TCREUR_Public/050322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 22, 2005, Vol. 6, No. 57

                            Headlines

C Z E C H   R E P U B L I C

OSKAR HOLDINGS: Moody's Likely to Upgrade Ratings


G E R M A N Y

AUTOHAUS RAPE: Dessau Court Appoints Interim Administrator
AUTOHAUS RUTTGERS: Proofs of Claim Due Later this Month
AUTOHAUS VOCKRODT: Falls into Bankruptcy
BASCHE GMBH: Provisional Administrator Takes over Operations
CHRONOS RICHARDSON: Succumbs to Insolvency

DRESDNER BANK: Posts First Full-year Profit in Three Years
DUERR AG: Rating Downgraded to 'B+' on Sluggish Cash flow
DUERR AG: Promises to Address Weakness Cited by S&P
DYCKERHOFF AG: Reports 36% Increase in Net Profit
GBM ALTBAUSANIERUNGS: Proofs of Claim Due Next Week

GERMANIA GRUNDBESITZ: Applies for Bankruptcy Proceedings
GLANCOS CHEMISCH: Cedes Control to Provisional Administrator
IN-KA BAUGESELLSCHAFT: Court Confirms Bankruptcy
KLAUS LINNEWEBER: Creditors Have Until Next Month to File Claims
PROMARKT: Kingfisher Writes off Unpaid Debt


I T A L Y

CIRIO FINANZIARIA: Banks in 'Irregular' Bond Sale Fined
IMPREGILO SPA: Astaldi Merger Talks Break down
PARMALAT FINANZIARIA: Citigroup Fights Back
SNIA SPA: Full-year Loss Balloons to EUR168 Million


L U X E M B O U R G

THIEL LOGISTIK: Operating Income Exceeds Target


N E T H E R L A N D S

MOBIFON HOLDINGS: To Benefit from Vodafone Buyout, Moody's Says
NUMICO N.V.: Shareholders Approve Mellin Buyout


P O L A N D

NETIA SA: To Pay First Dividend April


R U S S I A

AUTO-COLUMN-1465: Undergoes Bankruptcy Supervision Procedure
BELOVO-INVEST-SERVICE: Kemerovo Court Hires Insolvency Manager
CHUFAROVSKIY ARMATURE: Bankruptcy Hearing Set June
DOCA-OIL-SERVICE: Bankruptcy Hearing Resumes Next Week
ELECTRO-TEX: Appoints V. Salmin Insolvency Manager

GAZPROM: Merger with Rosneft Set June
OSTROVSKOYE-AGRO-PROM-SNAB-TEKHNIKA: Declared Insolvent
RASSVET: Applies for Bankruptcy Proceedings
ROSREZERVA: Bankruptcy Hearing Resumes Next Month
SAMARA-AUTO-TRANS: Creditors Have Until April to File Claims
TEPLO-CENTRE: Under Bankruptcy Supervision


S W E D E N

SCANDINAVIAN AIRLINES: Court Finds Braathens Job-cuts Fair
SKANDIA INSURANCE: Sharpens Competitive Edge in Denmark


S W I T Z E R L A N D

SWISS INTERNATIONAL: Govt Decision on Lufthansa Offer Out Today


U K R A I N E

APK PIVDENNIJ: Insolvency Manager Takes over Operations
ATOMENERGO-SERVICE: Declared Insolvent
BUDSERVICE: Sets Proofs of Claim Deadline
DOLINSKA FLAX: Court Orders Debt Moratorium
KERAMIK: Claims Filing Period Expires this Week

KYIVSTAR GSM: Ratings Upgraded to 'B+' on Strong Performance
MASHZAVOD-VINAGRO: Court Appoints Liquidator
MEREFA' MECHANICAL: Bankruptcy Supervision Begins
REGION-TRADE: Under Bankruptcy Supervision
ROZRIZ KOROSTISHIVSKIJ: Creditors' Claims Due this Week
SEED MRIYA: Kyiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ADRIA: To Cut down 175 Workers April
ALDER DESIGN: Liquidator Takes over Operations
ALLNUT HEALTH: Names BDO Stoy Hayward Administrator
AMAC ELECTRICAL: Members Hire Liquidator from K. J. Watkin
ATKINS NUTRITIONAL: Local Subsidiary to Shut down

AVERINE (UK): Members Call in Liquidator
BALDWIN BUILDERS: Hires Liquidator from Ensors
BARBERS BUILDING: Members Decide to Wind up Firm
BRADFORD LADDER: Calls in Liquidator form O'Hara & Co.
CALLPOINT EUROPE: Creditors Appoint Liquidator

CELLEMO LIMITED: Liquidator from Panos Eliades Moves in
CLASSIC RECRUITMENT: Members Name Liquidator from Kallis & Co.
CLUB TREE: Hires Piper Thompson as Administrator
DIAMOND COMMODITIES: Calls in Administrators from Stoy Hayward
DISC TECHNOLOGIES: Names Valentine & Co. as Liquidator

EXECUTIVE RECRUITMENT: Hires Smith & Williamson as Administrator
GADGET SHOP: Business for Sale
GASKELL PLC: Falls into Administration
GLOBAL VIDEOCOM: Hires Grant Thornton as Administrator
GRASMERE PRESS: Calls in Administrators from Tenon Recovery

INDUSTRIAL RELATIONS: Liquidator's Report Out April
IPM INDUSTRIES: Administrator from Tenon Recovery Moves in
LUTON PAINTING: Meeting of Creditors Set Next Month
MANAGEMENT CENTRE: Members Call in Liquidator from Harrisons
MODEL CENTRE: Appoints Administrators from RSM Robson Rhodes

NETTEC PLC: Reports Profit for 2004
OMI DESIGN: Names Begbies Traynor Administrator
SKEHAN CONSULTANTS: Members Decide to Wind up Firm
SPACEMINSTER GROUP: Bank of Scotland Brings in Receiver
SPECIAL ENGINEERING: Administrators from Begbies Traynor Move in

TALENTBRAND LIMITED: Winding-up Report Out Later this Month
TEKNIFLO LIMITED: Hires Begbies Traynor as Administrator
TERRY SANDERS: Calls in Begbies Traynor
TRACK WARNING: Creditors Meeting Set Tomorrow

* Large Companies with Insolvent Balance Sheets


                            *********


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


OSKAR HOLDINGS: Moody's Likely to Upgrade Ratings
-------------------------------------------------
Moody's Investors Service on Wednesday placed under review for
possible upgrade the ratings of Oskar Holdings N.V. and Oskar
a.s. (collectively Oskar) and those of MobiFon Holdings B.V. and
MobiFon S.A. (MobiFon).  The rating action follows an
announcement that their holding company, TIW Inc., is to sell
its ownership interests in both entities to Vodafone Group plc
(rated A2).

The ratings placed under review were Oskar Holdings' senior
implied rating at B1, and senior unsecured issuer rating at B3;
and Oskar Mobil's EUR325 million senior secured notes due 2011
at B1.

According to TIW's announcement, the holding company will sell
its ownership interests in Oskar (100% ownership) and MobiFon
(79% ownership) to Vodafone through a sale of its interests in
ClearWave N.V., an indirect 99.99% owned subsidiary.

Moody's notes that the transaction is subject to (i) a Canadian
court approval pursuant to the proposed plan of arrangement (in
accordance with the Canada Business Corporation Act); (ii) a
shareholder approval (likely to require 66 2/3% of the votes);
and (iii) regulatory approvals under E.U. and Romanian
competition legislation.  Provided that all the approvals are
received, the transaction is expected to finalize in Q3 2005.

Moody's decision to place the ratings of both entities on review
for possible upgrade reflects the rating agency's expectations
of potential operational and financial advantages associated
with ownership by a highly rated strategic investor.  Moody's
review will focus on the potential impact of the proposed
acquisition by Vodafone on the business and financial profiles
of MobiFon and Oskar (collectively "the companies") and evaluate
the degree of integration of the two entities into Vodafone
Group.

At the same time, Moody's notes that following the close of the
transaction, a change of control clause will be triggered under
the terms and conditions of the outstanding notes, thus
requiring the companies to purchase the outstanding bonds at
101% of the principal amount in the event they are put by the
bondholders.  The companies will also need to address the
relevant change of control provisions in their bank facilities.
The rating agency's review will encompass an evaluation of the
potential impact of a change in control clause.

Oskar a.s., headquartered in Prague, is the third GSM operator
in the Czech Republic with a 17% market share as of 31 December
2004.  In 2004, the company generated CZK14.1 billion in
revenues with an OIBDA margin of approximately 29% and a
subscriber base of 1.8 million.

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

          MOODY'S INVESTORS SERVICE
          New York
          Jenya Brown
          Associate Analyst
          European Corporates
          For Journalists:
          Phone: 212-553-0376


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


AUTOHAUS RAPE: Dessau Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against Autohaus Rape GmbH & Co. Kommanditgesellschaft on Feb.
22.  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 Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 1:25 p.m. at the district court of
Dessau, Willy-Lohmann-Str. 33, Saal 123 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AUTOHAUS RAPE GMBH & CO. KOMMANDITGESELLSCHAFT
          Hauptstrasse 1, 06779 Retzau
          Contact:
          Martin Rape, Manager
          Lindenstrasse 2, 06779 Retzau

          Andre Schirrmeister, Administrator
          Magdeburger Strasse 23, 06112 Halle
          Phone: 0345/2311111
          Fax: 0345/2311199


AUTOHAUS RUTTGERS: Proofs of Claim Due Later this Month
-------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Autohaus Ruttgers GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 28, 2005 to register their
claims with court-appointed provisional administrator Egon
Trockel.

Creditors and other interested parties are encouraged to attend
the meeting on April 18, 2005, 9:25 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  AUTOHAUS RUTTGERS GMBH
          An der Knippenburg 117, 46238 Bottrop
          Contact:
          Roswitha Kloppert, Manager
          Werner Ruttgers, Manager

          Egon Trockel, Administrator
          Zweigertstrasse 43, 45130 Essen
          Phone: (0201) 793613


AUTOHAUS VOCKRODT: Falls into Bankruptcy
----------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Autohaus Vockrodt GmbH on March 1.  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 Johannes
Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on April 18, 2005, 11:00 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14 at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on May 31, 2005, 9:25 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Raum Zimmer 21.

CONTACT:  AUTOHAUS VOCKRODT GMBH
          Krefelder Str. 43 - 45, 52146 Wurselen
          Contact:
          Gian Mario Candrian, Manager
          Klosterstr. 5, 52146 Wurselen
          Gunter Vockrodt, Manager
          Krefelder Strasse 43-45, 52146 Wurselen

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen
          Phone: 0241/949740
          Fax: 0241/870203


BASCHE GMBH: Provisional Administrator Takes over Operations
------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Basche GmbH & Co. KG on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 13, 2005 to register their
claims with court-appointed provisional administrator Georg F.
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2005, 9:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I. OG,
gelber Bereich, Saal 186 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:  BASCHE GMBH & CO. KG
          Im Blankenfeld 22, 46238 Bottrop

          Georg F. Kreplin, Administrator
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


CHRONOS RICHARDSON: Succumbs to Insolvency
------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Chronos Richardson GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 15, 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 April 12, 2005, 12:30 p.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
verify the claims set out in the administrator's report on June
21, 2005, 9:00 a.m. at the district court of Bonn,
Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Raum
Saal W126.

CONTACT:  CHRONOS RICHARDSON GMBH
          Reutherstrasse 3, 53773 Hennef
          Contact:
          Cornelis Antonie van Drent, Manager
          Hohenstrasse 24, 53773 Hennef

          Dr. Sebastian Henneke, Administrator
          Meckenheimer Allee 87 , 53115 Bonn
          Phone: 0228/9766643
          Fax: 0228/9766645


DRESDNER BANK: Posts First Full-year Profit in Three Years
----------------------------------------------------------
Dresdner Bank fulfilled forecasts to break even last year after
a far-reaching reorganization.  It earned EUR142 million in
2004, its first profit in three years.  This after parent
Allianz AG cut 15,700 jobs, or almost a third of its workforce,
and shed at least 25% of bad loans.  The move boosted the
insurer's profit by 16% to EUR2.2 billion (US$2.95 billion) from
EUR1.9 billion.  In November, Allianz raised its profit forecast
for Dresdner after the unit made a third quarterly profit.

"Dresdner has turned the corner, it's no longer destroying
value," J.P. Morgan analyst Michael Huttner said, according to
Bloomberg News.

CONTACT:  DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          60301 Frankfurt, Germany
          Phone: +49-692--630
          Fax: +49-692-63-4831
          Web site: http://www.dresdner-bank.de


DUERR AG: Rating Downgraded to 'B+' on Sluggish Cash flow
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based automotive production
equipment supplier Duerr AG to 'B+' from 'BB-' on weaker
profitability and cash flow generation.

In addition, the rating on the subordinated EUR200 million bond
was lowered to 'B-' from 'B', reflecting solely its
subordination to all existing and future priority debt.  All
ratings were removed from CreditWatch, where they were placed on
Nov. 5, 2004. The outlook is stable.  These actions conclude the
credit review carried out by Standard & Poor's over the past few
months.

"The rating action reflects our expectation that Duerr's credit
protection measures and cash generation will be more in line
with a 'B+' credit rating for the foreseeable future," said
Standard & Poor's credit analyst Barbara Castellano.

Nevertheless, the initiated efficiency programs (including the
Sprint Square program) and the recently announced changes in the
group structure are likely to help partially mitigate the
significant pricing pressure exerted by Duerr's customer base,
mainly automotive manufacturers.

"The stable outlook reflects our expectations that Duerr's
financial measures will improve in 2005, owing to the sale of
assets as well as a moderate improvement in EBITDA, said Ms.
Castellano.  "We also expect that liquidity will remain
sufficient and that the company will remain adequately in
compliance with financial covenants."

For 2005, we expect net debt to EBITDA to be about 4.0x, EBITDA
interest coverage to be about 3.0x, and FOCF to be positive.
The ratings could be lowered or the outlook changed to negative
if Duerr does not achieve these financial targets.  This could
particularly be the case if EBITDA generation does not improve,
cost savings measures fail to deliver savings, or if the
challenging business environment deteriorates further.

The outlook could be revised to positive or the ratings raised
if Duerr significantly improves profitability and financial
performance beyond Standard & Poor's current expectations.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's 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

          DUERR AG
          Otto-Durr-Strasse 8
          70435 Stuttgart - Zuffenhausen
          Deutschland
          Stephan Haas
          Corporate Communications & Investor Relations
          Phone: +49 (0)711 136-1785
          Fax: +49 (0)711 136-1034
          E-mail: corpcom@durr.com


DUERR AG: Promises to Address Weakness Cited by S&P
---------------------------------------------------
Standard & Poor's has downgraded Duerr AG's credit rating from
"BB-" to "B+".  The rating agency notified the company of its
action on Friday.  The rating outlook is stable.

The reasons cited for the decision are the past year's earnings
performance and the currently difficult environment in the
automotive industry.  S&P also refers to comparison with other
companies in the same rating and sector categories.

S&P has lowered the issue rating for Duerr's subordinated
corporate bond placed in July for EUR200 million from "B" to "B-
".  The outlook is stable.

The management intends to improve the company's rating as soon
as possible through efficiency gains achieved by the ongoing
Sprint Squared earnings enhancement program and greater market
clout resulting from the new corporate structure implemented at
the beginning of March.  The main goal is to raise earning power
and reduce financial debt.

Duerr had reported preliminary business figures on February 23
and announced the realignment of its group structure.  The plant
and mechanical engineering company is thus concentrating on its
strengths and arranging its operations in two divisions: Paint
and Assembly Systems and Measuring and Process Systems.

CONTACT:  DUERR AG
          Otto-Durr-Strasse 8
          70435 Stuttgart - Zuffenhausen
          Deutschland
          Stephan Haas
          Corporate Communications & Investor Relations
          Phone: +49 (0)711 136-1785
          Fax: +49 (0)711 136-1034
          E-mail: corpcom@durr.com


DYCKERHOFF AG: Reports 36% Increase in Net Profit
-------------------------------------------------
With the exception of Germany, the Dyckerhoff Group operated in
a friendly construction environment.  The operating sales and
EBITDA development was favorable in all regions.  Without the
changes in the group of consolidated companies, sales would have
increased by 5%; reported sales show a decline of about 9% to
EUR1.2 billion.

Adjusted for the capital gains from the sales of Anneliese
Zementwerke and Cementos Hispania, the operating cash flow
declined by about EUR22 million; the decline is solely due to
consolidation effects and currency variations.  Group net profit
amounts to EUR41.0 million (prior year:  EUR248.9 million); this
is an increase on a comparable base (without previous year's
capital gains of EUR218.8 million) of about 36%.  Also the
balance sheet ratios improved significantly especially from
positive currency effects and changes in the group of
consolidated companies (mainly the U.S.-merger:  Equity ratio
went up by 3 percentage points to 34%).  Net debt was reduced by
EUR413.4 million.  Gearing advanced by about 40 percentage
points to 43.2%.  For the year 2005, all in all a continuation
of the positive economic trend is anticipated.

Following the approval of the annual financial statements of
Dyckerhoff AG as of December 31, 2004, and after the endorsement
of the consolidated financial statements as of December 31,
2004, the Board of Management and the Supervisory Board of
Dyckerhoff have just decided to propose to the Annual General
Meeting on May 10, 2005, to distribute a dividend of EUR0.18 per
ordinary share and per preferred share each.  Total dividends
amount to EUR7.4 million, which is 20% of the Group net profit
attributable to Dyckerhoff.

Despite the normalization of the price levels for our building
materials, the result in Germany -- and, therefore, the result
of the Dyckerhoff -- was still clearly negative.  Therefore the
distribution of the dividend is paid from a withdrawal from
retained earnings.  We regard our dividend proposal as
obligingness, especially against the background of the still
difficult situation in Germany.

Summarized Income Statement (in millions of EUR)

                      2004    2003   2003     Change    Change
                             comp.[*]  reported   absolute  in %
                                                 vs        vs
                                                 comp.     comp.

Sales               1,199.8   1,320.3   1,320.3  -120.5    -9.1
Operating cash
flow (EBITDA)          252.3    274.0     492.8   -21.7    -7.9
Operating result (EBIT)129.3    116.0     334.8    13.3    11.5
Result before taxes (EBT)
                        57.0     30.1     248.9    26.9    89.4
Group net profit        41.0     30.1     248.9    10.9    36.2

Group net profit
attributable to
Dyckerhoff              37.0     25.2     244.0    11.8    46.8

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] comparable

The complete consolidated financial statements of Dyckerhoff
will be published in the context of the press conference on
March 24, 2005.

*   *   *

Early this month, Moody's Investors Service changed the rating
outlook for the Ba1 senior implied rating of Dyckerhoff to
stable from negative.  Its short-term rating remains Not Prime.
The outlook on senior debt of Lonestar Industries Inc.,
guaranteed by Dyckerhoff, has also been changed to stable from
negative.

CONTACT:  DYCKERHOFF AG
          Board of Management
          Biebricher Str. 69
          65203  Wiesbaden
          Deutschland


GBM ALTBAUSANIERUNGS: Proofs of Claim Due Next Week
---------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against GBM Altbausanierungs GmbH on March 1.  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 Hans Peter
Runkel.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005, 9:25 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage,
Saal 388 - Altbau Amtsgericht - 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:  GBM ALTBAUSANIERUNGS GMBH
          Nordrather Strasse 127 a, 42553 Velbert-Neviges
          Contact:
          Jorg Hoffmann-Vojnic, Manager
          Marmaraweg 44, 12109 Berlin

          Hans Peter Runkel, Administrator
          Friedrich-Ebert-Strasse 146, 42117 Wuppertal
          Phone: 0202/30 20 71
          Fax: 0202/31 47 08


GERMANIA GRUNDBESITZ: Applies for Bankruptcy Proceedings
--------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Germania Grundbesitz AG on Feb. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 24, 2005 to register their
claims with court-appointed provisional administrator Dr. Gunter
Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 1:20 p.m. at the district court
of Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage,
Saal 388 - Altbau Amtsgericht 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:  GERMANIA GRUNDBESITZ AG
          Hanns-Martin-Schleyer-Str. 29a
          47877 Willich-Munchheide
          Contact:
          Holger Frank Geiermann, Manager
          Gorzheide 10 d, 42489 Wulfrath

          Dr. Gunter Trutnau, Administrator
          Kettwiger Strasse 32/34, 45127 Essen
          Phone: 0201-10953
          Fax: 0201-1095500


GLANCOS CHEMISCH: Cedes Control to Provisional Administrator
------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against GLANCOS Chemisch kosmetische Fabrikation GmbH & Co.KG on
March 1.  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 Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 2:10 p.m. at the district court
of Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage,
Saal 388 - Altbau Amtsgericht at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on May 3, 2005, 1:00 p.m. at the same venue.

