---

        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

            Friday, January 21, 2005, Vol. 6, No. 15

                            Headlines

C Z E C H   R E P U B L I C

SLEVARNA LIBEREC: Sale to Fonderia Off


F R A N C E

BULL SA: Government Delivers EUR517 Million Promised Aid


G E R M A N Y

BAU TEAM: Claims Filing Deadline Last Week of February
BODENHOFER GMBH: Insolvency Manager's Report Due March
GAV GEMEINNUTZIGE: Aachen Court Appoints Administrator
HOTEL-RESTAURANT: Provisional Administrator Takes over Helm
HSK TECHNIKGESELLSCHAFT: Communications Firm Goes Bust

KW PRODUCTS: Claims Filing Period Ends Today
MB REISEN: First Creditors Meeting Set March 8
MICHAEL MAY: Provisional Administrator Takes over Operations
NEW TEMPO: Clothing Firm Declares Bankruptcy
P.A. LIFE: Furniture maker Calls in Provisional Administrator

PAUL WOBST: Court to Review Claims Mid-February
RENATE MAY: Shipping Firm Applies for Bankruptcy Proceedings
SANTA HELENA: Court Sets Deadline for Filing of Claims
SOLUTION CONSULTING: Administrator's Report Out March
TRAVELWARE MARKETING: Creditors Meeting Set Last Week of March
UNGER SERVICES: Falls into Bankruptcy
WESTLB AG: Divests Interest in Scottish Distiller


I T A L Y

PARMALAT U.S.A.: Seeks Approval for Citibank Lease Settlement
PARMALAT U.S.A.: To Settle Prepetition Inter-debtor Balances


N E T H E R L A N D S

GETRONICS N.V.: Retalix Acquires Full Ownership of UNIT
HAGEMEYER N.V.: Appoints Turnaround Expert CEO of U.K. Biz


P O L A N D

ELEKTRIM SA: Appeals Preliminary Injunction on PTC


R U S S I A

21 CENTRAL: Assets for Public Auction Next Week
DOR-SPETS-STROY #2: Hires S. Lavrentyeva as Insolvency Manager
KOZHVA-TRANS-STROY: Declared Insolvent
KRASNORECHENSKOYE: Deadline for Proofs of Claim Next Month
MILOVIDOVO: Smolensk Court Hires S. Balan Insolvency Manager

NIZHNEGOROD-GRAZHDAN-STROY: Proofs of Claim Deadline Nears
NOVOZYBKOVSKAYA MOVABLE: Declared Insolvent
SARANSK-AGRO-PRODUCT: Names E. Mochalov Insolvency Manager
SIBERIAN PINE: Irkutsk Court Appoints Insolvency Manager
VODKA-LIQUOR: Creditors Have Until February to File Claims


U K R A I N E

CHERNIGIVREKLAMA: Bankruptcy Proceedings Begin
ECLIPS: Odesa Court Opens Bankruptcy Proceedings
KERCH' FREGAT: Under Bankruptcy Supervision
KRAMATORSK' METAL: Declared Insolvent
YEVPATORIYA' METAL: Liquidator Takes over Helm
YUZHGIDROMASH: Succumbs to Insolvency
ZELENIJ YAR: Court Appoints M. Grishin Liquidator


U N I T E D   K I N G D O M

ALBRY LIMITED: Director Accepts Five-and-a-half-year Ban
ASHDENE GROUP: Solvency in Doubt; Shares Suspended Momentarily
BALTIMORE TECHNOLOGIES: Earthport Ignores Liquidation Threat
BEN LINE: Creditors Meeting Set Third Week of February
BESSA PLUS: Final Members Meeting Set Next Month

CAREMEASURE LIMITED: Liquidator's Report Out March
CARNEGIE'S LEISURE: Liquidator Known February 9
COLT TELECOM: Tony Bates Succeeds Outgoing Finance Chief
CONCORDIA BUS: S&P Doubts Ability to Meet Interest Payments
CREAN HOURIHAN: Sets General Meeting February 25

DELIVERED SOLUTIONS: Calls Creditors Meeting
DUFFY PRINT: Meeting of Unsecured Creditors Next Week
DUNDEC CAR: Hires Administrators from Menzies
ELD MEDIA: Dynamic Commercial Finance Brings in Receivers
GLASS COOLING: Hires Administrators from Jacksons Jolliffe Cork

GLOW COMMUNICATIONS: Creditors to Take up Receiver's Plan Today
GOLDEN CASTLE: Insolvency Service Banish Former Director
HIGHAIR LIMITED: Creditors Meeting Set January 31
HOPESOURCE LIMITED: Shareholders Decide to Wind up Firm
HUNGRY GOAT: Joint Liquidators from Wilson Pitts Move in

INVENSYS PLC: Director Simon Robertson Leaves for Rolls Royce
KLARION LIMITED: In Administrative Receivership
LAZARI LIMITED: Liquidator Calls First Creditors Meeting
LION CAPITAL: Creditors Meeting Set February
LONDON IRISH: Names Bridgers Administrator

MAC-1.NET LIMITED: Administrator Takes over Helm
MARK COLEMAN: Creditors Meeting to Elect Liquidator Next Week
MATRIX STEEL: Meeting of Unsecured Creditors Set February 4
NATURAL COMFORTS: Sets Creditors Meeting February
NEW SERIES: Interim Liquidator Calls First Meeting of Creditors

NIGHTLINK LEEDS: Appoints Liquidator from Geoffrey Martin & Co.
P & C STEEL: Falls into Administration
PERFORMANCE JOINERY: Names Gerald Edelman Administrator
PIPELINE PROTECTION: Creditors Meeting Set Next Month
PREMIER CASTLE: Former Exec Gets 10-year Directorship Ban

SPEED SERVICES: Hires Joint Administrators from Tenon Recovery
SSI (EUROPE): Administrator from Cranfield Recovery Moves in
TRAVELEX PLC: Narrows List of Bidders to Four
TRAVELEX PLC: On CreditWatch Pending Sale Completion
WIDDYS (2000): Hires Joint Administrators from CBA
XL PLASTIC: Brings in Joint Administrators from Menzies


                            *********


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


SLEVARNA LIBEREC: Sale to Fonderia Off
--------------------------------------
The bankruptcy administrator of collapsed engineering group
Slevarna Liberec cancelled the firm's sale to Italian group
Fonderia Regali, Czech News Agency says.

Igor Veleba said Slevarna cancelled the sale after failing to
hear from Fonderia since December 2004.  Fonderia won the tender
for Slevarna in October 2004 by offering CZK29.5 million.  The
takeover, however, did not materialize as Fonderia failed to
sign the purchase contract in December.  Mr. Veleba confirms the
company is now holding talks with Ferex, which offered CZK36
million during the tender.

CONTACT:  SLEVARNA LIBEREC A.S.
          Domky 35, 460 10 Liberec 10
          Phone: +(420 48) 52 50 403
                           52 50 400
                           52 50 410
          Fax: +(420 48) 51 50 476
          E-mail: ostasov@slevarna-lbc.cz
          Web site: http://www.slevarna-lbc.cz


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


BULL SA: Government Delivers EUR517 Million Promised Aid
--------------------------------------------------------
As approved by the European Commission on Dec. 1, 2004, the
French State paid to Bull S.A. on January 14, 2005 a
restructuring aid amounting to EUR517 million.  This aid is
combined to a profit sharing agreement under the terms of which
Bull will pay the French State 23.5% of the current consolidated
profit before tax over EUR10 million for an 8-year period.

The payment of this aid was subject to Bull's prior
reimbursement of a shareholder advance of the same amount
(capital & interests), which had been granted by the French
State in 2001 and 2002, and converted in March 2004 into a
subordinated loan.  This reimbursement took place on January 11,
2005, thanks to a financing facility provided by Calyon and
redeemed to Calyon on January 14.

In addition 97.7% of the warrants issued upon from the public
exchange offer were exercised between July 16 and December 15,
2004, which generated more than EUR17 million.   The last and
fundamental steps of Bull's recapitalization process are thus
finalized.

After the successful market operations carried out in June 2004
(capital increase and OCEANE bonds public exchange offer), Bull
has definitely restored its financial structure and its net
equity.

CONTACT:  BULL S.A.
          Marie-Claude Bessis
          Phone: + 33 1 30 80 35 89
          E-mail: marie-claude.bessis@bull.net


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


BAU TEAM: Claims Filing Deadline Last Week of February
------------------------------------------------------
The district court of Hanau opened bankruptcy proceedings
against Bau Team Hausbau GmbH on November 11, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 22, 2005
to register their claims with court-appointed provisional
administrator Michael Horstmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 9:00 a.m. at the district court of
Hanau, Engelhardstrasse 21, 63450 Hanau 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:  DER BAU TEAM HAUSBAU GMBH
          Dietrichsberg 26
          63607 Wachtersbach
          Contact:
          Michael Horstmann, Manager

          Peter Gangfuss, Insolvency Manager
          Hainstr. 3a,
          D-63486 Bruchkobel
          Phone: 06181/579900
          Fax: 06181/5799020.


BODENHOFER GMBH: Insolvency Manager's Report Due March
------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Bodenhofer GmbH & Co. KG on Dec. 28, 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 Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 8:30 a.m. at the district court
of Stuttgart, Hauffstr. 5 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:  BODENHOFER GMBH & CO. KG
          Tiefenbachstr. 53
          70329 Stuttgart
          Contact:
          Herrn Klaus Bodenhofer, Manager

          Dr. Volker Viniol, Insolvency Manager
          Danneckerstr. 52
          70182 Stuttgart
          Phone: 0711/238890
          Fax: 0711/2388930


GAV GEMEINNUTZIGE: Aachen Court Appoints Administrator
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against GAV Gemeinnutzige Altstoffverwertungs GmbH on Jan. 1.
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 Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 11:15 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14 at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on April 4, 2005, 9:00 a.m. at the same venue.

