TCREUR_Public/050321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 21, 2005, Vol. 6, No. 56

                            Headlines

C R O A T I A

AGROKOR D.D.: S&P Raises Alarm on Weakening Finances


C Y P R U S

CYPRUS AIRWAYS: EUR50 Mln Govt-backed Loan Awaits E.U. Approval


F R A N C E

CLUB MEDITERRANEE: Accor Tie-up Gets Shareholders' Nod
EUTELSAT SA: Corporate Credit Ratings Cut to 'BB/B'


G E R M A N Y

BERENTZEN GRUPPE: Anticipates EUR10 Million Full-year Loss
B & M MIET: Chemnitz Court Confirms Bankruptcy
DALLY HOCHBAU: Bankruptcy Proceedings Begin
DRESDNER BANK: A.M. Best Impressed by EUR2.2 Billion Profit
GPC BIOTECH: Full-year Net Loss Up Almost 50% to EUR39.9 Million

GRANDILUPA GMBH: Bochum Court Appoints Interim Administrator
KKS SYSTEME: Proofs of Claim Due Next Month
KNAUPE GMBH: Bonn Court Brings in Interim Administrator
LETTERPARK GMBH: Provisional Administrator Takes over Operation
LRS LAMBERT: Applies for Bankruptcy Proceedings

NORDDEUTSCHES BEWACHUNGSINSTITUT: Declared Insolvent
P.E.T. ENTWICKLUNGSGESELLSCHAFT: Succumbs to Insolvency
PHOENIX MANAGED: Missing Funds Could Amount EUR800 Million
TERDENGE GMBH: Bochum Court Opens Bankruptcy Proceedings


G R E E C E

FANCO SA: Resets Shareholders Meeting to March 31


I T A L Y

PARMALAT FINANZIARIA: Promotes Bondi to Chief Executive


L U X E M B O U R G

THIEL LOGISTIK: Operating Income Exceeds Target


R U S S I A

BAVLISNKIY INTER-ECONOMIC: Declared Insolvent
ECOS-A: Creditors Have Until Next Month to File Claims
KALININGRADSKIY: Deadline for Proofs of Claim April 5
KIROV-COLOR: Kirov Court Opens Bankruptcy Proceedings
MORSHANSKOYE GRAIN: Hires D. Kozlov as Insolvency Manager

NORTH-GAS-SERVICE: Last Day for Filing Claims April 5
REM-PROM-STROY: Succumbs to Insolvency
RUS: Gives Creditors Until April to Prove Claims
TOKAREVKA-REM-TEKH-PRED: Tambov Court Appoints Interim Manager
VERKHOTURSKIY FACTORY: Declared Insolvent
YUKOS OIL: Judge Handling Appeal Refuse to Stay Ch. 11 Dismissal
YUKOS OIL: Rosneft Demands US$11 Billion Reimbursement


S P A I N

IZAR: Labor Ministry Sanctions Redundancy Plan


T U R K E Y

TURK EKONOMI: Local Currency Rating Raised to 'BB+'


U K R A I N E

AZOV: Zaporizhya Court Opens Bankruptcy Proceedings
BARSKIJ RAJAGROSHLYAHBUD: Succumbs to Insolvency
CHERKASIAGROHIM: Gives Creditors Until Thursday to File Claims
ENERGODAR' BREAD: Under Bankruptcy Supervision
ENTERPRISEMEBLIMARKET: Declared Insolvent

HTVODPAT HARKIVAVTOTRANS: Last Day for Filing Claims March 24
MANIKOVTSI' ALCOHOL: Proofs of Claim Deadline Expires Next Week
SPETSSERVICE: Under Bankruptcy Supervision
UKRAGROOPT: Liquidator Takes over Helm
ZHITOMIR' FOOD: Creditors Claims Due Next Week


U N I T E D   K I N G D O M

42ND STREET: Hires PricewaterhouseCoopers as Liquidator
ABBEY CONSTRUCTION: Names Parkin S. Booth & Co. Liquidator
ADDLESTONE MODELS: Winding-up Resolutions Passed
ADVANCED ILLUSTRATION: Hires Administrators from Leonard Curtis
ARIGO LIMITED: Claims Filing Period Expires Last Week of May

ARISDALE SMOLT: Liquidator Takes over Operations
BAMBOO 1: Members Call in Joint Liquidators from Wilson Field
B & C HOLDINGS: Appoints Joint Liquidators from Gibson Hewitt
BEXLEY VEHICLE: Calls in Administrator from Rothman Pantall
BRIDEWELL BUSINESS: Members Pass Winding-up Resolutions

CAVIAR COMPUTERS: Members Hire Arkin & Co. as Liquidator
CIMFAB LIMITED: Brings in Liquidator from RSM Robson Rhodes
COLOURS ETC: Hires Liquidator from Firestones
CORUS GROUP: Returns to Black at Operating Level
CORUS GROUP: Dutch Unit Nominates J. Schraven as New Chairman

CORUS GROUP: Earns Upgrade for Improved Operating Results
CORUS GROUP: S&P Upgrades Rating to 'BB-'; Outlook Stable
CRAFTSMAN FURNITURE: Appoints BDO Stoy Hayward Administrator
CROSSGATES WORLD: Hires Piper Thompson as Liquidator
D J S ASSOCIATES: Members Call in Liquidator from Hart Shaw

EFUSE SOLUTIONS: Administrator from Crawfords Moves in
ELECTRIC LIGHT: Bank of Scotland Appoints Kroll Limited Receiver
HARTLAND QUAY: Liquidator from Milsted Langdon Moves in
INMARSAT GROUP: Fourth-quarter Revenues Slightly Down
JRC ENTERPRISE: Members Decide to Wind up Firm

L & P 91: Hires Kroll Buchler Administrator
OFFICE SHOP: Final Creditors Meeting Set First Week of April
ORANGE PEEL: Liquidator from BDO Stoy Hayward Steps in
RADIUS FLOORING: Hires Vantis Business Recovery as Administrator
RWB DECORATORS: Interim Liquidator Moves In

SEACROFT INTERNATIONAL: Hires Tenon Recovery as Administrator
SURPLUS STORES: Appoints Liquidator from Scoot & Patterson
TEMA LIMITED: Furniture Manufacturer Calls in Administrator
TRUFIT LIMITED: Calls in Administrator from Hazlewoods
UK GLASSFIBRE: Hires Joint Liquidators from Robson Rhodes


                            *********


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C R O A T I A
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AGROKOR D.D.: S&P Raises Alarm on Weakening Finances
----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Croatia-based food manufacturer and retailer Agrokor d.d. to
negative from stable, reflecting concerns about the company's
weakening financial profile.  At the same time, Standard &
Poor's also affirmed its 'B+' long-term corporate credit and
senior secured debt ratings on the group.

The rating continues to reflect the company's aggressive
financial profile and its high dependence on two main brands,
one country, and one owner.  The rating is supported by
Agrokor's dominant position in the Croatian mineral water and
ice cream markets, with market shares above 75%, and its strong
market position in food retail, with a 24% market share.
Consolidated financial debt was 3.1 billion Croatian kuna (HRK;
US$555.6 million) at Sept. 30, 2004.

The company's strategy to extend its business line and
geographical coverage in both the food and retail sectors
resulted in material negative free cash flow generation in 2004.

This was due to the combined effect of declining profitability,
sustained capital expenditure, and acquisition spending.

"We acknowledge that Agrokor's debt measures were below the
company's target measures in 2004 and the recently announced
acquisitions of two formerly government-owned, loss-making
companies (PIK, a meat processor, and Belje, a food
conglomerate) will further challenge Agrokor's ability to
improve profitability and cash flow performance over the short
term," said Standard & Poor's credit analyst Benedetta
Rospigliosi.  "The rating could be lowered by one notch if
prospects for sustainable 15% FFO coverage of net adjusted debt
recede further.  We expect meaningful progress to have been made
in that respect by year-end 2005."

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


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


CYPRUS AIRWAYS: EUR50 Mln Govt-backed Loan Awaits E.U. Approval
---------------------------------------------------------------
The European Commission is expected to rule on the EUR50 million
financing for Cyprus Airways within weeks, Reuters says.

According to sources, the carrier wants to avail of the
government-backed loan to offset the effects of heavy losses
caused by stiff competition in the European market.  "We expect
to hear from them either late this month or in early April,"
Communications Minister Haris Thrassou said in an interview with
Cyprus Broadcasting Corporation.

Cyprus Airways has been posting losses in recent years, booking
CYP33.5 million in net loss for 2004.  The carrier attributed
last year's huge loss to the liberalization of air transport,
high fuel prices and costly fleet renewal.  In December 2004,
the carrier revealed a CYP60 million financing requirement to
meet short-term and long-term needs.

The government, which holds a 69.62% stake in the carrier, is
exhausting all means to bail out the company.  It recently named
a technocrat and a senior economist to the board, which lost
three members following an impromptu strike by cabin crew.
Management is currently implementing cost-cutting measures,
which include redundancies, division spin-offs and sale of
Hellas Jet.

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


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


CLUB MEDITERRANEE: Accor Tie-up Gets Shareholders' Nod
------------------------------------------------------
Shareholders of troubled holiday resort operator Club
Mediterranee are amenable to the proposed alliance with hotel
group Accor, Les Echos says.  They likewise approved the
replacement of the group's management and supervisory boards
with a board of directors.

Consisting of 12 members, four of whom from Accor, the new board
will be chaired by Henri Giscard d'Estaing, the erstwhile head
of the management board.  He will also hold concurrently the
position of managing director.  Michel Wolfovski and Francois
Salamon, appointed deputy managing directors, will handle the
group's finance and European business operations respectively.

Club Med posted a EUR44 million net loss in 2003, despite
booking EUR1.6 billion in sales.  The group recently posted a
6.9% drop in first-quarter turnover, gaining only EUR319
million.  The group partly blamed the tsunami that hit southern
Asia late last year and hurricanes in the Caribbean for its poor
performance.  Accor holds a 28.9% stake in the group.

CONTACT:  CLUB MEDITERRANEE S.A.
          11 rue de Cambrai
          75957 Paris Cedex 19
          Phone: +33-1-53-35-35-53
          Fax: +33-1-53-35-32-73
          Web site: http://www.clubmed.com


EUTELSAT SA: Corporate Credit Ratings Cut to 'BB/B'
---------------------------------------------------
Standard & Poor's Ratings Services lowered on March 17 its long-
term corporate credit and senior unsecured bank loan ratings on
Eutelsat S.A., one of Europe's leading satellite capacity
providers, to 'BB' from 'BBB+', following news that the French
company will undergo a leveraged refinancing of its shareholder
vehicles.  The corporate credit rating remains on CreditWatch
with negative implications, while the CreditWatch implications
on the senior unsecured bank loan rating have been revised to
developing from negative.  At the same time, Standard & Poor's
lowered its short-term corporate credit rating on the company to
'B' from 'A-2', and removed it from CreditWatch.  All ratings
were initially placed on CreditWatch on March 7, 2004.

The developing implications on the EUR1.3 billion ($1.7 billion)
senior unsecured bank loan reflect the possibility that the loan
could be rated the same as or one notch higher than the
corporate credit rating, pending analysis of the group's new
capital structure.  Given the contemplated shareholding and debt
structure, the lender may indeed structurally benefit from
better access to Eutelsat's asset base than creditors at the
holding-company level.

The rating actions reflect the significant increase in leverage
that will result from Eutelsat's substantial debt-financed
dividend payments to existing shareholders, thereby switching
the company's capitalization into a highly leveraged financial
structure from the sound one currently in place.  Leveraged
recapitalization transactions have already been executed by a
number of Eutelsat's peers, such as PanAmSat Corp.
(BB/Stable/--) and Intelsat Ltd. (BB-/Negative/--), with pro
forma closing leverage of adjusted debt to EBITDA of about 6x.
Eutelsat's closing leverage is likely to be comparable following
this transaction.

Standard & Poor's will resolve the CreditWatch status on the
long-term corporate credit rating after the transaction is
completed and the final level and structure of debt are known.
In addition, we will need to review intercreditor agreements
within the holding-company structure (excluding Eutelsat S.A.)
-- including negotiated debt covenants as well as other
restrictions -- and determine whether headroom is sufficient to
maintain the 'BB' ratings.  If the transaction is carried out as
communicated to us by Eutelsat, we will most likely affirm our
long- and short-term corporate credit ratings on the company at
'BB/B', with a stable outlook.  Conversely, if overall debt
issuance exceeds our expectations, or if financial covenants do
not allow for a sufficient degree of comfort, the ratings could
be lowered further, likely by one notch.

The CreditWatch status on the bank loan rating will be resolved
once all available information has been received and we have
assessed the recovery prospects.  The terms of the bank loan are
expected to remain unchanged as a result of this transaction.
When full information is available, Standard & Poor's will also
assign debt and recovery ratings to Eutelsat's new financing
package.

Eutelsat is one of Europe's leading providers of satellite
capacity for the video segment.  Its credit profile benefits
from strong asset infrastructure, which constitutes a high
barrier to entry; long-term contracts; and a strong contracted-
revenues backlog of EUR3.4 billion at June 30, 2004, which
provides good sales and cash flow visibility and sound
profitability.  The company operates on a smaller scale than its
main peers, however, with a significantly lower presence in
North America, and has sought to expand into higher risk new
services and emerging markets over the past few years.  These
aspects somewhat moderate Eutelsat's overall business profile.
Eutelsat's total debt (including satellite performance
incentives, capital leases, and service purchase commitments)
was about EUR992 million at June 30, 2004.