CONTACT:  GLANCOS CHEMISCH KOSMETISCHE FABRIKATION GMBH & CO.KG
          Ohder Strasse 10, 42289 Wuppertal

          GLANCOS CHEMISCH KOSMETISCHE FABRIKATION BETEILIGUNGS
          GMBH
          Ohder Strasse 10, 42289 Wuppertal
          Contact:
          Mohammad Sharif Sarwari, Manager

          Stephan Ries, Administrator
          Friedrichstr. 51, 42105 Wuppertal
          Phone: 0202/49393150
          Fax: 0202/4939319


IN-KA BAUGESELLSCHAFT: Court Confirms Bankruptcy
------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against IN-KA Baugesellschaft mbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Christoph Rosenmuller.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 10:45 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 13, 2005, 10:35 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  IN-KA BAUGESELLSCHAFT MBH
          Reinickendorfer Strasse 117,13347 Berlin
          Contact:
          Sahin Ocal, Manager
          Wutzkyallee 56, 12353 Berlin

          Christoph Rosenmuller, Manager
          Berliner Str. 117, 10713 Berlin


KLAUS LINNEWEBER: Creditors Have Until Next Month to File Claims
----------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Klaus Linneweber Besitzverwaltungs GbmH & Co KG on Feb.
25.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until April 13,
2005 to register their claims with court-appointed provisional
administrator Dr. Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 9:45 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KLAUS LINNEWEBER BESITZVERWALTUNGS GBMH & CO KG
          Bunzlauer Str. 12, 33719 Bielefeld

          KLAUS LINNEWEBER VERWALTUNGS GMBH
          Bunzlauer Str. 12, 33719 Bielefeld
          Contact:
          Klaus Linneweber

          Dr. Norbert Westhoff, Administrator
          Adenauerplatz 4, 33602 Bielefeld


PROMARKT: Kingfisher Writes off Unpaid Debt
-------------------------------------------
Kingfisher had been forced to take an exceptional charge for a
loan taken when it returned a loss-making retail chain to its
former owners two years ago, The Telegraph says.

The electrical goods giant bore a GBP16.6 million exceptional
charge to write off a "working capital loan" to Michael and
Matthias Wegert when they took back Promark.  The debt was due
January.

The report quotes Kingfisher finance director Duncan Tatton-
Brown saying that, although the loan had been extended, the
company had decided it was prudent to write it off.

Kingfisher bought Promarkt for GBP111 million seven years ago.
It sold back the firm to the Wegerts for GBP35 million after a
five-year period that saw Promarkt racked up more than GBP85
million in losses.

CONTACT:  PROMARKT
          Web site: http://www.promarkt.de


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


CIRIO FINANZIARIA: Banks in 'Irregular' Bond Sale Fined
-------------------------------------------------------
The Finance Ministry fined the banks that participated in the
irregular bond placement of troubled food giant Cirio
Finanziaria, Il Sole 24 Ore says.

Two years after an in-depth probe was launched by stock market
regulator Consob, the ministry ruled that Banca Intesa,
Sanpaolo-Imi, Montepaschi, BNL, Unicredito, Capitalia, Cassa di
Risparmio di Firenze, Banca Antonveneta, Banca Popolare di
Ancona and Credito Emiliano violated financial intermediation
regulations when they sold the bonds to individual investors
between 2000 and 2002.

The ministry found out the banks does not have internal
measures, which could have made the transactions more efficient
and orderly.  The banks were also found guilty of failure to
inform buyers of the bonds' high-risk nature.  The banks were
fined EUR10.6 million.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it

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

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

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

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

          UNICREDIT
          Piazza Cordusio
          20123 Milano
          Phone: +39 02 88 621
          E-mail: info@unicredit.it
          Web site: http://www.unicredit.it


IMPREGILO SPA: Astaldi Merger Talks Break down
----------------------------------------------
Astaldi, the country's second largest builder has withdrawn its
bid to acquire a stake in loss-making construction group
Impregilo, La Stampa says.  The two had been holding talks on a
possible merger.

The news, however, elated the other groups eyeing Impregilo.
One such group, a consortium of motorway operators Gavio and
Autostrade; holding group Investindustrial, and machinery
manufacturer Techint wants to acquire a 13% stake in Impregilo,
in exchange for an EUR80 million capital injection.  The stake
would be chipped away from Impregilo's largest shareholder
Gemina, which currently holds a 15% stake in the group.  The
consortium offered to buy the stake at a discounted price of
EUR0.20 per share.

Impregilo is currently setting its eyes on a EUR650 million
capital increase, which will be used to repay EUR550 million in
bonds due in May and June, and maintain its operations.  The
group recently gained access to a EUR120 million bridging loan,
which was organized by local bank Capitalia, and has gained the
nod of Impregilo's creditor banks, which includes Banca Intesa,
Unicredit, and San Paolo IMI.  Each bank is expected to dole out
EUR22.5 million, while Gemina, Impregilo's main shareholder,
will chip in EUR30 million.

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

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

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

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

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

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

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


PARMALAT FINANZIARIA: Citigroup Fights Back
-------------------------------------------
Collapsed dairy giant Parmalat faces a counterclaim from U.S.
bank Citigroup Inc., Montreal Gazette says.

This was in reaction to a recent suit filed against Citigroup by
government-appointed administrator Enrico Bondi, who alleges
that the bank played a role in a massive fraud that "enriched"
it and some Parmalat managers.

Citigroup said in a statement, "[We are] a victim of this fraud
and has reported loss of more than EUR500 million (US$670
million U.S.)."

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

          CITIGROUP INC.
          399 Park Ave.
          New York, NY 10043
          Phone: 212-559-1000
          Fax: 212-793-3946
          Web site: http://www.citigroup.com


SNIA SPA: Full-year Loss Balloons to EUR168 Million
---------------------------------------------------
Loss-making chemical and textile manufacturer Snia posted
EUR168.3 million in net loss in 2004, up from EUR113.9 million
in 2003, Il Sole 24 Ore says.

The group attributed the loss to EUR32.6 million in write-downs
and EUR92.6 million in extraordinary items.  The group booked
EUR124.3 million in turnover for 2004.

Milan-based Snia, a subsidiary of Bios S.p.A., primarily
operates in the textiles and chemicals sectors.  The group is
also present in real estate and mechanical industries.

CONTACR:  SNIA S.p.A.
          Via Borgonuovo, 14
          20121 Milan
          Phone: +39-02-63321
          Fax: +39-02-6332311
          Web site: http://www.snia.it


===================
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


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


MOBIFON HOLDINGS: To Benefit from Vodafone Buyout, Moody's Says
---------------------------------------------------------------
Moody's Investors Service on Wednesday placed under review for
possible upgrade the ratings of Oskar Holdings N.V. and Oskar
a.s. (collectively Oskar) and those of MobiFon Holdings B.V. and
MobiFon S.A. (MobiFon).  The rating action follows an
announcement that their holding company, TIW Inc., is to sell
its ownership interests in both entities to Vodafone Group plc
(rated A2).

The ratings of MobiFon Holdings N.V. that were put under review
for possible upgrade are its senior implied rating at B1, and
US$225 million senior notes due 2010 at B3.

For MobiFon S.A., the rating affected was its US$300 million
senior secured facilities due 2008 at B1.

According to TIW's announcement, the holding company will sell
its ownership interests in Oskar (100% ownership) and MobiFon
(79% ownership) to Vodafone through a sale of its interests in
ClearWave N.V., an indirect 99.99% owned subsidiary.

Moody's notes that the transaction is subject to (i) a Canadian
court approval pursuant to the proposed plan of arrangement (in
accordance with the Canada Business Corporation Act); (ii) a
shareholder approval (likely to require 66 2/3% of the votes);
and (iii) regulatory approvals under E.U. and Romanian
competition legislation.  Provided that all the approvals are
received, the transaction is expected to finalize in Q3 2005.

Moody's decision to place the ratings of both entities on review
for possible upgrade reflects the rating agency's expectations
of potential operational and financial advantages associated
with ownership by a highly rated strategic investor.  Moody's
review will focus on the potential impact of the proposed
acquisition by Vodafone on the business and financial profiles
of MobiFon and Oskar (collectively "the companies") and evaluate
the degree of integration of the two entities into Vodafone
Group.

At the same time, Moody's notes that following the close of the
transaction, a change of control clause will be triggered under
the terms and conditions of the outstanding notes, thus
requiring the companies to purchase the outstanding bonds at
101% of the principal amount in the event they are put by the
bondholders.  The companies will also need to address the
relevant change of control provisions in their bank facilities.
The rating agency's review will encompass an evaluation of the
potential impact of a change in control clause.

MobiFon Holdings B.V, domiciled in the Netherlands, is the
majority owner of MobiFon S.A, a leading mobile telecom operator
in Romania with a 48% market share as of 31 December 2004.  In
2004, MobiFon generated US$723 million in revenue with an OIBDA
margin of approximately 47% and a subscriber base of 4.9
million.

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

          MOODY'S INVESTORS SERVICE
          New York
          Jenya Brown
          Associate Analyst
          European Corporates
          For Journalists:
          Phone: 212-553-0376


NUMICO N.V.: Shareholders Approve Mellin Buyout
-----------------------------------------------
The Extraordinary General Meeting of Royal Numico N.V. approved
Friday the acquisition of Mellin S.p.A. and the related issuance
of 6,711,409 new shares.  The acquisition is expected to be
completed in the second quarter of 2005.

The acquisition of Mellin represents an important step forward
for Numico's Baby Food strategy in Western Europe.  Mellin
complements and significantly strengthens Numico's existing
operations in terms of product range, channel presence and
market position.  The resulting competitive number 2 position in
the Italian Baby Food Market provides Numico with the necessary
platform and scale to drive growth in this underdeveloped and
fragmented market.

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition.  The company operates in over 100 countries and
employs approximately 11,000 people.

CONTACT:  ROYAL NUMICO N.V.
          P.O. Box 75538
          1118 ZN Schiphol Airport
          The Netherlands
          Phone: +31 20 456 9000
          Fax: +31 20 456 8000
          Web site: http://www.numico.com

          Corporate Communications
          Phone: +31 20 456 9077

          Investor Relations
          Phone: +31 20 456 9003


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


NETIA SA: To Pay First Dividend April
-------------------------------------
The ordinary shareholders meeting of Netia S.A. on Thursday
adopted resolutions concerning, among others, the dividend and
the share and subscription warrant buy-back program.

Due to the fundamental improvement in Netia's financial position
following the company's successful restructuring carried out
during 2002 to 2004, Netia's management recommended a first ever
dividend and a share and subscription warrant buy-back program
to shareholders.

In accordance with the management's proposal and the resolution
adopted by the Meeting, the dividend of PLN0.10 per share will
be paid to shareholders of record as at April 7, 2005 and will
be payable on April 22, 2005.