CONTACT:  GAV GEMEINNUTZIGE ALTSTOFFVERWERTUNGS GMBH
          Liebigstr. 50, 52070 Aachen
          Contact:
          Heinz-Dieter Marx, Manager
          Karl-Gierlich-Str. 14, 47877 Willich

          Frank Wiedemann, Insolvency Manager
          Eupener Str. 181, 52066 Aachen
          Phone: 0241/6052800
          Fax: 0241/6052799


HOTEL-RESTAURANT: Provisional Administrator Takes over Helm
-----------------------------------------------------------
The district court of Hagen Haupthaus (Neubau) opened bankruptcy
proceedings against Hotel-Restaurant-Elbschetal GmbH on Jan. 3,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Feb. 9,
2005 to register their claims with court-appointed provisional
administrator Uwe Grunert.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 9:00 a.m. at the district court of
Hagen Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen 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:  HOTEL-RESTAURANT-ELBSCHETAL GMBH
          Kirchplatz 2
          58300 Wetter

          Klaus Stinshoff, Manager
          Auf der Egge 78
          58300 Wetter

          Uwe Grunert, Insolvency Manager
          Kaiserstr. 155
          58300 Wetter
          Phone: 02335/17444
          Fax: +4923353890


HSK TECHNIKGESELLSCHAFT: Communications Firm Goes Bust
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against HSK Technikgesellschaft fur Telekommunikation mbH on
Jan. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 4, 2005 to register their claims with court-appointed
provisional administrator Dr. Rolf-Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 12:00 noon at the district court
of Aachen Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14 at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on March 7, 2005, 9:15 a.m. at the same venue.

CONTACT:  HSK TECHNIKGESELLSCHAFT FUR TELEKOMMUNIKATION MBH
          An der MariensAule 24, 52477 Alsdorf
          Contact:
          Jorg Laschet, Manager
          Peterstrasse 103, 52499 Baesweiler
          Peter Bak, Manager
          Auf der Rohe 5, 52499 Baesweiler

          Dr. Rolf-Dieter Monning, Insolvency Manager
          Julicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


KW PRODUCTS: Claims Filing Period Ends Today
--------------------------------------------
The district court of Hagen Haupthaus (Neubau) opened bankruptcy
proceedings against KW Products GmbH on Dec. 27, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 21, 2005
to register their claims with court-appointed provisional
administrator Johannes Walbroel.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 11, 2005, 9:00 a.m. at the district court of
Hagen Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen 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:  KW PRODUCTS GMBH
          Hoffmeisterstr. 15
          58511 Ludenscheid
          Contact:
          Jurgen Muller, Manager

          Johannes Walbroel, Insolvency
          Rathausplatz 21-23
          58507 Ludenscheid
          Phone: 02351/3653-0
          Fax: +492351365399


MB REISEN: First Creditors Meeting Set March 8
----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against MB Reisen GmbH & Co. KG on Dec. 30, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 15, 2005 to
register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:30 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MB REISEN GMBH & CO. KG
          Stiftsfeldstr. 30 - 32, 32278 Kirchlengern

          MB REISEN VERWALTUNGS-GMBH
          Stiftsfeldstr. 30 - 32, 32278 Kirchlengern
          Contact:
          Klaus Mormann, Manager

          Hans-Peter Burghardt, Insolvency Manager
          Bunsenstr. 3, 32052 Herford


MICHAEL MAY: Provisional Administrator Takes over Operations
------------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Michael May GmbH & Co. KG on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 18, 2005 to register their
claims with court-appointed provisional administrator Dirk-
Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 11:50 a.m. at the district court
of Aachen Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 18, 2005, 10:10 a.m. at the same
venue.

CONTACT:  MICHAEL MAY GMBH & CO KG
          Industriestr. 2-4, 53949 Schmidtheim

          M. U. G. MAY VERWALTUNG GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Industriestr. 2-4, 53949 Schmidtheim
          Georg May, Am Seewinkel 38, 54584 Feusdorf

          Dirk-Henning Tonnesmann, Insolvency Manager
          Josef-Ruhr-Strasse 30, 53879 Euskirchen
          Phone: 02251/65081-22
          Fax: 02251/6508125


NEW TEMPO: Clothing Firm Declares Bankruptcy
--------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against New Tempo Textilhandels- und Beteiligungs-GmbH on Dec.
30, 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 Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 11:00 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  NEW TEMPO TEXTILHANDELS- UND BETEILIGUNGS- GMBH,
          Noltestr. 24, 32584 Lohne
          Contact:
          Heinrich Krause, Noltestr. 24, 32584 Lohne

          Joachim Walterscheid, Insolvency Manager
          Am Kurpark 2, 32545 Bad Oeynhausen


P.A. LIFE: Furniture maker Calls in Provisional Administrator
-------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
P.A. Life Mobelvertriebs GmbH on Jan. 1.  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 Jens
Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2005, 9:30 a.m. at the district court
of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.17. at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  P.A. LIFE MOBELVERTRIEBS GMBH
          Bonner Str. 137, 53757 St. Augustin
          Contact:
          Ahmad Pasbani, Manager
          Chemnitzer Weg 3, 53119 Bonn

          Jens Fahnster, Insolvency Manager
          Kolnstrasse 135, 53757 Sankt Augustin
          Phone: 02241/90600
          Fax: 02241906062


PAUL WOBST: Court to Review Claims Mid-February
-----------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Paul Wobst GmbH on Dec. 31, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 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 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:  PAUL WOBST GMBH
          Lindgesfeld 18
          42653 Solingen

          Anke Andrea Peiniger, Manager
          Lutzowstrasse 201 A
          42653 Solingen

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


RENATE MAY: Shipping Firm Applies for Bankruptcy Proceedings
------------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against shipping company Renate May GmbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Dirk-Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 11:30 a.m. at the district court
of Aachen Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 18, 2005, 10:00 a.m. at the same
venue.

CONTACT:  RENATE MAY GMBH & CO KG - SPEDITION
          Industriestr. 2-4, 53949 Schmidtheim

          RENATE MAY VERWALTUNGS-GMBH
          Industriestr. 2-4, 53949 Schmidtheim
          Contact:
          Georg May, Manager
          Am Seewinkel 38, 54584 Feusdorf

          Dirk-Henning Tonnesmann, Insolvency Manager
          Josef-Ruhr-Strasse 30, 53879 Euskirchen
          Phone: 02251/65081-22
          Fax: 02251/6508125


SANTA HELENA: Court Sets Deadline for Filing of Claims
------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Restaurant Santa Helena GmbH on Jan. 3, 2005.
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 Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 10:00 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf
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:  RESTAURANT SANTA HELENA GMBH
          Kaiserswerther Strasse 267
          40474 Dusseldorf

          Alexandros Selemidis, Manager
          Gluckstadter Weg 43
          22549 Hamburg

          Friedrich Knoop, Insolvency Manager
          Robertstrasse 3
          40229 Dusseldorf


SOLUTION CONSULTING: Administrator's Report Out March
-----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Solution Consulting Software Service GmbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 17, 2005
to register their claims with court-appointed provisional
administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005 at the district court of Bielefeld
Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065 at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  SOLUTION CONSULTING SOFTWARE SERVICE GMBH
          Heidestr. 50, 32051 Herford
          Contact:
          Volker Aring, Manager

          Hans-Achim Ernst, Insolvency Manager
          Bunsenstr. 3, 32052 Herford


TRAVELWARE MARKETING: Creditors Meeting Set Last Week of March
--------------------------------------------------------------
The district court of Offenbach am Main opened bankruptcy
proceedings against Travelware Marketing GmbH on Dec. 23, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 3, 3005
to register their claims with court-appointed provisional
administrator Dr. Bruno Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on March 24, 2005, 11:00 a.m. at the district court
of Offenbach am Main, Grosse Marktstrasse 36-44, 63065 Offenbach
am Main 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:  TRAVELWARE MARKETING GMBH
          Bettinastr. 35
          63067 Offenbach am Main

          Jurgen Blumor, Manager
          Austr. 3
          63179 Obertshausen

          Dr. Bruno Kubler, Insolvency Manager
          Wolf-Heidenheim-Str. 12
          60489 Frankfurt am Main
          Phone: 069/713798-30
          Fax: 069/713798-33


UNGER SERVICES: Falls into Bankruptcy
-------------------------------------
The district court of Hagen Haupthaus (Neubau) opened bankruptcy
proceedings against Unger Services GmbH on Dec. 28, 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 Kirchender Dorfwerg.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:00 a.m. at the district court of
Hagen Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen 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:  UNGER SERVICES GMBH
          Vodeweg 9-11
          58638 Iserlohn
          Contact:
          Helmuth K. Unger

          Manfred Gottschalk, Insolvency Manager
          Kirchender Dorfweg 14
          58313 Herdecke
          Phone: 02330/80880
          Fax: +492330808888


WESTLB AG: Divests Interest in Scottish Distiller
-------------------------------------------------
WestLB AG is in talks with at least one party interested in
acquiring its Scottish whisky distiller Whyte & Mackay, The
Telegraph reports citing sources close to the bank.

Whyte & Mackay, formerly Kyndal, is the remaining asset of
WestLB's troubled principal finance unit.  The bank led its
GBP207 million buyout in 2001 to get as much as 75% of the
stake.  It is understood WestLB now owns only about 30% of the
company.

WestLB declined to comment on the report.  Whyte & Mackay
confirmed it intends to refinance, but also declined to comment
on the talks.  Whyte & Mackay reported annual losses of GBP10.7
million in July.

The principal finance unit is responsible for arranging the
failed GBP750 million financing deal of BoxClever, the U.K.
television-rental company.  The deal led to the collapse of the
unit in 2003.  BoxClever was reportedly sold Monday to private
equity firms Fortress Investor Group and Cerberus Capital for
around EUR200 million.

WestLB is also selling its Mid Kent Water business for GBP200
million.  Company sources say bidders for the asset are now down
to five, consisting of Bridgepoint and 3i, Ecofin Power and
Water Opportunities, an investment trust, and two consortia, one
led by Deutsche Bank and the other by Dresdner Kleinwort
Wasserstein.

CONTACT:  WESTLB AG
          Dusseldorf Head Office
          Herzogstrabe 15
          40217 Dusseldorf
          Phone: (0211) 826-01
          Fax: (0211) 826-6119
          E-mail: info@westlb.de

          Munster Head Office
          Friedrichstrabe 1
          48145 Munster
          Phone: (02 51) 412-01
          Fax: (02 51) 412 2921
          E-mail: info@westlb.de


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


PARMALAT U.S.A.: Seeks Approval for Citibank Lease Settlement
-------------------------------------------------------------
Farmland Dairies, LLC and Milk Products of Alabama, LLC entered
into a Receivables Purchase Agreement with Eureka Securitization
Plc, and Citibank, N.A., London Branch, as agent.  Unrelated to
the Receivables Purchase Agreement, on December 3, 2003,
Farmland made a $2 million payment to Citibank N.A., in
satisfaction of a totally separate unsecured line of credit.

Parmalat U.S.A. Corp. is party to seven photocopier and fax
equipment leases with Citicorp Vendor Finance, Inc.  The
equipment for six of those Leases is located in Atlanta, Georgia
and the remaining equipment is in Wallington, New Jersey.

Since the bankruptcy filing, the U.S. Debtors and the Official
Committee of Unsecured Creditors have investigated:

   * potential causes of action against Citibank relating to the
     RPA, including whether the RPA could be re-characterized or
     payments made under it could be avoided as fraudulent
     transfers; and

   * whether the December 3, 2003 Payment could be avoided as an
     avoidable transfer.

As part of the Final DIP Order, the U.S. Debtors released all
claims against Citibank, subject to the Creditors Committee's
right to investigate certain claims.

In addition, the Debtors and the Creditors Committee
investigated whether the Equipment Leases should be assumed or
rejected.

On September 9, 2004, the U.S. Bankruptcy Court for the Southern
District of New York approved a stipulation among the Debtors,
the Creditors Committee, General Electric Capital Corporation,
and Citibank amending the Final DIP Order and the RPA.  Among
other things, the RPA Settlement extended the RPA termination
date and provided for a release of the Creditors Committee's
claims against Citibank, including Citibank's individual
capacity and in its capacity as Citibank Agent, including the
RPA Claims, except that the Creditors Committee retained the
right to pursue the Preference Claim.

On January 10, 2005, the U.S. Debtors, Citigroup, Inc., and all
its subsidiaries and affiliates, including Citibank, Citibank
Finance and Eureka, GE and the Creditors Committee signed a
Settlement Agreement and Release, which, among other things,
resolves the Preference Claims and certain issues regarding the
Leases.

On January 13, 2005, the Court approved three stipulations
extending the term of the RPA through February 28, 2005, and
modified certain terms, extending the term of the Postpetition
Credit Facility, and extending the term of the Supplemental
Credit Facility.  It is a termination event under the RPA if the
Citibank Preference/Lease Settlement is not approved by the
Court by February 3, 2005.

The U.S. Debtors seek the Court's authority to enter into the
Citibank Preference/Lease Settlement.

Under the Terms of the Citibank Settlement:

   (a) Citibank will pay Farmland $550,000 on account of the
       Preference Claim;

   (b) Citibank will assign to Reorganized Farmland a claim
       under Section 502(h) of the Bankruptcy Code for $625,000.

   (c) Parmalat U.S.A. will assume and assign four of the
       Leases, at a reduced rental going forward after
       assumption, on the earlier of:

          (i) the effective date of the Plan, in which case the
              Leases would be assigned to Reorganized Farmland;
              or

         (ii) the closing of the sale of Farmland's Atlanta
              business, in which case the Leases would be
              assigned to the purchaser of the Atlanta business;

   (d) Parmalat U.S.A. will also reject one photocopier lease
       with Citibank Finance and make contractual payments on
       the rejected lease and two others until the leases have
       been rejected or terminated and the equipment has been
       returned; and

   (e) Citigroup and the U.S. Debtors will exchange releases.

James M. Sullivan, Esq. at McDermott Will & Emery, LLP tells the
Court that the Citibank Settlement will not become effective
unless the Court approves it on or before February 3, 2005, and
the Settlement Order has become a final and non-appealable order
on or before February 28, 2005, unless that condition is waived
by Citigroup.

If the Settlement is not approved, it will be an event of
default under the RPA and a cross-default under the original and
supplemental DIP financing facilities.  Mr. Sullivan relates
that those defaults would prevent the U.S. Debtors from
operating their businesses due to a lack of adequate capital and
would significantly diminish the value of the Debtors' estates.

In addition, if the Citibank Settlement is not approved, the
U.S. Debtors will be compelled to litigate the merits of the
Preference Claim.  The Debtors cannot predict with certainty the
duration of the litigation, the success of the litigation or the
issues that could then become subject to appeal.  The Debtors
recognize that if the Settlement is not approved and litigation
is pursued, a concomitant increase in administrative expenses
will saddle the Debtors and their estates, potentially resulting
in a reduction in distributions otherwise anticipated to made to
all creditors.  Resolving the Preference Claim would provide the
Debtors with the opportunity to preserve financial resources and
administer their estates, Mr. Sullivan says.

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. 41; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PARMALAT U.S.A.: To Settle Prepetition Inter-debtor Balances
------------------------------------------------------------
On April 23, 2004, Parmalat U.S.A. Corporation, Farmland Dairies
LLC, and Milk Products of Alabama LLC -- now known as Farmland
Stremicks Sub LLC -- each filed Statements of Financial Affairs,
Schedules of Assets and Liabilities, and Schedules of Executory
Contracts and Unexpired Leases.  The Farmland Schedules
reflected a contingent and unliquidated intercompany liability
due and owing to Parmalat U.S.A. Corp. for $9,512,302,
consistent with Farmland's books as of January 24, 2004.  The
Milk Products Schedules reflected contingent and unliquidated
intercompany liabilities due and owing to Farmland for
$1,602,427, and to Parmalat U.S.A for $4,400,000, consistent
with Milk Products' books as of January 24, 2004.

After the U.S. Debtors' bankruptcy filing, their financial
advisors, AlixPartners, LLC, commenced a detailed review and
investigation to reconcile the Inter-Debtor Balances.  After an
initial determination that the Debtors' books and records were
inadequate, AlixPartners, together with the Debtors' other
professionals, and the Official Committee of Unsecured Creditors
and its financial advisor, BDO Seidman, LLP spent several months
analyzing the Debtors' financial data and identifying
documentation to support certain reported transactions.

During that review, the U.S. Debtors determined that a large
portion of the inter-debtor transactions contributing to the
Inter-Debtor Balances resulted from an accounting methodology
used throughout their general ledger system which created an
"out of balance" condition between the separate Debtor entities.
For example, Farmland would record an administration fee as a
debit on its books and records, and Parmalat U.S.A. would record
the same fee as a credit.

Judy G.Z. Liu, Esq., at Weil, Gotshal & Manges, LLP, in New
York, relates that, to account properly for the transactions
under the generally accepted accounting principles, Farmland
should have used the "double entry" system by also including the
administration fee due to Parmalat U.S.A. on its books and
records as a credit due to Parmalat U.S.A., and Parmalat U.S.A.
should have included an equal amount on its books and records as
due and owing from Farmland.

To correct the "out of balance" condition each quarter, the U.S.
Debtors' management made adjusting journal entries in the
amounts necessary to balance the ledger of each Debtor, but
failed to provide a reconciliation of the cause for the "out of
balance" condition.  As of the Petition Date, the Debtors had
not completed the quarterly adjustment process and, accordingly,
the amounts listed in their Schedules had not been adjusted for
the "out of balance" condition.  Therefore, the scheduled
amounts are different than the adjusted amounts, which have been
corrected for the "out of balance" condition as of the Petition
Date:

    Balance due Parmalat USA from Milk Products     $4,400,000
    Balance due to Parmalat USA from Farmland       $9,816,316
    Balance due to Farmland from Milk Products      $3,938,493

             Further Refinement of the Petition Date
                      Inter-Debtor Balances

In conjunction with settlement discussions among the U.S.
Debtors, the Creditors Committee and GE Capital Public Finance,
Inc., the lessor under a Master Lease Financing Agreement with
Farmland, concerning the Debtors' Plans, the Debtors and the
Creditors Committee agreed that it was appropriate to conducts a
further review and refinement of the Inter-Debtor Balances that
had been initially adjusted for the "out of balance" condition.
The Debtors and the Creditors Committee believe that the
Inter-Debtor Balances should be further adjusted and fixed at
these amounts:

    Parmalat U.S.A. claim against Milk Products       $4,967,846
    Parmalat U.S.A. claim against Farmland           $10,392,497
    Milk Products claim against Farmland              $2,705,407

                Settlement of Inter-Debtor Claims

Based on their extensive review of the Inter-Debtor Balances,
the U.S. Debtors and Creditors Committee and their professional
advisors have agreed that it is in the best interests of all the
parties-in-interest to resolve all outstanding issues with
respect to the Inter-Debtor Balances and adjust those to reflect
the analyses performed by AlixPartners and reviewed by BDO.  To
avoid potentially expensive and protracted litigation, the
Debtors have agreed to adjust the Inter-Debtor Balances, based
on the analyses and allow general unsecured claims.

In connection with the settlement of Inter-Debtor Balances in
their proposed allowed amounts, the U.S. Debtors have agreed to
fully and finally release, acquit and forever discharge one
another from any and all prepetition claims and causes of
action, of any nature or type, whether known or unknown, which
any of them may now have against one another.  The release of
all prepetition claims and causes of action, however, will not
extend to any true-up payments as contemplated in the DIP
Financing Order, including, but not limited to, payments
relating to Prepetition Restructuring Fees and allocation of due
diligence expenses incurred and charged by the DIP Lender.

The U.S. Debtors and the Committee jointly seek the authority of
the U.S. Bankruptcy Court for the Southern District of New York
to settle the Prepetition Inter-Debtor Balances.

Ms. Liu tells Judge Drain that if a compromise and settlement of
the Inter-Debtor Balances is not approved, the U.S. Debtors will
be compelled to litigate the merits of their claims against each
other.  Neither the Debtors nor the Creditors Committee can
predict with certainty the duration of the litigation or the
issues that could then become subject to appeal, but both agree
that expert testimony on various matters, including valuation of
services rendered for which an inter-debtor due to/from account
existed, would be required.  The Debtors and the Creditors
Committee recognize that if their request is denied and
litigation is pursued, a concomitant increase in administrative
expenses will saddle the Debtors and their estates, resulting in
a reduction in distributions otherwise anticipated to be made to
all creditors.

