---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, January 20, 2005, Vol. 6, No. 14

                            Headlines

F R A N C E

VIVENDI UNIVERSAL: Refutes AMF's Probe Findings


G E R M A N Y

ASCOT-BRISTOL: Bankruptcy Proceedings Pending in Potsdam Court
AUFBAU BRANDENBURG: Court Sets Deadline for Filing of Claims
AUTOHAUS SPRAU: Creditors Meeting Set Mid-February
CEGONIA GMBH: Declares Bankruptcy
EDUARD JOCKER: Calls First Creditors Meeting

HELMUT FINGERHUT: Claims Verification Date Set
HELMUT KRUMME: Last Day for Filing of Claims February 28
INNENAUSBAU BUTZOW: Administrator's Report Out Mid-March
L & P GESAMTPLANUNGSGESELLSCHAFT: Succumbs to Bankruptcy
OTTE GEHAUSE: Creditors Meeting Set Second Week of February

WCM GROUP: Ruling Undermines Validity of 2004 AGM Resolutions
WENDLANDT GMBH: Deadline for Filing of Claims Nears
WORK LINE: Gives Creditors Until February to File Claims


H U N G A R Y

MALEV AIRLINES: Chief Executive Bailing out, Says Paper


I R E L A N D

JSG FUNDING: EUR370 Million Sub Notes Rated 'B-'


I T A L Y

PARMALAT FINANZIARIA: Soccer Club Piques Interest of Two Buyers
PARMALAT U.S.A.: Asks Court to Extend Exclusive Periods


N E T H E R L A N D S

ROYAL SHELL: New Measure Seeks to Address Accountability Issues


R U S S I A

AUTO-TRANSPORT: Gives Creditors Until February to File Claims
BASIS: Insolvency Manager to Temporarily Oversee Business
BOR-SEA-PRODUCT: Sakhalin Court Opens Bankruptcy Proceedings
GEORGIEVSKOYE ENTERPRISE: Public Auction Set Today
KHABAROVSKIY ZARYA: Declared Insolvent

NORTH ORE: Under Bankruptcy Supervision
OLDOY: Amur Court Opens Bankruptcy Proceedings
ROAD MACHINES: Hopes to Raise RUB5 Million in Public Auction
UGLE-STROY: Declares Bankruptcy
YAROSLAVSKOYE PEAT: Claims Filing Deadline Expires Next Month


S W E D E N

CONCORDIA BUS: Alvarez & Marsal Joins Restructuring Team


S W I T Z E R L A N D

SWISS INTERNATIONAL: Downsizing Fleet, Axing Hundreds of Staff


U K R A I N E

BALTA' FUR: Under Bankruptcy Supervision Procedure
DNIPROSPETSEXPORT: Applies for Bankruptcy Proceedings
GNIVANSKE AUTO: Succumbs to Bankruptcy
KUPYANSK' SUGAR: Urges Creditors to File Claims
LVIV-MED: Court Grants Debt Moratorium Request

MUDRIVKA: Court Brings in Temporary Insolvency Manager
OBLAGROLIZING: Harkiv Court Launches Bankruptcy Proceedings
OLEKSANDRIJSKE AUTO 13561: Names Temporary Insolvency Manager
PROMGIDRAVLIKA: Declared Insolvent
PROMIN: Court Orders Debt Moratorium


U N I T E D   K I N G D O M

AVECIA GROUP: Bondholders Accept Tender Offer with Amendments
BALTIMORE TECHNOLOGIES: Row with Earthport Escalates
BENSON GROUP: Files for Liquidation; Cites Insurmountable Debt
BITOR INTERNATIONAL: Shareholders Opt for Liquidation
B.P.G. ENGINEERING: No Longer Viable

BRIDEWELL THEATRE: Creditors Bring in Liquidators from Menzies
CLOCK RESTAURANT: Liquidator from BDO Stoy Hayward Enters Firm
COLOR-LABEL: Files for Liquidation
ISIS ELECTRICAL: Names Numerica Liquidator
LONDON & LOCAL: Under Administration

MANCHESTER WEATHERCOAT: Appoints Begbies Traynor Liquidator
NAS PORTFOLIO: Shareholders Choose to Liquidate Company
OVEROAK PROPERTIES: Creditors Call in Liquidators
PIRIFORMIS LIMITED: Final Members Meeting Set February
PRINT MARQUE: Appoints Liquidators from Numerica

SILVER EDGE: Shareholders See No Point in Continuing Operations
S.T.D. JOINERY: Administrators from Tenon Move in
THAMES SHIPPING: Calls in Administrators from Begbies
TOTAL ESTATE: Creditors Hire BDO Stoy to Fold up Firm
WESSEX FARE: Creditors Confirm Appointment of Liquidators
WH SMITH: High Street Retail Drives Profit Up


                            *********


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


VIVENDI UNIVERSAL: Refutes AMF's Probe Findings
-----------------------------------------------
Vivendi Universal announced Tuesday that the Autorite des
Marches Financiers (AMF) has issued notices of grievance
(notification de griefs) against the Company and two of its
officers, Mr. Jean-Rene Fourtou and Mr. Jean-Bernard Levy,
arising from the inquiry into movements in the Company's shares
at the time of the issuance of mandatory exchangeable bonds in
November 2002.

The AMF has issued a notice of grievance against Vivendi
Universal claiming that Deutsche Bank sold institutional
investors a product comprising both mandatory exchangeable bonds
and a hedge of Vivendi Universal shares, and that the
description was allegedly not sufficiently clear in the
prospectus.

In fact, Vivendi Universal merely issued mandatory exchangeable
bonds, and left it to Deutsche Bank to place these bonds in
accordance with the terms of the prospectus.  In regards to the
group, Vivendi Universal therefore believes that it fully
complied with its disclosure requirements as issuer.

The AMF also claims that at the time of issuance of these bonds,
Mr. Fourtou and Mr. Levy were in possession of two items of
privileged information: first, the expression of interest by Mr.
Marvin Davis in the U.S. assets of Vivendi Universal, and
second, the (allegedly) "high probability" that Vivendi
Universal's pre-emptive rights to buy the Cegetel shares held by
British Telecom would be exercised.

Vivendi Universal believes that the expression of interest from
Marvin Davis, which was unsolicited and the financing for which
had not been secured, related to assets that were not scheduled
for sale and had been unequivocally rejected by the group's
Board of Directors before the mandatory exchangeable bonds were
issued.  This cannot therefore be considered privileged
information.

Similarly, the exercise by Vivendi Universal of its pre-emptive
rights over Cegetel shares held by British Telecom was not
decided upon until the Board meeting of December 3, 2002, after
a series of refinancing deals (completion of which was not
certain at the time the bonds were issued) and after Vodafone
had declined to raise its offer for Cegetel.  Until December 3,
2002, exercise of the pre-emptive rights was no more than a
possibility of which the public was perfectly aware, and the
bond issue prospectus clearly stated that "Through this
offering, the Company will also consolidate its ability to
participate in the ongoing transactions regarding Cegetel."

These notices of grievance have no legal basis, and will be
contested before the Disciplinary Commission of the AMF.

                            *   *   *

Vivendi Universal (Paris Bourse: EX FP; NYSE: V) is a leader in
media and telecommunications with activities in television and
film (Canal+ Group), music (Universal Music Group), interactive
games (VU Games) and fixed and mobile telecommunications (SFR
Cegetel Group and Maroc Telecom).

CONTACT:  VIVENDI UNIVERSAL
          Media - Paris
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80
          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82
          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86
          or
          Media - New York
          Flavie Lemarchand-Wood
          Phone: +(212) 572 1118
          or
          Investor Relations - Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          or
          Investor Relations - New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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


ASCOT-BRISTOL: Bankruptcy Proceedings Pending in Potsdam Court
--------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Ascot-Bristol Hotelentwicklungs- und betriebs GmbH on
Dec. 31, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 28, 2005 to register their claims with court-
appointed provisional administrator Dr. Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting on March 30, 2005, 8:50 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam 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:  ASCOT-BRISTOL HOTELENTWICKLUNGS- UND BETRIEBS GMBH
          Asta-Nielsen-Strasse 2
          14480 Potsdam
          Contact:
          Manfred Saalfelder, Manager

          Dr. Ulrich Wenzel, Insolvency Manager
          Kurfurstendamm 58
          10707 Berlin


AUFBAU BRANDENBURG: Court Sets Deadline for Filing of Claims
------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Aufbau Brandenburg a. d. Havel Grundstucks- und
Althausentwicklungsgesellschaft mbH on Dec. 31, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 25, 2005
to register their claims with court-appointed provisional
administrator Dr. Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 8:30 a.m. at the district court of
Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam 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:  AUFBAU BRANDENBURG A. D. HAVEL GRUNDSTUCKS- UND
          ALTHAUSENTWICKLUNGSGESELLSCHAFT MBH
          Grosse Munzstasse 12
          14776 Brandenburg

          Dr. Ulrich Wenzel, Insolvency Manager
          Kurfurstendamm 58
          10707 Berlin


AUTOHAUS SPRAU: Creditors Meeting Set Mid-February
--------------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against Autohaus Sprau Gesellschaft mit beschrankter Haftung on
Dec. 16, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors had until
Jan. 19, 2005 to register their claims with court-appointed
provisional administrator Thomas Heimes.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 2:15 p.m. at the district court of
Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS SPRAU GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Kurt-Schumacher-Strasse 23
          66130 Saarbrucken
          Contact:
          Hannelore Sprau, Manager

