TCREUR_Public/050324.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 24, 2005, Vol. 6, No. 59

                            Headlines

C Y P R U S

CYPRUS AIR: Fleet Disposal Starts; First Plane Fetches US$11 Mln


C Z E C H   R E P U B L I C

PLZENSKA BANKA: Auctions 'Vintage' Building


F R A N C E

SATBIRDS FINANCE: Gets 'BB' Long-term Corporate Credit Rating


G E R M A N Y

DEAG GROUP: Interim Results Show Solid Black Figures
FLACHDACH- UND TERRASSENBAU: Succumbs to Bankruptcy
FRISEURGESCHAFTE FAMILY: Under Bankruptcy Administration
G + H LUFT: Bremen Court Appoints Interim Administrator
H. BRANDT: Proofs of Claim Due Next Month

KULTURVEREIN PRENZLAUER: Declared Insolvent
LOGIVISION GMBH: Gives Creditors Until May to File Claims
SILO-ANLAGENTECHNIK GMBH: Administrator's Report Out May
TBS LOGISTIC: Cedes Control to Provisional Administrator
WERNER WEBER: Applies for Bankruptcy Proceedings
WOHNUNGSBAUGENOSSENSCHAFT "EIGENTUM 2000": Declared Insolvent


H U N G A R Y

FORTE FOTOKEMIA: To Dispose of Production Arm


I T A L Y

ALITALIA SPA: Opposition to Government-led Rescue Swells
PARMALAT U.S.A.: Resolves Wells Fargo Lease Disputes


L U X E M B O U R G

CABLECOM LUXEMBOURG: EUR290 Million Senior Notes Rated Caa1


R U S S I A

AK BARS: Earns Fitch Upgrade Following Capital Injection
AKTANYSH-AGRO-PROM-SNAB: Under Bankruptcy Supervision
COTTAGE-STROY: Names O. Chakrov Insolvency Manager
IBRESINSKIY FACTORY: Bankruptcy Hearing Resumes April
KEMEROVO-PROM-ZHEL-DOR-TRANS: Declared Insolvent

KRASNOARMEETS: Undergoes Bankruptcy Supervision Procedure
PERMSKIY PAINT: Proofs of Claim Deadline Nears
RASSVET: Declared Insolvent
SEM' RUCHYEV: Deadline for Proofs of Claim April 19
SLAVYANSKIY FISHING: Insolvency Manager Takes over Operations
TRANS-OIL-SERVICE: Moscow Court Appoints Insolvency Manager
YUKOS OIL: Wants to Disburse US$741,955 from Court Registry


T U R K E Y

MNG AIRLINES: S&P Withdraws 'B-' Rating as Requested


U K R A I N E

AGROFIRM ARTELNE: Harkiv Court Opens Bankruptcy Proceedings
AGROKOOP: Court Grants Debt Moratorium Request
AVTOMATVUGLERUDPROM: Under Bankruptcy Supervision
HLIBOROB: Gives Creditors Until Tomorrow to File Claims
ODESA' LIQUOR: Proofs of Claim Deadline Nears

PERVOMAJSK' AUTOTRANSPORT: Court Freezes Claims Payments
PODILLYA: Creditors Claims Due Early April
ROSIYA: Succumbs to Insolvency
SOYUZTORG: Sumi Court Appoints Liquidator
TSARICHANKA' TIN: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ACLIS COLOURPRINT: Appoints Liquidator from GCP
ADEPT TECHNOLOGY: Final Members Meeting Next Month
AE FELTHAM: Liquidator's Final Report Out April 25
ANDROMEDO LIMITED: Calls in Liquidator from F. A. Simms
CENTERPULSE HOLDINGS: Hires Liquidator from BDO Stoy Hayward

COOL FREIGHT: Hires GCP as Liquidator
COPPERMILL CLEANING: Ex-director Gets Four-year Ban
DAKOTA HOLDINGS: Joint Liquidators from Hurst Morrison Move in
EDMUND HALL: Members Decide to Wind up Firm
EIDOS PLC: Recommends GBP71.0 Mln Offer by EM Holding

ELEGANT ENTERPRISES: Calls in Liquidator from Knights & Co.
ENVIBRO LIMITED: Calls in Liquidator from Haines Watts
F.M.C. CONSTRUCTION: Members Pass Extraordinary Resolution
GADGET SHOP: Administrators from PKF Move in
HOME AIDS: Creditors Meeting Set Next Week

HYUNDAI SEMICONDUCTOR: Winding-up Report Out April
JOHN CLOUGH: Meeting of Creditors Set Next Week
J & S ARTSTONE: Hires Administrators from CBA
KINGSWOOD BABY: In Administrative Receivership
KNP RESTAURANTS: Members Decide to Wind up Firm

MIDMOOR (HOLDINGS): Hires Liquidators from Royce Peeling Green
M. R. CHALCRAFT: Calls in Liquidator from Crane & Partners
MUSCATECH LIMITED: Members Appoint Irwin & Company Liquidator
OPTIMA HOME: Liquidator Takes over Helm
PACETRACK LIMITED: Members Opt for Liquidation

ROBECO INSTITUTIONAL: Hires PricewaterhouseCoopers as Liquidator
SANDYGATE DEVELOPMENTS: Appoints P&A Partnership Liquidator
SPR CONSTRUCTION: Insolvency Service Disqualifies Directors
TEN PAO: Members Hire Vantis Redhead French as Liquidator
WATERSIDE PRESS: Names BDO Stoy Hayward Administrator
ZYDECO.CO.UK.LIMITED: Calls in Liquidator


                            *********


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


CYPRUS AIR: Fleet Disposal Starts; First Plane Fetches US$11 Mln
----------------------------------------------------------------
Loss-making carrier Cyprus Airways has sold its Airbus A320
plane to U.S.-based Aeroturbine Capital Corporation, according
to the Financial Mirror.

The aircraft, one of the planes the airline has been trying to
dispose of to replenish its depleted coffers, fetched US$11.15
million.  Negotiations for the plane began in February,
according to the paper.

Cyprus Airways has been posting losses in recent years, booking
CYP33.5 million in net loss for 2004.  The carrier blames the
latest figures to the liberalization of air transport in the
E.U., high fuel prices and costly fleet renewal.  In December
2004, the carrier revealed a CYP60 million financing gap that
threatens its viability.  Management has started implementing
cost-cutting measures like redundancies and spin-offs.  It also
plans to sell subsidiary, Hellas Jet.

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


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


PLZENSKA BANKA: Auctions 'Vintage' Building
-------------------------------------------
Bankrupt Plzenska Banka will sell its historic building on April
28, Czech News Agency says.  Pavel Bezstarosti of Naxos auction
house pegged the starting price at CZK48.5 million.

The district court of Plzen admitted in November CZK2.158
billion in claims against Plzenska Banka.  The bank, however,
has only CZK1.26 billion in assets, not enough to satisfy the
claims of around 1,300 creditors.

CONTACT:  PLZENSKA BANKA a.s.
          Nam. Republiky 130/16
          P.O.BOX 322
          306 22 Plzen
          Phone: +420 377 235 354-359
          Fax: +420 377 235 330
          E-mail: plzenska.banka@plba.cz
          Web site: http://www.plba.cz


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


SATBIRDS FINANCE: Gets 'BB' Long-term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit ratings to France-based Satbirds Finance
S.a.r.l., the indirect majority shareholder of France-based
leading satellite capacity provider Eutelsat S.A. (BB/Watch
Neg/B), and Satbirds Capital Participations SCA, the parent
company of Satbirds Finance.

At the same time, the ratings on both entities have been placed
on CreditWatch with negative implications, in line with the
ratings on Eutelsat.  The long-term corporate credit rating on
Eutelsat remains on CreditWatch with negative implications,
where it was placed on March 7, 2005, pending completion of a
final review of the current leveraged transaction on the
company.

Standard & Poor's also assigned its 'BB-' bank loan ratings to
Satbirds Finance's EUR1.78 billion (about US$2.34 billion)
senior secured facilities with a recovery rating of '3',
reflecting our expectation of meaningful recovery in the event
of default for senior lenders.  A 'B+' bank loan rating was
assigned to the EUR475 million second-lien facility issued by
Satbirds Finance.  Standard & Poor's also assigned its 'B+' debt
rating to the planned EUR300 million PIK loans or notes issue
maturing 2014 to be raised by Satbirds Capital Participations.
All issue ratings are subject to final documentation.  The new
debt ratings have also been placed on CreditWatch with negative
implications.