Resolving the Inter-Debtor Balances by allowing the Allowed
Inter-Debtor Claims would provide the Debtors with the
opportunity to preserve financial and human resources and
administer their estates without the distraction and cost of
additional litigation.

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.
41; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


GETRONICS N.V.: Retalix Acquires Full Ownership of UNIT
-------------------------------------------------------
Retalix Ltd. announced on Wednesday that it acquired the
remaining 49% of UNIT S.p.A. from Getronics in a transaction
that was completed in December 2004.  Combined with Retalix's
already existing 51% holdings of UNIT, Retalix completed its
acquisition of UNIT S.p.A, and now controls 100% of the stock.
The total acquisition cost was EUR2.8 million in cash.

Founded in 1985 and headquartered in Bollengo, Italy, UNIT has
been a fully owned subsidiary of Getronics S.p.A since 1999.
UNIT delivers specialized software and hardware solutions for
the food and petrol retail industries in Italy and Europe.  For
the twelve months ended December 31, 2003, UNIT S.p.A. had
revenues of approximately EUR8 million.

UNIT S.p.A is now in the process of being registered and
launched as Retalix Italia S.p.A, and will focus on the
delivery, deployment and support of the Retalix advanced
enterprise-wide retail solutions to the Italian food and fuel
retail market.

About Retalix Ltd.

Retalix Ltd., (NASDAQ:RTLX) with North American headquarters in
Dallas, TX, provides integrated enterprise-wide software
solutions for the global food and fuel retail industries,
including supermarkets, convenience stores, fuel stations and
restaurants.  The Company offers a full suite of software
applications that support a food retailer's essential retailing
operations and enable retailers to increase their operating
efficiencies while improving customer acquisition, retention and
profitability.  With installations in more than 33,000 stores
and across 44 countries, the Company markets its software
solutions through direct sales, distributors, local dealers and
its various subsidiaries.  For more information, please visit
the Company's Web site at http://www.retalix.com.

CONTACT:  RETALIX LTD.
          Barry Shaked
          Danny Moshaioff
          Phone: (011) 972-9-776-6677
                       760-931-6940
          or
          CCG Investor Relations
          Crocker Coulson
          Phone: 818-789-0100
          E-mail: crocker.coulson@ccgir.com


HAGEMEYER N.V.: Appoints Turnaround Expert CEO of U.K. Biz
----------------------------------------------------------
Hagemeyer N.V. announced on Friday that Angus Fraser, CEO of
Hagemeyer U.K. and member of the Executive Committee of the PPS
(Professional Products and Services) business of Hagemeyer, has
resigned from the Company by mutual agreement with the Board of
Management.

Rod Stoyel has been recruited as Angus Fraser's successor.  His
appointment as CEO of Hagemeyer U.K. and member of the PPS
Executive Committee will take effect per January 17, 2005.

Rod Stoyel is an experienced chief executive and turnaround
manager with a broad expertise in leading logistic operations.
He has a successful track record in company turnarounds,
strategic repositioning and building market share.  As a
professional turnaround manager, Rod Stoyel has an extensive
list of business accomplishments.  One of his most relevant
recent assignments was the development and implementation of a
new logistics model for a large electrical wholesaler in the
U.K. This restructuring resulted in a significant improvement of
customer service, the resumption of sales growth and a
considerable reduction of costs and inventory levels.

Rudi de Becker, CEO of Hagemeyer, stated: "We thank Angus Fraser
for his contribution to the Company and wish him well in his
future endeavors.  We are delighted to be able to bring on board
an experienced turnaround manager such as Rod Stoyel.  His
competence and experience are in line with what we need in this
final phase of the U.K. turnaround."

Said Angus Fraser: "I am proud of what has been accomplished by
the U.K. management team under my leadership.  I believe that we
have established a stronger platform from which the Company can
further pursue a successful turnaround."

HAGEMEYER N.V.
Board of Management

CONTACT:  HAGEMEYER N.V.
          Emilie de Wolf
          Phone: +31 (0) 35-69 57 676
          E-mail: press@hagemeyer.com
          Web site: http://www.hagemeyer.com


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


ELEKTRIM SA: Appeals Preliminary Injunction on PTC
--------------------------------------------------
At the request of Elektrim Teleckommunikacja (Telco) a
preliminary injunction was obtained on December 30, 2004, from
the Warsaw Regional Court, 16th Business Department, thus
barring the Management Board of PTC from making any modification
to the PTC share register, until such time that a full
adjudication on the merits brought by Telco before the Polish
courts over the question of the ownership of the PTC shares is
issued.  Deutsche Telekom and Elektrim have just appealed this
preliminary injunction.

This preliminary injunction follows the issuance on November 26,
2004 by the arbitral tribunal in Vienna of an award which
determined that:

(a) the transfer of the PTC shares by Elektrim to Telco in 1999
    was "ineffective" and that the shares were deemed never to
    have left Eletkrim;

(b) Elektrim was allowed a period of two months from the
    notification of the award to recover the PTC shares that
    were transferred in 1999, failing which Elektrim would be in
    default under the PTC shareholders agreement: in which
    hypothesis, it cannot be excluded that Deutsche Telekom
    argue that it has a right to exercise a call option based on
    the net asset value of the shares that Elektrim might
    eventually recover; and

(c) The arbitral tribunal also declared that it had no
    jurisdiction over Telco: consequently, Telco is under no
    obligation to part with the PTC shares.

Numerous polish and international legal opinions support the
position of Vivendi Universal that the arbitral award is
unenforceable against Telco and PTC.  Telco, whom Vivendi
Universal is a 49% shareholder of, has engaged all means to
legally protect its participation in PTC.

Vivendi Universal 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:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


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


21 CENTRAL: Assets for Public Auction Next Week
-----------------------------------------------
The bidding organizer of open joint stock company 21 Central
Project Institute will sell its property on Jan. 27, 2005, 12:00
noon.  Up for sale is an administrative-production building.
Starting price: RUB8,705,730.

Preliminary examination and reception of bids are done daily on
or before Jan. 24, 2005.  The list of documentary requirements
is available free of charge at Russia, Moscow, Krasnokholmskaya
Quay, 13/15, Building 1.  To participate, bidders must deposit
an amount equivalent to 20% of the starting price to the bidding
organizer's (TIN 7713234163) settlement account
40702810500000001536 in ACB Univesalniy credit, Moscow,
correspondent account 30101810700000000576, BIC 044585576.

CONTACT:  21 CENTRAL PROJECT INSTITUTE
          Russia, Moscow, Mira Pr. 101 V

          CENTRE OF REALIZATION OF DEBTORS' PROPERTY
          Bidding Organizer
          Russia, Moscow,
          Krasnokholmskaya Quay, 13/15, Building 1
          Phone: (095) 912-83-07


DOR-SPETS-STROY #2: Hires S. Lavrentyeva as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Dor-Spets-Stroy #2 after finding the close
joint stock company insolvent.  The case is docketed as A62-590-
N/04.  Ms. S. Lavrentyeva has been appointed insolvency manager.
Creditors have until Feb. 17, 2005 to submit their proofs of
claim to 214014, Russia, Smolensk, Engelsa Str. 21/5, outhouse,
4th floor.

CONTACT:  DOR-SPETS-STROY #2
          216760, Russia, Smolensk region,
          Rudnya, 14 Let Oktyabrya Str

          Ms. S. Lavrentyeva
          Insolvency Manager
          214014, Russia, Smolensk,
          Engelsa Str. 21/5, Outhouse, 4th floor
          Fax: 8 (0812) 38-66-92


KOZHVA-TRANS-STROY: Declared Insolvent
--------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Kozhva-Trans-Stroy (TIN
1105014468/110501001) after finding the limited liability
company insolvent.  The case is docketed as A29-3583/04-3B.  Mr.
M. Gimranov has been appointed insolvency manager.

Creditors have until Feb. 17, 2005 to submit their proofs of
claim to 167031, Russia, Komi republic, Syktyvkar, Engelsa Str.
134.  A hearing will take place at Russia, Komi republic,
Syktyvkar, Ordzhonikidze Str. 49A on Nov. 3, 2005, 2:45 p.m.

CONTACT:  KOZHVA-TRANS-STROY
          160600, Russia, Komi republic,
          Pechorskiy region, Izyayu, Stroiteley Str. 5

          Mr. M. Gimranov
          Insolvency Manager
          167031, Russia, Komi republic,
          Syktyvkar, Engelsa Str. 134


KRASNORECHENSKOYE: Deadline for Proofs of Claim Next Month
----------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Krasnorechenskoye after finding the open
joint stock company insolvent.  The case is docketed as A57-
35B/04-12.  Ms. L. Desyatnikova has been appointed insolvency
manager.

Creditors have until Feb. 17, 2005 to submit their proofs of
claim to:

(a) Krasnorechenskoye
    413482, Russia, Saratov region,
    Dergachevskiy region, Oktyabrskiy

(b) The Arbitration Court Of Saratov Region
    410031, Russia, Saratov, Pervomayskaya Str. 74


MILOVIDOVO: Smolensk Court Hires S. Balan Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Milovidovo after finding the close joint
stock company insolvent.  The case is docketed as A-62-555-N.
Mr. S. Balan has been appointed insolvency manager.  Creditors
have until Feb. 17, 2005 to submit their proofs of claim to
214000, Russia, Smolensk, Gagarina Pr. 10/2.

CONTACT:  MILOVIDOVO
          214023, Russia,
          Smolensk region, Milovidovo

          Mr. S. Balan
          Insolvency Manager
          214000, Russia, Smolensk,
          Gagarina Pr. 10/2
          Phone: (08-12) 38-08-94
          Fax: 08-12-65-66-3


NIZHNEGOROD-GRAZHDAN-STROY: Proofs of Claim Deadline Nears
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Nizhnegorod-Grazhdan-Stroy after
finding the company insolvent.  The case is docketed as A43-
5095/02-18-130.  Mr. E. Kotkov has been appointed insolvency
manager.  Creditors have until Feb. 17, 2005 to submit their
proofs of claim to 603159, Russia, Nizhniy Novgorod, Post User
Box 76.