As a further move to return capital to shareholders, the share
and subscription warrant buy-back program of up to PLN120
million was approved.  The program will be run transparently and
openly over a 15-month period in compliance with all Polish and
E.U. rules and regulations.  The buy-back envisages shares and
warrants purchased only on the Warsaw Stock Exchange -- no off-
exchange block purchases -- in order to ensure maximum
transparency and to give all shareholders access to the same
opportunity.

In addition, Netia announces, in connection with the adopted
resolution on the dividend payment, that subscriptions for
Netia's series J shares authorized from the two-year and three-
year subscription warrants will not be received during seven
consecutive days from March 31, 2005 to April 7, 2005
(inclusive), i.e., in accordance with par. 24.3.2 chapter III of
the Polish prospectus of Netia's notes and shares dated April
17, 2002.

Detailed information on the buy-back program will be announced
separately following the registration of the related changes to
Netia's statute, adopted Thursday by the meeting.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Netia Public Relations
          Jolanta Ciesielska
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


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


AUTO-COLUMN-1465: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on open joint stock company
Auto-Column-1465 (TIN 3017004190).  The case is docketed as A06-
4536b/3-18k/2004.  Mr. A. Palyutkin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 414040, Russia,
Astrakhan, Krasnaya Naberezhnaya Str. 37, Office 11.  A hearing
will take place on May 23, 2005, 2:00 p.m.

CONTACT:  AUTO-COLUMN-1465
          414057, Russia, Astrakhan region,
          Kosmonavtov Str. 18

          Mr. A. Palyutkin
          Temporary Insolvency Manager
          414040, Russia, Astrakhan region,
          Krasnaya Naberezhnaya Str. 37, Office 11

          The Arbitration Court Of Astrakhan Region
          Russia, Astrakhan region,
          Molodyezhnyj Pr. 6


BELOVO-INVEST-SERVICE: Kemerovo Court Hires Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on close joint stock company
Belovo-Invest-Service.  The case is docketed as A27-29385/2004-
4.  Mr. V. Naydanov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 650099, Russia,
Kemerovo, Ostrovskogo Str. 34, Office 406.  A hearing will take
place on May 23, 2005, 11:00 a.m.

CONTACT:  BELOVO-INVEST-SERVICE
          652600, Russia, Belovo,
          Voloshinoy Str. 30A

          Mr. V. Naydanov
          Temporary Insolvency Manager
          650099, Russia, Kemerovo region,
          Ostrovskogo Str. 34, Office 406


CHUFAROVSKIY ARMATURE: Bankruptcy Hearing Set June
--------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Chufarovskiy Armature Factory.  The case is docketed as A72-
11368/04-21/50-B.  Mr. I. Kosulin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 432063, Russia,
Ulyanovsk, Engelsa Str. 19.  A hearing will take place on June
13, 2005, 10:00 a.m.

CONTACT:  CHUFAROVSKIY ARMATURE FACTORY
          433120, Russia, Ulyanovsk region,
          Veshkaymskiy region, Chufarovo, Zavodskaya Str. 1

          Mr. I. Kosulin
          Temporary Insolvency Manager
          432063, Russia, Ulyanovsk region,
          Engelsa Str. 19
          Phone/Fax: 8 (8422) 41-09-74


DOCA-OIL-SERVICE: Bankruptcy Hearing Resumes Next Week
------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on limited liability company
Doca-Oil-Service.  The case is docketed as A47-16145/04-14GK.
Mr. V. Ivanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 460000, Russia,
Orenburg, Gaya Str. 23A.  A hearing will take place on March 29,
2005, 1:30 p.m.

CONTACT:  DOCA-OIL-SERVICE
          461050, Russia, Orenburg region,
          Buzuluk, Promyshlennaya Str.

          Mr. V. Ivanov
          Temporary Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-40-26


ELECTRO-TEX: Appoints V. Salmin Insolvency Manager
--------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on close joint stock company
Electro-Tex.  The case is docketed as A63-137/04-S5.  Mr. V.
Salmin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 356800, Russia,
Stavropol region, Budennovsk, Location 1, 17.

CONTACT:  ELECTRO-TEX:
          Russia, Stavropol region,
          Budennovsk, Polyushenko Str. 310

          Mr. V. Salmin
          Temporary Insolvency Manager
          356800, Russia, Stavropol region,
          Budennovsk, Location 1, 17


GAZPROM: Merger with Rosneft Set June
-------------------------------------
The biggest merger in Russian history will be completed by the
end of June this year.

Minister of industry and energy Victor Khristenko said Wednesday
the merger between Gazprom, the country's giant gas monopoly,
and Rosneft, the state oil company, has been agreed and will be
finished by June.  The companies are left to discuss technical
issues through consultations, but conditions remain as already
approved by the government.

Minister of economic development and trade, German Gref, says
Yuganskneftegas, the main production unit of Yukos that Rosneft
acquired last year, together with Baikal finance group will
become a separate company.  The deal will allow the government
to transfer its current 100% stake in Rosneft into Gazprom and
increase its share of the world's largest gas producer to 51%
from its existing 38%.  Gazprom will give 10.7% of its shares to
the state.

With the merger, Moscow will gain control over expected
increases of natural gas exports to the Asia-Pacific area
through buying Rosneft's Far East interests, especially in the
Sakhalin venture blocks.  Rosneft-Sakhalinmorneftegaz remains
the largest oil production enterprise in Russia's Far East,
providing Rosneft with 10% of its produced oil and 30% of its
gas.

Aside from the merger, Gazprom's US$1.2 billion gas field
project in Uzbekistan gets underway in the second half of the
year.  The gas firm together with Uzbekneftegaz, Uzbekistan's
state-owned extraction company, will start tapping gas fields in
the Ustyurt region.  The companies will pump between 8 billion
and 10 billion cubic meters of gas per year.  To increase gas
exports from Turkmenistan, Uzbekistan and Kazakhstan to Europe,
Gazprom will also start developing a US$1.5 billion project in
the region.

In two years, Gazprom plans to buy 18 billion cubic meters of
Uzbek gas, while Uzbekneftegaz plans to boost the country's gas
transit capacity of 47 million cubic meters per year to 50
billion cubic meters per year by 2006.

CONTACT:  OAO Gazprom
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


OSTROVSKOYE-AGRO-PROM-SNAB-TEKHNIKA: Declared Insolvent
-------------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Ostrovskoye-Agro-Prom-Snab-Tekhnika after
finding the open joint stock company insolvent.  The case is
docketed as A31-5179/18.  Mr. V. Markov has been appointed
insolvency manager.  Creditors have until April 19, 2005 to
submit their proofs of claim to 157900, Russia, Kostroma region,
Ostrovskoye, Kineshemskaya Str. 29.

CONTACT:  OSTROVSKOYE-AGRO-PROM-SNAB-TEKHNIKA
          157900, Russia, Kostroma region,
          Ostrovskoye, Kineshemskaya Str. 29

          Mr. V. Markov
          Insolvency Manager
          157900, Russia, Kostroma region,
          Ostrovskoye, Kineshemskaya Str. 29


RASSVET: Applies for Bankruptcy Proceedings
-------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Rassvet after finding the agro company
insolvent.  The case is docketed as A-70-10695/3-2004.  Mr. E.
Bas'kov has been appointed insolvency manager.

CONTACT:  RASSVET
          627121, Russia,
          Tyumen region, Sosnovka

          Mr. E. Bas'kov
          Insolvency Manager
          625023, Russia, Tyumen region,
          Przhevalskogo Str. 35, Building 2, Apartment 108


ROSREZERVA: Bankruptcy Hearing Resumes Next Month
-------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure federal state unitary enterprise
Rosrezerva.  The case is docketed as A68-116/B-04.  Ms. I.
Minakova has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 300026, Russia,
Tula, Ryazanskaya Str. 1, Room 608.  A hearing will take place
on April 28, 2005, 11:45 a.m.

CONTACT:  ROSREZERVA
          300908, Russia, Tula region,
          Khomyakovo, Khomyakovskaya Str. 35

          Ms. I. Minakova
          Temporary Insolvency Manager
          300026, Russia, Tula region,
          Ryazanskaya Str. 1, Room 608

          The Arbitration Court Of Tula Region
          300026, Russia, Tula region,
          Ryazanskaya Str. 1, Room 608


SAMARA-AUTO-TRANS: Creditors Have Until April to File Claims
------------------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Samara-Auto-Trans after finding the open
joint stock company insolvent.  The case is docketed as A55-
4664/04-47.  Ms. A. Morozova has been appointed insolvency
manager.  Creditors have until April 19, 2005 to submit their
proofs of claim to 443100, Russia, Samara, Lesnaya Str. 9, 3rd
floor.

CONTACT:  SAMARA-AUTO-TRANS
          443068, Russia, Samara region,
          Sokolova Str. 34

          Ms. A. Morozova
          Insolvency Manager
          443100, Russia, Samara region,
          Lesnaya Str. 9, 3rd floor


TEPLO-CENTRE: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on close joint stock company Teplo-Centre.
The case is docketed as A17-1232/05-14-B.  Mr. A. Bogdanets has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Insolvency Manager
    Russia, Ivanovo region,
    Dzerzhinskogo Str. 39

(b) The Arbitration Court Of Ivanovo Region
    Russia, Ivanovo region,
    Khmelnitskogo Str. 59B

A hearing will take place on July 22, 2005, 9:30 a.m.


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


SCANDINAVIAN AIRLINES: Court Finds Braathens Job-cuts Fair
----------------------------------------------------------
The Borgarting Court of Appeal has confirmed a ruling by Asker
and Baerum District Court exonerating SAS.

The Norwegian Confederation of Trade Unions and the Norwegian
Confederation of Vocational Unions brought the lawsuit against
SAS/SAS Ground Services (SGS) on behalf of former Braathens
employees following the takeover of Braathens' ground handling
operations by SAS/SGS in autumn 2002.

The Court of Appeal finds there were no unfair redundancies and
that the takeover is not to be deemed a transfer of ownership of
a business.  In so doing the Court of Appeal supports SAS's own
assessment and actions.

SAS/SGS is pleased the legal and business assessments made now
have court backing.  Ground handling is an extremely competitive
business and consequently it is important that the assumptions
on which SGS's competitiveness was based have been accepted by
the courts.

CONTACT:  SAS GROUND SERVICES NORWAY AS
          Ola H. Strand, President
          Phone: +47 9571 8042
          E-mail: ola-henrik.strand@sas.no


SKANDIA INSURANCE: Sharpens Competitive Edge in Denmark
-------------------------------------------------------
Skandia Insurance is now beginning the work on creating a joint
marketing organization for the Danish market.  The aim is to
enable customers to access their entire portfolio of business
with Skandia through a single phone call, visit to a Web site or
contact person.  Life assurance, unit linked assurance, banking
services and healthcare insurance will be offered individually
or in combination -- depending on the customer's needs.