Liquidity

Eutelsat had adequate liquidity at Dec. 31, 2004.  The expected
increase in leverage due to the recapitalization will, however,
in a consolidated holding structure, put pressure on the overall
group's liquidity and financial flexibility.  Dividends
upstreamed from Eutelsat S.A. to the holding company will be the
only source of funds for paying interest, and will be supported
by a EUR150 million revolving credit facility for any
shortfalls.  This indicates limited headroom for
underperformance at the operating level.

Eutelsat S.A.'s liquidity is also supported by cash and
equivalents of EUR30 million at June 30, 2004, and the extended
maturity of the EUR1.3 billion loan to Nov. 24, 2011.

Although the company operates in a capital-intensive industry,
Eutelsat S.A. is expected to maintain sufficient liquidity to
comfortably meet upcoming obligations and operate within a
framework of shareholder returns, which will maximize its
dividend-type distributions to the holding company.  Eutelsat
S.A.'s bank loan terms require it to maintain a net debt-to-
EBITDA ratio of no more than 3.75x, with net debt defined as
bank debt plus on-balance-sheet capital leases and hire purchase
agreements; compliance is tested semiannually.

Ratings List

                             To                  From
Long-term corporate credit rating
                         BB/Watch Neg        BBB+/Watch Neg

Short-term corporate credit rating
                          B                   A-2/Watch Neg

Senior unsecured debt rating
                         BB/Watch Dev        BBB+/Watch Neg

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

          EUTELSAT
          70, rue Balard
          F-75502 Paris Cedex 15
          France
          Phone: + 33 1 53 98 47 07
          Fax: +33 1 53 98 37 37
          E-mail: booking@eutelsat.fr
          Web site: http://www.eutelsat.com


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G E R M A N Y
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BERENTZEN GRUPPE: Anticipates EUR10 Million Full-year Loss
----------------------------------------------------------
Liquor manufacturer Berentzen Gruppe is expected to post over
EUR10 million in losses for 2004, Suddeutsche Zeitung says.

The group plans to spend EUR7 million more to intensify its
restructuring efforts.  It also intends to defer dividend payout
for 2004.  Berentzen will publish its 2004 financial results on
March 31.  Established 250 years ago, the company is one of the
country's leading spirits and alcoholic drinks supplier.  The
group has also ventured into the non-alcoholic drinks market.

CONTACT:  BERENTZEN-GRUPPE AG
          Ritterstrasse 7
          49740 Haseluenne
          Phone: +49 5961 502-0
                 +49 5961 502-268
          Web site: http://www.berentzen-gruppe.com

          Oliver Bartelt
          Head of Corporate Communications
          E-mail: oliver.bartelt@berentzen.de
                  presse@berentzen.de
          Phone: +49 (0) 5961/502-386
          Fax: +49 (0) 5961/502-550


B & M MIET: Chemnitz Court Confirms Bankruptcy
----------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against B&M Miet- und Bauservice GbR on Feb. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 29, 2005 to
register their claims with court-appointed provisional
administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 10:45 a.m. at Saal 27, im
Gerichtsgebaude Furstenstrasse 21, in Chemnitz 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 & M MIET- UND BAUSERVICE GBR
          Altenhainer Dorfstrasse 4, 09128 Chemnitz

          Carsten Morgenstern, Administrator
          Michaelstr. 71, 09116 Chemnitz


DALLY HOCHBAU: Bankruptcy Proceedings Begin
-------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Dally Hochbau on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 1, 2005 to register their claims
with court-appointed provisional administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 11:00 a.m. at Saal 24, im
Gerichtsgebaude Furstenstrasse 21, in Chemnitz 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:  DALLY HOCHBAU GMBH
          Lauterbacher Strasse 3, 08223 Dorfstadt
          Contact:
          Rolf Dally, Manager

          Wolfgang Hauser, Administrator
          Poetenweg 36, 08056 Zwickau


DRESDNER BANK: A.M. Best Impressed by EUR2.2 Billion Profit
-----------------------------------------------------------
A.M. Best Co. says all ratings of Allianz AG remain unchanged
following the announcement of a post-tax profit of EUR2.2
billion.  The reported level of profit is in line with the year-
end results factored within the existing ratings.  The outlook
for all ratings remains negative.

Allianz has made significant progress in improving its operating
performance, most notably in property/casualty business where
the combined ratio reduced to an excellent 92.9% in the fourth
quarter of 2004 (A.M. Best expectations approximately 95%), and
at Dresdner Bank, which achieved an overall small profit
compared to a loss in the previous year.

The company continues its efforts to achieve sustainable
profitability in 2005 and further improvements in earnings could
trigger a reassessment of this outlook.  For Best's Ratings, an
overview of the rating process and rating methodologies, please
visit http://www.ambest.com/ratings.

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

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


GPC BIOTECH: Full-year Net Loss Up Almost 50% to EUR39.9 Million
----------------------------------------------------------------
GPC Biotech AG reported that its revenues in 2004 decreased 41%
to EUR12.6 million from EUR21.6 million in 2003.  As reported in
previous releases, GPC Biotech expected a reduction in revenues
from technology alliances during 2004.  Several of these
alliances ended in 2003 and the Company is continuing to focus
on discovering and developing new anticancer drugs as opposed to
seeking new technology platform alliances.  The 2004 revenues
were generated from the Company's ongoing alliance with ALTANA
Pharma AG and the ALTANA Research Institute in the U.S.

Research and development (R&D) expenses increased 7% in 2004 to
EUR40.2 million compared to EUR37.7 million in 2003.  Despite
increased drug development activities in 2004, especially
related to the Company's lead drug candidate satraplatin,
including a ramp-up of patients enrolled in the SPARC Phase 3
registrational trial, R&D expenses increased only moderately
compared to 2003.

In 2004, general and administrative (G&A) expenses increased 14%
to EUR13.2 million compared to EUR11.5 million in 2003.  Non-
cash charges for stock options and convertible bonds, which are
included in R&D and G&A expenses, were EUR3.5 million in 2004
compared to EUR2.5 million in 2003.  The Company's net loss
increased 49% to EUR39.9 million in 2004 compared to EUR26.8
million in 2003.  Basic and diluted loss per share was EUR1.60
in 2004 compared to -EUR1.29 in 2003.

For the three months ended December 31, 2004, revenues were
EUR3.5 million, compared to EUR5.2 million for the same period
in 2003.  R&D expenses were EUR12.5 million in the fourth
quarter of 2004 (fourth quarter of 2003: EUR9.9 million).  G&A
expenses were EUR3.9 million in the fourth quarter of 2004
(fourth quarter of 2003: EUR3.1 million).  Non-cash charges for
stock options and convertible bonds, which are included in R&D
and G&A expenses, were EUR1.8 million in the fourth quarter of
2004 (fourth quarter of 2003: EUR0.3 million).  Net loss was
EUR13.8 million in the fourth quarter of 2004 (fourth quarter of
2003: -EUR8.6 million).  Basic and diluted loss per share was
EUR0.50 in the fourth quarter of 2004, compared to -EUR0.41 for
the same period in 2003.

As of December 31, 2004, cash, cash equivalents, short-term
investments and marketable securities totaled EUR131 million
(December 31, 2003: EUR91.7 million), including EUR2.3 million
in restricted cash.  Net cash burn for fiscal 2004 was EUR38.9
million.  Net cash burn is derived by adding net cash used in
operating activities (EUR37.8 million) and purchases of
property, equipment and licenses (EUR1.1 million).  The figures
used to calculate net cash burn are contained in the Company's
consolidated statements of cash flows for the fiscal year ended
December 31, 2004.  Net cash burn was EUR10.0 million for the
fourth quarter of 2004, EUR10.5 million for the third quarter of
2004, EUR9.6 million for the second quarter of 2004 and EUR8.8
million for the first quarter of 2004.

"Our focus during 2004 was on broadening GPC Biotech's potential
to build for the future success of the Company," said Bernd R.
Seizinger, M.D., Ph.D., Chief Executive Officer.  The year was
marked by important achievements, including a major financing, a
NASDAQ listing, the advancement of our oncology drug development
programs and the laying of the groundwork to expand the medical
and commercial opportunities for our lead anticancer drug
candidate, satraplatin."

Dr. Seizinger continued: "During 2004 we continued to enroll
patients in the satraplatin SPARC Phase 3 registrational trial
and remain on track to complete patient accrual by the end of
this year.  As of March 10, 2005, 500 patients had been accrued

to the SPARC trial.  We believe that, to date, the SPARC trial
is one of fastest accruing large, randomized Phase 3 trials for
chemotherapy drugs in prostate cancer.

In 2004, we also opened the first of a number of planned
additional clinical trials to explore the potential of
satraplatin in oncology areas beyond the initial planned
indication of hormone-refractory prostate cancer.  We also made
solid progress in our other development programs during the
year. Importantly, we completed the pre-clinical and other
preparatory work that enabled us to move our monoclonal antibody
1D09C3 into the clinic in early 2005.

In addition, we have also significantly strengthened our drug
discovery capabilities through the recent acquisition of the
assets of the kinase drug discovery firm, Axxima
Pharmaceuticals.  We are very proud of our achievements and look
forward to further progress in the months ahead."

                     Key Achievements in 2004

Corporate

(a) Company listed American Depositary Shares on NASDAQ U.S.
    stock exchange under symbol, GPCB;

(b) Successful follow-on offering netting proceeds of
    approximately EUR78 million (approximately $95 million);

(c) Achievement of milestones in multiyear alliance with ALTANA
    Pharma AG working with the ALTANA Research Institute in the
    U.S.;

(d) Partnering of small molecule MHC Class II antagonists
    program for autoimmune diseases with Debiopharm S.A.,
    developer of blockbuster anticancer drug, Eloxatin(R)
    (oxaliplatin).  Lead anticancer drug candidate, satraplatin.

(e) Receipt of Scientific Advice letter from European central
    regulatory authority, EMEA.  The same multicenter,
    multinational trial may be used as the basis for regulatory
    approval in both the U.S. and Europe.;
(f) Phase 1 combination study with radiation therapy in non-
    small cell lung cancer opened; and

(g) Presentation of pre-clinical data presented at key
    scientific conferences supportive of the potential use of
    satraplatin in the hormone-refractory prostate cancer
    setting.

Other development programs

(a) 1D09C3 monoclonal antibody against lymphoid tumors,

(b) Presentation of pre-clinical data demonstrating the efficacy
    of the antibody against a variety of hematological
    malignancies.  Completion of pre-clinical testing and
    preparations that enabled the antibody to enter human
    clinical studies in early 2005;

(c) RGB-286199 anticancer cell cycle inhibitor;

(d) U.S. patent issued with claims covering RGB-286199,
    including the composition of matter of a family of cell
    cycle inhibitors.   Claims also include pharmaceutical
    compositions, as well as methods of treating certain
    diseases, including cancer;

(e) Presentation of data showing RGB-286199 results in cell
    cycle arrest and apoptosis in a wide range of tumor cells in
    culture.  Compound shown to be a potent inhibitor of all
    known cyclin-dependent kinases involved in controlling
    various key events during the cell cycle.

GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX 30;
NASDAQ: GPCB) is a biopharmaceutical company discovering and
developing new anticancer drugs.  The Company's lead product
candidate -- satraplatin -- is currently in a Phase 3
registrational trial as a second-line chemotherapy treatment in
hormone-refractory prostate cancer following successful
completion of a Special Protocol Assessment by the U.S. FDA and
receipt of a Scientific Advice letter from the European central
regulatory authority, EMEA.

The FDA has also granted fast track designation to satraplatin
for this indication.  Satraplatin was in-licensed from Spectrum
Pharmaceuticals, Inc.  Other anticancer programs include: a
monoclonal antibody with a novel mechanism-of-action against a
variety of lymphoid tumors, currently in Phase 1 clinical
development, and a small molecule broad-spectrum cell cycle
inhibitor, currently in pre-clinical development.

The Company is leveraging its drug discovery technologies to
elucidate the mechanisms-of-action of drug candidates and to
support the growth of its drug pipeline.  GPC Biotech also has a
multi-year alliance with ALTANA Pharma AG working with the
ALTANA Research Institute in the U.S., which provides GPC
Biotech with revenues through mid-2007.  GPC Biotech AG is
headquartered in Martinsried/Munich (Germany).  The Company's
wholly owned U.S. subsidiary has research and development sites
in Waltham, Massachusetts and Princeton, New Jersey.  For
additional information, visit http://www.gpc-biotech.com.

Eloxatin(R) (oxaliplatin) is a registered trademark of sanofi-
aventis Group.