CONTACT:  NIZHNEGOROD-GRAZHDAN-STROY
          606440, Russia, Nizhniy Novgorod region,
          Bor, Ostrovskogo Str. 14A

          Mr. E. Kotkov
          Insolvency Manager
          603159, Russia, Nizhniy Novgorod,
          Post User Box 76


NOVOZYBKOVSKAYA MOVABLE: Declared Insolvent
-------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Novozybkovskaya Movable Mechanized Column
Gas-Stroy (TIN 3222000896) after finding the open joint stock
company insolvent.  The case is docketed as A09-3003/04-8.  Mr.
M. Slanko has been appointed insolvency manager.  Creditors have
until Feb. 17, 2005 to submit their proofs of claim to 243020,
Russia, Bryansk region, Novozybkov, Lenina Str. 109.

CONTACT:  NOVOZYBKOVSKAYA MOVABLE MECHANIZED COLUMN GAS-STROY
          243020, Russia, Bryansk region,
          Novozybkov, Lenina Str. 109

          Mr. M. Slanko
          Insolvency Manager
          241000, Russia, Bryansk,
          Krasnoarmeyskaya Str. 126


SARANSK-AGRO-PRODUCT: Names E. Mochalov Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Saransk-Agro-Product after finding the open
joint stock company insolvent.  The case is docketed as A39-
4701/04-187/12.  Mr. E. Mochalov has been appointed insolvency
manager.  Creditors have until Feb. 17, 2005 to submit their
proofs of claim to 430000, Russia, Mordoviya republic, Saransk,
Lenia Pr. 12-230.

CONTACT:  SARANSK-AGRO-PRODUCT
          430000, Russia, Mordoviya republic,
          Saransk, Volodarskogo Str. 7

          Mr. E. Mochalov
          Insolvency Manager
          430000, Russia, Mordoviya republic,
          Saransk, Lenia Pr. 12-230
          Phone: 8 (8342) 24-23-48


SIBERIAN PINE: Irkutsk Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Siberian Pine after finding the close joint
stock company insolvent.  The case is docketed as A19-9158/04-8.
Mr. A. Melnik has been appointed insolvency manager.  Creditors
have until Feb. 17, 2005 to submit their proofs of claim to
664007, Russia, Irkutsk, Polenova Str. 37, Apartment 49.

CONTACT:  SIBERIAN PINE
          666661, Russia, Irkutsk region, Ust-Ilimskiy region,
          Zheleznodorozhnyj, Kirovskiy Per. 4-1

          Mr. A. Melnik
          Insolvency Manager
          664007, Russia, Irkutsk,
          Polenova Str. 37, Apartment 49


VODKA-LIQUOR: Creditors Have Until February to File Claims
----------------------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Vodka-Liquor after finding the state unitary
enterprise insolvent.  The case is docketed as A67-1467/03.  Ms.
O. Tarima has been appointed insolvency manager.  Creditors have
until Feb. 17, 2005 to submit their proofs of claim to 634034,
Russia, Tomsk, Kuleva Str. 33.

CONTACT:  VODKA-LIQUOR
          Russia, Tomsk,
          Torgovaya Str. 6

          Ms. O. Tarima
          Insolvency Manager
          634034, Russia,
          Tomsk, Kuleva Str. 33


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


CHERNIGIVREKLAMA: Bankruptcy Proceedings Begin
----------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Chernigivreklama (code EDRPOU 24842123) on
November 18, 2004 after finding the subsidiary company of JSC
Reklama insolvent.  The case is docketed as 9/155 b.  The
company holds account number 2600730108200 at JSCB Ukrsocbank,
MFO 353014.

Creditors may submit their proofs of claim to:

(a) CHERNIGIVREKLAMA
    Ukraine, Chernigiv region,
    Primakov Str. 14

(b) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


ECLIPS: Odesa Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against LLC ECLIPS (code EDRPOU 32086780) on
November 30, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 32/206-04-8567.  Mrs.
Svitlana Safronova (License Number AA 783026) has been appointed
liquidator/insolvency manager.

CONTACT:  LLC ECLIPS:
          Ukraine, Odesa, Gajdar Str. 38

          ECONOMIC COURT OF ODESA REGION
          65032, Ukraine, Odesa, Shevchenko Avenue, 4


KERCH' FREGAT: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Lease Enterprise Kerch' Sea Plant
Fregat (code EDRPOU 05773126).  The case is docketed as 2-
8/10879-2004.  Arbitral manager Mrs. Victoriya Sharmonova has
been appointed temporary insolvency manager.  The company holds
account numbers 260053119601/980, 2604931196303/980 at JSCB
Ukrsocbank, Kerch branch, MFO 324098, and account numbers
26005302391005/980, 26006301391005/840, 26006301391005/980, and
26062301391005/980 at Prominvestbank, Kerch branch, MFO 324548.

Creditors may submit their proofs of claim to:

(a) LEASE ENTERPRISE KERCH' SEA PLANT FREGAT
    98300, Ukraine, AR Krym region,
    Kerch, Kirov Str. 54

(b) Mrs. Victoriya Sharmonova
    Temporary Insolvency Manager
    95000, Ukraine, AR Krym region,
    Simferopol, Popovkin Str. 14/8

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


KRAMATORSK' METAL: Declared Insolvent
-------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Kramatorsk' Reinforced Metal Constructions
Plant (code EDRPOU 01235308) on December 1, 2004 after finding
the limited liability company insolvent.  The case is docketed
as 42/132B.  Arbitral manager Mrs. Ludmila Nesvit (License
Number AA 668263) has been appointed liquidator/insolvency
manager.

CONTACT:  KRAMATORSK' REINFORCED METAL CONSTRUCTIONS PLANT
          84306, Ukraine, Donetsk region,
          Kramatorsk, Ordzhonikidze Str. 1

          Mrs. Ludmila Nesvit
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          M. Mametova Str. 8/2

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


YEVPATORIYA' METAL: Liquidator Takes over Helm
----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Yevpatoriya' Reinforced Metal Products Plant
(code EDRPOU 22304427) after finding the open joint stock
company insolvent.  The case is docketed as 2-6/8239-2004.  Mr.
Oleksandr Tamashov (License Number AA 668286) has been appointed
liquidator/insolvency manager.  The company holds account number
26005307699001 at CB Privatbank, Yevpatoriya branch, MFO 384566.

CONTACT:  YEVPATORIYA' REINFORCED METAL PRODUCTS PLANT
          97400, Ukraine, AR Krym region, Yevpatoriya,
          Chornomorske Shose, 19

          THE ECONOMIC COURT OF AR KRYM REGION
          95001, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


YUZHGIDROMASH: Succumbs to Insolvency
-------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Yuzhgidromash (code EDRPOU 30463596) on
November 18, 2004 after finding the limited liability company
insolvent.  The case is docketed as 25/79.  Mrs. O. Kretova
(License Number AA 487803) has been appointed
liquidator/insolvency manager.

CONTACT:  YUZHGIDROMASH
          71101, Ukraine, Zaporizhya region,
          Berdyansk, Melitopolske Shose Str. 77

          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


ZELENIJ YAR: Court Appoints M. Grishin Liquidator
-------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Zelenij Yar (code EDRPOU 00414760) on
November 29, 2004 after finding the open joint stock company
insolvent.  The case is docketed as B26/34/04.  Mr. M. Grishin
(License Number AA 047924) has been appointed
liquidator/insolvency manager.  The company holds account number
26001155122001 at CJSC CB Privatbank, Zhovti Vodi branch, MFO
305794.

CONTACT:  ZELENIJ YAR
          52172, Ukraine, Dnipropetrovsk region,
          Pyatihatskij district,
          Ivashinivka, Tsentralna Str. 1a

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


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


ALBRY LIMITED: Director Accepts Five-and-a-half-year Ban
--------------------------------------------------------
The director of a pine furniture retail business that failed
with total debt estimated at around GBP162,000 has given an
undertaking not to hold directorships or take any part in
company management for five years and six months.

The undertaking by Mr. John Hancock, 58, of Endeavour Way,
Wimbledon, SW19 was given in respect of his conduct as director
of Albry Limited, which carried out business from premises at
Endeavour Way, Wimbledon, SW19 8UH.

Acceptance of the undertaking on January 14, 2005 prevents Mr. J
Hancock from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  Albry Limited was placed into voluntary
liquidation on January 17, 2002 with estimated debt of
GBP162,470 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.  Matters of unfit conduct, not disputed by Mr. Hancock,
were that:

(a) He caused The Pine Factory to sell all its stock,
    accessories and office furniture at an undervalue of
    approximately 10% of its true value to Backcroft Limited, a
    connected company of which he was the sole director and
    majority shareholder;

(b) He caused The Pine Factory to operate a policy of retention
    of monies due to the Crown;

(c) He acted in breach of his statutory duty by failing to file
    returns and make payments to the Crown as and when due; and

(d) He failed to ensure that accurate, up to date accounting
    records were kept in respect of stock, accessories, office
    equipment and motor vehicles.

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

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

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


ASHDENE GROUP: Solvency in Doubt; Shares Suspended Momentarily
--------------------------------------------------------------
The Board of Ashdene Group plc on Wednesday requested that
trading in the Company's shares be suspended under Rule 38 of
the AIM Rules pending clarification of the Company's financial
position.

The Board is in discussions with a potential provider of finance
that may or may not lead to an agreement to inject additional
cash resources into the Company.  The Board will also take
independent advice as to the solvency of the Company.  A further
announcement will be made as soon as practicable.

                            *   *   *

Ashdene Group (formerly 10 Group) owns franchises of Mrs.
Vanelli's Pizza and Pasta, The Teriyaki Experience, and One
Point Kiosk.  The company has liquidated all of its holdings and
has purchased Oakburn Import/Export Ltd.

CONTACT:  ASHDENE GROUP PLC
          Satchwell Granary, 2 New Street
          Leamington Spa, Warwickshire CV31 1 HP, United Kingdom
          Phone: +44-121-233-1122
          Fax: +44-121-233-9757
          Contact:
          Michael James Daniels, Finance Director


BALTIMORE TECHNOLOGIES: Earthport Ignores Liquidation Threat
------------------------------------------------------------
Earthport plc notes the announcement made by Baltimore
Technologies plc on 18 January 2005.  Earthport regards the
announcement made by Baltimore as a crude attempt to undermine
the Company at a time when earthport is simply progressing the
interests of the Company for its shareholders.

Earthport has paid the sum of GBP750 in costs as required by a
Court Order.  Earthport acknowledges that this payment should
have been met from the substantial investment funds received by
the Company in December and apologizes for any hardship caused
to Baltimore by the delay.

Earthport notes the extreme interest of Baltimore in its funding
position, and is pleased to confirm that all the funding is
committed as previously announced.  Baltimore should note that
earthport's new funding is not subject to short-term fluctuation
in its share price.

Earthport accordingly dismisses the threat of Baltimore issuing
a winding up order.  Earthport notes the comments of Herbert
Smith on the merits of the earthport legal claim and Baltimore's
rebuttal of the claim for GBP4.5 million + damages, which
earthport currently assesses as significantly greater than the
GBP9.5 million previously announced.  Earthport is very
confident of the validity and strength of its legal claim
against Baltimore.

Arrangements for earthport to receive sufficient, committed cash
funds to finance its proposed Offer for Baltimore are at an
advanced stage and earthport continues to work on the details of
that Offer.  The Takeover Panel has granted earthport until
Monday 31 January to announce the terms of its Offer for
Baltimore or withdraw.

CONTACT:  EARTHPORT PLC
          Rob Cunningham, CEO
          Phone: +44(0) 20 7907 1100

          David Nabarro/Nigel Atkinson, Nabarro Wells
          Phone: +44(0) 20 7710 7400
          James Melville-Ross/Juliet Clarke, Financial Dynamics
          Phone: +44(0) 20 7831 3113

          BISHOPSGATE COMMUNICATIONS LTD.
          (for Baltimore Technologies)
          Phone: 020 7430 1600
          Maxine Barnes
          Dominic Barretto
          E-mail: maxine@bishopsgatecommunications.com

          SHORE CAPITAL AND CORPORATE LTD.
          (for Baltimore Technologies)
          Phone: 020 7408 4090
          Alex Borrelli
          Simon Edwards


BEN LINE: Creditors Meeting Set Third Week of February
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Ben Line Offshore Contractors Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that a final general meeting of Ben Line
Offshore Contractors Limited will be held at Ten George Street,
Edinburgh EH2 2DZ, on February 17, 2005, at 10:00 a.m. to be
followed at 10:15 a.m. by a meeting of the creditors, for the
purpose of having a final account laid before them showing how
the winding-up of the company has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the liquidator.

Members and creditors are entitled to attend in person or
alternatively by proxy.  A creditor may vote only if his claim
has been submitted to me and that claim has been accepted in
whole or in part.  A member may vote according to the rights
attaching to his shares, as set out in the Company's Articles of
Association.  A resolution will be passed only if a majority of
those voting in person or by proxy vote in favor.  Proxies and
claims must be lodged with me at or before the meeting.

T. M. Burton, Liquidator
January 5, 2005

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


BESSA PLUS: Final Members Meeting Set Next Month
------------------------------------------------
Name of companies:
Bessa Plus Limited
Bessa Plus II Limited
Bessa Plus III Limited
Bessa Plus IV Limited
Bessa Plus V Limited
Lyonsdown Properties 1 Limited
Lyonsdown Properties 2 limited
Lyonsdown Properties 3 Limited

The final meeting of the members of these companies will be on
Feb. 24, 2005 commencing at 10:00 a.m. and thereafter at 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the windings-up have been conducted and the properties of
the companies disposed of, and to hear any explanation that may
be given by the liquidator.  Members who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, Feb. 23, 2005.

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


CAREMEASURE LIMITED: Liquidator's Report Out March
--------------------------------------------------
The final general meeting of the members of Caremeasure Limited
will be on March 8, 2005 commencing at 10:00 a.m.  It will be
held at the offices of BDO Stoy Hayward LLP, Kings Wharf, 20-30
Kings Road, Reading, Berkshire RG1 3EX.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


CARNEGIE'S LEISURE: Liquidator Known February 9
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Carnegie's Leisure Group Limited
                         (In Liquidation)

I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that
I was appointed Interim Liquidator of Carnegie's Leisure Group
Limited on December 31, 2004, by Interlocutor of the Sheriff at
Glasgow.  Notice is also given pursuant to Section 138 of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the first meeting of creditors of Carnegie's
Leisure Group Limited will be held within Kintyre House, 209
West George Street, Glasgow G2 2LW, on February 9, 2005, 12:00
noon for the purpose of choosing a Liquidator and determining
whether to establish a Liquidation Committee.

A resolution at the meeting is passed if a majority of those
voting have voted in favor of it.  A creditor will be entitled
to vote at the meeting only if a claim has been lodged with me
at the meeting or before the meeting at my office and it has
been accepted for voting purposes in whole or in part.

For the purpose of formulating claims, creditors should note
that the date of commencement of the liquidation is December 31,
2004.  Proxies may also be lodged with me at the meeting or
before the meeting at my office.

Graham H. Martin, Interim Liquidator
January 7, 2005

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


COLT TELECOM: Tony Bates Succeeds Outgoing Finance Chief
--------------------------------------------------------
COLT Telecom Group plc said on Wednesday that Tony Bates, Chief
Administrative Officer, will take over the role of Chief
Financial Officer following Marina Wyatt's decision to leave
COLT.  Mr. Bates already has responsibility for financial
matters at Board level and will retain his existing
responsibilities for Legal and Regulatory Affairs, Real Estate,
Audit and Risk Management, Company Secretariat, Corporate
Communications and Purchasing.  The change in Chief Financial
Officer will come into effect from Wednesday and Marina Wyatt
will leave the company at the end of March.

COLT CEO Jean-Yves Charlier said: "I am very pleased that Tony
Bates has agreed to take over the role of CFO, allowing us to
streamline the management structure following Marina Wyatt's
decision to leave.  On behalf of everyone at COLT I would like
to thank Marina for the significant contribution that she has
made over the past two years as the organization has gone
through a period of major change.  We wish her well for the
future."

About COLT

COLT Telecom Group plc is a leading pan-European provider of
business communications services.  The company owns an
integrated 20,000 kilometer network that directly connects 32
major cities in 13 countries augmented with a further 42 points
of presence across Europe and 11 Data Solution Centres.  COLT
supplies customers across the full spectrum of industry, service
and government sectors with unrivalled end-to-end network
security, reliability and service.

COLT Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT). Information about COLT and its
products and services can be found on the Web at
http://www.colt.net

                            *   *   *

Standard & Poor's Ratings Services said in July its ratings and
outlook on Colt Telecom Group PLC (B-/Stable/--) were unaffected
by the company's adverse trading update.

COLT reiterates that market conditions continue to be
challenging and that its margins are now under pressure, as a
result of the disappointing growth of higher margin products.
EBITDA for 2003 was GBP163.4 million (US$298.4 million) with a
margin of 14%.  At its second-quarter results, Colt reported
turnover of GBP301.2 million, up 8% on a constant currency
basis; gross margin before depreciation of 31.9%; EBITDA up 1%
to GBP38.3 million; loss of GBP26.3 million, down 24% from
GBP34.5million; and positive free cash flow of GBP4.5 million
its second consecutive quarter of positive free cash flow;
strong financial position with cash and liquid resources of
GBP794.0 million; and Significant new contract wins with
SunGard, lastminute.com and EDS.

CONTACT:  COLT TELECOM
          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt-telecom.com
          Phone: +44 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt-telecom.com
          Phone: +44 (0) 20 7863 5314


CONCORDIA BUS: S&P Doubts Ability to Meet Interest Payments
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Sweden-based bus services provider
Concordia Bus AB to 'CC' from 'CCC' due to growing concerns that
the group will not be able to meet its next interest-rate
payments, which fall due in February 2005.  The ratings on
Concordia remain on CreditWatch with negative implications,
where they were placed on Dec. 17, 2004.

At the same time, Standard & Poor's lowered its subordinated
debt rating on Concordia's EUR160 million (US$209 million) bond,
due 2010, to 'C' from 'CC'.  In addition, the senior secured
debt rating on subsidiary Concordia Bus Nordic AB's EUR130
million bond, due 2009, was also lowered to 'C' from 'CCC-'.
Concordia is the indirect parent of Concordia Bus Nordic and
guarantor of the EUR130 million bond.  All ratings remain on
CreditWatch with negative implications.

"The downgrade reflects Standard & Poor's increasing concerns
over the group's ability to meet its next interest payments,
which total about Swedish krona 135 million and fall due on Feb.
1 and Feb. 15, 2005," said Standard & Poor's credit analyst
Leigh Bailey.  "The improvement in the group's operational
performance has been below expectations and its cash resources
appear too stretched to honor all debt-service commitments in
February 2005."

On Jan. 15, 2005, Concordia announced that it would need to
initiate immediate discussions with its shareholders and
noteholders regarding plans for a recapitalization to strengthen
the group's balance sheet.  At Nov. 30, 2004, Concordia reported
total debt of SKR2,598 million (US$377 million) and capitalized
operating lease liabilities of SKR920 million.

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

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


CREAN HOURIHAN: Sets General Meeting February 25
------------------------------------------------
The general meeting of the members of Crean Hourihan
Construction Limited will be on Feb. 25, 2005 commencing at
10:30 a.m.  It will be held at the offices of Dewey & Co., 17 St
Andrew's Crescent, Cardiff CF10 3DB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Dewey & Co, 17 St Andrew's Crescent, Cardiff CF10 3DB not
later than 12:00 noon, Feb. 24, 2005.

CONTACT:  DEWEY & CO.
          17 St Andrew's Crescent,
          Cardiff CF10 3DB


DELIVERED SOLUTIONS: Calls Creditors Meeting
--------------------------------------------
The creditors of Delivered Solutions Limited will meet on Jan.
28, 2004 commencing at 11:00 a.m.  It will be held at Stirk
House Hotel, Gisburn BB7 4LJ.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to Heskin
Hall Farm, Wood Lane, Heskin, Lancashire PR7 5PA not later than
12:00 noon, Jan. 27, 2005.


DUFFY PRINT: Meeting of Unsecured Creditors Next Week
-----------------------------------------------------
The general meeting of the unsecured creditors of Duffy Print &
Promotions Limited will be on Jan. 26, 2005 commencing at 10:30
a.m.  It will be held at Blades Enterprise Centre, John Street,
Sheffield S2 4SU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Abbey Taylor Ltd., Blades Enterprise Centre, John
Street, Sheffield S2 4SU not later than 12:00 noon, Jan. 25,
2005.

CONTACT:  ABBEY TAYLOR LTD.
          Blades Enterprise Centre,
          John Street, Sheffield S2 4SU


DUNDEC CAR: Hires Administrators from Menzies
---------------------------------------------
Name of companies:
Dundec Car Park Rejuvenation Ltd.
Dundec Contracts Ltd.
Dundec Holdings Ltd.
Dundec Seamless Waterproofing Ltd.

Simon James Underwood and Andrew Gordon Stoneman (IP Nos 2603,
8728) have been appointed administrators for these trade
construction companies.  The appointment was made Jan. 7, 2005.
Its registered office is located at Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW.

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


ELD MEDIA: Dynamic Commercial Finance Brings in Receivers
---------------------------------------------------------
Dynamic Commercial Finance Plc called in Antony Robert Fanshawe
and Stephen John Adshead (Office Holder Nos 005944, 008574)
joint administrative receivers for Eld Media Limited (Reg No
04649955, Trade Classification: 7440).  The application was
filed Jan. 10, 2005.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way, Southampton SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: mail@fanshawe-lofts.co.uk
          Web site: http://www.fanshawe-lofts.co.uk


GLASS COOLING: Hires Administrators from Jacksons Jolliffe Cork
---------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis (IP Nos 8106, 9180)
have been appointed administrators for Glass Cooling (Europe)
Limited.  The appointment was made Jan. 7, 2005.  The company
manufactures fabricated metal products.

CONTACT:  JACKSONS JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Web site: http://www.jjcork.co.uk


GLOW COMMUNICATIONS: Creditors to Take up Receiver's Plan Today
---------------------------------------------------------------
Glow Communications plc has been subject to an Administration
Order since November 2004.  On 7 January 2005 the Administrator,
W A Batty of insolvency practitioners Antony Batty & Company,
sent a report to creditors convening a meeting on 21 January
2005 at which they will be invited to consider his proposals for
the Company.

A brief summary of the proposals:

That Anthony Batty & Co remain in office as Administrator for
the purpose of realizing the assets of the company and prior to
31 March 2005 making Company Voluntary Arrangement (CVA)
proposals to creditors for a debt for equity swap, plus a
distribution of any assets which would be available to creditors
in a liquidation.  If creditors do not agree to such CVA
proposals the Company will proceed into creditor's voluntary
liquidation in accordance with Paragraph 83 of Schedule B1 of
the Insolvency Act 1986 and it is proposed that Antony Batty &
Company would be appointed Liquidator although creditors are
able to nominate a different person as the proposed liquidator
provided that any such nomination is received prior to the
meeting of creditors.

A circular has been sent to shareholders and a copy will be
available at the offices of Anthony Batty & Company at New
House, Suite 24, 67 - 68 Hatton Garden, London EC1N 8JY until 7
February 2005.  A further announcement will be made in due
course after the meeting of creditors.

CONTACT:  ANTONY BATTY & COMPANY
          New House Suite 24
          67-68 Hatton Garden
          London
          EC1N 8JY
          Contact:
          Antony Batty
          Phone: 020 7831 1234


GOLDEN CASTLE: Insolvency Service Banish Former Director
--------------------------------------------------------
A director of a Chinese restaurant that failed with debt of more
than GBP384,000 has given an undertaking not to hold
directorships or take any part in company management for a
period of ten years.

The undertaking by Sui Fung Lok of 101 Jesmond Road, Newcastle-
Upon-Tyne, was given in respect of her conduct as director of
Golden Castle Investments Limited, which carried on business
from premises at 16-18 Stowell Street, Newcastle- Upon- Tyne,
NE1 4XG.  Golden Castle was placed into voluntary liquidation on
September 20, 2002 with estimated debt of GBP390,000 owed to its
creditors.

The acceptance of the undertaking on December 30, 2004, prevents
Sui Fung Lok from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
ten years.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.  Matters of unfit conduct, not disputed by Sui Fung Lok,
include:

(a) She allowed Golden Castle to fail to declare all its takings
    in its accounts, to the Inland Revenue and to HMCE; and

(b) She allowed Golden Castle to enter into a transaction at an
    undervalue to the detriment of creditors and to the benefit
    of Teamrespect Limited, a company of which she was a former
    director.

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

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

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


HIGHAIR LIMITED: Creditors Meeting Set January 31
-------------------------------------------------
The creditors of Highair Limited will meet on Jan. 31, 2005
commencing at 11:30 a.m.  It will be held at Wilkins Kennedy,
Bridge House, London Bridge, London SE1 9QR.  Creditors who want
to be represented at the meeting may appoint proxies.  Proxy
forms must be submitted together with written debt claims to
Wilkins Kennedy, Bridge House, London Bridge, London SE1 9QR not
later than Jan. 28, 2005.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


HOPESOURCE LIMITED: Shareholders Decide to Wind up Firm
-------------------------------------------------------
At the extraordinary general meeting of the members of
Hopesource Limited on Jan. 6, 2005 held at Gilderthorps, 22 Paul
Street, Shepton Mallet, Somerset BA4 5LA, the special
resolutions to wind up the company were passed.  Robert Stanley
Gilderthorp of Gilderthorps, 22 Paul Street, Shepton Mallet,
Somerset BA4 5LA has been appointed liquidators of the company.

CONTACT:  GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


HUNGRY GOAT: Joint Liquidators from Wilson Pitts Move in
--------------------------------------------------------
At the extraordinary general meeting of the members of Hungry
Goat Limited on Jan. 7, 2005 held at 52 Coxwold View, Wetherby
LS22 7PU, the special resolution to wind up the company was
passed.  D. F. Wilson and J. N. R. Pitts have been appointed
joint liquidators of the company.

CONTACT:  WILSON PITTS
          Glendevon House,
          Hawthorn Park,
          Coal Road, Leeds LS14 1PQ
          Phone: 0113-2375560
          Fax:   0113-2375561
          Web site: http://www.wilson-pitts.co.uk


INVENSYS PLC: Director Simon Robertson Leaves for Rolls Royce
-------------------------------------------------------------
As announced in November last year, Simon Robertson had
indicated his intention to step down from the Invensys Board
following his appointment as Chairman of Rolls Royce plc.  He
has accordingly resigned from the Board with effect from 19
January 2005.

Martin Jay, Chairman of Invensys plc, said: "We are extremely
grateful to Simon whose financial and business experience has
underpinned his valuable advice and contribution to the Invensys
Board since 1999."

"We wish him well in his new appointment."

                            *   *   *

In the first quarter, Invensys was able to reduce net debt by
GBP273 million from 31 March to GBP713 million. Other legacy
liabilities, including pension deficits, were reduced by GBP48
million.

CONTACT:  INVENSYS PLC
          Steve Devany
          Phone: +44 (0) 20 7821 3758

          MAITLAND
          Emma Burdett/Fiona Piper
          Phone: +44 (0) 20 7379 5151


KLARION LIMITED: In Administrative Receivership
-----------------------------------------------
HSBC Bank Plc called in Ian J. Gould (Office Holder No 7866) and
Edward T. Kerr (Office Holder 9020) joint administrative
receivers for Klarion Limited (Reg No 3826651, Trade
Classification: 7460).  The application was filed Jan. 11, 2005.

CONTACT:  PKF
          New Guild House, 45 Great Charles Street,
          Queensway, Birmingham B3 2LX
          Phone: 0121 212 2222
          Fax:   0121 212 2300
          E-mail: info.birmingham@uk.pkf.com
          Web site: http://www.pfk.co.uk

          PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


LAZARI LIMITED: Liquidator Calls First Creditors Meeting
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Lazari Limited
                         (In Liquidation)

I, F. J. Gray of Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, hereby give notice that I was appointed
Interim Liquidator of Lazari Limited on December 16, 2004, by
Interlocutor of the Sheriff at Glasgow.

Notice is hereby given pursuant to section 138 of the Insolvency
Act 1986 that the first meeting of creditors of Lazari Limited
will be held within Afton House, 26 West Nile Street, Glasgow G1
2PF, on January 26, 2005, at 10:00 a.m. for the purpose of
choosing a Liquidator and determining whether to establish a
Liquidation Committee.  A resolution at the meeting will be
passed if a majority of those voting have voted in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, creditors should note that the date of commencement of
the Liquidation is November 10, 2004.  Proxies may also be
lodged with me at the meeting or before the meeting at my
office.

F. J. Gray, Interim Liquidator
January 6, 2005

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


LION CAPITAL: Creditors Meeting Set February
--------------------------------------------
The creditors of Lion Capital Advisers Limited will meet on Feb.
1, 2005 commencing at 12:00 noon.  It will be held at Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP not later than
12:00 noon, Jan. 31, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


LONDON IRISH: Names Bridgers Administrator
------------------------------------------
John Arthur Kirkpatrick and Peter John Bridger (IP Nos 2230,
7827) have been appointed administrators for nightclub company
London Irish Investments Ltd.  The appointment was made Jan. 11,
2005.  Its registered office is located at 47 London Street,
Reading, Berkshire RG1 4PS.

CONTACT:  BRIDGERS
          47 London Street,
          Reading, Berkshire RG1 4PS


MAC-1.NET LIMITED: Administrator Takes over Helm
------------------------------------------------
Gerald Irwin (IP No 8753) has been appointed administrator for
Mac-1.Net Limited.  The appointment was made Dec. 30, 2004.  The
company supplies and supports Apple MacIntosh Computers and
Related Solutions.

CONTACT:  IRWIN & COMPANY
          Station House, Midland Drive,
          Sutton Coldfield, West Midlands B72 1TU


MARK COLEMAN: Creditors Meeting to Elect Liquidator Next Week
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Mark Coleman Communications Limited
                        (In Liquidation)

I, F. J. Gray of Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, hereby give notice that I was appointed
Interim Liquidator of Mark Coleman Communications Limited on
December 16, 2004, by Interlocutor of the Sheriff at Glasgow.

Notice is hereby given pursuant to section 138 of the Insolvency
Act 1986 that the first meeting of creditors of Mark Coleman
Communications Limited will be held within Afton House, 26 West
Nile Street, Glasgow G1 2PF, on January 26, 2005, at 3:00 p.m.
for the purpose of choosing a Liquidator and determining whether
to establish a Liquidation Committee.

A resolution at the meeting will be passed if a majority of
those voting have voted in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, creditors should note that the date of commencement of
the Liquidation is November 23, 2004.  Proxies may also be
lodged with me at the meeting or before the meeting at my
office.

F. J. Gray, Interim Liquidator
January 6, 2005.

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


MATRIX STEEL: Meeting of Unsecured Creditors Set February 4
-----------------------------------------------------------
The unsecured creditors of Matrix Steel Services Limited will
meet on Feb. 4, 2005 commencing at 11:00 a.m.  It will be held
at 17-19 Foley Street, London W1W 6DW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW not later than 12:00 noon, Feb. 3, 2005.

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


NATURAL COMFORTS: Sets Creditors Meeting February
-------------------------------------------------
The creditors of Natural Comforts Limited will meet on Feb. 2,
2005 commencing at 10:30 a.m.  It will be held at Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN not later than Feb. 1, 2005.

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


NEW SERIES: Interim Liquidator Calls First Meeting of Creditors
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF New Series (U.K.) Limited
                         (In Liquidation)

I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that
I was appointed Interim Liquidator of New Series (U.K.) Limited
on December 30, 2004 by Interlocutor of the Sheriff at Hamilton.

Notice is also given pursuant to section 138 of the Insolvency
Act 1986 and Rule 4.12 of The Insolvency (Scotland) Rules 1986,
as amended by The Insolvency (Scotland) Amendment Rules 1987,
that the first meeting of creditors of New Series (U.K.) Limited
will be held within Kintyre House, 209 West George Street,
Glasgow G2 2LW, on February 9, 2005, at 11:00 a.m. for the
purpose of choosing a Liquidator and determining whether to
establish a Liquidation Committee.

A resolution at the meeting is passed if a majority of those
voting have voted in favor of it.  A creditor will be entitled
to vote at the meeting only if a claim has been lodged with me
at the meeting or before the meeting at my office and it has
been accepted for voting purposes in whole or in part.

For the purpose of formulating claims, creditors should note
that the date of commencement of the Liquidation is December 30,
2004.  Proxies may also be lodged with me at the meeting or
before the meeting at my office.

Graham H. Martin, Interim Liquidator
January 6, 2005

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


NIGHTLINK LEEDS: Appoints Liquidator from Geoffrey Martin & Co.
---------------------------------------------------------------
At the extraordinary general meeting of Nightlink Leeds Limited
on Jan. 7, 2005 held at the offices of The Queens Hotel, City
Square, Leeds LS1 1PL, the special resolutions to wind up the
company were passed.  Stephen Hull of Geoffrey Martin & Co, St
James's House, 28 Park Place, Leeds LS1 2SP has been appointed
liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO.
          St James's House,
          28 Park Place, Leeds LS1 2SP


P & C STEEL: Falls into Administration
--------------------------------------
The unsecured creditors of P & C Steel Limited will meet on Feb.
4, 2005 commencing at 1:00 p.m.  It will be held at 17-19 Foley
Street, London W1W 6DW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW not later than 12:00 noon, Feb. 3, 2005.

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


PERFORMANCE JOINERY: Names Gerald Edelman Administrator
-------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) have
been appointed joint administrators for Performance Joinery
Limited.  The appointment was made Jan. 12, 2005.  The company
is into joinery.  Its registered office is located at Kent
House, Station Road, Ashford, Kent TN23 1PP.

CONTACT:  GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street, London W1G 9BR
          Phone: 020 7299 1400
          Fax: 020 7299 1401
          E-mail: gemail@geraldedelman.com
          Web site: http://www.geraldedelman.com


PIPELINE PROTECTION: Creditors Meeting Set Next Month
-----------------------------------------------------
The creditors of Pipeline Protection Limited will meet on Feb.
1, 2005 commencing at 11:00 a.m.  It will be held at Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN not later than 12:00 noon, Jan. 31, 2005.

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


PREMIER CASTLE: Former Exec Gets 10-year Directorship Ban
---------------------------------------------------------
A director of a Chinese restaurant that failed with debt of more
than GBP357,000 has given an undertaking not to hold
directorships or take any part in company management for a
period of ten years.

The undertaking by Chu Lung Lok, of 101 Jesmond Road, Newcastle
Upon Tyne, NE2 1NH was given in respect of his conduct as
director of Premier Castle Limited, which carried on business
trading as New Ming Dynasty from premises at 41 Stowell Street,
Newcastle-Upon-Tyne, NE1 1YB.  Premier was placed into voluntary
liquidation on September 20, 2002 with estimated debt of
GBP261,000 owed to its creditors.

The acceptance of the undertaking on January 10, 2005, prevents
Chu Lung Lok from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
ten years.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.  Matters of unfit conduct, not disputed by Chu Lung Lok,
were that:

(a) He caused Premier to fail to declare all its takings in its
    accounts, to the Inland Revenue and to HMCE; and

(b) He caused Premier to enter into a transaction at an
    undervalue to the detriment of creditors and to the benefit
    of Teamrespect Limited, a company of which he was a former
    director.

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

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

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


SPEED SERVICES: Hires Joint Administrators from Tenon Recovery
--------------------------------------------------------------
S. R. Thomas and T. J. Binyon (IP Nos 8920, 9285) have been
appointed joint administrators for Speed Services Plc.  The
appointment was made Jan. 12, 2005.  Its registered office is
located at Sherlock House, 73 Baker Street, London W1U 6RD.

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


SSI (EUROPE): Administrator from Cranfield Recovery Moves in
------------------------------------------------------------
Tony Mitchell (IP No 8203) has been appointed administrator for
SSI (Europe) Limited.  The appointment was made Jan. 11, 2005.
Its registered office is located at 2 Hawkes Drive, Warwick CV34
6LX.

CONTACT:  CRANFIELD RECOVERY LIMITED
          2 Hawkes Drive, Warwick CV34 6LX


TRAVELEX PLC: Narrows List of Bidders to Four
---------------------------------------------
Four private equity bidders made it to the shortlist of bidders
for travel money and commercial foreign exchange provider
Travelex plc, sources close to the situation said.

According to Reuters, the firms are U.K. groups Apax, BC
Partners, and Permira, and U.S. buyout firm Kohlberg Kravis
Roberts.  The auction, which values the group at US$1.9 billion,
is now at the second round of buyer selection.

The company appointed Deutsche Bank to evaluate bids and review
options in December after receiving approaches from buyout
firms.  It expects to narrow down the list of potential buyers
on February 9, with a view to narrowing down the choice to one
by the end of next month, sources said.

The parties participating in the sale all declined to comment.
No one from Travelex was also immediately available for a
statement, the report said.  Travelex is owned by founder Lloyd
Dorfman, who holds a 67% stake in the firm; 3i Group plc and
funds managed by the British buyout house owns 32%.  The firm
runs more than 670 retail foreign exchange branches worldwide.

CONTACT:  TRAVELEX PLC
          Group Head Office
          65 Kingsway
          London
          WC2B 6TD
          Phone: +44 (0)20 7400 4000
          Fax: +44 (0)20 7400 4001

          European Head Office
          Worldwide House
          Thorpe Wood
          Peterborough
          PE3 6SB
          Phone: +44 (0)1733 502000
          Fax: +44 (0)1733 502033
          Web site: http://www.travelex.co.uk/


TRAVELEX PLC: On CreditWatch Pending Sale Completion
----------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on U.K.-based
travel money and commercial foreign exchange provider Travelex
PLC on CreditWatch with negative implications, following reports
that the company has short-listed four private equity firms as
potential acquirers of the business.

"The CreditWatch placement reflects the possibility that the
ratings could be lowered if the business is sold as the new
owners are likely to increase leverage, which would lead to
lower credit quality," said Standard & Poor's credit analyst
Olli Rouhiainen.  Travelex has limited headroom to increase
financial leverage at the current rating level.

Standard & Poor's will monitor the progress of the sale and
evaluate any new capital structure.  To retain the 'BB-'
ratings, Travelex needs to meet financial targets of lease-
adjusted total debt to EBITDA of 4x and lease-adjusted funds
from operations to total debt of 20%.

Travelex is the world's largest non-bank provider of global
travel money services, with reported turnover of GBP482 million
(US$903 million) and EBITDA of GBP45 million in the 12 months to
Sept. 30, 2004.  Total debt at the same date was GBP110 million.
The ratings continue to reflect the cyclical and seasonal nature
of the global travel money industry, growing but cyclical demand
for commercial foreign exchange, and the longer-term risk of
lost revenues if the U.K. decides to adopt the euro.  These
constraints are partially offset by the company's strong niche
position in a competitive market, higher operating stability
arising from outsourced contracts, and manageable foreign
exchange risks.  Travelex relies on key airport sites and
contracts, and operates more than 650 retail branches that cover
many of the world's key transport hubs.

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

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


WIDDYS (2000): Hires Joint Administrators from CBA
--------------------------------------------------
Neil Charles Money and Geoff Robbins (IP Nos 8900, 6622) have
been appointed joint administrators for Widdys (2000) Limited.
The appointment was made Jan. 7, 2005.  The company runs
discount stores.  Its registered office is located at 435
Lichfield Road, Aston, Birmingham B6 7SS.

CONTACT:  CBA
          Lichfield Place, 435 Lichfield Road,
          Aston, Birmingham B6 7SS


XL PLASTIC: Brings in Joint Administrators from Menzies
-------------------------------------------------------
Andrew Gordon Stoneman and Andrew John Duncan (IP Nos 8728,
9319) have been appointed joint administrators for XL Plastic
Technologies Limited.  The appointment was made Jan. 12, 2005.
The company manufactures plastic products.  Its registered
office is located at Halfords Lane, Smethwick, Birmingham B66
1BP.

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


                            *********


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 * * *