Per Wahlstrom, head of the Corporate business unit at Skandia
Liv, has been named head of Skandia Denmark, effective 1 July
2005.

"By coordinating resources and expertise over time we can create
a better value proposition and smoother handling for our
customers," says Mr. Wahlstrom.  "Customers will encounter a
cohesive organization with unique expertise regarding saving and
financial security.  The new organization represents a strong
effort to strengthen Skandia's position in Denmark."

The heads of Skandia Denmark's three business areas will
continue to be:

Skandia Pension: Hanne Christensen
SkandiaBanken: Henrik Vad
Skandia Lifeline: Svend Erik Christensen

Skandia Denmark has been part of the Nordic operations of
Skandia Insurance Company Ltd. since the start of 2005, which
are headed by Gert Engman.  In addition to Skandia Sweden and
Skandia Denmark, the Nordic unit also includes SkandiaBanken and
Lifeline.  The Finnish and Norwegian activities of Skandia Life
are part of Skandia's U.K., Asia Pacific and Offshore division.

Gert Engman comments: "The positive experiences from the
regrouping in Sweden are now being transferred to the Danish
market.  I am convinced that the new structure that is now being
created will provide substantial value for our customers."

CONTACT:  SKANDIA INSURANCE
          Gert Engman, Executive Vice President, Skandia
          Head of Skandia Norden
          Phone: +46-8-788 25 00

          Per Wahlstrom, CEO-elect, Skandia Denmark
          Phone: +46-8-788 25 00
          Gunilla Svensson, Press Manager, Skandia
          Phone: +46-8-788 25 00


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


SWISS INTERNATIONAL: Govt Decision on Lufthansa Offer Out Today
---------------------------------------------------------------
The government will rule today on Lufthansa's takeover offer for
Swiss International Air Lines Lufthansa, Reuters says.

Lufthansa has offered to acquire 14% of Swiss International
shares in free float.  The two groups reportedly have reached a
deal and are waiting on the government, which holds 20% of Swiss
International, to rule on the proposed takeover.  Both groups
intend to announce the deal on Wednesday, sources said.

The finance ministry, said in a statement, "The cabinet is
evaluating the Lufthansa offer and the strategic alternatives
for Swiss from the point of view of transportation policy,
economic and financial aspects."

The finance ministry said the government would announce its
decision after both carriers have concluded their respective
board meeting.

The planned takeover, however, is hearing oppositions,
particularly from the parliament.  Several lawmakers insist the
parliament should take part in deciding whether a takeover would
take place.  The government, however, made clear it has no plans
to give such role to the parliament.  The finance ministry said,
"For us it has always been clear without a doubt that the
decision lies alone with the cabinet."

Analysts believe the sale will push through, but warned of
possible setbacks.  Zuercher Kantonalbank analyst Patrik
Schwendimann said, "If the cabinet can decide about this on its
own, then the procedure is much easier.  Generally I expect that
the takeover can work out, but a certain risk remains that the
mood swings against it too much."

The government created Swiss International in 2002 from the
ashes of collapsed carriers Swissair and Crossair.  The
government asked the help of corporations and together poured in
around CHF2.7 billion to give the country the benefit of a
national airline.  The carrier, however, has yet to post a
profit since its formation, forcing the government to look for a
tie-up with other carriers.

CONTACT:  SWISS INTERNATIONAL AIR LINES LTD.
          Aeschenvorstadt 4
          CH-4051 Basel
          Switzerland
          Phone: +41-61-582-00-00
          Fax: +41-61-582-33-33
          Web site: http://www.swiss.com

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Germany
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


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


APK PIVDENNIJ: Insolvency Manager Takes over Operations
-------------------------------------------------------
The Economic Court of Kyiv region declared LLC APK PIVDENNIJ
(code EDRPOU 30521186) after finding the limited liability
company insolvent.  The case is docketed as 46/4.   Mr. S.
Kovalenko (License Number AB 116204 of January 11, 2005) has
been appointed liquidator/insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) APK PIVDENNIJ
    01023, Ukraine, Kyiv region,
    Mechnikov Str. 8/22

(b) Mr. S. Kovalenko
    Liquidator/Insolvency Manager
    Phone: (044) 247-08-86

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


ATOMENERGO-SERVICE: Declared Insolvent
--------------------------------------
The Economic Court of Zaporizhya region declared Atomenergo-
Service (code EDRPOU 24912484) on January 19, 2005 after finding
the limited liability company insolvent.  The case is docketed
as 25/17.  Mr. Sergij Roman (License Number AA 783033) has been
appointed liquidator/insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) ATOMENERGO-SERVICE
    Ukraine, Zaporizhya region,
    Kamyanko-Dniprovskij district,
    Velika Znamyanka

(b) Mr. Sergij Roman
    Liquidator/Insolvency Manager
    71500, Ukraine, Zaporizhya region,
    Energodar, Skifska Str. 18/9

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


BUDSERVICE: Sets Proofs of Claim Deadline
-----------------------------------------
The Economic Court of Kyiv region declared Budservice (code
EDRPOU 32309790) after finding the limited liability company
insolvent.  The case is docketed as 46/3.  Mr. S. Kovalenko
(License Number AB 116204) has been appointed
liquidator/insolvency manager.  The company holds account number
260013182/980 at LLC Fortuna-bank, MFO 300904.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) BUDSERVICE
    01103, Ukraine, Kyiv region,
    Kikvidze Str. 13

(b) Mr. S. Kovalenko
    Liquidator/Insolvency Manager
    Phone: (044) 247-08-86

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


DOLINSKA FLAX: Court Orders Debt Moratorium
-------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Dolinska Flax-Spinning
Factory (code EDRPOU 05495851) on February 2, 2005 and ordered a
moratorium on satisfaction of creditors' claims.  The case is
docketed as B-11/24.  Mr. Andriyevskij Sergij (License Number AA
116082) has been appointed temporary insolvency manager.  The
company holds account number 2600440092 at JSPPB Aval, MFO
336462.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) DOLINSKA FLAX-SPINING FACTORY
    Ukraine, Ivano-Frankivsk region,
    Dolina, Obliski Str. 36

(b) Mr. Andriyevskij Sergij
    Temporary Insolvency Manager
    Ukraine, Rivne region,
    Zdolbuniv, Shkilna Str. 2-A
    Phone: (0322) 3-69-95
           (067) 332-02-19

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


KERAMIK: Claims Filing Period Expires this Week
-----------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Keramik (code EDRPOU 13568133) on
February 7, 2005.  The case is docketed as 4/14 B.  Mr. Yurij
Verbila (License Number AA 719859) has been appointed temporary
insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) KERAMIK
    10000, Ukraine, Zhitomir region,
    Bogunska Str. 50

(b) Mr. Yurij Verbila
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Shors Str. 153-a/23

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


KYIVSTAR GSM: Ratings Upgraded to 'B+' on Strong Performance
------------------------------------------------------------
On March 18, 2005, Standard & Poor's Ratings Services raised its
long-term corporate credit and senior unsecured debt ratings on
Ukraine-based mobile telecommunications operator CJSC Kyivstar
GSM to 'B+' from 'B'.  The outlook is stable.

The rating action reflects the strong market performance and
solid execution to date of the company's growth program.

Kyivstar has successfully defended its strong market position
and has maintained its solid EBITDA profitability margins of
more than 59%, while materially growing funds from operations in
an environment where competition and penetration rates have
increased.  Significant growth potential in the 29%-penetrated
domestic market remains, indicating further cash flow growth
potential for mobile operators.

Standard & Poor's is comfortable that Kyivstar will be in a
position to financially and operationally manage the significant
amount of investment required to maintain network quality,
through its more-than-adequate provision of network coverage and
capacity to cope with significant increases in mobile voice
traffic.  Cumulative positive free cash flow generation over the
medium term is expected to be higher than original expectations
as a result of improved market dynamics.

The ratings are constrained, however, by the political and
regulatory risks associated with operating in Ukraine
(B+/Stable/B), as demonstrated by political developments in the
fourth quarter of 2004.  Such developments can have potential
knock-on effects for monetary stability and macroeconomic
performance.  Foreign exchange risk, therefore, remains a key
rating risk for Kyivstar, affecting in particular interest
payments and equipment purchases.  Furthermore, the achievement
of sustainable free operating cash flow (FOCF) generation will
remain subject to the inherent risks of operating in a dynamic
and competitive environment.  Management's financial discipline,
with which Standard & Poor's has been satisfied to date,
therefore remains a key rating factor.

Management support and expertise are provided by the company's
main shareholder, Norway-based telecoms company Telenor ASA (A-
/Stable/A-2).  Financial support from Telenor is not, however,
factored into the ratings on Kyivstar.

Kyivstar's total lease-adjusted debt at Sept. 30, 2004, was $359
million ($317 million unadjusted).  Lease-adjusted annualized
total debt to EBITDA for the first nine months of 2004 was 1x.

Liquidity

Kyivstar's near-term liquidity is sufficient, benefiting from a
notes issue in August 2004.  The existing outstanding $160
million notes have been partially exchanged as part of the $265
million bond issue (maturing in 2009) completed in August 2004.
The company's FOCF was negative $10.6 million in full-year 2003
-- owing to high capital expenditure requirements -- and
negative $27.0 million in the first nine months of 2004.  FOCF
is expected to have been negative at full-year 2004 due to
accelerated capital expenditures.  Discretionary cash flow will
also have been negatively affected by the third-quarter 2004
payment of a $50 million dividend declared on 2003 results.

On-balance-sheet cash of $89 million (at Sept. 30, 2004) and an
undrawn (at Sept. 30, 2004) and available $75 million three-year
backup credit facility will provide financial resources to fund
operations and repay about $9.9 million (at Sept. 30, 2004) of
Ukrainian hryvnia-denominated bonds maturing in the next 12
months.   Standard & Poor's is satisfied with the company's
current covenant headroom.  Further investment plans are likely
to require additional funding, which is factored into the
ratings.

Outlook

The stable outlook reflects Standard & Poor's expectation that
Kyivstar is well placed to sustain its credit quality, due to
its solid business position, its controlled business strategy,
and its manageable financial policy with regard to investments
and dividend payments to shareholders.  The stable outlook also
assumes that the political environment and related economic
situation in Ukraine will remain relatively stable.

Any significant and durable deviation from Standard & Poor's
expectations in terms of cash flow generation could lead to the
outlook being revised to negative.  Kyivstar's trajectory toward
consistent cash flow generation is therefore a parameter on
which Standard & Poor's will focus over the medium term.

Standard & Poor's does not expect dividend payments to put a
strain on liquidity and debt repayment capacity.

Any upward movement in the 'B+' sovereign rating on Ukraine
would not necessarily imply a similar rating action for
Kyivstar.  A sovereign upgrade would, however, reflect an
improved domestic macroeconomic environment, which should
ultimately have a positive impact on Kyivstar's operating
fundamentals.  Conversely, a sovereign downgrade would likely
have a negative impact on the ratings.

Ratings List

                           To             From
CJSC Kyivstar GSM
Corporate credit rating  B+/Stable/--   B/Positive/--
Senior unsecured debt    B+             B

NB: Not all ratings affected are mentioned in this list.

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

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


MASHZAVOD-VINAGRO: Court Appoints Liquidator
--------------------------------------------
The Economic Court of Vinnitsya region declared Mashzavod-
Vinagro (code EDRPOU 30088587) on February 14, 2005 after
finding the limited liability company insolvent.  The case is
docketed as 10/17-05.  State Tax Inspection of Kalinivskij
district has been appointed liquidator/insolvency manager.  The
company holds account number 260043013433, MFO 302571.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) MASHZAVOD-VINAGRO
    22400, Ukraine, Vinnitsya region,
    Kalinivskij district, Nova Greblya, Lenin Str. 3

(b) STATE TAX INSPECTION OF KALINIVSKIJ DISTRICT
    Liquidator/Insolvency Manager
    22400, Ukraine, Vinnitsya region,
    Kalinivka, Dzerzhinskij Str. 28
    Phone: (04333) 2-19-52

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


MEREFA' MECHANICAL: Bankruptcy Supervision Begins
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Merefa' Mechanical Plant (code
EDRPOU 21179210) on December 27, 2004.  The case is docketed as
B-39/148-04.  Mr. Sergij Sidko (License Number AA 419257) has
been appointed temporary insolvency manager.  The company holds
account number 26006405672001 at CB Privatbank, Harkiv regional
branch, MFO 351533.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) MEREFA' MECHANICAL PLANT
    Ukraine, Harkiv region,
    Harkiv district, Merefa, Yakovlevskij Lane, 10

(b) Mr. Sergij Sidko
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Peremogi Avenue, 71-B/64

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


REGION-TRADE: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Region-Trade (code EDRPOU
31926046).  The case is docketed as 23/59.  Mr. I. Kapelushnij
(License Number AA 2496369) has been appointed temporary
insolvency manager.  The company holds account number
26006170401/978 at JSCB Integral, MFO 320735.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) REGION-TRADE
    01014, Ukraine, Kyiv region, Michurin Str. 4

(b) Mr. I. Kapelushnij
    Temporary Insolvency Manager
    Phone: 249-34-03

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


ROZRIZ KOROSTISHIVSKIJ: Creditors' Claims Due this Week
-------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on State Enterprise Rozriz Korostishivskij
(code EDRPOU 13567435).  The case is docketed as 7/172 B.
Korostishiv City State Tax Inspection has been appointed
temporary insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) ROZRIZ KOROSTISHIVSKIJ
    Ukraine, Zhitomir region,
    Korostishiv district, Strizhivka

(b) Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Korostishiv, Shevchenko Str. 1

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10014, Ukraine, Zhitomir region,
    Mala Berdichivska Str. 25


SEED MRIYA: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region declared Elite Seed Agrofirm
Mriya (code EDRPOU 32915323) on after finding the limited
liability company insolvent.  The case is docketed as 46/2.  Mr.
S. Kovalenko (License Number AB 116204) has been appointed
liquidator/insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) ELITE SEED AGROFIRM MRIYA
    01103, Ukraine, Kyiv region,
    Kikvidze Str. 13

(b) Mr. S. Kovalenko
    Liquidator/Insolvency Manager
    Phone: (044) 247-08-86

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


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


ADRIA: To Cut down 175 Workers April
------------------------------------
Textile producer Adria will reduce employees at its plant in
Strabane, County Tyrone next month, just-style.com reports.

Blaming the steep decline in turnover, the company will axe
approximately 175 night shift workers.  More job cuts are
forthcoming, the report adds.  The 41-year-old Adria is the
biggest textile producer in Northern Ireland.


ALDER DESIGN: Liquidator Takes over Operations
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Alder Design Limited

Notice is hereby given that on Feb. 25, 2005, I, Eileen
Blackburn, French Duncan, 375 West George Street, Glasgow G2 4LW
was appointed liquidator of Alder Design Limited, which
registered office is located at Dirleton House, 1 Dirleton Lane,
Alloa FK10 1MW.

Eileen Blackburn, Liquidator

CONTACT:  FRENCH DUNCAN
          375 West George Street
          Glasgow G2 4LH
          Phone: 0141 221 2984
          Fax: 0141 221 2980
          E-mail: enquiries@frenchduncan.co.uk
          Web site: http://www.frenchduncan.co.uk

          Eileen Blackburn
          E-mail: e.blackburn@frenchduncan.co.uk


ALLNUT HEALTH: Names BDO Stoy Hayward Administrator
---------------------------------------------------
Simon James Michaels and David Harry Gilbert (IP Nos 8824/01,
2376/01) have been appointed joint administrators for Allnut
Health Foods Limited.  The appointment was made March 4, 2005.

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


AMAC ELECTRICAL: Members Hire Liquidator from K. J. Watkin
----------------------------------------------------------
At the extraordinary general meeting of the members of Amac
Electrical & Mechanical Ltd. on March 9, 2005 held at Emerald
House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  C. H. I. Moore has been appointed liquidator of
the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to the undersigned C H I Moore, of Emerald
House, 20-22 Anchor Road, Aldridge, Walsall on or before April
20, 2005.

CONTACT:  K. J. WATKIN & CO.
          Emerald House
          20-22 Anchor Road
          Aldridge
          Walsall
          West Midlands WS9 8PH
          Phone: 01922 452881
          Fax: 01922 450525
          E-mail: chim@kjwatkin.co.uk


ATKINS NUTRITIONAL: Local Subsidiary to Shut down
-------------------------------------------------
Dietary company Atkins plans to shut down its subsidiary in UK
anytime soon, according to just-food.com.

The Atkins Nutritional UK has been experiencing disappointing
sales that could not cover up the huge debt to its suppliers.
According to Jeremy Willmont the chartered accountant from Moore
Stephens, the company is taking steps to undergo liquidation.
They have approached the High Court for an administrator to be
appointed to them.

Atkins is well known for its low-carbohydrate, high-protein diet
plan.  More than three million Britons enrolled to this program.


AVERINE (UK): Members Call in Liquidator
----------------------------------------
At the extraordinary general meeting of the members of Averine
(UK) Limited on March 11, 2005 held at Taylor's Place, 9-11
Stortford Road, Chelmsford, Essex CM6 1DA, the extraordinary
resolution to wind up the company was passed.  Ashok K. Bhardwaj
of 47-49 Green Lane, Northwood, Middlesex HA6 3AE has been
nominated liquidator of the company.

CONTACT:  Ashok K. Bhardwaj, Liquidator
          47-49 Green Lane,
          Northwood, Middlesex HA6 3AE


BALDWIN BUILDERS: Hires Liquidator from Ensors
----------------------------------------------
At the extraordinary general meeting of Baldwin Builders Limited
on Jan. 6, 2004 held at Cardinal House, 46 St Nicholas Street,
Ipswich IP1 1TT, the extraordinary resolution to wind up the
company was passed.  Steven Mark Law of Ensors, Cardinal House,
46 St Nicholas Street, Ipswich IP1 1TT has been appointed
liquidator of the company.

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


BARBERS BUILDING: Members Decide to Wind up Firm
------------------------------------------------
At the extraordinary general meeting of the members of Barbers
Building And Construction Limited on March 7, 2005 held at
Simmonds & Company, Crown House, 217 Higher Hillgate, Stockport,
Cheshire SK1 3RB, the extraordinary resolution to wind up the
company was passed.  Gordon Allan Mart Simmonds of Simmonds &
Company, Crown House, 217 Higher Hillgate, Stockport, Cheshire
SK1 3RB has been nominated liquidator of the company.

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


BRADFORD LADDER: Calls in Liquidator form O'Hara & Co.
------------------------------------------------------
At the extraordinary general meeting of the members of (The)
Bradford Ladder Company Limited on March 11, 2005 held at O'Hara
& Co, Wesley House, Huddersfield Road, Birstall, Batley WF17
9EJ, the extraordinary and ordinary resolutions to wind up the
company were passed.  Peter O'Hara of O'Hara & Co, Wesley House,
Huddersfield Road, Birstal, Batley WF17 9EJ has been appointed
liquidator of the company.

CONTACT:  O'HARA & CO.
          Wesley House, Huddersfield Road,
          Birstal, Batley WF17


CALLPOINT EUROPE: Creditors Appoint Liquidator
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Callpoint Europe Limited

Notice is hereby given that on Feb. 28, 2005, I, Eileen
Blackburn, French Duncan, 375 West George Street, Glasgow G2 4LW
was appointed liquidator of Callpoint Europe Limited, which
registered office is located at 10 Castle Street, Edinburgh EH2
3AT.

CONTACT:  FRENCH DUNCAN
          375 West George Street
          Glasgow G2 4LH
          Phone: 0141 221 2984
          Fax: 0141 221 2980
          E-mail: enquiries@frenchduncan.co.uk
          Web site: http://www.frenchduncan.co.uk

          Eileen Blackburn
          E-mail: e.blackburn@frenchduncan.co.uk


CELLEMO LIMITED: Liquidator from Panos Eliades Moves in
-------------------------------------------------------
At the extraordinary general meeting of Cellemo Limited on Feb.
17, 2005 held at 43 Gower Street, London WC1E 6HH, the subjoined
extraordinary resolution to wind up the company was passed.  S.
Franklin of Panos Eliades, Franklin & Co., Albany House, 18
Theydon Road, London E5 9NZ has been appointed liquidator of the
company.

CONTACT:  PANOS ELIADES FRANKLIN & CO.
          18 Theydon Road
          London E5 9NA
          Phone: 020 8815 4000
          Fax: 020 8815 4040


CLASSIC RECRUITMENT: Members Name Liquidator from Kallis & Co.
--------------------------------------------------------------
At the extraordinary general meeting of the members of Classic
Recruitment International Limited on March 11, 2005 held at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Kikis Kallis has been appointed liquidator of the
company.

CONTACT:  KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


CLUB TREE: Hires Piper Thompson as Administrator
------------------------------------------------
Tony James Thompson (IP No 5280) has bee appointed administrator
for Club Tree Tops Limited.  The appointment was made March 9,
2005.  Its registered office is located at 37 High Street,
Acton, London W3 6ND.

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


DIAMOND COMMODITIES: Calls in Administrators from Stoy Hayward
--------------------------------------------------------------
Simon James Michaels and David Harry Gilbert (IP Nos 8824/01 and
2376/01) have been appointed joint administrators for Diamond
Commodities Limited.  The appointment was made March 4, 2005.

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


DISC TECHNOLOGIES: Names Valentine & Co. as Liquidator
------------------------------------------------------
At the extraordinary general meeting of Disc Technologies
Limited on March 9, 2005 held at Campanile Hotel, Lowlands Road,
Runcorn, Cheshire WA7 5TP, the extraordinary and ordinary
resolutions to wind up the company were passed.  Robert
Valentine and Mark Reynolds of Valentine & Co, 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS have been appointed
joint liquidators of the company.

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


EXECUTIVE RECRUITMENT: Hires Smith & Williamson as Administrator
----------------------------------------------------------------
Stephen Robert Cork (IP No 8627) has been appointed
administrator for Executive Recruitment Services Plc.  The
appointment was made March 11, 2005.  The company is into labor
recruitment.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8446 4371
          Fax: 020 8446 7606
          E-mail: src@smith.williamson.co.uk


GADGET SHOP: Business for Sale
------------------------------
The joint administrators, Bryan Jackson, Steve Holgate and Brian
Hamblin, offer for sale as a going concern the business and
assets of The Gadget Shop.

Features:

(a) Nationally established brand;

(b) 67 leasehold sites in the U.K.; and

(c) Annual turnover of more than GBP50 million.

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

          Karen Christoforou
          E-mail: karen.christoforou@uk.pkf.com


GASKELL PLC: Falls into Administration
--------------------------------------
Gaskell plc and its subsidiaries, Gaskell Flooring Limited,
Gaskell Logistics Limited and Gaskell Logistics (Northern)
Limited, which operate the Group's business, have resolved to
seek to appoint administrators over their businesses.

The Board expects that the Administrators will make a further
announcement in due course.

                            *   *   *

In September, the group reported an operating loss from
continuing operations of GBP1.58 million (2003-GBP1.22 million),
on sales for the first half of GBP13.6 million.  Turnover for
the continuing business was slightly ahead of the same period
last year due to a combination of strong U.K. Contract Carpet
and Underlay business.

It said that retail and export markets had remained difficult
but the recent launch of new products in both areas is aimed at
stimulating demand in the second half.  Gross margins had
declined slightly in the first half reflecting some disruption
to the business during the Singleco project and the stock
reduction program effected during the period.  Overheads for the
continuing business showed a reduction compared with the first
half of 2003, particularly in the area of administration.

Total Group headcount fell by 15% over the six-month period.
The overall loss before taxation was GBP1.31 million, including
pension charges of GBP0.5 million (2003 -- profit of GBP3.12
million, after a profit on disposal of the Tile Division of
GBP5.46 million), resulting in a loss per share of 5.3p (2003 -
earnings per share of 8.6p).


GLOBAL VIDEOCOM: Hires Grant Thornton as Administrator
------------------------------------------------------
Nicholas Wood and James Earp (IP Nos 9064, 8554) have been
appointed joint administrators for Global Videocom Group
Limited.  The appointment was made March 9, 2005.  The shop
provides facility for video conferencing.

CONTACT:  GRANT THORNTON UK LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4077
          E-mail: nick.s.wood@gtuk.com


GRASMERE PRESS: Calls in Administrators from Tenon Recovery
-----------------------------------------------------------
Derek Oakley (IP No 001153) and Simon Thomas (IP No 001289) have
been appointed administrators for printing company Grasmere
Press Limited.  The appointment was made Sept. 14, 2004

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com

          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


INDUSTRIAL RELATIONS: Liquidator's Report Out April
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Industrial Relations Services
                   (West Of Scotland) Limited

Notice is hereby given pursuant of Section 94 of the Insolvency
Act 1986, that a Final Meeting of the members of Industrial
Relations Services (West Of Scotland) Limited will be held
within the offices of Milne, Craig & Corson at 79 Renfrew Road,
Paisley PA3 4DA on April 22, 2005 at 12:00 noon for the purpose
of having an account laid before the members and to receive the
Liquidator's report showing how the winding-up of the company
has been conducted and its property disposed of and of hearing
any explanation that may be given by the Liquidator.

H. R. Paton, Liquidator
March 4, 2005

CONTACT:  MILNE CRAIG & CORSON
          Abercorn House
          79 Renfrew Road
          Paisley PA3 4DA
          Phone: 00 44 141 887 7811
          Fax: 00 44 141 887 7753
          E-mail: mcc.admin@milnecraig.co.uk
          Web site: http://www.milnecraig.co.uk

          Henry Raymond Paton
          E-mail: harry.paton@milnecraig.co.uk


IPM INDUSTRIES: Administrator from Tenon Recovery Moves in
----------------------------------------------------------
Ian William Kings (IP No 7232) has been appointed administrator
for engineering company IPM Industries Limited.  The appointment
was made March 10, 2005.  Its registered office is located at
Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

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


LUTON PAINTING: Meeting of Creditors Set Next Month
---------------------------------------------------
Name of companies:
Luton Painting Limited
Peart Heywood Industries Limited

The unsecured creditors of these companies will meet on April
11, 2005 at 10:30 a.m.  It will be held at Aquis Court, 31
Fishpool Street, St Albans, Hertfordshire AL3 4RF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG, Aquis Court, 31 Fishpool Street, St Albans,
Hertfordshire AL3 4RF not later than 12:00 noon, April 8, 2005.

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


MANAGEMENT CENTRE: Members Call in Liquidator from Harrisons
------------------------------------------------------------
At the extraordinary general meeting of the members of The
Management Centre International Limited on March 11, 2005 held
at 4 St Giles Court, Southampton Street, Reading RG1 2QL, the
special resolution to wind up the company was passed.  P. R.
Boyle of Harrisons, 4 St Giles Court, Southampton Street,
Reading RG1 2QL has been appointed liquidator of the company.

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


MODEL CENTRE: Appoints Administrators from RSM Robson Rhodes
------------------------------------------------------------
John Neville Whitfield and Gerald Clifford Smith (IP Nos 9131,
6335) have been appointed joint administrators for The Model
Centre Limited.  The appointment was made March 9, 2005.  Its
registered office is located at The Model Centre, 17C Marston
Business Park, Rudgate, Tockwith, York YO26 7QF.

CONTACT:  RSM ROBSON RHODES
          Colwyn Chambers
          19 York Street
          Manchester
          Greater Manchester M2 3BA
          Phone: 0161 236 3777
          Fax: 0161 455 3309
          E-mail: gerald_smith@rsmi.co.uk


NETTEC PLC: Reports Profit for 2004
-----------------------------------
Statement of chairman Jeremy White on the preliminary results of
Nettec plc for the year ended 31 December 2004: "Nettec has made
a profit for the year of GBP253,000 and there has been an
increase in the Group's net assets to GBP10,393,000 from
GBP10,140,000.

"At the start of last year, we concluded the litigation with
Ablaise and, in April, the Group received a substantial
contribution towards its legal costs.  We also concluded a
number of minor matters, which resulted from the Group's former
trading activities as well as collecting the final payment due
from the proceeds of sale of the former trading subsidiary.

"Following discussion early in 2004 with major shareholders, it
was decided to put the company in Members Voluntary Liquidation
and to return the assets of the company, in the form of cash, to
shareholders.  Prior to the necessary shareholders' meeting in
June there was a significant change in our shareholder base,
which resulted in a change in the balance of shareholder votes,
and it was agreed to retain the company as a cash shell and to
seek a merger or acquisition.

"We continue to maintain a low cost base while carrying out the
responsibilities and duties associated with being a London Stock
Exchange listed public company with a number of shareholders."

Litigation

"No further action has occurred in respect of the patent
litigation following the receipt by the Group of GBP138,500 of
legal costs recovered from the unsuccessful litigant in April
2004.

"The French litigation against Nettec plc by Mr. Boulet, a
former employee of the Group, was expected to result in his
appeal being heard in the Paris Appeal Court during February
2005.  However, as a result of further submissions made by Mr.
Boulet just prior to the scheduled date, the Appeal is not now
scheduled to take place until November 2005 and a decision is
unlikely to be announced until early 2006.  Shareholders will
recall that judgment dismissing Mr. Boulet's original claim was
given on 28 October 2003 and Nettec was awarded costs of
EUR8,000, which Mr. Boulet will have to pay if the first
decision is confirmed.

Summary of Contingent Liabilities Position

"Further details of the position on those contingent liabilities
is set out under Contingent Liabilities, which is note 20 to the
Accounts.  However, a summary of the position is that your Board
is of the view that, on the basis that there is no further
liability in respect of the allegations of patent infringement,
the total potential contingent liabilities are now considered to
be approximately GBP890,000 and relate exclusively to the claim
by Mr. Boulet.

Current Trading Outlook

"The Group has no full time employees and operates from serviced
premises with a short-term lease.  Although it has no trade,
there are administrative matters, which require to be addressed
as well as the legal matter mentioned above.  The income from
the Group's investments each month is in excess of the normal
monthly running costs before legal costs.  At the present time
there are no legal costs being incurred in the United Kingdom in
respect of any litigation.  The running costs, which are being
incurred relate to the minimum regulatory costs involved in
managing a public company and dealing with any past issues as
and when they arise.

The Future

"Most of the cash resources of the Group are invested in
liquidity funds managed by HSBC plc's and Citigroup Inc's asset
management subsidiaries.

"Your Board has positioned the Group so that it can undertake a
merger or acquisition transaction and take full advantage of its
cash resources, Board experience and its stock market quotation.
During the second half of the year, the Board reviewed a number
of potential acquisitions.  However, those opportunities were,
after careful and appropriate additional enquiries, not
considered to offer sufficient prospect of significantly
enhancing shareholder value.

"I should like to thank David Shaw, who joined the Board in
September 2003 and who has been of considerable help in
concluding various past matters, reducing the cost base and in
managing the Group's financial, regulatory and legal affairs.
David is leaving the Board at the end of March to pursue his
other business interests.  The new finance director will be Paul
Jenkinson who is a chartered accountant.

"In the meantime, we continue to keep a tight control on
overheads, with minimal fixed costs, so that we can respond to a
range of opportunities.  Your Board has determined that it would
be in shareholders' best interests for the share quotation to be
transferred from a full listing to the London Stock Exchange's
AIM market and we will be making the necessary application
shortly."

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31
DECEMBER 2004

                Continuing   Continuing     Discontinued
                Operations   Operations       Operations
                   2004         2003            2003        2003
                  Total                                    Total
                 GBP'000       GBP'000        GBP'000    GBP'000

Turnover             -            -           1,139       1,139
Cost of sales        -            -          (1,009)     (1,009)
                -------      -------         -------     -------
Gross profit         -            -             130         130
                -------      -------         -------     -------


Exceptional
administrative costs -         (104)           (803)       (907)

Other administrative
costs             (236)        (236)         (1,133)     (1,369)
                -------      -------         -------     -------
Total administrative
expenses          (236)        (340)         (1,936)     (2,276)
                -------      -------         -------     -------

Operating loss    (236)        (340)         (1,806)     (2,146)

Loss on disposal
Of subsidiary
undertakings         -            -            (370)       (370)
                -------      -------         -------     -------
Loss on ordinary
activities
before interest
and taxation      (236)        (340)         (2,176)     (2,516)

Investment income   439          371               -         371
                -------      -------         -------     -------
Profit/(Loss) on
ordinary
activities
before taxation     203           31          (2,176)    (2,145)

Taxation             50            -              58          58
                -------      -------         -------     -------
Profit/(Loss)
for the
financial year      253           31          (2,118)    (2,087)
                =======      =======         =======     =======
  Note
Basic and
diluted
earnings/
(loss)
per share  [1]    0.21p                                  (1.73)p

A note on historical cost profits and losses has not been
prepared as part of these financial statements as the results
disclosed in the profit and loss account are prepared on an
unmodified historical cost basis.

No separate statement of total gains and losses has been
presented as all such gains and losses have been dealt with in
the profit and loss account.

CONSOLIDATED AND COMPANY BALANCE SHEETS AT
31 DECEMBER 2004

               Group         Group        Company        Company
                2004          2003           2004           2003
             GBP'000        GBP'000        GBP'000       GBP'000
            --------      --------       --------       --------
Fixed assets
Investments        -             -              -              -
            --------      --------       --------       --------
                   -             -              -              -
            --------      --------       --------       --------
Current assets
Debtors           33           677             33            677
Current asset
investments   10,520         9,687         10,520          9,687
Cash at bank
and in hand      102           265            102            265
            --------      --------       --------       --------
              10,655        10,629         10,655         10,629

Creditors : amounts
falling due within one
year           (262)         (489)          (262)          (489)
            --------      --------       --------       --------
Net current
assets        10,393        10,140         10,393         10,140
            --------      --------       --------       --------
Total assets
less current
liabilities   10,393        10,140         10,393         10,140
            --------      --------       --------       --------
Net assets    10,393        10,140         10,393         10,140
            ========      ========       ========       ========
Capital and reserves
Called up
share capital  1,210         1,210          1,210          1,210
Shares to
be issued         78            78             78             78
Profit and loss
account        9,105         8,852          9,105          8,852
            --------      --------       --------       --------
Equity shareholders'
funds         10,393        10,140         10,393         10,140
            ========      ========       ========       ========


CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR
ENDED 31 DECEMBER 2004


                                     Note    2004           2003
                                            GBP'000      GBP'000

Net cash inflow/(outflow)
from operating activities             [2]     181        (2,945)
                                          -------        -------
Returns on investments
Dividends received                            432            360
Interest received                               7             11
                                          -------        -------
Net cash inflow from returns on investments   439            371
                                          -------        -------
Taxation
UK corporation tax refund                      50             58
                                          -------        -------
Capital expenditure
Payments to acquire tangible fixed assets      -            (37)
                                          -------        -------
Net cash outflow for capital expenditure       -            (37)
                                          -------        -------
Disposals
Proceeds from disposals of
subsidiary undertakings                        -              5
Cash balances of businesses sold               -           (126)
                                          -------        -------
Net cash outflow from disposals                -           (121
                                          -------        -------
                                          -------        -------

Cash inflow/(outflow) before use
of liquid resources                          670         (2,674)
                                          -------        -------
Management of liquid resources
Current asset investments                   (833)        (9,687)
                                          -------        -------
Net cash outflow from management
of liquid resources                         (833)        (9,687)
                                          -------        -------
                                          -------        -------
Decrease in cash in the year          [3]   (163)       (12,361)
                                          =======        =======

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Earnings/(Loss) per share
                                          2004             2003
                                         GBP'000         GBP'000

Calculation of basic earnings/(loss)
per ordinary share is based
on a profit/(loss) of                      253          (2,087)
                                       -------          -------
and the average number of ordinary shares
in  issue during the period of     120,987,564      120,987,564
                                   -----------      -----------
and, after adjusting for 206,413
outstanding share options
during the period of               121,193,977      120,987,564
                                   -----------      -----------

Earnings per ordinary share              0.21p          (1.73)p
                                       -------          -------

Diluted earnings per ordinary share      0.21p          (1.73)p
                                       -------          -------

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[2] Reconciliation of operating loss to net cash
    inflow/(outflow) from operating activities
                                          2004             2003
                                         GBP'000         GBP'000

Operating loss                            (236)          (2,146)
Depreciation of tangible fixed assets        -               35
Decrease in debtors                        644              841
Decrease in creditors                     (227)          (1,137)
Decrease in provisions                       -             (538)
                                        -------          -------
Net cash inflow/(outflow)
from operating activities                  181           (2,945)
                                        -------          -------

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[3] Analysis of changes in net funds

               As at 1 January       Cash flow          As at 31
                          2004                     December 2004

                         GBP'000        GBP'000          GBP'000

Cash at bank and in hand   265             (163)             102
Current asset investments
                         9,687              833           10,520
                        ------          -------           ------
Total net funds          9,952              670           10,622
                        ======          =======           ======

Statutory Accounts

The financial information set out above does not comprise the
Company's statutory accounts for the years ended 31 December
2003 and 31 December 2004.  The accounts for the year ended 31
December 2003 have been filed and those for the year ended 31
December 2004 will be filed with the Registrar of Companies
following the Annual General Meeting.  The Company's auditors
gave unqualified reports on the accounts for those periods and
the reports did not contain a statement under section 237 (2) or
(3) of the Companies Act 1985.

The Directors are responsible in accordance with the Listing
Rules and applicable United Kingdom accounting standards for
preparing and issuing this preliminary announcement.

Financial Statements and Annual General Meeting

Audited financial statements and the annual report will be
posted to shareholders and will be available from the Nettec
office at 53 Davies Street, London W1K 5JH.  The Annual General
Meeting will be held on 25 May 2005.

Accounting Policies

The accounting policies adopted in this preliminary announcement
are consistent with the 2004 annual accounts, which are
themselves consistent with the 2003 annual accounts.

CONTACT:  NETTEC PLC
          53 Davies Street,
          London W1K 5JH

          David Shaw FCA
          Phone: 07971-165208 or 020-7735-6965


OMI DESIGN: Names Begbies Traynor Administrator
-----------------------------------------------
G. N. Lee and D. Bailey (IP Nos 9204, 6739) have been appointed
joint administrators for non-trading company OMI Design
Technology Limited.  The appointment was made March 10, 2005.
Its registered office is located at Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


SKEHAN CONSULTANTS: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Skehan
Consultants Limited on March 4, 2005 held at 11 Clifton Moor
Business Village, James Nicolson Link, York YO30 4XG, the
special resolution to wind up the company was passed.  David
Horner of David Horner & Co., 11 Clifton Moor Business Village,
James Nicolson Link, Clifton Moor, York YO30 4XG has been
appointed liquidator of the company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


SPACEMINSTER GROUP: Bank of Scotland Brings in Receiver
-------------------------------------------------------
The Bank of Scotland appointed Fraser J. Gray and Stuart C. E.
Mackellar (Office Holder Nos 8905, 6883) joint administrative
receivers for Spaceminster Group Limited (Reg No 03344828, Trade
Classification: 11).  The application was filed March 9, 2005.

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


SPECIAL ENGINEERING: Administrators from Begbies Traynor Move in
----------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis (IP Nos 9008,
7805) have been appointed joint administrators for Special
Engineering Limited.  The appointment was made March 4, 2005.

The company manufactures fabricated metal products.  Its
registered office is located at 829 Yeovil Road Trading Estate,
Slough, Berkshire SL1 4JA.

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


TALENTBRAND LIMITED: Winding-up Report Out Later this Month
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Talentbrand Limited

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Talentbrand Limited
will be held at the offices of Ritson Smith, 16 Carden Place,
Aberdeen AB10 1FX on Wednesday, March 30, 2005 at 2:00 p.m. for
the purpose of having a final account laid before it showing how
the winding-up of the company has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the Liquidator.

Members are entitled to attend in person or alternatively by
proxy.  A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority of those voting
in person or by proxy vote in favor.  Proxies must be lodged
with me at or before the meeting.

Ewen R. Alexander, Liquidator
February 28, 2005

CONTACT:  RITSON SMITH
          16 Carden Place
          Aberdeen AB10 1FX

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


TEKNIFLO LIMITED: Hires Begbies Traynor as Administrator
--------------------------------------------------------
David Moore (IP No 007510) and Donald Bailey (IP No 006739) have
been appointed joint administrators for engineering company
Tekniflo Limited.  The appointment was made March 8, 2005.  Its
registered office is located at Unit 3 Park Court, Sherdley
Business Park, St Helens, Merseyside WA9 5GZ.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


TERRY SANDERS: Calls in Begbies Traynor
---------------------------------------
I. E. Walker and S. R. Haskew (IP Nos 6537, 8988) have been
appointed joint administrators for Terry Sanders & Son Ltd.  The
appointment was made March 10, 2005.

The company develops property and waste recycling.  Its
registered office is located at Balliol House, Southernhay
Gardens, Exeter EX1 1NP.

CONTACT:  BEGBIES TRAYNOR
          Balliol House,
          Southernhay Gardens,
          Exeter EX1 1NP
          Web site: http://www.begbies.com


TRACK WARNING: Creditors Meeting Set Tomorrow
---------------------------------------------
The creditors of Track Warning (UK) Limited will meet on March
23, 2005 at 10:00 a.m.  It will be held at MLS Business Centre,
Tower Court, Oakdale Road, Clifton Moor, York YO30 4XL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Horner & Co, 11 Clifton Moor Business
Village, James Nicolson Way, Clifton Moor, York YO30 4XG not
later than 12:00 noon, March 22, 2005.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


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


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


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


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


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (16,510)       5,285     (332)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      327
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


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


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


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


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


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (23)         582      260
Swisslog Holding-R        SLOG       (98)         354      151


TURKEY
------
Dyo Boya Fabrikalari
   Sanayi Ve Ticare                  (11)         106      (66)
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (34)       3,877     (606)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L       (8)         297        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *