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        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 16, 2005, Vol. 6, No. 33

                            Headlines

A U S T R I A

VA TECHNOLOGIES: E.U. Regulator Takes Closer Look at Takeover
VA TECHNOLOGIES: Delisting First on Siemens' Priority List


C Z E C H   R E P U B L I C

SLEVARNA LIBEREC: Receiver Sells Foundry for CZK36 Million


F R A N C E

GAUDRIOT SA: Founder Loses Battle to Retain Ownership


G E R M A N Y

BAUUNTERNEHMEN HILLE: Falls into Bankruptcy
EMINENT IMMOBILIEN: Creditors Claims Due Next Week
FROHLICH & SCHLETT: Cedes Control to Provisional Administrator
GARANT SCHUH: Restructuring Plan Receives Green Light
HENKE DRUCKEREI: Administrator from PKL Keller Takes over Helm

HIGHLIGHT MUSIC: Sets First Creditors Meeting April
MTU AERO: Reduces Bank Liabilities by EUR79 Million
NATURLICH HELLWEG: Organic Grower Files for Insolvency
WALTER BAU: Four-way Battle for Lucrative Operations On
WESTLB AG: Completes Withdrawal from Principal Finance Unit

* German Insolvency Cases Last Year a Record High


I T A L Y

ALITALIA SPA: Books Higher Full-year Operating Loss
AVIO HOLDING: Ratings Under Review for Possible Downgrade
FIAT SPA: GM Pays EUR1.55 Billion to Terminate Put Option
FIAT SPA: Moody's Affirms Ba3 Ratings; Outlook Negative
JOLLY HOTELS: Racks up EUR255 Million Debt in 2004


K Y R G Z S T A N

CONSTRUCTION PRODUCES: Replaces Interim Insolvency Manager
DYIKAN ORDO: Gives Creditors Until April to File Claims
LINOLEUM: Tenders State Share
PATP-2: Names New Temporary Insolvency Manager

N E T H E R L A N D S

ASM INTERNATIONAL: To Post 4th-qtr., Full-year Results Next Week
NEW SKIES: Ratings Affirmed Pending IPO, Contract Restructuring


R U S S I A

BEZENCHUKSKAYA: Insolvency Manager Moves in
CHEREPANOVSKOYE REM-TEKH-ENTERPRISE: Declared Insolvent
DAL-ELECTRON-SERVICE: Hires V. Shvedko as Insolvency Manager
DALNEVOSTOCHNYJ METAL: Proofs of Claim Deadline March
KACHUGSKAYA DOCKYARD: Insolvency Manager Takes over Operations

KATAV-IVANOVSKIY: Bankruptcy Hearing Resumes April
OKTYABRSKAYA: Creditors Have Until March to File Claims
PESTRETSY-STROY-SERVICE: Declared Insolvent
VIMPEL-COMMUNICATIONS: Pays 'Adjusted' Tax Arrears
VOZNESENSKIY FACTORY: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Wants to Hire Restructuring Expert Alvarez & Marsal
ZAVOLZHSKIY CHEMICAL: Proofs of Claim Deadline Set March


S E R B I A   &   M O N T E N E G R O

JAT AIRWAYS: Management, Union Ordered to Settle Row
KREDITNO-EKSPORTNA: Gets Breathing Spell


U K R A I N E

ADSORBENT: Under Bankruptcy Supervision
AJDAR-AGRO: Liquidator Takes over Operations
KROVNENSKA: Sumi Court Opens Bankruptcy Proceedings
PIVDENNA PALYANITSYA: Declared Insolvent
RAHIVHLIB: Under Bankruptcy Supervision
STAROKOSTYANTINIV' ELEVATOR: Succumbs to Bankruptcy


U N I T E D   K I N G D O M

ACORN HOMES: Members Pass Special Winding-up Resolution
ACUMEN TECHNICAL: Hires Smith & Williamson as Administrator
AFRIQUE HAIR: Calls in Joint Liquidators from Ashcrofts
AIRFRESH (U.K.): Hires Joint Liquidators from Tenon Recovery
ALLDERS LIMITED: Names Kroll Limited Administrator

ANCHOR DESIGNS: Members Decide to Wind up Firm
ATH CLOTHING: Hires Liquidators from SPW Poppleton & Appleby
AVANTGO EUROPE: General Meeting Set Next Month
AVECIA GROUP: Selling Electronics Units for EUR50 Million
AZURE LEISURE: Names A. G. Kakouris Liquidator

BA RIDGWELL: Meeting of Members Set Next Month
BRITISH ENERGY: Posts GBP349 Mln Pre-tax Loss in First 9 Months
CAIRNVIEW INTERIORS: Creditors Meeting Next Week
CALEDONIA EQUIPMENT: Sets Final Members Meeting March
CORDON RECRUITMENT: Members Pass Winding-up Resolutions

COSSACK LEISURE: Names Elwell Watchorn & Saxton Liquidator
CREMONINI FINANCE: Hires Liquidator from Tenon Recovery
DBK PROPERTY: Names Horwath Clark Whitehall Administrator
DOWNFERN LIMITED: Calls in Liquidator from Gilderthorps
EROS (HOME IMPROVEMENT): Members Decide to Wind up Firm

FOCUS QUALITY: Members Final Meeting Set March
H.K.A. (UK): Administrators from Leonard Curtis Move in
INTA-SMART: Creditors Opt for Liquidation
LINACRE DECORATORS: Appoints Kroll Liquidator
MARKET ONE: Calls in Berley Chartered Accountants

NIGHTCLUB COMPANY: Head Insists Firm is Viable
NM CONSULTANCY: Names Geoffrey Martin & Co. Liquidator
PENO LIMITED: Appoints Begbies Traynor Administrator
PRINCIPALITY HOME: Joint Administrators from Begbies Move in
QUALFAB ENGINEERING: In Administrative Receivership

SMARTRAID LTD.: Winding-up Report Out Next Week
SWISHER INTERNATIONAL: Calls in Liquidator from Grant Thornton
ULSTER WEAVERS: Abandons Two Garments Factories in N. Ireland
WILSON SMITHETT: Calls in Administrators from Albert Chambers


                            *********


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


VA TECHNOLOGIES: E.U. Regulator Takes Closer Look at Takeover
-------------------------------------------------------------
The European Commission has opened a detailed investigation
under the E.U. Merger Regulation into the planned acquisition by
German technology group Siemens of its Austrian competitor VA
Tech, a company with global activities in a range of technology
and industry sectors.

The Commission's initial market investigation has found that the
proposed acquisition may create significant competition problems
given the two companies' horizontal overlaps and vertical links
in markets such as hydro power equipment, electricity
transmission & distribution equipment, rail transport equipment
metallurgical plant building, infrastructure and building
technology.

Siemens has launched a public takeover bid for VA Tech, which is
listed on the Vienna stock exchange.  The decision to open an
in-depth inquiry does not prejudge the final result of the
investigation.  The Commission now has four months to take a
final decision on whether the concentration would significantly
impede effective competition within the Single Market.

"This takeover is in a strategically important sector for the
E.U. economy," commented Competition Commissioner Neelie Kroes.
"It is therefore crucial that the Commission verifies that
effective competition will be preserved in all the markets
concerned."

Both Siemens and VA Tech are active worldwide in a range of
similar businesses.  Their products are used in areas such as
power plants, high-voltage transmission lines, locomotives,
steel plants and large buildings.  In respect of a number of
products, both firms are not only direct competitors, but are
also among the leading companies in Europe and worldwide.  The
Commission has therefore opened a second phase investigation in
order to carry out an in-depth assessment of the proposed
transaction.  It now has four months to investigate whether the
proposed acquisition will significantly lessen effective
competition in the European Union and the EFTA markets.

Siemens is a diversified technology group with activities in the
following main business areas: information and communication,
automation and control, energy supply, transport, lighting
technique and medical equipment.

VA Tech, headquartered in Linz, is Austria's largest industrial
group, with EUR4.3 billion annual turnover and some 17,000
employees.  Its four main business areas cover power generation,
power transmission and distribution, metallurgy and electrical
plant building and infrastructure.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


VA TECHNOLOGIES: Delisting First on Siemens' Priority List
----------------------------------------------------------
German engineering group Siemens plans to delist VA Technologies
as soon as the European Commission approves its takeover, Borsen
Zeitung says.

Head of Siemen's Austrian operations Albert Hochleitner expects
the E.U. regulator to rule on the matter on July 22, 2005.
Siemens stressed it is ready to part with VA Tech's activities
to adhere with possible takeover conditions set by the
Commission.  Siemens is waiting for the antitrust authorities in
the European Union, the U.S. and Canada to approve the takeover.

Siemens now has a 90% stake in VA Tech and is waiting for
remaining shareholders to accept its EUR65-a-share offer.  They
have until Feb. 25 to do so.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at

          SIEMENS AG
          Wittelsbacherplatz 2
          D-80333 Munich
          Phone: +49-89 636-00
          Fax: +49-89 636-52 000
          Web site: http://www.siemens.com


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


SLEVARNA LIBEREC: Receiver Sells Foundry for CZK36 Million
----------------------------------------------------------
Ceska Zelezarska Spolecnost will acquire collapsed Slevarna
Liberec s.r.o. after talks with an Italian buyer faltered, Czech
News Agency says.

A wholly owned subsidiary of engineering group Ferex-ZSO, Ceska
Zelezarska could relaunch operations at the foundry, according
to Slevarna receiver Igor Veleba.  He said the buyer offered
CZK36 million to take over the bankrupt metalworks company.

Mr. Veleba cancelled in January the firm's sale to Italian group
Fonderia Regali, which won the tender for Slevarna in October by
offering CZK29.5 million.  The takeover did not materialize when
Fonderia failed to sign the purchase contract in December.

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


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


GAUDRIOT SA: Founder Loses Battle to Retain Ownership
-----------------------------------------------------
Ownership of bankrupt environment consultancy group Gaudriot
will change hands once the court supervising its bankruptcy
formalizes its sale to Tradspe, Les Echos says.

The Gueret district court rejected the continuation plan of
Gaudriot's CEO and founder, Pierre-Henri Gaudriot, after a rival
offer appeared more financially viable.  Holding firm Tradspe
and a Texas-based hedge fund offered to operate 25 of Gaudriot's
42 outlets and dangled a EUR4.5 million cash injection.
Following the takeover, Tradspe will hold a 40% stake in
Gaudriot while its American partner would control 60%.  The
court likewise approved the sale of six Gaudriot outlets to Sud
Carto.

Meanwhile, Tradspe owner Bernard Saunier denied rumors he plans
to resell Gaudriot within two to three years.  He said his
interest in Gaudriot is long-term.

