TCREUR_Public/050328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 28, 2005, Vol. 6, No. 60

                            Headlines

F R A N C E

SARL RC2P: Succumbs to Liquidation


G E R M A N Y

ALFA HAUS: Gives Creditors Until April to File Claims
ANKARA-IMPORT: Creditors Meeting Set Third Week of May
BESTATTUNGSINSTITUT KARL: Creditors' Claims Due April
BORUSSIA DORTMUND: Managing Director Booted out of 'Lineup'
CB PRAZISIONSDREHTEILE: Calls First Creditors Meeting

ESCADA AG: EUR200 Million Bond Receives Overwhelming Response
HEIDELBERGCEMENT: Suffers EUR333 Million Full-year Net Loss
HOCH TIEF: Provisional Administrator Takes over Helm
HOLZHANDLUNG STRESE: Claims Verification Set Next Month
HTSL: Magdeburg Court Stays All Pending Lawsuits

J.R.M. FINANCIAL: Under Bankruptcy Administration
MIRABELLA: Cedes Control to Provisional Administrator
TRANSTEC AG: Erases Last Year's Gain with -EUR8.7 Mln EBIT
VERWALTUNGSGESELLSCHAFT MBH: Administrator's Report Out April


I R E L A N D

ELAN CORPORATION: Faces Another Tysabri Class Action


I T A L Y

ENERTAD SPA: Interim Results Peg Net Loss at EUR24.4 Million
OLIDATA SPA: Fails to Duplicate 2003 Feat
PARMALAT FINANZIARIA: Citigroup Wants Injunction Order Lifted
SEAT PAGINEGIALLE: S&P Affirms 'BB-' Rating, Stable Outlook
VEMER SIBER: Remains Optimistic Despite Burgeoning Loss


L U X E M B O U R G

STOLT-NIELSEN: Hires New Managing Director for Shipowning


N E T H E R L A N D S

ROYAL AHOLD: Receives Payment for 85% Disco Stake


R U S S I A

APACHINSKOYE: Bankruptcy Proceedings Begin
GAVRILOVKA-AGRO-PROM-KHIMIYA: Declared Insolvent
KHABAROVSKIY FACTORY: Names M. Vozzhin Insolvency Manager
KHABAROVSK-STROY-MONTAZH: Insolvency Manager Takes over Helm
KHMU #1 DAL-SAN-TEKH-MONTAZH: Declared Insolvent

KOMSOMOLSKOYE: Creditors Have Until Next Month to File Claims
LAL: Bankruptcy Proceedings Begin
PICHAEVO-AGRO-PROM-SNAB: Bankruptcy Hearing Set April 11
UGOL-KOMI: Omsk Court Hires A. Markelov as Insolvency Manager
VERKHNEMAMON-AGRO-SNAB: Deadline for Proofs of Claim April
YUKOS OIL: Abandons Quest for U.S. Bankruptcy Protection


S P A I N

CABLEUROPA: Fitch Raises Senior Unsecured Rating to 'B'


S W I T Z E R L A N D

CABLECOM HOLDINGS: Proposed CHF1.2 Bln Notes Get Low-B Rating


T U R K E Y

TURKCELL ILETISIM: Moody's May Raise Rating of Financing Vehicle


U K R A I N E

BOGORODCHANINAFTOGAZVIDOBUTOK: Liquidator Takes over Helm
BRUSH FACTORY: Last Day for Filing Claims April 1
NEAPOLIS: Declared Insolvent
NEWBASISKOMP: Court Brings in Insolvency Manager
PERVOMAJSK' MACHINE: Names Oleksandr Bohan Liquidator

SAPFIR: Creditors Claims Due Next Week
VERIGINE: Sumi Court Opens Bankruptcy Proceedings
VIKANT: Succumbs to Insolvency


U N I T E D   K I N G D O M

ACTIVE COMMERCIAL: Final General Meeting Set Next Month
AK ESTATES: Members Pass Winding-up Resolutions
ALLDERS PLC: Closure of 18 Stores to Cost 1,000 More Jobs
AMMIRATI PURIS: Hires Liquidator from Fisher Partners
ATHERSTONE COACH: Calls in Liquidator from F A Simms

BROUGHTON CONSTRUCTION: Appoints Middleton Partners Liquidator
CATHEDRAL PARK: Members Call in Liquidator from CRG Insolvency
CHADWELL LIMITED: Appoints Liquidator from Hodgsons
CHOICE INTERIORS: Hires Joint Administrators from PKF
CPM CAPITAL: Liquidator from Grant Thornton Moves in

DON MET: Members Decide to Wind up Company
DSB SHOWTOURS: Names Leonard Curtis & Co. Administrator
EAST MIDLAND: Hires Begbies Traynor as Liquidator
EVERGREEN PINE: Opts for Liquidation
EXCALABUR GROUP: Members Pass Extraordinary Resolutions

EXECUTIVE CONCIERGE: Names Begbies Traynor Liquidator
GLYNS LIMITED: Calls in Liquidator from B & C Associates
GRAND SLAM: Liquidator from Fisher Partners Steps in
HEMINGDALE PROPERTIES: Members Decide to Wind up Firm
HERITAGE BOAT: Hires Liquidator from Jacksons Jolliffe Cork

INLINE PRODUCT: Appoints Begbies Traynor Liquidator
ITALIAN EATING: Liquidator from Benedict Mackenzie Moves in
MODMARR LIMITED: Hires Administrator from Kay Johnson Gee
NECOE LIMITED: Former Topman Gets Six-year Ban
PAINTSPRAY LIMITED: Hires Ideal Corporate to Liquidate Assets

S F H MANAGEMENT: Liquidator from Baker Tilly Moves in
SPECIAL CABLES: Final Creditors Meeting Set Second Week of April
SZZZA LIMITED: Members Pass Special Resolution
UNION SCAFFOLD: Insolvency Service Disqualifies Directors
WREXHAM FOOTBALL: Administrator Anxious to Close Sale


                            *********


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


SARL RC2P: Succumbs to Liquidation
----------------------------------
The Commercial Court of Dijon ordered the liquidation of SARL
RC2P on March 8, 2005 and appointed Ph. Maitre liquidator.
Creditors are urged to submit their proofs of claim as soon as
possible.  The company operates bars and coffee shops.

CONTACT:  SARL RC2P
          114, rue Berbisey
          21000 Dijon

          Ph. Maitre
          19, Avenue Albert-Camus
          21000 Dijon


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


ALFA HAUS: Gives Creditors Until April to File Claims
-----------------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against Alfa Haus GmbH on March 3.  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 Jan-Michael
Lippe.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 9:00 a.m. at the district court of
Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Saal 24 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 23, 2005, 9:00 a.m. at the same venue.

CONTACT:  ALFA HAUS GMBH
          Dasbachstrasse 21, 66346 Puttlingen
          Contact:
          Renate Navky, Manager

          Jan-Michael Lippe, Administrator
          Bahnhofstrasse 101, 66111 Saarbrucken
          Phone: 0681/31026
          Fax: 0681/390008


ANKARA-IMPORT: Creditors Meeting Set Third Week of May
------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Ankara-Import GmbH on March 2, 2005.  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 Alexander
Geilert.

Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  ANKARA-IMPORT GMBH
          Heeper Str. 206 a
          33607 Bielefeld
          Contact:
          Ahmet Tekinir, Manager
          Amtmann-Tiemann-Str. 7
          33647 Bielefeld

          Dr. Alexander Geilert, Administrator
          Otto-Brenner-Str. 186
          33604 Bielefeld


BESTATTUNGSINSTITUT KARL: Creditors' Claims Due April
-----------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Bestattungsinstitut Karl Marten GmbH on Feb. 23, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 19, 2005
to register their claims with court-appointed provisional
administrator Peter Baumgarte.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 8:30 a.m. at the district court of
Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover 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:  BESTATTUNGSINSTITUT KARL MARTEN GMBH
          Edenstr. 34
          30161 Hannover
          Contact:
          Karl Marten, Manager

          Peter Baumgarte, Administrator
          Lange-Hop-Strasse 158
          30539 Hannover
          Phone: 0511/954750
          Fax: 0511/9547599


BORUSSIA DORTMUND: Managing Director Booted out of 'Lineup'
-----------------------------------------------------------
The management shakeup at troubled football club Borussia
Dortmund has claimed its first victim, managing director Michael
Meier, Frankfurter Allgemeine Zeitung says.

The club decided not to renew Mr. Meier's contract, which
expires on June 30.  He will also relinquish his post on the
board, according to President Reinhard Rauball.

Borussia recently averted bankruptcy after shareholders approved
its financial rescue package, boosting its chances of regaining
its German Football League license.  It is expecting a full-year
operating loss of EUR68.8 million after booking an operating
loss of EUR27 million in the second half of 2004. Including last
year's loss of EUR73.3 million, Borussia's total deficit now
stands at EUR142.1 million.  Considered the only publicly listed
football club in Germany, Borussia is suffering from thinning
television income and high payroll.

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


CB PRAZISIONSDREHTEILE: Calls First Creditors Meeting
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against C & B Prazisionsdrehteile GmbH on March 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 28,
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 14, 2005, 9:25 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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:  C & B PRAZISIONSDREHTEILE GMBH
          Wolfener Str.32-34
          12681 Berlin

          Joachim Voigt, Administrator
          Rankestrasse 33
          10789 Berlin


ESCADA AG: EUR200 Million Bond Receives Overwhelming Response
-------------------------------------------------------------
Escada AG's latest bond issue worth EUR200 million was well
received by national and international institutional investors,
Fibre 2 Fashion reports.  From an initial volume of EUR175
million, it was increased by EUR25 million to EUR200 million.

Chief executive Wolfgang Ley said: "The very positive response
we've had from the investors is a proof of confidence, which the
capital markets place in our company."

"The ESCADA Group is now invested with a very sound and long-
term financial basis that will position us to continue on the
path of profitable growth of ESCADA in the coming years," he
added.

Standard & Poor's notes that the fashion group has been
negatively affected in the past years by external factors such
as the Sept. 11 terror attacks, which saw its brand lose about
6% in sales in fiscal 2003 on a like-for-like basis.  It also
experienced problems with over-expansion and poor-performing
non-core subsidiaries.  S&P rates the bond 'BB-'.

The bond is due for redemption on April 1, 2012.  It has an
interest coupon of 7.45% p.a.  Escada will use part of the
proceeds from the issuance to redeem existing bank liabilities
in advance.

Escada also arranged with banking syndicates Deutsche Bank,
HypoVereinsbank, Dresdner Bank, Landesbank Rheinland-Pfalz and
DZ Bank a credit facility until December 2008 worth over EUR90
million.

CONTACT:  ESCADA AG
          Margaretha-Ley-Ring 1
          D-85609 Aschheim/Munchen
          Phone: +49-899-9440
          Fax: +49-8999441500
          Web site: http://www.escada.com


HEIDELBERGCEMENT: Suffers EUR333 Million Full-year Net Loss
-----------------------------------------------------------
Highlights

(a) Turnover increased by 5.8 % adjusted for currency and
    consolidation effects;

(b) Further debt reduction achieved;

(c) North America and growth markets again the strongest
    contributors to the growth;

(d) Dr. Bernd Scheifele new Chairman of the Managing Board;

(e) Elimination of balance sheet risks led to one-time
    extraordinary charges of around EUR700 million;

(f) Cash capital increase of more than EUR270 million
    successfully completed;

(g) Moderate increase in sales volumes and slight rise in
    turnover expected in 2005;

(h) Long winter affects markets in Central Europe in the first
    quarter 2005;

(i) Management focus on efficiency improvement and cost cutting;
    and

(j) Cautious participation in the global industry consolidation
    planned.

Increase in Turnover to EUR6.9 Billion

In 2004, we moved ahead with our measures for cost saving and
restructuring to achieve better capacity utilization.  We
continued to concentrate on our core business and pursue our aim
of becoming the regional market leader with our cement
activities.