The ratings on Satbirds Finance and Satbirds Capital
Participations reflect the ratings on Eutelsat.  The ratings on
and CreditWatch status of Eutelsat reflect the significant
increase in leverage resulting from Eutelsat's substantial debt-
financed dividend payments to existing shareholders, which will
switch the company's capitalization to a highly leveraged
financial structure, moving capitalization away from the sound
structure currently in place.  Leveraged recapitalization
transactions have already been executed by a number of
Eutelsat's peers, such as PanAmSat Corp. (BB/Stable/NR) and
Intelsat Ltd. (BB-/Negative/NR), with pro forma closing leverage
of adjusted debt to EBITDA of about 6x. Eutelsat's closing
leverage will most likely be comparable following this
transaction.

"Standard & Poor's expects to resolve the CreditWatch status of
Eutelsat and related entities after Eutelsat's forthcoming
leveraged recapitalization is completed and the final level of
debt is known," said Standard & Poor's credit analyst Michael
O'Brien.

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

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


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


DEAG GROUP: Interim Results Show Solid Black Figures
----------------------------------------------------
DEAG Deutsche Entertainment AG (WKN 551 390) returned to profit
in 2004.  Interim figures for the group show earnings before
interest and tax (EBIT) of EUR4.7 million.  In 2003 the EBIT
amounted to -EUR7.8 million due to restructuring expenses.

In 2004 the consolidated turnover of the DEAG Group amounted to
EUR96.6 million.  The decline compared to DEAG's 2003 figure of
EUR127.3 million was mainly due to the ongoing renovation
process of the Hallenstadium in Zurich and other consolidation
factors.  The renovation process of the Hallenstadium will be
finished in autumn 2005 and DEAG's Swiss affiliated company Good
News Productions AG will have exclusive access to the then
state-of-the-art venue again.

In the current financial year DEAG is focusing on the
improvement of its financial performance rather than the
increase of turnover.  Furthermore, profitability will be
increased by expanding the segments Classics and Family
Entertainment as well as the share in the value creation chain
via upcoming new foundations.  The executive board therefore
expects positive and sustainable operational results for 2005
and a clear profit for the year.

DEAG will present its detailed and audited annual accounts on 25
of April 2005 in its press conference.

CONTACT:  EDICTO GMBH
          Axel Muhlhaus
          Im Grundchen 18a
          61389 Schmitten
          Phone: 06084/ 94859-0
          E-mail: deag@edicto.de

          DEUTSCHE ENTERTAINMENT AG
          Kurfurstendamm 63
          10707 Berlin
          Deutschland


FLACHDACH- UND TERRASSENBAU: Succumbs to Bankruptcy
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Flachdach- und Terrassenbau Lehmann & Paulig GmbH on
Feb. 25.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 22, 2005 to register their claims with court-appointed
provisional administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 10:25 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FLACHDACH- UND TERRASSENBAU LEHMANN & PAULIG GMBH
          Alter Teichweg 67, 22049 Hamburg
          Contact:
          Klaus Lehmann, Manager
          Bernd Paulig, Manager

          Peter-Alexander Borchardt, Administrator
          Deichstrasse 1, 20459 Hamburg
          Phone: 040/3760100


FRISEURGESCHAFTE FAMILY: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Friseurgeschafte Family-Salon-GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 24, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:10 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 19, 2005, 9:20 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  FRISEURGESCHAFTE FAMILY-SALON-GMBH
          Kopenhagener Strasse 2, 13407 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


G + H LUFT: Bremen Court Appoints Interim Administrator
-------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against G + H Luft-Warme-Wasser-Haustechnik GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 3, 2005 to
register their claims with court-appointed provisional
administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 8:30 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on May 26, 2005, 9:00 a.m. at
the same venue.

CONTACT:  G + H LUFT-WARME-WASSER-HAUSTECHNIK GMBH
          Neuenlander Str. 79c, 28199 Bremen
          Contact:
          Gerhard Bellersen, Manager
          Schwachhauser Heerstr. 1, 28203 Bremen

          Uwe Kuhmann, Administrator
          Schusselkorb 3, 28195 Bremen
          Phone: 0421/33061-0
          Fax: 0421/33061-10


H. BRANDT: Proofs of Claim Due Next Month
-----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against H. Brandt GbR on Feb. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 1, 2005 to register their claims with
court-appointed provisional administrator Peter-Alexander
Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting on May 4, 2005, 11:10 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  H. BRANDT GBR
          Berner Stieg 36, 22145 Hamburg
          Contact:
          Axel Elvers, Manager
          Pfirsichweg 4, 22175 Hamburg
          Hans Hermann Jaedke, Manager
          Poggfreedweg 6, 22149 Hamburg

          Peter-Alexander Borchardt, Administrator
          Deichstrasse 1, 20459 Hamburg
          Phone: 040/3760100


KULTURVEREIN PRENZLAUER: Declared Insolvent
-------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Kulturverein Prenzlauer Berg e.V. on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 1, 2005
to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 9:10 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218 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:  KULTURVEREIN PRENZLAUER BERG E.V.
          Schonfliesser Str. 7,10439 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


LOGIVISION GMBH: Gives Creditors Until May to File Claims
---------------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Logivision GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 16, 2005 to register their claims with
court-appointed provisional administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on April 18, 2005, 9:15 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 11, 2005, 9:15 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  LOGIVISION GMBH
          Kaiserin-Augusta-Allee 10-11,10553 Berlin

          Joachim Voigt, Administrator
          Rankestrasse 33, 10789 Berlin


SILO-ANLAGENTECHNIK GMBH: Administrator's Report Out May
--------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against umtec Silo-Anlagentechnik GmbH on Feb. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 28, 2005
to register their claims with court-appointed provisional
administrator Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting on May 26, 2005, 10:00 a.m. at the district court of
Saal 1.043, Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  SILO-ANLAGENTECHNIK GMBH
          Zscherbener Landstr. 13, 06126 Halle
          Contact:
          Matthias Keilberg, Manager

          Herbert Feigl, Administrator
          Hansering 1, D-06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


TBS LOGISTIC: Cedes Control to Provisional Administrator
--------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against TBS Logistic GmbH on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 9:40 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 27, 2005, 9:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  TBS LOGISTIC GMBH
          Adlergestell 327-331,12489 Berlin

          Dr. Christoph Schulte-Kaubrugger, Administrator
          Genthiner Str. 48, 10785 Berlin


WERNER WEBER: Applies for Bankruptcy Proceedings
------------------------------------------------
The district court of Aalen has opened bankruptcy proceedings
against Werner Weber GmbH & Co KG.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 8, 2005 to register their claims with
court-appointed provisional administrator Dr. Franke.

Creditors and other interested parties are encouraged to attend
the meeting on May 9, 2005, 8:00 a.m. at the district court of
Aalen, 73430 Aalen, Stuttgarter Str. 7, Saal 0.11 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:  WERNER WEBER GMBH & CO KG
          Contact:
          Franz Schaffenrath, Manager
          Ulmer Str. 118, 73431 Aalen

          Dr. Franke, Administrator
          Schubartstr. 13, 73430 Aalen
          Phone: 07361/9251-0
          Fax: 07361/9251-99


WOHNUNGSBAUGENOSSENSCHAFT "EIGENTUM 2000": Declared Insolvent
-------------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Wohnungsbaugenossenschaft "Eigentum 2000" eG
on March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
May 1, 2005 to register their claims with court-appointed
provisional administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 9:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218 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:  WOHNUNGSBAUGENOSSENSCHAFT "EIGENTUM 2000" EG
          Markische Allee 294, 12687 Berlin

          Rolf Rattunde, Administrator
          Kurfurstendamm 212, 10719 Berlin


=============
H U N G A R Y
=============


FORTE FOTOKEMIA: To Dispose of Production Arm
---------------------------------------------
Troubled film and photographic paper manufacturer Forte
Fotokemia will bid goodbye to another asset this year, Budapest
Business Journal says.

The company plans to auction off its production unit sometime
between April and June, expecting to gain HUF210 million.  The
group's liquidator has already disposed of two Forte office
building for HUF65 million.  The company gave potential buyers
until April 12 to submit their bids.

Forte Fotokemia filed for liquidation in November 2004 after
revealing an HUF800 million debt; the amount includes HUF500
million in tax arrears.  The company employs 330 people and
earns US$10 million annually.

CONTACT:  FORTE FOTOKEMIA RT.
          H-2601 Vac,
          Vam u. 3.
          Phone: (36) 27 314-133
          Fax: (36) 27 314-602
          Web site: http://www.fortefoto.hu


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


ALITALIA SPA: Opposition to Government-led Rescue Swells
--------------------------------------------------------
The association of European low-fare carriers has asked the
European Union to deny restructuring proposals for ailing
Italian flag carrier Alitalia, Reuters says.

In its second letter to the European Commission this year, the
European Low Fares Airline Association (ELFAA) claimed the plan
violates the "one time, last time" rule, which allows Union
members to rescue their carriers only once.