CONTACT:  GPC BIOTECH AG
          Fraunhoferstr. 20
          82152 Martinsried/Munich, Germany
          Phone/Fax: +49 (0)89 8565-2600/-2610
          E-mail: info@gpc-biotech.com

          Martin Braendle (ext. 2693)
          Senior Manager, Investor Relations &
          Corporate Communications
          E-mail: martin.braendle@gpc-biotech.com

          In the U.S.
          Laurie Doyle
          Associate Director, Investor Relations &
          Corporate Communications
          Phone: +1 781 890 9007 (ext. 267)
          Fax: +1 781 890 9005
          E-mail: laurie.doyle@gpc-biotech.com

          Additional Media Contacts:
          Euro RSCG Life NRP
          In NY: Mark Vincent
          Vice President
          Phone: +1 212 845 4239
          E-mail: mark.vincent@eurorscg.com

          In Europe
          Maitland Noonan Russo
          In London: Brian Hudspith
          Phone: +44 (0)20 7379 5151
          E-mail: bhudspith@maitland.co.uk


GRANDILUPA GMBH: Bochum Court Appoints Interim Administrator
------------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Grandilupa GmbH on Feb. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 31, 2005 to register their claims
with court-appointed provisional administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:10 a.m. at the district court of
Bochum 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:  GRANDILUPA GMBH
          Kurfurstenstrasse 79, 10787 Berlin
          Contact:
          Jorg Hoffmann-Vojnic, Manager
          Marmaraweg 40, 12109 Berlin

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


KKS SYSTEME: Proofs of Claim Due Next Month
-------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against KKS Systeme Gesellschaft fur Mikroprozessor- und
Messtechnik mbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 12, 2005 to register their claims
with court-appointed provisional administrator Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting on May 31, 2005, 11:45 a.m. at the district court of
Aachen Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Zimmer 21 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:  KKS SYSTEME GESELLSCHAFT FUR MIKROPROZESSOR- UND
          MESSTECHNIK MBH
          Joseph.von-Fraunhofer-Str. 3 b, 52477 Alsdorf
          Contact:
          Hubert Dohlen, Manager
          Kinzweilerstr. 19, 52249 Eschweiler

          Ulrich Jarolimek, Manager
          Hohenweg 49, 52074 Aachen

          Carsten Lange, Administrator
          Wilhelmstrasse 25, 52070 Aachen
          Phone: 0241/946210
          Fax: 02419462111


KNAUPE GMBH: Bonn Court Brings in Interim Administrator
-------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Knaupe GmbH on Feb. 25.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until April 8, 2005 to register their claims with court-
appointed provisional administrator Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:15 a.m. at the district court of
Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126 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:  KNAUPE GMBH
          Heidnuchelsweg 3, 51588 Numbrecht

          Dr. Henning Dohrmann, Administrator
          Moltkestrasse 12, 51643 Gummersbach
          Phone: 02261/92 79 0
          Fax: 0226192 799


LETTERPARK GMBH: Provisional Administrator Takes over Operation
---------------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against LETTERPARK GmbH on Feb. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 31, 2005 to register their claims
with court-appointed provisional administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:30 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:  LETTERPARK GMBH
          Universitatsstr. 74 a, 44789 Bochum
          Contact:
          Klaudia Greif, Manager
          Semperstr. 43, 44801 Bochum

          Sebastian Greif, Manager
          Semperstr. 43, 44801 Bochum

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


LRS LAMBERT: Applies for Bankruptcy Proceedings
-----------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against LRS Lambert on Feb. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 30, 2005 to register their claims
with court-appointed provisional administrator Achim Thomas
Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 9:20 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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:  LRS LAMBERT ROHRLEITUNGSBAU & SCHWEISSTECHNIK GMBH
          Grevinghof 28, 59368 Werne

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


NORDDEUTSCHES BEWACHUNGSINSTITUT: Declared Insolvent
----------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Norddeutsches Bewachungsinstitut Gesellschaft mit
beschrankter Haftung on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 17, 2005 to register their claims with
court-appointed provisional administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on May 9, 2005, 9:40 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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
11, 2005, 9:00 a.m. at the same venue.

CONTACT:  NORDDEUTSCHES BEWACHUNGSINSTITUT GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Eisenstrasse 51, 44145 Dortmund
          Contact:
          Edgar Joppien, Manager
          Julius-Brecht-Allee 62, 28329 Bremen

          Dr. Sebastian Henneke, Administrator
          Mulheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


P.E.T. ENTWICKLUNGSGESELLSCHAFT: Succumbs to Insolvency
-------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against P.E.T. ENTWICKLUNGSGESELLSCHAFT MBH on Feb. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 28, 2005
to register their claims with court-appointed provisional
administrator Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 9:00 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Zimmer 21 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:  P.E.T. ENTWICKLUNGSGESELLSCHAFT MBH
          Hein-Janssen-Str. 18, 52070 Aachen
          Contact:
          Marco Wagner, Manager
          Strassburger Str. 41, 52477 Alsdorf

          Dr. Martin Dreschers, Administrator
          Julicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


PHOENIX MANAGED: Missing Funds Could Amount EUR800 Million
----------------------------------------------------------
Fund manager Phoenix Kapitaldienst is under investigation by
BaFin in connection to the collapse of its Phoenix Managed
Account.  The regulator also froze the company's bank accounts,
according to Times Online.

Phoenix Managed Account funds are reportedly missing.
Insolvency expert Schultze & Braun has not yet determined
whether they were transferred to offshore accounts.  It suspects
the missing money might have been used to cover up trading
losses.

Thousands of clients could lose up to EUR800 million (GBP557
million), up from the initial estimate of EUR600 million; the
fund was valued at EUR970 million.  The missing cash are from
the largest fund, which invested largely on derivatives.

According to the report, initial investigation suggests clients
were made to believe the fund had generated profit when in fact
the money paid to them came from new clients.  The Phoenix
Managed Account has 30,000 investors, mainly German.

CONTACT:  PHOENIX KAPITALDIENST GMBH
          Vilbeler Strasse 29
          Arcadia-Haus
          D-60313 Frankfurt am Main
          Phone: +49 69 28 02 66
          Fax: +49 69 29 01 80
          Web site: http://www.phoenix-ffm.de


TERDENGE GMBH: Bochum Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Terdenge GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 19, 2005 to register their claims
with court-appointed provisional administrator Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 8:00 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:  TERDENGE GMBH
          Bruchweg 112, 45659 Recklinghausen
          Contact:
          Klaus Terdenge, Manager
          Zwickauerstr. 9 B, 45699 Herten

          Wolfgang Lorisch, Administrator
          Kurt-Schumacher-Strasse 48, 45699 Herten
          Phone: 02366 /10820
          Fax: 02366 108282


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


FANCO SA: Resets Shareholders Meeting to March 31
-------------------------------------------------
Clothing manufacturer Fanco S.A. has rescheduled its
extraordinary general meeting for March 31, 2005.  It cancelled
the meeting on March 11 due to a lack of quorum.

The agenda are:

(a) Reduction of the share capital, through offset of
    accumulated loss until fiscal year 2004 and corresponding
    reduction of the par value of shares;

(b) Share capital increase through a rights' issue and issue of
    new shares and partial cancellation of the right of the
    existing shareholders;

(c) Issue of a Convertible Bond Loan and partial cancellation of
    the right of the existing shareholders;

(d) Modification of article no 5 of the company's charter;

(e) Modification of the stock option plan to the Members of the
    BoD, the staff of the company and its affiliates, according
    to Law 2190/20;

(f) Approval of the participation of the company, as a third
    part, in the issue of a Convertible Bond Loan of the company
    Naoussa Spinning Mills S.A.;

(g) Approval of election of a Member of the BoD;

(h) Permission to the Members of the BoD, according to the Law
    2190/20, to participate in the BoDs or management of
    subsidiary or other companies with similar activities

                            *   *   *

Early in March, Fanco S.A. reported losses of EUR15 million for
2004 as turnover dived to EUR48.5 million.  Last year's loss was
EUR8.2 million on turnover of EUR92.4 million, just-style.com
says.

Fanco's parent, Klonatex, doubled its losses to EUR13.9 million
from EUR6.6 million in 2003.  Turnover dropped to EUR43.6
million from EUR49.3 million.  Last year, Fanco closed Naoussa
Spinning Mills S.A., its factory in Macedonia, due to continued
losses.  The Klonatex group also operates Rodopis Spinning
Mills.

CONTACT:  FANCO S.A.
          Kifissou & Constantinoupoleos 1, 121-32 Peristeri
          Athens
          Phone: +30-210-5708185
          Fax: +30-210-5708200
          Web site: http://www.fanco.gr
          Contact:
          Lambadariou Catherine, Investor Relations
          Thomas Lanaras, President-Executive Member
          Georgios Papaioannou, VP-Independent Non-Executive
                                Member
          Petrus Silvain Mooij, CEO-Executive Member


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


PARMALAT FINANZIARIA: Promotes Bondi to Chief Executive
-------------------------------------------------------
Restructuring dairy group Parmalat Finanziaria named Enrico
Bondi its chief executive Tuesday.

The promotion of Mr. Bondi, who took over Parmalat as the
government-appointed administrator in December 2003, appears to
be temporary and only until the company's re-listing this year.

Mr. Bondi assumed control of Parmalat after a EUR14 billion
financial scandal forced the company to file for bankruptcy.  As
administrator, he led the disposal of several non-core Parmalat
units and filed multi-billion-euro suits against former banks,
auditors, financial advisers and managers.  He recently unveiled
a new recovery plan that involves re-listing on the stock market
via a EUR12 billion debt-to-equity swap.

Meanwhile, Parmalat appointed PricewaterhouseCoopers auditor for
three years until 2007.

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

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


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


THIEL LOGISTIK: Operating Income Exceeds Target
-----------------------------------------------
The Thiel Logistik Group achieved an operating income of EUR25
million in fiscal year 2004 and an EBIT (U.S. GAAP) of EUR31.8
million, significantly beating the target of a EUR20 million
operating income.  Sales rose by 4% year-on-year from EUR1.66
billion to EUR1.73 billion, with organic growth recorded in all
quarters, 2.8% on an annualized basis.  The free cash flow more
than doubled, standing at EUR48.6 million compared to the
previous year's EUR16.6 million.

2004 - Profitable Growth Again

2004 saw the completion of the restructuring and realignment of
the Thiel Logistik Group that became necessary in 2003.  2004
was used to strengthen the financing structure, solidify the
operations of the three business segments and align the company
to the growth markets in Eastern Europe and Asia.  All the
Group's business segments made a positive contribution to the
net income result.

In the Industry Solutions business segment the Thiel Logistik
Group provides integrated logistics solutions along the entire
supply chain of an industry.  In reporting year 2004 the Thiel
Logistik Group generated sales of EUR608.9 million in this
business segment compared to EUR622.6 million the year before.
The result decreased from EUR15.5 million to EUR10.7 million.
This was primarily on the back of sales and earnings declines in
the THIEL Automotive business unit, which were due to the weak
automotive economy.

In the Air & Ocean business segment, which is responsible for
air and sea freight operations, the Thiel Logistik Group
increased net sales from EUR281.1 million the year before to
EUR300.6 million.  The result improved from -EUR1.0 million the
previous year to EUR7.3 million --- the granting of the A-Class
license for logistics operations within China played a crucial
role here.

In the Regional Logistics Services business segment the Thiel
Logistik Group focuses on providing logistics solutions for
customers in the regional core markets.  In its business segment
with the strongest sales the Thiel Logistik Group increased
sales in reporting year 2004, up from EUR758.6 million to
EUR819.8 million.  The result rose from EUR16.3 million to EUR21
million.

Strategic Alliance Between THIEL FashionLifestyle and DHL
Solutions

The THIEL FashionLifestyle business unit and DHL Solutions, a
Deutsche Post World Net company, have agreed to step up their
long-standing international cooperation in textile distribution,
and to combine operations into a strategic alliance.

The objective is to establish a textile distribution network
covering the whole of Europe, with uniform standards of
operation and harmonized information logistics structures, in
order to satisfy the industry's increased vertical demands
throughout Europe.  To achieve this, both companies will invest
in developing standardized processes and IT systems.  By
combining these activities they can provide customers in the
European network with an even more individually customized range
of services.

Quehenberger Buys Majority Holding in Proxar, the Slovakian
Logistics Company

A few days ago a purchase agreement was concluded between
Quehenberger, the Thiel Logistik Group company, and MONDI
BUSINESS PAPER SCP in Slovakia, one of the largest manufacturers
of business paper, and Eco Invest for the acquisition of the
majority share in Proxar, the logistics company.  Proxar has
been owned to date by MONDI BUSINESS PAPER SCP and Eco Invest.
Quehenberger will acquire a total of 66% of the shares in Proxar
Slovakia Internationale Spedition a.s. in April 2005 -- subject
to approval by the anti-trust authorities.  MONDI BUSINESS PAPER
SCP will continue to hold the remaining 34% of the shares.

Proxar's sales in 2004 were approximately EUR35 million.  Proxar
organizes mainly road haulage.  Operating from three sites
(Ruzomberok, Haniska, Kosice), with a total of 50 employees and
with around 800,000 metric tons per year it is a "big player" in
national east-to-west road haulage.  Proxar's services also
cover rail transport, handling customs formalities and spare-
parts logistics.  The Thiel Logistik Group companies intend to
further expand their network in Eastern Europe through the
addition of Proxar.  The aim is to considerably reduce the
number of one-way transports from Western to Eastern Europe in
future and to optimize synergy potential within the Thiel
Logistik Group.