In 2004, Group turnover increased by 8.8% to EUR6,929 million
(previous year: 6,372).  Our operational growth of EUR353
million was primarily achieved in North America, Africa-Asia-
Turkey and Central Europe East.  Other significant influential
factors were new consolidations with a plus of EUR511 million,
of which EUR411 million were contributed by Indocement alone,
and currency effects with a minus of EUR186 million, which were
mainly attributable to the reduced U.S. dollar exchange rate.  A
minus of EUR121 million resulted from disinvestments.  Adjusted
for currency and consolidation effects, turnover increased by
5.8%.

For the first time, HeidelbergCement exceeded the 65-million-ton
mark for cement and clinker sales volumes: During 2004, they
rose to 65.2 million tons (previous year: 51.1).  This is
largely attributable to the first-time consolidation of
Indocement, which contributed 12.5 million tons.  Welcome
increases in sales volumes were achieved in North America,
Central Europe East, and China.  Excluding consolidation
effects, the increase compared with the previous year amounted
to 2.2%.

One-time Extraordinary Charges Impair Results

The expansion of the consolidation scope, the discontinuation of
goodwill amortization, amounting to EUR170 million, and the
improved proceeds situation in Germany were significant
influential factors for the increase of 19% in operating income
before depreciation (OIBD) to EUR1,219 million (previous year:
1,024) and of 88% in operating income to EUR735 million
(previous year: EUR391 million).

Extraordinary charges in the order of around EUR700 million
arose during the financial year.  The majority of this is due to
the impairment of goodwill (Impairment of Assets) in the Western
Europe and Northern Europe regions, as well as for Indocement.
Other significant amounts result from the laying of
restructuring provisions for the Belgian-Dutch cement business
and valuation adjustments for deferred tax assets.  The majority
of these charges are mainly non-cash items resulting from
valuation adjustments in connection with the elimination of
regular goodwill amortization and changes in German tax
legislation.  In addition, restructuring costs arose from the
new strategic orientations.

The impairment of goodwill and restructuring provisions resulted
in a negative additional ordinary result of -EUR674 million
(previous year: 22).  The results from participations, which
amounted to EUR67 million (previous year: EUR89 million) were
also affected by extraordinary depreciation.  Earnings before
interest and income taxes (EBIT) reduced overall to EUR128
million (previous year: EUR502 million).  Financial results fell
by EUR58 million to -EUR280 million (previous year: -EUR222
million).  As the Indocement group -- included in the Group
annual accounts for the first time -- is financed in U.S.
dollars and Japanese yen for historical reasons, there were
foreign exchange losses of EUR46 million.  Additionally, there
were interest expenses of the Indocement group of EUR16 million.
The Group's net financial liabilities increased by only EUR65
million to EUR3,668 million (previous year: EUR3,603), despite
net financial liabilities of EUR448 million being included as a
result of the first-time consolidation of the Indocement group.

Result before tax fell to -EUR152 million (previous year:
EUR280).  Income tax expense increased to EUR181 million
(previous year: EUR146), primarily as a result of the valuation
adjustments for deferred tax assets.  Overall, the loss in
results for the financial year amounts to -EUR333 million
(previous year: EUR133).  The Group share in results amounts to
-EUR366 million (previous year: EUR117 million).

Group Profit and Loss Accounts

EUR million                  2003           2004          change

Turnover                    6,372          6,929             9%

Operating income
   before depreciation
   (OIBD)                   1,024          1,219            19%

Depreciation and
   Amortization              -633           -484           -24%

Operating income              391            735            88%

Additional ordinary result     22           -674

Results from participations    89             67           -25%

Earnings before interest
   and income taxes (EBIT)    502            128           -74%

Financial results            -222           -280            26%

Profit/loss before tax        280           -152

Taxes on income              -146           -181            24%

Profit/loss for the
   financial year             133           -333

Group share                   117           -366

Dividends

The Managing Board and Supervisory Board will propose to the
Annual General Meeting on May 4, 2005 the distribution of a
dividend for the financial year 2004 of EUR0.55 per share.

Capital increase

With the consent of the Supervisory Board, the Managing Board of
HeidelbergCement AG decided to carry out a capital increase with
subscription rights for shareholders, following the
extraordinary charges of the 2004 financial year.  The capital
increase was successfully completed at the end of March 2005.
The Group received around EUR270 million to strengthen the
shareholders' equity base.  The issue price was EUR35 per share.
For every 13 existing shares, a subscription right was granted
for one new share.

Prospects: Varied growth in Construction Industry

The outlook for the construction industry is varied.  Conditions
remain favorable for our North American and Asian activities.
Construction activity also exceeds the average in the countries
of our Central Europe East region.  Stabilisation or even a
slight recovery should be achieved in Scandinavia, Belgium, and
the Netherlands.  For Germany, a decline in construction
activity of around 1.5% is expected once again.

Turnover and Results

Due to moderate increases in sales volumes in the majority of
our markets and an improved proceeds situation in some areas, we
anticipate a slight growth in turnover.  Our efforts to
significantly increase efficiency and noticeably reduce costs in
the whole Group will be reflected in an improved development of
results.

Investments and Financing

In the current year, we plan to intensify investment activity.
Investments in tangible fixed assets will include the completion
of our comprehensive modernization at Castle Cement, U.K. and,
in the U.S., the increase in the grinding capacity of Union
Bridge.  Following the significant debt reduction in the past
two years, we will continue to focus on optimizing our financial
structure.

CONTACT:  HEIDELBERGCEMENT AG
          P.O. Box 10 4420
          69120 Heidelberg
          Phone: +49 6221/481-227
          Fax: +49 6221/481-217
          E-mail: info@heidelbergcement.com
          Web site: http://www.heidelbergcement.com


HOCH TIEF: Provisional Administrator Takes over Helm
----------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Hoch-, Tief- und Sonderbau GmbH Ostharz Quedlinburg on
Feb. 28, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  The court likewise
appointed Klaus Wrede provisional administrator.

CONTACT:  HOCH-, TIEF- UND SONDERBAU GMBH OSTHARZ QUEDLINBURG
          Bicklingsbach 12
          06484 Quedlinburg
          Contact:
          Helmut Friedrich, Manager
          Oderblick 12
          38321 Klein Denkte

          Klaus Wrede, Administrator
          Lennestrasse 10
          39112 Magdeburg
          Phone 0391/5973315
          Fax: 0391/5973333


HOLZHANDLUNG STRESE: Claims Verification Set Next Month
-------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Holzhandlung Strese KG Bau- und Dammstoffe on Feb. 25,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until March 23,
2005 to register their claims with court-appointed provisional
administrator Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting on April 26, 2005, 10:30 a.m. at the district court
of Magdeburg, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  HOLZHANDLUNG STRESE KG BAU- UND DAMMSTOFFE
          Wolmirstedter Str. 12
          39326 Colbitz
          Contact:
          Andrea Strese, Manager

          Karina Schwarz, Administrator
          Klausenerstr. 24
          39112 Magdeburg
          Phone: 0391/6286260
          Fax: 0391/6286261


HTSL: Magdeburg Court Stays All Pending Lawsuits
------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against HTSL Baugesellschaft mbH on Feb. 28, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  The court likewise appointed Heiko
Rautmann provisional administrator.

CONTACT:  HTSL BAUGESELLSCHAFT MBH
          Ringstr. 13
          39167 Irxleben
          Contact:
          Stefan Hendus, Manager
          Im Fuchstal 7
          39167 Irxleben

          Heiko Rautmann, Administrator
          Editharing 31
          39108 Magdeburg
          Phone: 0391/5066030
          Fax: 0391/5066033


J.R.M. FINANCIAL: Under Bankruptcy Administration
-------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against J.R.M. Financial Service GmbH on Feb. 25, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 18, 2005
to register their claims with court-appointed provisional
administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 11:20 a.m. at the district court of
Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover 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:  J.R.M. FINANCIAL SERVICE GMBH
          Walsroder Str. 63 A
          30851 Langenhagen
          Contact:
          Klaus-Peter Zander, Manager

          Dr. Rainer Eckert, Administrator
          Lister Strasse 18
          30163 Hannover
          Phone: 0511/626287-0
          Fax: 0511/626287-10



MIRABELLA: Cedes Control to Provisional Administrator
-----------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Mirabella Grundstucksverwaltungsgesellschaft mbH on Feb.
25, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 19, 2005 to register their claims with court-appointed
provisional administrator Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 9:00 a.m. at the district court of
Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover 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:  MIRABELLA GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT MBH
          Sydney Garden 7
          30539 Hannover
          Contact:
          Paidrick O'Dwyer, Manager
          Am Gehkamp 20
          31314 Sehnde

          Manuel Sack, Administrator
          Theaterstr. 3
          30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


TRANSTEC AG: Erases Last Year's Gain with -EUR8.7 Mln EBIT
----------------------------------------------------------
IT systems developer Transtec AG booked a negative EBIT of
EUR8.7 million in 2004, a reversal from last year's EBIT of 0.7
million, Borsen Zeitung says.

The group also saw turnover drop by 22.7% to EUR62.7 million.
Transtec's management partly blames weak demand for its dismal
performance.  The group also attributed the loss to the sale of
its Tech2b unit and to one-off effects of restructuring measures
and write-downs.

Transtec, which still has EUR2.3 million in liquid assets, will
reveal the details of its financial results on April 21, 2005.

CONTACT:  TRANSTEC AG
          Waldhornlestrasse 18
          72772 Tubingen
          Phone: 07071/703-400
          Fax: 07071/703-230
          E-mail: transtec@transtec.de
          Web site: http://www.transtec.de


VERWALTUNGSGESELLSCHAFT MBH: Administrator's Report Out April
-------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Verwaltungsgesellschaft mbH on Feb. 21, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until March 17, 2005
to register their claims with court-appointed provisional
administrator Rochus Graf Strachwitz.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 9:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg
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:  VERWALTUNGSGESELLSCHAFT MBH
          Tinsdaler Heideweg 88
          22559 Hamburg
          Contact:
          Rochus Graf Strachwitz, Manager
          St.-Benedict-Strasse 1
          20149 Hamburg

          Dr. Olaf Buchler, Administrator
          Herrengraben 3
          20459 Hamburg


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I R E L A N D
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ELAN CORPORATION: Faces Another Tysabri Class Action
----------------------------------------------------
The law firm of Milberg Weiss Bershad & Schulman LLP filed a
class action lawsuit on March 23, 2005 on behalf of purchasers
of the securities of Elan Corp. Plc (NYSE: ELN) between February
18, 2004 and February 28, 2005, inclusive, seeking to pursue
remedies under the Securities Exchange Act of 1934.  A copy of
the complaint filed in this action is available from the Court,
or can be viewed at http://www.milbergweiss.com.

If you bought the securities of Elan, including American
Depositary Receipts (ADRS) on the NYSE and common shares on the
Dublin or London exchanges, between February 18, 2004 and
February 28, 2005, and sustained damages, you may, no later than
May 3, 2005, request that the Court appoint you as lead
plaintiff.  A lead plaintiff is a representative party that acts
on behalf of other class members in directing the litigation.
In order to be appointed lead plaintiff, the Court must
determine that the class member's claim is typical of the claims
of other class members, and that the class member will
adequately represent the class.  Under certain circumstances,
one or more class members may together serve as "lead
plaintiff."  Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a
lead plaintiff.  You may retain Milberg Weiss Bershad & Schulman
LLP, or other counsel of your choice, to serve as your counsel
in this action.

The action is pending in the United States District Court for
the Southern District of New York against defendants Elan, G.
Kelly Martin (CEO, President) and Shane Cooke (CFO).

The complaint alleges that Elan is a pharmaceutical company that
is collaborating with Biogen IDEC Inc. on the development and
marketing of Tysabri.  These claims arise out of defendants'
false and misleading statements and omissions concerning the
safety of Tysabri for use in the treatment of multiple sclerosis
(MS).