ELFAA said, "If the Commission fails in this case to properly
enforce the state aid rules, it will further damage the air
transport industry and the decision will be subject to legal
challenge."

ELFAA, whose members include Air Berlin, Basiqair/Transavia,
Flybe, Flying Finn, Hapag Lloyd Express, Ryanair, Sky Europe,
Sterling Europe, Sverige Flyg and Volareweb, also claimed its
members "have suffered from the serious distortion of
competition in the Italian market due to the ongoing state
support of Alitalia."

Aside from ELFAA, another group of carriers composed of British
Airways and Lufthansa wrote to the regulator regarding
Alitalia's "aggressive pricing."  The group said, "The financial
resources of the rescue aid package have allowed Alitalia
various business maneuvers which are causing severe damage to
competitors."

The European Commission is currently probing Alitalia's
restructuring plan to weed out traces of illegal state aid.
Alitalia expects the probe to end by May in time for a planned
EUR1.2 billion capital increase.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


PARMALAT U.S.A.: Resolves Wells Fargo Lease Disputes
----------------------------------------------------
On Oct. 20, 1998, Sunnydale Farms Inc. entered into an equipment
lease with Norwest Equipment Finance Inc., for certain
equipment.  The Norwest Lease provides for a US$15,444 monthly
lease payment, plus applicable sales and use tax.

Also in October 1998, Sunnydale Farms entered into an equipment
lease with Wells Fargo Equipment Finance Inc., for certain
equipment.  The Lease provides for a monthly payment equal to
$9,636, plus applicable sales and use tax.

On August 19, 1999, Parmalat U.S.A. Corp. entered into an
equipment lease with Wells Fargo for certain equipment,
providing a $7,828 monthly lease payment.  Parmalat U.S.A. also
executed a guaranty absolutely and unconditionally guaranteeing
payment with respect to any of Farmland's present or future
obligations owed to Wells Fargo.

Farmland Dairies LLC and Wells Fargo entered into a Master Lease
on April 21, 2000, wherein Farmland agreed to lease certain
equipment from time to time pursuant to separate supplement
leases.  The Supplement Leases and the corresponding monthly
lease payments are:

     Lease                          Monthly Lease Payment
     -----                          ---------------------
     Supplement Lease No. 102               $9,518
     Supplement Lease No. 103                2,087
     Supplement Lease No. 104                9,073
     Supplement Lease No. 105               22,957

On May 18, 2004, Wells Fargo filed a request in the U.S.
Debtors' Chapter 11 cases compelling the assumption or rejection
of the Leases and modifying the automatic stay provisions of
Section 362 of the Bankruptcy Code.  The Request has been
adjourned from time to time.

In June 2004, Wells Fargo filed:

   (a) a secured claim against Farmland, asserting $2,895,804,
       plus taxes, attorney's fees and other amounts due
       relating to the Sunnydale/Wells Fargo Claim and
       Supplemental Lease Nos. 102, 103, 104, and 105;

   (b) an unsecured claim against Parmalat U.S.A., asserting
       $2,895,804, based on Parmalat U.S.A.'s guarantee of
       Farmland's obligations; and

   (c) a secured claim against Parmalat U.S.A. for $368,612,
       plus taxes, attorney's fees and other amounts due
       relating to the Parmalat/Wells Fargo Lease.

Farmland and Parmalat U.S.A. desire to settle and compromise
their disputes respecting the Wells Fargo Leases.  Thus, the
parties stipulate that:

   Payment           Farmland will pay Wells Fargo, on account
                     of cure costs and administrative expenses,
                     the sum of $37,000, payable within 30 days
                     of the Court's approval of the Stipulation.

   Brooklyn          Farmland will assume the Northwest Lease
                     and purchase the equipment subject to that
                     lease on these terms:

                       (i) Farmland will make $15,444 monthly
                           lease payments to Wells Fargo,
                           commencing with the regularly
                           scheduled February payment;

                      (ii) Wells Fargo consents to Farmland
                           selling the equipment subject to the
                           Norwest Lease; and

                     (iii) At the completion of the equipment
                           sale, Farmland will pay Wells Fargo a
                           buyout payment equal to $330,000
                           minus the amount of any monthly
                           payments made, but in no event will
                           the payment of the Buyout Amount be
                           made later than June 30, 2005.

   Atlanta           Parmalat U.S.A. will assume its lease with
                     Wells Fargo at the contractual term and
                     payment level, effective on the closing of
                     the sale of substantially all of Farmland's
                     operations in Atlanta, Georgia.  Farmland
                     will also assume Supplement Lease Nos. 102,
                     103 and 104 at the contractual terms and
                     payment levels, effective on the closing of

                     the sale of substantially all of Farmland's
                     Atlanta operations.

                     In the event that substantially all of
                     Farmland's Atlanta operations are not sold
                     by July 1, 2005, Parmalat U.S.A. reserves
                     the right to reject the Parmalat/Wells
                     Fargo Lease and Farmland reserves the right
                     to reject Supplemental Lease Nos. 102, 103
                     and 104 upon providing 30 days prior
                     notice, on or after July 1, 2005.

                     If the Parmalat/Wells Fargo Lease and
                     Supplemental Lease Nos. 102, 103 and 104
                     are rejected, Wells Fargo will be allowed a
                     claim against Parmalat U.S.A. or Farmland,
                     as applicable, for rejection damages, which
                     would consist of the net of the remaining
                     payments on each lease, minus any recovered
                     rents in the disposition or release of the
                     equipment and the reasonable costs
                     associated with the transfer, storage, and
                     sale of the subject equipment.

   Wallington        Farmland will assume Supplemental Lease No.
                     105 with amended payment and term
                     provisions.  The monthly aggregate payment
                     will be $11,000 beginning February 15,
                     2005, for a total of 46 payments.
                     Following the 46 payments, the U.S. Debtors
                     have the option to buy out the subject
                     equipment for $200,000.  In addition, Lease
                     No. 105 is amended to give the Debtors the
                     right to exercise an early buy-out on 60
                     days prior notice, in which case Farmland
                     would be entitled to buy out the equipment
                     in exchange for a payment equal to the sum
                     of:

                       (i) all past due payments under the
                           lease, including late charges;

                      (ii) unpaid rent for the balance of the
                           lease term discounted at a 5% rate;

                     (iii) the present value of $200,000,
                           discounted at a 5% rate.

   Northwest Lease   Wells Fargo grants title over the equipment
                     subject to the Northwest Lease to Farmland.
                     Wells Fargo cedes all rights, interests or
                     claims it has or may have pursuant to the
                     Lease.

   Allowed Claim     Farmland grants Wells Fargo an allowed
                     general unsecured claim in a reduced amount
                     equal to $499,000.

                     Parmalat U.S.A. grants Wells Fargo an
                     allowed general unsecured claim for a
                     reduced amount of $220,000.

                     Wells Fargo's claim relating to the
                     Parmalat/Wells Fargo Lease will be deemed
                     withdrawn with prejudice on the date that
                     the Court approves the Stipulation.

   Taxes             Farmland agrees to pay Wells Fargo $35,250
                     -- which amount represents the outstanding
                     property taxes for 2004 aggregating $21,538
                     and the pro-rated property taxes due for
                     2005 totaling $13,712 -- payable within 30
                     days of the Court's approval of the
                     Stipulation.

   Releases          Wells Fargo will be released from all
                     preference, fraudulent conveyance or other
                     avoidance actions pursuant to the
                     Bankruptcy Code and other federal and state
                     law, including any cause of action by the
                     U.S. Debtors arising out of Section 547.

                     Stipulation, Wells Fargo will release
                     Farmland and Parmalat U.S.A. from any
                     liability under the Wells Fargo Claims and
                     all other claims or causes of action not
                     specifically set in the Stipulation.

   Covenant          Parmalat U.S.A. and Farmland covenant and
                     agree to use commercially reasonable
                     efforts to assist Wells Fargo to resolve
                     tax disputes and obtain tax refunds related
                     to the equipment subject to the Leases.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq. and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.  (Parmalat Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

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


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


CABLECOM LUXEMBOURG: EUR290 Million Senior Notes Rated Caa1
-----------------------------------------------------------
Moody's Investors Service assigned a rating of (P)B2 to the
total CHF1,275 million senior secured notes of Cablecom
Luxembourg.  Proceeds from the note issuance will be used to
repay bank term loans outstanding at Cablecom's subsidiary,
Cablecom GmbH, resulting in an equivalent amount of debt for the
combined entity following the issuance.

Moody's rates these debt of Cablecom:

(a) Senior implied rating of B2;

(b) EUR290 million senior notes maturing 2014 rated Caa1;

(c) CHF700 million senior secured notes maturing 2010 and CHF575
    million senior secured notes maturing 2012 rated (P)B2; and

(d) Senior unsecured issuer rating of Caa2.

The rating outlook is stable.

The ratings of the notes are prospective and will be affirmed
following completion and Moody's review of final documentation,
which confirm the terms described below.

The affirmation of existing ratings and stable outlook, despite
Cablecom's solid performance since the initial rating in 2004,
reflects the expectation that de-leveraging will be slower in
the future as a result of the higher degree of flexibility in
Cablecom's capital structure as a result of this refinancing.
The ratings continue to reflect Cablecom's high leverage, with
total debt to EBITDA at 5.3 times at the end of this fiscal
year; modest free cash flow to debt; low coverage ratios, with
EBITDA less capex to interest of 1.1 times for the past fiscal
year; strong competition from the incumbent telecommunications
provider Swisscom AG for the add-on telephony and broadband
products critical to achieving higher returns on investment; and
high on-going spending requirements.

The ratings benefit from the stable environment which supports
the company's position as the leading provider of analog cable
television in the Swiss market, and very strong market share of
more than 90% in its established area; attractive demographics
of the Swiss market and growth trends for financial performance
and new subscribers; rapid growth in the subscriber base for
Cablecom's telephony, broadband, and digital cable television
services; and enhanced liquidity as a result of this transaction
and the elimination of debt amortization requirements.

The rating outlook remains stable.  The existing ratings are
strongly positioned today as a result of Cablecom's good
performance and improved leverage and coverage metrics since its
initial rating in March 2004.  A continuation of the debt
reduction trend shown throughout the past fiscal year and a
demonstrated ability to finance growth through operating cash
flow generation over the next 12-18 months, combined with stable
margins and improving ROA, could lead to upward rating pressure.
Ratings could fall if Cablecom is not able to maintain margins
or if it seeks new debt to finance growth, or if the company's
strategy shifts to increase debt-financed acquisition activity.
The rating of the new notes is somewhat weakly positioned, and
could be subject to downgrade if Cablecom adds additional
amounts of secured debt at subsidiary levels.

The new notes are senior obligations of Cablecom Luxembourg, the
parent company of Cablecom GmbH, which houses the operations and
is the obligor of the bank debt.  Cablecom Luxembourg is also
the issuer of the existing EUR290 million of senior secured
notes.  Neither notes issue has guarantees from operating
subsidiaries.  The new CHF1,275 million notes share security
with the revolver banks consisting of the share capital of
Cablecom GmbH, and of a first lien position in two unsecured
intercompany loans from GmbH, representing proceeds from the two
notes issues at Cablecom Luxembourg, which were downstreamed to
Cablecom GmbH.

The rating of the new SFR1,275 million notes reflects their
position in the overall capital structure behind the CHF150
million bank facility at Cablecom GmbH, their predominant
position in the consolidated capital structure, and the benefit
of security.  The new notes benefit from the claim on the
unsecured notes of Cablecom GmbH, but are structurally
subordinated to any borrowings under the revolver and any new
secured debt of Cablecom GmbH.  Noteholders do not have a direct
claim on Cablecom GmbH other than through the assignment of the
inter-company note.

The revolver benefits from subsidiary guarantees and from
collateral, which includes Cablecom's bank accounts.  The EUR290
million senior notes are further subordinated to the new notes,
as their collateral consists of a second lien of the
subordinated inter-company note to Cablecom GmbH.  In case of a
default, Moody's believes the ability of that claim to cover the
amount of the note and other senior obligations would be
questionable in a distressed scenario.

The new notes have customary covenants, which limit the total
amount of new debt which can be taken on by the issuer and the
amount of secured debt which can be taken on by the issuer and
operating company.  At current operating levels, the covenants
would allow for a meaningful amount of additional debt
(potentially in excess of CHF300 million).  The indenture will
also allow for a substantial amount of restricted payments,
including a basket of CHF200 million to holders of its parent
company's capital stock and redemption of the EUR290 million
senior notes.

Cablecom Luxembourg, whose operating company is located in
Zurich, Switzerland, is a leading provider of analog cable,
digital cable, Internet broadband and telephony services in
Switzerland.  Revenues were CHF723 million for the year ended
December 2004.

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

          New York
          Marie Menendez
          VP - Senior Credit Officer
          Unknown Group
          For Journalists
          Phone: 212-553-0376


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


AK BARS: Earns Fitch Upgrade Following Capital Injection
--------------------------------------------------------
Fitch Ratings upgraded Ak Bars Bank's ratings to Individual 'D'
from 'D/E' and National Long-term 'BB+(rus)' from 'BB(rus)'.  At
the same time, the agency has affirmed the Russian bank's other
ratings at Long-term 'B-', Short-term 'B' and Support '5'.  The
Outlook on the Long-term rating is Stable.

The upgrade reflects the strengthening of the bank's
capitalization, following a RUB6 billion capital injection in
Q404.  In July 2004, Fitch had downgraded AK Bars' Individual
rating to 'D/E' from 'D' because of delays with the new equity
contribution and a deterioration of capital ratios due to
continued balance sheet growth.  However, the Q404 injection,
equal to more than 200% of end-H104 IFRS equity, has relieved
pressure from capital ratios, and Fitch estimates an
equity/assets ratio of around 24% at end-2004 (end-H104: 9%).

The Long-term, Short-term and Individual ratings reflect Ak
Bars' weak profitability, high concentration levels and
increasing market risk, as well as weaknesses in the bank's
operating environment.  On the other hand, they take into
account the bank's currently strong capitalization and solid
niche in the Republic of Tatarstan (RT).

Ak Bars' return on equity was significantly below the inflation
rate in 2003 and H104 due to a relatively low loans/assets
ratio, weak non-interest income generation and high loan loss
reserve charges.  As is typical for a CIS bank, the loan book is
highly concentrated with the 20 largest exposures equal to
approximately around 136% of equity at end-2004.  Non-equity
funding is dominated (49% at end-H104) by RT government bodies
and companies owned by the Republic.  Ak Bars faces market risk
primarily on its securities portfolio, which has been growing
(end-H104: 23% of assets -- mainly Russian corporate debt).

Ak Bars was founded by the government of RT in 1993.  It is the
largest bank in the region by assets, and one of the 20 largest
Russian banks.  Its main shareholders are Tatarstan-based
companies Tatneft (32%) and Nizhnekamskneftekhim (20%), and a
group of Moscow-based investors (21%).  Most of AK Bars'
business is concentrated in the RT, although it is also looking
to expand outside the Republic.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

          James Watson
          Phone: +7 095 956 9901

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


AKTANYSH-AGRO-PROM-SNAB: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Aktanysh-Agro-Prom-Snab.  The case is docketed as A65-
24111/2004-SG4-21.  Mr. D. Bondarev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 420073, Russia,
Tatarstan republic, Kazan, Post User Box 16.  A hearing will
take place on April 21, 2005.

CONTACT:  AKTANYSH-AGRO-PROM-SNAB
          Russia, Tatarstan republic,
          Aktanyshskiy region, Aktanysh

          Mr. D. Bondarev
          Temporary Insolvency Manager
          420073, Russia, Tatarstan republic,
          Kazan, Post User Box 16


COTTAGE-STROY: Names O. Chakrov Insolvency Manager
--------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on limited liability company Cottage-
Stroy.  The case is docketed as A50-12/2005-B.  Mr. O. Chakrov
has been appointed temporary insolvency manager.  A hearing will
take place on May 27, 2005, 10:00 a.m. at Russia, Perm,
Lunacharskogo Str. 3, Hall 104.

CONTACT:  COTTAGE-STROY
          Russia, Perm region, Usolskiy region,
          Akademgorodok "Nikolaev Posad"

          Mr. O. Chakrov
          Temporary Insolvency Manager
          618400, Russia, Perm region,
          Berezniki, Post User Box 1686


IBRESINSKIY FACTORY: Bankruptcy Hearing Resumes April
-----------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Ibresinskiy Factory of Building Ceramics.  The case is docketed
as A79-10716/04-SK1-10383.  Mr. Y. Paramonov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 427017, Russia,
Chuvashiya republic, Cheboksary, Post office 17, Post User Box
62.  A hearing will take place on April 22, 2005, 9:00 a.m.

CONTACT:  IBRESINSKIY FACTORY OF BUILDING CERAMICS
          Russia, Chuvashiya republic, Kanash

          Mr. Y. Paramonov
          Temporary Insolvency Manager
          427017, Russia, Chuvashiya republic,
          Cheboksary, Post office 17, Post User Box 62


KEMEROVO-PROM-ZHEL-DOR-TRANS: Declared Insolvent
------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Kemerovo-Prom-Zhel-Dor-Trans (TIN
4207011084) after finding the open joint stock company
insolvent.  The case is docketed as A27-25182/2004-4.  Mr. V.
Babich has been appointed insolvency manager.