Successful Capital Increase and Corporate Bond

Restructuring and significant strengthening of the liabilities
side of the balance sheet also figured strongly in 2004.  During
the first half of the year a capital increase from authorized
capital with subscription rights of approximately EUR100 million
was successfully conducted.  Towards the end of the year the
corporate bond issue of EUR130 million with an eight-year term
was placed with institutional investors, primarily in order to
settle short-term liabilities in favor of long-term bond
financing.  Both these measures complete the restructuring of
the liabilities side of the balance sheet, putting the financing
of the Group on a solid foundation for the long term.

Outlook - Increase in Value and Further Growth in 2005

Two years after fundamental restructuring and reorganization,
the Thiel Logistik Group is as a result a profitable, quality-
focused logistics services provider, and well positioned in the
growth markets of the industry.  Its future direction will be
governed by the expectation that the market for logistics
services will continue to grow and become increasingly
specialized.  In keeping with its end-to-end, integrated
approach, Thiel Logistik takes into account the entire logistics
chain.

Dr. Klaus Eierhoff, Chief Executive Officer (CEO), comments: "We
have kept our word, and by employing a clear strategy and
implementing this strategy consistently we have put the Thiel
Logistik Group back on the road towards profitable growth and
increased value.  Our business performance during reporting year
2004 proves that the Group has succeeded in accomplishing the
turnaround."

As a result, further organic sales growth is expected for 2005.
Suitable acquisitions, provided they fit into the strategic
corporate concept and make a positive contribution to results,
could strengthen growth.

About Thiel Logistik AG

Thiel Logistik AG of Grevenmacher, Luxembourg, develops complete
logistics and service solutions as an external partner for
industry and commerce.  In 2004, the Thiel Group achieved sales
of EUR1.7 billion and currently employs more than 8,900 people
in 44 countries.  With more than 446 locations on all
continents, Thiel Logistik operates in the major European
markets and in every important procurement and sales market
worldwide.

The Group's business segments are Industry Solutions, Air &
Ocean with its focus on air and sea freight, and Regional
Logistics Services, whose areas of operation extend from Germany
and the Benelux countries via Austria and Switzerland to the
countries of Central and Eastern Europe.  The Industry Solutions
comprise THIEL Automotive, THIEL FashionLifestyle, THIEL Media
and THIEL Furniture.  Thiel Logistik AG ranks among the market
leaders in its business segments.  Thiel Logistik AG is listed
on the MDAX segment of the German Stock Exchange.  The principle
shareholder is DELTON AG, Bad Homburg, Germany, with 50.26% of
the share capital.

                            *   *   *

In December, Standard & Poor's Ratings Services assigned its
'B+' long-term corporate credit rating to Thiel Logistik.  The
outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' long-term
debt rating to the group's proposed EUR130 million (US$173
million) senior subordinated notes.

CONTACT:  THIEL LOGISTIK AG
          ZIR Potaschberg
          5, an de Langten 6776 Grevenmacher
          Luxembourg
          Web site: http://www.thiel-logistik.com

          Peter Staab, Head of Investor Relations
          Corporate Communications
          Phone: 00352/719690-1360
          Fax: 00352/719690-1359
          E-mail: ir-info@thiel-logistik.com

          Tino Fritsch, Press Officer
          Phone: 00352/71 96 90 -1353
          Fax: 00352/71 96 90 -1359
          E-mail: presse-kontakt@thiel-logistik.com


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


BAVLISNKIY INTER-ECONOMIC: Declared Insolvent
---------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Bavlisnkiy Inter-Economic Building
Organization after finding the open joint stock company
insolvent.  The case is docketed as A65-19847/2004-SG4-27.  Mr.
Ya. Kunin has been appointed insolvency manager.

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

(a) Insolvency Manager
    420029, Russia, Kazan,
    Post User Box 117

(b) The Arbitration Court of Tatarstan Republic
    420014, Russia, Kremlin,
    Building 1, Entrance 2

(c) Bavlisnkiy Inter-Economic Building Organization
    423930, Russia, Tatarstan republic, Bavly


ECOS-A: Creditors Have Until Next Month to File Claims
------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Ecos-A after finding the open joint stock
company insolvent.  The case is docketed as A64-2625/04-18.  Mr.
D. Kozlov has been appointed insolvency manager.  Creditors have
until April 5, 2005 to submit their proofs of claim to Russia,
Tambov, Studenetskaya Quay, 20.

CONTACT:  ECOS-A
          Russia, Tambov region,
          Malinovka, Tsentralnaya Str.

          Mr. D. Kozlov
          Insolvency Manager
          Russia, Tambov region,
          Studenetskaya Quay, 20


KALININGRADSKIY: Deadline for Proofs of Claim April 5
-----------------------------------------------------
The Arbitration Court of Kaliningrad region commenced bankruptcy
proceedings against Kaliningradskiy Winery after finding the
company insolvent.  The case is docketed as A21-5422/04-S2.  Mr.
N. Volkov has been appointed insolvency manager.  Creditors have
until April 5, 2005 to submit their proofs of claim to 236000,
Russia, Kaliningrad, Dm. Donskogo Str. 7, Office 221.

CONTACT:  KALININGRADSKIY WINERY
          236040, Russia, Kaliningrad region,
          Rokossovskogo Str. 2

          Mr. N. Volkov
          Insolvency Manager
          236000, Russia, Kaliningrad region,
          Dm. Donskogo Str. 7, Office 221


KIROV-COLOR: Kirov Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Kirov-Color after finding the open joint
stock company insolvent.  The case is docketed as A28-241/04-
557/24.  Mr. I. Bondar has been appointed insolvency manager.
Creditors have until April 5, 2005 to submit their proofs of
claim to 610020, Russia, Kirov region, Truda Str. 23.

CONTACT:  KIROV-COLOR
          610000, Russia, Kirov region,
          Sotsialisticheskaya Str. 35

          Mr. I. Bondar
          Insolvency Manager
          610020, Russia, Kirov region,
          Truda Str. 23


MORSHANSKOYE GRAIN: Hires D. Kozlov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Morshanskoye Grain Receiving Enterprise
after finding the open joint stock company insolvent.  The case
is docketed as A64-4870/04-2.  Mr. D. Kozlov has been appointed
insolvency manager.  Creditors have until April 5, 2005 to
submit their proofs of claim to Russia, Tambov, Studenetskaya
Quay, 20.

CONTACT:  MORSHANSKOYE GRAIN RECEIVING ENTERPRISE
          Russia, Tambov region,
          Morshansk, Krylova Str. 2A

          Mr. D. Kozlov
          Insolvency Manager
          Russia, Tambov region,
          Studenetskaya Quay, 20


NORTH-GAS-SERVICE: Last Day for Filing Claims April 5
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against North-Gas-Service after
finding the company insolvent.  The case is docketed as A81-
1941/147B-04.  Mr. I. Bykovskiy has been appointed insolvency
manager.  Creditors have until April 5, 2005 to submit their
proofs of claim to 629303, Russia, Yamalo-Nenetskiy autonomous
region, Novyj Urengoy, Post Office - 3, Post User Box 239.

CONTACT:  Mr. I. Bykovskiy
          Insolvency Manager
          629303, Russia, Yamalo-Nenetskiy autonomous region,
          Novyj Urengoy, Post Office - 3, Post User Box 239


REM-PROM-STROY: Succumbs to Insolvency
--------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Rem-Prom-Stroy (TIN/KPP
0266010945/026601001) after finding the close joint stock
company insolvent.  The case is docketed as A-07/16981/02-2-A-
ADM.  Mr. R. Musin has been appointed insolvency manager.
Creditors have until April 5, 2005 to submit their proofs of
claim to 423262, Russia, Bashkortostan republic, Salat,
Kosmontan Avenue, 34/24, Apartment 11.

CONTACT:  REM-PROM-STROY
          453250, Russia, Bashkortostan republic,
          Salavat, Yakutova Str. 4

          Mr. R. Musin
          Insolvency Manager
          423262, Russia, Bashkortostan republic, Salat,
          Kosmontan Avenue, 34/24, Apartment 11


RUS: Gives Creditors Until April to Prove Claims
------------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Rus after finding the agricultural
industrial company insolvent.  The case is docketed as A71-
29/2004-G26.  Mr. A. Rybakov has been appointed insolvency
manager.

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

(a) RUS
    426039, Russia, Udmurtiya republic,
    Izhevsk, Votkinskoye Shosse, 14th km

(b) Insolvency Manager
    426008, Russia, Udmurtiya republic,
    Izhevsk, Post User Box 3051

(c) The Arbitration Court Of Udmurtiya Republic
    426057, Russia, Izhevsk,
    Svobody Str. 139


TOKAREVKA-REM-TEKH-PRED: Tambov Court Appoints Interim Manager
--------------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Tokarevka-Rem-Tekh-Pred after finding the
open joint stock company insolvent.  The case is docketed as
A64-1524/02-2.  Mr. P. Belskiy has been appointed insolvency
manager.  Creditors have until April 5, 2005 to submit their
proofs of claim to 392030, Russia, Tambov, B. Stroiteley Str. 5.

CONTACT:  TOKAREVKA-REM-TEKH-PRED
          Russia, Tambov region,
          Tokarevka region, Trudovaya Str. 66

          Mr. P. Belskiy
          Insolvency Manager
          392030, Russia, Tambov region,
          B. Stroiteley Str. 5


VERKHOTURSKIY FACTORY: Declared Insolvent
-----------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Verkhoturskiy Factory of Metal Goods (TIN
6640001170) after finding the limited liability company
insolvent.  The case is docketed as A60-33615/2004-S2.  Mr. N.
Vlasov has been appointed insolvency manager.  Creditors have
until April 5, 2005 to submit their proofs of claim to 620017,
Russia, Ekaterinburg, Starykh Bolshevikov Str. 2a, Building 2,
Office 209.

CONTACT:  VERKHOTURSKIY FACTORY OF METAL GOODS
          624390, Russia, Sverdlovsk region,
          Verkhoturye, Lenina Str. 13

          Mr. N. Vlasov
          Insolvency Manager
          620017, Russia, Ekaterinburg,
          Starykh Bolshevikov Str. 2a,
          Building 2, Office 209


YUKOS OIL: Judge Handling Appeal Refuse to Stay Ch. 11 Dismissal
----------------------------------------------------------------
The United States District Court for the Southern District of
Texas denied Yukos Oil Company's request to stay the U.S.
bankruptcy court's dismissal of its Chapter 11 case.

In a Memorandum and Order dated March 18, 2005, District Court
Judge Nancy F. Atlas said Yukos failed to show that the
Bankruptcy Court abused its discretion when it denied the
Company's request for stay pending appeal.  Yukos failed to
demonstrate for purposes of its request that it has a likelihood
of success on the merits of its appeal.

The Bankruptcy Court had noted a number of factors leading to
its decision that the totality of the circumstances supported a
finding of cause under Section 1112(b).  Judge Atlas relates
that in In re Chaffin, 816 F.2d 1070 (5th Cir. 1987), mod. 836
F.2d 215 (5th Cir. 1988), the Fifth Circuit permits a finding of
cause under Section 1112(b) based on a totality of the
circumstances.

The District Court looked into the four criteria set forth in In
re First South Savings Ass'n, 820 F.2d 700, 709 (5th Cir. 1987),
in considering whether to grant or deny a stay pending appeal:

   (1) A likelihood of success on the merits;

   (2) Irreparable injury to the movant if the stay is not
       granted;

   (3) Substantial harm to other parties if the stay is granted;
       and

   (4) Whether granting the stay would serve the public
interest.

Judge Atlas notes that there are serious issues involved in the
bankruptcy appeal and, therefore, Yukos must show that its
appeal has "patent substantial merit" or that it presents a
"substantial case on the merits."

Yukos had argued that dismissal for cause under Section 1112(b)
of the Bankruptcy Code is not permitted unless it is in the best
interest of the estate or creditors.  Yukos asserted that
Section 1112(b) involves a two-step analysis -- first, to
determine whether "cause" exists either to dismiss or to convert
the Chapter 11 proceeding to a Chapter 7 proceeding, and second,
to determine which option is in "the best interest of creditors
and the estate."  Only after cause is established is the
Bankruptcy Court required to consider whether to dismiss or to
convert.

Judge Atlas holds that the Bankruptcy Court's decision is
supported by record and Yukos has not shown that the decision
was based on clearly erroneous factual findings or any error of
law.

"There is clear evidence in the record that Yukos suffers
continuing financial losses and a significant diminution of its
bankruptcy estate at the hands of the Russian Federation
government," Judge Atlas says.

Even if Yukos' interpretation of Section 1112(b) were accepted,
Judge Atlas admits she still could not find that Yukos has a
likelihood of success on the merits.  Judge Atlas explains that
the best interests of the creditors often diverge from the best
interests of the estate.  Judge Atlas notes that Yukos' largest
creditor by far is the Russian Federation government, which has
no interest in the continuation of the bankruptcy proceeding and
whose interests were considered in the Bankruptcy Court's
determination of "cause" under Section 1112(b).

The District Court also expresses serious concerns about whether
Yukos' case should properly proceed in the Southern District of
Texas or in the United States at all.  There are serious issues
regarding jurisdiction under 11 U.S.C. Section 109, according to
Judge Atlas.  The cases relied upon by Yukos appear factually
dissimilar from the circumstances at bar and, therefore,
unpersuasive.  Yukos' reliance on these distinguishable cases
seems to stretch the Bankruptcy Code beyond its intended scope.

The District Court agrees that Yukos will suffer irreparable
harm if the stay is not granted because it will likely cease to
exist before the District Court can rule on the appeal.

The District Court also finds that Yukos has shown that any harm
to Deutsche Bank AG that would result from a stay pending appeal
would be substantially outweighed by the potential harm to Yukos
if the stay is denied.

Public interest did not figure in the District Court's decision.
"[T]he public interest does not favor either party in connection
with [Yukos' request]," Judge Atlas says.

Judge Atlas explains that there are a number of competing public
interests involved in the case.  The public has an interest in
due process, the orderly administration of justice, and careful
consideration of important legal issues.  These interests favor
a stay while the District Court considers the issues raised by
this appeal.  Judge Atlas also points out that, while the
District Court does not endorse the Russian Federation's conduct
regarding Yukos, its affiliates or executives, the public
interest of one country not interfering in another sovereign's
enforcement of its own laws generally is relevant as a factor
relating to the District Court's comity concerns and to the
application of the act of state doctrine.


YUKOS OIL: Rosneft Demands US$11 Billion Reimbursement
------------------------------------------------------
Troubled oil giant Yukos Oil is facing an US$11 billion lawsuit
for allegedly mismanaging Yuganskneftegaz, the New York Times
reports.

State-owned energy group Rosneft, which filed the case, also
claims Yukos owes the government billions of dollars in back
taxes.  Russia slapped Yukos with US$28 billion in back taxes in
2004, causing the group's collapse.  The government also seized
Yuganskneftegaz, Yukos' main production unit, selling it for
US$9.3 billion to Baikal Finance, which was subsequently sold to
Rosneft.

Rosneft confirmed Tuesday it filed two lawsuits against Yukos on
March 2 for losses allegedly sustained through "transfer
pricing" from 1999 through 2003.  Investors see the cases as
another ploy to seize Yukos' remaining assets, particularly its
oilfields.  Christopher Weafer, chief strategist at Alfa Bank in
Moscow, commented the suit could be the state's solution to
"kill off Yukos."

In a statement Monday, Yukos said: "To steal our asset and then
file a false and unfounded multi-billion-dollar lawsuit against
Yukos accusing our company of acting unlawfully in the operation
of that asset is ludicrous.  These latest allegations take the
insanity of the attack against Yukos by government authorities
to a new level."

Yukos questions the legality of Rosneft's ownership of
Yuganskneftegaz, noting it has yet to receive "any formal
notification that 77% stock ownership of Yuganskneftegaz has
been acquired by Rosneft."

Meanwhile, the Moscow Arbitration Court deferred hearing the
lawsuits Tuesday because Rosneft has yet to pay the necessary
fees.

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

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

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

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


=========
S P A I N
=========


IZAR: Labor Ministry Sanctions Redundancy Plan
----------------------------------------------
The labor and social affairs ministry has approved Izar's
redundancy plan, El Pais says.

Sociedad Estatal de Participaciones Industriales (SEPI), Izar's
holding company, wants to lay off 3,983 of its 10,661 employees.
The plan, which will take effect on April 1, offers workers aged
52 and up 76% of their gross salary, adjusted along with the
consumer price index, until they reach the mandatory retirement
age of 65.  The plan will affect all of Izar's units, with the
Fene shipyard losing 701 employees, or around 70% of its
workforce.

The government recently launched Navantia, the new shipbuilding
group formed out of the military shipyards of Izar.  Navantia
will primarily focus on military contracts, while no more than
20% of its projects will be civilian works.

Meanwhile, Izar will hold a general shareholders meeting on
March 31 to approve the dissolution of shipyards excluded from
Navantia.  SEPI plans to sell its Sestao, Gijon, Seville and
Manises shipyards to private investors in April.  A plan
has been drafted for the creation of a European naval
consortium, in which Izar's civilian shipyards will participate
in.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


===========
T U R K E Y
===========


TURK EKONOMI: Local Currency Rating Raised to 'BB+'
---------------------------------------------------
Fitch Ratings upgraded Turk Ekonomi Bankasi A.S.'s ratings to
Long-term local currency 'BB+' from 'BB-' and National Long-term
'AA- (tur)' from 'A(tur)'.  The Support rating has been changed
to '3' from '5'.  The bank's other ratings are affirmed at Long-
term foreign currency 'BB-', Short-term 'B' and Individual
'C/D'.  The rating Outlook is Stable.

The upgrades reflect TEB's recent ownership change and
consequently improved relative credit-worthiness within the
Turkish banking system.  Fitch also expects the new partnership
to strengthen TEB's franchise within the Turkish banking system.
The revision in the Support rating reflects Fitch's opinion that
there is a high propensity of support from a more highly rated
strategic partner BNP Paribas (BNPP, Long-term 'AA', Short-
term'F1+' Individual 'B' and Support '1').  However, the ability
of BNPP to support might be constrained in certain circumstances
by the transfer risk associated with Turkey resulting in a
moderate probability of support.

In November 2004 BNPP agreed with the Colakoglu Group to acquire
a 50% stake in TEB Financial Investment Company (TEB FIC), the
Colakoglu Group's holding company for financial services, which
has an 84.25% controlling stake in TEB.  The transaction was
completed in February 2005.  Colakoglu Group remains a 50%
shareholder in TEB FIC where the owners have equal
representation on the Board of Directors and share managerial
responsibility.  As a result of the transaction Fitch expects
TEB to combine BNPP's product expertise and cross-selling
capabilities with its own reputation and knowledge of the market
to further improve its corporate, commercial, retail and private
banking businesses.

BNPP is the second largest French bank by assets with US$1.2
trillion of total consolidated assets at end-2004.  Its three
main business lines are retail banking, investment and corporate
banking, asset management and services.  TEB, the 10th largest
private Turkish bank by assets with total consolidated assets of
US$3.4 billion at end-3Q04, has been a consistent performer in
trade finance and private banking.  Established in 1927, TEB was
acquired by Colakoglu Group in 1981 and has been publicly traded
since 2000.

CONTACT:  FITCH RATINGS
          Botan Berker
          Gulcin Orgun
          Turda Ozmen, Istanbul
          Phone: +90 212 279 10 65

          Eric Dupont, Paris
          Phone: +33 1 44 29 91 31

          Banu Saracci, London
          Phone: +44 (0) 20 7417 4373

          Ed Thompson, New York
          Phone: +1 212 908 0364

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


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


AZOV: Zaporizhya Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Azov (code EDRPOU 00853346) on February 2,
2005 after finding the limited liability company insolvent.  The
case is docketed as 25/155.  Mr. Oleksandr Osipenko (License
Number AA 783079) has been appointed liquidator/insolvency
manager.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) AZOV
    70330, Ukraine, Zaporizhya region,
    Rozivskij district, Azov,
    Centralna Str. 18

(b) Mr. Oleksandr Osipenko
    Liquidator/Insolvency Manager
    72100, Ukraine, Zaporizhya region,
    Primorsk, Shevchenko Str. 76


BARSKIJ RAJAGROSHLYAHBUD: Succumbs to Insolvency
------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Barskij Rajagroshlyahbud (code EDRPOU
03579294) on January 17, 2005 after finding the limited
liability company insolvent.  The case is docketed as 10/7-05.
Mr. Galuh Vasil has been appointed liquidator/insolvency
manager.  The company holds account number 26002008042001 at
OJSC CB Nadra, Vinnitsya branch, MFO 302355.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) BARSKIJ RAJAGROSHLYAHBUD
    23053, Ukraine, Vinnitsya region,
    Barskij district, Kopajgorod,
    Lenin Str. 107

(b) Mr. Galuh Vasil
    Liquidator/Insolvency Manager
    Ukraine, Vinnitsya region,
    Barskij district, Kopajgorod

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


CHERKASIAGROHIM: Gives Creditors Until Thursday to File Claims
--------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Cherkasiagrohim (code EDRPOU
05491646) on February 4, 2005.  The case is docketed as 01/492.
Mr. Sergij Pshenichnij (License Number AA 250213) has been
appointed temporary insolvency manager.  The company holds
account number 2600432011701 at CB Privatbank, Cherkassy branch,
MFO 354347.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) CHERKASIAGROHIM
    19615, Ukraine, Cherkassy region,
    Cherkassy district, Moshni,
    Peremogi Lane, 10

(b) Mr. Sergij Pshenichnij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Vernigori Str. 16/6

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


ENERGODAR' BREAD: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Energodar' Bread Plant (code
EDRPOU 05583928) on February 7, 2005.  The case is docketed as
5/4/330(02).  Mr. Yurij Moiseyev (License Number AA 419459) has
been appointed temporary insolvency manager.  The company holds
account number 26000207918051 at CB Privatbank, Energodar
branch, MFO 313399.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) ENERGODAR' BREAD PLANT
    71500, Ukraine, Zaporizhya region,
    Energodar, Promzona, B.608

(b) Mr. Yurij Moiseyev
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Melitopol, Third Maluga Lane, 13, a/b 105

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,


ENTERPRISEMEBLIMARKET: Declared Insolvent
-----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Enterprisemeblimarket (code EDRPOU 31264801)
on December 20, 2004 after finding the company insolvent.  The
case is docketed as 21/275.  Mr. V. Kirichko (License Number AA
140420) has been appointed liquidator/insolvency manager.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) ENTERPRISEMEBLIMARKET
    Ukraine, Zaporizhya region,
    Molochansk

(b) Mr. V. Kirichko
    Liquidator/Insolvency Manager
    71700, Ukraine, Zaporizhya region,
    Tokmak, Volodarskij Str. 272-a/7

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


HTVODPAT HARKIVAVTOTRANS: Last Day for Filing Claims March 24
-------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Htvodpat Harkivavtotrans (code EDRPOU
03115318) on November 26, 2004.  The case is docketed as B-
39/131-04.  Ms. Yuliya Shindel (License Number AA 783020) has
been appointed temporary insolvency manager.  The company holds
account numbers 98031301730209, 25412302730209, 26003301730209,
and 25413301730209 at Prominvestbank, Harkiv branch, MFO 351362;
and account numbers 260060128, 2600399928 at JSCB Zemelnij Bank,
Harkiv branch, MFO 351652.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) HTVODPAT HARKIVAVTOTRANS
    61035, Ukraine, Harkiv region,
    Gagarin Avenue, 129

(b) Mrs. Yuliya Shindel
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Pushkinskij Vyizd, 6/16

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance
    Shaumyana Str. 4


MANIKOVTSI' ALCOHOL: Proofs of Claim Deadline Expires Next Week
---------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on State Enterprise Manikovtsi' Alcohol
Plant (code EDRPOU 00374918).  The case is docketed as 17/302-B.
Ms. Irina Kovalcuk (License Number AA 719840) has been appointed
temporary insolvency manager.  The company holds account number
26001302268 at CJSC Financial Union Bank, Dnipropetrovsk branch,
MFO 305987.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) MANIKOVTSI' ALCOHOL PLANT
    Ukraine, Hmelnitskij region,
    Derazhnyanskij district, Manikivtsi,
    Kirov Str. 17

(b) Mrs. Irina Kovalcuk
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Pushkin Str. 9/25

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


SPETSSERVICE: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Spetsservice (code EDRPOU 31020924) on
January 27, 2005.  The case is docketed as B 24/17/05.  Mr.
Oleksandr Shikulenko (License Number AA 047584) has been
appointed temporary insolvency manager.  The company holds
account number 26002007290101 at JSPPB Aval, Pavlograd branch,
MFO 306726.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) SPETSSERVICE
    51400, Ukraine, Dnipropetrovsk region,
    Pavlograd, Harkivska Str. 16

(b) Mr. Oleksandr Shikulenko
    Temporary Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Shirshov Str. 7

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


UKRAGROOPT: Liquidator Takes over Helm
--------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Ukragroopt (code EDRPOU 30762797) after
finding the agricultural company insolvent.  The case is
docketed as B-48/53-04.  Mr. Pavlo Butka  (License Number AA
419256) has been appointed liquidator/insolvency manager.  The
company holds account number 260081630 at Harkiv regional
branch, MFO 350589.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) UKRAGROOPT
    Ukraine, Harkiv region,
    Novopokrovka, Telman Str. 1

(b) Mr. Pavlo Butka
    Liquidator/Insolvency Manager
    61001, Ukraine, Harkiv region,
    Ak. Pavlov Str. 133-a

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


ZHITOMIR' FOOD: Creditors Claims Due Next Week
----------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Zhitomir' Food Products Plant
(code EDRPOU 00377609).  The case is docketed as 3/4 B.
Mr. Dunayevskij Yurij (License Number AA 250042) has been
appointed temporary insolvency manager.  The company holds
account number 26001310698004 at JSCB Mriya, Zhitomir branch,
MFO 311346.

Creditors have until March 24, 2005 to submit their proofs of
claim to:

(a) ZHITOMIR' FOOD PRODUCTS PLANT
    10029, Ukraine, Zhitomir region,
    Kotovskij Str. 91

(b) Mr. Dunayevskij Yurij
    Temporary Insolvency Manager
    10009, Ukraine, Zhitomir region,
    Vitruk Str. 47a/5

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


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


42ND STREET: Hires PricewaterhouseCoopers as Liquidator
-------------------------------------------------------
Name of companies:
42nd Street Bars Limited
42nd Street Bars (Pacific) Limited
Red House Bars Limited

At the general meeting of these companies on March 10, 2005, the
special and ordinary resolutions to wind up the companies were
passed.  Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been
appointed joint liquidators of the companies.

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


ABBEY CONSTRUCTION: Names Parkin S. Booth & Co. Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Abbey Construction
Limited on March 10, 2005 held at the offices of Parkin S. Booth
& Co, 44 Old Hall Street, Liverpool L3 9EB, the extraordinary
and ordinary resolutions to wind up the company were passed.
John C. Moran of Parkin S. Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB has been appointed liquidator of the company.

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


ADDLESTONE MODELS: Winding-up Resolutions Passed
------------------------------------------------
At the extraordinary general meeting of Addlestone Models
Limited on March 9, 2005 held at 5 Park Court, Pyrford Road,
West Byfleet, Surrey, the extraordinary resolution to wind up
the company was passed.  Lynn Gibson and Robert David Hewitt
both of Gibson Hewitt, 5 Park Court, Pyrford Road, West Byfleet
have been appointed joint liquidators of the company.

CONTACT:  GIBSON HEWITT & CO.
          5 Park Court
          Pyrford Road
          West Byfleet
          Surrey KT14 6SD
          Phone: 01932 336149
          Fax: 01932 336150
          E-mail: robert@gibsonhewitt.co.uk


ADVANCED ILLUSTRATION: Hires Administrators from Leonard Curtis
---------------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been
appointed administrators for Advanced Illustration Limited.  The
appointment was made Feb. 28, 2005.  The company is into
technical publication.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


ARIGO LIMITED: Claims Filing Period Expires Last Week of May
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Arigo Limited
                          (In Liquidation)

I, Graham H Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that
I was appointed Liquidator of Arigo Limited on February 25,
2005, by resolution of the first meeting of creditors convened
in terms of Section 138 of the Insolvency Act 1986.  The meeting
declined to establish a Liquidation Committee.  It is not my
intention to summon a further meeting of the creditors to
establish a Liquidation Committee unless requested to do so by
one-tenth in value of the Company's creditors.

All creditors who have not already done so are required on or
before May 35, 2005 to lodge their claims with me.

Graham H. Martin, Interim Liquidator
February 25, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com

          Graham Hunter Martin
          E-mail: graham.h.martin@uk.pwc.com
          Phone: 0141 248 2644
          Fax: 0141 242 7480


ARISDALE SMOLT: Liquidator Takes over Operations
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Arisdale Smolt Co. Limited
                         (In Liquidation)

In terms of Rule 4.19(4)(b) of the Insolvency (Scotland) Rules
1986, notice is hereby given that on February 24, 2005, Gordon
Malcolm MacLure, Johnston Carmichael, Bishop's Court, 29 Albyn
Place, Aberdeen was appointed Liquidator of Arisdale Smolt Co.
Limited by a resolution of the First Meeting of Creditors held
in terms of Section 138 of the Insolvency Act 1986.

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

Gordon MacLure, Liquidator
February 25, 2005

CONTACT:  JOHNSTON CARMICHAEL
          Bishop's Court
          29 Albyn Place
          Aberdeen AB10 1YL
          Phone: 01224 212222
          Fax: 01224 210190
          E-mail: info@jcca.co.uk
          Web site: http://www.jcca.co.uk

          Gordon Malcolm MacLure
          E-mail: gordon.maclure@jcca.co.uk


BAMBOO 1: Members Call in Joint Liquidators from Wilson Field
-------------------------------------------------------------
At the extraordinary general meeting of the members of Bamboo 1
Limited on March 9, 2005 held at Tulip Inn, Old Park Lane, The
Trafford Centre, Manchester M17 8PG, the extraordinary and
ordinary resolutions to wind up the company were passed.  Lisa
Hogg and David Field of Wilson Field, The Annexe, The Manor
House, 260 Ecclesall Road South, Sheffield S11 9PS have been
appointed joint liquidators of the company.

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


B & C HOLDINGS: Appoints Joint Liquidators from Gibson Hewitt
-------------------------------------------------------------
At the extraordinary general meeting of B & C Holdings Limited
on March 9, 2005 held at 5 Park Court, Pyrford Road, West
Byfleet, Surrey, the extraordinary resolution to wind up the
company was passed.  Lynn Gibson and Robert David Hewitt of
Gibson Hewitt, 5 Park Court, Pyrford Road, West Byfleet have
been appointed joint liquidators of the company.

CONTACT:  GIBSON HEWITT & CO.
          5 Park Court
          Pyrford Road
          West Byfleet
          Surrey KT14 6SD
          Phone: 01932 336149
          Fax: 01932 336150
          E-mail: robert@gibsonhewitt.co.uk


BEXLEY VEHICLE: Calls in Administrator from Rothman Pantall
-----------------------------------------------------------
Robert Derek Smailes (IP No 8975) has been appointed
administrator for Bexley Vehicle Bodies Limited.  The
appointment was made March 9, 2005.  The company deals scrap
metals or panel beaters.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


BRIDEWELL BUSINESS: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of Bridewell
Business Services Limited on March 8, 2005 held at Saxon House,
Saxon Way, Cheltenham GL 52 6QX, the extraordinary and ordinary
resolutions to wind up the company were passed.  Alisdair J.
Findlay of Findlay James, Saxon House, Saxon Way, Cheltenham
GL52 6QX has been appointed liquidator of the company.

CONTACT:  FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


CAVIAR COMPUTERS: Members Hire Arkin & Co. as Liquidator
--------------------------------------------------------
At the extraordinary general meeting of the members of Caviar
Computers Limited on March 8, 2005 held at Maple House, High
Street, Potters Bar, Hertfordshire EN6 5BS, the extraordinary
and ordinary resolutions to wind up the company were passed.
Mr. M. Arkin of Arkin & Co., Maple House, High Street, Potters
Bar, Hertfordshire EN6 5BS has been appointed liquidator of the
company.

CONTACT:  ARKIN & CO.
          Maple House
          High Street
          Potters Bar
          Hertfordshire EN6 5BS
          Phone: 01707 828 683
          Fax: 01707 828 022
          E-mail: mehmet.arkin@arkinco.co.uk


CIMFAB LIMITED: Brings in Liquidator from RSM Robson Rhodes
-----------------------------------------------------------
At the extraordinary general meeting of Cimfab Limited on March
9, 2005 held at the offices of Johns Manville Limited, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Matthew Dunham and Charles William Anthony
Escott of RSM Robson Rhodes LLP, Colwyn Chambers, 19 York
Street, Manchester M2 3BA have been appointed joint liquidators
of the company.

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


COLOURS ETC: Hires Liquidator from Firestones
---------------------------------------------
At the extraordinary general meeting of Colours Etc Ltd. on
March 2, 2005 held at Taunton House, Waterside Court, Medway
City Estate, Rochester, Kent ME2 4NZ, the subjoined
extraordinary resolution to wind up the company was passed.
Adelle Firestone of Firestones, Taunton House, Waterside Court,
Medway City Estate, Rochester, Kent ME2 4NZ has been appointed
liquidator of the company.

CONTACT:  FIRESTONES
          Ground Floor
          Taunton House
          Waterside Court
          Medway City Estate
          Rochester
          Kent ME2 4NZ
          Phone: 01634 262886
          Fax: 01634 262886


CORUS GROUP: Returns to Black at Operating Level
------------------------------------------------
Highlights of 2004 preliminary results:

(a) group operating profit of GBP582 million;

(b) underlying operating profit of GBP627 million, an
    improvement of GBP693 million over 2003*;

(c) "restoring success" accounts for approximately 30% of the
    improvement;

(d) retained profit of GBP446 million;

(e) earnings per share of 10 pence;

(f) net debt reduced to GBP854 million, gearing ratio of 27%;
    and

(g) debt maturity extended and new working capital facility
    secured.


GBP millions unless stated            2004            2003
Turnover                             9,332           7,953
Group operating profit/(loss)          582           (208)
EBITDA*                                934             250
Operating profit/(loss)*               627            (66)
Pre-tax profit/(loss)                  559           (255)
Retained profit/(loss)                 446           (305)
Earnings/(loss) per share (pence)    10.05p         (9.25)p
Net debt at end of period            (854)         (1,013)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* before restructuring and impairment costs.  Refer to
  supplementary information note 12 for reconciliation to the
  Group's operating profit/(loss)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Outlook Summary states:

(a) global growth remains relatively strong;

(b) stockbuilding in European and North American markets has
    softened demand in the first half of 2005;

(c) overall H1 2005 trading environment expected to be broadly
    in line with second half of 2004;

(d) conditions more uncertain as year progresses.  Looking to
    recover significant raw material cost increases;

(e) further benefits from Restoring Success; and

(f) intention to recommence dividend payments in respect of
    2005.

Operating Performance

The Group operating profit for 2004 was GBP582 million compared
to a loss of GBP208 million in 2003.  The improvement reflected
a combination of more favorable market conditions together with
benefits from the Group's 'Restoring Success' program.  The
profit in the first half amounted to GBP147 million, increasing
to GBP435 million in the second half.  The underlying operating
profit, excluding restructuring and impairment costs, amounted
to GBP627 million, compared with an equivalent loss of GBP66
million in 2003.

The improvement in the Group operating result was evident in all
four divisions, although most notably in the three steel
divisions, which achieved a 19% rise in turnover against
unchanged sales volume of 21mt.  Turnover for the aluminum
division rose by 6%, with a 10% rise in sales volume offset by a
3% fall in average revenue.

Restructuring and impairment costs included in the operating
result amounted to a net charge of GBP45 million, including
GBP13 million in the first half and GBP32 million in the second
half.  Restructuring and impairment costs in the first half were
mainly related to the announced closure of the heavy section
mill at Scunthorpe.  In the second half there were redundancy
and related costs for a series of ongoing efficiency measures
across the Group and net charges to recognize impairments of
fixed assets and goodwill.

The Group experienced a significant increase in raw material and
energy costs during 2004, with notably large increases in coking
coal, iron ore and scrap, but was able to recover the increase
in steel selling prices and to enhance margins, as global demand
for steel remained strong and global surplus capacity reduced.
Total Group turnover for the period was GBP9,332 million, an
increase of 17% on 2003.  Total operating costs, including
restructuring and impairment costs rose by 7% to GBP8,750m but
excluding these items, operating costs rose by 9%.

After net income from joint ventures, disposals and interest,
profit before tax amounted to GBP559 million.  The retained
profit for the year amounted to GBP446 million, an improvement
of GBP751 million on the previous year and represented basic
earnings per share of 10.05p.

'Restoring Success'

The Restoring Success program accounted for approximately 30% of
the year on year improvement in the Group operating result prior
to restructuring and impairment charges.  The program is
designed to deliver EBITDA benefits of GBP680 million per annum
by the end of 2006 from a base of June 2003.  At the end of
2004, annualized exit rate benefits of GBP335 million had been
secured, equivalent to nearly 50% of the overall target.  The
program comprises three broad areas:

(a) existing initiatives, which include previously announced
    headcount reductions (where almost all had been achieved by
    the end of 2004), the 'World Class IJmuiden' program (also
    completed in 2004) and the 'High Performance Strip U.K.'
    program (on target for completion by end 2005);

(b) the U.K. restructuring program, which aims to improve the
    efficiency of the U.K. steelmaking assets.  The capital
    investment for this program is on target to be completed in
    the first half of 2005 and the benefits are on course to be
    realized progressively from mid 2005 and into 2006; and

(c) new initiatives, related to the sharing and implementation
    of best practice across the Group and the enrichment of the
    product and customer mix towards premium end markets.

The table below summarizes progress to date, based on annualized
exit rate benefits.

Initiative          End 2006 targets   Progress to December 2004

Existing initiatives     GBP210m                         GBP165m
U.K. restructuring       GBP120m           Benefits from 2005 H2
New initiatives          GBP350m                         GBP170m
Gross target             GBP680m                         GBP335m

As part of the U.K. restructuring program, Teesside's
steelmaking capacity becomes surplus to the Group's internal
requirements in 2006.  Teesside has, therefore, been refocused
as a slab exporter and has entered into an agreement effective
from 2 January 2005 with a consortium of re-rolling companies to
supply slab under a ten-year off-take contract.  Under this
agreement the consortium will take at cost slab production in
2005 and 2006 that is surplus to Corus' internal requirements,
and approximately 78% of output thereafter.  The consortium will
pay Corus a total of US$157 million and will also contribute
approximately 76% of the expected US$100 million of capital
expenditure requirements to enable identified improvements to be
undertaken.

Full implementation of the Restoring Success program is designed
to close the competitive gap with Corus' European peers by the
end of 2006.  This gap as measured by the EBITDA to sales ratio,
is estimated to have reduced from 6% in 2003, to 4.5% in the
first half of 2004 and 2.6% in the second half of 2004.

Debt and Cash Flow

Net debt of GBP854 million at 1 January 2005, compared with
GBP1,013 million at 3 January 2004.  The reduction of GBP159
million mainly reflected the improved operating profit,
described above, which more than offset an increase in working
capital requirements and higher capital expenditure.  The
increase in working capital requirements was predominantly
associated with higher stock values reflecting the significant
increase in raw material costs. Stock tonnages remained broadly
unchanged from 2003.  The ratio of working capital to turnover
was maintained at 18%.  The period end-gearing ratio was 27%
compared to 37% for the prior year.

Financing

The funding position of the Group has been strengthened through
a number of specific initiatives including:

(a) the disposal of non-core businesses and assets, which
    generated net proceeds of GBP118 million;

(b) the issue of IEP800 million 7.5% bonds due 2011 and
    concurrent tender offer for the IEP400 million 5.375% bonds
    due 2006;

(c) an increase in the debtor securitization program by GBP60
    million to GBP275 million and an extension of the final
    maturity from 2007 to 2009; and

(d) subsequent to the year end, the completion of a IEP800
    million replacement bank facility on substantially more
    favorable terms.

These actions have successfully extended the maturity profile of
the Group's debt with no significant debt repayments now due
until 2007.

Financial Reporting

As part of the process to improve communications, Corus will
begin quarterly reporting from June 2005 onwards.  A restatement
of the 2004 results under International Financial Reporting
standards will be released on 23 May 2005.  The first results
that Corus publishes under these new rules will be the interim
accounts for the six months to end June 2005, and the first
annual report and accounts will be for the twelve months to end
December 2005.

Dividend

No dividend payment is being recommended for 2004.  It is the
Board's current intention to recommence dividend payments for
2005. (Note 1)

The Board

During 2004, Corus further strengthened the Board and broadened
its international experience.  Jacques Schraven was appointed as
Non-Executive Deputy Chairman and Rauke Henstra, who has
responsibility for the Strip Products Division was appointed as
an executive director.  Three directors will have retired by the
time of the AGM in June.  Richard Turner, a non-executive
director, retired in December and Maarten van Veen, who has been
a non-executive director since the formation of Corus in 1999,
will retire at the end of May.  Stuart Pettifor, the Chief
Operating Officer, joined the Board in 2001 and also retires at
the end of May after more than 40 years of service.

Corus Nederland Supervisory Board

Leo Berndsen, the Chairman of the Supervisory Board of Corus
Nederland, the Group's wholly owned subsidiary, will be retiring
at the completion of his four-year term in September.  The
Supervisory Board will recommend Jacques Schraven be appointed
as a member at its General Meeting on 1 June.  He will succeed
Leo Berndsen as Chairman on his retirement.

Disposals

Good progress has been made with the disposal program for non-
core businesses.  With regard to our aluminum activities, Corus
remains committed to finding an alternative future for these
businesses outside the Group.  Notwithstanding this, the
aluminum businesses have continued to receive appropriate
investment and continue to perform well.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(Note 1) The Group's borrowing facilities contain minimum
financial ratios relating to the payment of dividends.

Beyond Restoring Success - the 'Corus Way'

The Restoring Success program was established to close the
competitive gap between Corus and the average of its European
peers and to make the Group more resilient to the steel cycle.
The Group is now halfway through the program and good progress
is being made to achieve these objectives.  The Group is
starting to develop a longer term perspective -- the 'Corus Way'
-- that will build on three key business goals: best supplier to
best customers, world class processes and selective growth,
underpinned by the commitment of passionate people.  The
objectives are to differentiate Corus from its competitors and
allow the Group to deliver value for its shareholders.

The Corus Way will evolve over the next 18 months and build on
the momentum that has been created by Restoring Success, driving
a culture of value creation throughout the organization.

Commenting on the result and the market outlook, Philippe Varin,
Chief Executive said: "We remain on track to deliver the full
benefits of Restoring Success.  We are sharpening our commercial
performance, disposing of non-core assets and have completed the
refinancing of the Group.  As such we are building a firmer
foundation for future growth.  Our 2004 performance is a clear
indication that we are delivering on our commitment to close the
competitive gap with our European peers by the end of 2006.

"With regard to the outlook, global growth remains relatively
strong and the demand/supply balance is tight by historical
standards, generally supportive of a positive outlook for 2005.
Stock building in European and North American markets has
softened demand in the first half of 2005, but the resumption of
demand from China is expected to progressively restore balance.
Overall, we expect the first half trading environment to be
broadly in line with the second half of last year.  As the year
progresses we see conditions as more uncertain.  We will look to
recover the significant raw material cost increases through
higher selling prices and we expect further benefits from
Restoring Success."

About Corus

Corus Group Plc (LSE/AEX: CS; NYSE: CGA) is one of the world's
largest metal producers with annual turnover of over GBP9
billion and major operating facilities in the U.K., the
Netherlands, Germany, France, Norway and Belgium.  Corus' four
divisions comprising Strip Products, Long Products, Distribution
& Building Systems and Aluminum provide innovative solutions to
the construction, automotive, rail, general engineering and
packaging markets worldwide.  Corus has 48,300 employees in over
40 countries and sales offices and service centers worldwide.
Combining international expertise with local customer service,
the Corus brand represents quality and strength.

CONTACT:  CORUS GROUP PLC
          30 Millbank, London,
          SW1P 4WY,
          United Kingdom
          Web site: http://www.corusgroup.com

     Investor Relations:
           Phone: +44 (0) 20 7717 4501/4503/4504
          Fax: +44 (0) 20 7717 4604
          E-mail: investor@corusgroup.com

          Corporate Relations:
          Phone: +44 (0) 20 7717 4502/4532/4505
          Fax: +44 (0) 20 7717 4316


CORUS GROUP: Dutch Unit Nominates J. Schraven as New Chairman
-------------------------------------------------------------
Corus Nederland B.V. is proposing these changes to the
Supervisory and Management Boards:

Supervisory Board

(a) appointment of Mr. Jacques Schraven as an additional member
    of the Board with effect from 1 June 2005;

(b) Mr. Leo Berndsen, the Chairman of the Supervisory Board,
    will be standing down as a member of the Board at the
    conclusion of his term of office on 29 September 2005;

(c) Mr. Schraven will succeed Mr. Berndsen as Chairman on his
    retirement.

Management Board

(a) Mr. Malcom McOmish and Mr. Ton Doeleman will be nominated to
    join the Management Board after completion of the
    consultation process with the Central Works Council,

(b) Mrs. Marjan Oudeman, currently acting chairman of the Board,
    is confirmed in the position as Chairman.

CONTACT:  CORUS GROUP PLC (London: CS)
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


CORUS GROUP: Earns Upgrade for Improved Operating Results
---------------------------------------------------------
Moody's Investors Service has upgraded Corus Group Plc's debt
ratings (Senior Implied to Ba3 from B1).  The rating outlook is
positive.

Ratings affected by the upgrade are:

(a) EUR800 million in secured bank facilities of Corus Group plc
    maturing July 2008 upgraded to Ba2 from Ba3,

(b) The senior implied rating on Corus Group plc upgraded to Ba3
    from B1,

(c) EUR25 million in unsecured notes due 2006 issued by Corus
    Finance plc upgraded to B2 from B3,

(d) GBP 200 million in unsecured notes due 2008 issued by Corus
    Group plc upgraded to B2 from B3,

(e) The issuer rating on Corus Group plc upgraded to B2 from B3,

(f) EUR800 million in unsecured notes due 2011 issued by Corus
    Group plc upgraded to B2 from B3

The rating action reflects:

(a) Corus' strong operating and financial performance over the
    last fifteen months;

(b) the favorable outlook for steel products prices and volumes;

(c) the group's prudent financial management as demonstrated by
    the lack of dividend payments for 2004 and the 2003 rights
    issue used for funding the group's U.K. restructuring
    program;

(d) the benefits that will continue to arise from the revamping
    of the group's asset base;

(e) the fact that Corus' margin gap with its peers has been
    reduced; and

(f) the recent signing of a new secured credit facility and the
    EUR800 million bond issue, which have extended the group's
    overall debt maturity and ensured a strong alternate
    liquidity.

The outlook change is based on Moody's view that:

(a) Corus' operating performance will remain strong given the
    positive impact of its restructuring initiatives ("Restoring
    Success") and the fact the headroom for additional cost
    savings will positively impact cash flow generation;

(b) Corus will benefit from the strong market outlook for
    steelmakers;

(c) the higher prices settled with contracted packaging and
    automotive customers;

(d) the group has the intention to dispose of its aluminum
    business;

(e) the group is better positioned to withstand a downturn; and

(f) there is a high likelihood that the group's credit metrics
    will remain strong.

Key factors in any potential future positive ratings action will
be Moody's assessment of Corus' ability to generate the full
savings expected from its U.K. restructuring program whilst
maintaining a prudent financial policy without undertaking
material debt financed acquisitions.  Moody's will also consider
the outcome of the divestment of its aluminum division and the
related application of proceeds, including any potential M&A
activity that Corus may envisage.

Corus' operating performance has been strong in the 2004 with a
significant increase in EBITDA (pre restructuring expenses) to
GBP934 million (compared to GBP250 million for the full year
2003) and margins at 10%, closer to the group's European peers.
Corus has benefited from the strong uplift in spot prices as
well as its restructuring program, which is progressing.

For 2005, Moody's views the business outlook for steelmaking
companies remaining strong given the continuing high level of
demand for steel products, the limited capacity additions and
lack of spare raw materials (iron ore and coal in particular)
available.  The rating agency also acknowledges the recently re-
negotiated 2005 contract settlements at higher prices and
believes that further price increases regarding the non-
contracted business are likely to be announced following recent
increases in iron ore prices.  However, Corus' financial
performance will remain subject to raw material, energy and
freight price developments, which may lead to a margin squeeze.

However, the Ba3 senior implied rating continues to reflect the
high level of earnings cyclicality due to swings in demand for
steel products and the volatility in raw material prices such as
iron price and coal which represented around 30% and 25% of the
group's raw material and energy bill respectively.  It also
reflects the cash outflows related to the heavy operational and
capital expenditure needed to restructure the group's U.K.
operations, the group's heavy working capital needs, the
volatility of its earnings derived from the size of the "spot"
business, its exposure to pricing pressure from lower cost
competitors and its bias towards the construction sector and the
growth of the U.K. economy.

Liquidity available to the group is satisfactory with about
EUR600 million in cash balances (at 31 December 2004) and GBP800
million available under its undrawn secured credit facility,
which contains financial covenants.  Moody's notes that the
group only has EUR20 million of debt maturing over the next two
years following the recent bond issues made by the group and the
resulting extension of Corus' debt maturity profile.  The B2
rating on the notes continues to reflect the bondholders'
structural subordination to secured bank debt holders.

Corus Group plc is headquartered in London and was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.  The group is among the world's largest steel
producers and generated annual sales of GBP9,332 million and an
operating profit of GBP582 million in 2004.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Arnaud Gravier
          Asst Vice President - Analyst
          David G. Staples
          Managing Director
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          CORUS GROUP PLC (London: CS)
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


CORUS GROUP: S&P Upgrades Rating to 'BB-'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on U.K.-based steel consortium Corus
Group plc to 'BB-' from 'B+' and affirmed its 'B' short-term
corporate credit rating.  The outlook is stable.

At the same time, Standard & Poor's raised its senior secured
bank loan ratings on Corus to 'BB' from 'BB-', and its senior
unsecured debt ratings on Corus and Corus Finance PLC to 'B+'
from 'B-'.

"The long-term corporate credit rating has been raised as a
result of a continuation of the favorable steel market and
progress in restructuring efforts," said Standard & Poor's
credit analyst Tommy Trask.

The senior unsecured debt ratings on Corus and Corus Finance
have been raised by two notches, reflecting the one-notch
increase in the long-term corporate credit rating as well as
improved recovery prospects following a reduction in the group's
secured revolving credit facility to EUR800 million (US$1.07
billion) from EUR1 billion.

The ratings on Corus reflect the group's difficulties in
attaining cost competitiveness in its U.K. operations after
years of underinvestment.  Profitability remains weaker than
peers, highlighting a need for Corus to continue the drive for
cost reduction and efficiency improvements across the group and
to complete the restructuring of its U.K. asset base.  The
restructuring plans aim to restore competitiveness vis-a-vis
European competitors by the end of 2006.

"Standard & Poor's considers that the continued favorable steel
market and Corus' strong liquidity position will allow the group
to address the key challenge presented by the restructuring of
the group's U.K. operations into a business that is free cash
flow positive over the cycle," added Mr. Trask.

An abrupt end to the strong steel price situation could have a
negative impact on the ratings, while a significant improvement
in the cost position as a result of the restructuring would be
credit positive.

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

          CORUS GROUP PLC (London: CS)
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


CRAFTSMAN FURNITURE: Appoints BDO Stoy Hayward Administrator
------------------------------------------------------------
David H. Gilbert and Antony D. Nygate (IP Nos 2376/01, 9237)
have been appointed joint administrators for Craftsman Furniture
Limited.  The appointment was made March 7, 2005.  The company
makes furniture.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


CROSSGATES WORLD: Hires Piper Thompson as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Crossgates World Travel
Service Limited on March 8, 2005 held at the offices of Piper
Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey
KT13 8DJ, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  Tony James Thompson of Piper
Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey
KT13 8DJ has been appointed liquidator of the company.