The complaint alleges that defendants knew or recklessly
disregarded and failed to disclose:

(a) Animal and human studies of Tysabri showed a significant
    risk of negative adverse effects resulting from its
    suppression of the immune system;

(b) The clinical trials of Tysabri and Tysabri in combination
    with Biogen's existing MS drug, Avonex, failed to include
    the full range of medical tests required to detect the type
    of adverse side effects likely to result from extended
    treatment with Tysabri, including PML (Progressive
    Multifocal Leukoencephalopathy), a frequently fatal disease
    of the central nervous system; and

(c) The potentially fatal side effects of Tysabri were
    cumulative such that there was a significant possibility
    that they would not become apparent after only a year or
    even two years of clinical trials.

The complaint further alleges that by at least as early as
February 7, 2005 defendants knew or recklessly disregarded that
at least one subject of the clinical trials who had received
Tysabri in combination with Avonex had become seriously ill,
with symptoms of PML, such that the subject required
hospitalization.  By at least as early as February 18, 2005,
defendants knew or recklessly disregarded that another clinical
trial subject, also receiving Tysabri in combination with
Avonex, had contracted what appeared to be PML.  On February 24,
2005, one of the two clinical trial subjects died from PML.
However, it was not until February 28, 2005, at least 21 days
after the first PML-related hospitalization, that defendants
disclosed to the investing public that anything was amiss --
much less that two clinical trial subjects had contracted PML
that one of them had already died of the disease and that
Tysabri was likely the cause.  On that date, defendants also
announced that they were suspending sales of Tysabri.  On this
news, Elan fell EUR13.81, or 68%, to EUR6.49 at the close of
trading in Dublin.  In the United States, Elan ADRs closed on
February 25, 2005 at US$26.90 and, following the announcement on
February 28, 2005, lost 70% of their value falling to a low of
US$7.90 before closing the day at US$8.00.

Milberg Weiss Bershad & Schulman LLP is a firm with over 100
lawyers with offices in New York City, Los Angeles, Boca Raton,
Delaware, Seattle and Washington, D.C. and is active in major
litigations pending in federal and state courts throughout the
United States.  Milberg Weiss has taken a leading role in many
important actions on behalf of defrauded investors, consumers,
and others for nearly 40 years.

CONTACT:  MILBERG WEISS BERSHAD & SCHULMAN LLP
          One Pennsylvania Plaza, 49th fl.
          New York, NY, 10119-0165
          Phone: (800) 320-5081
          E-mail: sfeerick@milbergweiss.com
          Web site: http://www.milbergweiss.com


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I T A L Y
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ENERTAD SPA: Interim Results Peg Net Loss at EUR24.4 Million
------------------------------------------------------------
The Board of Directors of Enertad has approved:

(a) The consolidated financial statements as at December 31,
    2004;

(b) The 2004 annual accounts of Enertad S.p.A.; and

(c) The Group Strategic Plan 2005-2008.

Under the Chairmanship of Salvatore Russo, the Board of
Directors of Enertad S.p.A. reviewed and approved the
consolidated financial statements for the year 2004 of the
Enertad Group and the annual accounts as at December 31, 2004 of
Enertad S.p.A. that will be presented for approval at the
Shareholders' Meeting called for April 29, 2005 in first
convocation, and for April 30, 2005 on second convocation.

The consolidated financial statements closed with an Ebitda of
EUR27.7 million and a net loss of EUR24.4 million, after non-
operating charges of EUR11.9 million for write-downs and
extraordinary provisions and under accruals in prior years for
restructuring operations.

The board also approved the Strategic Plan 2005-2008 that
provides for the completion of the rationalization and
restructuring that began in 2004 over a two-year period and the
focus of the activities on growth in the wind-park and waste-to-
energy businesses with a total investment program of
approximately EUR400 million.  In particular, the restart of the
wind-park development program, that benefits from the entry into
production of the Troia-San Vincenzo park (38 MW) in the first
quarter of 2005 and the commencement of construction work on the
nearby Troia-San Cireo park (40 MW) -- as communicated in the
Press Release of March 18, 2005 -- has the objective of reaching
an installed capacity of 200 MW by the end of 2006 and 300 MW
over the period of the plan.

The Consolidated Financial Statements as at December 31, 2004
Euro/mln

                              2004           2003

Revenues and Income          283.9          238.0

Gross Operating Margin        27.7           35.5

Extraordinary items          (11.9)          (1.3)

Pre-Tax result               (18.3)           6.9

Net result pertaining
   to the Group              (24.4)           5.3

Net Financial Position
   of the Group             (152.8)        (179.2)

Employee numbers             807            775

The consolidated income statement reports sales of EUR283.9
million (EUR238.0 million in 2003).  The increase in revenues
principally derives from the favorable performance in the steel
business, which benefited from a significant increase in sales
prices on international markets and increased levels of
activity, particularly in the U.S.A., Holland and Germany group
companies.  The revenues in the other business areas are in line
with the previous year where the greater production of energy in
the waste-to-energy plants was compensated by lower levels of
business in the environmental services.

The EBIDTA was EUR27.7 million (EUR35.5 million in 2003) with a
decrease of EUR7.8 million compared to the previous year that,
however, benefited from non-recurring revenues equal to EUR6.3
million (of which EUR4.3 million services to the parent company
TAD Fin S.p.A.). In 2004, the operational inefficiencies and the
technological improvements on both waste-to-energy plants (that
led to more than 50 days of an unexpected stop during the last
quarter 2004), the termination of the extraordinary waste from
the Campania region to the Orvieto landfill and the management
inefficiencies of the new initiatives in the environmental
services were partially compensated by the positive results in
the steel business.

The pre-tax result, a loss of EUR18.3 million (compared to a
profit of EUR6.9 million in 2003) includes the increase of:

(a) Provisions, amortization and depreciation (+EUR4.3
    million compared to 2003) for technical investments, for the
    start-up of new acquisitions in the water services business
    and cost connected to the increase in share capital and the
    "EnerTAD 2003-2006 convertible" bond;

(b) Higher financial charges (+EUR2.4 million) principally due
    to the bond; and

(c) Non-recurring charges (+EUR10.6 million) for write-downs on
    intangible assets, investments and goodwill, extraordinary
    provisions and under-accruals from prior years in relation
    to restructuring operations.

The income taxes, equal to EUR6.5 million (of which EUR6.2
million abroad), increased by EUR4.7 million compared to 2003
due to the greater revenues produced in the steel business. As
from the year 2004 EnerTAD has adopted the national consolidated
taxation regime.

The net financial position of the Group as at December 31, 2004
amounts to EUR152.8 million compared to EUR179.2 million as at
December 31, 2003; the improvement is due to the share capital
increase of EUR74.2 million in August 2004 net of the direct
investment activities principally in the wind-park business.
The component of the no-recourse debt, relating to the project
financing in the waste-to-energy business, amounts to EUR63.0
million (equal to 41% of the total).

The personnel numbers increased from 775 in 2003 to 807 in 2004,
of which 432 abroad; the increase is principally due to the
increase in the steel business and the widening of the
consolidation area in the water treatment business.

Strategic Plan 2005-2008

The Board of Directors has reviewed and approved the Strategic
Plan 2005-2008 that defines the guidelines in accordance with
which the Enertad Group will operate over the next four years
and the investment program.

In the two-year period 2005-2006 the process of rationalization
and restructuring of the portfolio of activities will continue,
which commenced in 2004, including the disposal of non-strategic
businesses in the waste management and water service businesses.
The development of the operating activities of the Group will be
focused on the wind-park and waste-to-energy businesses.  In
particular, in relation to the wind-park business, the
investment plans provide for the reaching of installed capacity
of approximately 200 MW by the end of 2006.  In the waste-to-
energy business, the group will operate with the objective of
maximizing the reliability and profitability of the two waste-to
energy plants currently operating at Terni and San Vittore del
Lazio (total installed power of 20 MW).

In relation to the steel business, the actions of the Group will
be focused on segments less affected by cyclical aspects of the
market, through the widening of the low content nickel range of
products and greater geographical coverage in the countries in
which the Group is currently present.

In the two-year period 2007-2008, the Group investments will be
directed towards the continuation of growth in the wind-park
business, with the objective of installed power equal to
approximately 300 MW by the end of 2008, the construction of a
new waste-to-energy line of 10 MW by the end of the planning
period and the enlargement of four production units for the
treatment of industrial liquid waste.

The total value of the investments program in the period is
approximately EUR400 million, for 95% destined to the business
for the production of energy from renewable sources (wind-parks
and waste-to-energy), which will be financed with recourse to
project financing.

Future Outlook

In 2005, a significant increase in margin is expected in the
wind-park business deriving from the entry into service of the
Troia San Vincenzo park (completion of the installations by
March 2005) and the enlargement of the park at Viticuso (9 MW
installed).

On February 21, 2005 the project financing for the Troia-San
Vincenzo park was signed with the banks MPS - EFIBANCA - BBWA.
Negotiations are ongoing for the completion of the Project
Financing relating to the parks Viticuso and Troia San Cireo.

A recovery of profitability is expected in the waste-to-energy
business following the improvements to operational reliability
made in the 4th quarter.

In the environmental services business a gradual increase is
expected in volumes conferred to the Orvieto landfill owned by
the subsidiary SAO S.p.A., consequent of the "Remodelling of the
solid urban waste flows in the municipalities of the ATO 2 and 3
to the Orvieto plants" agreements signed with the Umbria Region
and the municipalities concerned on March 9, 2005.  There will
also be a progressive adjustment of the tariffs for the
treatment and disposal of waste.

In the water services business, the activity for the planning of
the platforms for the treatment of waste will continue by the
subsidiary Sodai S.p.A.  At the same time the adjustments to the
plants owned by the subsidiary DSI of Frosinone will continue
with the objective of its full operational recovery.

In the steel business the forecasts remain positive despite a
decrease in margins and volumes as a consequence of a slowdown
in economic growth.

The objective of the company is for break-even in 2005 and a
significant improvement from 2006 with the completion of the
restructuring process and the growth of activities in the
production of energy from wind and waste-to-energy.

Annual Accounts of Enertad S.p.A.

The Board of Directors also approved the annual accounts of
Enertad S.p.A. as at December 31, 2004 that will be presented at
the above-mentioned Shareholders' Meeting.

Euro/mln
                              2004        2003

Revenues and Income            3.0         5.4

Net result of EnerTAD         (8.2)       (0.7)

Net Financial Position        49.9        18.4

The year ended with revenues of EUR3 million compared to EUR5.4
million in 2003 that benefited from non-recurring revenues for
services to the parent company TAD Fin S.p.A.

The net result was a loss of EUR8.2 million; this result
includes amortization and depreciation of EUR2.8 million and
write-downs in investments of EUR1.8 million.  The net financial
position was a positive result of EUR49.9 million (+EUR31.4
million compared to the previous year); the difference compared
to 2003 is due to the share capital increase and to financial
movements with the subsidiary companies.

IAS/IFRS

EnerTAD S.p.A. communicates that at the date of the preparation
of the 2004 annual accounts, the transition process to the IFRS
was not yet completed and therefore, in accordance with the
CONSOB document "International Accounting Standards: interim
accounts, prospectus schedules, definition of related parties"
published on February 17, 2005, the 1st Quarterly Report for
2005 will be prepared utilizing the same criteria for the
preparation of consolidated financial statements.

The 2nd Quarterly Report and the Half-Year Report for 2005, due
to the impossibility in applying IAS 34 and as permitted by the
above-mentioned Consob document, will be prepared utilizing the
same criteria contained in the legislation on consolidated
financial statements and a reconciliation will be prepared of
the net equity and result for the period based on the previous
standards with those in accordance with international accounting
standards.

The 3rd and 4th Quarterly Reports in 2005 will be prepared in
accordance with the accounting standards issued by IAS/IFRS. The
Quarterly Reports in 2005 will not, as permitted by the above-
mentioned Consob document, be subjected to audit. The Half-Year
Report as at June 30, 2005 will be subject to a limited audit in
accordance with the principles contained in the Consob
Resolution 10867 of July 31, 1997.  The audit work performed
will be line with the technical documents that presumably will
be elaborated by Consob together with accounting profession.

Corporate Bodies

During the Board of Directors meeting, the Board recognized the
resignation, presented following the taking up of new
appointments, of Director Carlo Mazzi.

Mr. Mazzi, non-executive director, was Chairman of the Internal
Control Committee of the Company. The appointment of a director
replacing the director resigning, given the imminent convocation
of the Shareholders' Meeting, will take place directly on that
occasion.

Following the resignation of the Chairman of the Internal
Control Committee, the Board of Directors appointed independent
non-executive Giorgio Loli new chairman of the Committee and
postponed the appointment of a third member of the Committee to
a meeting to be held after the Shareholders' Meeting that will
appoint, as mentioned above, a new director.

Therefore, the members of the Internal Control Committee are
currently:

(a) Giorgio Loli, non-executive Director, Chairman of the
    committee; and

(b) Mr. Ernesto Monti, Independent non-executive Director,
    member of the Internal Control Committee.

Periodic Evaluation of the Independence of the Directors

The Board of Directors also evaluated the independence of its
own members based on the declarations received, in accordance
with article 3.2 of the self-discipline Code.  The Directors
Giancarlo Cimoli and Ernesto Monti are considered non-executive
Independent Directors.

Board of Statutory Auditors

The Board of Directors recognized that, with the Shareholders'
Meeting for the approval of the 2004 annual accounts, the three-
year mandate conferred to the Board of Statutory Auditors by
Shareholders' Meeting of April 26, 2002 will expire.
Therefore, the Board deliberated to include on the agenda of the
Shareholders' Meeting the appointment of the Board of Statutory
Auditors.

In relation to this, the Shareholders are advised that, in
accordance with article 148, paragraph 2 of Legislative Decree
58 of 1998 and in accordance with article 23 of the by-laws,
those members that alone or together with other shareholders
represent at least 2% of the share capital having the right to
vote at the Shareholders' Meeting may present lists for the
nomination of the Board of Statutory Auditors. The shareholders
may request a copy of the regulations and any clarifications by
calling the Corporate Affairs Department, 02 6263218.  The
complete list of the documentation required by article 23 of the
by-laws must be deposited at the registered office at least 10
days before the date fixed for the Shareholders' Meeting in
first convocation.

Annual Report on the Corporate Governance

The Board of Directors has also approved the Annual Report on
Corporate Governance.  A copy of the Report will be made
available to the public in accordance with the provisions
required by the law.  A copy will be available at Borsa Italiana
S.p.A., at the registered office of the Company, as well as at
http://www.enertad.it. A copy of the report is available to any
person so requiring.

The Shareholders' Meeting

The Board of Directors deliberated, as already mentioned, to
call the Shareholders' Meeting on April 29, 2005, 3:00 p.m., in
first convocation and on April 30, 2005, at the same time in
second convocation, at the registered office of the Company.

The notice for the meeting will be published within the terms
required by law in the Official Gazette of the Italian Republic
as well as in a national newspaper.

Notice to the Holders of Enertad 2003-2006 Convertible Bonds

In accordance with article 8 paragraph IV of the Enertad bond
regulations, notice is hereby given to the shareholders that the
request for conversion cannot be presented from the day after
the date in which the Board of Directors meeting deliberates the
convocation of the Shareholders' meeting (March 23, 2005), until
the day after the holding of the Meeting.

Publication of 2004 Annual Accounts

The financial statements as at December 31, 2004, including the
reports and consolidated financial statements as at the same
date will be made available to the public at Borsa Italiana
S.p.A., at the registered office of EnerTAD S.p.A. and at
http://www.enertad.itin accordance with the provisions required
by law.

CONTACT:  ENERTAD S.p.A.
          Corso di Porta Nuova 13-15
          20121 Milano
          Phone: +39 02 62631
          Fax: +39 02 654884
          E-mail: info@enertad.it
          Web site: http://www.enertad.it

          Danilo Lodola
          Corporate Affairs Department
          Phone: +39 02.6263218
          Fax: +39 02.6592472
          E-mail: danilo.lodola@enertad.it.

          Stefano Francavilla
          Strategic Planning & IR
          Phone: +39 02.6263244
          Fax: +39 02.6263263
          E-mail: stefano.francavilla@enertad.it


OLIDATA SPA: Fails to Duplicate 2003 Feat
-----------------------------------------
Computer group Olidata reversed its robust 2003 financial
results by posting EUR1.8 million in net loss for 2004, Il Sole
24 Ore says.

After booking EUR1.5 million in profit in 2003, the company saw
its sales drop from EUR162 million to EUR156 million last year
and EBITDA fell from EUR6.3 million to EUR1 million.  Olidata
manufactures personal computers and servers customized for
individual and business consumers.  The group also manufactures
LCD televisions and computer peripherals like monitors and
storage drives.

CONTACT:  OLIDATA S.p.A.
          Via Fossalta 3055
          47020 Pievesestina
          Forli-Cesena, Italy
          Phone: +39-054-735-41-11
          Fax: +39-054-735-42-22
          Web site: http://www.olidata.it


PARMALAT FINANZIARIA: Citigroup Wants Injunction Order Lifted
-------------------------------------------------------------
Citigroup, Inc., Citibank, N.A., Vialattea LLC, Buconero LLC,
and Eureka Securitisation plc ask Judge Drain of the U.S.
Bankruptcy Court for the Southern District of New York to lift
the Preliminary Injunction Order entered in Parmalat Finanziaria
S.p.A.'s ancillary proceeding under Section 304 of the
Bankruptcy Code.

The Citigroup Defendants want to assert counterclaims against
Parmalat's extraordinary administrator, Dr. Enrico Bondi.  The
Citigroup Defendants also want to conduct discovery of
Finanziaria and the other Foreign Debtors in connection with a
pending action Dr. Bondi filed against the Defendants in a New
Jersey superior court, to the extent permitted by law.

Madlyn Gleich Primoff, Esq., of Kaye Scholer LLP, in New York,
reminds Judge Drain that although a Section 304 Injunction is
typically intended to relieve a debtor from having to defend
itself against claims in multiple forums around the United
States, by contrast, it is the Foreign Debtors that have
initiated multiple lawsuits across the country involving common,
underlying factual and legal elements.  The Foreign Debtors
elected to sue in multiple jurisdictions to increase its chances
for a favorable result impede coordination efforts and thwart
any attempt at a streamlined adjudication.

Citigroup and the other New Jersey Defendants assert that the
Preliminary Injunction operates wrongfully to deprive them of
fundamental due process and other substantive and procedural
rights like the rights to assert counterclaims and take
discovery in the New Jersey Action.  In the interests of justice
and fair play, the Bankruptcy Court should not facilitate a
process wherein the Foreign Debtors are entitled to pursue the
NJ Defendants in the New Jersey Action without enabling the NJ
Defendants to fend for themselves effectively.

The NJ Defendants point out that, having availed of the U.S.
Courts, the Foreign Debtors should not be shielded from
counterclaims and discovery.  In addition, the Preliminary
Injunction Order is overbroad and must be modified to permit the
NJ Defendants to answer the Foreign Debtors' meritless claims.

Ms. Primoff further relates the rights sought to be enforced
through the counterclaims to be asserted in the New Jersey
Action differ demonstrably from the rights the parties would
enjoy under Italian law.  It is plain the Court should give
effect to U.S. law rather than Italian law because the Foreign
Debtors, having had the option of proceeding in Italy, chose to
proceed with the Action in the U.S.  Accordingly, the Foreign
Debtors should not be permitted to use the Preliminary
Injunction Order to take away the NJ Defendants' basic right to
assert counterclaims in the NJ Action.

Finanziaria Consents to Discovery and Filing of Counterclaims

The Foreign Debtors agree to a modification of the Preliminary
Injunction to allow the NJ Defendants to seek discovery in the
New Jersey Action.  The Foreign Debtors also agree that, to the
extent that a counterclaim by the NJ Defendants exists and would
be considered compulsory under New Jersey law, the NJ Defendants
should be permitted to file that counterclaim, provided that
they have not already sought the same relief in the Italian
insolvency proceeding.  To date, the NJ Defendants have not yet
identified any counterclaim.

A stipulation drafted by the NJ Defendants concedes they should
not be permitted to file counterclaims that mirror those claims
they have already asserted, and that have been litigated, in the
Italian insolvency proceeding.  Allowing those claims to be
reasserted in U.S. court would undermine the goal of Section
304, which is to funnel all claims against the foreign estate
into the foreign insolvency proceeding.

The Foreign Debtors, however, want the NJ Defendants to inform
them and the Bankruptcy Court of the counterclaims the NJ
Defendants intend to assert, and allow the parties to stipulate
to any proposed modification of the injunction.  This procedure
both furthers the goal of Section 304 to avoid piecemeal claims
against the foreign estate and protects the NJ Defendants from
unfair treatment.  To the extent the NJ Defendants have created
a time crunch by waiting until days before their answer is due,
they should explain why they did not raise the issue in December
when Grant Thornton International and Bank of America, N.A.,
sought similar relief.  In any event, the Foreign Debtors will
agree to any reasonable extension of the NJ Defendants' time to
assert counterclaims in New Jersey to institute this procedure.

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
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.  When the U.S. Debtors filed for
bankruptcy protection, they reported more than $200 million in
assets and debt.  The Bankruptcy Court confirmed the U.S.
Debtors' Plan of Reorganization on March 7, 2005.  (Parmalat
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

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

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

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


SEAT PAGINEGIALLE: S&P Affirms 'BB-' Rating, Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Italy-
based classified-directories publisher SEAT PagineGialle S.p.A.
(SEAT) to stable from negative, reflecting the group's good
operating progress during 2004 and its steady application of
discretionary cash flows to debt reduction.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
rating on SEAT and its 'B' senior unsecured debt rating on
related entity Lighthouse International Co. S.A.

SEAT reported a 2% year-on-year revenue increase to EUR1.4
billion (US$1.8 billion) for its continuing businesses in 2004
and a 1.5% increase in EBITDA.  The company made good progress
with streamlining its sales strategy in its core Italian
directory business, with stronger profit margins on flat sales,
while smaller international operations showed steady profitable
growth.  Furthermore, SEAT's cash generation improved
significantly in 2004.  The company's overhaul of its back-
office system and review of customer credit terms resulted in a
working capital release of EUR57 million over the year.

"The stable outlook reflects the robust character of SEAT's
cash-generative classified directory operations, which partly
mitigates the company's high financial leverage," said Standard
& Poor's credit analyst Anna Overton.  "Nevertheless, there is
little scope for operating underperformance or accelerated
working capital absorption, given the company's substantial
debt-service obligations."

Upside rating potential will remain restricted in the near term,
unless a material increase in revenues and profitability allows
SEAT to raise its annual debt repayments from the expected
EUR220 million-EUR270 million range.

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
          E-mail: CorporateFinanceEurope@standardandpoors.com


VEMER SIBER: Remains Optimistic Despite Burgeoning Loss
-------------------------------------------------------
Electrical components manufacturer Vemer Siber suffered another
net loss, posting a consolidated loss of EUR26.5 million in
2004, Il Sole 24 Ore says.

This is more than double its 2003 consolidated loss of EUR11.6
million.  The group's consolidated sale also dropped from
EUR136.2 million in 2003 to EUR123.8 million in 2004.
Consolidated operating loss for 2004 amounted to EUR3.1 million.
The group still expects to break even this year through a
consolidated operating profit of EUR1.1 million.

Formed from the merger of Vemer Elettronica and Siber, the group
manufactures electronic components, machineries and equipment.
Vemer Siber is composed of several units, which include Vemer
Enclosures, Vemer Automation, Societa Europea Componenti
Elettrici, and Kant.