          Thomas Heimes, Insolvency Manager
          Faktoreistrasse 4
          66111 Saarbrucken
          Phone: (0681) 41010
          Fax: (0681) 4101279


CEGONIA GMBH: Declares Bankruptcy
---------------------------------
The district court of Rostock opened bankruptcy proceedings
against Cegonia GmbH on Dec. 20, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 31, 2005 to register their
claims with court-appointed provisional administrator Bjorn
Junge.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 10:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock 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:  CEGONIA GMBH
          Mariannenstrasse 9-10
          10999 Berlin
          Contact:
          Jorg Hoffmann-Vojnic, Manager

          Bjorn Junge, Insolvency Manager
          Graf-Schack-Strasse 14
          18055 Rostock


EDUARD JOCKER: Calls First Creditors Meeting
--------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Eduard Jocker GmbH on Dec. 31, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 28, 2005 to register their
claims with court-appointed provisional administrator Stephan
Ries.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 10:10 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal 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:  EDUARD JOCKER GMBH
          Zum Tal 56
          42349 Wuppertal

          Eduard Jocker, Manager
          Hulsen 31
          42349 Wuppertal
          Stephan Ries, Insolvency Manager
          Friedrichstr. 51
          42105 Wuppertal
          Phone: 0202/493 93370
          Fax: 0202/4939329


HELMUT FINGERHUT: Claims Verification Date Set
----------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Helmut Fingerhut & Co. Gesellschaft mit beschrankter
Haftung on Dec. 31, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 3, 2005 to register their claims with court-
appointed provisional administrator Dr. Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 9:55 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal 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:  HELMUT FINGERHUT & CO. GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Kruppstrasse 8-10
          42489 Wulfrath

          Andreas Armbruster, Manager
          Lacherstrasse 54
          42657 Solingen

          Bernd Guldenring, Manager
          Florastrasse 15
          42655 Solingen

          Dr. Rainer Maus
          Turmhof 15
          42103 Wuppertal
          Phone: 0202/49 37 00
          Fax: 0202/45 13 66


HELMUT KRUMME: Last Day for Filing of Claims February 28
--------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Helmut Krumme GmbH on Jan. 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 28, 2005 to register their
claims with court-appointed provisional administrator Norbert
Kruse.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 10:00 a.m. at the district court
of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2-6, 48149
Munster 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:  HELMUT KRUMME GMBH
          Ridderstrasse 30
          48683 Ahaus
          Contact:
          Helene Krumme, Manager

          Norbert Kruse, Insolvency Manager
          Bonhoefferstr. 10
          48282 Emsdetten
          Phone: 02572/875-0
          Fax: +49257287533


INNENAUSBAU BUTZOW: Administrator's Report Out Mid-March
--------------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Innenausbau Butzow GmbH on Dec. 21, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 11, 2005 to
register their claims with court-appointed provisional
administrator Bjorn Junge.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 9:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock 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:  INNENAUSBAU BUTZOW GMBH
          Bahnhofstrasse 16a
          18246 Butzow
          Contact:
          Rene Zengel, Manager

          Bjorn Junge, Insolvency Manager
          Graf-Schack-Strasse 14
          18055 Rostock


L & P GESAMTPLANUNGSGESELLSCHAFT: Succumbs to Bankruptcy
--------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against L & P Gesamtplanungsgesellschaft fur Hochbau mbH on Dec.
12, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 7, 2005 to register their claims with court-appointed
provisional administrator Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2003, 10:15 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresden 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:  L & P GESAMTPLANUNGSGESELLSCHAFT FUR HOCHBAU MBH
          Anton-Graff-Str. 17
          01309 Dresden,

          Lothar Limper, Manager
          Untietheide 6a
          48163 Munster

          Barbara Fritzer, Insolvency Manager
          Selliner Str. 6
          01109 Dresden


OTTE GEHAUSE: Creditors Meeting Set Second Week of February
-----------------------------------------------------------
The district court of Syke opened bankruptcy proceedings against
OGS Otte Gehause Systeme GmbH on Dec. 23, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 3, 2005 to
register their claims with court-appointed provisional
administrator Jurgen Sander.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 10, 2005, 10:00 a.m. at the district court
of Syke, Saal 112, Nebenstelle, Hauptstr. 5A, Syke 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 April 14, 2005, 9:15 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  OGS OTTE GEHAUSE SYSTEME GMBH
          Siemensweg 3
          31603 Diepenau

          Karl Heinz Otte, Manager
          Sudriede 15
          32369 Rahden

          Dr. Jurgen Sander, Insolvency Manager
          An der Beeke 22
          28844 Weyhe


WCM GROUP: Ruling Undermines Validity of 2004 AGM Resolutions
-------------------------------------------------------------
The 5th Division of the Frankfurt District Court upheld the
action to rescind the resolutions of the WCM Annual General
Meeting on 9 June 2004.

In the opinion of the court, a vote should have been held on the
person chairing the meeting.  A small shareholder had moved to
vote out Dr. Dieter H. Vogel as the Chairman of the Annual
General Meeting.  Mr. Vogel refused a vote citing the
determination of the Chairman of the Supervisory Board as
Chairman of the Annual General Meeting in the articles of
association.

The court, however, is of the opinion that the right of self-
organization of the Annual General Meeting takes precedence over
the issue of whether there was any actual reason for such a
deselection.

The Management Board considers the decision of the District
Court incorrect and plans to appeal.  As the decision is not
final, there is no material impact on the corporate management.

                            *   *   *

The results of ordinary business activity in the WCM Group
totaled -EUR10.6 million in Q3 2004 (EUR26.3 million).  In the
first nine months, the results of ordinary business activity
amounted to -EUR27.5 million (EUR2.7 million).

EBIT in Q3 2004 was EUR3.0 million (EUR46.2 million).  In the
first nine months, EBIT was EUR11.4 million (EUR58.5 million).
EBITDA was EUR14.8 million compared to EUR57.7 million year-on-
year.  In the first nine months, EBITDA was EUR45.6 million
(EUR90.1 million).

CONTACT:  WCM GROUP
          Ms. Maren Moisl
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          E-mail: presse@wcm.de


WENDLANDT GMBH: Deadline for Filing of Claims Nears
---------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Wendlandt GmbH on Dec. 31, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 2, 2005 to register their
claims with court-appointed provisional administrator Norbert
Schrader.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 9:10 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal 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:  WENDLANDT GMBH
          Hatzfelder Str. 161
          42281 Wuppertal
          Contact:
          Bernd Dietmar Wendlandt

          Norbert Schrader, Insolvency Manager
          Briller Strasse 2
          42103 Wuppertal
          Phone: 0202-38906-0
          Fax: 3890622


WORK LINE: Gives Creditors Until February to File Claims
--------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Work Line GmbH Beratung fur Betriebswirtschaft und
Informationssysteme on Dec. 31, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 10, 2005 to register their claims with
court-appointed provisional administrator Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 9:00 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal 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:  WORK LINE GMBH BERATUNG FUR BETRIEBSWIRTSCHAFT UND
          INFORMATIONSSYSTEME
          Freiheitstrasse 1-5
          40822 Mettmann
          Contact:
          Werner Lambertz, Manager

          Stephan Ries, Insolvency Manager
          Friedrichstr. 51
          42105 Wuppertal
          Phone: 0202/493 93370
          Fax: 0202/4939329


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


MALEV AIRLINES: Chief Executive Bailing out, Says Paper
-------------------------------------------------------
Laszlo Sandor, chief executive of ailing Malev Hungarian
Airlines Rt., is quitting, says Budapest Business Journal citing
daily Nepszabadsag.

The company, however, refuses to confirm the report and Allami
Privatizacios es Vagyonkezelo Rt. (APV), the country's
privatization agency and owner of Malev, denies receiving
"official indication" that Mr. Sandor is leaving.

At any rate, APV does not believe Mr. Sandor's departure will
affect Malev's privatization.  The agency is scheduled to review
bids for Malev at the end of February.  Rumors of a possible
management shakeup has been circulating for months now; but
Malev has repeatedly denied them.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT.
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu


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


JSG FUNDING: EUR370 Million Sub Notes Rated 'B-'
------------------------------------------------
Fitch Ratings assigned JSG Funding plc's new EUR370 million
equivalent of senior subordinated notes due 2015 a 'B-' (B
minus) rating.  Fitch has also assigned JSG Holdings Plc's new
EUR325 million subordinated PIK notes due 2015 a 'CCC+' rating.
Both JSG Funding and JSG Holdings are intermediate holding
companies of Ireland-based Jefferson Smurfit group.  The new
issuance does not alter the group's various existing debt
instruments (detailed below), whose ratings are affirmed with a
Stable Outlook.

The proceeds from the EUR370 million senior subordinated notes
will be used to refinance the existing 15.5% PIK notes due 2013
and will result in a moderate increase in cash interest payable.
However, Fitch expects that the increase in cash payable will be
offset by the reduction in senior secured debt, following the
disposal of Smurfit's specialty paper business Munksjo.
Although the new notes are issued by JSG Funding as are the 'B'-
rated existing senior subordinated notes due 2012, the rating of
the new notes is one notch below the existing notes' due to
their contractual subordination.