Gaudriot reduced its first-half net loss from EUR10.9 million in
2003 to EUR8.9 million in 2004.  The group, which has been under
court-supervised administration since July 2, 2004, also managed
to cut its first-half operating loss from EUR11.7 million in
2003 to EUR7.78 million in 2004.  The firm's turnover in the
period dropped by 28% to EUR24.1 million.  It owes creditors
EUR60 million.

CONTACT:  GAUDRIOT S.A.
          52 Quai des Carrieres
          94227 Charenton Le Pont Cedex
          Phone: 00 331 58 73 63 00
          Fax: 00 331 58 73 63 01
          Web site: http://www.gaudriot.fr


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


BAUUNTERNEHMEN HILLE: Falls into Bankruptcy
-------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Bauunternehmen Hille GmbH on Jan. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 17, 2005 to register their
claims with court-appointed provisional administrator Matthias
Ronsch.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 9:30 a.m. at Saal D132,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BAUUNTERNEHMEN HILLE GMBH
          Weberstr. 2 in 02794 Spitzkunnersdorf

          Matthias Ronsch, Insolvency Manager
          Gustav-Adolf-Strasse 6b, 01219 Dresden
          Web site: http://www.mbh-anwalt.de


EMINENT IMMOBILIEN: Creditors Claims Due Next Week
--------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Eminent Immobilien und Bautrager GmbH on Jan. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 24, 2005
to register their claims with court-appointed provisional
administrator Nicola Walter.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 9:15 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  EMINENT IMMOBILIEN UND BAUTRAGER GMBH
          Bahnhofstrasse 15 in 01968 Senftenberg/OT Sedlitz

          Nicola Walter, Insolvency Manager
          Bautzner Landstrasse 21, 01327 Dresden


FROHLICH & SCHLETT: Cedes Control to Provisional Administrator
--------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Frohlich & Schlett Bauelementevertriebsgesellschaft mbH
on Jan. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 8, 2005 to register their claims with court-appointed
provisional administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting on April 8, 2005, 10:45 a.m. at Saal 145,
Amtsgericht Leipzig 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:  FROHLICH & SCHLETT BAUELEMENTEVERTRIEBSGESELLSCHAFT
          MBH
          Theresienstr. 16, 04129 Leipzig
          Contact:
          Michael Reibert, Manager

          Michael C. Frege, Insolvency Manager
          Augustusplatz 9, 04109 Leipzig


GARANT SCHUH: Restructuring Plan Receives Green Light
-----------------------------------------------------
Creditors of shoe and leather goods retailer Garant Schuh
approved Friday the insolvent group's restructuring plan,
Suddeutsche Zeitung says.

All of Garant Schuh's 250 creditors approved the plan, which
offers a recovery rate of 38%, better than the 17% they would
have been entitled to in a liquidation.  Drafted by insolvency
trustee Friedrich Wilhelm Metzeler, the plan proposes the
resumption of business with suppliers and retail shops.  Last
month, Garant Schuh announced it had renewed contracts with 90%
of associated retailers and suppliers, boosting chances that the
group could exit insolvency proceedings by the middle of the
year.

Garant Schuh filed for insolvency in September after failing to
gain funds from banks to cover a financing gap.  The Dusseldorf
district court launched insolvency proceedings against Garant
Schuh in December and likewise placed the group in
administration.  Garant Schuh provides centralized buying
services to around 7,850 European stores.  The firm employs
1,910 and 4,850 members in Germany and in the continent,
respectively.

CONTACT:  GARANT SCHUH + MODE AG
          Elisabethstr. 70
          D-40217 Dusseldorf
          Phone: +49/(0)211/3386-01
          Fax: ++49/(0)211/3386-297
          E-mail: kontakt@garantschuh.com
          Web site: http://www.garantschuh.de


HENKE DRUCKEREI: Administrator from PKL Keller Takes over Helm
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Henke Druckerei GmbH on Jan. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 1, 2005 to register their
claims with court-appointed provisional administrator Jorg Spies
from PKL Keller Koppenhofer Spies.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 10:15 a.m. at Saal D132,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  HENKE DRUCKEREI GMBH
          Flurstr. 2 in 01109 Dresden
          Contact:
          Heinz Bernd Henke, Manager
          HRB 7174, AG Dresden

          PKL KELLER KOPPENHOFER SPIES
          Jorg Spies, Insolvency Manager
          Lockwitzer Str. 17, 01219 Dresden
          Web site: http://www.pkl.com


HIGHLIGHT MUSIC: Sets First Creditors Meeting April
---------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against Highlight Music Veranstaltungstechnik GmbH on Jan. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 9, 2005
to register their claims with court-appointed provisional
administrator Henning Kempermann.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 10:00 a.m. at Saal 118,
Amtsgericht Gifhorn, Am Schlossgarten 4, 38518 Gifhorn 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:  HIGHLIGHT MUSIC VERANSTALTUNGSTECHNIK GMBH
          Industriestr. 2, 31241 Ilsede
          Contact:
          Martin Riedel, Manager
          Hermann-Lons-Str. 3, 31224 Peine

          Ansgar Wollenzien, Manager
          Industriestrasse 2, 31241 Ilsede

          Henning Kempermann, Insolvency Manager
          Hindenburgstrasse 5, 31224 Peine
          Phone: 05171/77480
          Fax: 05171/774877


MTU AERO: Reduces Bank Liabilities by EUR79 Million
---------------------------------------------------
MTU Aero Engines has further improved its capital structure: As
of Tuesday, February 1, the company has repaid loans in the
amount of EUR79 million ahead of schedule.  Bank liabilities are
thus reduced to EUR106 million, while the annual gross interest
load is decreased by some EUR4 million.

"MTU already took important steps in this direction in the past
year with two off-schedule repayments - EUR130 million in
October and EUR70 million in November.  With the repayment of a
further EUR79 million we are systematically continuing MTU's
debt clearance," explained Udo Stark, president and CEO of MTU
Aero Engines.

The repayment was made possible through the positive development
of cash flow and the strong liquidity position of MTU.  Reiner
Winkler, chief financial officer of MTU, added: "Apart from the
implementation of our "Impact 100" restructuring and savings
program, favorable business and market developments have helped
us to substantially improve cash flow in the past year.  The
liquid resources of MTU now total EUR50 million and available
liquidity including the undrawn loans is around EUR230 million."

MTU Aero Engines is Germany's leading aero engine manufacturer
and ranks among the major players in this industry worldwide.
The company is the world's largest independent provider of
commercial engine services.  In the military arena, it is the
German lead company for practically all aircraft engines flown
by the country's military forces.

                            *   *   *

In March 2004, Standard & Poor's Ratings Services assigned its
'BB-' long-term corporate credit rating to MTU Aero Engines
GmbH, a leading manufacturer of aircraft engines, sub-systems,
and components.  The outlook is stable.

At the same time, MTU Aero Engines' secured bank debt was
assigned a 'BB-' rating, and its prospective EUR240 million 10-
year senior notes were assigned a 'B' rating.  The latter is two
notches below the corporate credit rating, owing to the notes'
subordinated status.

CONTACT:  MTU AERO ENGINES
          Web site: http://www.mtu.de/
          Michael Hauger, Head of Corporate Communications
          and Representation Offices
          Phone: ++ 49 89 14 89-91 13
          Fax: ++ 49 89 14 89-9 60 66

          Eva Simon
          Financial Communications
          Phone: ++ 49 89 14 89-43 32
          Fax: ++ 49 89 14 89-87 57


NATURLICH HELLWEG: Organic Grower Files for Insolvency
------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Naturlich Hellweg GmbH on Jan. 19.  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 Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 2005, 10:45 a.m. at the district court
of Dortmund Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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.

Naturlich processes and markets environment-friendly crops,
particularly potatoes.

CONTACT:  NATURLICH HELLWEG GMBH
          Im Kattros 5, 59192 Bergkamen
          Contact:
          Barbara Helberg-Godde, Manager
          Gartenplatz 19, 59174
          Kamen und Wilhelm Eckei, Manager
          Ostburener Str. 120 a, 58730 Frondenberg

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf
          Phone: 0211/69076969
          Fax: 69 07 69-70


WALTER BAU: Four-way Battle for Lucrative Operations On
-------------------------------------------------------
Four construction groups will duke it out to acquire profitable
parts of insolvent construction group Walter Bau, Europe
Intelligence Wire says.

Interested in Walter Bau's operations are Austrian building
group Bauholding Strabag through its local subsidiary Strabag;
Bilfinger Berger, the country's second largest construction
group; Ed. Zublin, in which Walter Bau controls a 53% stake; and
an unnamed group from France.

The bidders are particularly interested in acquiring Walter
Heilit Verkehrswegebau, DSI and Dywidag International.  The
units have output values of around EUR1.5 billion and employ
around half of Walter Bau's 9,400 workers.  Insolvency
administrator Werner Schneider said he expects the bidders to
submit their financing plans this week.

Meanwhile, another nine Walter Bau subsidiaries have filed for
insolvency, bringing the number of insolvent units to 20.
Walter Bau filed for insolvency on Feb. 1, 2005 after failing to
get the nod of 27 banks on its restructuring plan that would
have allowed it to open a EUR1.5 billion credit line.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at

          ED ZUBLIN AG
          Albstadtweg 3
          70567 Stuttgart
          Phone: (07 11) 78 83 -5 29
          Fax: (07 11) 78 83 -5 26
          E-mail: zkb@zueblin.de
          Web site: http://www2.zueblin.de

          BILFINGER BERGER AG
          Carl-Reiss-Platz 1-5
          68165 Mannheim
          Phone: +49-621-4590
          Fax: +49-621-459-2366
          Web site: http://www.bilfingerberger.de


WESTLB AG: Completes Withdrawal from Principal Finance Unit
-----------------------------------------------------------
WestLB AG on Monday agreed to sell Mid-Kent Water, the last
remaining part of the investment portfolio managed by its former
banker Robin Saunders, The Guardian reports.

The bank sold the fourth largest water-only company in England
and Wales to Australian Hastings Fund Management for GBP241
million.  The disposal, which still needs the approval of
industry regulator Ofwat, is part of WestLB's withdrawal from
its principal finance business that acquired the firm in 2001.

WestLB announced two years ago it was writing down its main
finance investments and selling holdings to focus on core
business.  It previously disposed of its stakes in Pubmaster,
Odeon, Whyte and Mackay, and BoxClever.  Mid Kent was founded in
1888 and supplies 600,000 customers, including 20,000
businesses.  Hastings is 51%-owned by the Westpac banking group.

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

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


* German Insolvency Cases Last Year a Record High
-------------------------------------------------
The number of personal bankruptcy and corporate insolvency in
Germany reached record highs last year, according to German
News.

Credit agency Creditreform reported that last year bankruptcy
filings increased by 15% to 115,700.  The number of companies
that went bust rose slightly to 39,600, while personal
bankruptcies jumped 25% to 76,000.

