/raid1/www/Hosts/bankrupt/TCREUR_Public/050202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, February 2, 2005, Vol. 6, No. 23

                            Headlines

C Z E C H   R E P U B L I C

CK FISCHER: New Owner Hounds Predecessor for Unsettled Debt


G E R M A N Y

AUTEFA HOLDING: Augsburg Court Appoints Administrator
B & V BAUREGIE-INGENIEURBAU: Creditors Claims Due Next Week
CAFE DE PARIS: Court Accepts Bankruptcy Application
HANDELSRNG HEILIGENSTADT: Provisional Administrator Enters Firm
HEYER TRANSPORTE: Court Opens Bankruptcy Proceedings

IESY GMBH: S&P Rates Senior Unsecured Notes 'CCC+'
NORDEX AG: Pre-tax Operating Loss Down 60%
PHARMATHEK-MEDIEN: Bankruptcy Court to Review Claims April 7
RUDOLF G. REIBER: Succumbs to Bankruptcy
SCHMALKALDER WERZEUGBAU: Cedes Control to Administrator

TROSAN GESELLSCHAFT: Under Bankruptcy Administration
VOTSCH FERTIGHAUSRENOVIERUNG: Under Bankruptcy Proceedings
WALTER BAU: Emergency Loan Costs Chairman Post, Stake


H U N G A R Y

MALEV HUNGARIAN: Recently Resigned CEO Among Bidders?


I R E L A N D

JSG FUNDING: To Discuss Latest Results February 17


I T A L Y

RATTI SPA: Axing Hundreds of Jobs


K Y R G Y Z S T A N

AKYL: To Sell Assets Next Week
ALVO-BISHKEK: Under Bankruptcy Supervision
AROEPAGE-KARAKOL: Claims Filing Period Ends March
PULSAR: Creditors Meeting Set Next Week
SHAHTA KORGON: Puts Properties on Sale
SMU-5: Court Appoints Temporary Insolvency Manager
SUTAZYK: Creditors Meeting Set Next Week


N E T H E R L A N D S

KONINKLIJKE AHOLD: Closes Sale of Two U.S. Retailers


N O R W A Y

STOLT OFFSHORE: To Discuss Full-year Results February 22


R U S S I A

15 METROSTROYA: Public Auction Set February 22
ALEKSIN-PROM-STROY: Sets Public Auction Date
ANTIKOR-1: Puts Assets Worth RUB1.2 Million Up for Auction
AUTO-LEASING: Proofs of Claim Deadline Nears
KARAT: Bankruptcy Hearing Resumes Later this Month

KONDOPOZHSKIY COMBINE: Undergoes External Management Procedure
LIKHOSLAVLSKAYA MOVABLE: Declared Insolvent
REINFORCED-CONCRETE: Assets for Public Auction Next Week
RONI: Ulyanovsk Court Hires N. Bataeva as Insolvency Manager
SVETLOGRADSKAYA: Poultry Raiser Declares Bankruptcy
YUKOS OIL: Unit Sues Creditor for Fraud


U K R A I N E

BALTIMA: Bankruptcy Supervision Begins
BALTSKE: Under Bankruptcy Supervision
GLOBINE-AGRO: Temporary Insolvency Manager Takes over Operations
LVIVDEREV: Declared Insolvent
MOKOM-ZVYAZKOBUD: Applies for Bankruptcy Proceedings
SIGMA-FENIKS: Undergoes Sanction Procedure
SIVERSKIJ DONETS: Court Orders Debt Moratorium


U N I T E D   K I N G D O M

AIRDRIE PACKAGING: Claims Filing Period Ends June
A J S ENTERPRISES: Members Decide to Wind up Firm
ANTIQUE STYLE: Hires Sargent & Company as Administrator
BAE SYSTEMS: Threatens to Pull out of Aircraft Carrier Deal
BENSON PROPERTY: Hires Joint Liquidators from PwC

BIRD & TOLE: Calls in Joint Liquidators from Numerica
BOWMAN ELECTRICAL: Members Pass Winding-up Resolutions
BRUCE HOUSE: Hires Liquidator from Begbies Traynor
BUSHBY HAULAGE: Calls in Liquidator from Freeman Rich
CAMERA LINK: Names Bishop Fleming Liquidator

CAMPION ELECTRONICS: Creditors Pass Winding-up Resolutions
CASH & CARRY: Calls in Liquidator from Griffin & King
CLEANING MACHINES: Hires Tom Harrison Liquidator
CLEANSTAR LIMITED: Shareholders Opt for Liquidation
CLYDE CAR: Final Creditors Meeting Set Next Week

COBRA HOLDINGS: Applies for Liquidation
CORE MANAGEMENT: Hires Parkin S. Booth as Liquidator
CRANDON CONSTRUCTION: Calls in Liquidator from McTear Williams
DESIGNLAB EUROPE: Winding-up Report Out Third Week of February
ECOSSE TELECOMMUNICATIONS: Liquidator's Report Out in Two Weeks

ENTROPIC LIMITED: Hires Moore Stephens as Liquidator
FABTEC LIMITED: Liquidator to Present Report Mid-February
GALA REGIONAL: Hires Liquidator from Ernst & Young
INTERNET MUSIC: Timestrip Agrees to Reverse Takeover
JARVIS PLC: Lenders Extend Financing Arrangement to March 2006

MARBLE CUISINE: Names Tenon Recovery Administrator
MARCONI CORPORATION: Signs Partnership with China's Huawei
MSA REALISATIONS: Creditors Meeting Set Next Week
NORTH EAST: Liquidator Takes over Operations
NTL INCORPORATED: Completes Sale of Broadcast Business

PPP HEALTHCARE: Calls in PricewaterhouseCoopers as Liquidator
RIGHTJUMBO LIMITED: Brings in Administrator from Cranfield
SCOTTISH COMPUTER: Creditors to Meet Later this Month
SR GENT: Abandons U.K. Manufacturing Activities
THE OLD LONDON: Administrators from Milner Boardman Move in

TOTAL ENGINEERING: Hires Begbies Traynor as Administrator
TOXO EUROPE: First Liquidation Meeting Set Next Week
TRACK WARNING: Administrator from David Horner & Co. Moves in
TRUSTCARE SECURITY: Creditors Appoint Liquidator
VIS ITV: U.S. Firm Comes to the Rescue
WALTER JAAP: Final Meeting Set Next Week
ZEPHYR PLASTIC: Sets Creditors Meeting Next Week


                            *********


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


CK FISCHER: New Owner Hounds Predecessor for Unsettled Debt
-----------------------------------------------------------
Former Senator Vaclav Fischer received his second distraint
order in as many years after failing to repay around CZK391
million in debt, Czech Radio says.

The district court of Prague ordered the seizure of Mr.
Fischer's properties on January 3, in relation to his debt to
Atlantik IB and K&K Capital Group.  These firms bought the debt
previously held by Komercni Banka as part of its takeover of
Cestovni Kancelar Fischer in 2003.

Mr. Fischer had acknowledged the debt, but failed on his promise
to repay the amount on September 20, 2003.   This forced the two
companies to sue him on November 11, 2004.  CK Fischer owes
Atlantik IB and K&K Capital Group CZK162 million and CZK229
million, respectively.

Mr. Fischer received his first distraint order in the summer of
2003, after defaulting on CZK470 million in debt to Komercni
Banka, Czech Airport Authority and Czech Airlines.  Creditors
dropped the demand after Karel Komarek, owner of Atlantik IB and
K&K Capital Group, bought their claims.

CK Fischer booked CZK2 billion in sales revenue last year, down
from CZK2.6 billion in 2003, when the travel company was
considered the largest tour operator in the country.

CONTACT:  CESTOVNI KANCELAR FISCHER a.s.
          Milesovska 5, 130 00 Praha 3
          Phone: 221 636 363
          E-mail: info@fischer.cz
          Web site: http://www.fischer.cz


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


AUTEFA HOLDING: Augsburg Court Appoints Administrator
-----------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Autefa Holding GmbH on Jan. 1.  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 Nikolaus
Gaede.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 8:30 a.m. at Justizgebaude,
Sitzungssaal 162, 1. Stock, Am Alten Einlass 1, 86150 Augsburg
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:  AUTEFA HOLDING GMBH
          Frohsinnstr. 3, 86150 Augsburg
          Contact:
          Sabine von Stetten, Manager

          Nikolaus Gaede, Insolvency Manager
          c/o Kanzlei Haarmann, Hemmelrath & Partner
          Maximilianstr. 35, 80539 Munchen


B & V BAUREGIE-INGENIEURBAU: Creditors Claims Due Next Week
-----------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against B & V Bauregie-Ingenieurbau GmbH on Jan. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 8, 2005 to
register their claims with court-appointed provisional
administrator Oliver Spies.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 8:45 a.m. the district court of
Monchengladbach, Hauptstelle, Hohenzollernstrasse 157, 41061
Monchengladbach, Erdgeschoss links, A 58 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:  B & V BAUREGIE-INGENIEURBAU GMBH
          Marienstrasse 37-43, 41836 Huckelhoven
          Contact:
          Fritz-Dieter Dietzel, Manager
          Am Laubacher Feld 31, 40822 Mettmann

          Oliver Spies, Insolvency Manager
          Hohenzollernstrasse 124 - 126, 41061 Monchengladbach
          Phone: 02161/40 60 28 - 0
          Fax: +492161309987


CAFE DE PARIS: Court Accepts Bankruptcy Application
---------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Caf, de Paris Partyservice Limited on Jan. 1.
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 Nikolaus Gaede.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:00 a.m. at Justizgebaude,
Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg 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:  CAFE DE PARIS PARTYSERVICE LIMITED
          Fuggerstr. 3, 86150 Augsburg

          Nikolaus Gaede, Insolvency Manager
          c/o Kanzlei Haarmann, Hemmelrath & Partner
          Maximilianstr. 35, 80539 Munchen


HANDELSRNG HEILIGENSTADT: Provisional Administrator Enters Firm
---------------------------------------------------------------
The district court of Muhlhausen opened bankruptcy proceedings
against Handelsring Heiligenstadt GmbH on Dec. 30, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 11, 2005
to register their claims with court-appointed provisional
administrator Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 10:00 a.m. at the district court
of Muhlhausen Untermarkt 17, Raum 35 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:  HANDELSRNG HEILIGENSTADT GMBH
          Contact:
          Gunter Nordhausen, Manager
          Wilhelmstrasse 1, 37308 Heilbad Heiligenstadt

          Ulrich Hauter, Insolvency Manager
          Untermarkt 12, 99974 Muhlhausen


HEYER TRANSPORTE: Court Opens Bankruptcy Proceedings
----------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Heyer Tranporte & Logistik (HTL) GmbH on
Dec. 23, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 28, 2005 to register their claims with court-
appointed provisional administrator Marlis Greschuchna.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 9:00 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HEYER TRANSPORTE & LOGISTIK GMBH
          Z.-Hildebrandt-Str. 16, 06618 Naumburg

          Marlies Greschuchna, Insolvency Manager
          Grosser Berlin 14, D-06108 Halle
          Phone: 0345/6828831
          Fax: 0345/6828897


IESY GMBH: S&P Rates Senior Unsecured Notes 'CCC+'
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to German cable TV operator Iesy GmbH.
The outlook is stable.

At the same time, Standard & Poor's assigned its 'CCC+' debt
rating to the EUR215 million (US$279.4 million) senior unsecured
notes maturing in 2015 to be issued by Iesy's parent company
Iesy Repository GmbH; the notes are guaranteed by Iesy on a
senior-subordinated basis.  Standard & Poor's also assigned its
'B' debt rating and '2' recovery rating to the EUR230 million
senior secured credit facility (including a EUR30 million
undrawn revolving facility) arranged at the level of Iesy's
fully-owned operating company Iesy Hessen GmbH & Co. KG.

The 'B' rating on the credit facility is the same as the
corporate credit rating; this and the '2' recovery rating
indicate substantial recovery of principal (80%-100%) for senior
lenders in the event of a payment default.

"The corporate credit rating reflects Iesy's highly leveraged
capitalization, which, if sustainable, would only be so because
of the stability of the company's core cable TV (CATV) revenues
and cash flows, and management's demonstrated capital
discipline," said Standard & Poor's credit analyst Guy
Deslondes.

Although growth potential from the delivery of pay-TV and high-
band Internet services may improve deleveraging prospects if
management's strategy is successfully executed, such
opportunities are limited by the strong competition from
alternative technology platforms.  This competition could also,
over the long term, erode Iesy's analogue-CATV revenue stream.
After the proposed refinancing, Iesy will have total debt of
EUR415 million.

The debt offering is aimed at prefinancing the acquisition of
German cable peer, Ish.  Including repayment of pretransaction
bank debt, Iesy will have a cash balance of about EUR350 million
available for this acquisition, with excess amounts to be
financed by its shareholders.  If the acquisition is not
completed, cash will be entirely distributed to shareholders.

"We believe that Iesy's leverage is unlikely to decline
sufficiently to allow for an upgrade in the near term," said Mr.
Deslondes.

The lack of near-term credit upside also reflects the
uncertainties relating to the targeted acquisition of Ish,
notably concerning the purchase price and the achievable
synergies.

"If the acquisition is completed, credit metrics and financial
covenants for the combined entity should be modeled on Iesy's
stand-alone capitalization structure to avoid negative rating
actions," Mr. Deslondes added.

A change to a more aggressive network modernization strategy in
the absence of clear demand for enhanced services would be
viewed negatively by Standard & Poor's.  On the other hand,
sound operational execution and sustainable deleveraging could
warrant an outlook revision to positive over time.

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


NORDEX AG: Pre-tax Operating Loss Down 60%
------------------------------------------
The current Nordex AG 2003/04 financial statements (01 October
2003 to 30 September 2004), which were audited recently, confirm
the provisional figures published in December 2004.

According to these, Group revenues increased by some 13% to
EUR221.6 million (previous year: EUR196.2 million).  However,
the volume of business was negatively affected by the company's
difficult financial situation.  In order to take the pressure
off working capital, Nordex decided not to obtain interim
financing for most orders, which resulted in a shift in
revenues.  Furthermore, the manufacturer lost several major
orders to competitors due to its very weak equity base -- in
spite of a 55% increase in order receipts to EUR230 million
(previous year: EUR148 million).

Operating loss before interest, tax and one-off items declined
by some 60% to approximately -EUR25.5 million (previous year:
-EUR63.2 million).  This positive development was primarily the
result of the cost-cutting program, some 80% of which had been
implemented by the end of the financial year.  For instance, the
cost-of-materials ratio dropped from 89% to 79%.  Net other
operating expenses and income declined by 27% to EUR24.3 million
(previous year: EUR 33.3 million).  Personnel expenditure fell
by some 17% to EUR34.5 million (previous year: EUR41.6 million).
121 out of 812 jobs were cut in the past financial year.

As a result of strict working capital management the Group
generated a positive cash flow from current operations of EUR0.8
million (previous year: -EUR85.1 million).  This was set against
net debt totaling around EUR47 million (previous year: EUR44.7
million).  Equity declined to EUR10.1 million (previous year:
EUR44.9 million) as a result of losses.  The planned
recapitalization (see ad hoc announcement of 28 December 2004)
is intended to considerably strengthen the equity base once
again and reduce net debt in spring 2005.  The measures to this
effect are to be presented to the AGM on 21 February 2005, where
they are to be decided upon.

The Group's operations were also hampered by the financial
situation in stub fiscal 2004 (01 October - 31 December 2004).
In spite of this, Nordex was able to improve new business year-
on-year by 11% to some EUR62 million (previous year: EUR55.5
million).  This is due in particular to wind farms from the
company's own project development in France (43%).  Overall, the
proportion of foreign business increased further to
approximately 70%.  All orders were for the N90/2,300 kW turbine
type.  Nordex projects revenues of around EUR55 million for the
stub financial year (previous year: EUR66.7 million).  Extensive
cost-cutting is intended to reduce the operating loss to below
EUR5 million (previous year: -EUR6.7 million) in spite of low
capacity utilization.

Due to the fact that recapitalization is to be implemented some
three months later than originally planned, management forecasts
a below-average first quarter of fiscal 2005.  In total, order
receipts worth at least EUR300 million and revenues of between
EUR270 million and EUR280 million are to be achieved in the
financial year.  Depending on the sales volume, earnings before
tax, interest and one-off items are intended to lie between -
EUR2.0 million and break-even point.  A net profit is planned
for the first time again in 2006.

CONTACT:  NORDEX AG
          Ralf Peters
          Phone: +49 (0) 40/500 98 - 100
          Fax: +49 (0) 40/500 98 - 333


PHARMATHEK-MEDIEN: Bankruptcy Court to Review Claims April 7
------------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Pharmathek-Medien Verlag und Agentur 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 Stefan Rieger.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 10:00 a.m. at Saal U2, Gebaude E,
Landwehrstrasse 48, 64293 Darmstadt 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 7, 2005, 10:00 a.m. at Zimmer
108, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt.

CONTACT:  PHARMATHEK-MEDIEN VERLAG UND AGENTUR GMBH
          Neuwiesenweg 4, 64293 Darmstadt
          Contact:
          Ivan Novak, Manager
          Werner Munkelt, Manager

          Stefan Rieger, Insolvency Manager
          Zeilweg 42, 60439 Frankfurt am Main
          Phone: 069/963761-130
          Fax: 069/963761-145


RUDOLF G. REIBER: Succumbs to Bankruptcy
----------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Rudolf G. Reiber GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 8, 2005 to register their
claims with court-appointed provisional administrator Harald
Silz.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 10:30 a.m. at Saal U2, Gebaude E,
Landwehrstrasse 48, 64293 Darmstadt 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:  RUDOLF G. REIBER GMBH
          An der Brucke 2-6, 64546 Morfelden-Walldorf
          Contact:
          Oliver Salzgeber, Manager
          Feyerleinstr. 8, 60322 Frankfurt

          Harald Silz, Insolvency Manager
          Adolfsallee 24, 65185 Wiesbaden
          Phone: 0611/1504-0
          Fax: 0611/301774


SCHMALKALDER WERZEUGBAU: Cedes Control to Administrator
-------------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Schmalkalder Werkzeugbau GmbH on Dec. 30, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 7, 2005 to
register their claims with court-appointed provisional
administrator Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 11:00 a.m. at the district court
of Meiningen, Lindenallee 15, Saal A 0105 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:  SCHMALKALDER WERZEUGBAU GMBH
          Telle 5, 98574 Schmalkalden

          Andreas Schafft, Insolvency Manager
          Charlottenstr. 7, 99096 Erfurt


TROSAN GESELLSCHAFT: Under Bankruptcy Administration
----------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Trosan Gesellschaft mit beschrankter Haftung on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 2, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 10:30 a.m. at Saal U2, Gebaude E,
Landwehrstrasse 48, 64293 Darmstadt 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:  TROSAN GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Hessenring 12, 64572 Buttelborn
          Contact:
          Jutta-Christiane Ozkan, Manager

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt
          Phone: 069/962334-0
          Fax: 069/962334-22


VOTSCH FERTIGHAUSRENOVIERUNG: Under Bankruptcy Proceedings
----------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Votsch Fertighausrenovierung Gesellschaft mit
beschrankter Haftung on Jan. 1.  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 Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2005, 10:00 a.m. at the district court
of Zimmer 2, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt 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:  VOTSCH FERTIGHAUSRENOVIERUNG GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Jahnstrasse 78, 64720 Michelstadt
          Contact:
          Jens Oliver Votsch, Manager
          Kilian-Schwiegel-Strasse 8, 64720 Michelstadt

          Marc Schmidt-Thieme, Insolvency Manager
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


WALTER BAU: Emergency Loan Costs Chairman Post, Stake
-----------------------------------------------------
Construction group Walter Bau finally reached a rescue deal with
creditor banks at the expense of its founder, Europe
Intelligence Wire reports.

Company sources say 27 banks have agreed to extend Walter Bau a
EUR1.5 billion guaranteed credit and a new loan amounting EUR150
million to solve a funding crisis.  In return, they demanded
that Ignaz Walter retire as chairman of the supervisory board
and either provide significant capital contribution or dispose
of his 56.9% majority holding.

Mr. Walter is expected to leave within the next few days.  His
stake will most likely go to Deutsche Bank for disposal to a new
investor.  Sources suggest German construction group Ed. Zublin
or Austrian rival Bauholding Strabag as possible buyers.


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


MALEV HUNGARIAN: Recently Resigned CEO Among Bidders?
-----------------------------------------------------
Malev Hungarian Airlines confirms Laszlo Sandor, its President-
CEO of less than two years, has resigned.

"He will no longer be at the head of the company as of February
11," spokesperson Krisztina Nemeth told The Budapest Sun.

Mr. Sandor was appointed to the post in May 2003.  Prior to his
resignation, rumors had already circulated he was on the way
out.  On Jan. 19, the company said Mr. Sandor was leaving for
"personal reasons."

The report, citing an industry source, said Mr. Sandor is
"setting up a company as part of a consortium to participate in
a new as yet unannounced tender for the privatization of MALEV
and the airport management company [Budapest Airport]."

Hungarian privatization agency APV confirms there is a bid on
the table, but refused to comment on the airline-airport
management company tender.  In December, it announced improved
terms for the tender of the government's 99.95% stake in the
company.  An earlier tender attracted only one bidder --
Aviation Solution International -- which offered a meager HUF150
million (US$793,000) for the shares.  The deadline for bids
under the new tender is 2 p.m. CET on Feb. 28.

Malev has called an extraordinary general meeting for Feb. 11 to
select Mr. Sandor's successor and form a new set of board.
Janos Gonci, former board member of Malev and airport management
company Budapest Airport; and Peter Honig, CEO of steel group
Dunaferr, are tipped as likely candidates to replace him.

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


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


JSG FUNDING: To Discuss Latest Results February 17
--------------------------------------------------
JSG Funding plc, incorporating Jefferson Smurfit Group, will
release detailed 2004 fourth-quarter and full-year earnings on
Thursday, February 17 at 12 p.m. GMT (7 a.m. EST).

The Jefferson Smurfit Group management team will discuss fourth
quarter financial performance with investors on a conference
call scheduled for 3:00 p.m. GMT (10:00 a.m. EST) on that date.

The purpose of the call is to provide investors and analysts
with an overview of the financial results, a perspective on
product market conditions and progress relative to corporate and
financial objectives.  Dial in details are available from K
Capital Source on +353 1 631 5500 or smurfit@kcapitalsource.com

                            *   *   *

Fitch Ratings assigns JSG Funding plc's new EUR370 million
equivalent of senior subordinated notes due 2015 a 'B-' rating.
Fitch also rates JSG Holdings Plc's new EUR325 million
subordinated PIK notes due 2015 'CCC+'.

CONTACT:  JEFFERSON SMURFIT GROUP
          Phone: +353 1 202 7000
          or

          K CAPITAL SOURCE
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


RATTI SPA: Axing Hundreds of Jobs
---------------------------------
Silk fabric maker Ratti Group is planning to lay off 105 workers
in Italy as part of its business plan for fiscal year 2005/2006,
reports say.

The redundancy is part of a wider restructuring program aimed at
returning the company to profit within three years.  Ratti
booked a pre-tax loss of EUR5.7 million for January-September
2004.  For the same period in 2003, the company reported a
profit of EUR7.3 million.  The group has 800 workers, 650 of
whom work at Ratti S.p.A., which has facilities in Guanzate and
Mainate.


===================
K Y R G Y Z S T A N
===================


AKYL: To Sell Assets Next Week
------------------------------
The bidding organizer and temporary insolvency manager of
investment joint stock Commercial Bank Akyl will sell its
properties on February 11, 2005, 10:00 a.m.  The public auction
will take place at Bishkek, Moskovskaya Str. 121.

For sale are:

(a) Lot 1: macaroni shops with a starting price of KGS152,360;
    and

(b) Lot 2: assorted equipment with a starting price of
    KGS132,640.

For more information, call (0-312) 66-05-82.


ALVO-BISHKEK: Under Bankruptcy Supervision
------------------------------------------
The Inter-District Court of Bishkek on Economic Issues commenced
bankruptcy supervision procedure on Alvo-Bishkek on November 3,
2004.  The case is docketed as 03-478/m04-c8.  Mr. Subankulov
Toktogul (License 0348) has been appointed temporary insolvency
manager.  Creditors will meet on February 10, 2005, 11:00 a.m.
at Bishkek, Moskovskaya Str. 151, Room 109.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Subankulov Toktogul
          Temporary Insolvency Manager
          Phone: (0-312) 21-74-36
                 (0-31-47) 92-3-89


AROEPAGE-KARAKOL: Claims Filing Period Ends March
-------------------------------------------------
LLC Aroepage-Karakol, which recently became insolvent, will
accept proofs of claim until March 27, 2005.  For more
information, call (0-39-22) 2-86-72.


PULSAR: Creditors Meeting Set Next Week
---------------------------------------
The Inter-District Court of Bishkek on Economic Issues commenced
bankruptcy supervision procedure on PULSAR on October 28, 2004.
The case is docketed as 03-470/m04-c9.  Mr. Maksatbek Sharshenov
(License 0349) has been appointed temporary insolvency manager.
Creditors will meet on February 9, 2005, 12:00 noon at
Alamudunsk district, Lebedinovka, Lermontova Str. 1.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Maksatbek Sharshenov
          Temporary Insolvency Manager
          Phone: (0-312) 23-72-58


SHAHTA KORGON: Puts Properties on Sale
--------------------------------------
The bidding organizer and temporary insolvency manager of OJSC
Shahta Korgon will sell its properties on February 11, 2005
10:00 a.m. at Djalal-Abad, Panfilova Str. 34, Regional State
Property Committee Building, 2nd floor.  For sale are eleven
lots of buildings, concrete frames, metal gates, cars, and
substations.

To participate, bidders must submit the necessary documents and
deposit an amount equivalent to 20% of the starting price to the
cashier of Shahta Korgon on or before February 10, 2005.  For
more information, call (0-37-43) 2-16-19.


SMU-5: Court Appoints Temporary Insolvency Manager
--------------------------------------------------
The Department on Bankruptcy Issues under the State Property
Committee commenced bankruptcy supervision procedure on JSC SMU-
5 on December 30, 2004.  Mrs. Ainura Kazieva (License 0347) has
been appointed temporary insolvency manager.

Creditors will meet on February 11, 2005 10:00 a.m. at Bishkek,
Fatianova Str. 1.  Proxies must have authorization to vote.
Creditors may submit their proofs of claim to Mrs. Ainura
Kazieva.  For more information, call (0-502) 39-09-74.


SUTAZYK: Creditors Meeting Set Next Week
----------------------------------------
The creditors of JSC Sutazyk will meet on February 10, 2005,
9:00 a.m. at Alabukinsk district, Alabukinsk Local State
Administration building.

CONTACT:  SUTAZYK
          Kerben, Umetalieva Str. 128


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


KONINKLIJKE AHOLD: Closes Sale of Two U.S. Retailers
----------------------------------------------------
Royal Ahold on Monday announced that it has completed the sale
of its U.S. retail subsidiaries BI-LO and Bruno's to an
affiliate of Lone Star Funds.

Ahold and Lone Star Funds successfully closed the transaction,
which was announced on Dec. 23, 2004.  Completion was subject to
the fulfillment of customary closing conditions, including
antitrust approval.

BI-LO and Bruno's are two of the leading food retail chains in
the southeastern region of the United States with a combined
store count of over 450 supermarkets and combined 2003 net sales
of approximately EUR4.7 billion.

"We are pleased to be able to complete the divestment of BI-LO
and Bruno's to Lone Star as planned," said Ahold President and
CEO Anders Moberg.  "This transaction is part of our strategy to
optimize our portfolio and strengthen our financial position by
reducing debt.  We are nearing completion of our divestment
program ahead of time and are well on our way along the Road to
Recovery," he concluded.

Lone Star Funds, based in Dallas, Texas, is a leading U.S.
private investment company that manages more than US$13 billion
in assets and investments in North America, Europe and Asia.

Ahold acquired BI-LO, headquartered in Mauldin, South Carolina,
in 1977.  The company operates 287 stores in South Carolina,
North Carolina, Georgia and Tennessee.  BI-LO employs
approximately 23,000 associates.  Ahold acquired Bruno's, based
in Birmingham, Alabama, in 2001.  The company operates 168
stores in Alabama, Florida, Georgia and Mississippi.  Bruno's
employs approximately 11,500 associates.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


===========
N O R W A Y
===========


STOLT OFFSHORE: To Discuss Full-year Results February 22
--------------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO)
will release its fourth-quarter and full-year 2004 results on
Tuesday, Feb. 22, 2005.  A conference call will be held to
discuss the earnings and review business operations on Tuesday
22 February 2005 at 3:00 p.m. U.K. Time (10:00 a.m. EST*).

Participating in the conference call will be:

(a) Tom Ehret - Chief Executive Officer

(b) Stuart Jackson - Chief Financial Officer

From 12:00 noon U.K. Time, this information will be available at
http://www.stoltoffshore.com:

(a) A copy of the fourth quarter and full year 2004 results
    press release; and

(b) A copy of a presentation to be reviewed on the earnings
    call.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* EST = Eastern Standard Time

                            *   *   *

At its 2004 pre-close update, Stolt Offshore reiterated that its
2004 operating revenues will be in line with expectations.  The
Company remains confident of at least achieving the management's
objective of passing break-even for the full year.

CONTACT:  STOLT OFFSHORE
          Julian Thomson
          Group Manager
          Communications and Investor Relations
          Stolt Offshore M.S. Limited
          Phone: +44 1932 773764 or +44 1932 773767
                 +1 877 603 0267 (US toll free)
          E-mail: julian.thomson@stoltoffshore.com


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


15 METROSTROYA: Public Auction Set February 22
----------------------------------------------
The bidding organizer and insolvency manager of Special Assemble
Corporation 15 Metrostroya will sell its property on Feb. 22,
2005, 11:00 a.m.  The public auction will take place at 119121,
Russia, Moscow, 1st Neopalimovskiy Per. 10, Building 1.

The assets for sale are:

Lot 1: Bill liability.  Starting price: RUB29,000,000;

Lots 2-7: Equipment.  Starting price:  RUB485,180.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 5:00 p.m. until Feb. 18, 2005.  The list of
documentary requirements is available at 119121, Russia, Moscow,
1st Neopolimovskiy Per. 10, Building 1.

To participate, bidders must deposit an amount equivalent to 15%
of the starting price to OJSC 15 METROSTROYA (TIN/KPP
7720065621/774501001) settlement account 40702810100000000816 at
ACB "BNKM" (CJSC) Moscow, correspondent account
30101310300000000471, BIC 044585471 on or before Feb. 21, 2005.

CONTACT:  15 METROSTROYA
          119121, Russia, Moscow,
          1st Neopolimovskiy Per. 10, Building 1

          Mr. Yushkevich
          Insolvency Manager/Bidding Organizer
          119121, Russia, Moscow,
          1st Neopolimovskiy Per. 10, Building 1
          Phone/Fax: 244-00-09


ALEKSIN-PROM-STROY: Sets Public Auction Date
--------------------------------------------
The bidding organizer of open joint stock company Aleksin-Prom-
Stroy will sell its property on Feb. 22, 2005, 11:00 a.m.
(Moscow time).  The public auction will take place at Russia,
Tula, Krasnoarmeyskiy Pr. 7.

The assets for sale are:

Lot 1: Production base located at Russia, Tula region,
Yasnogorsk, Zavodskaya Str. 6.  Starting price: RUB2,500,000;

Lot 2: Production base located at Russia, Aleksin, Kirova str.
27.  Starting price: RUB700,000.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 4:00 p.m. on or before Feb. 18, 2005.  The
list of documentary requirements is available at Russia, Tula,
Krasnoarmeyskiy Pr., 7, office 96.

To participate, bidders must deposit an amount equivalent to 3%
of the starting price to LLC ACTIVE GROUP (TIN 7105032108)
settlement account 40702810400190000056 in branch
"Srednerusskiy"  OJSC "Sobinbank" in Tula, BIC 047003713,
correspondent account 3101810800000000713.

CONTACT:  ALEKSIN-PROM-STROY
          Russia, Tula, Krasnoarmeyskiy Pr. 7
          Phone: 8-0872-200-125

          ACTIVE GROUP
          Bidding Organizer
          300016, Russia, Tula,
          Novorulskaya Str. 21a


ANTIKOR-1: Puts Assets Worth RUB1.2 Million Up for Auction
----------------------------------------------------------
The close joint stock company Antikor-1 will sell its property
on Feb. 25, 2005, 9:00 a.m.  The public auction will take place
at Russia, Komi republic, Usinsk, 60 Let Oktyabrya, 12, 2nd
Floor, Room 1.  Up for sale are nine buildings, warehouses and
other construction.  Starting price: RUB1,200,000.

Preliminary examination and reception of bids are done every
working hours until 4:00 p.m. on or before Feb. 21, 2005.  The
list of documentary requirements is available at Russia, Komi
republic, Usinsk, 60 Let Oktyabrya, 12, 2nd floor, Room 1.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to CJSC ANTIKOR-1 (TIN 1106002176, KPP
1106001001) settlement account 40702810000000000097 in Usinskiy
branch OJSC CRB "Ukhtabank", correspondent account
30101810300000000761, BIC 048723761.

CONTACT:  ANTIKOR-1
          Russia, Komi Republic,
          Usinsk, 60 Let Oktyabrya 12, 2nd floor, Room 1
          Phone: (8-8212) 35-53-87,
             Or  (8-82144) 24-7-14


AUTO-LEASING: Proofs of Claim Deadline Nears
--------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy supervision procedure on close joint stock company
Auto-Leasing.  The case is docketed as A21-8752/04-S2.  Mr. S.
Sergeychuk has been appointed temporary insolvency manager.

Creditors have until Feb. 21, 2005 to submit their proofs of
claim to Russia, Kaliningrad, Donskogo Str. 7/11, Apartment 209.
A hearing will take place on March 14, 2005, 12:00 noon.

CONTACT:  Mr. S. Sergeychuk
          Temporary Insolvency Manager
          Russia, Kaliningrad,
          Donskogo Str. 7/11, Apartment 209
          Phone: (0112) 57 87 50


KARAT: Bankruptcy Hearing Resumes Later this Month
--------------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy supervision procedure on close joint stock company
Karat.  The case is docketed as A21-8826/04-S2.  Mr. D. Kharybin
has been appointed temporary insolvency manager.

Creditors have until Feb. 21, 2005 to submit their proofs of
claim to Russia, Kaliningrad, Donskogo Str., 7/11, apartment
209.  A hearing will take place on March 14, 2005, 11:30 a.m.

CONTACT:  Mr. D. Kharybin
          Temporary Insolvency Manager
          Russia, Kaliningrad,
          Donskogo Str. 7/11, Apartment 209
          Phone: (0112) 57 87 50


KONDOPOZHSKIY COMBINE: Undergoes External Management Procedure
--------------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
external management bankruptcy procedure on open joint stock
company Kondopozhskiy Combine of Grain Products.  The case is
docketed as A26-8308/03-18.  Mr. A. Fomin has been appointed
external insolvency manager.

CONTACT:  KONDOPOZHSKIY COMBINE OF GRAIN PRODUCTS
          186200, Russia, Kareliya republic, Kondopoga,
          Petrozavodskoye Shosse, 1A

          Mr. A. Fomin
          External Insolvency Manager
          107045, Russia, Moscow,
          Sretenskiy Avenue, 5, Post User Box 161


LIKHOSLAVLSKAYA MOVABLE: Declared Insolvent
-------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
proceedings against Likhoslavlskaya Movable Mechanized Column
after finding the close joint stock company insolvent.  The case
is docketed as A66-9540/2004.  Mr. Y. Smirnov has been appointed
insolvency manager.  Creditors have until March 21, 2005 to
submit their proofs of claim to 170000, Russia, Tver, Vagzhanova
Str. 12, Post User Box 77.

CONTACT:  LIKHOSLAVLSKAYA MOVABLE MECHANIZED COLUMN
          Russia, Tver region,
          Likhoslavl, Vagzhanova Str. 15

          Mr. Y. Smirnov
          Insolvency Manager
          170000, Russia, Tver,
          Vagzhanova Str. 12, Post User Box 77


REINFORCED-CONCRETE: Assets for Public Auction Next Week
--------------------------------------------------------
The insolvency manager of open joint stock company Reinforced-
Concrete will sell its property on Feb. 10, 2005, 10:00 a.m.
(local time).  The public auction will take place at Russia,
Tobolsk, BSI-1.

The assets for sale are:

Lot 1: Two shops with equipment.  Starting price: RUB5,970,170;

Lot 2: Tractor K-700.  Starting price: RUB105,586;

Lot 3: Tractor T-170.  Starting price: RUB224,244.

The list of documentary requirements is available at the
following address:

(a) Russia, Tobolsk, BSI-1;

(b) Russia, Tyumen, Demyana Bednogo Str. 98/2, 3rd floor.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to OJSC REINFORCED-CONCRETE (TIN
7206023188, KPP 720601001) settlement account
407028100200000058, correspondent account 30101810700000000861,
BIC 047102861 in OJSC "Sibneftebank", Tyumen.

CONTACT:  REINFORCED-CONCRETE
          Russia, Tobolsk, BSI-1
          Phone: (34511) 95-133


RONI: Ulyanovsk Court Hires N. Bataeva as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Roni after finding the limited liability
company insolvent.  The case is docketed as A72-8231/02-G556-B.
Ms. N. Bataeva has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 432063, Russia, Ulyanovsk,
Post User Box 7025.

CONTACT:  RONI
          432049, Russia, Ulyanovsk,
          Azovskaya Str. 84

          Ms. N. Bataeva
          Insolvency Manager
          432063, Russia, Ulyanovsk,
          Post User Box 7025

          The Arbitration Court of Ulyanovsk region
          432063, Russia, Ulyanovsk,
          Zheleznodorozhnaya Str. 14


SVETLOGRADSKAYA: Poultry Raiser Declares Bankruptcy
---------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on poultry farm
Svetlogradskaya.  The case is docketed as A63-281/04-S5.  Mr. A.
Poboshenko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 355012, Russia,
Stavropol, Goleneva Str. 73, Room 518.  A hearing will take
place on April 21, 2005, 10:00 a.m.

CONTACT:  SVETLOGRADSKAYA
          356530, Russia, Stavropol region,
          Svetlograd, Malygina Str. 95

          Mr. A. Poboshenko
          Temporary Insolvency Manager
          355012, Russia, Stavropol,
          Goleneva Str. 73, Room 518
          Phone: (8652) 26-08-96


YUKOS OIL: Unit Sues Creditor for Fraud
---------------------------------------
A Yukos subsidiary has filed a countersuit against a foreign
firm that demanded repayment of a US$300 million debt, Itar-Tass
reports.

An official of Angarsk Petrochemical Company, the largest
petrochemical facility in eastern Russia, said management has
filed an appeal with law enforcement agencies and has also
initiated a fraud case against the Liechtenstein-registered
firm.

Moscow's Arbitration Court is handling the case.  In 1996 the
debt was valued at US$58 million, according to Itar-Tass.  It is
now US$300 million due to fines and penalties.

Angarsk Petrochemical Company, which was integrated into Yukos
in 2000, has several plants, including a polymer plant and an
oil refinery that can process 22 million tonnes of oil a year.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


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


BALTIMA: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Baltima (code EDRPOU 31573324).  The
case is docketed as B 29/196/04.  Mr. Bajduk Roman (License AA
669664) has been appointed temporary insolvency manager.  The
company holds account number 260040010103250 at OJSC CB
Pivdenkombank, MFO 305266.

CONTACT:  BALTIMA
          49005, Ukraine, Dnipropetrovsk region,
          Simferopolska Str. 17/708

          Mr. Bajduk Roman
          Temporary Insolvency Manager
          49125, Ukraine, Dnipropetrovsk region,
          Chervonogo Kozachestva Str. 27/46
          Phone: (056) 724-16-56

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


BALTSKE: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on Baltske (code EDRPOU 00413280).  The
case is docketed as 32/17-04-1648.  Mr. V. Ivanov (License AA
250152) has been appointed temporary insolvency manager.  The
company holds account number 26003001843001 at JSCB Imeksbank,
MFO 328384.

Creditors may submit their proofs of claim to:

(a) BALTSKE
    66100, Ukraine, Odesa region,
    Balta, Uvarov Str. 68

(b) Mr. V. Ivanov
    Temporary Insolvency Manager
    65011, Ukraine, Odesa region, a/b 46

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


GLOBINE-AGRO: Temporary Insolvency Manager Takes over Operations
----------------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Globine-Agro (code EDRPOU
30280969).  The case is docketed as 10/280.  Arbitral manager
Mr. M. Sklyarenko (License AA 668325) has been appointed
temporary insolvency manager.  The company holds account number
26006273471001 at CB Privatbank, Kremenchuk branch, MFO 331531.

Creditors may submit their proofs of claim to:

(a) GLOBINE-AGRO
    39001, Ukraine, Poltava region

(b) Mr. M. Sklyarenko
    Temporary Insolvency Manager
    Ukraine, Poltava region,
    Semenivka, Popovich Str. 9/2

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


LVIVDEREV: Declared Insolvent
-----------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lvivderev (code EDRPOU 13817671) on October
4, 2004 after finding the open joint stock company insolvent.
The case is docketed as 6/304-29/265. Arbitral manager Mr.
Kimakovich Ostap (License AA 783113) has been appointed
liquidator/insolvency manager.

CONTACT:  LVIVDEREV
          Ukraine, Lviv region,
          Gorodotska Str. 172

          Mr. Kimakovich Ostap
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Akademik Lazarenko Str. 48-A/69

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


MOKOM-ZVYAZKOBUD: Applies for Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Mokom-Zvyazkobud (code EDRPOU 19307149) on
December 16, 2004 after finding the limited liability company
insolvent.  The case is docketed as B 24/112/04.  Arbitral
manager Mr. Igor Morozov has been appointed
liquidator/insolvency manager.

CONTACT:  MOKOM-ZVYAZKOBUD
          49000, Ukraine, Dnipropetrovsk region,
          Pravdi Avenue, 8/4

          Mr. Igor Morozov
          Liquidator/Insolvency Manager
          49044, Ukraine, Dnipropetrovsk region, a/b 2734
          Phone: (056) 770-27-40

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


SIGMA-FENIKS: Undergoes Sanction Procedure
------------------------------------------
The Economic Court of Kyiv region commenced sanction procedure
on LLC Sigma-Feniks (code EDRPOU 30973740).  The case is
docketed as 24/175-b.  Arbitral manager Mr. V. Letskan (License
AA 419239) has been appointed sanction manager.

Sanction appeals may be filed to:

(a) SIGMA-FENIKS
    Ukraine, Kyiv region,
    Horiv Str. 24

(b) Mr. V. Letskan
    Sanction Manager
    03057, Ukraine, Kyiv region,
    Dovzhenko Str. 16-v/42
    Phone: (044) 422-10-33
           (044) 443-36-66
    Fax: (044) 443-36-66

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


SIVERSKIJ DONETS: Court Orders Debt Moratorium
----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Agrofirm Siverskij Donets (code
EDRPOU 00414546) on November 10, 2004 and ordered a moratorium
on satisfaction of claims.  The case is docketed as 5/184 B.
Mr. Anatolij Dmitricenko (License AA 630054) has been appointed
temporary insolvency manager.  The company holds account number
26003302661194 at Prominvestbank, Krasnolimanske branch, MFO
334561, and account number 260063001132 at State Savings Bank of
Ukraine, Krasnolimanske branch, MFO 394385.

Creditors may submit their proofs of claim to:

(a) SIVERSKIJ DONETS
    84170, Ukraine, Donetsk region,
    Krasnolimanskij district,
    Korovij Yar, Novoseliv Str. 2

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


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


AIRDRIE PACKAGING: Claims Filing Period Ends June
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Airdrie Packaging Services Limited
                          (In Liquidation)

I, Ian Scott McGregor C.A., 4th Floor, 78 St. Vincent Street,
Glasgow G2 5UB, hereby give notice that I was appointed
Liquidator of Airdrie Packaging Services Limited by resolution
of a meeting of creditors held pursuant to Section 98 of the
Insolvency Act 1986 on January 12, 2005.

All creditors who have not already done so are required on or
before June 20, 2005 to lodge their claims with me.

I. Scott McGregor C.A., Liquidator
January 12, 2005

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com


A J S ENTERPRISES: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of A J S
Enterprises Limited on Jan. 17, 2005 held at Tenon, One
Goldcroft, Yeovil, Somerset BA21 4DX, 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 liquidator of the company.

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


ANTIQUE STYLE: Hires Sargent & Company as Administrator
-------------------------------------------------------
Peter Sargent (IP No 8636) has been appointed administrator for
Antique Style Pine Doors Limited.  The appointment was made Jan.
24, 2005.  The company manufactures wood products.  Its
registered office is located at Unit 12A and B, Wilton
Industrial Estate, 851 Bradford Road, Batley, West Yorkshire
WF17 8NN.

CONTACT:  SARGENT & COMPANY LIMITED
          36 Clare Road,
          Halifax, HX1 2HX


BAE SYSTEMS: Threatens to Pull out of Aircraft Carrier Deal
-----------------------------------------------------------
In a development that could further strain its already fraught
relationship with the British government, BAE Systems has
reportedly threatened to walk away from a GBP4 billion deal to
build two aircraft carriers.

The Scotsman reported on Monday that the threat to pull out of
the deal is believed to have come from BAE CEO Mike Turner, who
met with Defense Secretary Geoff Hoon and Sir Peter Spencer, the
chief of defense procurement, last week.  The newspaper also
said that BAE Chairman Dick Olver had allegedly told the
ministry that, in its present form, the contract would lead to
"a train wreck."  In particular, the company is miffed by the
government's plan to choose Kellogg Brown & Root as manager of
the vessels' construction.

BAE is not happy about the role of Kellogg Brown & Root (KBR) as
the project's "physical integrator," according to sources privy
to the negotiations between the company and the Ministry of
Defense.  BAE believes the U.K. arm of controversial U.S. oil
giant Halliburton lacks the experience necessary for the job.
KBR disputes this, claiming it has enough knowledge and
expertise in naval shipbuilding through its Devonport dockyard
in England.  Sources say a BAE pullout could cause job losses at
the shipyards at Govan and Scotstoun on the Clyde and Barrow-in-
Furness.

BAE, which has avionics and systems factories in Edinburgh, a
weapons business in Dunfermline and a regional aircraft and
aerostructures operation at Prestwick, employs 2,300 people in
Clydeside and 6,500 in Scotland overall.  It is believed that a
further meeting is due this week between the ministry and BAE.

CONTACT:  BAE SYSTEMS
          Andy Wrathall (Investor relations)
          Phone:  +44 1252 383 730
          Richard Coltart (Press relations)
          Phone:  +44 1252 384 875

BENSON PROPERTY: Hires Joint Liquidators from PwC
-------------------------------------------------
At the general meeting of Benson Property Services Limited, the
extraordinary resolution to wind up the company was passed.
Michael David Gercke and Ian Christopher Oakley Smith of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company.

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


BIRD & TOLE: Calls in Joint Liquidators from Numerica
-----------------------------------------------------
At the extraordinary general meeting of Bird & Tole Limited on
Jan. 18, 2005 held at 66 Wigmore Street, London W1U 2HQ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Jonathan Mark Birch and Nicholas Hugh O'Reilly of
Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT have
been appointed joint liquidators of the company.

CONTACT:  NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


BOWMAN ELECTRICAL: Members Pass Winding-up Resolutions
------------------------------------------------------
At the extraordinary general meeting of the members of Bowman
Electrical & Building Contractors Limited on Jan. 21, 2005 held
at 4th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11
9HB, the extraordinary and ordinary resolutions to wind up the
company were passed.  John W. Davies and David Hill of Begbies
Traynor, 4th Floor, Riverside House, 31 Cathedral Road, Cardiff
CF11 9HB have been appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


BRUCE HOUSE: Hires Liquidator from Begbies Traynor
--------------------------------------------------
At the extraordinary general meeting of Bruce House Day Nursery
Limited on Jan. 20, 2005 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
extraordinary resolution to wind up the company was passed.
Louise Donna Baxter of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.

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


BUSHBY HAULAGE: Calls in Liquidator from Freeman Rich
-----------------------------------------------------
At the extraordinary general meeting of the members of Bushby
Haulage Limited on Jan. 19, 2005 held at 5 West Road, Ponteland,
Newcastle-upon-Tyne NE20 9ST, the extraordinary and ordinary
resolutions to wind up the company were passed.  James Richard
Duckworth of Freeman Rich Insolvency, 284 Clifton Drive South,
Lytham St Annes, Lancashire FY8 1LH has been appointed
liquidator of the company.


CAMERA LINK: Names Bishop Fleming Liquidator
--------------------------------------------
At the extraordinary general meeting of Camera Link Limited on
Jan. 21, 2005 held at 1 Barnfield Crescent, Exeter, Devon EX1
1QY, the extraordinary and ordinary resolutions to wind up the
company were passed.  Jeremiah Anthony O'Sullivan of Bishop
Fleming, 1 Barnfield Crescent, Exeter, Devon EX1 1QY has been
appointed liquidator of the company.

CONTACT:  BISHOP FLEMING
          1 Barnfield Crescent,
          Exeter, Devon EX1 1QY
          Phone: 01392 278436
          Fax: 01392 413617
          E-mail: exeter@bishopfleming.co.uk
          Web site: http://www.bishopfleming.co.uk


CAMPION ELECTRONICS: Creditors Pass Winding-up Resolutions
----------------------------------------------------------
At the extraordinary general meeting of Campion Electronics
Limited on Jan. 18, 2005 held at Priest House, 1624-1628 High
Street, Knowle, Solihull, West Midlands B93 0JU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Stephen Anthony John Ramsbottom of Bishop Fleming,
Priest House, 1624-1628 High Street, Knowle, Solihull, West
Midlands B93 0JU has been appointed liquidator of the company.

CONTACT:  BISHOP FLEMING
          Priest House, 1624-1628 High Street,
          Knowle, Solihull,
          West Midlands B93 0JU
          Web site: http://www.bishopfleming.co.uk


CASH & CARRY: Calls in Liquidator from Griffin & King
-----------------------------------------------------
At the extraordinary general meeting of the members of Cash &
Carry Windows (Wolverhampton) Limited on Jan. 21, 2005 held at
26-28 Goodall Street, Walsall, West Midlands WS1 1QL, the
extraordinary resolution to wind up the company was passed.
Timothy Frank Corfield of Griffin & King, 26-28 Goodall Street,
Walsall, West Midlands WS1 1QL has been nominated liquidator of
the company.

CONTACT:  GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


CLEANING MACHINES: Hires Tom Harrison Liquidator
------------------------------------------------
At the extraordinary general meeting of Cleaning Machines
International Limited on Jan. 21, 2005 duly convened, the
extraordinary resolution to wind up the company was passed.  T.
C. E. Harrison of Tom Harrison Insolvency Services, Concourse
House, 432 Dewsbury Road, Leeds LS11 7DF has been appointed
liquidator of the company.

CONTACT:  TOM HARRISON INSOLVENCY SERVICES
          Concourse House
          432 Dewsbury Road
          Leeds, West Yorkshire LS11 7DF, UK
          Phone: 0800 0321 449
          Web site: http://www.this.uk.com


CLEANSTAR LIMITED: Shareholders Opt for Liquidation
---------------------------------------------------
At the extraordinary general meeting of Cleanstar Limited on
Jan. 20, 2005 held at 641 Green Lanes, London N8 0RE, the
subjoined extraordinary resolution to wind up the company was
passed.  Ninos Koumettou of Alexander Lawson & Co, 641 Green
Lanes, London N8 0RE has been appointed liquidator of the
company.

CONTACT:  ALEXANDER LAWSON & CO.
          641 Green Lanes,
          London N8 0RE


CLYDE CAR: Final Creditors Meeting Set Next Week
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Clyde Car Valet Services Ltd.
                    (In Compulsory Liquidation)

Notice is hereby given, pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
Clyde Car Valet Services Ltd. will be held within the offices of
Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1
3QS, on February 8, 2005, at 10:00 a.m. for the purposes of
receiving the Liquidator's account of the winding-up together
with any explanations that may be given.  The Liquidator will be
seeking his release at the Meeting.

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

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

David K. Hunter, Liquidator
January 11, 2005

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


COBRA HOLDINGS: Applies for Liquidation
---------------------------------------
At the extraordinary general meeting of the members of Cobra
Holdings Limited on Jan. 12, 2005 held at Fleet House, Calder
Vale Road, Wakefield WF1 5PE, the special and extraordinary
resolutions to wind up the company were passed.  J. P. Philmore
of Philmore & Co., Caxton House, 1 Queen Street, Mirfield WF14
8AH has been appointed liquidator of the company.

CONTACT:  PHILMORE & CO.
          Caxton House,
          1 Queen Street,
          Mirfield WF14 8AH


CORE MANAGEMENT: Hires Parkin S. Booth as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Core Management Support
Limited on Jan. 21, 2005 held at the offices of Parkin S. Booth
& Co, 44 Old Hall Street, Liverpool L3 9EB, the extraordinary
and ordinary resolutions to wind up the company were passed.
Jonathan R. Booth of Parkin S Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB has been appointed liquidator of the company.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


CRANDON CONSTRUCTION: Calls in Liquidator from McTear Williams
--------------------------------------------------------------
At the extraordinary general meeting of the members of Crandon
Construction Limited on Jan. 21, 2005 held at 19 Silent Street,
Ipswich IP1 1TF, the extraordinary and ordinary resolutions to
wind up the company were passed.  Andrew McTear of McTear
Williams & Wood has been appointed liquidator of the company.


DESIGNLAB EUROPE: Winding-up Report Out Third Week of February
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Designlab (Europe) Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Designlab (Europe) Ltd. will be held at 1 Royal Terrace,
Edinburgh EH7 5AD, on February 17, 2005, at 10:00 a.m. for the
purposes of receiving the Liquidator's report on the winding-up
and to determine whether the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com


ECOSSE TELECOMMUNICATIONS: Liquidator's Report Out in Two Weeks
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Ecosse Telecommunications Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Ecosse Telecommunications Limited will be held at 2 Blythswood
Square, Glasgow G2 4AD, on February 15, 2005, at 10:00 a.m. for
the purposes of receiving the liquidator's report on the
winding-up and to determine whether the liquidator should be
released.

K. R. Craig, Liquidator

CONTACT:  TENON RECOVERY
          2-4 Blythswood Square
          Glasgow G2 4AD
          Phone: 0141 272 8000
          Fax: 0141 272 8001
          E-mail: glasgow@tenongroup.com
          Web site: http://www.tenongroup.com


ENTROPIC LIMITED: Hires Moore Stephens as Liquidator
----------------------------------------------------
At the extraordinary general meeting of the members of Entropic
Limited on Jan. 19, 2005 held at One Microsoft Way, Redmond,
Washington State, 98052, U.S.A., the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Phillip Rodney Sykes and Jeremy Mark Willmont of Moore Stephens,
1 Snow Hill, London EC1A 2DH have been appointed joint
liquidators of the company.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


FABTEC LIMITED: Liquidator to Present Report Mid-February
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Fabtec Limited
                       (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that the Final Meetings of Members and
Creditors of Fabtec Limited will be held within the offices of
PKF, Accountants and business advisors, 78 Carlton Place,
Glasgow G5 9TH, on February 14, 2005, at 10:30 a.m. and 11:00
a.m. respectively, in order that I may present my final account
of the winding-up of the company.

The Meetings will also consider:

(a) Resolution to approve my discharge from the position as
    Liquidator of Fabtec Limited; and

(b) Resolution to authorize me to dispose of both my own and the
    Company's books and records three months from the date of my
    release as Liquidator.

All members and creditors whose claims have been accepted are
entitled to attend, in person or by proxy, and a resolution will
be passed by a majority in value of those voting in favor of it.
Attendance at these meetings is not mandatory and to be valid
for voting purposes, the form of proxy must be lodged with me at
PKF, Accountants and business advisors, 78 Carlton Place,
Glasgow G5 9TH, on or before the meeting at which it is to be
used.

Bryan Jackson, Liquidator
January 11, 2005

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


GALA REGIONAL: Hires Liquidator from Ernst & Young
--------------------------------------------------
At the extraordinary general meeting of Gala Regional
Developments Limited on Jan. 19, 2005 held at 4 Coleman Street,
London EC2R 5JJ, the special resolution to wind up the company
was passed.  Ian Best of Ernst & Young LLP, One Bridewell
Street, Bristol BS1 2AA has been appointed liquidator of the
company.

CONTACT:  ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Phone: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com


INTERNET MUSIC: Timestrip Agrees to Reverse Takeover
----------------------------------------------------
Introduction

The Company is pleased to advise you that on Monday Internet
Music & Media Plc announced that it had conditionally agreed to
acquire the entire issued share capital of Timestrip.  The
purchase price of GBP6.4 million is to be satisfied by way of
the issue of 160,000,000 new Ordinary Shares at 4p per share to
the Vendors on the sale of their shares in Timestrip.

The scale of the Acquisition in relation to your Company, which
will result in a change of control of the Company and a
fundamental change in the business, means that the Acquisition
will constitute a reverse takeover of the Company under the AIM
Rules.  Further, the size of the collective shareholding of the
Concert Party in the Company following implementation of the
Proposals will constitute a change of control under the City
Code.  Accordingly, the Circular to be published in relation to
the Acquisition requires the prior approval of the Panel on
Takeovers and Mergers and the Acquisition requires the prior
approval of Shareholders at an Extraordinary General Meeting to
be confirmed.

Further details of the Acquisition are set out below. On
completion of the Acquisition, all the present Directors of the
Company, with the exception of Mr. Stephen Oakes, will resign
and the Proposed Directors will be appointed to the Board.

Up to 75,000,000 new Ordinary Shares are to be placed,
conditional on Admission, with investors at 4p per Ordinary
Share to raise up to GBP3 million, which will be principally
used for working capital purposes of the Enlarged Group.
Further details of the Placing are set out below.

Background to and Reasons for the Acquisition

At the meetings of Shareholders and creditors held on 3 November
2004, the proposal to effect a Company Voluntary Arrangement of
the Company pursuant to the Insolvency Act 1986 was approved,
and the ordinary share capital was re-structured.  Leo Knifton,
Nigel Weller and Stephen Oakes were then appointed to the Board
to review suitable businesses.  Trading in the Ordinary Shares
of the Company re-commenced on 9 November 2004 at the time of
publication of the Company's interim results for the six-month
period ended 30 June 2004.

Arrangements for the proposed acquisition of Timestrip have now
been concluded.

The Directors believe that the Acquisition presents an
opportunity to acquire a business with significant upside
potential that would, if this potential could be realized, well
justify the price being paid and therefore the dilution to
existing shareholders, as is more fully explained below.

Information on Timestrip

Timestrip, based in Hitchin, Hertfordshire, has developed a
smart label, the 'Timestrip'(R) which enables users of
perishable food and other products to monitor for how long an
item has been open or in use.  The Timestrip(R) is a disposable
multi-layer laminated label, which contains a timing device
consisting of a specialized porous material and a non-toxic
liquid.

Upon squeezing the label to activate, the liquid starts to move
through the porous material by micro capillary action.  A
printed calibration on the top layer of the label allows the
user to tell at any point in time how long the label has been
active.

The label is currently manufactured with adhesive backing
enabling it to be attached to perishable goods as a reminder to
use or replace the product.  The label is designed to be easily
customized and is capable of being embedded into the product
packaging or the product itself.  It can be activated
automatically either upon first opening the package or upon
first use of the product.  The Timestrip(R) technology has
created a product that the Board believes can be manufactured at
a sufficiently low cost to be sold economically to product and
packaging manufacturers for integration into their products.

The solution provided by Timestrip(R) relates to the difficulty
in monitoring relative expiry dates, such as 'Use within two
weeks of opening'.  The Timestrip(R) addresses this problem by
reliably monitoring the lapse of time, providing a visual
indication that the relative expiry date is approaching, thereby
giving the user the opportunity to manage perishable items in a
way that was previously problematic.

Relative expiry dates feature prominently in five international
mass markets:

(a) Food Retailing - where it can be integrated into the
    packaging by the manufacturer or applied to the product by
    the consumer, who can purchase multipacks of Timestrip(R);

(b) Catering and Food Services - where it can supplement the
    current practice of writing the replacement date on a label
    or chart and will assist in the compliance with regulatory
    requirements in respect of food storage;

(c) Consumables - where it can be integrated into product,
    packaging or replacement parts such as filters in vacuum
    cleaners or water jugs;

(d) Pharmaceuticals - where, again, it can be integrated into
    the product or packaging by the manufacturer or applied by
    the consumer;

(e) Medical Devices - where it can supplement the practice of
    writing reminder dates on labels or charts to assist staff
    and practitioners in monitoring lapsed time in processes
    such as wound management and non-critical procedures.

These applications afford benefits to consumers, retailers and
manufacturers alike.  The common time frames for relative expiry
dates are from 10 minutes up to 6 months at temperatures ranging
from 70øC down to -17øC.  The simplicity of this technology is
important to the success of the product.  It does not depend
on a chemical reaction and can be customized to function in a
wide range of temperature environments, yet within each
environment can be relatively insensitive to temperature change.

There is no need for moving parts, thereby enhancing reliability
and consistency while enabling the product to be manufactured at
low cost.

The Timestrips(R) are currently manufactured in Even Yehuda,
Israel.  The production machinery, owned by Timestrip, is
designed, built and operated in Israel.  However, it is the
intention of Timestrip to license the rights to manufacture and
distribute Timestrips(R) to third parties in local markets.  It
is envisaged that a licensee will purchase machines, raw
materials and support from Timestrip, paying a royalty based on
units sold in the market for which the license is granted.

The Board believes that Israel is a suitable location for
research and development and for manufacturing. Israel has
relevant customs concessions on imports and exports to and from
Europe and North America, and the Board believes Israel has a
competitive labor market with a competent technical skill base.

The 'know-how' for Timestrip(R) was born out of technology
developed by Profile with whom Timestrip entered into a global
exclusive license agreement in May 2001.  Profile has agreed to
transfer to Timestrip its rights and interests in the technology
in return for the issue of 20,626 `B' Ordinary Shares of 0.1p
each in Timestrip, to be issued prior to and included in the
Acquisition, and a payment of GBP100,000 which is to be funded
from the proceeds of the Placing.

An international patent application covers a feature of the
Timestrip(R) that is considered by the Proposed Directors to
enable low cost production.  The European Patent Office in
January 2004 concluded that all claims in respect of the patent
application are deemed to be novel, inventive and industrially
applicable, and the application is now pending in major
territories including North America, Europe, Japan, China,
Australia and South Africa.

Timestrip(R) is a trademark registered in the U.K., the U.S.,
Canada and Europe.

Timestrip was founded in December 2000 by Paul Freedman and in
May 2001, Reuben Isbitsky, who was involved in the project from
inception, formally joined Timestrip as a director.

At the outset, the shareholding in Timestrip was split equally
between its founders, Paul Freedman and Reuben Isbitsky.
Subsequently, in four rounds of equity funding, Timestrip raised
a total of o2,163,450 (before expenses) from some 58 private
investors.

Strategy

Timestrip does not itself intend to develop significant
manufacturing capability.  Instead the new market potential for
Timestrip(R) lends itself to a licensing strategy under which
Timestrip will license the rights to manufacture and distribute
in local markets to customers, joint venture partners and
distributors.  The Board believes that the present manufacturing
facilities in Israel have sufficient capacity to satisfy initial
contracts and will seek to develop this capacity to support
existing contracts and development in new markets.  Timestrip
would receive a license fee for each Timestrip(R) manufactured
by licensees and will seek to enhance revenue through the supply
of key raw materials and support.

The Board intends that Timestrip(R) is to be established as an
international brand. The prospects for the proliferation of
Timestrip(R) on a global basis are enhanced because target
customers are predominantly multinational companies, several of
whom have already entered into formal development contracts and
working relationships with Timestrip.

The Board envisages that the main channel to market will be
through supply agreements with manufacturers and packaging
companies who will integrate Timestrips(R) in their product or
packaging.  Timestrip has already launched Timestrip(R) in the
food service sector in the U.K. where it has identified demand
in the restaurant sector for a label that shows lapsed time by
way of color rather than written date information.  It is
expected that Timestrip(R) will be launched in the North
American food services sector in 2005.  The Proposed Directors
have also identified the opportunity to sell Timestrip(R) as a
value added promotional product to magazines and a variety of
food and consumer product manufacturers.

Competition

It is anticipated that the commercialization of Timestrip(R)
will stimulate competition at some point in the future, given
the size of the market to which it has relevance.  Nevertheless,
the Board is not aware of any direct competition showing lapsed
time in color progression in the expiry date sector.

There are, however, products whose purpose is to signal when
product quality should be checked due to temperature exposure
beyond a recommended threshold.

There is also a consortium of business and universities working
on RFID chip technology.  Such chips will be able to contain far
more information than bar codes and may even be able to show
lapsed time with the use of additional hardware such as a
scanner.

Current Trading and Future Prospects

The Timestrip(R) technology is relevant to a wide range of
applications in mass markets.  In 1997, in the U.K. alone, over
100 billion food items were packaged.

This figure demonstrates the sheer scale of the potential
markets in which Timestrip(R) could be used.

The current manufacturing process gives Timestrip the capability
to generate significant gross margins.  Furthermore the Board
considers that the unit cost of manufacture can be reduced over
time, enabling the Enlarged Group to target a unit sale price,
which the Board believes will prove a pricing point that could
trigger the broadest mass-market application.

The existing development contracts and arrangements with
manufacturers establish a pipeline of product development
potential.  The increased financial resources will provide the
opportunity for the Board to bring these prospects to fruition.
Furthermore new capital will enable the Enlarged Group to
identify further potential for product integration with other
multi-national brand-led businesses.

As regards current trading, Timestrip started production in
December 2004 on its initial order from Daymark for the Food
Service market in North America and has made its first delivery
to Dovemart for the U.K. market.  In December 2004, Timestrip
received an additional order from Daymark for delivery in
February 2005.  Even though the product is not set to be
launched officially in the U.K. until later in the first quarter
of 2005, Dovemart has already secured a listing for the product
in one of the largest food service catalogues in the U.K., and
Timestrip has received several approaches from major food
manufacturers specializing in supplying the catering sector.

Timestrip is actively negotiating supply contracts with several
consumer goods companies looking for a reminder label to add
value to their existing product range and with potential
distributors to the retail sector in North America and
Asia.

Timestrip is progressing with its existing development contracts
for integration of the technology into devices and packaging.
For example, in December 2004 an order for EUR19,000 was
received from one customer to pay for additional tooling as the
next stage in the project.  Timestrip expects to start working
on new projects in early 2005 as a result of discussions that
have taken place in recent weeks.  Timestrip is not yet
generating sufficient level of sales to trade profitably or
generate positive cash flow but is making progress towards these
milestones by way of the launch in Food Services in North
America and the U.K. as well as a number of other potential
contracts in other sectors.

Acquisition of Timestrip

IMM will acquire all of the issued shares of Timestrip
comprising 80,000 'A' Ordinary Shares of 0.1 pence each, and
85,304 `B' Ordinary Shares of 0.1 pence each (together 'the Sale
Shares').  The Sale Shares will be acquired for a total
consideration valued at o6.4 million to be satisfied by the
issue to the Vendors of 160,000,000 Ordinary Shares at an issue
price of 4p per share.

IMM will, in addition, issue 'B' Warrants to subscribe for a
total of 7,500,000 Ordinary Shares at an exercise price of 4p
per share exercisable within two years after Completion.  These
warrants will be issued to the Vendors (other than the Proposed
Directors) pro rata to their holdings of the Sale Shares.

On completion of the Acquisition, IMM will also issue 'C'
Warrants, which entitle the holders to subscribe for a total of
8,500,000 Ordinary Shares at an issue price of 0.02p per share
exercisable after two years but not later than seven years after
the date of issue.  These warrants are to be issued to those
individuals, namely Jeff Woyda, Frank O'Connor, Ilan
Schragenheim and Avi Rabinovitz, who have been promised an
entitlement to comparable options in respect of the shares of
Timestrip in return for their contribution to Timestrip and that
have agreed to accept these 'C' Warrants of IMM in substitution
for their entitlement in relation to Timestrip.

Further, on completion of the Acquisition, IMM will issue 'D'
Warrants which entitle the holders to subscribe for a total of
4,000,000 Ordinary Shares at an issue price of 4p per share
exercisable within two years after the date of issue.  These
warrants will be issued to Mr. Spencer Leslie, one of the
Vendors and Proposed Directors, in recognition for his
contribution to Timestrip.

Under a Deed of Warranties and Indemnity, the Proposed Directors
have entered into warranties and indemnities in respect of
Timestrip subject to limitations on their liability.  The
Proposed Directors have also entered into restrictive covenants.

Proposed Name Change

The Directors have decided to change the name of the Company to
'Timestrip plc' to reflect more closely the Enlarged Group's
operations.  The change of name is subject to shareholder
approval, which will be sought at the EGM.  Timestrip will
change its name to 'Timestrip U.K. Limited' at the same time.

Directors of the Company on Completion

On Completion of the Acquisition, Leo Knifton and Nigel Weller
will resign from office as directors of IMM and the Proposed
Directors, being Paul Freedman, Reuben Isbitsky and Spencer
Leslie, will be appointed to the Board.

Directors

Stephen Oakes, (aged 49) Chairman

Stephen Oakes has over 30 years experience in financial markets
and is a Fellow of the Securities Institute.  He began his
career with stockbrokers Vickers da Costa Ltd, becoming a Member
of the Stock Exchange in 1984.  In 1985 he joined James Capel &
Co (now HSBC Investment Bank plc) as a portfolio manager.
Increasing management responsibility culminated in the position
of Chief Executive Officer, HSBC Investment Management, firstly
in respect of the international business and subsequently as
acting CEO of the combined U.K. and international operations.
He left HSBC in December 2002 and in October 2003 joined Alfred
Henry Corporate Finance Limited to work with an established team
specializing in advisory services to small listed businesses.
He is a director of SBS Group Plc, Alltrue Investments plc,
Beaufort International Group plc and Pountney PLC.

Paul Freedman (aged 37) Co-Founder and Joint Chief Executive

Paul Freedman graduated from Manchester University in 1990 with
a BA (joint Hons) in Accounting and Law.  Mr. Freedman joined
Citibank on their Graduate Training Scheme where he worked in
Corporate Finance before leaving in late 1991 to join his
family's textile business, Carfax Gowns Limited.  Mr. Freedman
was responsible for sales to leading clothing retailers in the
U.K. as well as general management.  Having participated in a
large scale reorganization of Carfax's manufacturing sites and
assisted in the broadening of its base, Mr. Freedman left Carfax
in 2000 in order to establish Timestrip, a new venture with the
aim of creating a low cost expiry date label.  Since inception
Paul has shared responsibility for general management,
commercial strategy and in particular Timestrip's valuation and
funding requirements.

Reuben Isbitsky (aged 36) Co-Founder and Joint Chief Executive

Reuben Isbitsky studied at York University, Toronto, Canada.  In
1991, before graduating he joined Brita Canada, a high growth
consumer products company as Product Manager where he was
responsible for the implementation of new product development.
In 1996, he was appointed International Product Manager for
Brita and relocated to Germany, being responsible for product
marketing and development.  And subsequently, for two years from
the end of 1997, he worked as Project Manager for Sodaclub
International B.V. (United Kingdom), a company that developed a
high-tech product where he worked on business and technical
development, and coordinated a project team of 20 co-workers in
a worldwide network of offices.  Mr. Isbitsky left Sodaclub in
2000 in order to establish Timestrip with Paul Freedman, where
his major responsibilities are marketing and sales, product
development and general management.

Spencer Leslie (aged 38) Non-Executive Director

Spencer Leslie qualified as a Chartered Accountant before
joining Lehman Brothers Investment Bank as a Private Client
Investment Manager.  In 1991 Mr. Leslie took the position of
Finance Director at Supercuts Holdings Limited, a start-up
business modeled on a niche market U.S. concept.  In his role as
Managing Director from 1994, Mr. Leslie grew the business into a
chain of 70 hair salons in shopping centers across the U.K.,
before selling the business to its U.S. namesake in 1999.  Mr.
Leslie is now actively involved in a number of businesses in the
field of property investment and development and has made
private investments and holds non-executive directorships in
Timestrip, Topsy Turvy World Holdings Limited (children's play
centres) and Mykindaplace Limited (online publishing).  Mr.
Leslie became a non-executive director of Timestrip on 23
February 2004 and Spencer has not previously been remunerated
for his role as non-executive director of Timestrip.

The Placing

The Company has agreed with Falcon conditionally to place a
minimum of 37,500,000, and a maximum of 75,000,000 new Ordinary
Shares representing approximately 16.1% and 27.8% respectively
of the Enlarged Ordinary Share Capital before the exercise of
any Warrants.

Placees who subscribe for New Ordinary Shares will be issued
with one Placing Warrant for every three new Ordinary Shares
issued to them under the Placing.

Each Warrant will entitle the holder to subscribe for one
Ordinary Share at the price of 6p during the period of 18 months
commencing on Admission subject to a expiry notice provision.

The New Ordinary Shares and Ordinary Shares issued on the
exercise of the Placing Warrants will, following allotment, rank
pari passu in all respects with the Existing Ordinary Shares and
will have the right to receive all dividends and other
distributions thereafter declared, made or paid in respect of
the issued ordinary share capital of the Company.

The net proceeds of the Placing will be used for the working
capital requirements of the Group, including the repayment of
any funding in addition to the balance due to Profile for the
purchase of the intellectual property rights as referred to
above.

Admission to Aim and Dealings

The proposed Acquisition will constitute a 'reverse take-over'
under the AIM Rules and is therefore dependent upon the approval
of shareholders being given at the Extraordinary General Meeting
to be confirmed.

Application has been made for the Existing Ordinary Shares and
the New Ordinary Shares to be admitted to trading on AIM and it
is anticipated that Admission will become effective and that
trading in the Ordinary Shares on AIM will commence on the
trading day following the EGM.

The circular comprising an Admission Document in respect of the
Acquisition will be posted as soon as practicable and will be
subject to prior approval by the Panel on Takeovers and Mergers.
Pending the publication of the circular, trading in the
Company's Existing Shares will be suspended on AIM in accordance
with the AIM Rules.

CONTACT:  INTERNET MUSIC & MEDIA PLC
          Paul Freedman, Joint CEO and Founding Director

          TIMESTRIP
          Phone: 07786 391868

          FALCON SECURITIES
          Stephen Oakes
          Phone: 07867 528108

          BIDDICKS
          Shane Dolan
          Phone: 07947 118383

          BEAUMONT CORNISH LIMITED
          Roland Cornish
          Phone: 020 7628 3396


JARVIS PLC: Lenders Extend Financing Arrangement to March 2006
--------------------------------------------------------------
Jarvis plc has completed the sale of its interest in Tube Lines,
the establishment of the funding arrangements for its 14
outstanding PFI/UPP projects and the extension of the Group's
financing arrangements to March 2006.

Tube Lines

The board of Jarvis plc is pleased to announce that the company
has on Jan. 31, 2005 completed all aspects of the sale of its
interests in Tube Lines to Amey.  The agreement to sell was
announced on Dec. 24 2004.  The total gross consideration was
GBP146.8 million, which includes the receipt from Amey of
GBP95.5 million and the release of existing cash collateral of
some GBP51 million (mostly relating to Amey's assumption of
Jarvis' GBP45 million equity bridge loan) together with the
release of a contingent liability of GBP11.7 million to
subscribe for further loan stock in Tube Lines (Holdings)
Limited.

Construction Projects

Jarvis has also signed binding refinancing agreements for all 14
of its largest unfinished construction projects.  The Group
announced on Dec. 24 that discussions on refinancing these
projects were at an advanced stage and non-binding documentation
had been signed or was close to being signed.  Discussions
continued into January with the key stakeholders in each
project, including project equity and debt providers and surety
bond providers, as well as the appropriate local authorities,
hospital trusts and universities.

Jarvis has now achieved its two key objectives of obtaining
financial contributions to assist with funding the completion of
the projects, and being released from its related liabilities
wherever possible.

Altogether GBP110 million has been committed to the completion
of these 14 projects, of which GBP59 million will be contributed
by other project stakeholders, with the balance of GBP51 million
being contributed by Jarvis plc.  For each project, the funds
will be put into independent trusts and independently appointed
specialists will oversee completion of the construction.
Another contractor will be taking over construction activities
from Jarvis in respect of five of the projects.

Core Financing Arrangements

The board also announces that the Company and its core lenders
have signed binding documentation for the extension of its
financing arrangements through to March 27, 2006.

Alan Lovell, Group Chief Executive of Jarvis plc, said: "The
completion of these three interrelated transactions draws a line
under Jarvis's troubled financial history and enables us to
focus on the future development of our promising core businesses
of rail, roads and plant hire.  In addition we will be
completing all construction work and bringing this activity to a
close."

CONTACT:  JARVIS PLC
          Paul Downes
          (Merlin)

          Bridget Fury
          (Merlin)
          Phone: 020 7 653 6620

          Paul Ravenscroft
          Phone: 020 7 017 8127


MARBLE CUISINE: Names Tenon Recovery Administrator
--------------------------------------------------
Mr. S. R. Thomas and Mr. S. J. Parker (IP Nos 8920, 8989) have
been appointed administrators for Marble Cuisine Limited.  The
appointment was made Jan. 12, 2005.  The company manages a
restaurant and bar.  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


MARCONI CORPORATION: Signs Partnership with China's Huawei
----------------------------------------------------------
Marconi Corporation plc announces that it has reached an
agreement with Huawei Technologies Co. Ltd. regarding ways in
which the two companies will work together.  Discussions between
the two companies have focused on a mutual distribution
agreement that would see each company sell certain products from
the other's product portfolio into their respective customers.
The two Companies have also discussed how Marconi can use its
extensive services structure to support Huawei's pursuit of
equipment business in the European market.

A Memorandum of Understanding has been signed.  Working groups
have been formed by both companies, with a view to being in a
position to sign a more definitive agreement before Marconi's
financial year-end in March 2005.

Marconi will distribute certain of Huawei's carrier grade data
products into its key customers.  Huawei will distribute
Marconi's next-generation access radio products into its key
customers.

Mike Parton, Chief Executive Officer of Marconi, said: "This is
an important first step in what we believe will be a long and
mutually beneficial working partnership.  Both companies have
excellent technology and strong customer relationships that can
be leveraged to sell products from our respective product
portfolios.  We will sell Huawei's products that complement our
own, and which we will support through our strong service
offering."

Mr. Ren Zhengfei, Chief Executive Officer of Huawei, said:
"We are very glad to cooperate with Marconi.  The cooperation is
dedicated to bringing customers greater benefits by combining
both sides' strengths in the telecommunications industry.  We
are looking forward to working closely with Marconi and
expecting a win-win outlook for the cooperation."

Discussions are continuing regarding a joint product development
agreement that will see the two companies derive benefits from
the sharing of R&D resource and technologies.

Mike Parton commented: "The next stage of our relationship will
be to develop jointly new products that would then be sold
through our mutual distribution channels."

About Marconi Corporation plc

Marconi Corporation plc (London: MONI and NASDAQ: MRCIY) is a
global telecommunications equipment, services and solutions
company.  The company's core business is the provision of
innovative and reliable optical networks, broadband routing and
switching and broadband access technologies and services.  The
company's customer base includes many of the world's largest
telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI and on NASDAQ under the ticker MRCIY.

About Huawei Technologies Co., Ltd.

Incorporated in 1988 and headquartered in Shenzhen, China,
Huawei Technologies specializes in the R&D, production and
marketing of telecoms equipment, providing customized network
solutions in fixed, mobile, optical, data communications
networks, software & services and terminals.  Huawei is now the
largest telecom vendor in China's telecom market and is quickly
becoming a leading player in the global telecom market.
Currently Huawei has 24,000 employees and sales in 2004 reached
US$5.58 billion.  For more information, visit
http://www.huawei.com/a

CONTACT:  MARCONI CORPORATION
          David Beck
          Phone: +44 207 306 1490
          E-mail: david.beck@marconi.com

          Investor enquiries:
          Karen Keyes
          Phone: + 44 207 306 1345
          E-mail: karen.keyes@marconi.com

          Industry Analyst enquiries:
          Skip MacAskill
          Phone: +44 2476 56 3705
          E-mail: skip.macaskill@marconi.com


MSA REALISATIONS: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of MSA Realisations Limited (formerly Mr. Smith
Agency Limited) will meet on Feb. 8, 2005 at 11:00 a.m.  It will
be held at 11:00 a.m.  It will be held at Enterprise House, 21
Buckle Street, London E1 8NN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims Enterprise House, 21 Buckle Street, London E1 8NN
not later than 12:00 noon, Feb. 7, 2005.

CONTACT:  CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


NORTH EAST: Liquidator Takes over Operations
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF North East Express Limited

Notice is hereby given that on Jan. 7, 2005, I, Michael James
Meston Reid, Meston Reid & Co., 12 Carden Place, Aberdeen AB10
1UR, was appointed liquidator of North East Express Limited,
which registered office is located at Unit B, Badentoy Business
Centre, Badentoy Crescent, Portlethen, Aberdeen AB12 4YD.

Michael James Meston Reid, Liquidator

CONTACT:  MESTON REID & CO.
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com


NTL INCORPORATED: Completes Sale of Broadcast Business
------------------------------------------------------
Ntl Incorporated (NASDAQ: NTLI) on Monday announced that it has
concluded the sale of its Broadcast division to a consortium led
by Macquarie Communications Infrastructure Group.  Proceeds of
the sale were GBP1.27 billion (US$2.30 billion), subject to a
final working capital adjustment.  Ntl intends to use up to
GBP475 million of the proceeds to repurchase its common stock
and GBP500 million to repay debt outstanding under its GBP2.17
billion credit facility.  The company will retain the balance
for general corporate purposes.

The stock repurchase may be effected through an open market
program, one or more tender offers, one or more private
transactions or a combination thereof.  Subject to market
conditions and to not undertaking purchases that would dilute
free cash flow per share, the company intends to complete the
program within the next six months.

Simon Duffy, Chief Executive Officer of ntl, said: "The closure
of this transaction enables ntl to concentrate all its resources
on growing and improving its U.K. communications and content
distribution business.  Our decision to launch a stock
repurchase program, together with our intention to use future
surplus cash flow after normal investment requirements to make
additional stock repurchases over time, demonstrates the
company's commitment to maintaining both a clear focus on its
existing lines of business and an efficient capital structure."

More on ntl

ntl Incorporated (NASDAQ: NTLI) offers a wide range of
communications and entertainment services to residential and
business customers throughout the U.K. and Ireland.

It is the U.K.'s largest cable company and broadband supplier
with 3 million residential customers, including over one million
broadband customers.  Its fibre-optic broadband network can
service 7.8 million homes in the U.K.

CONTACT:  NTL INCORPORATED
          Investor relations
          Patti Leahy
          Phone: +1 610 667 5554
          or
          Media
          Alison Kirkwood
          Phone: 01256 752 662/07788 186154
          or

          BUCHANAN COMMUNICATIONS
          Richard Oldworth, Jeremy Garcia or Mark Edwards
          Phone: 020 7466 5000


PPP HEALTHCARE: Calls in PricewaterhouseCoopers as Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of PPP Healthcare
Foundation Limited on Jan. 24, 2005, the special and ordinary
resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
the company.

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


RIGHTJUMBO LIMITED: Brings in Administrator from Cranfield
----------------------------------------------------------
Tony Mitchell (IP No 8203) has been appointed administrator for
Rightjumbo Limited.  The appointment was made Jan. 24, 2005.

The company rents vehicle.  Its registered office is located at
2 Hawkes Drive, Warwick CV34 6LX.

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


SCOTTISH COMPUTER: Creditors to Meet Later this Month
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Scottish Computer Services Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Scottish Computer Services Limited will be held at 2 Blythswood
Square, Glasgow G2 4AD, on February 28, 2005, at 11:00 a.m. for
the purposes of receiving the liquidator's report on the
winding-up and to determine whether the liquidator should be
released.

K. R. Craig, Liquidator

CONTACT:  TENON RECOVERY
          2-4 Blythswood Square
          Glasgow G2 4AD
          Phone: 0141 272 8000
          Fax: 0141 272 8001
          E-mail: glasgow@tenongroup.com
          Web site: http://www.tenongroup.com


SR GENT: Abandons U.K. Manufacturing Activities
-----------------------------------------------
SR Gent's exit from the U.K. is complete.  The clothing
manufacturer has closed its last factory in Barnsley, leaving
100 jobless, according to just-style.com.

As with many other manufacturing companies, SR Gents blames
strong competition from abroad for the collapse of its British
manufacturing operations.  The plant in Barnsley is the fourth
to be closed after the factories in Rotherham, South Kirkby and
Sheffield.

Singaporean businessman Ponnuswamy took over the company just as
it was planning to cut its British factory base in 2003.  What
remains now of SR Gent's U.K. assets are its warehouse,
distribution and processing sites.  The company used to supply
clothes to Marks & Spencer.

CONTACT:  S.R. Gent PLC
          Dodworth Road
          Barnsley
          South Yorkshire
          England, S70 6JE
          Phone: 01226 241434
          Fax: 01226 291657
          Web site: http://www.srgent.com


THE OLD LONDON: Administrators from Milner Boardman Move in
-----------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for The Old London Warehouse Limited.
The appointment was made Jan. 21, 2005.

The company manages restaurant and bars.  Its registered office
is located at 1 Millbank House, Wilmslow SK9 1BJ.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


TOTAL ENGINEERING: Hires Begbies Traynor as Administrator
---------------------------------------------------------
David Hill (IP No 6904) and Simon Robert Haskew (IP No 8988)
have been appointed joint administrators for Total Engineering
Solutions (Pontypridd) Limited.  The appointment was made Jan.
14, 2005.  Its registered office is located at 4th Floor,
Riverside House, 31 Cathedral Road, Cardiff CF11 9HB.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


TOXO EUROPE: First Liquidation Meeting Set Next Week
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Toxo (Europe) Ltd.
                        (In Liquidation)

I, Graham C. Tough, Licensed Insolvency Practitioner hereby give
notice that by Interlocutor of the Sheriff at Glasgow Sheriff
Court dated December 31, 2004, I was appointed to act as Interim
Liquidator of Toxo (Europe) Ltd.  The First Meeting in this
Liquidation, called in terms of section 138(4) of the Insolvency
Act 1986, and in terms of Rule 4.12 of the Insolvency (Scotland)
Rules 1986, will be held within the offices of Martin Aitken &
Co, Caledonia House, 89 Seaward Street, Glasgow G41 1HJ, on
February 11, 2005, at 10:00 a.m. for the purposes of choosing a
Liquidator, appointing a Liquidation Committee and considering
other Resolutions specified in Rule 4.12(3) of the
aforementioned Rules.

Creditors whose claims are unsecured, in whole or in part are
entitled to vote or attend in person or by proxy, providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand at the address below.  A Resolution
will be passed when a majority of those voting have voted in
favor of it.  For the purpose of formulating claims, Creditors
should note that the date of the commencement of the Liquidation
is November 23, 2004.

Graham C. Tough, Interim Liquidator

CONTACT:  MARTIN AITKEN & CO.
          Caledonia House
          89 Seaward Street
          Glasgow G41 1HJ
          Phone: 0141 332 0488
          Fax: 0141 272 0011
          E-mail: ca@maco.co.uk
          Web site: http://www.maco.co.uk


TRACK WARNING: Administrator from David Horner & Co. Moves in
-------------------------------------------------------------
David Anthony Horner (IP No 008956) has been appointed
administrator for Track Warning (UK) Limited.  The appointment
was made Jan. 14, 2005.  The company manufactures automatic
warning system.  Its registered office is located at David
Horner & Co, 11 Clifton Moor Business Village, James Nicolson
Link, York YO30 4XG.

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


TRUSTCARE SECURITY: Creditors Appoint Liquidator
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Trustcare Security Ltd.
                         (In Liquidation)

I, David J Hill, Chartered Accountant, hereby give notice in
terms of Rule 4.19 of the Insolvency (Scotland) Rules 1986, that
I was appointed Liquidator of Trustcare Security Ltd. by a
Resolution of the Meeting of Creditors held on January 7, 2005.

A Liquidation Committee was not established at the Meeting.

David J. Hill CA, Liquidator
January 10, 2005

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


VIS ITV: U.S. Firm Comes to the Rescue
--------------------------------------
California-based investment house Bellwether Group has rescued
collapsed virtual horseracing firm Vis iTV in an estimated GBP1
million deal, reports The Scotsman.

Vis iTV, which produced software that generate animated
horseraces for betting shops and cable television, was put into
administration in December after negotiations with a U.S. buyer
fell through. Bellwether has now acquired the software, and
taken on five staff of the collapsed firm.

The business has been split into a development arm called WF
Software, based in Scotland; and I-Race, the name of its virtual
horseracing product.  Bellwether director Jonathan Strause will
head the companies in the U.S., while the Scotland-based
development team will be led by Vis iTV's former chief
technology officer Paul Watson.

"We have removed 75% of the company's costs. I think that it has
a great future," Mr. Watson said.

Vis iTV, a GBP6 million joint venture between Telewest and games
entrepreneur Chris van der Kuyl's Vis Entertainment, collapsed
in December under the weight of a GBP5 million debt.

CONTACT:  VIS ENTERTAINMENT LTD.
          Seabraes
          Perth Road
          Dundee
          DD1 4Ln
          Phone: 44 (0) 1382 341 000
          Fax: 44 (0) 1382 341 045

          Eagle Building
          19 Rose Street
          Edinburg
          EH2 2PR
          Phone: 44 (0) 131 260 2000
          Fax: 44 (0) 131 260 2001
          Web site: http://www.visentertainment.com/


WALTER JAAP: Final Meeting Set Next Week
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Walter Jaap Steels Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that a Final Meeting of the Members of
Walter Jaap Steels Limited will be held at Sherwood House, 7
Glasgow Road, Paisley PA1 3QS, on February 11, 2005, at 9:45
a.m. to be followed at 10:00 a.m. by a Final Meeting of
Creditors for the purpose of having an account laid before them
by the liquidator showing the manner in which the winding-up has
been conducted and the property of the company disposed of, and
of hearing any explanation that may be given by the liquidator,
and also of determining the manner in which the books, accounts
and documents of the company and of the liquidator shall be
disposed of and for the liquidator to seek sanction for his
release from office.

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

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

David K. Hunter, Liquidator
January 11, 2005

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


ZEPHYR PLASTIC: Sets Creditors Meeting Next Week
------------------------------------------------
The creditors of Zephyr Plastic Products Limited will meet on
Feb. 9, 2005 at 11:00 a.m.  It will be held at Begbies Traynor,
30 Park Cross Street, Leeds LS1 2QH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, 30 Park Cross Street, Leeds LS1
2QH not later than 12:00 noon, Feb. 8, 2005.

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


                            *********


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
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