Fitch notes that the proceeds of the new PIK notes will be used
to fund a capital reduction.  This transaction effectively
allows Smurfit to make a cash payment to the group's
shareholders, including private equity sponsors Madison Dearborn
Partners by issuing a tranche of deeply subordinated debt.
Although this increases the total level of debt, the EUR325
million PIK notes will not pay cash interest and therefore will
not affect the group's cash interest coverage ratios.

The PIK notes will be contractually and structurally
subordinated to all existing liabilities within the group and
their maturity falls beyond the maturities of all existing debt
instruments, except for the USD292m Yankee bonds due 2025.  The
PIK notes do not benefit from any guarantees and a default under
the PIK notes would not trigger a default of Smurfit's existing
liabilities.  The 'CCC+' ratings reflect their deeply
subordinated position within the group structure.

Fitch expects that the scheduled amortization payments under the
senior secured facilities will be substantially reduced in 2005
due to the reduction in senior secured debt as a result of the
Munksjo disposal and the recent EUR210 million receivables
securitization transaction.  In addition, Smurfit has
significant liquidity in the form of an undrawn EUR425 million
revolving credit facility and EUR201 million cash on balance
sheet as at 30 September 2004.

Ratings of the group's subsidiary and debt instruments are
affirmed as:

(a) JSG Acquisitions: Senior Unsecured 'B+'; Senior secured
    credit facilities: 'BB'; and

(b) JSG Funding plc's senior notes: 'B', and junior notes: 'B-'
    (B minus) (to be withdrawn upon completion of tender offer).

At present, the Outlook for all ratings is Stable.

Smurfit is one of the largest European integrated manufacturers
of containerboard, corrugated containers and other paper-based
packaging products.  The group has operations in Europe and
Latin America.

CONTACT:  JSG FUNDING
          Daragh Murphy, London
          Phone: +44 (0)20 7417 6344
          Rachel Hardee
          Phone: +44 (0)20 7417 6322

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


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


PARMALAT FINANZIARIA: Soccer Club Piques Interest of Two Buyers
---------------------------------------------------------------
Guido Angiolini, president of Gialloblu, will not accept any
offer that is less than EUR30 million, Sportinglife.com reported
recently.

"Considering all the circumstances, for less than 30 million
euros I would not sell," said Mr. Angiolini, who manages the
day-to-day affairs of the Serie A football club owned by Italian
food giant Parmalat.

Considered a non-core asset, the club has been on the auction
block since Parmalat's collapse in December 2003.  According to
Troubled Company Reporter-Europe, the club's liabilities now
total EUR182 million.

"We have two Italian companies interested in acquiring Parma,"
Mr. Angiolini told Gazzetta dello Sport recently, but he
declined to name them.

He denied that Brescia businessman Franco Berardi is one of
them.  Mr. Berardi has been rumored to be targeting the Parma-
based Gialloblu next after failing to acquire Chievo Verona.

"For us he (Berardi) is unknown," said Mr. Angiolini told the
Italian daily. "I've read his comments but we have nothing to do
with him nor will we in the future."

A deal, however, would not be completed until the end of the
season, according to Mr. Angiolini, who sets June or even later
as the ideal time.  He added the club is prepared to sell most
of its top players if this will help settle the club's debt.
One bankable player is striker Alberto Gilardino, who was last
season's highest goal scorer in Serie A.

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


PARMALAT U.S.A.: Asks Court to Extend Exclusive Periods
-------------------------------------------------------
Parmalat U.S.A. Corporation and its debtor-affiliates ask the
United States Bankruptcy Court for the Southern District of New
York to extend the period during which they have the exclusive
right to propose and file Chapter 11 plans to and including
March 25, 2005, and the period during which they may solicit
acceptances of any plans filed to and including May 24, 2005.

General Electric Capital Corporation and Citicorp, N.A., support
the proposed extension.  GE Capital Public Finance, Inc., the
lessor under certain prepetition Master Lease Finance Agreement
with Farmland Dairies, LLC, which agreement governs the plant
equipment at Farmland's Northeast and Michigan facilities, also
supports the Debtors' request.

Marcia L. Goldstein, Esq., at Weil, Gotshal & Manges, LLP, in
New York, relates that the U.S. Debtors have made significant
progress towards emergence from Chapter 11.  Most significantly,
the Debtors filed a Plan and accompanying Disclosure Statement
with the support of key creditor constituencies and the Official
Committee of Unsecured Creditors.  The Court approved the U.S.
Debtors' Disclosure Statement on January 14, 2005.

Moreover, the Exclusive Periods have permitted the U.S. Debtors
to negotiate and reach a reasonable agreement with GE Capital
Public Finance, key creditor constituencies, and the Creditors
Committee without the threat of entertaining competing plans of
reorganization.  If the Debtors cannot preserve the exclusive
right to present and file a plan of reorganization, the balance
that has permitted the parties-in-interest to forge reasonable
terms for the Debtors' emergence will be lost.

According to Ms. Goldstein, Farmland has been working diligently
to ensure that it exits Chapter 11 quickly.  A key component of
and condition precedent to Farmland's ability to emerge from
Chapter 11 under the Plan is obtaining a working capital credit
facility or facilities totaling approximately $100,000,000.  To
ensure that Farmland will have the required Exit Financing in
place, Farmland sought and obtained the Court's authority to pay
certain deposits and fees and expenses for up to three potential
lenders.

Farmland also has taken steps to obtain additional credit to
continue operating its business through the Effective Date.  To
this end, Farmland sought and obtained the Court's permission to
obtain up to $15,000,000 in supplemental postpetition financing.

Farmland continues to maximize the value of its estate through
the sale of certain non-core, non-operating properties, and
surplus assets.  Farmland has already sold three non-operating
properties and conducted three auctions of surplus assets.  Most
recently, Farmland entered into a stalking-horse contract, and
on December 16, 2004, conducted an auction for the sale of a
non-operating property in West Caldwell, New Jersey.  Farmland
anticipates closing the sale of the West Caldwell Property
before the end of the year and recovering approximately
$2,100,000 for its estate as a result of the sale.

In addition, Farmland has entered into a contract for the sale
of a non-operating property in Atlanta, Georgia, and is
finalizing a contract for the sale of a smaller property in
Washington, Georgia.  Farmland anticipates selling approximately
eight other non-operating properties and conducting at least one
additional auction of surplus assets within the next three
months.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt. (Parmalat Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


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


ROYAL SHELL: New Measure Seeks to Address Accountability Issues
---------------------------------------------------------------
From now on Royal Dutch/Shell will identify who is accountable
for every exploration and production project it undertakes, The
Financial Times said Tuesday.

In an internal newsletter seen by the paper, the company said it
will identify 20 priority projects on January 26 that offer the
quickest way to replenish its proved oil and gas reserves.
Along with the list are the "name and accountability of each
project manager and decision executive [on projects costing more
than US$100 million]..."

The new measure, appropriately labeled "single point
accountability," is Shell's answer to avoid a repeat of last
year's reserves overbooking scandal, which critics blamed to the
lack of direct lines of responsibility in the company.
Executives will discuss this measure and its plans to boost
flagging reserves at the company's February 3 annual earnings
meeting.

"We simply cannot allow ambiguity as to who is accountable and
we have to sort out any such issues now. This list is only the
start," The Financial Times quoted Malcolm Brinded as saying at
a recent meeting of Shell's senior exploration and production
executives.

Meanwhile, CEO Jeroen van der Veer reportedly told a meeting of
the company's most senior managers recently that his head and
that of Mr. Brinded are "on the block" unless the reserves
problem is fixed.  Last year, the Anglo-Dutch energy giant was
forced to cut its proved reserves by almost a quarter after the
overbooking scandal broke out.  Shortly after, Mr. Brinded, who
heads the exploration division, admitted more cuts are
forthcoming, especially after the completion of a new "well-by-
well" audit.

Shell now aims to close the gap with rivals such as BP and
ExxonMobil.  In line with this plan, it will hire 1,000
engineers this year to help realize its goal of finding new
reserves equal to 100 percent of the oil and gas it extracts in
the next four years.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


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


AUTO-TRANSPORT: Gives Creditors Until February to File Claims
-------------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Auto-Transport Enterprise after finding the
open joint stock company insolvent.  The case is docketed as
A64-1772/04-18.  Mr. A. Baklykov has been appointed insolvency
manager.  Creditors have until February 17, 2005 to submit their
proofs of claim to 392000, Russia, Tambov region,
Internatsionalnaya Str. 118.

CONTACT:  AUTO-TRANSPORT ENTERPRISE
          Russia, Tambov region,
          Astrakhanskaya Str. 217

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


BASIS: Insolvency Manager to Temporarily Oversee Business
---------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Industrial-Building Corporation Basis after
finding the open joint stock company insolvent.  The case is
docketed as A73-10429/2004-39.  Ms. I. Korol has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to insolvency Manager 680006, Russia, Khabarovsk region, Post
User Box 95/35.

CONTACT:  BASIS
          680000, Russia, Khabarovsk region,
          P. Komarova Str. 6, Office 115

          Ms. I. Korol, insolvency Manager
          680006, Russia, Khabarovsk region,
          Post User Box 95/35


BOR-SEA-PRODUCT: Sakhalin Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Bor-Sea-Product after finding the open joint
stock company insolvent.  The case is docketed as A59-267/04 S9.
Mr. L. Malkov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 693021, Russia, Yuzhno-
Sakhalinsk, Lugovoye region, Komarova Str. 1, Office 2.

CONTACT:  Mr. L. Malkov
          Insolvency Manager
          693021, Russia, Yuzhno-Sakhalinsk region,
          Lugovoye region, Komarova Str. 1, Office 2


GEORGIEVSKOYE ENTERPRISE: Public Auction Set Today
--------------------------------------------------
Bidding organizer LLC Fok will sell the properties of CJSC
Georgievskoye Enterprise of Computer Machines and Information
today at 11:00 a.m.  The public auction will take place at
Russia, Stavropol region, Selektsionnaya Str. 9.

For sale is a complex of immovable properties located at Russia,
Georgievsk, Oktyabrskaya Str. 142.  Starting price is
RUB1,158,630.  Bidding requirements must be submitted to Russia,
Stavropol region, Elektsionnaya Str. 9.

CONTACT:  GEORGIEVSKOYE ENTERPRISE OF COMPUTER MACHINES AND
          INFORMATION
          Russia, Stavropol region,
          Georgievsk, Oktyabrskaya Str. 142

          FOK
          Bidding Organizer
          Russia, Stavropol region,
          Selektsionnaya Str. 9


KHABAROVSKIY ZARYA: Declared Insolvent
--------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Khabarovskiy Furniture Combine Zarya after
finding the open joint stock company insolvent.  The case is
docketed as A73-7982/2003-38.  Mr. V. Ignatov has been appointed
insolvency manager.  Creditors have until February 17, 2005 to
submit their proofs of claim to 680006, Russia, Khabarovsk
region, Post User Box 95/35.

CONTACT:  KHABAROVSKIY FURNITURE COMBINE ZARYA
          680006, Russia, Khabarovsk region,
          Krasnorechenskaya Str. 111

          Mr. V. Ignatov
          Insolvency Manager
          680006, Russia, Khabarovsk region,
          Post User Box 95/35


NORTH ORE: Under Bankruptcy Supervision
---------------------------------------
The Arbitration Court of Chukotskiy autonomous region commenced
bankruptcy supervision procedure on CJSC North Ore Technologies.
The case is docketed as A73-21/2004-B.  Mr. O. Syskov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to Russia, Khabarovsk region, Zaparina
Str. 67-7.

CONTACT:  NORTH ORE TECHNOLOGIES
          689450, Russia, Chukotskiy Autonomous region,
          Bilino, Lenina Str. 6

          Mr. O. Syskov
          Temporary Insolvency Manager
          Russia, Khabarovsk region,
          Zaparina Str. 67-7


OLDOY: Amur Court Opens Bankruptcy Proceedings
----------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Oldoy after finding the close joint stock
company insolvent.  The case is docketed as AO4-2839/04-6/119B.
Mr. D. Gumirov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to Russia, Blagoveshensk
region, Shevchenko Str. 7, Room 2.

CONTACT:  OLDOY
          Russia, Amur region,
          Tynda

          Mr. D. Gumirov
          Insolvency Manager
          Russia, Blagoveshensk region,
          Shevchenko Str. 7, Room 2

          THE ARBITRATION COURT OF SARATOV REGION
          410031, Russia, Saratov region,
          Pervomayskaya Str. 74


ROAD MACHINES: Hopes to Raise RUB5 Million in Public Auction
------------------------------------------------------------
The insolvency manager and bidding organizer of OJSC Factory of
Road Machines will sell the company's properties on February 2,
2005, 12:00 noon.  The public auction will take place at Russia,
Kamyshlov region, Severnaya Str. 65.  For sale is one lot of
properties with a starting price of RUB5,159,661.30.

CONTACT:  FACTORY OF ROAD MACHINES
          Russia, Kamyshlov region,
          Severnaya Str. 65

          Insolvency Manager
          Russia, Ekaterinburg region,
          Mamina-Sibiryaka Str. 187


UGLE-STROY: Declares Bankruptcy
-------------------------------
The Arbitration Court of Sakha Republic-Yakutiya commenced
bankruptcy proceedings against LLC Ugle-Stroy-Trans after
finding the limited liability company insolvent.  The case is
docketed as A58-1622/2004.  Mr. K. Popov has been appointed
insolvency manager.  Creditors have until February 17, 2005 to
submit their proofs of claim to 677007, Russia, Sakha Republic-
Yakutiya, Yakutsk, Krupskoy Str. 35.

CONTACT:  UGLE-STROY-TRANS
          678980, Russia, Sakha Republic-Yakutiya,
          Neryungri, Chulman, Aldanskaya Str. 70

          Mr. K. Popov
          Insolvency Manager
          677007, Russia, Sakha Republic-Yakutiya,
          Yakutsk, Krupskoy Str. 35


YAROSLAVSKOYE PEAT: Claims Filing Deadline Expires Next Month
-------------------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Yaroslavskoye Peat Enterprise after finding
the limited liability company insolvent.  The case is docketed
as A82-328/04-36-B/3.  Mr. S. Borisov has been appointed
insolvency manager.  Creditors have until February 17, 2005 to
submit their proofs of claim to 152931, Russia, Yaroslavl
region, Rybinsk, V. Naberezhnaya Str. 171-A.

CONTACT:  YAROSLAVSKOYE PEAT ENTERPRISE
          150008, Russia, Yaroslavl region,
          Klubnaya Str. 72

          Mr. S. Borisov
          Insolvency Manager
          152931, Russia, Yaroslavl region,
          Rybinsk, V. Naberezhnaya Str. 171-A


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


CONCORDIA BUS: Alvarez & Marsal Joins Restructuring Team
--------------------------------------------------------
Concordia Bus AB on Jan. 15 said it will be initiating immediate
discussions with the Group's shareholders and noteholders
regarding plans for strengthening the Group's balance sheet
through a recapitalization.

These plans do not affect the balance sheets of the operating
businesses, which remain cash generative.  The operating
business will continue to provide all bus services to passengers
and customers.  The Group has appointed Alvarez & Marsal, the
global management and advisory services firm, to assist it in
its negotiations with its stakeholders.

                            *   *   *

In December, Standard & Poor's Ratings Services placed its 'CCC'
long-term corporate credit rating on Sweden-based bus operator
Concordia Bus AB on CreditWatch with negative implications.

"The CreditWatch placement reflects our concerns over whether
the company will be able to meet its next interest rate
payments, totaling about SKR135 million, which fall due in
February 2005," said Standard & Poor's credit analyst Magnus
Pettersson.

At Nov. 30, 2004, Concordia Bus had SKR144 million (US$21.22
million) in available cash and SKR62 million in restricted cash.
Improvement in the company's profitability has been below
expectations.  Given the uncertainty over the company's cash
flow position after the fourth quarter ending Feb. 28, 2005,
there is a risk that the interest payments totaling SKR135
million due in February 2005 will not be met.

CONTACT:  CONCORDIA BUS AB
          Frode Larsen, Chief Executive Officer
          Phone:+ 47 67 83 29 33
          Mobile: + 47 92 80 00 02

          Alvarez & Marsal Europe Limited
          London (Europe HQ)
          5th Floor
          One Canada Square
          Canary Wharf
          London E14 5AA
          Phone: +44 207 715 5200
          Fax: +44 207 715 5201
          Web site: http://www.alvarezandmarsal.com


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


SWISS INTERNATIONAL: Downsizing Fleet, Axing Hundreds of Staff
--------------------------------------------------------------
Swiss International is being forced to focus more strongly than
ever on profitable markets and competitive structures in light
of the difficult overall operating parameters, still-rising
competitive pressures (especially from the low-cost carriers)
and continuing fare erosion in Europe.

In view of this, the company has taken a number of further far-
reaching decisions.  These include the planned downsizing of the
fleet by at least 13 regional aircraft.  The flights concerned
should largely be taken over by partner airlines, so that
customers continue to enjoy an attractive and comprehensive
range of air transport services.  This, together with further
actions, is expected to reduce the Swiss workforce by 800 to
1,000 positions over the next 18 months.  Cost savings are also
expected through the imminent negotiation of the collective
labor agreements and through contractual negotiations with
suppliers.  Swiss aims to achieve a recurring CHF300 million
improvement in its net annual costs, the full effect of which
should be felt from 2007 onwards.

The Swiss Board of Directors and the Management Board want to
make Swiss a sustainable, competitive airline, and have agreed a
further raft of measures designed to achieve this objective.
The potential available to Swiss as Switzerland's network
airline must be fully exploited, and a further substantial cost
reduction must be effected, if Swiss is to achieve the
profitability it seeks in order to gain the entrepreneurial
scope required for further investment and future business
growth.

Present indications suggest that, if the actions resolved are
not swiftly implemented, Swiss will be unable to post a positive
operating result for 2005.

Network and Fleet Restructuring

Swiss intends to strengthen its Zurich hub and transform its
Geneva and Basel operations into cost-covering production
systems.  On top of this, the company aims to expand its Zurich-
based network through codeshare collaborations with partner
carriers.  Swiss also intends to deploy larger equipment on
certain routes, to offer customers greater in-flight comfort and
reduce its unit costs in response to the competition it faces
from the low-cost carriers.

Swiss plans to transfer a large number of the routes currently
operated from Basel to partner airlines' operation in the course
of 2006.  The company intends to retain its presence in Basel,
however, through co-branding agreements with airline partners:
all these services should be operated as codeshares, ensuring
that Basel-based customers can continue to enjoy the benefits of
the Swiss TravelClub and book all their flights via Swiss.  The
present Basel maintenance operations will be realigned to the
new operational arrangements.

In Geneva, the routes that are currently unable to generate a
profit will be analyzed carefully and transferred to codeshare
services operated by partner carriers where appropriate.  The
present service network should be maintained.

Which aircraft will be affected by the fleet downsizing is
currently the subject of ongoing negotiations with partner
airlines and the potential purchasers of the equipment
concerned.

This new project is connected with the intention to wind up
Europe Continental Airways (ECA), Swiss's French-based
subsidiary.  The ECA works council has been approached
accordingly, at the instigation of ECA Executive Management.

Elimination of 800 to 1,000 Positions by Mid-2006

The present surpluses in personnel numbers in certain parts of
the company, the planned fleet downsizing and other company-wide
actions envisaged to raise productivity will entail a further
substantial reduction of the Swiss workforce by 800 to 1,000
positions.  Partnerly solutions will be sought together with the
company's unions for the personnel affected.  The reduction will
be effected over an extended period, but will be completed by
mid-2006.  Around a third of the reductions are expected to be
achieved through natural attrition.

Negotiations to be commenced on New Collective Labor Agreements

It is Swiss's declared goal to ensure the future of as many jobs
as possible, and to create new ones again in the longer term.
But all Swiss employees -- in the cockpit, in the cabin, on the
ground and among its management corps -- must be consistently
deployed more productively.  In addition to efficiency and
productivity improvements, the company will also be seeking to
establish a salary structure that is aligned more closely to the
competitive environment.

Swiss intends to initiate negotiations with its unions
immediately to this end.  The company has already devised
corresponding cornerstone papers for such discussions.  And
agreement will be sought on these cornerstones among the social
partners over the next few weeks.  Detailed negotiations will
then be embarked upon once this has been achieved.

Further Savings in Materials Costs

Further substantial economies should be achieved in Swiss's
materials costs, both within the company and with its various
suppliers.  Bought-in services will in future be handled
centrally by a newly created Chief Procurement Officer.

Positioning as a Successful European Quality Airline

It remains the declared goal of Swiss International Air Lines to
be a network carrier with a hub in Zurich that connects
Switzerland with Europe and the world.  With its new customer-
focused user concept, Swiss's Zurich base will be one of
Europe's most attractive hubs.  Geneva will connect Western
Switzerland with the Zurich hub and offer direct services of its
own to international destinations.  In Basel, Swiss will work
with partner airlines to maintain a comprehensive range of
services for its customers.  Lugano will continue to be served
via partner carriers.

Swiss intends to further develop its position as a quality air
carrier.  The adoption of advanced new seats for the Airbus A320
fleet marks a further step in this direction.  The new user
concept for Zurich Airport will also deliver tangible added
value for Swiss customers.  And, with its new Boeing Business
Jet service to Newark, Swiss is introducing a top-quality
product for business travelers between Zurich and New York.

Buoyed by particularly encouraging results from its
intercontinental services, Swiss reported an overall seat load
factor for 2004 of 74.9%, an improvement of 2.5 percentage
points on the previous year.  But results for European services
were less than satisfactory; and analyses show that Swiss's
European network cannot be operated profitably with the present
production structures.  "The progress we have achieved to date
in improving our cost structures and tapping revenue potential
is impressive, but is by no means enough given the present
market trends," says President & Chief Executive Officer
Christoph Franz.  "The additional actions we have now resolved
are essential to make Swiss sustainably (sic) competitive and
create prospects for growth."

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@Swiss.com
          Web site: http://www.Swiss.com


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


BALTA' FUR: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on OJSC Balta' Fur Factory (code EDRPOU
00300044) on October 11, 2004.  The case is docketed as 32/184-
04-7530.  Mrs. Svitlana Safronova (License Number AA 783026) has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) BALTA' FUR FACTORY
    Ukraine, Odesa region,
    Balta, Tereshkova Str. 38

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


DNIPROSPETSEXPORT: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dniprospetsexport (code EDRPOU 32130834) on
November 25, 2004 after finding the limited liability company
insolvent.  The case is docketed as B 29/154/04.  Arbitral
manager Mr. Roman Bajduk (License Number AA 669664) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600298067020 at CB Promeconombank,
Dnipropetrovsk branch, MFO 306481

CONTACT:  DNIPROSPETSEXPORT
          49000, Ukraine, Dnipropetrovsk region,
          Gagarin Avenue, 13/5

          Mr. Roman Bajduk
          Liquidator/Insolvency Manager
          Ukraine, Dnipropetrovsk region,
          Chervonogo Kozachestva Str. 27/46

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


GNIVANSKE AUTO: Succumbs to Bankruptcy
--------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Gnivanske Auto Transport
Enterprise-10565 (code EDRPOU 05460858).  The case is docketed
as 5/545-04.  Arbitral manager Mr. N. Voznyakevich (License
Number AA 249802) has been appointed temporary insolvency
manager.  The company holds account number 260063012456 at
Prominvestbank, Vinnitsya central branch, MFO 302247.

Creditors may submit their proofs of claim to:

(a) GNIVANSKE AUTO TRANSPORT ENTERPRISE-10565
    Ukraine, Vinnitsya region,
    Tivrivskij district,
    Gnivan, Lenin Str. 98

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


KUPYANSK' SUGAR: Urges Creditors to File Claims
-----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Kupyansk' Sugar Combine (code
EDRPOU 00373215).  The case is docketed as B-48/08-04.  Mr. S.
Shapilov (License Number AA 520166) has been appointed temporary
insolvency manager.  The company holds account number
26002300279 at JSC Prominvestbank, Kupyansk branch, MFO 351511.

Creditors may submit their proofs of claim to:

(a) KUPYANSK' SUGAR COMBINE
    63702, Ukraine, Harkiv region,
    Kupyansk, Frunze Str. 3

(b) Mr. S. Shapilov
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Akademik Pavlov Str. 132-g/27

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


LVIV-MED: Court Grants Debt Moratorium Request
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Lviv-Med (code EDRPOU 20856683) on
December 1, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 6/355-29/289.  Mrs.
Olga Bobrovitska (License Number AA 630016) has been appointed
temporary insolvency manager.  The company holds account number
26000000285840 at JSC Index-Bank, Lviv regional branch, MFO
325279.

Creditors may submit their proofs of claim to:

(a) LVIV-MED
    79038, Ukraine, Lviv region,
    Medova Pechera Str. 7/6

(b) Mrs. Olga Bobrovitska
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Sokal, Makarenko Str. 22

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


MUDRIVKA: Court Brings in Temporary Insolvency Manager
------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Mudrivka (code EDRPOU
03793805).  The case is docketed as 01/3172.  Mr. Valentin
Gavrilchenko has been appointed temporary insolvency manager.
The company holds account number 26008301787041 at
Prominvestbank, Cherkassy central branch.

Creditors may submit their proofs of claim to:

(a) MUDRIVKA
    20920, Ukraine, Cherkassy region,
    Chigirin district, Topilivka

(b) Mr. Valentin Gavrilchenko
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Smilyanska Str. 80/37

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


OBLAGROLIZING: Harkiv Court Launches Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Oblagrolizing (code EDRPOU 30763811) on
November 26, 2004 after finding the limited liability company
insolvent.  The case is docketed as B-19/59-04.  Arbitral
manager Mr. Kolomitsev Genadij (License Number AA 520103) has
been appointed liquidator/insolvency manager.

CONTACT:  OBLAGROLIZING
          Ukraine, Harkiv region,
          Dergachivskij district, Solonitsivka,
          Zavodska Str. 49

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


OLEKSANDRIJSKE AUTO 13561: Names Temporary Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Oleksandrijske Auto Transport
Enterprise 13561 (code EDRPOU 03117464).  The case is docketed
as 10/89.  Mrs. Irina Kobets has been appointed temporary
insolvency manager.

CONTACT:  OLEKSANDRIJSKE AUTO TRANSPORT ENTERPRISE 13561
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Dnipropetrovske Shose Str. 2

          Mrs. Irina Kobets
          Temporary Insolvency Manager
          Ukraine, Kirovograd region,
          Oleksandriya, 50 Rokiv Zhovtnya Str. 22/4

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


PROMGIDRAVLIKA: Declared Insolvent
----------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Promgidravlika (code EDRPOU 32169311) on
November 18, 2004 after finding the limited liability company
insolvent.  The case is docketed as 25/82.  Mrs. O. Kretova
(License Number AA 487803) has been appointed
liquidator/insolvency manager.

CONTACT:  PROMGIDRAVLIKA
          69000, Ukraine, Zaporizhya region,
          Zachinyayev Str. 158A

          Mrs. O. Kretova
          Liquidator/Insolvency Manager
          69006, Ukraine, Zaporizhya region, a/b 123

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


PROMIN: Court Orders Debt Moratorium
------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Agricultural LLC Promin (code EDRPOU
30003351) on November 22, 2004 and ordered a moratorium on
satisfaction of claims.  Arbitral manager Mr. Igor Ponomaryov
(License Number AA 668347) has been appointed temporary
insolvency manager.  The company holds account number
26008000115 at JSB Express Bank, Konotop branch, MFO 337212.

Creditors may submit their proofs of claim to:

(a) PROMIN
    41600, Ukraine, Sumi region,
    Konotop district, Duhanivka

(b) Mr. Igor Ponomaryov
    Temporary Insolvency Manager
    41615, Ukraine, Sumi region,
    Konotop, Lazarevska Str. 15/2

(c) ECONOMIC COURT OF SUMI REGION
    40011, Ukraine, Sumi region,
    Ribalka Str. 2


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


AVECIA GROUP: Bondholders Accept Tender Offer with Amendments
-------------------------------------------------------------
In connection with its previously announced cash tender offer
and solicitation of related consents (the Initial Offer)
relating to its outstanding 11% Senior Notes due July 1, 2009
and pursuant to an Offer to Purchase and Consent Solicitation
Statement dated January 4, 2005 (as supplemented on January 12,
2005, the "Initial Offer to Purchase"), Avecia Group plc
announces that it has reached agreement with an unofficial
committee of holders representing approximately 64% of its Bonds
to amend the terms of the Initial Offer in certain respects.

All capitalized terms not defined herein have the meanings
ascribed to them in the Initial Offer to Purchase.  The revised
terms of the Amended Offer will include, among other things,
these modifications:

     (i) the Initial Offer will be revised to remove the
         Modified Dutch Auction mechanic for tendering Bonds and
         replace it with a fixed price offer for the Bonds;

    (ii) the Company will make available the full amount of
         US$459,000,000, the estimated amount of proceeds from
         the consummation of the sale of its NeoResins business
         to Koninklijke DSM N.V. (the Transaction), to fund the
         Amended Offer (such amount is made available upon the
         terms and subject to the conditions of the Amended
         Offer and subject to adjustment for U.S. dollar/Euro
         and Pounds Sterling/Euro exchange rate fluctuations)
         and, consequently, the Amended Offer will solicit
         tenders for up to 79% (US$426,900,000) aggregate
         principal amount of outstanding Bonds;

   (iii) the Company will extend each of the Consent Payment
         Deadline and the Withdrawal Deadline to 5:00 p.m., New
         York City time, on January 24, 2005 and the Expiration
         Time will also be extended until 12:00 Midnight on
         February 2, 2005;

    (iv) Bondholders that validly tender, and do not withdraw,
         their Bonds before the Consent Payment Deadline will
         receive Total Consideration of US$1,072.50 per
         US$1,000.00 principal amount of the Bonds tendered and
         accepted by the Company for purchase (which amount
         includes the Consent Payment ), subject to pro ration,
         plus any and all accrued and unpaid interest to, but
         not including, the Settlement Date;

     (v) Bondholders that validly tender their Bonds after the
         Consent Payment Deadline and prior to the Expiration
         Time will receive US$1,062.50 per US$1,000.00 principal
         amount of Bonds, plus any and all accrued and unpaid
         interest to, but not including the Settlement Date;

    (vi) upon consummation of the Amended Offer, the Consent
         Payment will be paid as part of the Total Consideration
         for Bonds validly tendered and not validly withdrawn
         prior to the Consent Payment Deadline, whether or not
         such Bonds are accepted by the Company for purchase
         pursuant to the Amended Offer; and

   (vii) the Amendments to the Indenture governing the Bonds
         will be modified to reflect the agreement reached with
         the Committee.  Such Amendments will include one-time
         waivers of those restrictive covenants contained within
         the Indenture to the extent required to effect the
         Transaction, modifications to the covenant on reports
         to Bondholders and modifications relating to the change
         of control covenant and the covenant relating to
         mergers, consolidations and sale of all or
         substantially all assets to permit certain transactions
         so long as sufficient funds are irrevocably deposited
         and subsequently used to redeem (or make a tender offer
         for) the then outstanding Bonds at the current
         redemption price (plus accrued interest) set forth in
         the Indenture, and for no other amendments to the
         covenants contained in the Indenture.

On condition that the Company amend the Initial Offer, the
Committee has agreed, subject to the terms of the Agreement, to
support the Amended Offer and to tender, and not withdraw, Bonds
that it holds (representing approximately 64% of the outstanding
amount of Bonds) on the Consent Payment Deadline and consent to
the amendments to the Indenture, as modified in the Amended
Offer.

As a consequence of amending and restating the offer, each of
the Consent Payment Deadline and the Withdrawal Deadline has
been extended by the Company to 5:00 p.m. New York City time, on
January 24, 2005, unless further extended.

The Company has also extended the Expiration Time until 12:00
Midnight, New York City time, on February 2, 2005, unless
further extended or earlier terminated by the Company by press
release or notice to the Tender Agent in the manner provided in
the Amended and Restated Offer to Purchase.  If the Amended
Offer is consummated, the Settlement Date will be on a date
promptly after the acceptance by the Company of tendered Bonds.
The Company currently expects the Settlement Date (subject to
any extension thereof) to be February 7, 2005.

On January 18, 2005, the Company will issue an Amended and
Restated Offer to Purchase (dated January 18, 2005) to reflect
the terms of the Amended Offer.  The Amended Offer is being made
solely pursuant to the Amended and Restated Offer to Purchase
which, among other things, (a) more fully sets forth and governs
the terms and conditions of the Amended Offer, (b) contains
additional information about the terms of the Amended Offer, (c)
sets forth how to tender Bonds and deliver Consents and (d)
contains the conditions to the Amended Offer.

Bonds tendered and Consents delivered pursuant to the terms of
the Initial Offer to Purchase will remain valid for the purposes
of the Amended Offer, unless withdrawn in accordance with the
terms of the Amended and Restated Offer to Purchase.

The Amended and Restated Offer to Purchase contains important
information that should be read carefully before any decision is
made with respect to the Amended Offer.  In deciding whether to
participate in the Amended Offer, each holder should carefully
consider the factors set forth under "Risks to Non-Tendering
Holders" and "Risks to Tendering Holders" in the Amended and
Restated Offer to Purchase.

Goldman, Sachs & Co. is acting as the exclusive dealer manager
for the Amended Offer.  The tender agent for the Amended Offer
is Bondholder Services Corporation and the Luxembourg tender
agent for the Amended Offer is Kredietbank S.A. Luxembourgeoise
(together, the Tender Agents).

Copies of the Amended and Restated Offer to Purchase can be
obtained (as well as information about the terms of the Amended
Offer, how to tender Bonds and the conditions to the Amended
Offer) by contacting Goldman, Sachs & Co. at 85 Broad Street,
New York, New York 10004, Attn: Liability Management Group on
(212) 357 3019.  Copies of the Amended and Restated Offer to
Purchase (as well as information about the terms of the Amended
Offer, how to tender Bonds and the conditions to the Amended
Offer) may also be obtained from the Tender Agents, Global
Bondholder Services Corporation, at 65 Broad Street - Suite 704,
New York, New York 10006, Attn: Corporate Actions on (212) 430
3774 or Kredietbank S.A. Luxembourgeoise, at 43 Boulevard Royal,
L 2955 Luxembourg, Attn: Cecilia Guichart, Corporate Trust and
Agencies Department, +352 47 97 39 35.

This announcement does not constitute a recommendation regarding
the Amended Offer.  Bondholders should seek advice from an
independent financial adviser as to the suitability of the
transactions described herein for the individual concerned.

UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN
INVITATION OR OFFER TO SELL OR THE SOLICITATION OF AN INVITATION
OR OFFER TO BUY THE BONDS.

THIS COMMUNICATION IS ONLY FOR CIRCULATION TO BONDHOLDERS AND TO
OTHER PERSONS TO WHOM IT MAY LAWFULLY BE ISSUED IN ACCORDANCE
WITH THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2001, ANY SUCH PERSON BEING A "RELEVANT
PERSON".  THIS COMMUNICATION MAY NOT BE ACTED UPON BY ANYONE WHO
IS NOT A RELEVANT PERSON.

                            *   *   *

In December, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K.-based specialty
chemicals producer Avecia Group PLC to 'CCC' from 'B-' due to
increased liquidity concerns.  The outlook remains negative.  In
addition, Standard & Poor's lowered its preference stock rating
on Avecia to 'C' from 'CCC-' and its senior unsecured debt
rating on the group to 'CC' from 'CCC'.

CONTACT:  AVECIA GROUP
          Public Affairs
          Phone: +44 (0)161 721 2942 / 2441
          Fax: +44 (0)161 721 5319

          GOLDMAN SACHS INTERNATIONAL
          Peterborough Court
          133 Fleet Street
          London EC4A 2BB
          England, United Kingdom
          Phone: 44-20-7774-1000
          Web site: http://www.gs.com

          KREDIETBANK S.A. LUXEMBOURGEOISE
          43, Boulevard Royal L-2955 Luxembourg
          Phone: (352) 47 971
          Fax: (352) 47 26 6
          Telex: 3418 kblux lu
          Swift: KBLX LU LL
          General Secretariat
          Phone: (352) 47 97 3112
          Web site: http://www.kbl.lu

          GLOBAL BONDHOLDER SERVICES CORPORATION
          65 Broad Street
          Suite 704, New York
          New York 10006
          Corporate Actions
          Phone: (212) 430 3774


BALTIMORE TECHNOLOGIES: Row with Earthport Escalates
----------------------------------------------------
Earthport plc has failed to comply with a High Court Order dated
21 December 2004, to which it consented, to pay Baltimore agreed
costs of GBP750 by 14 January 2005.  Earthport has also failed
to provide further information about its claim by 14 January
2005, as required under the High Court Order of 21 December
2004.

Since earthport is in breach of the High Court Order, Baltimore
applied on Monday to the High Court for a further order that,
unless earthport provides to Baltimore further information about
its claim by 28 January 2005 and pays GBP750 costs plus interest
within 24 hours, earthport's claim will be struck out.

Herbert Smith continues to consider that, on current
information, the claim against Baltimore is without merit.
Furthermore, if costs and interest (if awarded) remain unpaid,
the Company expects to apply for a winding up order.

                 Update Regarding Possible Offer
                   for Baltimore by Earthport

Baltimore notes that no offer for the Company has yet been made
by earthport, despite its announcement made on 20 December 2004,
which stated, "earthport confirms that it is considering a
possible offer for Baltimore.  Earthport intends to approach the
board of Baltimore in the next few days with its proposal and to
seek a recommendation..."

Baltimore also notes that earthport's accounts for year ended 30
June 2004 announced on 31 December 2004 were qualified and
indicate a negative net worth in excess of GBP6 million, and an
immediate need for GBP1.378 million to meet creditors' demands.

In the RNS release of its final results for the period ended 30
June 2004, dated 31 December 2004, earthport announced that "The
company has an immediate requirement to raise further funds" and
"The company has also entered into an investment agreement,
subject to the completion of due diligence and agreement of
final terms by 10 January 2005, for the investment of up to
GBP2.4 million in three monthly tranches of up to GBP0.8
million, through the issue of convertible loan notes by March
2005."

Baltimore notes that earthport has not made any further
announcement to date about the financial position and potential
fundraising.

CONTACT:  BISHOPSGATE COMMUNICATIONS LTD.
          Phone: 020 7430 1600
          Maxine Barnes
          Dominic Barretto
          E-mail: maxine@bishopsgatecommunications.com

          SHORE CAPITAL AND CORPORATE LTD.
          Phone: 020 7408 4090
          Alex Borrelli
          Simon Edwards


BENSON GROUP: Files for Liquidation; Cites Insurmountable Debt
--------------------------------------------------------------
At the Extraordinary General Meeting of Benson Group Limited,
held at Plumtree Court, London EC4A 4HT, on 6 January 2005,
these Resolutions were passed, as an Extraordinary Resolution
and as Ordinary Resolutions respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, that
Michael David Gercke and Ian Christopher Oakley Smith, of
PricewaterhouseCoopers LLP, be and are hereby appointed Joint
Liquidators of the Company for the purpose of its voluntary
winding-up, and that anything required or authorized to be done
by the Joint Liquidators be done by both or either of them."

At a Meeting of Creditors held on 6 January 2005 the Creditors
confirmed the appointment of Michael David Gercke and Ian
Christopher Oakley Smith as Joint Liquidators and that anything
required or authorized to be done by the Joint Liquidators be
done by both or either of them.

J Nugent, Chairman

                            *   *   *

Benson Group Limited provides construction, interior fit out and
property  maintenance services from six regional locations in
the U.K. for clients such as Tesco, Royal Sun Alliance and the
Royal Ballet School.  The company has 250 employees, and
turnover of more than GBP100 million in recent years.

CONTACT:  BENSON GROUP LIMITED
          31 London Road, Reigate, Surrey
          RH2 9S8
          Phone: 01737 222321
          Fax: 01737 223633

          PRICEWATERHOUSECOOPERS LLP
          Hill House,
          Richmond Hill,
          Bournemouth, Dorset BH2 6HR
          Phone: [44] (1202) 294621
          Fax: [44] (1202) 556978
          Web site: http://www.pwc.com


BITOR INTERNATIONAL: Shareholders Opt for Liquidation
-----------------------------------------------------
At the Extraordinary General Meeting of Bitor International
Limited, duly convened, and held at 8 Salisbury Square, London
EC4Y 8BB, on 10 December 2004, these Resolutions were passed, as
an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Nigel Ian Fox and Carl Stuart Jackson, of Tenon Recovery, be and
are hereby appointed Joint Liquidators for the purpose of such
winding-up."

E D'Angelo, Director

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


B.P.G. ENGINEERING: No Longer Viable
------------------------------------
At an Extraordinary General Meeting of B.P.G. Engineering U.K.
Limited held at Charnwood House, Gregory Boulevard, Nottingham
NG7 6NX, on 7 January 2005, this subjoined Extraordinary
Resolution was passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Patrick Ellward and Dilip Dattani, of Tenon Recovery, Charnwood
House, Gregory Boulevard, Nottingham NG7 6NX, be and are hereby
appointed Joint Liquidators for the purposes of such winding-up,
and are to act jointly and severally."

T Savage, Chairman

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


BRIDEWELL THEATRE: Creditors Bring in Liquidators from Menzies
--------------------------------------------------------------
At the Extraordinary General Meeting of The Bridewell Theatre
held at Menzies Corporate Restructuring, 17-19 Foley Street,
London W1W 6DW, on 7 January 2005, this Resolutions were passed
as an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Paul David Williams and Simon James Underwood, of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, be
and are hereby appointed Joint Liquidators of the Company for
the purposes of the winding-up."

At the subsequent Meeting of Creditors held at The Grange,
Langham Hotel, 31-35 Langham Street, London W1N 5RE, on the same
date, the Resolutions were ratified confirming the appointment
of Paul David Williams and Simon James Underwood as Joint
Liquidators.

R Cogo-Fawcett, Chairman

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


CLOCK RESTAURANT: Liquidator from BDO Stoy Hayward Enters Firm
--------------------------------------------------------------
At the Extraordinary General Meeting of Clock Restaurant Limited
held at the offices of BDO Stoy Hayward, 8 Baker Street, London
W1U 3LL, on 20 December 2004, the subjoined Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Malcolm Cohen and Antony David Nygate, of BDO Stoy Hayward LLP,
8 Baker Street, London W1U 3LL, are hereby appointed Joint
Liquidators for the purposes of such winding-up, and are to act
jointly and severally."

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Malcolm Cohen and Antony David Nygate was
confirmed.

M R Pearson, Chairman

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


COLOR-LABEL: Files for Liquidation
----------------------------------
By a written Resolution of the Members of the Color-Label
Limited dated 6 January 2005, this resolution was passed:

"That the Company be wound up voluntarily, and that Simon
Allport and Garry Wilson, of Ernst & Young LLP, 100 Barbirolli
Square, Manchester M2 3EY, be and they are hereby appointed
Joint Liquidators for the purposes of such winding-up, and any
power conferred on them by law or by this Resolution may be
exercised, and any act required or authorized under any
enactment to be done by them may be done by them jointly or by
each alone."

The company imports color cards and labels for paint, cosmetic
and pharmaceutical industries.

CONTACT:  COLOR-LABEL LIMITED
          100 Barbirolli Square, Manchester M2 3EY

          ERNST & YOUNG LLP
          100 Barbirolli Square, Manchester M2 3EY
          Contact:
          Simon Allport, Liquidator
          Garry Wilson, Liquidator


ISIS ELECTRICAL: Names Numerica Liquidator
------------------------------------------
At the Extraordinary General Meeting of Isis Electrical Services
Ltd. held at 81 Station Road, Marlow, Buckinghamshire SL7 1SX,
on 6 January 2005, at 3:45 p.m., these Resolutions were passed,
as an Extraordinary Resolution and as Ordinary Resolutions
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Peter Hughes-Holland and Frank Wessely of Numerica, 81 Station
Road, Marlow, Buckinghamshire SL7 1SX, be and are hereby
appointed Joint Liquidators for the purposes of such winding-up,
and that anything required or authorized to be done by the Joint
Liquidators be done by both or either of them."

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Peter Hughes-Holland and Frank Wessely was
confirmed.

A Davidson, Chairman

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax: 01903 207009
          Web site: http://www.numerica.biz


LONDON & LOCAL: Under Administration
------------------------------------
Administrators Frank Wessely and Peter Hughes-Holland of
Numerica were called in for London & Local Manufacturing Co.
Limited on January 5.  The company installs double glazed
windows, doors and conservatories.

CONTACT:  LONDON & LOCAL MANUFACTURING CO LIMITED
          Falcon House, 257 Burlington Road, New Malden
          Surrey KT3 4NE
          Phone: 02086417066

          NUMERICA
          81 Station Road, Marlow, Buckinghamshire SL7 1SX
          Contact:
          Frank Wessely, Administrator
          Peter Hughes-Holland, Administrator


MANCHESTER WEATHERCOAT: Appoints Begbies Traynor Liquidator
-----------------------------------------------------------
At the Extraordinary General Meeting of the Members of
Manchester Weathercoat Company Limited held at Elliot House, 151
Deansgate, Manchester M3 3BP, on 7 January 2005, these
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Stephen L Conn, of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP, be and is hereby appointed Liquidator of the
Company for the purpose of the voluntary winding-up, and any act
required or authorized under any enactment to be done may be
done by any one or more persons holding the office of Liquidator
from time to time."

J Sweeney, Chairman

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


NAS PORTFOLIO: Shareholders Choose to Liquidate Company
-------------------------------------------------------
Members of special purpose vehicle NAS PORTFOLIO LIMITED called
in liquidators Nicholas Roy Hood and Christopher Morris of
Begbies Traynor in December.  GFKL Financial Services AG and
ABIT Aktiengesellschaft AG are the company's shareholders.

CONTACT:  NAS PORTFOLIO LIMITED
          c/o Begbies Traynor, Chiltern House
          24-30 King Street, Watford WD18 0BP

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Contact:
          Nicholas Roy Hood, Liquidator
          Christopher Morris, Liquidator


OVEROAK PROPERTIES: Creditors Call in Liquidators
-------------------------------------------------
At the Extraordinary General Meeting of the Members of Overoak
Properties Limited held at Blake Lapthorn Linnell, Seacourt
Tower, West Way OX2 0FB, on 5 January 2005, these Extraordinary
Resolutions were passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that A
Clifton, of DTE Leonard Curtis, 3rd Floor, 50-52 Newhall Street,
Birmingham B3 3QE, be and is hereby appointed the Liquidator of
the Company for the purposes of such winding-up."

At the subsequent Meeting of Creditors held at the same place on
the same day, the voluntary liquidation was confirmed with the
appointment of A Clifton, of DTE Leonard Curtis, 3rd Floor, 50-
52 Newhall Street, Birmingham B3 3QE, as Liquidator.

P J Cudd, Director

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


PIRIFORMIS LIMITED: Final Members Meeting Set February
------------------------------------------------------
Notice is hereby given, pursuant to sections 93 and 94 of the
Insolvency Act 1986, that an Annual and Final Meeting of Members
of Piriformis Limited, Lewes Sports Injuries and Physiotherapy
Clinic Limited, and Sartorius Physiotherapy Limied will be held
at 3-5 Rickmansworth Road, Watford, Hertfordshire WD18 0GX, on
11 February 2005, at 11:00 a.m., for the purpose of having an
account laid before the Members showing the manner in which the
winding-up has been conducted and the property of the Companies
disposed of, and of hearing any explanation that may be given by
the Liquidator.  A Member entitled to attend and vote at the
above Meeting may appoint a proxy or proxies holder to attend
and vote instead of him or her.  A proxy need not be a Member of
the Companies.

S Draine, Liquidator
11 January 2005


PRINT MARQUE: Appoints Liquidators from Numerica
------------------------------------------------
At the Extraordinary General Meeting of Print Marque (U.K.) Ltd.
held at The Watermill Hotel, Bourne End, Hemel Hempstead,
Hertfordshire, on 23 December 2004, at 11.00 a.m., these
Resolutions were passed, as an Extraordinary Resolution and as
Ordinary Resolutions respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, that Frank
Wessely and Peter James Hughes-Holland, of Numerica, be and are
hereby appointed Joint Liquidators for the purpose of such
winding-up, and that anything required or authorized to be done
by the Joint Liquidators be done by both or either of them."

At a subsequent Meeting of Creditors, duly convened, pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Frank Wessely and Peter James Hughes-Holland
was confirmed.

M Bolan, Chairman

CONTACT:  PRINT MARQUE (U.K.) LTD.
          15 Mark Road, Hemel Hempstead
          Hertfordshire, HP2 7BN

          NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax: 01903 207009
          Web site: http://www.numerica.biz


SILVER EDGE: Shareholders See No Point in Continuing Operations
---------------------------------------------------------------
At the Extraordinary General Meeting of the Members of Silver
Edge (Notts) Limited held at Regency House, 21 The Ropewalk,
Nottingham NG1 5DU, on 11 January 2005, these Resolutions were
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Paul Finnity and Peter A Blair of Begbies Traynor, Regency
House, 21 The Ropewalk, Nottingham NG1 5DU, be and hereby are
appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up, and any act required or authorized
under any enactment to be done may be done by any one or more
persons holding the office of Liquidator from time to time."

L A Hole, Chairman

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


S.T.D. JOINERY: Administrators from Tenon Move in
-------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson were appointed
administrators to S.T.D. Joinery Limited in December.  The firm
manufactures staircases.  It has been in business since 1960.

CONTACT:  S.T.D. JOINERY LIMITED
          Hazeley Bottom, Hartley Witney, Hook
          Hampshire RG27 8LX
          Phone: 01252 842925
          Fax: 01252 844634
          Contact:
          G Cowdery, Managing Director
          K H Duff, Managing Director
          Philip Evans, General Manager

          TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford, Eastleigh
          Hampshire SO53 3TZ
          Contact:
          Nigel Ian Fox, Administrator
          Carl Stuart Jackson, Administrator


THAMES SHIPPING: Calls in Administrators from Begbies
-----------------------------------------------------
Administrators David Paul Hudson and Nedim Patrick Ailyan of
Begbies Traynor have been appointed to Thames Shipping Services
Limited in December.  The company was incorporated in July 1996.

CONTACT:  THAMES SHIPPING SERVICES LIMITED
          The Precinct, Cathedral Close
          Rochester, Kent ME1 1SZ

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea, Essex SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


TOTAL ESTATE: Creditors Hire BDO Stoy to Fold up Firm
-----------------------------------------------------
At an Extraordinary General Meeting of Total Estate And Asset
Management Limited, duly convened, and held at BDO Stoy Hayward
LLP, 102-108 Above Bar, Southampton, Hampshire SO14 7NH, on 10
January 2005, the subjoined Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Dermot Brendan Coakley, of BDO Stoy Hayward LLP, Park House,
102-108 Above Bar, Southampton, Hampshire SO14 7NH, is hereby
appointed Liquidator for the purposes of such winding-up."

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Dermot Brendan Coakley was confirmed.

M Hogan, Chairman

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester
          M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          Contact: Paul Stanley
          E-mail: paul.stanley@begbies-traynor.com


WESSEX FARE: Creditors Confirm Appointment of Liquidators
---------------------------------------------------------
At an Extraordinary General Meeting of Wesses Fare Limited, duly
convened, and held at Kings Wharf, 20-30 Kings Road, Reading,
Berkshire on 10 January 2005, the subjoined Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Martha H Thompson and Antony Nygate, of BDO Stoy Hayward LLP,
Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX, are
hereby appointed Joint Liquidators for the purposes of such
winding up, and are to act jointly and severally."

At a subsequent Meeting of Creditors, duly convened, pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Martha H Thompson and Antony Nygate was
confirmed.

R Herbert, Chairman

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester
          M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          Contact: Paul Stanley
          E-mail: paul.stanley@begbies-traynor.com


WH SMITH: High Street Retail Drives Profit Up
---------------------------------------------
Post Christmas Trading Statement

WH Smith PLC provides an update on its Christmas trading
performance for the 6 weeks to 15 January 2005 and for the 20
weeks to 15 January 2005.

The Group's profitability for the year to date has improved
substantially compared to the prior year.  This result has been
driven by a material improvement in profitability in High Street
Retail as a result of a significant increase in gross margin and
tight cost control, together with strong performances from
Travel Retail and News Distribution.

Total Retail like for like (LFL) sales were down 1% for the 6
weeks and down 2% for the 20 weeks.  This sales performance
reflects our planned focus on margin improvement, in particular
not chasing unprofitable sales, and the difficult trading
environment.

Retail

LFL sales in High Street Retail were down 2% for the 6 weeks and
down 3% for the 20 weeks.  However, gross margin improvement in
excess of 200 basis points has been greater than anticipated and
cost savings have been delivered faster than planned.

Consequently, High Street Retail profitability is substantially
ahead of the prior year.

Gross margin improvements in the High Street business were
driven by a number of factors.  These include the planned
reduction in unprofitable promotions and focus on profitable
sales, an encouraging performance from new stationery
initiatives (which have positively influenced the business's
mix) and improved buying terms.  In addition, product
availability was ahead of target, and significantly improved
compared to last year, stock levels and markdowns were tightly
controlled and seasonal stock has sold through well.

By category, our Retail LFL sales and margins were: Book sales
for the 20 weeks were below the prior year as we avoided last
year's unprofitable promotions, but this was compensated for by
the consequent gains in gross margin.  Core stationery saw
strong LFL sales and gross margin improvement while News &
Impulse delivered steady LFL sales and a good improvement in
gross margin.  Entertainment, where we have reduced our
exposure, continued to be difficult from a sales perspective, as
key DVD titles underperformed market expectations, but gross
margins held steady.

In Travel Retail a stronger than expected 4% LFL sales growth
for the 6 and 20 weeks periods reflects a particularly strong
performance in airports.  The sales growth has also been
accompanied by an improvement in gross margin.

News Distribution

In the 20 weeks to 15 January 2005, LFL sales for WH Smith News
were up 2% as the benefits of improved customer focus continue
to deliver a strong financial and operational performance.

Commenting on the Group's performance, Kate Swann, Group Chief
Executive said: "Progress against our plan to deliver value to
shareholders is encouraging.

"Customer response to increased product choice, better
availability and improved store standards has been positive.
This is a long-term recovery program and much remains to be
done; however, we are on track and confident in the outcome for
the year."

Note: All references to profitability in this statement refer to
operating profit before exceptional items of the continuing
businesses.

CONTACT:  WH SMITH PLC
          Louise Evans
          Media Relations
          Phone: 020 7514 9624
          Mark Boyle
          Investor Relations
          Phone: 020 7514 9630

          BRUNSWICK
          Tom Buchanan
          Phone: 020 7404 5959
          Pam Small


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *