting's processing of and decisions on issues that
    the Annual General Meeting decides shall be prepared by the
    Nomination Committee each year;

In addition, a small number of adjustments of an editorial
nature are proposed.

Complete details of the proposed changes, with the proposed new
wording of the Articles of Association are available at
http://www.sasgroup.netunder Investor Relations/Corporate
Governance/General Meeting and at the Meeting venue prior to the
opening of the Meeting.

Decision on number of Board members: The Nomination Committee
proposes that the number of Board members elected by the Annual
General Meeting shall amount to seven.

Decision on the remuneration to Board: The Nomination Committee
proposes that the remuneration for the period until the close of
the next Annual General Meeting remain unchanged at SEK495,000
for the Chairman, SEK360,000 for the Vice Chairman and
SEK270,000 each for the other Board members.  Regarding
remuneration paid to employee representatives on the Board, the
Nomination Committee proposes that the Board be tasked with
determining such fees within the framework of the established
practice implemented to date at SAS.

Election of Board members: The Nomination Committee proposes the
reelection of Egil Myklebust, Berit Kjoll, Fritz H. Schur,
Anitra Steen, Lars Rebien Sorensen and Jacob Wallenberg, as well
as the election of Timo Peltola, born in 1946, PhD (economics)
and a Finnish citizen.  Timo Peltola is also Chairman of
Ilmarinen Mutual Pension Insurance Company (supervisory board)
and AW-Energy Oy, deputy Chairman of Nordea AB (publ) and a
member of the Boards of companies that include TeliaSonera AB
(publ) and Huhtamaki Oyj (ends 2005).

Election of Chairman of the Board: The Nomination Committee
proposes that Egil Myklebust be elected Chairman of the Board.

Determination of Auditors' fees: The Board proposes that the fee
paid to the Company's Auditors be paid according to invoice.

Election of Auditor: The Board proposes that an auditing firm be
elected as the Company's auditor, and proposes the reelection of
Deloitte & Touche AB for a statutory mandate period of four
years until the close of the Annual General Meeting in 2009.

Proposed mandate for Nomination Committee: It is proposed that
the Annual General Meeting approve the election of a
Nomination Committee tasked with preparing a proposal as
described below to be presented to the Annual General Meeting in
2006 for approval:

(a) Chairman at the Annual General Meeting,

(b) Determination of the number of Board members,

(c) Board members and Chairman of the Board,

(d) Remuneration to be paid to the Board, shared between the
    Chairman, Deputy Chairman, other Board members and possible
    remuneration for work on the Board's committees,

(e) Auditor's fees,

(f) Nominating work prior to the Annual General Meeting 2007

Election of the Nomination Committee: It is proposed that a
Nomination Committee be elected as:

(a) The Nomination Committee shall comprise seven members;

(b) The Nomination Committee shall comprise these
    shareholder representatives: Eva Halvarsson, Swedish
    Ministry of Industry, for the Swedish Government; Jacob
    Heinsen, Danish Ministry of Finance, for the Danish
    Government; Reier Soberg, Norwegian Ministry of Trade and
    Industry, for the Norwegian Government; Palle Olsen for Pen-
    Sam Liv Forsikringsaktieselskab; Rune Selmar for
    Folketrygdfondet; Pia Rudengren for the Wallenberg
    Foundations and Jarl Ulvin for Odin Forvaltning;

(c) The Nomination Committee will appoint its own Chairman.  The
    Chairman of the Board and other Board members are not
    eligible to assume the position of Chairman of the
    Nomination Committee;

(d) Shareholders represented by a member of the Nomination
    Committee are entitled to replace this member with another
    member who instead becomes a member of the Nomination
    Committee.  The Nomination Committee shall immediately
    inform the Company of such a replacement for announcement by
    the Company; and

(e) If a shareholder, who is represented by a member of the
    Nomination Committee, considerably reduces their
    shareholding in the Company, this shareholder's member shall
    vacate his or her membership on the Nomination Committee.
    Instead, after consultation between the Nomination
    Committee's other members, another significant shareholder
    in terms of number of votes shall appoint a representative
    to become a new member of the Nomination Committee.  The
    Nomination Committee shall immediately inform the Company of
    this for announcement by the Company.

Shareholders who jointly represent more than 65% of the total
number of votes in the Company have declared their intention to
support the above proposed resolutions.

The venues for the Annual General Meeting in Stockholm,
Copenhagen and Oslo open at 3:00 p.m.

Stockholm, March 2005
SAS AB (publ)
Board of Directors

CONTACT:  SCANDINAVIAN AIRLINES SYSTEM
          Information Department
          Contact:
          Susanne Larsen, Chief Executive Officer
          Phone: +45 32 32 30 44
          Troels Rasmussen, Head of Information
          Phone: +45 32 32 46 75


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


AGROPROMINVEST: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against AGROPROMINVEST (code EDRPOU 32058376) on
February 3, 2005 after finding the limited liability company
insolvent.  The case is docketed as B 26/93/04.   Mr. Volodimir
Glyadchenko has been appointed liquidator/insolvency manager.
The company holds account number 2600201501944 at OJSC
Ukreksimbank, Dnipropetrovsk branch, MFO 305675.

Creditors have until March 22, 2005 to submit their proofs of
claim to:

(a) AGROPROMINVEST
    49000, Ukraine, Dnipropetrovsk region,
    Geroiv Stalingradu Str. 106

(b) Mr. Volodimir Glyadchenko
    Liquidator/Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 96/13

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


ASTRANTSIYA: Proofs of Claim Deadline March 19
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Astrantsiya (code EDRPOU 23964597) after
finding the limited liability company insolvent.  The case is
docketed as 6/324-8/160.  Ms. Ludmila Buchinska (License Number
AA 783159) has been appointed liquidator/insolvency manager.
The company holds account number 260003001159/980 at VABank,
Lviv branch, MFO 325763.

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

(a) ASTRANTSIYA
    Ukraine, Lviv region,
    Lnyana Str. 9/31

(b) Mrs. Ludmila Buchinska
    Liquidator/Insolvency Manager
    Ukraine, Lviv region, Varshavska Str. 94

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


EKSVIZIT: Claims Filing Period Expires Weekend
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Eksvizit (code EDRPOU 19140287) after
finding the limited liability company insolvent.  The case is
docketed as 6/322-8/158.  Mr. Vitalij Borsuk (License Number AA
783161) has been appointed liquidator/insolvency manager.  The
company holds account number 26007301410560/980 at
Prominvestbank, Lviv central branch, MFO 325633.

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

(a) EKSVIZIT
    Legal address: Ukraine, Lviv region,
    Veteraniv Str. 5/11

    Actual address: Ukraine, Lviv region,
    PidgoloskoStr. 15/34

(b) Mr. Vitalij Borsuk
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Kulparkivska Str. 143/49

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


FASTIVBUD: Succumbs to Bankruptcy
---------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Fastivbud (code EDRPOU 24219690) on January
31, 2005 after finding the open joint stock company insolvent.
The case is docketed as 207/2 b-2005.  Mr. S. Krupenko (License
Number AA 668345) has been appointed liquidator/insolvency
manager.  The company holds account number 20004330301 at OJSC
Oshadbank, Fastiv branch 2877, MFO 320207.

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

(a) FASTIVBUD
    Ukraine, Kyiv region,
    Fastiv, K. Strokova Str. 6

(b) Mr. S. Krupenko
    Liquidator/Insolvency Manager
    Phone: 265-29-12
           (050) 595-99-97

(c) ECONOMIC COURT OF KYIV REGION
    01033, Ukraine, Kyiv region,
    Zhelyanska Str. 58 b


KOMEH: Bankruptcy Proceedings Before Volinska Court Ongoing
-----------------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Komeh (code EDRPOU 133455166) on February 1,
2005 after finding the limited liability company insolvent.  The
case is docketed as 4/35-B.  Mr. Ivan Kostukevich (License
Number AA 140412) has been appointed liquidator/insolvency
manager.  The company holds account number 26001236049001 at CB
Privatbank, Kovel branch.

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

(a) KOMEH
    45000, Ukraine, Volinska region,
    Kovel, Grabovskij Str. 55

(b) Mr. Ivan Kostukevich
    Liquidator/Insolvency Manager
    Ukraine, Volinska region, Lutsk,
    Grushevskij Avenue, 30/61
    Phone/Fax: (03322) 77-63-59

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


KOMUNALNIK: Last Day for Filing Claims March 22
-----------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
proceedings against State Enterprise Komunalnik after finding
the state-owned company insolvent.  The case is docketed as
15/B-461.  Mr. Vasil Androshuk (License Number AA 779192) has
been appointed liquidator/insolvency manager.

Creditors have until March 22, 2005 to submit their proofs of
claim to:

(a) KOMUNALNIK
    Ukraine, Ternopil region,
    Berezhani

(b) Mr. Vasil Androshuk
    Liquidator/Insolvency Manager
    Ukraine, Ternopil region, Berezhani,
    Sichovih Striltsiv Str. 67/33
    Phone: (03548) 2-27-54

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


REVYERA-INTER: Lviv Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Revyera-Inter (code EDRPOU 32180927) after
finding the limited liability company insolvent.  The case is
docketed as 6/313-8/151.  Mr. I. Horoz (License Number AA
783162) has been appointed liquidator/insolvency manager.  The
company holds account number 26001336517001 at CB Privatbank,
MFO 325221.

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

(a) REVYERA-INTER
    Ukraine, Lviv region,
    Chornovola Avenue, 63

(b) Mr. I. Horoz
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    P. Pancha Str. 18/48

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


SPUTNIK: Court Names Milena Kostina Insolvency Manager
------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Sputnik (code EDRPOU 19292778) on February
1, 2005 after finding the close joint stock company insolvent.
The case is docketed as 14/372.  Ms. Milena Kostina (License
Number AA 783216) has been appointed liquidator/insolvency
manager.  The company holds account number 26003226862001 at CB
Privatbank, Mikolaiv branch, MFO 326610.

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

(a) SPUTNIK
    55002, Ukraine, Mikolaiv region,
    Yuzhnoukrainsk, Promzona

(b) Mrs. Milena Kostina
    Liquidator/Insolvency Manager
    54015, Ukraine, Mikolaiv region,
    Buzkij Boulevard, 1/32
    Phone: (0512) 35-22-37

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


VOJNIVSKA: Creditors' Claims Due Next Week
------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Vojnivska) on December 23, 2004 after
finding the limited liability company insolvent.  The case is
docketed as 10/88.  Ms. Liliya Timakina (License Number AA
487834) has been appointed liquidator/insolvency manager.  The
company holds account number 26020303332104 at CB
Prominvestbank, Kirovograd Central branch, MFO 323301.

Creditors have until March 22, 2005 to submit their proofs of
claim to:

(a) VOJNIVSKA
    Ukraine, Kirovograd region,
    Oleksandrijskij district, Vojnivka,
    Lenin Str. 188-a

(b) Mrs. Liliya Timakina
    Liquidator/Insolvency Manager
    2800, Ukraine, Kirovograd region,
    Oleksandr, Lenin Str. 7/12

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    Ukraine, Kirovograd region,
    Lunacharski Str. 29


VOLNOVAHA' RAJSILGOSPTEHNIKA: Court Grants Debt Moratorium
----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Production-Economic Corporation
Volnovaha' Rajsilgosptehnika (code EDRPOU 30323719) on November
24, 2004 and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 5/201 B.  Mr. S. Yakovenko
(License Number AA 484240) has been appointed temporary
insolvency manager.  The company holds account number
26007301550489 at Prominvestbank, Volnovaha branch, MFO 334646.

Creditors have until March 22, 2005 to submit their proofs of
claim to:

(a) VOLNOVAHA' RAJSILGOSPTEHNIKA
    85700, Ukraine, Donetsk region,
    Volnovaha, Shevtsova Str. 11

(b) Mr. S. Yakovenko
    Temporary Insolvency Manager
    87122, Ukraine, Donetsk region,
    Telmanivskij district, Vahchovik, Stepna Str. 12
    Phone: 8 (050) 974-78-62

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


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


AIRSEC PLC: Members Pass Winding-up Resolutions
-----------------------------------------------
At the extraordinary general meeting of the members of Airsec
Plc (t/a Extra Security) on Feb. 18, 2005 held at 48 Langham
Street, London W1W 7AY, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stephen Patrick
Jens Wadsted has been appointed liquidator of the company.

CONTACT:  MIDDLETON PARTNERS
          48 Langham Street
          London W1W 7AY
          Phone: 0207 908 6190
          Fax: 0207 908 6111
          E-mail: patrick@middletonpartners.co.uk


ARCHITECTA LIMITED: HSBC Brings in Receiver from PKF
----------------------------------------------------
HSBC Bank Plc called in Ian J. Gould (Office Holder No 7866) and
Edward T. Kerr (Office Holder No 9020) joint administrative
receivers for Architecta Limited (Reg No 4409890, Trade
Classification: 7420).  The application was filed March 4, 2005.
The company is a consultancy firm for electronics and electrical
engineering.

CONTACT:  PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk

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


ASHTEAD GROUP: Cops Pre-goodwill Profit in Normally Weak Quarter
----------------------------------------------------------------
Ashtead Group plc, the equipment rental group serving the U.S.
and U.K. construction, industrial and homeowners markets,
revealed results for the third quarter and nine months ended 31
January 2005.

Highlights:

(a) Group nine months pre-tax profit before goodwill of GBP20.9
    million (2004[*] -GBP4.5 million);

(b) Group nine months pre-tax profit of GBP14.3 million (2004 -
    loss of GBP23.1 million);

(c) Group Q3 pre-tax profit before goodwill of GBP0.8 million
    (2004[*] - loss of GBP6.6 million); and

(d) Group Q3 pre-tax loss of GBP1.4 million (2004 - loss of
    GBP14.6 million)

     (i) Sunbelt nine months profit[**] of US$84.7 million (2004
         -US$53.1 million),

    (ii) A-Plant nine months profit[**] of GBP8.5 million (2004
         - GBP2.5 million).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] additionally, in 2004, before exceptional items

[**] Sunbelt's and A-Plant's profit comprises their operating
profit before goodwill amortization and, in 2004, exceptional
items.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Ashtead's chief executive, George Burnett, commented:
"Achievement of a pre-goodwill profit in what is by far our
seasonally weakest quarter underlines the strength of the
recovery we have seen in all three divisions.  Sunbelt again
delivered a strong performance with third quarter dollar
revenues up 19.3% reflecting improving markets, increasing
market share and the shift from ownership to rental in the U.S.
A-Plant and Ashtead Technology both also exceeded last year's
third quarter performance by a significant margin.

"Current trading conditions are now good in all our markets.
The Board continues to be encouraged by the underlying
performance of each of our divisions and looks forward to a
successful outcome for the year."

Financial results are available free of charge at
http://bankrupt.com/misc/Ashtead_Jan2005.htm

                            *   *   *

In October, Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit rating on Ashtead Group, following
the group's announcement of a proposed US$675 million (GBP375
million) loan facility.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' long-term
rating, which is one notch above the corporate credit rating, to
the group's proposed five-year senior secured asset-backed loan
facility (ABL), subject to final documentation.  The proposed
facilities were also assigned a recovery rating of '1',
indicating that lenders can expect full recovery of principal in
the event of payment default.

CONTACT:  ASHTEAD GROUP PLC
          Cob Stenham, Non-executive chairman
          Phone: 020 7299 5562

          George Burnett, Chief executive
          Ian Robson, Finance director
          Phone: 01372 362300

          THE MAITLAND CONSULTANCY
          Brian Hudspith
          Michelle Jeffery
          Phone: 020 7379 5151


AUTOMOTIVE PRODUCTS: Business for Sale
--------------------------------------
The joint administrators, Neil Tombs and Paul Melville, offer
for sale the business and assets of Automotive Products
Driveline Technology Limited (in administration).

Automotive Products, which manufactures and supplies Leamington
Spa clutches to the automotive industry, has an annual turnover
of GBP17 million.

Other features:

(a) Leasehold premises measuring 26,000 sq. meters;

(b) Skilled workforce of 183, including design engineering
    team; and

(c) Substantial order book.

CONTACT:  GRANT THORNTON U.K. LLP
          Enterprise House
          115 Edmund Street
          Birmingham B3 2HJ
          Phone: 0121 212 4000
          Fax: 0121 212 4014
          Web site: http://www.grant-thornton.co.uk

          Katheryn Thompson
          Phone: 0121 212 4000
                 0121 232 5265
          Fax: 0121 233 9857
          E-mail: katheryn.Thompson@gtuk.com


BAE SYSTEMS: Antitrust Regulator Clears Sale of Avionics Biz
------------------------------------------------------------
The European Commission has granted clearance under the E.U.
Merger Regulation to the proposed acquisition of the avionics
and communication business of BAE Systems, the U.K. defense
contractor, by Italian defense company Finmeccanica, and the de-
merger of their AMS joint venture.

These concentrations are part of the so-called 'EuroSystems'
transaction that the parties concluded in January 2005.  The
Commission considers that these transactions do not raise
competition concerns in Europe since overlaps are limited and
other large and capable players compete for these military
equipments.  It has therefore concluded that the operation will
not significantly impede effective competition in the European
Economic Area or any substantial part of it.

BAE Systems and Finmeccanica are international manufacturers of
defense and commercial aerospace systems, including military
aircraft, helicopters, surface ships, submarines, radar,
avionics, communications, electronics and weapons systems.

Finmeccanica and BAES have a jointly controlled company AMS,
which is active in command and control systems, radar and
simulation systems for the land and naval military markets.
This joint venture will be dissolved and Finmeccanica and BAES
will respectively acquire its Italian and its British business
activities.  At the same time, Finmeccanica will acquire control
of BAES' U.K. military avionics and communication systems.

There are very few competitive overlaps between Finmeccanica's
current avionics & communications activities and the business to
be acquired from BAES and no horizontal overlaps result from
Finmeccanica and BAES acquiring sole control of respectively the
Italian and U.K. part of the AMS joint venture.

Whilst both Finmeccanica and BAES hold leading positions,
particularly in the U.K. and in Italy, the market investigation
confirmed that sufficient viable alternatives, both European and
U.S. defense groups, will remain after the merger.  Moreover,
and given these circumstances, the demand side, i.e. the defense
ministries, is considered sufficiently powerful to
counterbalance any anti-competitive attempts of the new entity.

The Commission's attention was drawn to a possible impact of the
concentrations on the U.K. markets for helicopters and naval
surface vessels, in which respectively Finmeccanica and BAES
hold strong positions.  However, the Commission concluded that
Finmeccanica's strengthened position for avionics and BAES
obtaining sole control over AMS U.K. would not allow them to
exclude competitors from the market.

In both cases, the market investigation confirmed that
alternative providers remain, and that competition in the U.K.
helicopter and naval vessel markets is mainly determined by the
procurement policy of the U.K. Ministry of Defense, which is
based on open competition between suppliers, and that situation
will not be significantly altered by the present concentration.

CONTACT:  BAE SYSTEMS
          Andy Wrathall (Investor relations)
          Phone:  +44 1252 383 730
          Richard Coltart (Press relations)
          Phone:  +44 1252 384 875


BARCLAYS GLOBAL: Hires Deloitte & Touche as Liquidator
------------------------------------------------------
At the general meeting of Barclays Global Investors Asset Risk
Management Limited, the special and ordinary resolutions to wind
up the company were passed.  J. R. D. Smith and N. J. Dargen of
Deloitte & Touche LLP, Athene Place, P.O. Box 810, 66 Shoe Lane,
London EC4A 3WA have been appointed joint liquidators of the
company.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


BLUEFIN COMMUNICATIONS: Members Call in Liquidator
--------------------------------------------------
At the extraordinary general meeting of the members of Bluefin
Communications Limited on March 7, 2005 held at the offices of
Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ, the extraordinary resolution to wind up the
company was passed.  Tony James Thompson of Piper Thompson,
Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ has
been nominated liquidator of the company.

CONTACT:  PIPER THOMPSON
          Mulberry House
          53 Church Street
          Weybridge
          Surrey KT13 8DJ
          Phone: 01932 855515
          Fax: 01932 847077
          E-mail: enquiries@piper-thompson.co.uk


'BONA' ARTS: Hires Liquidator from Rendell Thompson
---------------------------------------------------
At the extraordinary general meeting of 'Bona' Arts Decorative
Limited (t/a The Clarice Cliff Nostalgia Store) on March 5, 2005
held at 30 Reading Road South, Fleet, Hampshire, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert James Thompson of Rendell Thompson, 30
Reading Road South, Fleet, Hampshire GU52 7QL has been appointed
liquidator of the company.

CONTACT:  RENDELL THOMPSON
          30 Reading Road South
          Fleet
          Hampshire GU13 9QL
          Phone: 01252 816636
          Fax: 01252 815792
          E-mail: rendellthompson@btconnect.com


BUTCHER BOY: Claims Filing Period Expires September
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Butcher Boy Limited
                       (In Liquidation)

I, Kenneth W Pattullo, of Begbies Traynor, 4th Floor, 78 St
Vincent Street, Glasgow G2 5UB hereby give notice, pursuant to
Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on 18
February 2005, I was appointed Liquidator of Butcher Boy Limited
by a resolution of the First Meeting of Creditors held in terms
of Section 138(3) of the Insolvency Act 1986.

A Liquidation Committee was established.  Any creditors who have
not already done so are required to lodge their claims with me
by September 30, 2005.

Kenneth W. Pattullo, Liquidator
February 18, 2005

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com

          Kenneth Wilson Pattullo
          E-mail: ken.pattullo@begbies-traynor.com
          Phone: 0141 222 2230
          Fax: 0141 222 2330


CHOICE INTERIORS: Bathroom Furniture Retailer Up for Sale
---------------------------------------------------------
The joint administrators, Kerry Bailey and Jonathan Newell,
offer for sale the business and assets of Choice Interiors
(North West) Limited as a going concern.

Features are:

(a) Annual turnover of more than GBP3.6 million;

(b) Three leasehold, high profile retail outlets in Chester,
    Northwich and Warrinton;

(c) Leasehold offices and warehousing in Northwich;

(d) Substantial stocks of bathroom furniture and tiles; and

(e) Exclusive range of high quality products.

CONTACT:  PKF
          Sovereign House
          Queen St.
          Manchester M2 5HR
          Phone: 0161 8325481
          Fax: 0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Kerry Franchina Bailey
          E-mail: kerry.bailey@uk.pkf.com
          Phone: 0161 832 5481
          Fax: 0161 832 6307


CINCINNATI MACHINE: Members Final Meeting Set Next Month
--------------------------------------------------------
The final meeting of the members of Cincinnati Machine U.K.
Holdings Limited will be on April 19, 2005 at 11:00 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, April 18, 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


CLAIM CONTROL: Joint Liquidators from KPMG Move in
--------------------------------------------------
At the general meeting of Claim Control Consultants Limited, the
special and ordinary resolutions to wind up the company were
passed.  John Paul Bateman and Mark Jeremy Orton of KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL have been appointed joint
liquidators of the company.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


CLEAR WATER: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Clear
Water Homecare Limited on March 7, 2005 held at Cornelius House,
178-180 Church Road, Hove, East Sussex BN3 2DJ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  M. S. E. Solomons has been appointed liquidator of
the company.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


COLLINGE RAYNER: Liquidator from Griffin & King Moves in
--------------------------------------------------------
At the extraordinary general meeting of the members of Collinge
Rayner Financial Services Limited on Feb. 28, 2005 held at Top
Floor, Cleveland Court, Cleveland Street, Wolverhampton WV1 3HR,
the special resolution to wind up the company was passed.
Timothy Frank Corfield of Griffin & King, 26-28 Goodall Street,
Walsall, West Midlands WS1 1QL has been appointed liquidator of
the company.

CONTACT:  GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


CONTROL TECHNIQUES: Hires Grant Thornton as Liquidator
------------------------------------------------------
At the extraordinary general meeting of Control Techniques
Precision Systems Limited on Feb. 25, 2005 held at The Gro,
Newtown, Powys SY16 3BE, the special resolution to wind up the
company was passed.  Paul Melville and Roy Welsby of Grant
Thornton UK LLP, Enterprise House, 115 Edmund Street, Birmingham
B3 2HJ has been appointed joint liquidators of the company.

CONTACT:  GRANT THORNTON UK LLP
          Enterprise House,
          115 Edmund Street, Birmingham B3 2HJ
          Phone: 0121 212 4000
          Fax: 0121 212 4014
          Web site: http://www.grant-thornton.co.uk


C.P.B. ELECTRICAL: Meeting of Creditors Set Next Week
-----------------------------------------------------
The creditors of C.P.B. Electrical Limited will meet on March
22, 2005 at 2:00 p.m.  It will be held at 6th Floor, Salisbury
House, 31 Finsbury Circus, London EC2M 5SQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, 1 Bede Island Road, Bede Island
Business Park, Leicester LE2 7EA not later than 12:00 noon,
March 21, 2005.

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


DUNCAN (SOUTHWOLD): Liquidator from Ensors Moves in
---------------------------------------------------
At the extraordinary general meeting of Duncan (Southwold)
Limited on Feb. 28, 2005 held at Cardinal House, 46 St Nicholas
Street, Ipswich, Suffolk IP1 1TT, the special resolution to wind
up the company was passed.  Steven M. Law of Ensors, Cardinal
House, 46 St. Nicholas Street, Ipswich IP1 1TT has been
appointed liquidator of the company.

CONTACT:  ENSORS
          Cardinal House
          46 St Nicholas Street
          Ipswich, Suffolk IP1 1TT
          Phone: 01473 220022
          Fax: 01473 220033
          Web site: http://www.ensors.co.uk


ELTON FORECOURT: Members General Meeting Set Next Month
-------------------------------------------------------
The general meeting of the members of Elton Forecourt Limited
will be on April 8, 2005 at 10:00 a.m.  It will be held at
Pelican House, 10 Currer Street, Bradford BD1 5BA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  FORTUNE PEAT
          Abacus House
          Acorn Business Park
          Tower Park
          Poole, Dorset BH12 4NZ
          Phone: 01202 380300
          Fax: 01202 380400
          E-mail: mikefortune@fortunepeat.co.uk


EPIC BRAND: Distributes Liquidation Payments to Shareholders
------------------------------------------------------------
The liquidator of EPIC Brand Investments plc, Michael Fayle of
KPMG LLC, said Tuesday the first distribution to shareholders is
95.1p per share.  Payments was be made on 16 March 2005.  Any
further information as to the possibility of any further
distributions will not be known until late 2006.

CONTACT:  KPMG LLC
          Phone: 01624 681 000
          Michael Fayle
          Peter Halpin

          ING CORPORATE FINANCE
          Phone: 020 7767 1000
          Nicholas Gold
          William Marle


EXETER FUND: Hires PricewaterhouseCoopers as Administrator
----------------------------------------------------------
Dan Schwarzmann and Mark Batten (IP Nos 1284, 816) have been
appointed administrators for Exeter Fund Managers Limited.  The
appointment was made March 3, 2005.  The investment company
manages unit trusts.  Its registered office is located at 23
Cathedral Yard, Exeter, Devon EX1 1HB.

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


FETTER FIVE: Sets Members General Meeting May
---------------------------------------------
The general meeting of the members of Fetter Five Limited
(formerly Granada Computer Services Holdings Plc) will be on May
11, 2005 at 2:30 p.m.  It will be held at KPMG LLP, 8 Princes
Parade, Liverpool L3 1QH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG LLP, 8 Princes Parade, Liverpool L3 1QH not later than
12:00 noon, May 10, 2005.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk


HARECLIVE (BRISTOL): Creditors Meeting Set Next Week
----------------------------------------------------
The creditors of Hareclive (Bristol) Limited will meet on March
22, 2005 at 10:00 a.m.  It will be held at 1-2 Little King
Street, Bristol BS1 4HW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens Corporate Recovery, 1-2 Little
King Street, Bristol BS1 4HW not later than 12:00 noon, March
21, 2005.

CONTACT:  MOORE STEPHENS
          1-2 Little King Street,
          Bristol BS1 4HW
          Web site: http://www.moorestephens.co.uk


HOPESOURCE LIMITED: Final Meeting Set Next Month
------------------------------------------------
The final meeting of Hopesource Limited will be on April 11,
2005 at 10:30 a.m.  It will be held at Gilderthorps, 22 Paul
Street, Shepton Mallet, Somerset BA4 5LA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


IMRY PROPERTY: Joint Liquidators from Deloitte & Touche Move in
---------------------------------------------------------------
At the general meeting of IMRY Property Holdings Limited, the
special and ordinary resolutions to wind up the company were
passed.  J. R. D. Smith and N. J. Dargan of 66 Shoe Lane, London
EC4A 3WA have been appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


J FENTON: Receiver Takes over Operations
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF J Fenton & Sons (Contractors) Limited
                        (In Receivership)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG LLP, 191
West George Street, Glasgow G2 2LJ, United Kingdom hereby give
notice that Gerard Anthony Friar, Chartered Accountant, and I
were appointed joint receivers of the whole property and assets
of J. Fenton & Sons (Contractors) Limited in terms of Section 51
of the Insolvency Act 1986 on February 24,2005.

In terms of Section 59 of the said Act, Preferential Creditors
are required to lodge their formal claims with me within six
months of this date.

Blair Carnegie Nimmo, Joint Receiver
February 28, 2005

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


LABOUR POOL: In Administrative Receivership
-------------------------------------------
National Westminster Bank Plc appointed Matthew Dunham and
Charles William Anthony Escott (Office Holder Nos 8376 and 8913)
joint administrative receivers for Labour Pool Limited (Reg No
02575710, Trade Classification: 7450).  The application was
filed March 3, 2005.  The company is engaged in labor
recruitment.

CONTACT:  RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


LONDON & CITY: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of London &
City Retail Limited on March 7, 2005 held at Russell House, 28-
30 Little Russell Street, London WC1A 2HN, the special, ordinary
and extraordinary resolutions to wind up the company were
passed.  Murzban Khurshed Mehta and Mark Richard Phillips of
Citroen Wells, Devonshire House, 1 Devonshire Street, London W1W
5DR have been appointed joint liquidators of the company.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


LUTON PAINTING: Bank of Scotland Appoints KPMG Receiver
-------------------------------------------------------
Bank of Scotland appointed James Douglas Ernie Money and Myles
Antony Halley (Office Holder Nos 1317, 6658) joint
administrative receivers for Luton Painting Limited (Reg No
02647720, Trade Classification: 3663).  The application was
filed March 8, 2005.  The company is into spraying and cleaning
PVCs.

CONTACT:  KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


MACKAY (CONSTRUCTION CHEMICALS): Calls in Administrator
-------------------------------------------------------
Ian William Kings (IP No 7232) has been appointed administrator
for Mackay (Construction Chemicals) Limited.  The appointment
was made March 4, 2005.  Its registered office is located at
Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


MEPC LIMITED: Proposes to Repay Unsecured Loan Stock
----------------------------------------------------
MEPC Ltd. is calling holders of its 10.5% Unsecured Loan Stock
2032 for a meeting on 7 April 2005 to consider a proposal to
give the company the ability to repay the stock in April 2005 at
a price equivalent to the yield on the 4.25% Treasury Stock 2032
plus 2.80%, together with accrued interest.  Full details are
set out in a circular to stockholders.

CONTACT:  MEPC
          Gavin Lewis
          Phone: 020 7702 6110

          JPMORGAN CAZENOVE
          Francis Burkitt
          Phone: 020 7155 4924
          Tim Waters
          Phone: 020 7155 8101


MEPC LIMITED: Fitch Frowns on Debt Prepayment Plan
--------------------------------------------------
Fitch Ratings affirmed U.K. property company MEPC Limited's
Senior Unsecured and Short-term ratings at 'B' and 'B'
respectively with a Negative Outlook.  This affirmation follows
the announcement that MEPC has asked its 2032 bondholders to
formally accept a proposal to prepay the bond's outstanding
amount.

MEPC proposes to repurchase the outstanding GBP92.7 million
unsecured 10.5% 2032 bonds, plus a premium of GBP32 million (a
price equivalent to the yield on the 4.25% treasury plus 2.80%).
Fitch is still concerned that MEPC's existing unsecured debt,
when intended secured financing for the group is arranged, will
(even for an intervening period) be subordinated.  There is no
particular reason for pre-paying this long-dated bond -- as its
bond covenants are weak with no negative pledge or restriction
on disposals clause -- other than the bond is too long-dated in
nature (given MEPC's portfolio's average lease length of 7.9
years) and its anachronistically high coupon.

To fund this prepayment MEPC will be drawing upon its GBP350
million BT pension scheme's ("BTPS", which owns Hermes Pension
Management and is its largest client) committed unsecured
revolving facility, which matures in September 2007.  Fitch had
taken comfort that the BTPS facility would entirely cover the
potential short-term refinancing risk of the short-dated bonds
(2006 expiries: GBP130 million).  Further to this proposed
transaction, the BTPS facility will be drawn at around GBP250-
260 million.

As highlighted in Fitch's rating action on 4 August 2004, MEPC
plans to arrange secured funding which will reduce outstandings
under the BTPS facility, which should then leave headroom for
the 2005 and 2006 repayment obligations to be funded by the BTPS
facility.  If the secured funding is not successfully procured,
then 2005 and 2006 debt maturities face a, now heightened,
bullet refinance risk.  Currently both 2006 bonds benefit from a
maximum gearing covenant (of 150%), with the 8.75% 2006 bond
having a negative pledge clause although this is weak as it
applies only to foreign denominated debt (i.e. non-sterling
debt).  The other 12% 2006 bond also has an inner limit
provision on secured debt and a restriction on disposals clause.
The other 2017 and 2024 debentures are expected to remain in
place.

The Negative Outlook also includes Fitch's concern that further
funds could be repatriated from MEPC to the holding company
Leconport Estates (owned by Hermes) as additional inter-company
loans with this entity.  If drawn and channeled upstream, this
could again reduce MEPC's financial flexibility in the future.
Fitch would expect MEPC to confirm that in such a case these
funds would be available for debt repayment.

MEPC's ratings, nevertheless, reflect the good overall quality
of the assets, stable income from the investment portfolio,
diverse tenant base, minimal development exposure and the
clearer ownership structure with Hermes as sole shareholder.
However, it suffers from insufficient debt serviceability and
less diversified exposure to a still uncertain underlying
business park market.  MEPC's current business space vacancy
rate is 16% (measured by space).  There is, however, the
possibility of a revival in business space take-up in 2005 and
2006.

MEPC's financial parameters are tight, although now slightly
improving.  Property asset cover for unsecured bondholders is
now 1.9x.  Debt serviceability (net interest cover of 0.9x at
FY04, excluding interest receivable from Leconport) is still
dependent on interest receivable on the Leconport loan to cover
expensive cost of funds including an overlay of derivatives.
Gross interest cover is expected to improve as rent frees cease,
lettings increase, and the 2032 high-coupon bond issue is
prepaid.

MEPC had GBP901.2 million of property assets at September 2004
and an annualized rent roll of GBP58 million.  The business park
portfolio at YE04 was geographically split: South East England
58%, rest of U.K. 42%.

CONTACT:  FITCH RATINGS
          Jean-Pierre Husband, London
          Phone: +44 (0) 20 7417 6304

          John Hatton
          Phone: +44 (0) 20 7417 4283

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

          MEPC
          Mr. Gavin Lewis
          Head of Corporate Finance
          Phone: 020 7702 6110


MEPC LIMITED: S&P Keeps Debt Ratings on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B+' senior
unsecured debt ratings on U.K.-based property investment company
MEPC Ltd. remain on CreditWatch with negative implications,
where they were placed on Aug. 9, 2004, following MEPC's recent
announcement that it proposes to repay its unrated GBP92.8
million (US$177.6 million) 10.5% unsecured loan stock (maturing
2032) in April 2005.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit rating on the company and its 'CCC+' preferred
stock rating on related entity MEPC International Capital L.P.--
which is guaranteed on a subordinated basis by MEPC.  The
outlook on MEPC is negative.

MEPC is planning to use the remaining GBP215 million of
availability under its committed revolver, provided by British
Telecommunications PLC's (A-/Stable/A-2) pension scheme (BTPS
revolver), to repay the loan stock.  Should holders of the loan
stock approve the redemption, MEPC's financial profile will be
broadly unchanged.

"The company is expected to benefit from lower interest costs
accompanied by a small increase in its loan-to-value ratio, as a
redemption premium will be paid in order to redeem the loan
stock early," said Standard & Poor's credit analyst Kenneth Mak.
"MEPC's liquidity and debt maturity profile will, however,
deteriorate."

In a subsequent step, MEPC intends to pay down the BTPS revolver
through a GBP400 million five-to-seven year secured loan that
was originally proposed in August 2004, but was not put in
place.  Depending on the actual amount of secured debt raised,
the group's ratio of priority liabilities to total assets is
expected to exceed 15%, the threshold for a one-notch downgrade,
but might also exceed the 30% threshold for a two-notch
downgrade.

The senior unsecured debt ratings were initially placed on
CreditWatch with negative implications to reflect MEPC's
intention to put in place the GBP400 million secured loan that
will subordinate any unsecured debt.

Standard & Poor's expects to resolve the CreditWatch placement
during the second half of 2005 as the company finalizes the
arrangements for the secured loan.

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

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

          MEPC
          Mr. Gavin Lewis
          Head of Corporate Finance
          Phone: 020 7702 6110


MONTALT MAINTENANCE: Sets Creditors Meeting Next Week
-----------------------------------------------------
The creditors of Montalt Maintenance Limited will meet on March
23, 2005 at 11:00 a.m.  It will be held at 67 Butts Green Road,
Hornchurch, Essex RM11 2JS.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to Vantis
Redhead French Limited, 43-45 Butts Green Road, Hornchurch,
Essex RM11 2JX not later than 12:00 noon, March 21, 2005.

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


MORGAN BLAIR: Hires Liquidator from Begbies Traynor
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Morgan Blair Limited
                        (In Liquidation)

I, Kenneth W Pattullo, of Begbies Traynor, 4 Albyn Place,
Edinburgh, EH2 4NG hereby give notice, pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986, that on February 24, 2005,
I was appointed Liquidator of Morgan Blair Limited by a
resolution of the First Meeting of Creditors held in terms of
Section 138(3) of the Insolvency Act 1986.

A Liquidation Committee was not established.  I do not intend to
summon another meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
Company's creditors in terms of Section 142(3) of the Insolvency
Act 1986.

Kenneth W. Pattullo, Liquidator
February 24, 2005

CONTACT:  BEGBIES TRAYNOR
          4 Albyn Place
          Edinburgh EH2 4NG
          Phone: 0131 225 7851
          Fax: 0131 225 4025
          E-mail: edinburgh@begbies-traynor.com
          Web site: http://www.begbies.com

          Kenneth Wilson Pattullo
          E-mail: ken.pattullo@begbies-traynor.com
          Phone: 0141 222 2230
          Fax: 0141 222 2330


NTL INC.: Trims down Net Loss by GBP100 Million
-----------------------------------------------
Ntl Inc. reported its fourth quarter and year-end results for
2004.

              Highlights of Continuing Operations

Financial Highlights

(a) 2004 revenue up 5.7% to GBP2,074 million;

(b) Q4 2004 up revenue 5.3% to GBP532 million vs. Q4 2003;

(c) 2004 Operating income before depreciation, amortization and
    other charges (OCF) increased 12.0% to GBP695 million;

(d) Q4 2004 up operating income 4.7% to GBP182 million vs. Q4
    2003;

(e) 2004 Operating loss improved by 79.7% to -GBP39 million;

(f) Q4 2004 operating loss up Improved 88.6% to -GBP6.4 million
    vs. Q4 2003; and

(g) OCF margin and adjusted OCF margin (or underlying margin)[*]
    in Q4 at 34% and 36% respectively.

Operational Highlights

(a) Strong gross adds in Q4 of 185,200 (162,100 on-net) in line
    with previous four quarters

(b) 2004 consumer revenue up 8.7% to GBP1,508 million

(c) Q4 2004 consumer revenue up 7.5% to GBP391 million vs. Q4
    2003;

(d) Q4 on-net ARPU of GBP42.40;

(e) On-net broadband growth of 71,800 in Q404, full year growth
    of 31%;

(f) Triple play on-net penetration of 24.0%, up 3.4 points vs.
    Q4 2003;

Corporate Highlights

(a) Free Cash Flow improved to GBP61 million for full year 2004
    vs. GBP(26) million for 2003;

(b) Net cash provided by operating activities improved to
    GBP385.3 million for the full year 2004 compared with
    GBP318.8 million for 2003;

(c) Broadcast business sold for GBP1.27 billion; and

(d) Used proceeds to prepay GBP500 million of debt and announced
    intention to effect the purchase of our common stock in any
    amount up to GBP475 million.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] OCF margin is OCF as a percentage of revenue.  Adjusted OCF
Margin (or underlying margin) is Adjusted OCF, which excludes
certain costs associated with redundancies in December 2004 and,
with respect to our discontinued operations and total
operations, Broadcast disposal costs and other provisions of
discontinued operations, as a percentage of revenue.  For a
discussion of the non-U.S. GAAP financial measures underlying
these ratios, see Appendix G.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Commenting on the results, Simon Duffy, Chief Executive Officer
of ntl, said: "ntl underwent major organizational changes in
2004, with almost every part of the business being restructured.
It therefore gives me particular pleasure to report that,
despite this upheaval, the company performed very well with
underlying margins for the group as a whole, including
Broadcast, rising to 37% in Q4.  For continuing operations
alone, they rose to 36%.  We considerably strengthened and
improved the operational base of the company, reinforcing our
ability to continue to grow profitably.

"After implementing major systems improvements in 2004 and
aggressively removing delinquent or non-paying customers from
our customer count, we expect to add over 200,000 customers on-
net this year, including a further 20-25% increase in our
broadband customer base.

"The sale of Broadcast and the acquisition of virgin.net mark
significant changes in the company's strategic profile and,
along with the operational improvements, position it well for
the next stage of development.  The whole company will remain
focused on driving increases in shareholder value in 2005."

Financial Highlights of Continuing Operations

                                             Quarterly
                 Annual Results    %         Results       %
                 --------------- change   -------------- change
(GBP millions)                                Q4-    Q4-
                  2004     2003            2004   2003
                  ---------------          --------------
Revenue

  Consumer     1,508.0  1,387.7    8.7%    390.8  363.7    7.5%

  Business       493.0    500.9   (1.6)%   121.6  122.4   (0.6%)

  Ireland         72.6     72.5    0.1%     19.3   18.7    3.2%
               -------  -------           ------  -----
Total Revenue  2,073.6  1,961.1    5.7%    531.7  504.8    5.3%

Operating Income
before depreciation,
amortization and
other charges   694.7    620.1[1] 12.0%   181.5  173.3[2] 4.7%

Operating Loss   (39.0)  (192.4)  79.7%     (6.4) (56.0)  88.6%

Net Loss        (484.2)  (583.7)  17.1%    (73.6)(130.2)  39.8%
               =======  =======           ======  =====

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] 2003 included approximately GBP33 million of previously
disclosed non-recurring benefits

[2] Q403 included approximately GBP16 million of previously
disclosed non-recurring benefits
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

In the following discussion, the company's intention is to
provide investors with a better understanding of the operating
results and underlying trends to measure past and future
performance and liquidity.  We evaluate operating performance
based on several measures, including the non-GAAP measures of
operating income before depreciation, amortization and other
charges (OCF), Adjusted OCF, free cash flow, defined as net cash
provided by (used in) operating activities less purchase of
fixed assets, and fixed asset additions (accrual basis), as we
believe these are important measures of the operational strength
of our business.

Since these measures are not calculated in accordance with U.S.
GAAP, they should not be considered as substitutes for operating
(loss) income, net cash provided by (used in) operating
activities, and purchase of fixed assets respectively, as
indicators of our operating and cash flow performance and
expenditure for fixed assets.

Q404 and Full Year 2004 Review

Reporting changes

We entered into an agreement to sell our Broadcast business on
December 1, 2004 and closed the sale on January 31, 2005.  As a
result, we are accounting for the Broadcast business as a
discontinued operation in all financial statements for the 2004
and 2003 fiscal year.  Accordingly, Broadcast financials have
been removed from the results of continuing operations and the
operating results for Broadcast have been reported as a gain
from discontinued operations.

Following the Broadcast sale, we now manage a single cable
business.  From now on, we will operate our business and report
our operations in a single segment under the relevant accounting
guidelines and will provide relevant data with respect to our
three principal sales channels, Consumer, Business and Ireland.
Financial information for prior periods has been restated
accordingly.

Revenue

Fourth quarter revenue was GBP531.7 million (US$991.4 million),
up 5.3% from the fourth quarter of 2003.  Full year revenue was
GBP2,073.6 million (US$3,800.1 million), up 5.7% over full year
2003.  The increase for both periods is primarily due to strong
growth in Consumer revenue, which is discussed in detail below.

Consumer

We provide bundled services, including a range of broadband and
dial-up Internet services, local, long distance and
international telephone services, and digital and analogue cable
television, to our residential customers through our Consumer
sales channel, previously reported within ntl: Home.  Included
within Consumer are ntl's residential off-net customers and
virgin.net.  In November 2004 we acquired from the Virgin Group
51% of Virgin Net Limited, which operates virgin.net, thereby
making it our wholly owned subsidiary.  Wholesale Internet
revenue, previously reported in ntl: Home, is now included in
Business revenue.

Fourth quarter Consumer revenue was GBP390.8 million (US$728.5
million), up 7.5% over the same period last year.  Included in
Q4 Consumer revenue is GBP4.8 million (US$8.8 million) related
to virgin.net.  The increase in revenue is primarily related to
strong growth in broadband RGUs, which increased by 155,900 in
the quarter, including approximately 62,000 acquired by virtue
of our acquisition of virgin.net.  Also contributing to Consumer
revenue growth is the increase in Talk Plan telephony customers,
which grew from approximately 26% to 32% of our on-net telephony
customer base compared with the same period last year.

The overall value of our customer base continues to improve as
evidenced by the rise in the number of customers taking three
services.  On-net triple play penetration reached 24.0% in the
fourth quarter, up 3.4 points from the same period last year.
On-net average revenue per user (ARPU) increased by GBP0.44 over
Q4 2003 to GBP42.40.  The increase in ARPU was primarily related
to a greater number of broadband and DTV RGUs as well as two DTV
price rises, which were partly offset by lower telephony usage
and lower ATV RGUs.

We enjoyed good growth in gross customer additions, reflecting
the strength of our bundled offers.  Gross customer additions,
which include on-net and off-net customers, were 185,200
(162,100 on-net), which is in line with the average of the
previous four quarters.  At 36% for broadband, 34% for telephony
and 30% for television, on-net gross RGU additions were evenly
distributed between all three-product categories.

We added 34,200 residential customers (20,700 on-net) in the
fourth quarter to end the year with 3.14 million customers (2.98
million on-net), a 3.8% increase over Q4 2003.  We also added
80,500 RGUs (65,200 on-net) in the quarter, ending the year with
5.95 million RGUs (5.78 million on-net), a 5.5% increase over Q4
2003.

The strong performance of gross customer additions was partly
offset by an increase in involuntary churn as our collections
activities struggled to meet the challenges of aggressively
clearing out non-paying customers and the implementation of our
new credit policy.  The increase in churn mostly impacted
telephony and analogue TV customers.  In addition, we
disconnected 42,000 of the 49,300 backlogs disclosed in our Q3
results and, as a result of the continuing harmonization of our
billing systems, removed 20,000 customers (29,300 RGUs, mostly
television) from the customer count.

Looking forward, we foresee another strong gross adds
performance in Q1 of 2005 and expect that a significant
improvement in churn will result in a substantial improvement in
on-net net additions in the first quarter.  We also expect to be
back on track for our long-term on-net target of over 50,000 net
customer additions per quarter from Q2 onwards, resulting in
over 200,000 on-net net additions for full year 2005.

Full year Consumer revenue was GBP1,508.0 million (US$2,763.6
million), up 8.7% over 2003, largely reflecting the 40% growth
in broadband subscribers to 1.33 million including approximately
62,000 acquired with virgin.net.  Excluding virgin.net and off-
net broadband customers, on-net broadband subscribers increased
by 31% over 2003, ahead of the company's guidance of 25 to 30%.
On-net broadband customer penetration is up 8.9 points to 41.9%
vs. the same period last year.  Increased telephony call
volumes, growth in Talk Plan penetration, and 52,500 additional
digital television subscribers also contributed to the full year
growth in revenue.

We expect continued robust on-net broadband growth in 2005 of
approximately 20 to 25%, despite starting from a significantly
higher base of customers.

Business

We provide a range of retail and wholesale voice, data and
Internet products and services to the business market comprising
private and public organizations as well as resellers and mobile
operators.  We now report revenue from Wholesale Internet
customers and Carriers customers within our Business revenue.
Wholesale Internet revenue was previously included in ntl: Home
and Carriers revenue was disclosed separately.

Fourth quarter Business revenue of GBP121.6 million (US$227.0
million), which includes GBP56.5 million (US$103.5 million)
relating to Wholesale Internet and Carriers, was down 0.6% over
the same period last year.  Full year Business revenue of
GBP493.0 million (US$903.5 million), which includes GBP227.7
million (US$417.3 million) from Wholesale Internet and Carrier
customers, was down 1.6% over 2003.  Broadband growth in
Wholesale Internet was more than offset by lower mobile and
international call usage.

Ireland

We offer digital and analogue cable television to homes in our
network in the Republic of Ireland, in Dublin, Waterford and
Galway, and broadband in parts of Dublin.  Additionally, we
offer a full range of business telecommunications services in
Ireland, including voice, data and Internet products.

Fourth quarter Ireland revenue was GBP19.3 million (US$35.9
million), up 3.2% over the same period last year, due largely to
greater take up of digital television services and better
television pricing.

In the fourth quarter, residential customers increased by
approximately 4,100 to reach 347,800.  Monthly churn improved
substantially to 0.6%, representing an improvement of more than
50% compared with the same period last year.

As a result of the ongoing investment in the network, broadband
homes marketable increased by nearly 22,000 to 88,100.
Broadband customers increased to 7,500, more than double the
number at the end of last year.

Operating Income Before Depreciation, Amortization and Other
Charges (OCF)

Since the company now has only one segment, it is no longer
appropriate to report Segment Profit.  We now refer to OCF,
which is calculated in the same way as we previously calculated
Combined Segment Profit.

Fourth quarter operating income before depreciation,
amortization and other charges increased by 4.7% to GBP181.5
million (US$338.3 million) versus the same period last year.
Full year operating income before depreciation, amortization and
other charges was GBP694.7 million (US$1,273.2 million), up
12.0% over full year 2003.

The improvement in both the quarterly and full year results
reflects increased Consumer revenues, reduced costs for PPV and
PremierPlus content (which were partly offset by higher Sky
programming costs), lower maintenance contracts and reduced
employee costs, though the latter were more than offset by a
one-off charge in Q4 of GBP10.6 million in respect of the
December 2004 redundancies.

The net benefit was also impacted by higher bad debt charges in
Consumer and costs related to Sarbanes-Oxley compliance.  Stock
based compensation expense (SBCE) was GBP2.9 million (US$5.0
million) in Q4 and GBP12.9 million (US$23.6 million) in for the
full year.

Operating and Net Loss

Fourth quarter operating loss was GBP6.4 million (US$12.0
million), an 88.6% improvement versus the same period last year
primarily due to our improved operating performance, reduced
restructuring charges and lower depreciation charges.

Full year operating loss was GBP39.0 million (US$71.6 million),
a 79.7% improvement versus the same period last year largely due
to improved operating performance relating to consumer
subscriber growth.

Fourth quarter net loss was GBP73.6 million (US$137.8 million),
a 43.5% improvement versus the same period last year.  The
improvement reflects decreased interest expense following the
refinancing in 2004, which was partly offset by exchange rate
losses.

Full year net loss was GBP484.2 million (US$880.1 million), a
17.1% improvement over 2003.  The decreased loss is attributable
to our improved operating performance and savings in interest
expense, which were largely offset by a previously disclosed
charge in Q204 of GBP162.3 million resulting from
extinguishments of debt.

Fixed Asset Additions (Accruals Basis)

Fourth quarter fixed asset additions were GBP81.4 million
(US$151.6 million), an increase of GBP22.3 million over the same
period last year.  The increase is due to higher scaleable
infrastructure costs primarily associated with the London
network upgrade, higher commercial costs related to upgrades to
the voice network and higher CPE costs reflecting an increase in
deliveries of set top boxes and cable modems.  These increases
were partly offset by improved CPE controls and cost savings.

Full year fixed asset additions were GBP292.5 million (US$536.0
million), an increase of GBP27.9 million over the same period
last year.  Scaleable infrastructure costs increased primarily
due to the network upgrade in London and commercial spend
increased due to higher investment on voice services.  While we
increased the deliveries of set top boxes and cable modems, CPE
spend decreased due to improved cost controls and an increased
number of pre-wired homes where the cost to install is expensed
rather than capitalized.

Full year 2005 fixed asset additions are projected to be between
GBP300 million and GBP340 million.  The projected increase over
2004 is driven primarily by higher CPE costs due to anticipated
customer growth and project spend related to broadband speed
increases, continued voice network upgrades and the rollout of
Video on Demand.

Cash and Cash equivalents

At December 31, 2004, cash and cash equivalents were GBP125.3
million (US$240.0 million).

                          Other Matters

Broadcast Sale and Use of Proceeds

As previously announced, we sold our Broadcast business in
January 2005 for proceeds of GBP1.27 billion (US$2.30 billion),
subject to post-closing adjustment.  Ntl has previously
announced that it may use up to GBP475 million (US$900 million)
of the proceeds to repurchase its common stock.  The company has
also repaid GBP500 million of debt outstanding under its GBP2.17
billion credit facility, resulting in a forecast decrease in
cash interest expense of GBP35 million in 2005.  The balance of
the net proceeds will be retained for general corporate
purposes.

In February 2005, ntl used US$130 million to repurchase 1.89
million shares of its common stock in the open market.  Future
repurchases may be effected either in the open market, using one
or more tender offers, one or more private transactions or a
combination thereof.  Stock repurchases are subject to a variety
of factors, including market conditions, the competitive
environment and exchange rates.

virgin.net

In November 2004, we completed the acquisition of Virgin Media
Group's remaining 51% ownership interests in Virgin Net Limited
and remaining interests held by existing and former management.
Virgin Net Limited, which operates under the brand virgin.net,
is a substantial U.K. Internet Service Provider (ISP) with
roughly 590,000 customers, approximately 10% of which were
broadband customers as of yearend 2004.

Ireland

We are evaluating strategic alternatives for our business in the
Republic of Ireland, which may include a divestiture.
Considerable interest has been expressed by prospective
purchasers.

About ntl

ntl Incorporated (NASDAQ: NTLI) offers a wide range of
communications and content distribution services to residential
and business customers throughout the U.K. and Ireland.  ntl is
the U.K.'s largest cable company with 3 million residential
customers, and the U.K.'s leading supplier of broadband services
to consumers, with over 1.3 million broadband customers.  ntl's
network can service 7.9 million homes in the U.K.

A full copy of ntl's financial results is available free of
charge at http://bankrupt.com/misc/ntl_2004.htm.

CONTACT:  NTL INCORPORATED
          Bartley Wood Business Park,
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Web site: http://www.ntl.com

          Investor Relations
          Patti Leahy
          Phone: +1 610 667 5554
          E-mail: patricia.leahy@ntl.com

          Investor Relations Office:
          Phone: +44 (0) 207 967 3347
          E-mail: karen.bullot2@ntl.com

          Alison Kirkwood
          Phone: +44 (0) 1256 752662
                     (0) 7788 186154
          E-mail: alison.kirkwood@ntl.com

          BUCHANAN COMMUNICATIONS
          Richard Oldworth
          Phone: +44 (0) 207 466 5000


PEART HEYWOOD: Bank of Scotland Appoints KPMG Receiver
------------------------------------------------------
Bank of Scotland appointed James Douglas Ernle Money and Myles
Antony Halley (Office Holder Nos 1317, 6658) joint
administrative receivers for holding company Peart Heywood
Industries Limited (Reg No 04865169, Trade Classification:
7415).  The application was filed March 8, 2005.

CONTACT:  KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


QXL RICARDO: Tiger Acquisition Offer Expires
--------------------------------------------
Acceptance Levels

As at 3:00 pm on 14 March 2005, valid acceptances had been
received in respect of a total of 323,491 QXL Ricardo plc
Shares, representing approximately 19.0% of the current issued
ordinary share capital of QXL.

Of the acceptances received, acceptances in respect of a total
of 25,524 QXL Shares, representing in aggregate approximately
1.5% of the current issued ordinary share capital of QXL have
been received from persons acting in concert with TAC, namely J
B Bulkeley, M X Zaleski (and Isabelle Gaspar, his wife), R S
Dighero, T T Parkinson, all of whom have irrevocably undertaken
to accept the Original Offer.

Of the acceptances received, acceptances in respect of a total
of 187,425 QXL Shares, representing in aggregate approximately
11.0% of the current issued ordinary share capital of QXL, have
been received from persons who have irrevocably undertaken to
accept the Increased Offer, namely Christopher Fleet, Jeffrey
Fleet, Donald Godwin and Apax Partners Limited.

Prior to 12 November 2004, the date on which QXL announced that
it had received an approach which might lead to an offer for the
Company, persons acting in concert with TAC (namely J B
Bulkeley, M X Zaleski (and Isabelle Gaspar, his wife), R S
Dighero and T T Parkinson) were beneficial holders of a total of
32,380 QXL Shares representing approximately 1.9% of the current
issued ordinary share capital of QXL.  These parties also held
options over an aggregate of 76,793 ordinary shares in QXL.
Save for these persons, neither TAH, TAC, the Great Hill
Parties, nor any person acting in concert with TAC held QXL
Shares (or rights over QXL Shares) prior to 12 November 2004.

Save for the QXL Shares subject to the irrevocable undertakings
referred to above, during the Offer Period neither TAH, TAC, the
Great Hill Parties, nor any person acting in concert or deemed
to be acting in concert with TAC for the purpose of the
Increased Offer, has acquired or agreed to acquire any QXL
Shares (or rights over QXL Shares).

Lapse of Increased Offer

The acceptance condition to the Increased Offer (which
constitutes a revision of the Original Offer) has not been
satisfied and as a result the Increased Offer has lapsed and is
no longer capable of acceptance.

QXL Shareholders who have validly accepted the Original Offer or
Increased Offer and who have not withdrawn their acceptances are
advised that:

(a) In the case of QXL Shareholders who hold their QXL Shares in
    certificated form, their share certificate(s) and/or other
    document(s) of title will be returned to them as soon as
    possible (and in any event within the next fourteen
    days) in accordance with the terms of the Increased Offer;
    and

(b) In the case of QXL Shareholders who hold their QXL Shares in
    uncertificated form (that is, in CREST), Capita IRG Plc, as
    escrow agent, will give instructions to CRESTCo to transfer
    all QXL Shares held in escrow balance and in relation to
    which it is the escrow agent for the purposes of the Offer
    and the Increased Offer to the original available balances
    of the QXL Shareholder concerned.

If such QXL Shareholders are in any doubt about obtaining their
certificates or dealing with the relevant CREST accounts, they
should contact Capita IRG Plc on 0870 162 3121 or in writing at
Capita IRG Plc, Corporate Actions, P.O. Box 166, The Registry,
34 Beckenham Road, Beckenham, Kent BR3 4TH.

Dispensation from the Requirement to Post the Third Increased
Offer Document

In accordance with the Auction Process, TAC announced the Third
Increased Offer on Wednesday 9 March 2005.  In the light of
subsequent developments, and conditional upon the Increased
Offer lapsing (which condition is hereby satisfied), the Panel
and the Independent Directors of QXL have agreed to grant TAC a
dispensation from the requirement for TAC to post an offer
document to QXL Shareholders in relation to the Third Increased
Offer announcement.

Terms defined in the Increased Offer Document sent to QXL
Shareholders on 14 February 2005, the Original Offer Document
sent to QXL Shareholders on 26 November 2004 (save to the extent
superseded in the Increased Offer Document) and the Third
Increased Offer announcement released by TAC on 9 March, shall
have the same meaning when used in this announcement.

                            *   *   *

Not for release in or into the United States, Canada, Australia
or Japan.

CONTACT:  DELOITTE CORPORATE FINANCE
          Phone: 020 7936 3000
          Jonathan Hinton
          David Kent


SUSCOM INTERNATIONAL: Hires Administrators for Bridgestones
-----------------------------------------------------------
Jonathan Guy Lord and Robert L. Cooksey (Office Holder Nos 9041,
9040) have been appointed administrators.  The appointment was
made March 3, 2005.  The company manufactures furniture.

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


UNIQ PLC: Shakeup Displaces CEO Bill Ronald
-------------------------------------------
During the five-month offer period that ended on 1 March 2005,
the Board of Uniq plc conducted a review of the Group's
strategy, the main conclusions from which are being announced.

The Company operates through three divisions, which have strong
market positions in the U.K., France, and Germany and Benelux
respectively.  As a result of the review the Board has decided
that the strategy of seeking to build this portfolio into a Pan
European chilled food business is no longer appropriate.

The Group's current priority should be to focus on the growth
and profitability of its three core divisions rather than
seeking to further integrate these businesses given their
different characteristics and the slow rate at which these major
markets are converging.  Accordingly, the Group plans to manage
the three divisions as largely free-standing businesses that can
nonetheless continue to benefit collectively from centralized
purchasing, treasury, tax and finance functions.

Whilst the priority will be the continued improvement of
performance from the existing portfolio the Board will review
opportunities where, through acquisition the Group can
strengthen its market presence and derive synergies, or where
through disposal the Group can exit businesses that are sub-
scale.

This is most urgent in the U.K. where scale in chosen categories
is particularly critical.

The benefits of this change of strategy are expected to be
threefold:

(a) It will allow a greater devolution of decision-making to the
    three Divisional Managing Directors thereby facilitating
    increased responsiveness to changing competitive conditions
    and a faster rate of product innovation.  These are key
    success criteria in all of the dynamic markets in which the
    divisions operate;

(b) It will lead to significant savings in overhead costs.
    These savings will be achieved across all categories of
    overhead at Group and divisional level; and

(c) The Board believes that the change of focus, which will be
    accompanied by higher levels of media support behind the
    branded products, will deliver a faster rate of revenue
    growth and profit improvement in the business than would be
    achievable from a continuation of the existing strategy.

The Board and Bill Ronald have mutually concluded that the
successful execution of the new strategy requires a different
set of leadership skills to drive rapid change and to introduce
leaner and more responsive management structures.  Bill Ronald,
who has been Chief Executive since February 2002, will therefore
be leaving the business.  A search is under way for his
successor and an appointment will be made as soon as possible.
In the meantime, Nigel Stapleton, the Chairman, will be taking a
greater involvement alongside the three Divisional Managing
Directors and the Group Finance Director in guiding the
implementation of this new strategy.

The cost restructuring will begin immediately and is expected to
have a financial impact beginning in the year to March 2006.
The Board is targeting a reduction in overhead costs of at least
GBP6 million in 2005/06 against current annual expenditure
levels growing to annual savings of more than GBP20 million per
annum by 2007/08.  Associated exceptional costs on restructuring
will total approximately GBP38 million over 3 years of which
around GBP30 million will be cash costs.  Any impact of
withdrawing from sub-scale categories is excluded from these
figures.

The Board's expectation for 2004/05 performance remains
unchanged.  While the outlook for 2005/06 has not materially
changed it remains challenging and in the short term the
implementation of our restructuring program will not reduce the
challenge.  Uniq will publish the preliminary statement of its
results for the year ending 31 March 2005 on 23 May 2005 when it
will also provide more detail of the cost reduction program.

Following the recent announcement that Lord MacGregor of Pulham
Market, who is the senior non-executive director, will be
retiring from the Board in July, it has been agreed that
Margaret Young will take on that post with immediate effect.

Commenting on these developments, Nigel Stapleton, Chairman
said: "Uniq has an attractive portfolio of businesses, the
majority of which have strong market positions.  The Board is
confident that these businesses can deliver greater value to
shareholders if the divisional management teams are more focused
and we take the tough decisions needed to drive down cost and
accelerate product innovation.  We are sorry to be parting
company with Bill Ronald as a result of these decisions.  The
Board thanks him for his contribution and wishes him well for
the future."

CONTACT:  GAINSBOROUGH
          Julian Walker
          Phone: 020 7190 1705


WATERFORD WEDGWOOD: Rating Cut to 'CCC+' on Liquidity Risk
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Ireland-based luxury table and
dinnerware manufacturer Waterford Wedgwood PLC to 'CCC+' from
'B-'.  The outlook is negative.

At the same time, the subordinated debt rating was lowered to
'CCC-' from 'CCC'.

"The downgrade reflects the heightening of Waterford Wedgwood's
liquidity risk for fiscal year ending March 2006, based on an
acceleration in operating underperformance in recent months,"
said Standard & Poor's credit analyst Sunita Kara.

The 11% decline in sales on a like-for-like basis in January and
February 2005 demonstrates the continuing very difficult trading
conditions in the niche crystal and ceramics market that are
unlikely to stabilize in the near future.

"Given the group's high fixed costs, Standard & Poor's expects
that further top-line deterioration would have a substantial
impact on earnings and cash flow, which could result in
liquidity needs that would be greater than that available over
the next 12 months," added Ms. Kara.

Although Waterford Wedgwoood might be able to improve its cost
position through a successful integration of the recently
acquired chinaware manufacturer, Royal Doulton PLC, the
financial benefits are only likely to materialize in the second
half of fiscal 2006.  Even then, an increase in group sales
would be needed to leverage the high cost base.  In addition,
Standard & Poor's notes that Waterford Wedgwood will be without
a CFO, who recently resigned, during this important stage of
integration.

Standard & Poor's is concerned that Waterford Wedgwood's tight
liquidity position could deteriorate.  Due to the company's high
operational leverage, a continuation of top-line decline would
put further strain on earnings, and may trigger earlier-than-
expected liquidity issues.  Consequently, a lack of improvement
in sales, unless accompanied simultaneously by an adjustment of
the cost base, may lead to the ratings being lowered.

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

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

          WATERFORD WEDGWOOD PLC (London: WTFU)
          1-2 Upper Hatch St.
          Dublin, 2, Ireland
          Phone: +353-147-81855
          Fax: +353-147-84863
          Web site: http://www.waterfordwedgwood.com


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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