CONTACT:  KEMEROVO-PROM-ZHEL-DOR-TRANS
          650099, Russia, Kemerovo region,
          Kemerovo, Nogradskaya Str. 3, Office 50

          Mr. V. Babich
          Insolvency Manager
          650099, Russia, Kemerovo region,
          Kemerovo, Nogradskaya Str. 3, Office 50


KRASNOARMEETS: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Krasnoarmeets.  The case is docketed as A-32-1538/2005-46/13-B.
Mr. N. Bogachev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 353720, Russia,
Krasnodar region, Kanevskoy region, Staroderevyankovskaya St.
Zaporozhskaya Str. 97.  A hearing will take place on April 25,
2005, 3:30 p.m. at Russia, Krasnodar, Krasnay Str. 6.

CONTACT:  KRASNOARMEETS
          Russia, Krasnodar region,
          Leningradskiy region, Bichevoy, Krasnaya Str. 1

          Mr. N. Bogachev
          Temporary Insolvency Manager
          353720, Russia, Krasnodar region, Kanevskoy region,
          Staroderevyankovskaya St. Zaporozhskaya Str. 97


PERMSKIY PAINT: Proofs of Claim Deadline Nears
----------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Permskiy Paint and Varnish Factory after
finding the close joint stock company insolvent.  The case is
docketed as A50-24600/2004-B.  Mr. P. Plisetskiy has been
appointed insolvency manager.  Creditors have until April 19,
2005 to submit their proofs of claim to 614022, Russia, Perm,
Levchenko Str. 1.

CONTACT:  PERMSKIY PAINT AND VARNISH FACTORY
          614022, Russia, Perm region,
          Levchenko Str. 1

          Mr. P. Plisetskiy
          Insolvency Manager
          614022, Russia, Perm region,
          Levchenko Str. 1


RASSVET: Declared Insolvent
---------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Rassvet after finding the open joint stock
company insolvent.  The case is docketed as A-32-13479/2004-
44/109-B.  Ms. O. Zolochevskaya has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 350033,
Russia, Krasnodar, Adygeyskaya Quay, 9.

CONTACT:  RASSVET
          Russia, Bryukhovetskiy region,
          Svobodnoye, Lenina Str. 3

          Ms. O. Zolochevskaya
          Insolvency Manager
          350033, Russia, Krasnodar region,
          Adygeyskaya Quay, 9


SEM' RUCHYEV: Deadline for Proofs of Claim April 19
---------------------------------------------------
The Arbitration Court of Novgorod region commenced bankruptcy
proceedings against Sem' Ruchyev after finding the company
insolvent.  The case is docketed as A44-9511/04-S4-K.  Mr. E.
Serebryakov has been appointed insolvency manager.  Creditors
have until April 19, 2005 to submit their proofs of claim to
174400, Russia, Novgorod region, Borovichi, Kommunarnaya Str.
27.

CONTACT:  SEM' RUCHYEV
          Russia, Novgorod region, Okulovskiy region,
          Kulotino, Sovetskiy Pr. 1

          Mr. E. Serebryakov
          Insolvency Manager
          174400, Russia, Novgorod region,
          Borovichi, Kommunarnaya Str. 27


SLAVYANSKIY FISHING: Insolvency Manager Takes over Operations
-------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Slavyanskiy Fishing Factory.  The case is docketed as A-32-
2314/2005-27/9-B.  Mr. I. Yasko has been appointed temporary
insolvency manager.  A hearing will take place on May 16, 2005,
2:15 p.m.

CONTACT:  SLAVYANSKIY FISHING FACTORY
          Russia, Krasnodar region,
          Slavyansk-na-Kubani, Rechnaya Str. 2

          Mr. I. Yasko
          Temporary Insolvency Manager
          350003, Russia, Krasnodar region,
          Post User Box 5357

          The Arbitration Court of Krasnodar region
          350063, Russia,
          Krasnodar region, Krasnaya Str. 6


TRANS-OIL-SERVICE: Moscow Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on close joint stock company Trans-Oil-
Service.  The case is docketed as A40-644452/04-74-50B.  Mr. N.
Izmaylov has been appointed temporary insolvency manager.  A
hearing will take place on June 7, 2005, 10:30 a.m.

CONTACT:  TRANS-OIL-SERVICE
          127238, Russia, Moscow region,
          3rd Nizhne-Likhoborskiy Proezd

          Mr. N. Izmaylov
          Temporary Insolvency Manager
          125368, Russia, Moscow region,
          Dubravnaya Str. 40, Room 3


YUKOS OIL: Wants to Disburse US$741,955 from Court Registry
-----------------------------------------------------------
Zack A. Clement Esq., of Fulbright & Jaworski in Houston,
Texas, tells Judge Clark that Yukos Oil Company owes dues to
certain entities:

   (1) Quarterly fees to the Office of the United States Trustee
       under Section 1930 of the Judicial Procedures Code;

   (2) Dues owed to the U.S.-Russia Counsel that must be paid or
       Yukos may lose its place on the Counsel;

   (3) Professional fees for Alvarez & Marsal, Yukos' financial
       advisors; and

   (4) Professional fees and expenses to testifying experts
       Yukos incurred in connection with Deutsche Bank AG's
       request to dismiss Yukos' case.

In January 2005, the United States Bankruptcy Court for the
Southern District of Texas authorized Yukos to deposit $21
million of its money into the Court registry.  The Registry
Order provides that "any withdrawal or payment of funds from the
Registry of Court may only be made pursuant to an Order of this
Court."

Against this backdrop, Yukos asks the Bankruptcy Court to
authorize payments totaling $741,955 to be made out of the funds
held in the Court Registry on Yukos' behalf:

               Nature of
Payee          Expenditure       Amount    Necessity of Payment
-----          -----------       ------    --------------------
Office of      U.S. Trustee        $250    First Invoice from
The U.S.                                   the U.S. Trustee
Trustee        Quarterly Fees              related to the period
               for December                December 14 to 31,
               2004                        2004.


U.S.-Russia    2005              12,500    Continued
Business       Membership                  participation in the
Counsel        Dues                        Counsel is important
                                           to Yukos as it
                                           continues its pursuit
                                           to operate as an
                                           international
                                           enterprise and to
                                           pursue the recovery
                                           of value for
                                           stakeholders

Alvarez       Fees and          364,239    Fees for services
& Marsal      Expenses for                 performed in relation
              the period                   to the preparation of
              January 20 to                various documents for
              March 2, 2005                filing with the Court
                                           and for other
                                           administrative
                                           services related to
                                           establishment of a
                                           business operation in
                                           the United States.
                                           Alvarez & Marsal will
                                           continue to provide
                                           services related to
                                           the preparation of
                                           tax returns,
                                           establishment of the
                                           office and recovery
                                           for stakeholders.

Expert's      Thomas Walde      109,587    Expert witness fees
Fees          David Anderson    138,412    incurred in
litigation
              Peter Maggs        49,307    involving Motion to
              Barry E. Carter    67,661    Dismiss.
                               --------
   TOTAL                       $741,955

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement Esq., C. Mark Baker Esq., Evelyn H. Biery Esq., John A.
Barrett Esq., Johnathan C. Bolton Esq., R. Andrew Black Esq.,
Fulbright & Jaworski LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed  $12,276,000,000 in total assets
and $30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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

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

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

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


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


MNG AIRLINES: S&P Withdraws 'B-' Rating as Requested
----------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' long-term
corporate credit rating on Turkey-based air freight specialist
MNG Airlines Inc. at the request of the group.  MNG has no rated
debt outstanding.

The rating had been placed on CreditWatch with negative
implications on Oct. 22, 2004 due to the lack of clarity as to
the group's current financial position and business strategy.

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

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


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


AGROFIRM ARTELNE: Harkiv Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Agrofirm Artelne (code EDRPOU 31947218) on
February 10, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-19/04-05.  Mr. S. Volchek
(License Number AA 668320) has been appointed
liquidator/insolvency manager.

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

(a) ARTELNE
    64630, Ukraine, Harkiv region,
    Lozova district, Artelne

(b) Mr. S. Volchek
    Liquidator/Insolvency Manager
    61162, Ukraine, Harkiv region,
    Geroiv Stalingradu Avenue, 138-V/34

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


AGROKOOP: Court Grants Debt Moratorium Request
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Agrokoop (code EDRPOU 13802014) on
February 8, 2005 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 6/159-7/51.  Mr. S.
Bogach has been appointed temporary insolvency manager.  The
company holds account number 26006000291980 at JSC Indeks-Bank,
Lviv regional branch, MFO 325279.

Creditors have until March 26, 2005 to submit their proofs of
claim to:

(a) AGROKOOP
    Ukraine, Lviv region,
    Instrumentalna Str. 8

(b) Mr. S. Bogach
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Zhovkivskij district, Malehiv, Stus Str. 5

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


AVTOMATVUGLERUDPROM: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Scientific Constructing Institute
Avtomatvuglerudprom (code EDRPOU 23998857).  The case is
docketed as 12/141-04.  Mr. Oleksandr Shevich (License Number AA
249990) has been appointed temporary insolvency manager.  The
company holds account number 26000500152 at JSCB Express-Bank,
Konotop branch, MFO 337212.

Creditors have until April 1, 2005 to submit their proofs of
claim to:

(a) AVTOMATVUGLERUDPROM
    Ukraine, Sumi region,
    Konotop, Chervonozavodska Str. 5

(b) Mr. Oleksandr Shevich
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Nezalezhnosti Square, 1, Office 1418
    Phone: (0542) 21-88-69, 34-91-13

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Ribalko Str. 2


HLIBOROB: Gives Creditors Until Tomorrow to File Claims
-------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Hliborob (code EDRPOU 25646542) on January
18, 2005 after finding the limited liability company insolvent.
The case is docketed as B/100-B.  Mrs. Olena Titova (License
Number AA 779145) has been appointed liquidator/insolvency
manager.

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

(a) HLIBOROB
    Ukraine, Herson region,
    Berislavskij district, Rakivka

(b) Mrs. Olena Titova
    Liquidator/Insolvency Manager
    Ukraine, Herson region,
    Vijskovij Avenue, 6
    Phone: (0552) 22-31-17

(c) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


ODESA' LIQUOR: Proofs of Claim Deadline Nears
---------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on LLC Odesa' Liquor-Vodka Plant (code
EDRPOU 32067443).  The case is docketed as 21/186-04-10685.  Mr.
Byelov Oleksandr (License Number AA 249859) has been appointed
temporary insolvency manager.  The company holds account number
2600401043114 at Credit Bank, Lviv branch, MFO 325365.

Creditors have until March 26, 2005 to submit their proofs of
claim to:

(a) ODESA' LIQUOR-VODKA PLANT
    65012, Ukraine, Odesa region,
    Kanatna Str. 82/9

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


PERVOMAJSK' AUTOTRANSPORT: Court Freezes Claims Payments
--------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Pervomajsk' Autotransport (code
EDRPOU 03113319) and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 20/17 b.  Mr. Hajlo
Mikola (License Number AA 719797) has been appointed temporary
insolvency manager.  The company holds account numbers
2600530383074 and 2600730183074 at Prominvestbank, Pervomajsk
branch.

Creditors have until April 1, 2005 to submit their proofs of
claim to:

(a) PERVOMAJSK' AUTOTRANSPORT
    93200, Ukraine, Lugansk region,
    Pervomajsk, Zhukov Str. 2

(b) Mr. Hajlo Mikola
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Stahanov, Karbishev Str. 17/157

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


PODILLYA: Creditors Claims Due Early April
------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Podillya (code EDRPOU 03733009).  The
case is docketed as 5/39-05.  Mr. Vasil Glebov (License Number
AA 630087) has been appointed temporary insolvency manager.  The
company holds account number 2604301150275 at Prominvestbank,
Zhmerinki branch, MFO 302322.

Creditors have until April 1, 2005 to submit their proofs of
claim to:

(a) PODILLYA
    Ukraine, Vinnitsya region,
    Zhmerinki district, Stanislavchik

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

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


ROSIYA: Succumbs to Insolvency
------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Rosiya (code EDRPOU 03784967) on January 12,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/34-B.  Mr. Sergij Kosenko (License Number
AA 249849) has been appointed liquidator/insolvency manager.

Creditors have until March 26, 2005 to submit their proofs of
claim to:

(a) ROSIYA
    Ukraine, Herson region,
    Novotroyitske

(b) Mr. Sergij Kosenko
    Liquidator/Insolvency Manager
    73000, Ukraine, Herson region,
    Vijskovij Avenue, 6
    Phone: (0552) 22-31-17

(c) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


SOYUZTORG: Sumi Court Appoints Liquidator
-----------------------------------------
The Economic Court of Sumi region declared LLC Soyuztorg (code
EDRPOU 30846096) insolvent on February 14, 2005.  The case is
docketed as 12/102-4.  Mr. Hizhnyak V. (License Number AA
249723) has been appointed liquidator/insolvency manager.

Creditors have until April 1, 2005 to submit their proofs of
claim to:

(a) SOYUZTORG
    Ukraine, Sumi region,
    Harkivska Str. 9

(b) Mr. Hizhnyak V.
    Liquidator/Insolvency Manager
    40024, Ukraine, Sumi region,
    Harkivska Str. 4/130
    Phone: (0542) 36-92-73
    Fax: (0542) 36-92-73

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Ribalko Str. 2


TSARICHANKA' TIN: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Tsarichanka' Tin Plant (code DRPOU
00374031) on December 7, 2004.  The case is docketed as
29/212/04.  Mrs. Nataliya Chesnova (License Number AA 216702)
has been appointed temporary insolvency manager.  The company
holds account number 26004070610100 at JSPPB Aval,
Dnipropetrovsk branch, MFO 305653.

Creditors have until March 26, 2005 to submit their proofs of
claim to:

(a) TSARICHANKA' TIN PLANT
    51000, Ukraine, Dnipropetrovsk region,
    Tsarichanka, Kirov Str. 168

(b) Mrs. Nataliya Chesnova
    Temporary Insolvency Manager
    49101, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 28-a, office 201
    Phone: (0562) 36-10-75

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


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


ACLIS COLOURPRINT: Appoints Liquidator from GCP
-----------------------------------------------
At the extraordinary general meeting of Aclis Colourprint
Limited on March 11, 2005 held at 109 Swan Street, Sileby,
Loughborough, Leicestershire LE12 7NN, the extraordinary and
ordinary resolutions to wind up the company were passed.  Jane
Gandon of GCP, 2 Preston Park Avenue, Brighton, East Sussex BN1
6HJ has been appointed liquidator of the company.

CONTACT:  GCP
          Flat 7
          2 Preston Park Avenue
          Brighton
          West Sussex BN1 6HJ
          Phone: 01273 556925


ADEPT TECHNOLOGY: Final Members Meeting Next Month
--------------------------------------------------
The final meeting of the members and creditors of Adept
Technology Limited (formerly Adept Technology UK Limited) will
be on April 20, 2005 at 10:00 a.m. and 10:15 a.m.  It will be
held at the offices of Arrans, Falcon House, Falcon Park,
Claymore, Tame Valley Industrial Estate, Tamworth B77 5DQ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors and members who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Arrans, Falcon House, Falcon Park, Claymore,
Tame Valley Industrial Estate, Tamworth B77 5DQ not later than
12:00 noon, April 19, 2005.

CONTACT:  ARRANS
          PO Box 9377
          Tame Valley Industrial Estate
          Wilnecote
          Tamworth
          Staffordshire B77 5HL
          Phone: 01827 262550
          Fax: 0870 7622 141
          E-mail: enquiries@arrans.co.uk


AE FELTHAM: Liquidator's Final Report Out April 25
--------------------------------------------------
The final meeting of the members and creditors of AE Feltham
Limited will be on April 25, 2005 at 10:00 a.m and 10:30 a.m.
It will be held at 76 New Cavendish Street, London W1G 9TB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors of members who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Mark Levy at Berley, 76 New Cavendish
Street, London W1G 9TB not later than 12:00 noon, April 22,
2005.

CONTACT:  BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


ANDROMEDO LIMITED: Calls in Liquidator from F. A. Simms
-------------------------------------------------------
At the extraordinary general meeting of Andromedo Limited on
March 14, 2005 held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, the subjoined
extraordinary resolution to wind up the company was passed.
Richard Frank Simms, of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP has been appointed
liquidator of the company.

CONTACT:  F. A. SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


CENTERPULSE HOLDINGS: Hires Liquidator from BDO Stoy Hayward
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Centerpulse (U.K.) Holdings Limited

Notice is hereby given that on Feb. 28, 2005, I, David J. Hill
CA, BDO Stoy Hayward LLP, 168 West George Street, Glasgow G2 2PT
was appointed liquidator of Centerpulse (U.K.) Holdings Limited,
which registered office is located at 292 St Vincent Street,
Glasgow G2 5TQ.

David J. Hill, Liquidator

CONTACT:  BDO STOY HAYWARD
          Ballantine House
          168 West George Street
          Glasgow, G2 2PT
          Phone: 0141 248 3761
          Fax: 0141 332 5467
          E-mail: glasgow@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

          David John Hill
          E-mail: david.hill@bdo.co.uk


COOL FREIGHT: Hires GCP as Liquidator
-------------------------------------
At the extraordinary general meeting of Cool Freight (UK)
Limited on March 11, 2005 held at 109 Swan Street, Sileby,
Loughborough, Leicestershire LE12 7NN, the extraordinary and
ordinary resolutions to wind up the company were passed.  Jane
Gandon of GCP, 2 Preston Park Avenue, Brighton, East Sussex BN1
6HJ has been appointed liquidator of the company.

CONTACT:  GCP
          Flat 7
          2 Preston Park Avenue
          Brighton
          West Sussex BN1 6HJ
          Phone: 01273 556925


COPPERMILL CLEANING: Ex-director Gets Four-year Ban
---------------------------------------------------
The director of a cleaning service business that failed with
debt estimated at around GBP141,000 has given an undertaking not
to hold directorships or take any part in company management for
four years.

The undertaking by Gordon Morgan, 45, of Poulcott, Wraysbury,
Middlesex was given in respect of his conduct as director of
Coppermill Cleaning Ltd., which carried on business from
premises at 21 High Street, Wraysbury, Middlesex TW19 5DA.

The undertaking, which was accepted by the court on February 15,
2005, prevents Gordon Morgan from being a director of a company
or being concerned or taking part in the promotion, formation or
management of a company for the above period.

Coppermill was placed into compulsory liquidation by Order of
the High Court of Justice, Leeds District Registry on 20
February 2003 on the petition of HM Customs & Excise for
GBP53,938.83 owed in respect of unpaid VAT.  The company has an
estimated total deficiency of GBP140,684.

The Official Receiver at Reading had conduct of the
investigation and disqualification procedure.

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

Matters of unfit conduct, not disputed by Gordon Morgan were
that he caused Coppermill to trade to the detriment of HM
Customs & Excise.

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

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

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


DAKOTA HOLDINGS: Joint Liquidators from Hurst Morrison Move in
--------------------------------------------------------------
At the extraordinary general meeting of Dakota Holdings Ltd. on
March 14, 2005 held at Cheyenne House, West Street, Farnham,
Surrey GU9 7EQ, the special resolution to wind up the company
was passed.  Paul William Ellison and Gareth Wyn Roberts of
Hurst Morrison Thomson Corporate Recovery LLP, 5 Fairmile,
Henley-on-Thames, Oxfordshire RG9 2JR have been appointed joint
liquidators of the company.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


EDMUND HALL: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Edmund
Hall Day Nursery Limited on March 15, 2005 held at Highfield
Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Carl Stuart Jackson and Tina Yearsley of
Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ have been appointed joint
liquidators of the company.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


EIDOS PLC: Recommends GBP71.0 Mln Offer by EM Holding
-----------------------------------------------------
Summary of the recommended cash offer by EM Holding Corp., a
company formed by Elevation Partners, L.P., for Eidos Pubic
Limited Company:

(a) The Directors of EM Holding and Eidos reached agreement on
    the terms of a recommended cash offer of 50 pence
    (approximately $0.96) for each Eidos Share and each Eidos
    ADS (each Eidos ADS representing 1 Eidos Share) for the
    whole of the issued and to be issued share capital of Eidos.
    This values the whole of the issued share capital of Eidos
    at approximately GBP71.0 million (approximately $136.3
    million);

(b) The Offer price of 50 pence per Eidos Share represents a
    premium of approximately 27.4% to the Closing Price of 39.25
    pence per Eidos Share (approximately $0.75) on 18 March,
    2005, the last business day prior to the date of this
    announcement;

(c) The Offer will be effected by means of a scheme of
    arrangement although EM Holding reserves the right to elect
    to implement the Offer by way of a takeover offer (within
    the meaning of section 428 of the Companies Act);

(d) The Directors of Eidos, who have been so advised by UBS
    Investment Bank, financial adviser to Eidos, consider the
    terms of the Offer to be fair and reasonable and unanimously
    recommend that Eidos Shareholders and holders of Eidos ADSs
    vote in favor of the resolutions to be proposed at the Court
    Meeting, as they have irrevocably undertaken to do with
    respect to their own beneficial holdings of Eidos Shares.
    In providing advice to the Directors of Eidos, UBS
    Investment Bank has taken into account the commercial
    assessments of the Directors of Eidos.

Commenting on the Offer, John Riccitiello, Managing Director of
Elevation Partners, L.P., said: "We are pleased to be able to
make this cash offer and believe it is in the best interests of
Eidos shareholders, employees and customers."

Commenting on the Offer, John van Kuffeler, Chairman of the
Board of Eidos, said: "I am pleased to announce the cash offer
by EM Holding Corp. and bring to an end the uncertainty which
the Company, its shareholders and employees have endured during
recent months.  Our recent interim results reflect the financial
and strategic issues facing Eidos. The Board firmly believes
that shareholders' interests are best served by a sale of the
Company."

CONTACT:  EM HOLDING CORP. and ELEVATION PARTNERS L.P.
          Kevin Albert
          Phone: +1 650 687 6830

          SMITHFIELD CONSULTANTS LIMITED
          John Antcliffe
          Phone: +44 (0) 20 7360 4900

          LEHMAN BROTHERS
          Financial Adviser to EM Holding
          Tom Flanagan
          Phone: +1 212 526 7000
          Chris Nicholls
          Phone: +44 (0) 20 7102 1000

          EIDOS PUBLIC LIMITED COMPANY
          Phone: +44 (0) 20 8636 3000
          John van Kuffeler, Chairman
          Mike McGarvey, CEO

          BRUNSWICK (U.K.)
          Phone: +44 (0) 20 7404 5959
          Jonathan Glass
          Wendel Verbeek

          BRUNSWICK (NY)
          Phone: +1 212 333 3810
          Nina Devlin

          UBS INVESTMENT BANK
          Phone: +44 (0) 20 7567 8000
          Financial Adviser to Eidos
          Adrian Haxby
          Benjamin Robertson


ELEGANT ENTERPRISES: Calls in Liquidator from Knights & Co.
-----------------------------------------------------------
At the extraordinary general meeting of the members of Elegant
Enterprises Limited on March 16, 2005 held at Start Business
Centre, 25 Barnes Wallis Road, Segensworth East, Fareham,
Hampshire PO15 5TT, the extraordinary and ordinary resolutions
to wind up the company were passed.  Barry P. Knights of Knights
& Company Limited, Milford House, 43-55 Milford Street,
Salisbury, Wiltshire SP1 2BP has been appointed liquidator of
the company.

CONTACT:  KNIGHTS & CO.
          1st Floor
          Milford House
          43-45 Milford Street
          Salisbury
          Wiltshire SP1 2BP
          Phone: 01722 330688
          Fax: 01722 414546


ENVIBRO LIMITED: Calls in Liquidator from Haines Watts
------------------------------------------------------
At the extraordinary general meeting of the members of Envibro
Limited on March 9, 2005 held at First Floor, Park House, Park
Square West, Leeds LS1 2PS, the extraordinary and ordinary
resolutions to wind up the company were passed.  Tim Calverley
of Haines Watts, First Floor, Park House, Park Square West,
Leeds LS1 2PS has been appointed liquidator of the company.

CONTACT:  HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


F.M.C. CONSTRUCTION: Members Pass Extraordinary Resolution
----------------------------------------------------------
At the extraordinary general meeting of the members of F.M.C.
Construction Limited on March 14, 2005 held at Allen House, 1
Westmead Road, Sutton, Surrey SM1 4LA, the extraordinary
resolution to wind up the company was passed.  Martin Charles
Armstrong of Turpin, Barker Armstrong, Allen House, 1 Westmead
Road, Sutton, Surrey SM1 4LA has been appointed liquidator of
the company.

CONTACT:  TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road,
          Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


GADGET SHOP: Administrators from PKF Move in
--------------------------------------------
Bryan A. Jackson, Anne Buchanan (IP Nos 115, 1458), Brian
Hamblin and Stephen Holgate (IP Nos 2085, 7991) have been
appointed joint administrators for The Gadget Shop Limited.  The
appointment was made March 14, 2005.

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

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


HOME AIDS: Creditors Meeting Set Next Week
------------------------------------------
The creditors of Home Aids Electrical Limited will meet on March
30, 2005 at 10:00 a.m.  It will be held at the offices of
Walletts Insolvency Services, Adventure Place, Hanley, Stoke on
Trent ST1 3AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Walletts Insolvency Services, Adventure Place,
Hanley, Stoke on Trent ST1 3AF not later than 12:00 noon, March
29, 2005.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place
          Hanley
          Stoke On Trent
          Staffordshire ST1 3AF
          Phone: 01782 212326
          Fax: 01782 683904
          E-mail: mike@walletts.co.uk


HYUNDAI SEMICONDUCTOR: Winding-up Report Out April
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Hyundai Semiconductor Europe Limited

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986, that the final meeting of members of Hyundai
Semiconductor Europe Limited will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP, on April 12, 2005, commencing at 10:00 a.m. for
the purpose of having an account laid before the members showing
how the winding-up has been conducted and the property of the
Company disposed of, and hearing any explanation that may be
given by the Liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, to attend and vote instead of
him/her.

Tim Walsh, Joint Liquidator
March 8, 2005

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

          Timothy Gerard Walsh
          E-mail: tim.g.walsh@uk.pwc.com
          Phone: 0151 227 4242
          Fax: 0151 227 4575


JOHN CLOUGH: Meeting of Creditors Set Next Week
-----------------------------------------------
The creditors of John Clough Limited will meet on March 31, 2005
at 11:00 a.m.  It will be held at the offices of Walletts
Insolvency Services, Adventure Place, Hanley, Stoke on Trent ST1
3AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Walletts Insolvency Services, Adventure Place,
Hanley, Stoke on Trent ST1 3AF not later than 12:00 noon, March
30, 2005.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place
          Hanley
          Stoke On Trent
          Staffordshire ST1 3AF
          Phone: 01782 212326
          Fax: 01782 683904
          E-mail: mike@walletts.co.uk


J & S ARTSTONE: Hires Administrators from CBA
---------------------------------------------
Neil Money and Neil Gibson (IP Nos 8900, 9213) have been
appointed administrators for J & S Artstone Limited.  The
appointment was made March 9, 2005.  The company is into stone
casting.  Its registered office is located at 435 Lichfield
Road, Aston, Birmingham B6 7SS.

CONTACT:  CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


KINGSWOOD BABY: In Administrative Receivership
----------------------------------------------
Target Trade Finance Limited appointed Timothy John Edward
Dolder and Paul Michael Davis (Office Holder Nos 9008, 7805)
joint administrative receivers for Kingswood Baby Products
Limited (Reg No 04540350, Trade Classification: 13).  The
application was filed Feb. 28, 2005.  The company imports baby
products.

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


KNP RESTAURANTS: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of KNP
Restaurants Limited on March 14, 2005 held at Mountview Court,
1148 High Road, Whetstone, London N20 0RA, the extraordinary and
ordinary resolutions to wind up the company were passed.
Elizabeth Arakapiotis 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


MIDMOOR (HOLDINGS): Hires Liquidators from Royce Peeling Green
--------------------------------------------------------------
At the extraordinary general meeting of Midmoor (Holdings)
Limited held at Mill Lane, Chester High Road, Ness, South
Wirrall CH64 8TP, the special and ordinary resolutions to wind
up the company were passed.  P. Jones and R. M. Withinshaw of
Royce Peeling Green Limited, The Copper Room, Deva Centre,
Trinity Way, Manchester M3 7BG have been appointed joint
liquidators of the company.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


M. R. CHALCRAFT: Calls in Liquidator from Crane & Partners
----------------------------------------------------------
At the extraordinary general meeting of M. R. Chalcraft
(Nurserymen) Limited on March 15, 2005 held at Sussex House, 8-
10 Homesdale Road, Bromley, Kent BR2 9LZ, the subjoined
resolution to wind up the company was passed.  Guy Charles David
Harrison of Crane & Partners, Sussex House, 8-10 Homesdale Road,
Bromley, Kent BR2 9LZ has been appointed liquidator of the
company.

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


MUSCATECH LIMITED: Members Appoint Irwin & Company Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of the members of Muscatech
Limited on March 11, 2005 held at Irwin & Company, Station
House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Gerald Irwin has been appointed liquidator
of the company.

CONTACT:  IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


OPTIMA HOME: Liquidator Takes over Helm
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Optima Home Extensions Limited

Notice is hereby given that on March 3, 2004, I, David Forbes
Rutherford, Cowan & Partners CA, 60 Constitution Street, Leith,
Edinburgh EH6 6RR was appointed liquidator of Optima Home
Extensions Limited, which registered office is located at 20
Anderson Street, Airdrie ML6 0AA.

David Forbes Rutherford, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk

          David Forbes Rutherford
          E-mail: david.rutherford@cowanandpartners.co.uk


PACETRACK LIMITED: Members Opt for Liquidation
----------------------------------------------
At the extraordinary general meeting of Pacetrack Limited on
March 4, 2005 held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine 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


ROBECO INSTITUTIONAL: Hires PricewaterhouseCoopers as Liquidator
----------------------------------------------------------------
At the extraordinary general meeting of Robeco Institutional
Asset Management (UK) Limited on March 10, 2005, the special
resolution to wind up the company was passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
the company.

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


SANDYGATE DEVELOPMENTS: Appoints P&A Partnership Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Sandygate Developments
Limited on March 11, 2005 held at 93 Queen Street, Sheffield S1
1WF, the extraordinary resolutions to wind up the company were
passed.  Allan Cooper and John Russell of The P&A Partnership,
93 Queen Street, Sheffield S1 1WF have been appointed
liquidators of the company.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


SPR CONSTRUCTION: Insolvency Service Disqualifies Directors
-----------------------------------------------------------
The directors of a construction business, which failed with
total debt estimated at around GBP173,000, have given
Undertakings not to hold directorships or take any part in
company management for six years and two years.

The Undertakings by Simon Peter Rooney and Sarah Rooney both of
Northfield Lane, Wakefield, were given in respect of their
conduct as directors of SPR Construction Limited which carried
on business from premises at Nealey New Mills, Healey Road,
Ossett, West Yorkshire WF5 8NF.

Acceptance of the Undertakings on February 3, 2005 prevent Simon
Peter Rooney and Sarah Rooney from being directors of a company
or, in any way, whether directly or indirectly, being concerned
in or taking part in the promotion, formation or management of a
company for six years and two years respectively.

SPR Construction Limited (SPR) was placed into compulsory
liquidation on February 26, 2003 on the petition of a creditor
for GBP14,123 owed in respect of unpaid invoices. The company
has an estimated total deficiency of GBP172,779.

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

Matters of unfit conduct, not disputed by Simon Peter Rooney and
Sarah Rooney solely for the purposes of the undertaking were,
that they Caused or allowed SPR between January 2001 and October
2002, to trade to the detriment of the Inland Revenue whilst
making payments to other parties in priority to the Inland
Revenue.  In particular, during that period:

(a) Liabilities to the Inland Revenue continued to accrue and
    remain unpaid which resulted in a liability to the Inland
    Revenue of GBP134,656 (including penalties of GBP800) at the
    date of liquidation in respect of PAYE, NIC and
    subcontractor deductions;

(b) Payments amounting to GBP1,011,303 were made to other
    parties from January 2001, of which GBP159,463 was paid to
    them in respect of remuneration and benefits.  No payments
    were made to the Inland Revenue; and

(c) SPR failed to comply with its statutory obligations to
    submit year end returns, forms P35 and SC35, to the Inland
    Revenue for the tax year 2000/01 and 2001/02 or to make
    payments as due to the Inland Revenue every month.


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

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

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


TEN PAO: Members Hire Vantis Redhead French as Liquidator
---------------------------------------------------------
At the extraordinary general meeting of the members of Ten Pao
Industrial (Europe) Limited on March 15, 2005 held at 67 Butts
Green Road, Hornchurch, Essex RM11 2JS, the extraordinary and
ordinary resolutions to wind up the company were passed.  Paul
Atkinson and Glyn Mummery have been appointed joint liquidators
of the company.

CONTACT:  VANTIS REDHEAD FRENCH
          43/45 Butts Green Road
          Hornchurch
          Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308


WATERSIDE PRESS: Names BDO Stoy Hayward Administrator
-----------------------------------------------------
G. S. Kinlan and A. J. Sanderson (IP Nos 8268/01, 4750) have
been appointed joint administrators for Waterside Press
(Hatfield) Limited.  The appointment was made March 8, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


ZYDECO.CO.UK.LIMITED: Calls in Liquidator
-----------------------------------------
At the extraordinary general meeting of Zydeco.Co.UK.Limited
(t/a Enigma Designs) on March 14, 2005 held at 29-30 Fitzroy
Square, London W1T 6ET, the extraordinary resolution to wind up
the company was passed.  Phillip Anthony Roberts of 9-10
Hampshire Terrace, Portsmouth PO1 2QF has been appointed
liquidator of the company.

CONTACT:  Phillip Anthony Roberts, liquidator
          9-10 Hampshire Terrace,
          Portsmouth PO1 2QF


                            *********


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
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Information contained herein is obtained from sources believed
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