Analysts believe the high unemployment rate and growing level of
separations and divorces in the country are driving this
extraordinary increase in bankruptcy.  Accordingly, these
factors force individuals, in particular, to rack up excessive
debt.


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


ALITALIA SPA: Books Higher Full-year Operating Loss
---------------------------------------------------
Alitalia's performance worsened last year, driving operating
losses to EUR402.5 million, up from EUR373 million in 2003,
Reuters says.

The carrier, however, managed to cut its fourth-quarter pre-tax
operating loss from EUR146 million to EUR104 million in 2004.
The amount excludes expenses made for extraordinary items.
Alitalia's 2004 net operating loss was EUR89 million.

Alitalia chairman Giancarlo Cimoli commented in a conference
call that the carrier's January operations had outperformed last
year's and was "a bit better than budget."  The results caused
the carrier's shares to rise slightly at the local stock
exchange.

Alitalia is currently undergoing a massive restructuring, which
entails the split of its flight and ground operations.  The
parliament recently passed a decree decreasing the government's
62% stake in Alitalia to less than 50%.  The European Commission
has also placed the carrier under in-depth probe, which attempts
to uncover traces of illegal state aid in the carrier's rescue
plan.

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


AVIO HOLDING: Ratings Under Review for Possible Downgrade
---------------------------------------------------------
Moody's Investors Service placed the ratings of Avio Holding
S.p.A. and its indirect subsidiary, ASPropulsion Capital B.V. on
review for possible downgrade following the announcement of a
proposed EUR350 million debt issuance in the form of PIK notes
at a holding company level above Avio Holding.

Proceeds will be used to fund the purchase of a vendor note from
Fiat by an intermediate holding company, and to finance a
payment to shareholders.  Moody's review is sparked by the
unanticipated use of new third-party capital to pay out
shareholders, reducing their financial investment in the
business and introducing further complexity to Avio's capital
structure in conjunction with weaker than expected operating
performance and debt metrics following the LBO in late 2003.

These ratings were placed on review:

(a) For Avio Holding:

    Senior implied rating of Ba3;

    Issuer rating of B2.


(b) For ASPropulsion Capital:

    EUR200 million senior unsecured notes rated B2.

The review will encompass potential changes in Avio's financial
strategies, as the existing ratings assume that cash flow or new
investment would be used for debt reduction at the rated
entities; an analysis of the impact of the new capital structure
on the rated entities and on the consolidated corporate entity;
and any potential new servicing demands on the restricted group
which backs the rated debt.  While the new notes will be
structurally subordinated to the rated debt, Moody's will review
whether they may put additional pressure on the capital
structure and on Avio's long term financing plan.

The review will also include a review of Avio's historical and
projected operating results, which have not performed to
expectations as a result of various timing issues and market
pressures, and Avio's good competitive position in a market with
high entry barriers.

Registered in Italy, Avio is a leading designer and manufacturer
of subsystems and components for military and civil aircraft and
a producer of propulsion systems for space launch vehicles and
tactical missile applications.


FIAT SPA: GM Pays EUR1.55 Billion to Terminate Put Option
---------------------------------------------------------
General Motors Corp. (NYSE: GM) and Fiat S.p.A. (NYSE: FIA) on
Sunday announced they have executed an agreement to terminate
the Master Agreement between the companies and realign their
industrial relationships.  The boards of directors of both GM
and Fiat have approved the settlement agreement.

GM will acquire certain strategic assets from Fiat to assure the
future availability of a full range of diesel engines for
vehicles produced by GM's global operations.

"GM and Fiat have agreed that it is in the best interest of
their companies and shareholders to terminate the Master
Agreement," said GM Chairman and Chief Executive Officer Rick
Wagoner.

"GM has derived significant benefits from its association with
Fiat Auto, including the accelerated development of diesel
engines, cost savings and the joint development of certain
vehicle programs.  With this settlement, our overall financial
returns will have been favorable.

"We believe that we have reached a fair and equitable agreement
that enables both companies to maintain a high level of synergy
savings, but in a more focused approach that gives each of us
more freedom to act in today's competitive environment," Mr.
Wagoner said.

Under terms of the agreement, GM will pay Fiat EUR1.55 billion
to terminate the Master Agreement (including the put option) and
to acquire an interest in key strategic diesel engine assets,
and other important rights with respect to diesel engine
technology and know-how.  GM will return its 10 percent equity
interest in Fiat Auto Holdings to Fiat S.p.A.

The most significant elements of the settlement agreement are:

(a) The Fiat-GM Powertrain (FGP) joint-venture company will be
    dissolved and GM will regain complete ownership of all GM
    assets originally contributed.  During a transition period,
    FGP will continue to supply both companies so that their
    respective operations will not be disrupted;

(b) GM will co-own with Fiat key powertrain intellectual
    property, including the SDE and JTD diesel engines and the
    M20-32 six-speed manual transmission;

(c) GM will acquire a 50% interest in a new joint venture
    limited to operating the powertrain manufacturing plant in
    Bielsko-Biala, Poland, that currently produces the 1.3-liter
    SDE diesel engine;

(d) The GM-Fiat Worldwide Purchasing joint venture will be
    dissolved;

(e) The companies will continue to generate joint cost savings
    in several key areas, including:

          -- Long-term agreements to supply each other with
             powertrains;

          -- Continued cooperative development of certain
             vehicle programs;

          -- Through Fiat's participation in GM's purchasing
             alliance program.

GM will take an after tax charge to earnings of approximately
US$840 million or $1.49 per fully diluted share.

CONTACT:  GENERAL MOTORS CORP.
          Media
          Web site: http://media.gm.com
                    http://www.gm.com

          Toni Simonetti
          Phone: +1-212-418-6380 (office)
          Mobile: +1-917-822-3392
          E-mail: toni.simonetti@gm.com

          Jerry Dubrowski
          Phone: +1-212-418-6261 (office)
          Mobile: +1-917-544-4885
          E-mail: jerry.dubrowski@gm.com


FIAT SPA: Moody's Affirms Ba3 Ratings; Outlook Negative
-------------------------------------------------------
Moody's Investors Service affirmed Fiat S.p.A.'s Ba3 Senior
Implied Rating and long-term senior unsecured ratings, following
Fiat's announcement of a settlement agreement with General
Motors.  The short-term rating remains non-Prime.  The outlook
for the ratings remains negative.

The affirmation follows an announcement that GM had agreed to
pay Fiat EUR1.55 billion in cash to terminate the Master
Agreement between the two parties including cancellation of the
put option, and the unwinding of all joint ventures and return
of GM's 10% equity interest in Fiat Auto Holdings to Fiat.  In
terms of the impact, Moody's views the short term cash inflow
from the settlement as positive in respect of the current
liquidity profile and the need for Fiat to secure funding or
refinancing to meet high debt maturities over the next 12
months.

As of September 30, 2004, Fiat Group had gross debt maturities
of approximately EUR11 billion (including a EUR3 billion
mandatory convertible and EUR1.2 billion of fully equity backed
loans) over the next 12 months relative to group cash balances
of EUR4.6 billion and operating cash flow losses after working
capital of EUR2.2 billion in the first 9 months of 2004.  In the
past Moody's has not implied any cash inflow resulting from the
put option.

In the longer term, Moody's concerns with respect to Fiat's
attempts to turnaround the operating performance of Fiat Auto
remain.  Fiat has publicly stated its intentions for Fiat Auto
to achieve positive operating income and operating cash flow by
year-end 2006.  Moody's believes these objectives remain
challenging given the auto maker's highly competitive
environment, the need for a successful launch of key new models
(e.g. Punto) and the necessity of management to realize cost
reductions.  For the 9 month period to September 30, 2004, Fiat
Auto incurred an operating loss of EUR0.7 billion.

For Moody's to consider a change in the outlook from Negative to
Stable, Fiat Group will need to evidence a sustainable
turnaround of the Fiat Auto business in line with its stated
intentions by 2006.  At the same time, Moody's would expect the
Group's overall liquidity profile to have become more manageable
in terms of its 12 months debt maturity profile whilst
evidencing increasing operating cash flow contributions from all
its remaining core businesses, CNH, Iveco and Fiat Auto.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the 9-month period as at 30 September 2004.  The
company is also a leading European-based manufacturer of
commercial vehicles and one of the largest producers of
agricultural equipment in the world.

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Web site: http://www.fiatgroup.com


JOLLY HOTELS: Racks up EUR255 Million Debt in 2004
--------------------------------------------------
Hotel chain Jolly Hotels had a disappointing 2004, reporting a
net loss of EUR4.7 million, Il Sole 24 Ore says.

The amount was a far cry from its 2003 net profit of EUR1.6
million.  The group managed to increase it sales by 5.4% to
EUR231.9 million and raised its EBITDA by 10.1% to EUR37.9
million.  Net debt, however, reached EUR255.4 million.

The group's fourth-quarter results saw sales dip 1% to EUR61.3
million and EBITDA down by 19.4% to EUR10.5 million.

CONTACT:  JOLLY HOTELS S.p.A.
          Via Bellini, 6
          36078 Valdagno (VI)
          Phone: +39 0445 410000
          Fax: +39 0445 411472
          Web site: http://www.jollyhotels.it


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


CONSTRUCTION PRODUCES: Replaces Interim Insolvency Manager
----------------------------------------------------------
The Department on Bankruptcy Issues under the State Committee of
Property of the Kyrgyz Republic appointed on January 28, 2005
Bilim Raiymkulov new temporary insolvency manager of JSC Plant
of the Construction Produces. He replaces A. Ismailov.

Creditors will meet on February 28, 2005, 1:00 p.m. at
Karabalta, Str. Truda 6.  They 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. Bilim Raiymkulov
          Temporary Insolvency Manager
          Phone: (0-502) 57-83-87


DYIKAN ORDO: Gives Creditors Until April to File Claims
--------------------------------------------------------
Karaburinsk Association DYIKAN ORDO, which recently became
insolvent, will accept proofs of claim until April 1, 2005.
For more information, call (0-34-56) 2-16-66.



LINOLEUM: Tenders State Share
-----------------------------
The State Property Fund under the State Committee of the Kyrgyz
Republic for Management of the State Property will sell the
state's 69.76% stake in JSC Linoleum on March 3, 2005, 1:00 p.m.
at Bishkek, Moskovskaya Str. 151.

Company Information

(a) Location: Kemin, Naberejnaya Str. 1

(b) Land area: 1.6 hectares

(c) Activity: Linoleum production

(d) Employees: 30

Financial data

(a) Authorized capital stock: KGS12,155,000

(b) Assets: KGS11,015,900

(c) Loans: KGS4,735,000

(d) Accounts payable: KGS853,000

(e) Accounts receivable: KGS1,906,000

(f) Total stock: 392,844

(g) Nominal price per share: KGS33.3

Buyer must pay a commission equivalent to 7% of the final price.
To participate, bidders must submit necessary documents to
Bishkek, Moskovskaya Str. 151, Room 208, on or before March 3,
2005.  For more informantion, call (0-312) 21-65-38.


PATP-2: Names New Temporary Insolvency Manager
----------------------------------------------
The Department on Bankruptcy Issues of the Kyrgyz Republic of
the State Property Fund of the Kyrgyz Republic appointed
Muktarbek Zulpukarov new temporary insolvency manager of JSC
PATP-2 on February 2, 2005.

CONTACT:  Mr. Muktarbek Zulpukarov
          Temporary Insolvency Manager
          Phone (0-502) 32-43-46


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


ASM INTERNATIONAL: To Post 4th-qtr., Full-year Results Next Week
----------------------------------------------------------------
ASM International N.V. will report operating results for the
2004 year and the fourth quarter on Thursday, February 24, 2005
at approximately 12:00 noon U.S. Eastern time (18:00 Continental
European time).

ASM International will host an investor conference call and Web
cast on Friday, February 25, 2005 at 9:00 a.m. U.S. Eastern time
(15:00 Continental European time).

The teleconference dial-in numbers are:

       United States - +1 866.800.8651
       International - +1 617.614.2704
       The participant pass code is 677 80 111

A simultaneous audio Web cast will be accessible at
http://www.asm.com/.

The teleconference will be available for replay, beginning on
hour after completion of the live broadcast through March 4,
2005.

The replay dial-in numbers are:

       United States - +1 888.286.8010
       International - + 1 617.801.6888
       The participant pass code is 142 72 207

About ASM

ASM International N.V., (Euronext Exchange:ASM) headquartered in
Bilthoven, the Netherlands, is a global company servicing one of
the most important and demanding industries in the world. The
Company possesses a strong technology base, state-of-the-art
manufacturing facilities, a competent and qualified workforce
and a highly trained, strategically distributed support network.
ASM International and its subsidiaries design and manufacture
equipment and materials used to produce semiconductor devices.

ASM International and its subsidiaries provide production
solutions for wafer processing (Front-end segment) as well as
assembly and packaging (Back-end segment) through facilities in
the United States, Europe, Japan and Asia.  ASM International's
common stock trades on Nasdaq (symbol ASMI) and the Euronext
Amsterdam Stock Exchange (symbol ASM).  For more information,
visit http://www.asm.com/.

CONTACT:  ASM INTERNATIONAL N.V.
          Mary Jo Dieckhaus
          Phone: 212.986.2900
          E-mail: maryjo.dieckhaus@asm.com

          Lies Rijnveld
          Phone: +31 30.229.8506
          E-mail: lies.rijnveld@asm.com


NEW SKIES: Ratings Affirmed Pending IPO, Contract Restructuring
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings and outlook of
New Skies Satellites, B.V.  The rating affirmations broadly
reflect Moody's belief that the benefits of reduced leverage
from a planned IPO and NSS-8 refund from Boeing are
substantially offset by the establishment of a very high
yielding dividend upon completion of the IPO.

Moody's affirmed these ratings:

(a) B2 - Senior Implied Rating,

(b) B1- $75 million senior secured revolving credit facility,

(c) B1- $460 million senior secured term loan,

(d) B3 - $160 million senior unsecured floating rate note,

(e) Caa1 - $125 million senior subordinated notes,

(f) B3 - Senior Unsecured Issuer Rating,

(g) SGL-3 - Speculative Grade Liquidity Rating

New Skies' B2 senior implied rating reflects Moody's concerns
that the company has limited financial flexibility in a high
business risk environment.  Moody's acknowledges that the
company will benefit from reduced leverage as a result of these
transactions.

Specifically, Moody's views the redemption of preferred stock,
although a deeply subordinated obligation, as an overall
deleveraging event.  For the senior debt holders, however,
Moody's views the transactions as only marginally deleveraging.
While proceeds from the IPO and NSS-8 Boeing contract
restructuring will reduce balance sheet debt, the NSS-8
satellite financing will be structured as a performance
incentive.

Moody's believes this financing package represents a debt-like
long-term obligation, which consequently partially mitigates any
otherwise deleveraging impact.  Also offsetting the deleveraging
impact of the IPO is New Skies' intention to pay a substantial
annual dividend that will leave little cash available for
ongoing debt repayment.  As a result, minor slippage in cash
flow from operations that is not offset by dividend reductions
would likely result in a rating downgrade, whereas sustained
EBITDA margin improvement at levels around 65% would likely be
needed to maintain the stable rating outlook.

New Skies' B2 senior implied rating also continues to reflect
high leverage and weak fixed charge coverage.  Pro forma for
these transactions (including treating the NSS-8 satellite
performance incentive as debt), Moody's expects New Skies to
have net debt-to-EBITDA of 5.1x by the end of the year, and
fixed charge coverage (EBITDA-CAPEX/Cash Interest) should fall
to about 2.2x.  As Moody's projects New Skies to burn cash for
the next two years, free cash flow credit metrics are
substantially weaker.  Moody's is concerned that high fixed
charges will weaken New Skies' ability to react to an
increasingly competitive environment.

The rating also incorporates rising costs of insurance across
the industry, which may offset any margin gains resulting from
improved operational efficiency or higher utilization rates.
New Skies competitor, Intelsat, recently lost two satellites, a
potential cause for concern for New Skies if failure review
boards indicate manufacturer flaws and insurance costs rise as a
consequence of the recent failures.

The ratings also reflect, however, New Skies' steady operating
cash flow generation, sizable backlog, its relatively young and
flexible satellite fleet, and strong C- and Ku- band global
coverage, which allow New Skies to bid against a very narrow
field for certain contracts.  The ratings also incorporate some
degree of financial flexibility of New Skies to control the
timing of its capital expenditures.

Moody's remains concerned that further delays in the completion
of the NSS-8 satellite, despite some degree of favorable
contract restructuring, will continue to weaken the company's
potential revenue growth.  In the revised contract, New Skies
will only take title to the satellite after in-orbit testing;
Boeing will assume the risk associated with the satellite
launch.  Payments to Boeing are structured as satellite
performance payments.  Regular cash disbursements, other than
$30 million currently held in an escrow account, will not begin
until 2011.

Moody's notes that the financial terms of this contract
meaningfully reduce New Skies' near term costs, but that the
arrangement represents a debt-like long-term obligation,
somewhat counteracting any deleveraging impact.

As part of this rating action, Moody's affirmed New Skies' SGL-3
liquidity rating.  The SGL-3 reflects Moody's belief that New
Skies has adequate liquidity to meet its near-term cash
operating and investment needs through a combination of
operating cash flow and availability under its $75 million
revolving credit facility.

If the IPO closes, New Skies may increase the availability under
the revolver to $125 million. While Moody's does not expect New
Skies to accumulate cash over the intermediate term because of
its proposed dividend policy, we believe the potentially
increased revolving credit facility will be sufficient for
working capital needs and spikes in satellite capital
expenditures.

If the IPO closes, two financial covenants (total leverage and
interest coverage) will govern the bank credit facility.
Moody's anticipates that the company will have adequate cushion
to weather an unexpected operational shortfall.  In the event of
a liquidity crisis, Moody's does not believe that New Skies is
likely to sell assets given the strategic importance of its
fleet.

New Skies, headquartered in The Hague, The Netherlands, is a
global provider of satellite services.  It owns and operates
five fixed service satellites and generated approximately $243
million in revenue in 2003.

CONTACT:  NEW SKIES SATELLITES
          Rooseveltplantsoen 4
          2517 KR The Hague
          The Netherlands
          Phone: +31 70 306 4100
          Fax: +31 70 306 4101
          Web site: http://www.newskies.com


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


BEZENCHUKSKAYA: Insolvency Manager Moves in
-------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Bezenchukskaya after finding the machine-
technological station insolvent.  The case is docketed as A55-
14694/2004-46.  Mr. N. Kalmankin has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 446250, Russia, Samara region, Bezenchuk,
Sovetskaya Str. 162a, Apartment 8.

CONTACT:  BEZENCHUKSKAYA
          Russia, Samara region,
          Bezenchuk, Gagarina Str. 14

          Mr. N. Kalmankin
          Insolvency Manager
          446250, Russia, Samara region, Bezenchuk,
          Sovetskaya Str. 162a, Apartment 8


CHEREPANOVSKOYE REM-TEKH-ENTERPRISE: Declared Insolvent
-------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Cherepanovskoye Rem-Tekh-Enterprise after
finding the open joint stock company insolvent.  The case is
docketed as A45-7071/04-SB/93.  Mr. V. Bezgachev has been
appointed insolvency manager.  Creditors have until March 21,
2005 to submit their proofs of claim to 630091, Russia,
Novosibirsk, Pisareva Str. 4.

CONTACT:  CHEREPANOVSKOYE REM-TEKH-ENTERPRISE
          633522, Russia, Novosibirsk region,
          Cherepanovo, Furmanova Str. 1

          Mr. V. Bezgachev
          Insolvency Manager
          630091, Russia,
          Novosibirsk, Pisareva Str. 4


DAL-ELECTRON-SERVICE: Hires V. Shvedko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Dal-Electron-Service after finding the open
joint stock company insolvent.  The case is docketed as A73-
5288/2004-36.  Mr. V. Shvedko has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 680028, Russia, Khabarovsk, Frunze Str. 126,
Office 106.

CONTACT:  DAL-ELECTRON-SERVICE
          680033, Russia, Khabarovsk,
          Tikhookeanskaya Str. 204

          Mr. V. Shvedko
          Insolvency Manager
          680028, Russia, Khabarovsk,
          Frunze Str. 126, Office 106


DALNEVOSTOCHNYJ METAL: Proofs of Claim Deadline March
-----------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Dalnevostochnyj Metal after finding the
industrial association insolvent.  The case is docketed as A73-
5677/2004-38.  Mr. A. Staroverov has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 681005, Russia, Khabarovsk region,
Komsomolsk-na-Amure, Zavodskaya Str. 1.

CONTACT:  DALNEVOSTOCHNYJ METAL
          681005, Russia, Khabarovsk region,
          Komsomolsk-na-Amure, Zavodskaya Str. 1

          Mr. A. Staroverov
          Insolvency Manager
          681005, Russia, Khabarovsk region,
          Komsomolsk-na-Amure, Zavodskaya Str. 1


KACHUGSKAYA DOCKYARD: Insolvency Manager Takes over Operations
--------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Kachugskaya Dockyard after finding the open
joint stock company insolvent.  The case is docketed as A19-
6140/04-8.  Mr. A. Nikolaev has been appointed insolvency
manager.

Creditors have until March 21, 2005 to submit their proofs of
claim to 644001, Russia, Irkutsk, Barrikad Str. 51, Office 1.  A
hearing will take place at the Arbitration Court of Irkutsk
region at 664025, Russia, Irkutsk, Gagarina Avenue, 70, Room 317
on Dec. 22, 2005, 10:30 a.m.

CONTACT:  KACHUGSKAYA DOCKYARD
          Russia, Irkutsk region, Kachug,
          Mayakovskogo Str. 21

          Mr. A. Nikolaev
          Insolvency Manager
          644001, Russia, Irkutsk,
          Barrikad Str. 51, Office 1


KATAV-IVANOVSKIY: Bankruptcy Hearing Resumes April
--------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure open joint stock company Katav-
Ivanovskiy Foundry-Mechanical Factory.  The case is docketed as
A76-43026/04-60-32.  Mr. Y. Kozhevnikov has been appointed
temporary insolvency manager.  Creditors have to submit their
proofs of claim to 454036, Russia, Chelyabinsk, Sverdlovskiy
Trakt, 3E.  A hearing will take place on April 11, 2005, 3:00
p.m.

CONTACT:  KATAV-IVANOVSKIY FOUNDRY-MECHANICAL FACTORY
          Russia, Chelyabinsk region,
          Katav-Ivanovsk, Zavodskaya Str. 1

          Mr. Y. Kozhevnikov
          Temporary Insolvency Manager
          454036, Russia, Chelyabinsk,
          Sverdlovskiy Trakt, 3E


OKTYABRSKAYA: Creditors Have Until March to File Claims
-------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Oktyabrskaya (TIN 0265021750) after finding
the garment factory insolvent.  The case is docketed as A07-
1482/03-A-PAV.  Mr. R. Nabiev has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 452620, Russia, Bashkortostan republic,
Oktyabrskiy, Gogolya Str. 31.

CONTACT:  OKTYABRSKAYA
          452620, Russia, Bashkortostan republic,
          Oktyabrskiy, Gogolya Str. 31

          Mr. R. Nabiev
          Insolvency Manager
          452620, Russia, Bashkortostan republic,
          Oktyabrskiy, Gogolya Str. 31
          Phone: (34767) 5-81-46


PESTRETSY-STROY-SERVICE: Declared Insolvent
-------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Pestretsy-Stroy-Service (TIN 1633000105)
after finding the open joint stock company insolvent.  The case
is docketed as A65-9359/2004-SG4-31.  Mr. R. Valiullin has been
appointed insolvency manager.  Creditors have until March 21,
2005 to submit their proofs of claim to 422770, Russia,
Tatarstan republic, Pestretsy, Stroiteley Str. 19.

CONTACT:  PESTRETSY-STROY-SERVICE
          422770, Russia, Tatarstan republic,
          Pestretsy, Stroiteley Str. 19

          Mr. R. Valiullin
          Insolvency Manager
          422770, Russia, Tatarstan republic,
          Pestretsy, Stroiteley Str. 19


VIMPEL-COMMUNICATIONS: Pays 'Adjusted' Tax Arrears
--------------------------------------------------
JSC Vimpel-Communications settled its US$71 million back tax
bill for 2001 on Friday, reports say.

Tax authorities originally demanded US$90 million plus penalties
from the operator, but VimpelCom argued it had paid all tax
demands, convincing them to lower the amount.  It is further
appealing a claim of US$20.9 million in back taxes for 2002.
Observers now think a similar issue with back taxes for 2003 and
2004 may be closed, according to Telecoms.com News.

Last week, Standard & Poor's Ratings Services assigned its 'BB-'
senior unsecured debt rating to the firm's proposed loan
participation notes of up to US$300 million.  Proceeds from the
issuance will be used to fund a loan of the same amount.  It is
expected to help the company increase its liquidity in
anticipation of its maturing US$250 million loan from JPMorgan
AG.

CONTACT:  Vimpel-Communications (NYSE: VIP [ADR])
          10, 8 Marta St., Building 14
          127083 Moscow, Russia
          Phone: +7-095-725-0700
          Fax: +7-095-721-0017
          Web site: http://www.vimpelcom.com


VOZNESENSKIY FACTORY: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Voznesenskiy
Factory Of Plastic Goods.  The case is docketed as A41-K2-
22960/04.  Mr. Y. Zmievtsa has been appointed temporary
insolvency manager.  Creditors have until Feb. 21, 2005 to
submit their proofs of claim to 140200, Russia, Moscow region,
Voznesensk, Sovetskaya Str. 2.

CONTACT:  VOZNESENSKIY FACTORY OF PLASTIC GOODS
          140200, Russia, Moscow region,
          Voznesensk, Sovetskaya Str. 2

          Mr. Y. Zmievtsa
          Temporary Insolvency Manager
          140200, Russia, Moscow region,
          Voznesensk, Sovetskaya Str. 2


YUKOS OIL: Wants to Hire Restructuring Expert Alvarez & Marsal
--------------------------------------------------------------
Yukos Oil Company seeks the Court's authority to employ Alvarez
& Marsal, LLC as its restructuring advisor, effective as of the
Petition Date.

Yukos Chief Financial Officer Bruce K. Misamore believes that
Alvarez & Marsal will be able to provide the full range of
services the Debtor needs in its bankruptcy case because
Alvarez & Marsal:

   -- specializes in financial advisory work in corporate
      restructuring and distressed situations;

   -- is a recognized leader in the restructuring field because
      of its innovative solutions to complex financial
      restructurings;

   -- has extensive knowledge of the Debtor's industry;

   -- has been retained in numerous nationally prominent
      restructurings and reorganizations; and

   -- has the ability and experience to quickly acquire the
      knowledge and understanding of the Debtor's business in
      order to effectively represent the Debtor.

Pursuant to an employment agreement between the parties,
Alvarez & Marsal will provide:

   * Assistance with respect to strategic, financial,
     operational and bankruptcy process management matters
     relative to the Debtor's Chapter 11 proceeding;

   * Assistance with the development and approval of a
     Disclosure Statement and Plan of Reorganization;

   * Testimony as may be necessary during the course of the
     Chapter 11 proceeding and agreed to by Alvarez & Marsal;
     and

   * Other services as requested or directed by the Debtor and
     agreed to by Alvarez & Marsal.

Alvarez & Marsal makes no representation or guarantee (i) that
an appropriate restructuring proposal can be formulated for the
Debtor, (ii) that restructuring is the best course of action for
the company, or, (iii) if formulated, that any proposed
restructuring plan will be accepted by the Debtor's creditors,
shareholders and other constituents.

Alvarez & Marsal will directly report to the CFO and will make
recommendations to and consult with the CFO and other senior
officers as the CFO directs.

Dean E. Swick, a managing director of Alvarez & Marsal, will be
responsible for the overall engagement.  He will be assisted by
other Alvarez & Marsal personnel.

The Debtor will compensate Alvarez & Marsal for its services
based on these hourly rates:

        Managing Directors        $475 - $690
        Directors                 $375 - $510
        Associates                $275 - $400
        Analysts                  $150 - $300

Alvarez & Marsal will receive a minimum of $200,000 per month
for 10 months or until an aggregate of $2 million in fees has
been reached.  Thereafter, the fees will be calculated at the
hourly rate with no monthly minimum.  If the Debtor's case is
confirmed or dismissed prior to the point the $2 million mark is
reached, then fees accrued at the greater of actual fees based
on hours billed or $200,000 minimum per month will be due to the
date of that confirmation or dismissal.

The Debtor will pay directly or reimburse Alvarez & Marsal upon
receipt of periodic billings, for all reasonable out-of-pocket
expenses incurred in connection with its rendered services.
Alvarez & Marsal will also be reimbursed for the reasonable fees
and expenses of its counsel incurred in connection with the
preparation, negotiation, enforcement and approval of its
employment agreement with the Debtor.

The Debtor will remit a $400,000 retainer to Alvarez & Marsal
upon Court approval of the engagement, which will be credited
against any amounts due at the termination of Alvarez & Marsal's
engagement and the excess returned upon the satisfaction of all
obligations.

Neither Alvarez & Marsal nor any of its personnel or
subcontractors will be considered an employee or agent of the
Debtor, and the personnel and subcontractors of Alvarez & Marsal
are not entitled to any of the benefits that the Debtor provides
for its employees.

Alvarez & Marsal will keep as confidential all non-public
information received from the Debtor except (i) as requested by
the Debtor or its legal counsel; (ii) as required by legal
proceedings; or (iii) as reasonably required in the performance
of the engagement.  All obligations as to non-disclosure will
cease as to any part of the information to the extent that the
information is or becomes public other than as a result of a
breach of this provision.  The Debtor will not solicit, recruit
or hire any Alvarez & Marsal employee effective from Jan. 20,
2005, and continuing for two years subsequent to the termination
of the engagement.

The Debtor will indemnify Alvarez & Marsal, its shareholders,
employees, agents and representatives from and against any claim
related to the performance of their obligations under the
Engagement Letter.

Mr. Swick assures the Court that Alvarez & Marsal does not hold
or represent any interest adverse to the Debtor, its creditors
or parties-in-interest, with respect to the matters on which
Alvarez & Marsal is to be engaged.  Alvarez & Marsal is a
"disinterested person," as defined in Section 101(14) of the
Bankruptcy Code.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000)


ZAVOLZHSKIY CHEMICAL: Proofs of Claim Deadline Set March
--------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on open joint stock company Zavolzhskiy
Chemical Factory In Name Of Frunze.  The case is docketed as
A17-1228/04-1-B.  Mr. A. Sokolov has been appointed temporary
insolvency manager.

Creditors have until March 1, 2005 to submit their proofs of
claim to 153002, Russia, Ivanovo, Zhideleva Str., 31, office
5,7.  A hearing will take place at the Arbitration Court of
Ivanovo region on June 27, 2005, 9:30 a.m.

CONTACT:  ZAVOLZHSKIY CHEMICAL FACTORY IN NAME OF FRUNZE
          155410, Russia, Ivanovo region,
          Zavolzhsk, Zavodskaya Str. 1

          Mr. A. Sokolov
          Temporary Insolvency Manager
          153002, Russia, Ivanovo,
          Zhideleva Str. 31, Office 5,7
          Phone/Fax: (0932) 37-53-44


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


JAT AIRWAYS: Management, Union Ordered to Settle Row
----------------------------------------------------
The government will decide the fate of national carrier JAT
Airways Thursday, according to Beta News Agency.

A dispute between management and the union over salaries has
sent the carrier on a tailspin and cause bankruptcy rumors to
swirl.  But Serbian Labor Minister Slobodan Lalovic insisted
last week the anarchy currently ruling the company is more
responsible for threats of bankruptcy than economic reasons.

The meeting tomorrow, according to Serbian Minister of Capital
Investments Velimir Ilic, will likely discuss remedial measures
like forging a definitive agreement on the issue of salary.  If
things do not improve, the government may be forced to opt for
bankruptcy, Mr. Ilic said.

Earlier a government commission, which looked into the labor
row, concluded that management has been unable to do its job.
It recommended that Serbian Renewal Movement, Serbia's biggest
and best-organized opposition party, replace its executives in
the JAT management.

JAT Airways is among Europe's 16 oldest airlines.  It flies to
25 cities throughout Europe, seven destinations in the Middle
East and Africa and to three domestic destinations.

CONTACT:  JAT AIRWAYS
          Bul. umetnosti 16,
          11000 Beograd, Yugoslavia
          Web site: http://www.jat.com


KREDITNO-EKSPORTNA: Gets Breathing Spell
----------------------------------------
The Belgrade Commercial Court has temporarily lifted the threat
against Kreditno-eksportna banka.  According to IntelliNews, the
court has postponed its liquidation and ordered the return of
its access to forex and domestic currency accounts.

National Bank of Serbia revoked the license of the bank early in
the month saying it has violated several of the regulation,
resulting in the worsening of its financial position.  The
central bank argues that the court does not have the right to
postpone the liquidation, but the decision remains in force
until the Serbian Supreme Court reverses it.


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


ADSORBENT: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Adsorbent (code EDRPOU 13409469) on
December 24, 2004.  Arbitral manager Mr. Sergij Chebotaryov
(License Number AA 779331) has been appointed temporary
insolvency manager.  The company holds account number
2600530184664 at Prominvestbank, Lugansk central branch, MFO
304308.

Creditors may submit their proofs of claim to:

(a) ADSORBENT
    91055, Ukraine, Lugansk region,
    Lenin Str. 34 a

(b) Mr. Sergij Chebotaryov
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Geroyiv Stalingradu Quarter, 3/259

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


AJDAR-AGRO: Liquidator Takes over Operations
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Ajdar-Agro (code EDRPOU 30204783) on
December 7, 2004 after finding the company insolvent.   The case
is docketed as 9/41 b.  Arbitral manager Mr. Oleksandr Roj
(License Number AA 250489) has been appointed
liquidator/insolvency manager.

Creditors have to submit their proofs of claim to:

(a) AJDAR-AGRO
    Ukraine, Lugansk region,
    Starobilskij district, Hvorostyanivka

(b) Mr. Oleksandr Roj,
    Liquidator/Insolvency Manager
    93500, Ukraine, Lugansk region,
    Novoajdarskij district,
    Rajgorodka, Radyanska Str. 7

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


KROVNENSKA: Sumi Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Agrofirm Krovnenska (code EDRPOU 30879966)
after finding the limited liability company insolvent.  The case
is docketed as 12/39-04.  Arbitral manager Mr. Vadim Zakorko
(License Number AA 719836) has been appointed
liquidator/insolvency manager.

CONTACT:  KROVNENSKA
          Ukraine, Sumi region,
          Krovne, Girska Str. 30

          Mr. Vadim Zakorko,
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2nd floor

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


PIVDENNA PALYANITSYA: Declared Insolvent
----------------------------------------
The Economic Court of Odesa region declared OJSC Pivdenna
PALYANITSYA (code EDRPOU 25032254) insolvent on December 14,
2004.  Mr. Volodimir Shnyakin (License Number AA 783105) has
been appointed liquidator/insolvency manager.  The company holds
account number 26006300066101 at JSCB Nadra, Odesa branch, MFO
328975.

CONTACT:  PIVDENNA PALYANITSYA
          65009, Ukraine, Odesa region,
          Prohorovska Str. 47

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


RAHIVHLIB: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on OJSC Rahivhlib (code EDRPOU 00377970).
The case is docketed as 16/330.  Arbitral manager Mr. Oleksandr
Zavadyak (License Number AA 779322) has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) RAHIVHLIB
    Ukraine, Zakrpatska region,
    Rahiv, Tiha Str. 1

(b) Mr. Oleksandr Zavadyak
    Temporary Insolvency Manager
    Ukraine, Uzhgorod region,
    8 Bereznya Str. 28/30

(c) ECONOMIC COURT OF ZAKARPATSKA REGION
    88000, Ukraine, Uzhgorod region,
    Kotsubinski Str. 2a


STAROKOSTYANTINIV' ELEVATOR: Succumbs to Bankruptcy
---------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Starokostyantiniv' Elevator (code
EDRPOU 00956810) on November 29, 2004.  The case is docketed as
2/325-B.  Arbitral manager Mr. Gritsaj Leonid (License Number AA
249692] of November 8, 2001) has been appointed temporary
insolvency manager.  The company holds account number
26002301654, MFO 375166.

Creditors may submit their proofs of claim to:

(a) STAROKOSTYANTINIV' ELEVATOR
    Ukraine, Hmelnitskij region,
    Starokostyantiniv, Krivinos Str. 1

(b) Mr. Gritsaj Leonid,
    Temporary Insolvency Manager
    31100, Ukraine, Hmelnitskij region,
    Starokostyantiniv, Kotsyubinskij Str. 12

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


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


ACORN HOMES: Members Pass Special Winding-up Resolution
-------------------------------------------------------
At the extraordinary general meeting of the members of Acorn
Homes Developments Limited on Feb. 1, 2005 held at Mary Street
House, Mary Street, Taunton, Somerset TA1 3NW, the special
resolution to wind up the company was passed.  Laurence Russell
ACA of Albert Goodman, Mary Street House, Mary Street, Taunton,
Somerset has been appointed liquidator of the company.

CONTACT:  ALBERT GOODMAN
          Mary Street House, Mary Street,
          Taunton, Somerset


ACUMEN TECHNICAL: Hires Smith & Williamson as Administrator
-----------------------------------------------------------
Name of companies:
Acumen Technical Services Limited
Advantage Airport Services Limited
ESS Engineering Limited
ESS Rail Limited
Skilled & Technical Services Limited

Anthony Murphy and Robert William Leslie Horton (IP Nos 8716,
8922) have been appointed joint administrators for these
companies.  The appointment was made Feb. 1, 2005.

CONTACT:  SMITH & WILLIAMSON
          No 1 Riding House Street
          London W1A 3AS
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: gdp@smith.williamson.co.uk
          Web site: http://www.smith.williamson.co.uk


AFRIQUE HAIR: Calls in Joint Liquidators from Ashcrofts
-------------------------------------------------------
At the extraordinary general meeting of Afrique Hair And Beauty
Supplies Limited on Feb. 8, 2005 held at 33-33A Higham Hill
Road, London E17 6EA, the subjoined extraordinary resolution to
wind up the company was passed.  Harjinder Johal and George
Michael both of Ashcrofts, 33-33A Higham Hill Road, London E17
6EA have been appointed joint liquidators of the company.

CONTACT:  ASHCROFTS
          33-33A Higham Hill Road,
          London E17 6EA


AIRFRESH (U.K.): Hires Joint Liquidators from Tenon Recovery
------------------------------------------------------------
At the extraordinary general meeting of the members of Airfresh
(U.K.) Limited on Feb. 1, 2005 held at 700 Milam Street,
Houston, Texas 77002 USA, the subjoined special and ordinary
resolution to wind up the company were passed.  S. R. Thomas and
S. J. Parker of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD have been appointed joint liquidators of the
company.

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


ALLDERS LIMITED: Names Kroll Limited Administrator
--------------------------------------------------
Andrew Pepper and Alastair Beveridge (IP Nos 9050, 8991) have
been appointed administrators for Allders Limited.  The
appointment was made Feb. 4, 2005.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


ANCHOR DESIGNS: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Anchor
Designs Limited (t/a Jemrings) on Jan. 31, 2005 held at Emerald
House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  C. H. I. Moore has been appointed liquidator of
the company.


ATH CLOTHING: Hires Liquidators from SPW Poppleton & Appleby
------------------------------------------------------------
At the extraordinary general meeting of ATH Clothing Engineers
Limited on Feb. 7, 2005 held at 32 High Street, Manchester M4
1QD, the subjoined extraordinary resolution to wind up the
company was passed.  Stephen Lord and Stephen James Wainwright
of Poppleton & Appleby, 32 High Street, Manchester M4 1QD have
been appointed liquidators of the company.

CONTACT:  SPW POPPLETON & APPLEBY
          32 High Street
          Manchester M4 1QD


AVANTGO EUROPE: General Meeting Set Next Month
----------------------------------------------
The general meeting of contributories of Avantgo Europe Limited
will be on March 14, 2005 at 10:30 a.m.  It will be held at the
offices of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD.

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

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


AVECIA GROUP: Selling Electronics Units for EUR50 Million
---------------------------------------------------------
Avecia Group announced that it is to sell its OLED (organic
light-emitting diodes) materials and polymer electronics
businesses to Merck KGaA of Darmstadt, Germany for EUR50 million
in cash.  The transaction, which is subject to regulatory
approval and approval by E. Merck, is expected to be completed
during the first quarter of 2005.

The acquisition includes Avecia's displays business -- Covion
Organic Semiconductors GmbH in Frankfurt, Germany, a leader in
the design, development and manufacture of high quality OLED
materials.  It also includes Avecia's polymer electronics
research and development activities based in Manchester.

Both the Covion OLEDs and polymer electronics activities will be
integrated into Merck's Liquid Crystals Division.  Approximately
100 employees in these two units will transfer to Merck upon
completion of the sale.

Jeremy Scudamore, Avecia Chief Executive Officer, said: "Merck
is a leading supplier of organic materials for LCDs with an
excellent infrastructure service for the flat panel displays
market.  The company is, therefore, ideally positioned to take
these new technologies forward to the next stage of their
development."

"It is apparent that liquid crystal displays will be the
dominant flat-panel technology for some years to come," said
Merck Chairman Bernhard Scheuble.  "During 2004, Merck further
strengthened its world-market leadership position in liquid
crystals, especially for the most promising high-end television
applications.  We see this acquisition as an opportunity to
explore alternative technologies for the future, which is a
prudent step for any market leader."

OLEDs are extremely thin semi-conducting organic polymers
suitable for a wide variety of applications, including light
sources and displays.  They are made by placing a series of
organic thin films between two conductors.   When electric
current is applied, they emit light.

Polymer electronics will increasingly be used in applications
such as solar cells, organic TFTs (thin film transistors), RFID
(radio-frequency identification) tags, and other high-tech
products

                            *   *   *

In December, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K.-based specialty
chemicals producer Avecia Group PLC to 'CCC' from 'B-', due to
increased liquidity concerns.  The outlook remains negative.

In addition, Standard & Poor's lowered its preference stock
rating on Avecia to 'C' from 'CCC-' and its senior unsecured
debt rating on the group to 'CC' from 'CCC'.

CONTACT:  AVECIA GROUP
          Media Enquiries
          Phone: +44 (0)161 721 2441

          Investor Enquiries
          Phone: +44 (0)161 721 1228


AZURE LEISURE: Names A. G. Kakouris Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of Azure
Leisure Construction Ltd. on Feb. 8, 2005 held at 43 Blackstock
Road, London N4 2JF, the extraordinary resolution to wind up the
company was passed.  Andreas Georgiou Kakouris of 43 Blackstock
Road, London N4 2JF has been nominated liquidator of the
company.


BA RIDGWELL: Meeting of Members Set Next Month
----------------------------------------------
The general meeting of the members of BA Ridgwell (Mechanical
Handling Engineers) Limited will be on March 11, 2005 at 10:30
a.m.  It will be held at the offices of Baker Tilly, Marlborough
House, Victoria Road South, Chelmsford, Essex CM1 1LN.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, Marlborough House, Victoria Road South,
Chelmsford, Essex CM1 1LN not later than 12:00 noon, March 10,
2005.

CONTACT:  BAKER TILLY
          Marlborough House, Victoria Road South,
          Chelmsford, Essex CM1 1LN
          Phone: 01245 354 402
          Fax: 01245 490 243
          Web site: http://www.bakertilly.co.uk


BRITISH ENERGY: Posts GBP349 Mln Pre-tax Loss in First 9 Months
---------------------------------------------------------------
This report includes the consolidated results for British Energy
Limited (formerly British Energy plc).  As part of British
Energy's financial restructuring (the Restructuring), on 14
January 2005, a new group structure was established with a new
holding company, British Energy Group plc as the ultimate
holding company of the British Energy group.  Subsequent
financial results issued will consist of the consolidated
results of British Energy Group plc.

Consequently, where the term 'British Energy' or 'the Company'
is used on a forward-looking basis, it is a reference to British
Energy Group plc.

In reviewing these results, it is important to note that, in
general, output and prices tend to be higher in the third and
fourth quarters of the year.

A summary of the results for the period is set out below:

Profit & Loss Summary

                     Q3 05       9M 05     Q3 04       9M 04
                      GBPm        GBPm      GBPm        GBPm

Turnover -
continuing activities 412       1,135       369        1,046

Operating costs
before exceptional
items                (420)     (1,226)     (354)     (1,040)

Operating (loss)/
profit before
exceptional items [1] (8)        (91)        15           6

Operating (loss)/
profit after
exceptional items     (20)       (134)        12        (21)
- continuing activities

Loss on ordinary
activities before tax (87)       (349)      (10)        (81)

The loss on ordinary activities before tax of GBP87 million for
the third quarter of 2005 was achieved after operating costs
(before exceptional items) of GBP420 million.

EBITDA (note 2,3,4,5) Summary

                      Q3 05       9M 05     Q3 04       9M 04
                       GBPm        GBPm      GBPm        GBPm

Operating (loss)/
profit before
exceptional items [1] (8)        (91)        15           6

Add:  Depreciation
                       19          55        11          36

EBITDA -
continuing activities  11         (36)        26          42

Add: P&L adjustment
of revised BNFL
back end contracts       2         (3)         6          37

Adjusted EBITDA -
continuing activities   13        (39)        32          79


Whilst EBITDA was positive in the third quarter, there were
other factors including unfavorable working capital movements
and nuclear liabilities paid, which resulted in net cash from
operating activities being an outflow of GBP66 million.  The
movement in working capital of GBP60 million for the third
quarter can be attributed to increased debtors and increased
stock levels, partially offset by increased levels of creditors.
The movement in working capital of GBP67 million for the first
nine months of 2005 can be attributed to increased stock levels
and increased debtors due to higher winter prices.

The working capital position for the nine-month period was
positively impacted by agreed deferrals of payments due to BNFL
totaling GBP45 million at Dec. 31, 2004 and improved working
capital management.  Cash flows from operating activities of
negative GBP66 million for third quarter and negative GBP126
million for the first nine months together with returns on
investments and servicing of finance charges of GBP13 million
for third quarter and GBP49 million for the first nine months,
have contributed to a decrease in Total Cash of GBP79 million
and GBP171 million for the respective periods.

Details of cash and net debt are summarized in the table.

                31 Dec 04            30 Sep 04         31 Mar 04
Cash Balances     GBPm                   GBPm
GBPm

Cash not used
for collateral       94                  140               276

Cash used for
Collateral          308                  341               297

Total Cash [6]      402                  481               573

Total Debt:
pre Restructuring   887                  883               883

Less: total cash   (402)                (481)              (573)

Net Debt            485                  402               310

Under the terms of the Restructuring, GBP700 million of debt
replaced the historic debt of GBP883 million, Power Purchase
Agreements of GBP316 million, the Eggborough related interest
rate swaps, and the RBS letter of credit.

Output and Unit Costs

               Q3 05        9M 05        Q3 04        9M 04

Output (TWh)
- Nuclear       14.0         42.7         14.7         48.0

- Coal           1.8          4.8          2.6          4.7

Total Output    15.8         47.5         17.3         52.7

Realised price
(GBP/MWh)       20.8         18.8         17.6         16.4

Total operating
unit cost (GBP/MWh)
- as reported   21.5         21.1         17.2         16.7

Margin(GBP/MWh) (0.7)        (2.3)          0.4        (0.3)

Impact of adjustments
on unit costs:

Total operating
unit costs
(GBP/MWh)        21.5         21.1         17.2         16.7

Revised BNFL
back end contracts
(GBP/MWh)        (0.1)          0.1        (0.3)        (0.7)

Depreciation
(GBP/MWh)        (1.2)        (1.2)        (0.6)        (0.7)

Adjusted operating
unit costs
(GBP/MWh)         20.2         20.0         16.3         15.3

Adjusted margin
(GBP/MWh)          0.6        (1.2)          1.3          1.1

(All numbers rounded to one decimal place)

Total output for third quarter was 15.8 TWh and 47.5 TWh for the
first nine months.  Nuclear output performance in third quarter
was down by 5% to 14.0 TWh, compared with 14.7 TWh in the
equivalent period last year and was impacted by Heysham 1 and
Hartlepool outages until late December 2004.   Nuclear output
was down by 11% to 42.7 TWh in 9M 05, compared with 48.0 TWh of
nuclear output in the equivalent period last year.

Realized prices were GBP20.8/MWh for third quarter and
GBP18.8/MWh for the first nine months, which compares favorably
to GBP17.6/MWh and GBP16.4/MWh of the equivalent periods in the
prior year as a result of higher market prices.  Total operating
unit costs, excluding revalorization were GBP21.5/MWh and
GBP21.1/MWh for third quarter and the first nine months
respectively.

This compares to GBP17.2/MWh for third quarter of 2004, an
increase of 25% and GBP16.7/MWh for the nine-month period of
2004, an increase of 26%.  The increases are mainly due to the
lower volumes on the largely fixed cost base as well as the
impact of certain cost increases for fuel, pensions and
depreciation.  The pensions and depreciation together accounted
for an increase of GBP2.1/MWh for third quarter and GBP2.4/MWh
for the first nine months.

Key Events

(a) On 20 December 2004, the Company announced that one unit at
    each of Heysham 1 and Hartlepool had returned to service and
    it expected the remaining units to be returned to service
    shortly after.  Heysham 1 and Hartlepool were returned to
    full service in late December;

(b) The Restructuring became effective on 14 January 2005,
    following Court sanction of the Members' Scheme and
    Creditors' Scheme.  New Shares and Warrants in British
    Energy Group plc and New Bonds of British Energy Holdings
    plc (an (indirectly) wholly-owned subsidiary of British
    Energy Group plc) were admitted to the Official List of the
    UKLA and to trading on the London Stock Exchange at 8 a.m.
    on Jan. 17, 2005.  Following the Restructuring becoming
    effective, British Energy plc was re-registered as British
    Energy Limited on Jan. 14, 2005.

Trading and Outlook

(a) The Company has suffered a number of unplanned outages this
    financial year and following the evaluation of structural
    inspections carried out during a statutory outage at our
    Hartlepool power station, we decided that further work was
    required to demonstrate the integrity of certain boilers.
    This work entailed intrusive visual inspections of a number
    of boiler closure units.  This also involved certain
    inspections being undertaken at Heysham 1.  In addition,
    modifications were made to Hartlepool and Heysham 1 to
    address certain other technical issues;

(b) The Company announced its revised target nuclear output for
    2004/2005 in its statement dated 30 July 2004 to around 61.5
    TWh.  Following consideration of the program of works at
    Hartlepool and Heysham 1 and the expectation that those
    stations would not return to service until late in the
    calendar year 2004, the Company announced on Nov. 18, 2004
    that it expected nuclear output of 59.5 TWh in the financial
    year ending 31 March 2005.  Based on the Company's business
    plans, the Company further expects the average annual
    nuclear output over the next three financial years
    (including this financial year) to be approximately 61.8
    TWh;

(c) On Sunday 30 January 2005, Unit 2 at Heysham 1 was safely
    shut down following indications of high vibrations on one of
    the turbine rotors, part of the conventional plant
    equipment.  Work continues to repair this turbine rotor.
    The Company expects the plant to return to service in late
    March 2005;

(d) The Company's AGRs produced total output of 11.5 TWh in
    third-quarter.  This was adversely affected by 4.2 TWh of
    lost output due to the unplanned outages at Heysham 1 and
    Hartlepool.  However, the remaining AGR fleet output was up
    0.8 TWh compared to the equivalent period last year.
    Sizewell, the Company's only PWR, produced output of 2.5 TWh
    in third quarter and 6.8 TWh year to date, up when compared
    to last year due to a statutory outage in 2003/2004;

(e) Investment in plant has increased in line with expectations
    with key projects being Eggborough and cast iron pipework
    replacement.  In the first nine months to Dec. 31 2004,
    investment in Eggborough FGD was GBP4 million and GBP18
    million has been invested on the cast iron projects.  The
    Company has substantially completed cast iron pipework
    replacement at Heysham 1 and Hartlepool and plans to
    undertake the majority of the balance of replacement work at
    Hunterston and Hinkley in fiscal year 2006.  Eggborough's
    new biomass feed systems are operational and the two FGD
    units are expected to be completed during Summer 2005;

(f) As of 31 December 2004, contracts were in place covering
    virtually all of the planned output for the financial year
    ending 31 March 2005, of which nearly all are at fixed
    prices.  The average price for these fixed price contracts
    was GBP21.3/MWh;

(g) As of the end of December 2004, approximately half of our
    planned output for 2005/2006 was covered by fixed price
    contracts at an average price of GBP25.2/MWh;

(h) As previously reported, the Company had already contracted
    to sell virtually all of its planned nuclear output for the
    current year during the previous financial year and has had
    to buy back power to compensate for the loss of output at
    Hartlepool and Heysham 1 to meet its contracted position.
    Therefore it has not seen the full benefit of the recent
    rises in electricity prices.  These factors have impacted
    cash flow, and increased pension costs and an increased
    depreciation charge related to the impairment reversal made
    in March 2004 have had a significant adverse impact on
    profitability.

(i) As previously announced, the directors consider that the
    earliest period for which a dividend may be declared is the
    financial year ending 31 March 2007.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/britishenergy.htm.

CONTACT:  BRITISH ENERGY
          John Searles
          Investor Relations:
          Phone: 01506 408 715

          Andrew Dowler
          Media:
          Phone: 020 7831 3113


CAIRNVIEW INTERIORS: Creditors Meeting Next Week
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Cairnview Interiors Limited

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Cairnview Interiors
Limited will be held on February 23, 2005, at 11:00 a.m. within
the offices of PKF Accountants and Business Advisors, 78 Carlton
Place, Glasgow G5 9TH, for the purposes mentioned in sections 99
to 101 of the said Act.

A list of the Company's Creditors will be available for
inspection within the offices of PKF Accountants and Business
Advisors, 78 Carlton Place, Glasgow G5 9TH, two business days
prior to the meeting.

By Order of the Board,
Alexander Tavendale, Director

January 27, 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


CALEDONIA EQUIPMENT: Sets Final Members Meeting March
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Caledonia Equipment Rentals Limited

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Members of Caledonia
Equipment Rentals Limited will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, on
March 8, 2005, commencing at 2:45 p.m. for the purpose of having
an account laid before the Members showing how the winding-up
has been conducted and the property of the Company disposed of,
and hearing any explanation that may be given by the Liquidator.

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

Tim Walsh, Joint Liquidator
January 25, 2005

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


CORDON RECRUITMENT: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of Cordon Recruitment
Limited on Feb. 2, 2005 held at Old Town Jail, London Road,
Sevenoaks, Kent TN13 1AJ, the extraordinary resolutions to wind
up the company were passed.  Martin Charles Armstrong of Turpin,
Barker Armstrong, Allen House, 1 Westmead Road, Sutton, Surrey
SM1 4LA has been appointed liquidator of the company.

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


COSSACK LEISURE: Names Elwell Watchorn & Saxton Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Cossack Leisure Limited
on Feb. 7, 2005 held at the offices of Elwell Watchorn & Saxton
LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, the
subjoined extraordinary resolution to wind up the company was
passed.  Paul Anthony Saxton of Elwell Watchorn & Saxton LLP,
109 Swan Street, Sileby, Leicestershire LE12 7NN has been
appointed liquidator of the company.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


CREMONINI FINANCE: Hires Liquidator from Tenon Recovery
-------------------------------------------------------
At the extraordinary general meeting of the members of Cremonini
Finance Plc on Feb. 2, 2005 held at the offices of SPV
Management Limited, Level 11, Tower 42, International Financial
Centre, 25 Old Broad Street, London EC2N 1HQ, the special
resolution to wind up the company was passed.  Ian Cadlock of
Tenon Recovery, 43-46 Queens Road, Brighton, East Sussex BN1 3XB
has been appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


DBK PROPERTY: Names Horwath Clark Whitehall Administrator
---------------------------------------------------------
Mark N. Ranson (IP No 9299) has been appointed administrator for
DBK Property Services Limited.  The appointment was made Feb. 4,
2005.

The company contracts residential buildings.  Its registered
office is located at Unit 2, Pioneer Business Park, Ramsgate,
Kent CT11 7RX.

CONTACT:  HORWATH CLARK WHITEHILL (YORKSHIRE) LLP
          North Lane House, 9B North Lane,
          Headingley, Leeds LS6 3HG
          Phone: 0113 274 0404
          Fax: 0113 274 3780
          Web site: http://www.horwathcw.com


DOWNFERN LIMITED: Calls in Liquidator from Gilderthorps
-------------------------------------------------------
At the extraordinary general meeting of the members of Downfern
Limited on Feb. 2, 2005 held at 24 Cedar Hall, Frenchay, Bristol
BS16 1NH, 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


EROS (HOME IMPROVEMENT): Members Decide to Wind up Firm
-------------------------------------------------------
At the extraordinary general meeting of the members of Eros
(Home Improvement) Factors Limited on Feb. 1, 2005 held at The
Europarc Innovations Centre, Innovation Way, Grimsby, North East
Lincolnshire, the extraordinary and ordinary resolutions to wind
up the company were passed.  Charles Howard Ranby-Gorwood has
been appointed liquidator of the company.


FOCUS QUALITY: Members Final Meeting Set March
----------------------------------------------
The final meeting of the members of Focus Quality Services
Limited will be on March 14, 2005 at 10:00 a.m.  It will be held
at KPMG LLP, Corporate Recovery, 8 Salisbury Square, London EC4Y
8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG LLP, Corporate Recovery, 8 Salisbury Square, London
EC4Y 8BB not later than 12:00 noon, March 13, 2005.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


H.K.A. (UK): Administrators from Leonard Curtis Move in
-------------------------------------------------------
N. A. Bennett and J. J. Schapira (IP Nos 9083, 5784) have been
appointed administrators for H.K.A. (UK) Limited.  The
appointment was made Feb. 4, 2005.  The company manufactures
textiles and clothing.

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


INTA-SMART: Creditors Opt for Liquidation
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Inta-Smart Technologies Limited
                        (In Liquidation)

I, David K. Hunter, hereby give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Inta-Smart Technologies Limited, by Resolution of
the Creditors present at the Meeting of Creditors held on
January 19, 2005.

A Liquidation Committee was not formed.  I do not intend to
summon another meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
company's creditors.

David K. Hunter, Liquidator
January 19, 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


LINACRE DECORATORS: Appoints Kroll Liquidator
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Linacre Decorators (Glasgow) Limited
                         (In Liquidation)

I, Fraser James Gray, hereby give notice pursuant to Rule 4.19
of the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Linacre Decorators (Glasgow) Limited, by the
Sheriff of Glasgow Sheriff Court on January 13, 2005.

A Liquidation Committee was not formed.  I do not intend to
summon a Meeting to establish a Liquidation Committee unless
requested to do so by one-tenth in value of the Company's
Creditors.

Fraser James Gray, Liquidator
January 20, 2005

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


MARKET ONE: Calls in Berley Chartered Accountants
-------------------------------------------------
Jeremy Hugh Berman (IP No 5303) has been appointed administrator
for Market One Limited.  The appointment was made Feb. 1, 2005.
Its registered office is located at 76 New Cavendish Street,
London W1G 9TB.

CONTACT:  BERLEY CHARTERED ACCOUNTANTS
          76 New Cavendish Street,
          London W1G 9TB


NIGHTCLUB COMPANY: Head Insists Firm is Viable
----------------------------------------------
The chief executive of Nightclub Company has denied speculations
the leisure operator is close to insolvency, according to
The Publican.

Chris Howell said: "These rumors are completely unfounded and
spurious nonsense.  The management are continuing to follow the
restructuring strategy and with a lot of costs taken out trading
is good and the business continues to be successful."

Doubts on the viability of the firm emerged after its formation
from a management buyout of failed company First Leisure last
year.  Former First Leisure chief executive, John Smith, who led
the buyout, left in December on disagreement over the future
direction of the company.  He was responsible for weeding out
the firm's unprofitable sites from its original 22-strong
estate.


NM CONSULTANCY: Names Geoffrey Martin & Co. Liquidator
------------------------------------------------------
At the extraordinary general meeting of NM Consultancy Limited
on Feb. 7, 2005 held at 3-5 St John Street, London EC1M 4AA, the
special resolution to wind up the company was passed.  Stephen
Goderski of Geoffrey Martin & Co, 7-8 Conduit Street, London W1S
2XF has been appointed liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street,
          London W1S 2XF


PENO LIMITED: Appoints Begbies Traynor Administrator
----------------------------------------------------
John W. Davies and David Hill (IP Nos 6425, 6904) have been
appointed joint administrators for Peno Limited.  The
appointment was made Sept. 28, 2004.

The company sells furniture.  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


PRINCIPALITY HOME: Joint Administrators from Begbies Move in
------------------------------------------------------------
John W. Davies and David Hill (IP Nos 6425, 6904) have been
appointed joint administrators for Principality Home & Leisure
Limited.  The appointment was made Sept. 28, 2004.

The company sells furniture.  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


QUALFAB ENGINEERING: In Administrative Receivership
---------------------------------------------------
HSBC Bank Plc called in Jonathan D. Newell and Kerry Bailey
(Office Holder Nos 006419, 008780) joint administrative
receivers for Qualfab Engineering Limited (Reg No 2666759, Trade
Classification: 4525).  The application was filed Feb. 4, 2005.

CONTACT:  PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk


SMARTRAID LTD.: Winding-up Report Out Next Week
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Smartraid Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Smartraid Ltd. will be held at 2 Blythswood Square, Glasgow G2
4AD, on February 25, 2005, at 12:00 noon, 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
          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


SWISHER INTERNATIONAL: Calls in Liquidator from Grant Thornton
--------------------------------------------------------------
At the extraordinary general meeting of Swisher International,
Ltd. on Feb. 1, 2005 held at 459E, 16th Street, Jacksonville,
32206 Florida, USA, the special resolution to wind up the
company was passed.  Samantha Keen of Grant Thornton UK LLP, 31
Carlton Crescent, Southampton SO15 2EW has been appointed
liquidator of the company.

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


ULSTER WEAVERS: Abandons Two Garments Factories in N. Ireland
-------------------------------------------------------------
Close to 80 workers will lose their jobs when Ulster Weavers
shuts down its two production plants in Northern Ireland,
according to just-style.com.

Managing Director Declan Gormley cited stiff competition pose by
manufacturers overseas that have access to cheap labor.  Under
the company's restructuring plan, the factories in Armagh and
Castlewellan in County Down will be closed.  About 77 workers
from these plants and a few others from the company's head
office near Banbridge in County Down will lose their jobs.

The company, which produces Irish Linen products for retailers
such as Marks and Spencer, will retain 150 workers in two other
plants.


WILSON SMITHETT: Calls in Administrators from Albert Chambers
-------------------------------------------------------------
Richard Andrew Segal (IP No 2685) has been appointed
administrator for Wilson Smithett & Co. Limited.  The
appointment was made Feb. 1, 2005.

The company sells food and drink.  Its registered office is
located at 202 Blackfriars Road, London SE1 8NJ.

CONTACT:  ALBERT CHAMBERS
          222-223 Chingford Mount Road,
          London E4 8LP


                            *********


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-
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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.

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