Creditors are required to send in their names and addresses,
with particulars of their debt or claims, and the names and
addresses of their Solicitors (if any), to the undersigned, Tony
James Thompson, of Piper Thompson, Mulberry House, 53 Church
Street, Weybridge, Surrey KT13 8DJ on or before April 15, 2005.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


D J S ASSOCIATES: Members Call in Liquidator from Hart Shaw
-----------------------------------------------------------
At the extraordinary general meeting of the members of D J S
Associates Limited on March 11, 2005 held at Hart Shaw, Europa
Link, Sheffield Business Park, Sheffield S9 1XU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew J. Maybery and Christopher J. Brown of Hart
Shaw, Chartered Accountants have been appointed joint
liquidators of the company.

CONTACT:  HART SHAW
          37 Moorgate Road
          Rotherham
          South Yorkshire S60 2AE
          Phone: 01709 362001
          Fax: 01709 368590
          E-mail: andrew.maybery@hartshaw.co.uk

          HART SHAW
          Europa Link
          Sheffield Business Park
          Sheffield, Sheffield S9 1XU
          Phone: 0114 251 8850
          Fax: 0114 251 8851
          E-mail: chris.brown@hartshaw.co.uk


EFUSE SOLUTIONS: Administrator from Crawfords Moves in
------------------------------------------------------
David N. Kaye (IP No 2194) has been appointed administrator for
Efuse Solutions Limited.  The appointment was made March 9,
2005.   The company offers IT support services.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford, Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: david.kaye@crawfordsaccountants.co.uk


ELECTRIC LIGHT: Bank of Scotland Appoints Kroll Limited Receiver
----------------------------------------------------------------
The Bank of Scotland Plc appointed Alastair P. Beveridge and
Peter M. Saville (Office Holder Nos 8991, 9029) have been
appointed joint administrative receivers for The Electric Light
Company Limited (Reg No 01848662, Trade Classification: 46).
The application was filed March 8, 2005.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


HARTLAND QUAY: Liquidator from Milsted Langdon Moves in
-------------------------------------------------------
At the extraordinary general meeting of Hartland Quay Hotel
Company Limited on March 9, 2005 held at Affeton Castle, East
Worlington, Crediton, Devon EX17 4TU, the special resolution to
wind up the company was passed.  Timothy Alexander Close of
Milsted Langdon, Winchester House, Deane Gate Avenue, Taunton
TA1 2UH has been appointed liquidator of the company.

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


INMARSAT GROUP: Fourth-quarter Revenues Slightly Down
-----------------------------------------------------
Inmarsat Group Limited reported on March 7 unaudited
consolidated financial results for the fourth quarter 2004,
ended December 31, 2004.

Total revenue for the fourth quarter 2004 was $114.3 million,
compared to $118.8 million recorded for the fourth quarter 2003.
Fourth quarter revenues were consistent with management
expectations, but adversely impacted when compared to the third
quarter 2004 revenues by volume discounts to distributors which
peak in the fourth quarter before being reset at the end of the
year, and to a lesser degree by seasonality which typically
affects our land data business during the holiday period.
EBITDA for the fourth quarter 2004 was $65.6 million, a decrease
of $4.7 million from $70.3 million reported for the fourth
quarter 2003.

Andrew Sukawaty, Inmarsat's Chairman and Chief Executive Officer
said: "The fourth quarter concludes another solid year of
revenue and cash flow for Inmarsat.  I think our results
demonstrate yet again the recurring and stable nature of our
revenue base and the ability of our business model to maintain
high cash flow margins.

"We are looking forward to the challenges ahead in 2005 and in
particular to the planned launch of two Inmarsat-4 satellites,
the first of which is due to be launched from Cape Canaveral on
March 10 [On March 11, Inmarsat confirmed the successful launch
of its first Inmarsat-4 satellite].  The Inmarsat-4 satellites
will extend the life of our network and allow us to introduce
high bandwidth BGAN services to meet the increasing mobile data
needs of our end users."

Net operating costs for the fourth quarter 2004 were $51.1
million, an increase of $1.4 million compared to $49.7 million
recorded for the fourth quarter 2003.  Compared to the same
period last year net operating costs were affected by increased
costs for our capacity lease with Thuraya to support our
Regional BGAN service.  This increase in lease costs reflects
the period of the lease whereby we have increased flexibility
and may terminate the lease at relatively short notice when we
have migrated our Regional BGAN end users to our Inmarsat-4 F1
satellite.  During the fourth quarter 2004 we also began to
incur rental payments on our headquarters building in London on
which we completed a sale and leaseback transaction in November.

Depreciation and amortization for the fourth quarter 2004 was
$13.5 million, a decrease of $17.8 million compared to $31.3
million recorded for the fourth quarter 2003.  The movement year
over year reflects a review of the allocation of the purchase
price in connection with the acquisition of Inmarsat in December
2003 between goodwill and tangible assets.  A description of
these adjustments and a discussion of changes in accounting
policy which impacted our depreciation and amortization charge
in the fourth quarter 2004 are included in our financial report
which is available from our Web site.

Net interest payable for the fourth quarter 2004 was $45.8
million, an increase of $35.0 million over the net interest
payable of $10.8 million recorded for the fourth quarter 2003.
The increase in interest reflects the impact of new financing
since the acquisition of Inmarsat in December 2003.  Interest
for the fourth quarter 2004 includes non-cash interest of $18.9
million for our subordinated parent company loan and $3.5
million of other non-cash interest items.

After taking into account a gain of $42.6 million on the sale of
our headquarters building in London our profit on ordinary
activities after taxation for the fourth quarter 2004 was $46.0
million, compared to a profit of $18.1 million recorded for the
fourth quarter 2003.

In connection with the sale and leaseback transaction completed
in November we received proceeds of $125.1 million and made a
repayment on our senior bank facility of $62.5 million.  We
ended the fourth quarter with cash and restricted cash of $378.5
million and external debt made up of $737.5 million in bank debt
and $477.5 million of senior notes.

Cash used to fund capital expenditure during the fourth quarter
was $31.3 million.  Net cash used to meet interest payments
during the fourth quarter 2004 was $11.1 million.

During the fourth quarter Inmarsat Holdings Limited, the
immediate parent company of Inmarsat Group Limited, issued
$450.0 million of Senior Discount Notes due 2012 and received
proceeds of $301.0 million.  Inmarsat Holdings Limited used the
proceeds to redeem $291.0 million of subordinated preference
certificates pro-rata from the holders, including a number of
our shareholders.  Inmarsat Holdings Limited completed a
registered exchange offer on the Senior Discount Notes in
January.

Going forward a financial report containing the consolidated
financial results of Inmarsat Holdings Limited will be made
available on our Web site and filed with the U.S. S.E.C. at the
same time we file the equivalent report for Inmarsat Group
Limited.  Inmarsat Holdings Limited conducts no business and
there are only limited differences between the consolidated
financial results of the two companies.  However, holders of the
Senior Discount Notes are encouraged to review the financial
results of Inmarsat Holdings Limited.

                            *   *   *

In November, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on  Inmarsat Ventures Ltd.
and its parent company Inmarsat Investments Ltd. to 'B+' from
'BB-'.  Standard & Poor's also assigned its 'B+' long-term
corporate credit rating to Inmarsat Holdings Ltd.  The outlook
is stable.

At the same time, Standard & Poor's lowered its bank loan rating
on Inmarsat Investments Ltd.'s US$975 million senior credit
facilities to 'B+' from 'BB-' and lowered its senior unsecured
debt rating on Inmarsat Finance PLC's US$477.5 million notes to
'B-' from 'B'.  In addition, Standard & Poor's assigned its
'CCC+' debt rating to the proposed US$300 million senior
discount notes to be issued by Inmarsat Finance II PLC.

CONTACT:  INMARSAT GROUP LIMITED
          99 City Rd.
          London EC1Y 1AX,
          United Kingdom
          Phone: +44-20-7728-1256
          Fax: +44-20-7728-1179
          Web site: http://www.inmarsat.com


JRC ENTERPRISE: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of JRC
Enterprise Limited on March 1, 2005 held at 70 Fen Road,
Chesterton, Cambridge, Cambridgeshire CB4 1TU, the special
resolution to wind up the company was passed.  Solomon Cohen has
been appointed liquidator of the company.

CONTACT:  PITMAN COHEN
          1st Floor, Wheelrod House
          23A Crendon Street
          High Wycombe
          Buckinghamshire HP13 6LJ
          Phone: 01494 510 700
          Fax: 01494 510 509
          E-mail: sonnycohen@pitmancohen.co.uk


L & P 91: Hires Kroll Buchler Administrator
-------------------------------------------
Charles Peter Holder and Michael Joseph Moore (IP Nos 009093,
005562) have been appointed administrators for L & P 91 Limited.
The appointment was made March 11, 2005.  The company manages
restaurant.  Its registered office is located at Wetherby Road,
Collingham, Wetherby, West Yorkshire LS22 5AY

CONTACT:  KROLL BUCHLER PHILLLIPS
          5th Floor
          Airesdale House
          77 Albion Street
          Leeds
          West Yorkshire LS1 5AW
          Phone: 0113 386 0800
          Fax: 0113 244 9305
          E-mails: pholder@krollworldwide.com
                   mmoore@krollworldwide.com


OFFICE SHOP: Final Creditors Meeting Set First Week of April
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Office Shop Clyde Limited
                    (In Compulsory Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
Office Shop Clyde Limited will be held within the offices of
Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS
on April 4, 2005, at 10:00 am, for the purposes of receiving the
Liquidator's account of the winding-up together with any
explanations that may be given.  The Liquidator will be seeking
his release at the meeting.  A resolution at the meeting will be
passed if a majority of those voting have voted in favor of it.

A creditor will be entitled to attend and vote at the meeting
only if a claim has been lodged with me at or before the meeting
and it has been accepted for voting purposes in whole or in
part.  Proxies may also be lodged with me at or before the
meeting at my office.

Derek Forsyth, Liquidator
February 28, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


ORANGE PEEL: Liquidator from BDO Stoy Hayward Steps in
------------------------------------------------------
At the extraordinary general meeting of Orange Peel (UK) Limited
on Feb. 28, 2005 held at Parkside Garage, Old Stafford Road,
Slade Heath near Coven WV10 7PH, the subjoined special
resolution to wind up the company was passed.  C. K. Rayment of
BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD has
been appointed liquidator of the company.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


RADIUS FLOORING: Hires Vantis Business Recovery as Administrator
----------------------------------------------------------------
Name of companies:
Radius Flooring Solutions Limited
Radius Holdings Limited
Radius Interiors Limited

Mark Newman and Nigel John Hamilton Smith (IP Nos 8723, 2093)
have been appointed administrators for these companies.  The
appointment was made March 4, 2005.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Web site: http://www.vantismt.com


RWB DECORATORS: Interim Liquidator Moves In
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF RWB Decorators Limited
                         (In Liquidation)

I, Michael J. M. Reid CA, 12 Carden Place, Aberdeen AB10 1UR
hereby give notice that by interlocutor dated February 23, 2005,
the sheriff at Elgin appointed me interim liquidator of RWB
Decorators Limited.

Notice of the date, time and place of the first meeting of
creditors will be sent to all known creditors under separate
cover.  Meantime, any creditor of the above named company is
invited to submit details of their claim to the address below.

Michael J. M. Reid, CA, Interim Liquidator
February 28, 2005

CONTACT:  MESTON REID & CO
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com

          Michael James Meston Reid
          E-mail: reidm@mestonreid.com
          Phone: 01224 625554
          Fax: 01224 626089


SEACROFT INTERNATIONAL: Hires Tenon Recovery as Administrator
-------------------------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) have been
appointed administrators for Seacroft International Limited.
The appointment was made Feb. 22, 2005.  The company develops
property.

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


SURPLUS STORES: Appoints Liquidator from Scoot & Patterson
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Surplus Stores (Edinr) Ltd.

Notice is hereby given that on Feb. 28, 2005, I, Keith V.
Anderson, Scott & Paterson, Chartered Accountants, Bruntsfield
House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX, was appointed
liquidator of Surplus Stores (Edinr) Ltd., which registered
office is located at 41 Grove Street, Edinburgh EH3 8AF.

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

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


TEMA LIMITED: Furniture Manufacturer Calls in Administrator
-----------------------------------------------------------
Nicholas Roy Hood and Timothy John Edward Dolder (IP Nos 1111,
9008) have been appointed administrators for Tema Limited.  The
appointment was made March 9, 2005.  The company manufactures
office and shop furniture.  Its registered office is located at
Wellington Road, London Colney, Hertfordshire AL2 1EY.

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


TRUFIT LIMITED: Calls in Administrator from Hazlewoods
------------------------------------------------------
Philip John Gorman (IP No 008069) has been appointed
administrator for Trufit Limited (t/a Newview Trade Frames).
The appointment was made Feb. 25, 2005.  The company
manufactures doors and windows.  Its registered office is
located at Windsor House, Barnett Way, Barnwood, Gloucester GL4
3RT.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


UK GLASSFIBRE: Hires Joint Liquidators from Robson Rhodes
---------------------------------------------------------
At the extraordinary general meeting of UK Glassfibre Limited on
March 9, 2005 held at the offices of Johns Manville Limited, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Matthew Dunham and Charles William Anthony
Escott of RSM Robson Rhodes LLP, Colwyn Chambers, 19 York
Street, Manchester M2 3BA have been appointed joint liquidators
of the company.

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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