CONTACT:  VEMER SIBER GROUP S.p.A.
          Via E. Mattei, 34
          25030 Roncadelle, Brescia
          Phone: +39-030-27-8800
          Fax: +39-030-27-8200
          Web site: http://www.vemer.it


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


STOLT-NIELSEN: Hires New Managing Director for Shipowning
---------------------------------------------------------
Stolt-Nielsen Transportation Group (SNTG) announced on March 23,
2005 that Jens Lassen has been appointed Managing Director of
Shipowning, based at SNTG's headquarters in Rotterdam.  Mr.
Lassen was previously Vice President of Technical Operations for
Royal Caribbean Cruise Lines.

Commenting on the appointment, Otto H. Fritzner, Chief Executive
Officer of SNTG, said, "Jens is a seasoned shipping executive
who brings more than 26 years of broad industry experience to
SNTG.  For the last 15 years of his career he has focused on
ship management and earned a strong reputation for leadership in
all aspects of the business.  We are delighted to have him with
us in this important role at SNTG."

Mr. Lassen succeeds Mr. Fritzner, who was appointed Chief
Executive Officer of SNTG in June 2004 and remained responsible
for ship management while conducting the search for his
replacement.

Prior to joining SNTG, Mr. Lassen was based in Miami where he
was responsible for Royal Caribbean International's port, ship
management, technical systems and technical ship operations
since 2000.  He was previously with V. Ships, the world's
largest provider of independent ship management and related
marine services, which he joined in 1991.  In his role as
Technical Director, he was responsible for the technical
management of a variety of vessels, including OBOs, product
tankers, LPG tankers, chemical tankers, crude oil tankers and
one bulk carrier.  Prior to that he was with Anders Wilhelmsen,
where he was responsible for the daily operation of a saturation
diving vessel and the company's commitments in the offshore
sector.  Most of his early career was spent as a surveyor with
Det Norke Veritas, which he joined in 1982.

Mr. Lassen graduated from Strathclyde University in 1979 with a
BSc in Naval Architecture and Marine Engineering.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through the
parcel tanker, tank container, terminal, rail and barge services
of its wholly owned subsidiary Stolt-Nielsen Transportation
Group, provides integrated transportation for its customers.
Another wholly owned subsidiary, Stolt Sea Farm, produces and
markets high-quality Atlantic salmon, salmon trout, turbot,
halibut, sturgeon, caviar, bluefin tuna, and tilapia.

CONTACT:  STOLT-NIESEN
          Richard Lemanski
          Phone: (U.S.A.) 1 203.625.3604
          E-mail: rlemanski@sntg.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


ROYAL AHOLD: Receives Payment for 85% Disco Stake
-------------------------------------------------
On March 23, 2005 Ahold received from escrow the final purchase
amount for the approximately 85% of the shares of Disco S.A.,
which it transferred on November 1, 2004 to the Chilean retailer
Cencosud S.A. after reaching an agreement with Cencosud on the
final purchase price adjustment resulting from the closing
balance sheet of Disco.

The transaction, which Ahold and Cencosud entered into on March
5, 2004, still requires Argentine antitrust approval, although
this will not affect Ahold's retention of the purchase amount.
Ahold and Cencosud are committed to bringing this process to a
successful conclusion and they believe antitrust approval will
be obtained in due course.

The purchase amount for the remaining approximately 15% of the
Disco shares that currently have not been transferred by Ahold
to Cencosud remains in escrow until such shares can legally be
transferred to Cencosud. As explained before, these shares are
subject to certain Uruguayan court orders processed and executed
in Argentina.

CONTACT:  ROYAL AHOLD N.V.
          Albert Heijnweg 1
          1507 EH Zaandam
          Phone: +31-75-659-9111
          Fax: +31-75-659-8350
          Web site: http://www.ahold.com


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


APACHINSKOYE: Bankruptcy Proceedings Begin
------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Apachinskoye (TIN 4108000941) after finding
the close joint stock company insolvent.  The case is docketed
as A24-1175/04-12.  Mr. E. Zusmanovich has been appointed
insolvency manager.  Creditors have until April 19, 2005 to
submit their proofs of claim to 684010, Russia, Kamchatka
region, Elizovo, Main Post Office, Post User Box 123.

CONTACT:  APACHINSKOYE
          684104, Russia, Kamchatka region, Ust-Bolsheretskiy
          region, Apacha, Yubileynaya Str. 12

          Mr. E. Zusmanovich
          Insolvency Manager
          684010, Russia, Kamchatka region, Elizovo,
          Main Post Office, Post User Box 123


GAVRILOVKA-AGRO-PROM-KHIMIYA: Declared Insolvent
------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Gavrilovka-Agro-Prom-Khimiya after finding
the agricultural chemical company insolvent.  The case is
docketed as A64-5201/01-2.  Mr. Y. Dymov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 392028, Russia, Tambov, Polynkovskaya Str. 65, Apartment 57.

CONTACT:  GAVRILOVKA-AGRO-PROM-KHIMIYA
          393160, Russia, Tambov region,
          Gavrilovskiy region, 2nd Gavrilovka

          Mr. Y. Dymov
          Insolvency Manager
          392028, Russia, Tambov region,
          Polynkovskaya Str. 65, Apartment 57


KHABAROVSKIY FACTORY: Names M. Vozzhin Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Khabarovskiy Factory of Building Ceramics
after finding the limited liability company insolvent.  The case
is docketed as A73-9469/2003-40/36.  Mr. M. Vozzhin has been
appointed insolvency manager.  Creditors have until April 19,
2005 to submit their proofs of claim to 680009, Russia,
Khabarovsk, Promyshlennaya Str. 20.

CONTACT:  KHABAROVSKIY FACTORY OF BUILDING CERAMICS
          Russia, Khabarovsk region,
          Blagodatnyj Per. 45

          Mr. M. Vozzhin
          Insolvency Manager
          680009, Russia, Khabarovsk region,
          Promyshlennaya Str. 20


KHABAROVSK-STROY-MONTAZH: Insolvency Manager Takes over Helm
------------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Khabarovsk-Stroy-Montazh.  The case is docketed as A73-
14993/2004-36.  Ms. N. Guslova has been appointed temporary
insolvency manager.

CONTACT:  KHABAROVSK-STROY-MONTAZH
          680006, Russia, Khabarovsk region,
          Svetovaya Str. 19A, Office 2

          Ms. N. Guslova
          Temporary Insolvency Manager
          680045, Russia, Khabarovsk region,
          Kalarasha Str. 2-A, Apartment 1


KHMU #1 DAL-SAN-TEKH-MONTAZH: Declared Insolvent
------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Khmu #1 Dal-San-Tekh-Montazh after finding
the close joint stock company insolvent.  The case is docketed
as A73-5583/2004-38.  Mr. A. Kurdyukov has been appointed
insolvency manager.  Creditors have until April 19, 2005 to
submit their proofs of claim to 680009, Russia, Khabarovsk,
Promyshlennaya Str. 20.

CONTACT:  KHMU #1 DAL-SAN-TEKH-MONTAZH
          680028, Russia, Khabarovsk region,
          Kalinina Str. 134

          Mr. A. Kurdyukov
          Insolvency Manager
          680028, Russia, Khabarovsk region,
          Kalinina Str. 134


KOMSOMOLSKOYE: Creditors Have Until Next Month to File Claims
-------------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Komsomolskoye after finding the close joint
stock company insolvent.  The case is docketed as A45-4909/02-
SB/759.  Mr. V. Bogachev has been appointed insolvency manager.
Creditors have until April 19, 2005 to submit their proofs of
claim to 632352, Russia, Novosibirsk region, Kuybyshevskiy
region, Abramovo.

CONTACT:  KOMSOMOLSKOYE
          632352, Russia, Novosibirsk region,
          Kuybyshevskiy region, Abramovo

          Mr. V. Bogachev
          Insolvency Manager
          632352, Russia, Novosibirsk region,
          Kuybyshevskiy region, Abramovo


LAL: Bankruptcy Proceedings Begin
---------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy proceedings against LAL after finding the
close joint stock company insolvent.  The case is docketed as
A56-48157/04.  Mr. B. Remnev has been appointed insolvency
manager.

CONTACT:  LAL
          191028, Russia, Saint-Petersburg region,
          Furshtadskaya Str. 19, Building 35-N

          Mr. B. Remnev
          Insolvency Manager
          191036, Russia, Saint-Petersburg region,
          Post User Box 44


PICHAEVO-AGRO-PROM-SNAB: Bankruptcy Hearing Set April 11
--------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on open joint stock company Pichaevo-Agro-
Prom-Snab.  The case is docketed as A64-7424/04-21.  Mr. A.
Baklykov has been appointed temporary insolvency manager.  A
hearing will take place on April 11, 2005.

CONTACT:  PICHAEVO-AGRO-PROM-SNAB
          Russia, Tambov region,
          Pichaevskiy region, Vasilyevo

          Mr. A. Baklykov
          Temporary Insolvency Manager
          392000, Russia, Tambov region,
          Internatsionalnaya Str. 118


UGOL-KOMI: Omsk Court Hires A. Markelov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Ugol-Komi after finding the oil company
insolvent.  The case is docketed as K/E-146/04.  Mr. A. Markelov
has been appointed insolvency manager.  Creditors may submit
their proofs of claim to 64047, Russia, Omsk-47, Post User Box
5398.

CONTACT:  UGOL-KOMI
          644007, Russia, Omsk region,
          Yakovleva Str. 107

          Mr. A. Markelov
          Insolvency Manager
          64047, Russia, Omsk-47,
          Post User Box 5398


VERKHNEMAMON-AGRO-SNAB: Deadline for Proofs of Claim April
----------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Verkhnemamon-Agro-Snab (TIN3606001015, OGRN
1023601072571) after finding the open joint stock company
insolvent.  The case is docketed as A14-12756/04/73/16b.  Mr. Y.
Khludnev has been appointed insolvency manager.  Creditors have
until April 19, 2005 to submit their proofs of claim to 396460,
Russia, Voronezh region, Verkhniy Mamon, Sadovyj Per. 6.

CONTACT:  VERKHNEMAMON-AGRO-SNAB
          396460, Russia, Voronezh region,
          Verkhniy Mamon, Stroitelnaya Str. 13

          Mr. Y. Khludnev
          Insolvency Manager
          396460, Russia, Voronezh region,
          Verkhniy Mamon, Sadovyj Per. 6


YUKOS OIL: Abandons Quest for U.S. Bankruptcy Protection
--------------------------------------------------------
Yukos Oil will no longer pursue its bankruptcy case in the U.S.
Courts and will dismiss its appeal.  On March 18, the Houston
District Court denied Yukos' motion for a stay pending its
appeal of the Bankruptcy Court's order dismissing Yukos' Chapter
11 bankruptcy case.  Now that Yukos is no longer able to obtain
a stay from the United States Courts, and no longer has a
reasonable prospect of obtaining relief under the U.S.
Bankruptcy law, Yukos will pursue its case in other forums.

"We appreciate the stay that the United States Court system has
provided to Yukos through Judge Clark's temporary restraining
order and otherwise," said Steven Theede, Chief Executive
Officer of Yukos Oil Company.

"This contributed significantly to Yukos' efforts to survive as
a going concern.  Yukos appreciates the fairness with which it
was treated by the United States Courts."

Yukos achieved a great deal during its U.S. Bankruptcy Case to
preserve the value of its estate.  The Bankruptcy Court, in its
December 16, 2004, Temporary Restraining Order, found that the
tax assessments, which were the basis for the purported tax
auction sale of Yuganskneftegaz in late December 2004, were "not
conducted in accordance with Russian law."  The Bankruptcy
Court's TRO caused the Russian Government to admit more openly
that it was expropriating Yukos' assets by using a 100% Russian
Government-owned company to buy Yuganskneftegaz and by making
public statements at the end of 2004.

After the late-December 2004 auction sale, the Russian
Government's efforts to expropriate assets from Yukos subsided
somewhat until Yukos' bankruptcy case was dismissed on Feb. 24,
2005.  After the dismissal, the Russian authorities resumed
their campaign of threats, intimidation, arrests and seizures
with renewed vigor.

The U.S. Courts' decisions, which were influenced by comity
toward the Russian Government, left no doubt that they
understood that a wrong was being done in Russia.  In its Feb.
24 order dismissing YUKOS' bankruptcy case, the Bankruptcy Court
found that the Russian government had acted in a manner that
"would be considered confiscatory under United States law."

More recently, the District Court, when denying Yukos' last
effort to obtain a stay from the U.S. Courts, made clear it did
not "endorse" what was going on in Russia.

Yukos also said recent decisions by the U.S. Courts in Houston
do not deter the Company from continuing its fight to preserve
the value of its estate and protect its shareholders, creditors
and employees by resisting expropriation of its assets and
pursuing causes of action to recover the value of assets that
are expropriated from it.  Yukos management believes they have a
responsibility to pursue all legal options available in all
appropriate forums to prevent the destruction of the Company at
the hands of the Russian government.

"The management team continues to believe strongly in the merits
of our legal case and we have no choice but to aggressively
pursue all the legal options available to us to right the wrongs
that have been done," said Mr. Theede.

"We will now focus our efforts elsewhere to survive as a going
concern and obtain compensation for assets that have been
improperly expropriated from us."

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 the chapter 11 proceedings.  When the
Debtor filed for protection from its creditors, it listed
US$12,276,000,000 in total assets and $30,790,000,000 in total
debt.

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

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

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

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


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


CABLEUROPA: Fitch Raises Senior Unsecured Rating to 'B'
-------------------------------------------------------
Fitch Ratings upgraded Spain-based Cableuropa to Senior
Unsecured 'B' from 'B-'.  At the same time, the agency has
assigned Cableuropa's EUR1.250 billion senior secured bank
facility a 'BB-' rating.  The Long-term rating of ONO Finance
Plc's senior unsecured notes is affirmed at 'B-' and
Cableuropa's Short-term rating is affirmed at 'B'.  The Outlook
is Stable.

The rating action reflects the significant progress Cableuropa
has made in the development of both its operational and
financial risk profile in 2004.  The consolidation of the
Castilla y Leon franchise, Retecal and the ongoing network build
brought the number of homes passed to more than 2.8 million by
YE04.  Including business customers, the company has over
800,000 subscribers, while residential average revenue per user
(ARPU) of EUR53.6 is high by European cable standards and
continues to grow.  In 2004 Cableuropa generated revenues of
EUR502 million (up by 40%) and EBITDA of EUR185 million (ahead
by 81%), with EBITDA margin a healthy 37% (28.5%).

While financial metrics are starting to mature, Cableuropa
remains very much in the growth phase of its business plan, with
scope for further improvement in the financial profile over the
next two to three years largely dependent on the continued roll-
out of the network -- a part of the business model that is well
proven.

Financial metrics improved sharply in 2004 with leverage,
measured as debt/EBITDA, of 7.1x (6.3x on a Q404 annualized
basis) down from 10.2x in 2003 and interest cover of 1.8x
(0.8x).  Over the longer term further de-levering will depend on
the company's ability to drive penetration and ARPU levels up
across the franchise.  It will be particularly important for the
company to achieve similar levels of success in these metrics in
newly built areas, as it has done so to date, in its established
territories.

Since 1999 Cableuropa has completed a series of bond issues
through special purpose vehicle ONO Finance Plc, and has taken a
very active approach to managing its balance sheet.  In May 2004
the company completed a EUR280 million 2014 note issue and
completed a tender offer for 100% of its outstanding 2009 notes
and some of the 2011 notes.  In December the company refinanced
its senior banking facilities, consolidating borrowings of
Cableuropa and Retecal under one EUR1.250 billion multi-tranche
facility.  As well as funding the continued rollout of the
network the facility provides pre-funding for the intended take-
out of the group's remaining 2010 and 2011 notes.  The
completion of the transaction provides Cableuropa with a fully
funded business plan and materially improves its maturity
profile and refinancing risk.

Fitch notes the indentures of the 2014 notes provide for a
higher degree of structural subordination than is present in the
group's previous bond issues.  This has led to the introduction
of a one-notch differential between the Senior Unsecured rating
of Cableuropa and the Long-term rating of the ONO Finance bonds.

Cableuropa is a Spanish broadband service provider and the
intermediate holding company for the ONO group.  Its core
business consists of the offering of integrated
telecommunications, cable television and broadband Internet
services to residential and business customers.  In the year to
December 2004, revenues amounted to EUR502 million with 783,765
residential and 21,169 business customers.

CONTACT:  FITCH RATINGS
          Stuart Reid, London
          Phone: +44 207 417 4323

          Erwin van Lumich, Barcelona
          Phone: +34 93 323 8403

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


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


CABLECOM HOLDINGS: Proposed CHF1.2 Bln Notes Get Low-B Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Swiss
cable-operator Cablecom Holdings AG (Cablecom) and its financing
subsidiary Cablecom Luxembourg SCA to stable from positive,
following the group's announcement that it is to refinance its
existing Swiss franc (CHF) 1,350 million (US$1,147 million)
credit facility.

At the same time, Standard & Poor's assigned its 'B' long-term
rating, with a recovery rating of '3', to Cablecom Luxembourg's
proposed new SFR1,275 million issue of senior secured notes.
The recovery rating reflects our expectation of meaningful
recovery of 50%-80% for senior secured noteholders in the event
of a payment default.

The rating is predicated, however, on our satisfaction with the
legal opinions, particularly those covering the assignment of
the senior intercompany loan note for the benefit of
noteholders.  Should these be inadequate, the rating on the
senior secured notes could be downgraded by one notch.

At the same time, Standard & Poor's affirmed its 'B' long-term
corporate credit rating on Cablecom and Cablecom Luxembourg and
affirmed its 'CCC+' senior unsecured debt rating on Cablecom
Luxembourg's existing EUR290 million (US$382 million) senior
notes.

The rating actions follow the group's announcement that it is
refinancing its existing CHF1,350 million senior secured credit
facility (of which CHF1,178 million will be drawn as of the date
of the transaction) with the offering of CHF1,275 million
floating senior secured notes.  The excess funding raised over
the CHF1,178 million drawn will serve to increase liquidity
available by SFr65 million and to pay refinancing expenses of
CHF32 million.

"The outlook revision reflects Cablecom's decision to delay its
original deleveraging plans and reinvest most of its cash flow
generation into the development of Internet and telephony
services," said Standard & Poor's credit analyst Leandro de
Torres Zabala. "Although the pursuit of this growth opportunity
makes business sense for Cablecom, the higher investments and
slower deleveraging in order to develop services that have
weaker credit characteristics than its core cable product,
entail higher risks for the company in the intermediate term."

The stable outlook reflects the expectations that Cablecom will
successfully defend its leading position in cable television in
Switzerland, which provides higher quality cash flows for the
company; continue to grow strongly its telephony and Internet
earnings to repay its high debt levels; and advance toward the
achievement of positive free cash flow status in the
intermediate term.  If the company advances quickly in this
direction -- specifically, performing strongly from a business
standpoint and generating material positive free cash flow --
the ratings could be adjusted to recognize the positive trend.
Notwithstanding, it is likely that such a positive adjustment
would not take place before mid-2006.

Ratings information is available to subscribers 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
          E-mail: CorporateFinanceEurope@standardandpoors.com


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


TURKCELL ILETISIM: Moody's May Raise Rating of Financing Vehicle
----------------------------------------------------------------
Moody's Investors Service placed the B2 senior unsecured rating
of Cellco Finance N.V. on review for possible upgrade.  Cellco
is a remote-financing vehicle used to issue public bonds of
Turkcell Iletisim Hizmetleri A.S.  The rating affected is US$400
million 12.75% senior notes due 2005 at B2.

Moody's said its decision to place the rating on review for
possible upgrade reflects Turkcell's continued robust
operational and financial performance (adjusted for one-off
provision charges) as well as the previously announced
resolution of the disputes with Turk Telekom and the Turkish
Treasury for which Turkcell made on-balance sheet provisions in
the total amount of US$1.1 billion as of 30 September 2004.

Although Turkcell will, based on the achieved agreement, need to
make payments in the total amount of up to US$1.1 billion (the
amount is to be moderately adjusted upwards due to the interest
on the outstanding balance), the rating agency believes that the
resolution adds increased transparency to the company's
financial obligations going forwards.  By the end of March 2005,
Turkcell will finish making payments under the Treasury dispute
(represents approximately half of the payments under the
provisions).  The decision to place the rating on review for
upgrade relies on the expectation that Turkcell has no further
disputes outstanding that could result in any material
provisions.

In its review, Moody's will focus on the company's ability to
fund all of its obligations including the payments under the
provisions, the repayment of the outstanding debt maturing in
2005, capital expenditures and its dividends within parameters
commensurate with a higher rating as well as the overall
financial policy going forwards.  Moody's notes that Turkcell
was in a negative third-party debt position of approximately
US$164 million as of September 30, 2004.  The rating agency will
also factor into its analysis a potential impact on the overall
consolidated financial profile from the company's international
operations in Ukraine, for which Turkcell provides support in
form of guarantees in line with its 51% participation, as well
as any potential support associated with Turkcell's other
international operations.

Furthermore, Moody's will consider Turkcell's external growth
aspirations, such as the company's contemplated participation in
Irancell investment and privatizations of Turk Telekom and
Pakistan Telecom as regards potential financial commitments
associated with these opportunities.

Moody's will also continue to monitor the developments with
respect to one of Turkcell's major shareholders, Cukurova Group,
as regards potential changes in Turkcell's shareholding
structure (relating to a stake of approximately 13.5% which
Cukurova intends to purchase from Yapi ve Kredi Bankasi A.S. to
retain its ownership interests in Turkcell).  Cukurova Group
effectively owns approximately 40% of Turkcell, while
TeliaSonera holds approximately 37%.

Turkcell, headquartered in Istanbul, is a leading mobile
operator in Turkey.  For the first nine months of 2004, the
company generated revenues of US$2.3 billion with an EBITDA
margin of 41%.  At the end of 2004, the company had a total
subscriber base of 23.4 million and a market share of
approximately 65%.

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

          MOODY'S INVESTORS SERVICE
          London
          Jenya Brown
          Analyst
          European Corporates
          For Journalists
          Phone: 44 20 7772 5456


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


BOGORODCHANINAFTOGAZVIDOBUTOK: Liquidator Takes over Helm
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Bogorodchaninaftogazvidobutok
(code EDRPOU 30814698) after finding the limited liability
company insolvent.  The case is docketed as B-11/87.  Mr. I.
Kovalskij (License Number AA 249768) has been appointed
liquidator/insolvency manager.

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

(a) BOGORODCHANINAFTOGAZVIDOBUTOK
    Ukraine, Ivano-Frankivsk region,
    Bogorodchani, Shevchenko Str. 64

(b) Mr. I. Kovalskij
    Liquidator/Insolvency Manager
    77344, Ukraine, Ivano-Frankivsk region,
    Kalush district, Pijlo, Lvivska Str. 18
    Phone: 8 (050) 373-48-05


BRUSH FACTORY: Last Day for Filing Claims April 1
-------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Brush Factory (code EDRPOU
00310195) after finding the limited liability company insolvent.
The case is docketed as B-11/84.  Mr. I. Kovalskij (License
Number AA 249768) has been appointed liquidator/insolvency
manager.

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

(a) BRUSH FACTORY:
    Ukraine, Ivano-Frankivsk region,
    Kolomiya, Mazepa Str. 210

(b) Mr. I. Kovalskij
    Liquidator/Insolvency Manager
    77344, Ukraine, Ivano-Frankivsk region,
    Kalush district, Pijlo, Lvivska Str. 18
    Phone: 8 (050) 373-48-05


NEAPOLIS: Declared Insolvent
----------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC NEAPOLIS (code EDRPOU 32745485) on
February 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-48/24-05.  Mr. O.
Kotovenko (License Number AA 779219) has been appointed
liquidator/insolvency manager.

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

(a) NEAPOLIS
    Ukraine, Harkiv region,
    Harkiv district, Visokij, Oshepkova Str. 52

(b) Mr. O. Kotovenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Traktorobudivnikiv Avenue, 130

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


NEWBASISKOMP: Court Brings in Insolvency Manager
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC NEWBASISKOMP (code EDRPOU 322422878) on
February 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-48/25-05.  Mr. O.
Kotovenko (License Number AA 779219) has been appointed
liquidator/insolvency manager.

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

(a) NEWBASISKOMP
    Ukraine, Harkiv region,
    Moskovskij Avenue, 259

(b) Mr. O. Kotovenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Traktorobudivnikiv Avenue, 130

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


PERVOMAJSK' MACHINE: Names Oleksandr Bohan Liquidator
-----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Pervomajsk' Machine-Building Plant (code
EDRPOU 16493028) on January 11, 2005 after finding the limited
liability company insolvent.  The case is docketed as 20/56b.
Mr. Oleksandr Bohan (License Number AA 779294) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600630180597 at Prominvestbank, Lugansk main
branch, MFO 304308.

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

(a) PERVOMAJSK' MACHINE-BUILDING PLANT
    Ukraine, Lugansk region,
    Pervomajsk, Pravika Str. 1

(b) Mr. Oleksandr Bohan
    Liquidator/Insolvency Manager
    91033, Ukraine, Lugansk region, Oboronna Str. 24

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


SAPFIR: Creditors Claims Due Next Week
--------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Sapfir (code EDRPOU 22191503)
after finding the limited liability company insolvent.  The case
is docketed as B-7/82.  Mr. I. Kovalskij (License Number AA
249768) has been appointed liquidator/insolvency manager.

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

(a) SAPFIR
    77300, Ukraine, Ivano-Frankivsk region,
    Kalush, S. Bandera str.

(b) Mr. I. Kovalskij
    Liquidator/Insolvency Manager
    77344, Ukraine, Ivano-Frankivsk region,
    Kalush district, Pijlo, Lvivska Str. 18
    Phone: 8 (050) 373-48-05


VERIGINE: Sumi Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Verigine (code EDRPOU 24000594) after
finding the limited liability company insolvent.  The case is
docketed as 7/125-04.  Mr. Sergij Lisenko (License Number AB
116259) has been appointed liquidator/insolvency manager.

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

(a) VERIGINE
    41400, Ukraine, Sumi region,
    Gluhiv, Leskovskij Str. 2

(b) Mr. Sergij Lisenko
    Liquidator/Insolvency Manager
    Ukraine, Sumi region, Petropavlovska Str. 70
    Phone: (0542) 21-35-96
    Fax: (0542) 21-35-96

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


VIKANT: Succumbs to Insolvency
------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Vikant (code EDRPOU 32745574) on February
21, 2005 after finding the limited liability company insolvent.
The case is docketed as B-48/26-05.  Mr. O. Kotovenko (License
Number AA 779219) has been appointed liquidator/insolvency
manager.

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

(a) VIKANT
    Ukraine, Harkiv region,
    Harkiv district, Visokij, Oshepkova Str. 52

(b) Mr. O. Kotovenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Traktorobudivnikiv Avenue, 130

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


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


ACTIVE COMMERCIAL: Final General Meeting Set Next Month
-------------------------------------------------------
The final general meeting of the shareholders of Active
Commercial Estates Plc will be on April 28, 2005 at 10:00 a.m.
It will be held at the offices of Jacksons Jolliffe Cork,
Lowgate House, Lowgate, Hull HU1 1EL.

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.  Shareholders who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be submitted to M. C. Bowker at Unity Corporate Recovery
and Insolvency, Clive House, Clive Street, Bolton Lancashire BL1
1ET not later than 12:00 noon, April 27, 2005.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


AK ESTATES: Members Pass Winding-up Resolutions
-----------------------------------------------
At the extraordinary general meeting of the members of AK
Estates Limited on March 3, 2005 held at Sharma & Co, 50 Newhall
Street, Birmingham B3 3QE, the extraordinary and ordinary
resolutions to wind up the company were passed.  Gagen Dulari
Sharma has been appointed liquidator of the company.

CONTACT:  SHARMA & CO.
          50 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 248 5007
          Fax: 0121 248 5010
          E-mail: gagen@sharmaandco.com


ALLDERS PLC: Closure of 18 Stores to Cost 1,000 More Jobs
---------------------------------------------------------
More jobs are expected to go, as administrators of collapsed
retailer Allders will announce the closure of 18 more stores,
The Guardian reports.

Approximately 1,089 workers will be axed, adding to the 761
recently fired.  These employees are from the 13 stores that
will shut down this month located at London's Oxford Street,
Crawley, Lakeside, Southampton, Sutton Coldfield, Sheffield,
Nottingham, Bolton, Horsham, Reading, Romford, Basingstoke and
Ipswich.

A Kroll spokesman says it is frustrating to find a solution to
save these employees since limited buyers are interested to
purchase the stores.  Allders have 21 unsold shops, 13 of which
ceased trading on March 21.  Five more will shut down this week
and only three will trade beyond March.

Last month, Kroll was able to sell 24 of Allders' best-located
stores to Debenhams, Bhs and Primark. Debenhams confirmed on
March 21, 2005 that it had completed the purchase of eight
stores.  Bhs is buying 10 and Primark six.

CONTACT:  ALLDERS PLC
          131 Park St.
          London W1K 7BB
          Phone: +44-20 7855 3800
          Fax: +44-20 7855 3809
          Web site: http://www.allders.com


AMMIRATI PURIS: Hires Liquidator from Fisher Partners
-----------------------------------------------------
Name of companies:
Ammirati Puris Lintas Russia Limited
Initiative Media Limited
LHSB Management Services Limited
Lowe Digital Limited
Lowe & Howard Spink Media Limited
Lowe & Partners Financial Limited
Lowe & Partners UK Limited
The Lowe Group Limited
Two Six Seven Limited
Western International Media Europe Limited

At the meeting of these companies on March 11, 2005, the special
resolutions to wind up the companies were passed.  Stephen Mark
Katz has been appointed liquidator of said companies.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


ATHERSTONE COACH: Calls in Liquidator from F A Simms
----------------------------------------------------
At the extraordinary general meeting of Atherstone Coach
Services Limited (t/a Abbey Coachways) on March 15, 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


BROUGHTON CONSTRUCTION: Appoints Middleton Partners Liquidator
--------------------------------------------------------------
At the extraordinary general meeting of Broughton Construction
Limited on March 17, 2005 held at 65 St Edmunds Church Street,
Salisbury, Wiltshire SP1 1EF, the special resolution to wind up
the company was passed.  Michael Francis Stevenson of Middleton
Partners, 65 St Edmunds Church Street, Salisbury, Wiltshire SP1
1EF has been appointed liquidator of the company.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Web site: http://www.middletonpartners.co.uk


CATHEDRAL PARK: Members Call in Liquidator from CRG Insolvency
--------------------------------------------------------------
At the extraordinary general meeting of the members of Cathedral
Park Homes Limited on March 16, 2005 held at Greetwell Place,
Limekiln Way, Greetwell Road, Lincoln LN2 4US, the extraordinary
and ordinary resolutions to wind up the company were passed.
Charles Howard Ranby-Gorwood has been appointed liquidator of
the company.

CONTACT:  CRG INSOLVENCY & BUSINESS RECOVERY
          Suite 4
          Alexandra Dock Business Centre
          Fishermans Wharf
          Grimsby
          Lincolnshire DN31 1UL
          Phone: 01472 250001


CHADWELL LIMITED: Appoints Liquidator from Hodgsons
---------------------------------------------------
At the extraordinary general meeting of the members of Chadwell
Limited on March 15, 2005 held at Hodgsons, George House, 48
George Street, Manchester M1 4HF, the extraordinary resolution
to wind up the company was passed.  David Emanuel Merton Mond of
Hodgsons, George House, 48 George Street, Manchester M1 4HF has
been nominated liquidator of the company.

CONTACT:  HODGSONS
          George House
          48 George Street
          Manchester
          Greater Manchester M1 4HF
          Phone: 0161 228 7444
          Fax: 0161 228 735
          E-mail: dmond@hodgsons.co.uk


CHOICE INTERIORS: Hires Joint Administrators from PKF
-----------------------------------------------------
Kerry Bailey and Jonathan Newell (IP Nos 8780, 6419) have been
appointed joint administrators for Choice Interiors (North West)
Limited.  The appointment was made March 10, 2005.  The shop
sells bathroom furniture and tiles.  Its registered office is
located at Denton Drive, Northwich, Cheshire CW9 7LU.

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


CPM CAPITAL: Liquidator from Grant Thornton Moves in
----------------------------------------------------
At the extraordinary general meeting of CPM Capital Plc on March
9, 2005 held at 895 Plymouth Road, Slough SL1 4LP, the special
resolution to wind up the company was passed.  Samantha Keen of
Grant Thornton UK LLP, 31 Carlton Crescent, Southampton SO15 2EW
has been appointed liquidator of the company.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


DON MET: Members Decide to Wind up Company
------------------------------------------
At the extraordinary general meeting of the members of Don Met
Limited (t/a Christopher Wells Associates) on March 14, 2005
held at Gable House, 239 Regents Park Road, London N3 3LF, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Steven G. Taylor has been appointed liquidator of
the company.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 0208 371 5000
          Fax: 0208 346 8588
          E-mail: steve@spwpanda.com


DSB SHOWTOURS: Names Leonard Curtis & Co. Administrator
-------------------------------------------------------
K. D. Goodman and N. A. Bennett (IP Nos 2407, 9083) have been
appointed administrators for DSB Showtours Limited.  The
appointment was March 15, 2005.  The company offers chauffer
services.  Its registered office is located at 336 Hackney Road,
London E2 7AX.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


EAST MIDLAND: Hires Begbies Traynor as Liquidator
-------------------------------------------------
At the extraordinary general meeting of the members of East
Midland Pipe Fabrication Limited on March 16, 2005 held at 30
Park Cross Street, Leeds LS1 2QH, the extraordinary and ordinary
resolutions to wind up the company were passed.  Rob Sadler and
Michael E. G. Saville of Begbies Traynor, 30 Park Cross Street,
Leeds LS1 2QH have been appointed joint liquidators of the
company.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street, Leeds LS1 2QH
          Web site: http://www.begbies.com


EVERGREEN PINE: Opts for Liquidation
------------------------------------
At an extraordinary general meeting of the members of Evergreen
Pine Limited on March 16, 2005 held at 1st Floor, 5-7 Northgate,
Cleckheaton, West Yorkshire BD19 3HH, the extraordinary and
ordinary resolutions to wind up the company were passed.
Malcolm Edward Fergusson of Fergusson & Co Ltd., 1st Floor, 5-7
Northgate, Cleckheaton, West Yorkshire BD19 3HH has been
appointed liquidator of the company.

CONTACT:  FERGUSSON & CO. LIMITED
          35 Knowles Lane
          Gomersal
          Cleckheaton
          Bradford
          West Yorkshire BD19 4LE
          Phone: 01274 878008


EXCALABUR GROUP: Members Pass Extraordinary Resolutions
-------------------------------------------------------
At the meeting of the members of Excalabur Group Limited on
March 14, 2005, the extraordinary resolution to wind up the
company was passed.  David Birne and Stephen Katz of Acre House,
11-15 William Road, London NW1 3ER have been appointed joint
liquidators of the company.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


EXECUTIVE CONCIERGE: Names Begbies Traynor Liquidator
-----------------------------------------------------
At the extraordinary general meeting of the members of Executive
Concierge Services Limited on March 16, 2005 held at Elliot
House, 151 Deansgate, Manchester M3 3BP, the extraordinary and
ordinary resolutions to wind up the company were passed.
Stephen L. Conn of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP has been appointed liquidator of the company.

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


GLYNS LIMITED: Calls in Liquidator from B & C Associates
--------------------------------------------------------
At the extraordinary general meeting of the members of Glyns
Limited on March 14, 2005 held at Haven Farm, Lamb Lane,
Firbeck, Nottinghamshire S81 8DQ, the extraordinary resolution
to wind up the company was passed.  Filippa Connor of B & C
Associates, Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA has been appointed liquidator of the company.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


GRAND SLAM: Liquidator from Fisher Partners Steps in
----------------------------------------------------
Name of companies:
Grand Slam Sports Limited
Octagon Sponsorship Europe Limited
The Championship Group Limited
Virtual Reality Sports Limited

At the meeting of these companies, the special resolutions to
wind up the companies were passed.  Stephen Mark Katz has been
appointed liquidator of the companies.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


HEMINGDALE PROPERTIES: Members Decide to Wind up Firm
-----------------------------------------------------
At the extraordinary general meeting of the members of
Hemingdale Properties Limited on March 11, 2005 held at 33
Holborn, London EC1N 2HT, the special and extraordinary
resolutions to wind up the company were passed.  Robin H. Davis
of Lane Heywood Davis, Anchor Brewhouse, 50 Shad Thames, Tower
Bridge City, Tower Bridge, London SE1 2YB has been appointed
liquidator of the company.

CONTACT:  LANE HEYWOOD DAVIS
          Anchor Brewhouse
          50 Shad Thames
          Tower Bridge City
          Tower Bridge
          London SE1 2YB
          Phone: 020 7403 4403
          Fax: 020 7357 6357
          E-mail: robin@laneheywooddavis.co.uk


HERITAGE BOAT: Hires Liquidator from Jacksons Jolliffe Cork
-----------------------------------------------------------
At an extraordinary general meeting of the members of Heritage
Boat Restorations Limited on March 15, 2005 held at 15A
Hallgate, Doncaster DN1 3NA, the extraordinary and ordinary
resolutions to wind up the company were passed.  Jonathan Paul
Philmore of Philmore & Co, 15A Hallgate, Doncaster, South
Yorkshire DN1 3NA has been appointed liquidator of the company.

CONTACT:  JACKSONS JOLLIFFE CORK
          33 George Street
          Wakefield
          West Yorkshire WF1 1LX
          Phone: 01924 363 366
          Fax: 01924 363 367
          E-mail: paul.philmore@jjcork.co.uk


INLINE PRODUCT: Appoints Begbies Traynor Liquidator
---------------------------------------------------
At the extraordinary general meeting of the members of Inline
Product Inspection Limited on March 14, 2005 held at 30 Park
Cross Street, Leeds LS1 2QH, the extraordinary and ordinary
resolutions to wind up the company were passed.  Michael Edward
George Saville and Rob Sadler of Begbies Traynor, 30 Park Cross
Street, Leeds LS1 2QH have been appointed joint liquidators of
the company.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street, Leeds LS1 2QH
          Web site: http://www.begbies.com


ITALIAN EATING: Liquidator from Benedict Mackenzie Moves in
-----------------------------------------------------------
At the extraordinary general meeting of Italian Eating House
Limited on March 16, 2005 held at 62 Wilson Street, London EC2A
2BU, the special and ordinary resolutions to wind up the company
were passed.  Ian Donald Williams of Benedict Mackenzie LLP, of
62 Wilson Street, London EC2A 2BU has been appointed liquidator
of the company.

CONTACT:  BENEDICT MACKENZIE
          62 Wilson Street
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax: 020 7247 3494
          E-mail: i.williams@bmaclondon.com


MODMARR LIMITED: Hires Administrator from Kay Johnson Gee
---------------------------------------------------------
Jonathan Elman Avery-Gee (IP No 001549) has been appointed
administrator for furniture shop Modmarr Limited.  The
appointment was made March 17, 2005.  Its registered office is
located at Griffin Court, 201 Chapel Street, Manchester M3 5EQ.

CONTACT:  KAY JOHNSON GEE
          Griffin Court
          201 Chapel Street
          Salford, Manchester
          Greater Manchester M3 5EQ
          Phone: 0161 832 6221
          Fax: 0161 834 8479
          E-mail: traceyshanley@kayjohnsongee.com


NECOE LIMITED: Former Topman Gets Six-year Ban
----------------------------------------------
A director of an adult education business, which failed with
total debt estimated at around GBP146,000 has given an
Undertaking not to hold directorships or take any part in
company management for six years.

The Undertaking by Gillian Anne Grainge of Glendale Grove, North
Shields, Tyne & Wear, was given in respect of her conduct as a
director of Necoe Limited which carried out business from
premises at Sunniside, Sunderland, Tyne and Wear, SR1 1BQ.

Acceptance of the Undertaking on January 31, 2005 prevents
Gillian Anne Grainge from being a director 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 the above period.  Necoe Limited was placed into
voluntary liquidation on November 27, 2004 with estimated debt
of GBP145,653 owed to its creditors.

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 Gillian Anne Grainge
solely for the purpose of the undertaking, were that she:

(a) Caused company funds totaling GBP123,455.93 to be paid to a
    third party investor on 1 November 2002, at a time when she
    knew the Company to be insolvent, by way of being unable to
    pay its debt as and when they fell due.  This payment had
    the effect of placing this third party in a more
    advantageous position when compared with other unsecured
    creditors and was particularly detrimental to the Crown
    Departments; and

(b) Failed to ensure that the 2001 accounts for Necoe were
    prepared and filed on time within the Registrar of
    Companies, such that:

    (i) At the date of liquidation these financial accounts were
        215 days overdue; and

   (ii) She failed in her statutory duty to meet this
        obligation.

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


PAINTSPRAY LIMITED: Hires Ideal Corporate to Liquidate Assets
-------------------------------------------------------------
At the extraordinary general meeting of Paintspray Limited on
March 11, 2005 held at Ideal Corporate Solutions Limited,
Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH, the
extraordinary resolution to wind up the company was passed.
Andrew Rosler of Ideal Corporate Solutions Limited, Tarleton
House, 112A-116 Chorley New Road, Bolton BL1 4DH has been
appointed liquidator of the company.

CONTACT:  IDEAL CORPORATE SOLUTIONS LTD.
          Tarleton House
          112A-116 Chorley New Road
          Bolton
          Lancashire BL1 4DH
          Phone: 01204 467100
          Fax: 01204 843030
          E-mail: andrew.rosler@idealcorporatesolutions.co.uk


S F H MANAGEMENT: Liquidator from Baker Tilly Moves in
------------------------------------------------------
At the extraordinary general meeting of S. F. H. Management
Limited on March 10, 2005 held at 45-47 Ashley Road, Boscombe,
Bournemouth, Dorset BH1 4LG, the special and extraordinary
resolutions to wind up the company were passed.  Matthew Richard
Meadley Wild and Andrew John Tate of Baker Tilly, The Clock
House, 140 London Road, Guildford, Surrey GU1 1UW have been
appointed liquidators of the company.

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


SPECIAL CABLES: Final Creditors Meeting Set Second Week of April
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Special Cables Ltd.
                     (In Compulsory Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
Special Cables Ltd. will be held within the offices of Campbell
Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS, on
April 12, 2005 at 10:00 a.m. for the purposes of receiving the
Liquidator's account of the winding-up together with any
explanations that may be given.  The Liquidator will be seeking
his release at the meeting.  A resolution at the meeting will be
passed if a majority of those voting have voted in favor of it.

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

Robert M. Dallas, Liquidator
March 7, 2005

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


SZZZA LIMITED: Members Pass Special Resolution
----------------------------------------------
At the extraordinary general meeting of the members of Szzza
Limited on March 15, 2005 held at 9 Dairy Walk, Hartley Wintney,
Hampshire RG27 8XX, the special resolution to wind up the
company was passed.  Andrew John Whelan of Marks Bloom, 60-62
Old London Road, Kingston upon Thames KT2 6QZ has been appointed
liquidator of the company.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


UNION SCAFFOLD: Insolvency Service Disqualifies Directors
---------------------------------------------------------
A father and son, whose business supplying scaffolding labour
failed with total debt estimated at around GBP262,000, have
given undertakings not to hold directorships or take any part in
company management for 11 years and four-and-a-half years
respectively.

The undertakings by Brian Gunn, 59, of Trefoil Road, Marton, and
Jonathan Gunn, 30, of The Pastures, Coulby Newham, both
Middlesbrough, were given in respect of their conduct as
directors of Union Scaffold Limited, which carried on business
from premises at 212 Queens Court, Newport Road, Middlesbrough,
Cleveland TS1 5EH.

Acceptance of the undertaking on February 17, 2005 by Brian
Gunn, and on February 11, 2005 by Jonathan Gunn, prevents each
from being a director 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 the above
period.  Union was placed into voluntary liquidation on February
20, 2003 with estimated debt of GBP262,448.46 owed to its
creditors.

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 Brian Gunn solely for
the purpose of the undertaking, were that:

(a) He resigned as a director of Union on 8 July 1999.
    Notwithstanding this, Brian Gunn continued to act as a
    director of Union from December 2000 at the latest and, in
    doing so from February 26, 2002, he contravened his
    disqualification undertaking in which he stated that he
    would not, for a period of five years, be a director of a
    company or in any way directly or indirectly, be concerned
    or take part in the management of a company;

(b) Brian Gunn caused Union to operate in the same manner as
    Ambassador Scaffolding Limited following Ambassador's
    liquidation on March 23, 2000.  These two companies were so
    similar in the way in which they were financed and the way
    in which they operated that there was no reasonable or
    probable expectation that Union would trade successfully
    where Ambassador had failed; and

(c) Brian Gunn failed to meet his statutory obligations
    regarding the submission of VAT returns by the due date for
    Union, during the entire period of trading. He caused Union
    to trade to the risk, and the ultimate detriment, of HMCE
    between February 2000 and the date of Union's liquidation,
    February 20, 2003, resulting in a debt of GBP138,898.05 to
    HMCE at the date of liquidation.  During this period, Brian
    Gunn received payments from Union totaling GBP121,665
    together with the use of a Porsche car.

Matters of unfit conduct, not disputed by Jonathan Gunn solely
for the purpose of the undertaking were that:

(a) Jonathan Gunn failed to meet his statutory obligations
    regarding the submission of VAT returns by the due date for
    Union, during the entire period of trading; and

(b) He caused Union to trade to the risk, and the ultimate
    detriment, of HMCE between February 2000 and the date of
    Union's liquidation, February 20, 2003, resulting in a debt
    of GBP138,898.05 to HMCE at the date of liquidation.  During
    this period Jonathan Gunn received payments from Union
    totaling GBP126,790 together with the use of a BMW car.

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


WREXHAM FOOTBALL: Administrator Anxious to Close Sale
-----------------------------------------------------
Administrators of Wrexham Football Club are urging would-be
buyers of the firm to speak directly to them to expedite the
process.  Negotiations have been going on for four months
between the parties to no avail.

Davic Acland of Begbies Traynor in Preston said: "We want them
to come to us with detailed financial proposals, whether they
have put those proposals to Mr. [Alex] Hamilton, or even if they
have not yet done so.  Mr. Hamilton owns 78% majority
shareholding in Wrexham FC.  We are anxious to gauge the extent
of genuine interest in acquiring the club."

Surrey businessman Andy Smith is interested in the club, and
administrators are hoping he would agree to a GBP5 million deal.
The club has been in administration since December.  It had debt
of around GBP4.2 million at the time of the filing.

CONTACT:  WREXHAM FOOTBALL CLUB
          Mold Road
          Wrexham LL11 2AH
          Phone: +44 1978 262129
          Fax: +44 1978 357821
          Web site: http://www.wrexhamafc.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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