TCREUR_Public/041001.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 1, 2004, Vol. 5, No. 195

                            Headlines

F R A N C E

ELECTRICITE DE FRANCE: Selling Total Shares to Pay Down Debt
VIVENDI UNIVERSAL: Board Approves First-half Results


G E R M A N Y

ADMIRAL'S TOURISTIK: Under Bankruptcy Administration
BITBURGER MASCHINENFABRIK: Bitburg Court Appoints Administrator
CAMPANELLA BAUUNTERNEHMUNG: Insolvency Manager Takes over Helm
ESTLER GMBH: Metalworks Firm Under Bankruptcy Administration
FELDER WOHNBAU: Court Appoints Schultze & Braun Administrator

GEORG KUMMER: Applies for Bankruptcy Proceedings
INTERTAINMENT AG: Reverses Last Year's First-half Loss
KABEL DEUTSCHLAND: Senior Unsecured Issuer Rating Raised to B3
KARSTADTQUELLE AG: Union Opposes Job-cuts in Restructuring Plan
PROSIEBENSAT.1 MEDIA: Moody's Lifts Ratings to Ba1 from Ba2

SCHARLAU & SCHARLAU: Creditors' Claims Due Next Month
WICH & CO.: Administrator's Report Out November
WOHNQUADRAT GMBH: Gives Creditors Two Weeks to File Claims


H U N G A R Y

HUMET P.L.C.: Creditors Agree to Accept Shares as Payment


I R E L A N D

ELAN CORPORATION: Seeks Approval for Antegren in Europe


I T A L Y

ALITALIA SPA: Board Meeting Postponed Indefinitely
CIRIO FINANZIARIA: Sells Cirio-De Rica Brand to Conserve Italia
VOLARE GROUP: Not Selling Charter Flight Operations
VOLARE GROUP: Eurofly Eyeing Charter Flight Business


K A Z A H K S T A N

HALYK BANK: Upcoming Eurobond Rated 'BB-'; Outlook Positive


N E T H E R L A N D S

NUMICO N.V.: Reorganizing Clinical Nutrition Production Platform


R U S S I A

ADAMOVKA-AGRO-PROM-ENERGO: Proofs of Claim Due Later this Month
BRATSK-POULTRY: Next Hearing Before Irkutsk Court Set December
DIAMOND: Kareliya Court Appoints Insolvency Manager
FERRO-CONCRETE GOODS: Declared Insolvent
GIDRO-TEPLO-STROY: Insolvency Manager Takes over Operations

METALLURG-REMONT: Undergoes Bankruptcy Supervision Procedure
OREL-STROY: Appoints S. Romanchin Insolvency Manager
SECOND RESOURCES: Gives Creditors Three Weeks to File Claims
TOBOLSKIY CITY: Under Bankruptcy Supervision
UST-ILIMSK-ENERGO-MECHANIZATION: Files for Bankruptcy
YUKOS OIL: Appeals Seizure of Yuganskneftegaz Shares


S W I T Z E R L A N D

CONVERIUM AG: Unveils Rights Issue Timetable
CONVERIUM AG: Financial Strength Rating Affirmed; Outlook Stable
CONVERIUM AG: A.M. Best Lowers Ratings on North American Unit


U K R A I N E

DONETSKNAFTOPRODUCT: Declared Insolvent
GALOL: Lviv Court Brings in Temporary Insolvency Manager
GERAT: Vinnitsya Court Appoints Liquidator
SITRON-SOUTH: Bankruptcy Proceedings Begin
STEPANIVSKE: Proofs of Claim Deadline Expires Next Week
TRIADA PRIVAT: Under Bankruptcy Supervision
UKRPARFUMFARM: Temporary Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

ABSOLUTE INTERNET: Names Joint Liquidators from Begbies Traynor
AJS CONTRACTORS: Hires David Rubin & Partners as Liquidator
AMAZON (CONSTRUCTION): In Administrative Receivership
ARGYLE VENDING: Extraordinary Winding up Resolution Passed
ARTERY STARK: Calls in Liquidators from Geoffrey Martin & Co.

B A R ENTERPRISES: Creditors May Form Committee Next Week
BULLIMORE UNDERWRITING: Hires Carter Backer Winter Administrator
CENTURY 21: Calls in Liquidator from Begbies Traynor
CIAO TRAVEL: Subjoined Winding up Resolution Passed
COMPACT DISPLAYS: Calls in Liquidator

COUNTRY HOTELS: Joint Administrator to Meet Creditors Next Week
CRUSADER FOAM: Appoints Tenon Recovery Liquidator
DALMAR PROPERTIES: Calls in Liquidator
DAVE O'KEEFE & CO: Names Joint Administrators from Stoy Hayward
EWINGTON HOTEL: Creditors to Vote on Administrator's Proposals

EXCITE UK: Sets General Meeting November
FABRICS NORTH: Creditors May Appoint Liquidator Next Week
GALVINS LIMITED: Members Final Meeting Later this Month
GKS CATERING: Meeting of Members November
G & P SCAFFOLDING: Sets Creditors' Meeting Next Week

INDUSTRIAL CLAIMS: Calls for Meeting of Creditors
KANE HOTEL: Joint Receivers to Present Report Next Week
KSC PROPERTY: Winding up Resolutions Passed
LION COMMODITIES: Creditors to Meet Next Week
NEWGATE AIR: Members' Final Meeting Set Later this Month

NEWMANS PRODUCE: May Appoint Liquidation Committee Next Week
OKTAVA LIMITED: Names Chantrey Vellacott Administrator
PROCOM ELECTRONICS: Hires Joint Administrators from Kingston
REDMOUNT PROPERTIES: Interim Liquidator Holds Creditors' Meeting
RICHARDSON & PATTINSON: Names Wilson Pitts Liquidator

R L RUGGLES & SONS: Sets Creditors Meeting Mid-October
SKYEPHARMA PLC: First-half Retained Losses Down to GBP10 Mln
STRATEGIC FINANCIAL: Winding up Resolutions Passed
THE INSTRUMENT: Names Grant Thornton Administrator
WALJOHN VEHICLE: Members Meeting Set Next Month
WOOD MORRIS: Special Winding up Resolution Passed


                            *********


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


ELECTRICITE DE FRANCE: Selling Total Shares to Pay Down Debt
------------------------------------------------------------
State-owned power utility Electricite de France is planning to
sell its 2.3% stake in oil company Total ahead of a mooted
partial privatization next year.

Some 15.265 million shares in the world's fourth largest oil
group will be offered through an accelerated book-building
process to qualified institutional investors, according to the
Financial Times.  The offering is expected to raise EUR2.6
billion (US$3.2 billion).

Chairman Pierre Gadonneix, who was appointed only this month, is
selling the stake to raise cash to trim down EdF's debt
currently amounting to EUR24.4 billion.  The decision is his
first significant strategic move since his appointment.  He is
also tasked to find solution to the firm's large pension
obligations, and avoid potentially costly put options at Edison
in Italy.

Electricite de France is being prepared for partial
privatization through a capital increase by the end of 2005.
The transaction will open as much as 30% of its capital to
private investors, and provide funds to reinforce its balance
sheet.

CONTACT:  ELECTRICITE DE FRANCE
          Edmond Alphandery, Chairman
          Phone: (33)1 40 42 22 22
          Fax: (33)1 40 42 79 40
          Web site: http://www.edf.fr/


VIVENDI UNIVERSAL: Board Approves First-half Results
----------------------------------------------------
The Board of Directors of Vivendi Universal (Paris Bourse: EX
FP; NYSE: V), which met Wednesday, approved the financial
statements for the first half of 2004 exactly as they were
published on September 14, 2004.

Following a presentation of the 2004 full year positive outlook,
the Board indicated that it may, at the appropriate time,
propose a dividend which should not be lower than EUR0.50 per
share to be paid in 2005 based on 2004 earnings.

                            *   *   *

During the first half of 2004, Vivendi Universal reported
operating income of EUR1,818 million; positive Adjusted net
income of EUR467 million, versus a loss of EUR14 million; and
net loss of EUR1,858 million, mainly negatively impacted by the
non-cash foreign currency translation adjustment on the
NBC-Universal transaction (EUR2,105 million).

CONTACT:  VIVENDI UNIVERSAL
          Media, Paris
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80
          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82
          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86
          or
          New York
          Flavie Lemarchand
          Phone: +1-212-572-1118
          or
          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          or
          New York
          Eileen McLaughlin
          Phone: +1-212-572-8961


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


ADMIRAL'S TOURISTIK: Under Bankruptcy Administration
----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Admiral's Touristik Verwaltungsgesellschaft mbH on
September 3.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 19, 2004 to register their claims with court-appointed
provisional administrator Dipl.-Kaufmann Walter Spotter.

Creditors and other interested parties are encouraged to attend
the meeting on October 14, 2004, 10:35 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen
(Berichtstermin) at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
November 11, 2004, 10:05 a.m. at Saal 115, Gerichtshaus
(Neubau), Ostertorstr. 25-31, 28195 Bremen (Prufungstermin).

CONTACT:  ADMIRAL'S TOURISTIK VERWALTUNGSGESELLSCHAFT MBH
          Am Wall 116, 28195 Bremen (AG Bremen, HRB 9686)
          Contact:
          Hans-Detlef Wiese, Manager
          Muhlenweg 1, 28270 Schwanewede-Leuchtenburg

          Dipl.-Kaufmann Walter Spotter, Insolvency Manager
          Martinistr. 3, 28195 Bremen
          Phone: 0421/360800
          Fax: 0421/321050


BITBURGER MASCHINENFABRIK: Bitburg Court Appoints Administrator
---------------------------------------------------------------
The district court of Bitburg opened bankruptcy proceedings
against Bitburger Maschinenfabrik Verwaltungsgesellschaft mbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 10, 2004 to register their claims with court-appointed
provisional administrator Dr. Dr. Thomas B. Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2004, 10:30 a.m. at the district
court of Bitburg at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
December 13, 2004, 10:30 a.m. at the same venue.

CONTACT:  BITBURGER MASCHINENFABRIK VERWALTUNGSGESELLSCHAFT MBH
          54636 Messerich
          Contact:
          Wolfgang Kaldensky, Manager
          Bergstr. 18, 54636 Messerich

          Dr. Dr. Thomas B. Schmidt, Insolvency Manager
          Kalenfelsstr. 5a, 54290 Trier.

          DISTRICT COURT OF BITBURG
          Gerichtsstrasse 2/4, 54634 Bitburg


CAMPANELLA BAUUNTERNEHMUNG: Insolvency Manager Takes over Helm
--------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
construction firm Campanella Bauunternehmung GmbH on September
6.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October
22, 2004 to register their claims with court-appointed
provisional administrator Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004, 10:00 a.m. at the district
court of Koln 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:  CAMPANELLA BAUUNTERNEHMUNG GMBH
          Holzgasse 32, 50189 Elsdorf
          Contact:
          Giuseppe Campanella, Manager

          Dr. Ralf Sinz, Insolvency Manager
          Zeughausstr. 28 - 38, 50667 Koln
          Phone: 9 21 22 23
          Fax: +492219212221

          DISTRICT COURT OF KOLN
          Hauptstelle, Luxemburger Strasse 101
          50939 Koln, 1. Etage, Saal 142


ESTLER GMBH: Metalworks Firm Under Bankruptcy Administration
------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against metalworks company Estler GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 13,
2004 to register their claims with court-appointed provisional
administrator Frank Rudiger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on November 26, 2004, 10:30 a.m. at the district
court of 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:  ESTLER GMBH
          Adolphstrasse 50 in 01900 Grossrohrsdorf

          Frank Rudiger Scheffler, Insolvency Manager
          C.-D.-Friedrich-Str. 6, 01219 Dresden
          Web site: http://www.tiefenbacher.de

          DISTRICT COURT OF DRESDEN
          Saal D132, Olbrichtplatz 1, 01099 Dresden


FELDER WOHNBAU: Court Appoints Schultze & Braun Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Felder -- Ihr okologischer Bautrager -- 3. Wohnbau GmbH
on August 30.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 11, 2004 to register their claims with court-appointed
provisional administrator Harald Busshardt of Schultze & Braun.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2004, 10:30 a.m. at the district
court of 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:  FELDER -- IHR OKOLOGISCHER BAUTRAGER -- 3.
          WOHNBAU GMBH
          Judeichstr. 6 in 01099 Dresden
          Contact:
          Hans Felder, Manager

          SCHULTZE & BRAUN
          Harald Busshardt, Insolvency Manager
          Boltenhagener Platz 9, 01109 Dresden
          Web site: http://www.schubra.de

          DISTRICT COURT OF DRESDEN
          Saal D 132 Olbrichtplatz 1, 01099 Dresden


GEORG KUMMER: Applies for Bankruptcy Proceedings
------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Georg Kummer Kofferfabrik GmbH on September 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 19,
2004 to register their claims with court-appointed provisional
administrator Thomas Alter.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 1:30 a.m. at the district court
of Erfurt 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:  GEORG KUMMER KOFFERFABRIK GMBH
          Contact:
          Georg Kummer, Karl-Liebknecht-Str. 10, 98716
          Geschwenda/Thur.

          Thomas Alter, Insolvency Manager
          Schillerstr. 2, 99096 Erfurt

          DISTRICT COURT OF ERFURT
          Saal 12, im Justizzentrum, Rudolfstr. 46, 99092 Erfurt


INTERTAINMENT AG: Reverses Last Year's First-half Loss
------------------------------------------------------
Intertainment AG significantly improved its figures during the
first quarter and, in the first half of 2004, the Group returned
to profitability.

Nevertheless, the consequences of the fraud perpetrated on
Intertainment by U.S. film producer Franchise Pictures and
others continue to impact negatively on the figures.

During the first half of 2004, the Group posted net income for
the first six months amounting to EUR2.3 million, following a
loss of EUR4.8 million for the equivalent year-earlier period.
Earnings before interest and taxes (EBIT) increased to EUR3.2
million (1st half year 2003: -EUR4.1 million).  Earnings from
ordinary activities were also positive during the first six
months of 2004, rising to EUR1.9 million following on
from -EUR4.3 million in the first half of 2003.  Intertainment
also achieved extraordinary earnings amounting to EUR1.3 million
due to exchange-rate effects.

During the first quarter of 2004, Intertainment recorded net
income for the quarter amounting to EUR1.6 million after a loss
of EUR2.8 million in the first quarter of 2003.  EBIT was EUR2.5
million (year-earlier quarter: -EUR2.3 million) and earnings
from ordinary activities amounted to EUR0.9 million
(year-earlier quarter: -EUR2.5 million).

Sales at Intertainment for the first six months rose to EUR17.3
million as revenues from exploitation of the thriller "Twisted"
came onstream, after EUR2.0 million in the first six months of
2003.  EUR16.3 million of the sales in the first half of 2004
were attributable to the second quarter of 2004.

The financial burdens arising from the fraud perpetrated by
Franchise Pictures exerted a particularly negative effect on the
liquidity situation at Intertainment.  On June 30, 2004, the
Group had cash and cash equivalents amounting to EUR1 million,
following on from EUR2.1 million on December 31, 2003.  On
August 31, 2004, cash and cash equivalents amounted to EUR1.6
million.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Osterfeldstrasse 84, 85737 Ismaning
          Germany

          Phone: +49 (0)89 21699-0
          Fax: +49 (0)89 21699-11
          Web site: http://www.intertainment.de
          E-mail: investor@intertainment.de


KABEL DEUTSCHLAND: Senior Unsecured Issuer Rating Raised to B3
--------------------------------------------------------------
Moody's Investors Service has upgraded Kabel Deutschland GmbH's
senior unsecured issuer rating to B3 from Caa1.  It also raised
the company's senior implied rating to Ba3 from B1, the US$610
million 10.625% senior notes due 2014 to B2 from B3, and the
EUR250 million 10.750% senior notes due 2014 to B2 from B3.  The
outlook for all ratings is stable.

The rating action follows Kabel's agreement to terminate its
share purchase agreements to acquire the three remaining network
Level 3 (NL3) German cable regions.  The acquisition would have
made the company highly leveraged.

According to the rating agency, pro forma for the dividend
payment allowed as a result of the termination of the purchase
agreements, the firm's leverage will be approximately 4.7x net
debt/EBITDA (last quarter annualized) relative to 5.3x as
incorporated in Moody's original rating scenario for no
acquisitions (5.4x for the acquisitions scenario).

The upgrade also positively reflects Kabel's stable operating
and financial progress through 30 June 2004.  For the twelve
months to June, the company reported revenues of approximately
EUR1,050 million.

CONTACT:  KABEL DEUTSCHLAND GMBH
          Marco Gassen
          Phone: +49 (0)89 / 96 010 - 156
          Fax: +49 (0)89 / 96 010 - 888
          E-mail: marco.gassen@kabeldeutschland.de
          Web site: http://www.kabeldeutschland.de/


KARSTADTQUELLE AG: Union Opposes Job-cuts in Restructuring Plan
---------------------------------------------------------------
Department store and mail order group KarstadtQuelle AG faces
strong opposition from its works council and trade union Ver.di
regarding its latest restructuring plan, Die Welt says.

The plan entails job-cuts and a capital increase involving major
shareholders Dresdner bank and Madeliene Schickedanz.
KarstadtQuelle Chairman Christoph Achenbach announced Tuesday
that management, creditor banks, employees and owners have
struck a "solidarity" deal regarding the group's rescue plan.
The company's supervisory board did not vote unanimously in
favor of the plan.

Mr. Achenbach said KarstadtQuelle's management is willing to
accept a reduction in pay and in holiday benefits in order to
show its solidarity with the workforce.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49 - 201 - 727 - 1
          Fax: +49 - 201 - 727 - 5216
          Web site: http://www.karstadtquelle.com


PROSIEBENSAT.1 MEDIA: Moody's Lifts Ratings to Ba1 from Ba2
-----------------------------------------------------------
Moody's Investors Service upgraded ProSiebenSat.1 Media AG's
senior unsecured bond and senior implied ratings to Ba1 from
Ba2.

The rating action reflects ProSiebenSat.1's continuous progress
in improving operational performance since its recapitalization
in April.  Moody's already factored in expectations that
management will continue to diversify and strengthen the group's
within the German TV market in the short-term.  It, however,
warned of potential risks associated with possible future
investments.

The Ba1 rating also factors in uncertainty about the medium to
longer-term intentions of ProSiebenSat.1's principal financial
shareholders with regard to their stakes, and the capital
structure of the group.  The ratings have a stable outlook as
ProSiebenSat.1's ongoing upward momentum in operating
performance balances residual uncertainty surrounding how the
group's growing financial flexibility might be applied in
future.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Katja Pichler, Company Spokesperson
          Phone: +49 (89) 95 07-11 81
          Fax: +49 (89) 95 07-11 84
          E-mail: Katja.Pichler@ProSiebenSat1.com
          Web site: www.prosiebensat1.com/


SCHARLAU & SCHARLAU: Creditors' Claims Due Next Month
-----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Scharlau & Scharlau Planungsgesellschaft mbH & Co. KG on
September 9.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 6, 2004 to register their claims with court-appointed
provisional administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 2:45 p.m. at the district
court of 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.

Scharlau & Scharlau trades as I-Plan-DESIGN GmbH & Co. KG.

CONTACT:  SCHARLAU & SCHARLAU PLANUNGSGESELLSCHAFT MBH & CO. KG
          Frickestr. 2, 04105 Leipzig

          SCHARLAU & SCHARLAU GMBH
          Contact:
          Dieter Scharlau, Manager
          (AG Leipzig, HRA 12530)

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

          DISTRICT COURT OF LEIPZIG
          Saal 101, Amtsgericht Leipzig


WICH & CO.: Administrator's Report Out November
-----------------------------------------------
The insolvency court of Hamburg opened bankruptcy proceedings
against Wich & Co. GmbH on September 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 25, 2004 to register
their claims with court-appointed provisional administrator.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 10:40 a.m. at the district
court of Hamburg at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
December 9, 2004, 9:30 a.m. at the same venue.

Wich sells electronic articles and spare parts particularly for
marine vehicles.

CONTACT:  WICH & CO. GMBH
          Porgesring 41, 22113 Hamburg

          Reinhard Titz, Insolvency Manager
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301226

          INSOLVENCY COURT OF HAMBURG
          Weidestrasse 122d, 22083 Hamburg
          Saal 1, 2. Ebene (Zi. 2.18)


WOHNQUADRAT GMBH: Gives Creditors Two Weeks to File Claims
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Wohnquadrat GmbH on August 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 11, 2004 to register their
claims with court-appointed provisional administrator Harald
Busshardt of Schultze & Braun.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2004, 10:00 a.m. at the district
court of 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:  WOHNQUADRAT GMBH
          Judeichstr. 6 in 01099 Dresden
          Contact: Hans Felder, Manager

          SCHULTZE & BRAUN
          Harald Busshardt, Insolvency Manager
          Boltenhagener Platz 9, 01109 Dresden
          Web site: http://www.schubra.de

          DISTRICT COURT OF DRESDEN
          Saal D132, Olbrichtplatz 1, 01099 Dresden


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


HUMET P.L.C.: Creditors Agree to Accept Shares as Payment
---------------------------------------------------------
The board of dietary supplement maker, Humet, approved Tuesday a
HUF7.2 million share issuance to be privately placed with
creditors, MTI-Econews says.

Creditors will purchase the shares, currently valued at HUF6
apiece, at HUF29 each.  A key component of its restructuring
plan, this capital increase will allow Humet to pay 15% of its
debt in monthly or quarterly installments spread over two years.
Elek Csuska Foundation, the company's largest creditor, has
agreed to accept shares in 2005 as payment, the report says.

Humet has been under bankruptcy protection since May and has
prepared a new business plan, which the board will take up on
October 12.  Humet may still fall into liquidation as the
biotech company has HUF265 million in tax debt and fines,
according to a September 21 announcement by Ado-es Penzugyi
Ellenorzesi Hivatal (APEH), the country's tax and financial
agency.

Humet booked first-half losses of HUF63 million and net revenues
of HUF36 million.

CONTACT:  HUMET P.L.C.
          Phone: (+36 1) 39 22 61
          Fax: (+36 1) 39 22 65
          E-mail: humet@humet.hu
          Web site: http://www.humet.hu


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


ELAN CORPORATION: Seeks Approval for Antegren in Europe
-------------------------------------------------------
Elan Corporation, plc and Biogen Idec submitted a Marketing
Authorization Application to the European Medicines Agency for
the approval of ANTEGREN(R) (natalizumab) as a treatment for
Crohn's disease.  Additionally, the companies presented new
12-month data from the Phase III maintenance trial, ENACT-2
(Evaluation of Natalizumab As Continuous Therapy-2), at the
United European Gastroenterology Week meeting in Prague, Czech
Republic, and these data were included in the filing.

Data from ENACT-2 showed a sustained and clinically significant
response throughout 12 months of extended natalizumab infusion
therapy, confirming findings in patients who had previously
shown a sustained response throughout six months (data presented
at Digestive Disease Week in May, 2004).  Maintenance of
response was defined by a Crohn's Disease Activity Index (CDAI)
score of less than 220, and less than 70-point increase from
baseline, in the absence of rescue intervention throughout the
study.  Response was maintained by 54 percent (90/168) of
patients treated with natalizumab compared to 20% (34/170) of
those treated with placebo.  In addition, 39 percent (51/130) of
patients on natalizumab maintained clinical remission during the
study period, versus 15 percent (18/120) of those on placebo.

By the end of month 12, 49 percent (33/67) of
natalizumab-treated patients who had previously been treated
with corticosteroids were able to withdraw from steroid therapy
compared to 20% (15/76) of placebo-treated patients.  No notable
difference in the overall rates of side effects between
natalizumab and placebo treatment groups was observed through
month 12.  The safety profile seen in this trial was similar to
that seen in previous natalizumab trials.  The most frequently
reported adverse events were headache, nasopharyngitis, nausea
and abdominal pain.

"This filing and the presentation of 12-month data from the
ENACT-2 study represent important milestones in our development
of natalizumab as a treatment for Crohn's disease, and we are
committed to working closely with the European regulators to
facilitate a thorough review of our submission and the
supporting data," said Lars Ekman, MD, executive vice president
and president, Research and Development, Elan.  "We believe
natalizumab can be an important therapy in this underserved
patient population."

"These findings suggest that natalizumab may sustain a
significant level of efficacy and safety in the treatment of
Crohn's disease," said Burt Adelman, MD, executive vice
president, Development, Biogen Idec.  "These data also reinforce
natalizumab's potential across a range of immune-mediated
diseases."

                     ENACT-2 Study Findings

This Phase III, double-blind, placebo-controlled, international
maintenance trial of natalizumab in Crohn's disease enrolled
responders from ENACT-1 (a three-month double-blind,
placebo-controlled study in patients with moderately to severely
active Crohn's disease).  Natalizumab responders from ENACT-1
(339 patients) were re-randomized after the three-month study to
one of two double-blind treatment groups: natalizumab (300 mg)
or placebo, both administered monthly for a total of 12 months.
The primary endpoint of ENACT-2 was sustained maintenance of
response throughout the first six months of treatment.

Findings from the initial six-months of ENACT-2 showed:

(a) 61% (103/168) of natalizumab-treated patients
    exhibited sustained significant clinical response versus 28%
    (48/170) of patients re-randomized to receive
    placebo.

(b) Clinical remission at six months was maintained by 44%
    (57/130) of patients receiving natalizumab versus 26%
    (31/120) of placebo patients.

                  About ANTEGREN (natalizumab)

Natalizumab, a humanized monoclonal antibody, is the first
alpha-4 antagonist in the new selective adhesion molecule (SAM)
inhibitor class.  The drug is designed to inhibit the migration
of immune cells into tissues where they may cause or maintain
inflammation.  To date, approximately 2,800 patients have
received natalizumab in clinical trials.  In placebo-controlled
trials to date, in both Crohn's disease and MS, the most
commonly reported adverse events in either group were headache,
fatigue and nasopharyngitis.

Elan and Biogen Idec are collaborating equally on the
development of natalizumab in multiple sclerosis, Crohn's
disease, and rheumatoid arthritis.  Based on one-year Phase III
data in MS, the companies have submitted applications for drug
approval in the U.S. and Europe.  The FDA has designated
natalizumab for Priority Review and Accelerated Approval for the
treatment of multiple sclerosis.  In addition, a Phase II trial
for rheumatoid arthritis is underway.

                     About Crohn's Disease

Approximately one million people worldwide have Crohn's disease,
a chronic and progressive inflammatory disease of the
gastrointestinal tract, which commonly affects both men and
women.  The disease usually causes diarrhea, crampy abdominal
pain, often fever, and at times rectal bleeding.  Loss of
appetite and subsequent weight loss also may occur.
Complications include narrowing of the intestine, obstruction,
abscesses, and fistulas (abnormal channels connecting the
intestine and other organs, including the skin), malnutrition
and decreased growth rate in children.

                           About Elan

Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases and severe pain.  Elan's (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.  For
additional information, about the company, please visit
http://www.elan.com.

                        About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

CONTACT:  ELAN CORPORATION
          Media Contacts
          Anita Kawatra
          Phone: 212-407-5740
              or 800-252-3526

          Investor Contacts:
          Emer Reynolds
          Phone: 353-1-709-4000
                or 800-252-3526

          BIOGEN IDEC
          Media Contacts:
          Amy Brockelman
          Phone: 617-914-6524

          Investor Contacts:
          Elizabeth Woo
          Phone: 617-679-2812


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


ALITALIA SPA: Board Meeting Postponed Indefinitely
--------------------------------------------------
The board of struggling national flag carrier Alitalia postponed
its meeting today, says Agencia Giornalistica Italiana citing a
note from the airline.  The board is supposed to approve the
company's first-half result, among others.  Alitalia said the
new date for the board meeting will be made known as soon as it
becomes official.

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


CIRIO FINANZIARIA: Sells Cirio-De Rica Brand to Conserve Italia
---------------------------------------------------------------
Cooperative Group Conserve Italia has agreed to buy The Cirio-De
Rica-Sopragol Group for EUR168 million, according to Agenzia
Giornalistica Italia.

The sale price includes EUR155 million for the Cirio-De Rica
branch, and EUR12.7 million enterprise value of Sopragol shares,
the report said.  The sale is still subject to the approval of
the Italian government.

The new owner plans to take the company public.  Conserve Italia
advisor Piero Gnudi, at a press conference announcing the deal,
said: "In future, the new company, Conserve Mediterraneo may go
public, since the banks' participation is 49%, and nor
permanent."

Cirio-De Rica includes the main asset of Italian food group
Cirio Finanziaria, which was declared insolvent in 2003 after
defaulting on its EUR1.1 billion bonds.


VOLARE GROUP: Not Selling Charter Flight Operations
---------------------------------------------------
Airline operator Volare group, owner of Volare Airlines and Air
Europe, has ensured it will not sell its charter sector to
Eurofly or other airlines, Agencia Giornalistica Italiana says.

Volare president Mauro Gambaro said in a statement, "The charter
segment represents a strategic asset of the group and its
activities are an integrated part of the new industrial plan,
whose guidelines were approved on September 17 by the board."

Volare's new industrial plan entails developing two brands.
These brands are Volareweb, which would take care of low-cost
flights in Italy and Europe, and Air Europe, which would be in
charge of long-haul flights.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it


VOLARE GROUP: Eurofly Eyeing Charter Flight Business
----------------------------------------------------
Charter airline Eurofly has expressed interest in acquiring the
charter flight business of troubled airline group Volare, Il
Sole 24 Ore says.

Eurofly also indicated that it is also interested in acquiring
the whole Volare group, which includes its low-cost scheduled
airline.  Eurofly had reportedly broached the topic to Volare
recently.

Volare Group has hired the services of auditors KPMG to review
its 2001, 2002 and 2003 accounts for possible irregularities.
Currently under restructuring, the group is planning to execute
a EUR60 million recapitalization and seek a EUR30 million
bridging loan.  Shareholders, who were supposed to approve the
recapitalization Monday, opted to consider the matter later.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it


===================
K A Z A H K S T A N
===================


HALYK BANK: Upcoming Eurobond Rated 'BB-'; Outlook Positive
-----------------------------------------------------------
Fitch Ratings assigned an expected long-term rating of 'BB-' to
the upcoming Eurobond to be issued by Kazakhstan-based Halyk
Bank, rated long-term 'BB-' (Positive Outlook), Short-term 'B',
Individual 'D', and Support '3'.  The rating is contingent upon
receipt of final documentation conforming materially to
information already received and the final rating will be
confirmed at that time.

Halyk is the third largest bank in Kazakhstan by assets and, in
keeping with its roots as the former state savings bank, has the
largest branch network in the country.  The bank is now
ultimately majority-owned by one politically well-connected
individual.

CONTACT:  FITCH RATINGS
          Alexander Giles
          Phone: +44 20 7417 6330

          Philip Smith, London
          Phone: +44 (0) 20 7417 4340

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


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


NUMICO N.V.: Reorganizing Clinical Nutrition Production Platform
----------------------------------------------------------------
Royal Numico N.V. plans to implement an optimization plan that
will achieve economies of scale and enhance the focus and
quality of the Clinical Nutrition manufacturing platform.  The
plan will lead to a reduction in the workforce of 125 FTE and
will generate annualized net cost savings of EUR5 million by
2007.

Numico's Clinical Nutrition products and related Clinical
Application Systems (CAS) are currently manufactured at 9
different sites with multiple technologies.  One of the
objectives of [the] announced plan is to focus each plant on a
limited number of technologies.  As a result, the factory in
Zoetermeer (the Netherlands) will solely focus on the
manufacturing of liquid nutrition.  The factory in Liverpool
(U.K.) will focus on the manufacturing of disease specific
powder products and gluten-free breads.  Numico accordingly
intends to close two gluten-free bakeries in the U.K. in the
second half of 2005.

In line with Numico's objective to focus on specialized
nutrition, the manufacturing of generic and specialty CAS will
be centralized in Wuxi (China) and Chatel (Switzerland).  As a
consequence, Numico intends to sell the CAS facility in Kampen
(The Netherlands) before the end of 2005.

A restructuring provision of EUR2.5 million will be taken in the
third quarter 2004.  The required capital is included in the
previously indicated capital expenditure targets for 2004 and
2005.  The optimization plan will reduce the workforce by 125
FTE and will generate net cost savings of EUR5 million by 2007.
These cost savings will be used to finance various renovation
and innovation initiatives.  The improved efficiencies and
enhanced focus on nutrition are in line with Numico's objective
to becoming a high-growth, high-margin specialized nutrition
company.

Royal Numico is a specialized nutrition company with leading
positions in Baby Food and Clinical Nutrition.  The company
operates in over 100 countries and employs approximately 10,500
people (http://www.numico.com).

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 79 353 9931

          Investor Relations
          Phone: +31 79 353 9003


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


ADAMOVKA-AGRO-PROM-ENERGO: Proofs of Claim Due Later this Month
---------------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy proceedings against Adamovka-Agro-Prom-Energo after
finding the limited liability company insolvent.  The case is
docketed as A47-177B/2001.  Mr. A. Vorobyev has been appointed
insolvency manager.   Creditors have until October 20, 2004 to
submit their proofs of claim to 462403, Russia, Orsk, Shkolnaya
Str. 18-41.

CONTACT:  ADAMOVKA-AGRO-PROM-ENERGO
          Russia, Orenburg region,
          Adamovka, Energetikov Str. 1

          Mr. A. Vorobyev
          Insolvency Manager
          462403, Russia,
          Orsk, Shkolnaya Str. 18-41


BRATSK-POULTRY: Next Hearing Before Irkutsk Court Set December
--------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on LLC Bratsk-Poultry.  The case is
docketed as A19-7773/04-37.  Mr. N. Kuzakov has been appointed
temporary insolvency manager.

Creditors have until October 20, 2004 to submit their proofs of
claim to 664025, Russia, Irkutsk, Post User Box 3262.  A hearing
will take place at the Arbitration Court of Irkutsk region on
December 12, 2004, 10:30 a.m.

CONTACT:  BRATSK-POULTRY
          665709, Russia,
          Irkutsk region, Bratskiy region,
          Energetik, Gindina Str. 14,
          Apartment 70

          Mr. N. Kuzakov
          Temporary Insolvency Manager
          664025, Russia,
          Irkutsk, Post User Box 3262

          The Arbitration Court of Irkutsk region
          664025, Russia,
          Irkutsk, Gagarina Avenue, 70


DIAMOND: Kareliya Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Diamond.  The case is docketed as A26-4036/04-18.  Mr. N.
Mikhaylov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 185005, Russia,
Kareliya republic, Petrozavodsk, Lunacharskogo, p/o 5, Post User
Box 52.  A hearing will take place at the Arbitration Court of
Kareliya republic on November 5, 2004, 2:00 p.m.

CONTACT:  DIAMOND
          186930, Russia,
          Kareliya republic,
          Kostromuksha, Kontoki

          Mr. N. Mikhaylov
          Temporary Insolvency Manager
          185005, Russia,
          Kareliya republic, Petrozavodsk,
          Lunacharskogo, p/o 5,
          Post User Box 52

          The Arbitration Court of Kareliya republic
          Russia, Kareliya republic,
          Petrozavodsk, Krasnoarmeyskaya Str. 24a,
          Hall 1


FERRO-CONCRETE GOODS: Declared Insolvent
----------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
proceedings against OJSC Ferro-Concrete Goods after finding the
firm insolvent.  The case is docketed as A35-401/04.  Mr. Y.
Akulshin has been appointed insolvency manager.   Creditors may
submit their proofs of claim to 455000, Russia, Chelyabinsk
region, Magnitogorsk, 9th May Str. 12.

CONTACT:  Mr. Y. Akulshin
          Insolvency Manager
          Russia, Kursk,
          Institutskaya Str. 32E


GIDRO-TEPLO-STROY: Insolvency Manager Takes over Operations
-----------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy proceedings against CJSC Gidro-Teplo-Stroy after
finding the firm insolvent.  The case is docketed as
A47-2953/2004-14GK.  Mr. V. Dvornik has been appointed
insolvency manager.  Creditors have until October 20, 2004 to
submit their proofs of claim to 460024, Russia, Orenburg,
Turkestanskaya Str. 10A.

CONTACT:  GIDRO-TEPLO-STROY
          Russia, Orenburg,
          Promyshlennaya Str. 5/1

          Mr. V. Dvornik
          Insolvency Manager
          460024, Russia, Orenburg,
          Turkestanskaya Str. 10A


METALLURG-REMONT: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on OJSC Metallurg-Remont.  The case is
docketed as A48-4554/04-20B.  Mr. A. Dezhin has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 302010, Russia, Orel, Aviatsionnaya Str. 5.  A
hearing will take place on October 20, 2004, 10:30 a.m.

CONTACT:  METALLURG-REMONT
          Russia, Orel,
          Razdolnaya Str. 99

          Mr. A. Dezhin
          Temporary Insolvency Manager
          302010, Russia, Orel,
          Aviatsionnaya Str. 5


OREL-STROY: Appoints S. Romanchin Insolvency Manager
----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
proceedings against OJSC Orel-Stroy after finding the limited
liability company insolvent.  The case is docketed as
A48-876/04-17B.  Mr. S. Romanchin has been appointed insolvency
manager.

Creditors have until October 20, 2004 to submit their proofs of
claim to:

(a) Orel-Story
    Russia, Orel region,
    Orel region, Platonovskaya

(b) Insolvency Manager
    302004, Russia, Orel,
    3rd Kurskaya Str. 15

(c) The Arbitration Court Of Orel Region
    302021, Russia, Orel,
    S-Schedrina Str. 22


SECOND RESOURCES: Gives Creditors Three Weeks to File Claims
------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy proceedings against OJSC Second Resources after
finding the firm insolvent.   The case is docketed as
A05-814/04-8.  Mr. S. Matyugin has been appointed insolvency
manager.  Creditors have until October 20, 2004 to submit their
proofs of claim to Russia, Arkhangelsk, K. Marksa Str., building
1, office 56.

CONTACT:  SECOND RESOURCES
          164500, Russia,
          Arkhangelsk region, Severodvinsk,
          Gruzovoy Passage, 9

          Mr. S. Matyugin
          Insolvency Manager
          Russia, Arkhangelsk,
          K. Marksa Str., building 1, office 56.

          The Arbitration Court of Arkhangelsk region
          Russia, Arkhangelsk,
          Loginova Str. 17


TOBOLSKIY CITY: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on CJSC Tobolskiy City Food Combine.  The
case is docketed as A70-5239/3-04.  Mr. V. Tatarkin has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to Russia, Tyumen, Chervishevskiy trakt,
94-81.

CONTACT:  TOBOLSKIY CITY FOOD COMBINE
          Russia, Tyumen region,
          Tobolsk, Bolshaya Sibirskaya Str. 50

          Mr. V. Tatarkin
          Temporary Insolvency Manager
          Russia, Tyumen,
          Chervishevskiy trakt, 94-81

          The Arbitration Court of Chelyabinsk region
          454000, Russia,
          Chelyabinsk, Vorovskogo Str. 2


UST-ILIMSK-ENERGO-MECHANIZATION: Files for Bankruptcy
-----------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against OJSC Ust-Ilimsk-Energo-Mechanization after
finding the firm insolvent.  The case is docketed as
A19-4934/04-29.  Mr. N. Sorokopud has been appointed insolvency
manager.   Creditors have until October 20, 2004 to submit their
proofs of claim to 664023, Russia, Irkutsk region, Deputatskaya
Str. 39, office 1.

CONTACT:  MAGNITOGORSKIY AUTO-CENTRE KAMAZ
          666683, Russia,
          Irkutsk region, Ust-Ilimsk,
          Ust-Ilimskoye Shosse, 14,
          Post User Box 517

          Mr. N. Sorokopud
          Insolvency Manager
          664023, Russia,
          Irkutsk region,
          Deputatskaya Str. 39, Office 1


YUKOS OIL: Appeals Seizure of Yuganskneftegaz Shares
----------------------------------------------------
Yukos Oil is appealing the seizure of Yuganskneftegaz's shares
in the cessation court.  Moscow's Federal Court of Arbitration
will hear the case October 18, according to MosNews.

Shares in Yuganskneftegaz, the company's main production unit,
were confiscated by the tax ministry in July as collateral for
Yukos' RUB99.342 billion (US$3.4 billion) arrears.  Yukos
challenged the arrest and the Moscow Arbitration Court cancelled
the order on August 6.  Two week later, the court reversed its
ruling.

Yuganskneftegaz, which produces 60% of the company's total
output, runs the risk of losing its license because of Yukos'
non-payment of taxes.  Deputy Minister of Natural Resources said
Yukos' default on certain taxes is sufficient reason to withdraw
Yuganskneftegaz's licenses.  Authorities are examining the
matter this week.  Yuganskneftegaz has three months to comply
once its licenses are revoked.

Yukos previously appealed to the Moscow Arbitration Court to
refer the tax ministry's case to the Arbitration Court of
Khanty-Mansi autonomous district.  A court spokeswoman said
Yukos' executive unit is in Moscow so the case falls within
Moscow's jurisdiction.

CONTACT:  YUKOS OIL
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

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


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


CONVERIUM AG: Unveils Rights Issue Timetable
--------------------------------------------
Following the company's Extraordinary General Meeting capital
increase approval, Converium announces its rights issue
timetable:

Rights issue timetable

(a) October 1       Last trading day of shares "cum-rights"

(b) October 4       (i) Beginning of purchase rights trading
                        period;

                   (ii) Beginning of purchase rights exercise
                        period; and

                  (iii) Shares trade "ex-rights"

(c) October 11      End of purchase rights trading period

(d) October 12
    12:00 noon    End of purchase rights exercise period

(e) October 13    (i) First trading day of existing shares
                        with new nominal value of CHF5

                   (ii) Listing and trading of new shares
                        commences

(f) October 15    Closing and settlement

                            *   *   *

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.   Today,
Converium employs approximately 850 people in 23 offices around
the globe and is organized into three business segments:
Standard Property & Casualty Reinsurance, Specialty Lines and
Life & Health Reinsurance.  Converium Ltd. has a "BBB" rating
(watch positive) from Standard & Poor's.  Converium Holding Ltd
has a "B++" (outlook negative) rating from A.M. Best Company.

CONTACT:  Michael Schiendorfer
          Media Relations Manager
          Phone: +41 1 639 9657
          Fax: +41 1 639 7657

          Zuzana Drozd
          Head of Investor Relations
          Phone: +41 1 639 9120
          Fax: +41 1 639 7120


CONVERIUM AG: Financial Strength Rating Affirmed; Outlook Stable
----------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B++
(Very Good) and upgraded the issuer credit rating (ICR) to
"bbb+" from "bbb" of Converium AG (Switzerland) and certain
rated subsidiaries.  The under review status has been removed,
and the outlook is stable for all ratings affected.

This rating action follows shareholders' approval of Converium's
fully underwritten CHF533 million (US$420 million) rights issue
and reflects A.M. Best's evaluation of the company's latest
business plan, which incorporates an estimated reduction in net
premium written of over 50% in 2005.  An offsetting factor in
the rating is continuing risk from the company's reserves.

The financial strength rating of B++ (Very Good) has been
affirmed and the ICR upgraded to "bbb+" from "bbb" for these
companies:

(a) Converium AG

(b) Converium Rueckversicherung (Deutschland) AG

(c) Converium Insurance (U.K.) Ltd.

The ICR of "bb+" of Converium Finance S.A. has been affirmed.

Converium Finance S.A.'s US$200 million 8.25% guaranteed
subordinated notes, due December 2032 (guaranteed by Converium
Holding AG and Converium AG) has been upgraded to "bbb-" from
"bb+".

For a list of A.M. Best's debt ratings, please visit
http://www.ambest.com/debt.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.  For
more information, visit http://www.ambest.com.

CONTACT:  A.M. BEST
          Public Relations:
          Jim Peavy
          Phone: 908-439-2200, ext. 5644
          E-mail: james.peavy@ambest.com
          or
          Rachelle Striegel
          Phone: 908-439-2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com
          or
          Analysts:
          Miles Trotter
          Phone: +(44) 20 7626 6264
          E-mail: miles.trotter@ambest.com
          or
          Philippe Picagne
          Phone: +(44) 20 7626 6264
          E-mail: philippe.picagne@ambest.com
          or
          Jose Sanchez-Crespo
          Phone: +(44) 20 7626 6264
          E-mail: jose.sanchez-crespo@ambest.com


CONVERIUM AG: A.M. Best Lowers Ratings on North American Unit
-------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
(Fair) from B++ (Very Good) of Converium Insurance (North
America) Inc. (CINA) (Fort Lee, NJ) following the latest
announced business plan by its parent company, Converium AG
(Switzerland).  Concurrently, A.M. Best has downgraded the
issuer credit rating to "b-" from "bb-" of Converium Holdings
(North America) Inc. (CHNA) (Stamford, CT) and the issuer credit
rating to "bb" from "bbb" of CINA.

A.M. Best has also downgraded the debt rating to "b-" from
"bb-"on CHNA's US$200 million 7.125% senior notes, due 2023 and
originally issued by Zurich Reinsurance Center Holdings Inc.
The ratings have been removed from under review and assigned a
negative outlook.  The financial strength rating of B- (Fair)
and the issuer credit rating of "bb-"of Converium Reinsurance
(North America) Inc. (CRNA) (Stamford, CT) remain unaffected.

The rating downgrades are based on Converium management's plan
to cease underwriting at CINA.  Converium has indicated that
CINA operations will be dormant for the foreseeable future, with
no immediate plans of business activity.  Earlier, Converium
announced that additional capital would not be contributed to
CINA as was originally planned.  The additional capital
injection was intended to support previously planned ongoing
U.S. business written through CINA.  However, Converium's
current plan is to write all future ongoing U.S. business
through Converium and its Bermuda branch.

The downgrading of CHNA's debt rating is based on Converium's
decision to make CINA's operations dormant and place CRNA's
operations into runoff.  These actions leave CHNA without an
actively operating subsidiary to support required interest
payments.  A.M. Best anticipates that Converium will continue to
service CHNA's debt.  A.M. Best's financial strength rating for
Converium is B++ (Very Good).

The negative outlook reflects A.M. Best's opinion that
Converium's North American franchise has been dramatically
weakened and any possible future efforts to re-establish a
viable business plan for the U.S. subsidiaries will deplete
capital and operational focus from the European parent.

For current Best's ratings, independent data and analysis on
more than 3,000 individual property/casualty companies, groups
and industry composites, please visit http://www.ambest.com/pc.

For current Best's Ratings, independent data and analysis on
more than 470 reinsurance companies, please visit
http://www.ambest.com/reinsurance/.

For a list of A.M. Best's debt ratings, please visit
http://www.ambest.com/debtratings/.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.  For
more information, visit http://www.ambest.com.

CONTACT:  A.M. BEST CO.
          Public Relations
          Jim Peavy
          Phone: (908) 439-2200, ext. 5644
          E-mail: james.peavy@ambest.com
          or
          Rachelle Striegel
          Phone: (908) 439-2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com
          or
          Analysts
          Peter Dickey
          Phone: (908) 439-2200, ext. 5053
          E-mail: peter.dickey@ambest.com
          or
          Robert DeRose
          Phone: (908) 439-2200, ext 5453
          E-mail: robert.derose@ambest.com


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


DONETSKNAFTOPRODUCT: Declared Insolvent
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against OJSC Donetsknaftoproduct (code EDRPOU
01236609) on June 30, 2004 after finding the enterprise
insolvent.  The case is docketed as 33/107 B.  Mr. E. Pertsov
(License Number AA 047749) has been appointed
liquidator/insolvency manager.

Creditors have until October 7, 2004 to submit their proofs of c
laim to:

(a) DONETSKNAFTOPRODUCT
    Ukraine, Donetsk region,
    Ovnatonyan Str. 3

(b) Mr. E. Pertsov
    Liquidator/Insolvency Manager
    Ukraine, Donetsk region,
    Komsomolskij Avenue, 28/94

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


GALOL: Lviv Court Brings in Temporary Insolvency Manager
--------------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on OJSC Galol (code EDRPOU 00151650).
The case is docketed as 7/6-7/7.  Arbitral manager Mrs. Galina
Kovalko (License Number AA 250455 approved on May 16, 2002) has
been appointed temporary insolvency manager.  The company holds
account number 26007301480004 at JSCB National credit, Drogobich
branch.

Creditors have until October 7, 2004 to submit their proofs of
claim to:

(a) GALOL
    82100, Ukraine, Lviv region,
    Drogobich, Trusha Str. 15

(b) Mrs. Galina Kovalko
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Chervonograd, Klusivska Str. 18/29

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


GERAT: Vinnitsya Court Appoints Liquidator
------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Gerat (code EDRPOU 32100788) on August 19,
2004 after finding the limited liability company insolvent.  The
case is docketed as 5/428-04.  Arbitral manager Mr. O. Kubryak
(License Number AA 315402 approved on July 18, 2002) has been
appointed liquidator/insolvency manager.  The company holds
account number 26005349801 at JSB Energobank, MFO 302731.

CONTACT:  Mr. O. Kubryak
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmilnik, Kotlyarevskij Str. 84/65

          ECONOMIC COURT OF VINNITSYA REGION
          21000, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


SITRON-SOUTH: Bankruptcy Proceedings Begin
------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Sitron-South (code EDRPOU 32391272) on
August 26, 2004 after finding the limited liability company
insolvent.  The case is docketed as 2/208.  Mrs. I. Zhivotovska
(License Number AA 419488 approved on December 10, 2002) has
been appointed liquidator/insolvency manager.  The company holds
account number 26002054200405 at CB Privatbank, Mikolaiv branch.

Creditors have until October 7, 2004 to submit their proofs of
claim to:

(a) SITRON-SOUTH
    54001, Ukraine, Mikolaiv region,
    Lenin Avenue, 107

(b) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


STEPANIVSKE: Proofs of Claim Deadline Expires Next Week
-------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Stepanivske (code EDRPOU 30621523)
on July 30, 2004.  The case is docketed as 6/92-04.  Arbitral
manager Mr. Mikola Kaluzhnij (License Number AA 630148 approved
on May 24, 2004) has been appointed temporary insolvency
manager.  The company holds account number 26002319077001 at
CB Privatbank, Sumi branch, MFO 337546.

Creditors have until October 7, 2004 to submit their proofs of
claim to:

(a) STEPANIVSKE
    Ukraine, Sumi region,
    Sumi district,
    Stepanivka, Centralna Str. 23A

(b) Mr. Mikola Kaluzhnij
    Temporary Insolvency Manager
    41800, Ukraine, Sumi region,
    Bilopillya, K. Libkneht Str. 43

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Ribalko Str. 2


TRIADA PRIVAT: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Triada Privat (code EDRPOU
31169855) on July 16, 2004.  The case is docketed as 24/360-b.
Arbitral manager Mrs. Alla Dudarenko (License Number AA 668337
approved on October 27, 2003) has been appointed temporary
insolvency manager.  The company holds account number
260063011168 at JSB National investments, MFO 300498.

CONTACT:  TRIADA PRIVAT
          Ukraine, Kyiv region,
          Tolstij Str. 25

          Mrs. Alla Dudarenko
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Rudnyeva Str. 49/20-77

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


UKRPARFUMFARM: Temporary Insolvency Manager Takes over Helm
-----------------------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on LLC Ukrparfumfarm (code EDRPOU
30769326).  The case is docketed as 01/2589.  Arbitral manager
Mr. Volodimir Rekun has been appointed temporary insolvency
manager.  The company holds account number 26001020259 at JSC
Credit Bank Ukraine, Cherkassy branch, MFO 354466.

CONTACT:  UKRPARFUMFARM
          Ukraine, Cherkassy region,
          Cherkassy district, Verguni,
          Z. Kosmodemyanska Str. 45

          Mr. Volodimir Rekun
          Temporary Insolvency Manager
          Ukraine, Cherkassy region,
          Ilyin Str. 330/16
          Phone: 35-00-92

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




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


ABSOLUTE INTERNET: Names Joint Liquidators from Begbies Traynor
---------------------------------------------------------------
At an extraordinary general meeting of the members of the
Absolute Internet Limited on September 17, 2004 held at The
Croydon Park Hotel, 7 Altyre Road, Croydon CR9 5AA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Nicholas Roy Hood and Paul Michael Davis of
Begbies Traynor (South) LLP, 32 Cornhill, London EC3V 3LJ have
been appointed joint liquidators of the company for the purpose
of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill,
          London EC3V 3BT
          Joint Liquidators:
          Nicholas Roy Hood
          Paul Michael Davis
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


AJS CONTRACTORS: Hires David Rubin & Partners as Liquidator
-----------------------------------------------------------
At an extraordinary meeting of the members of the AJS
Contractors (Norfolk) Limited on September 22, 2004 held at the
offices of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY, the extraordinary resolution to
wind up the company was passed.  Lane Bednash of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY has been nominated liquidator for the purposes of such
winding-up.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY


AMAZON (CONSTRUCTION): In Administrative Receivership
-----------------------------------------------------
RDM Factors Limited called in Geoffrey Paul Rowley and Kevin
John Hellard as joint administrative receivers for Amazon
(Construction) Limited (Reg No 04059296, Trade Classification:
7450).  The application was filed September 17, 2004.  Formerly
named Amazon Personnel Ltd. the company is engaged in labor
recruitment.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Joint Administrative Receivers:
          Geoffrey Paul Rowley
          Kevin John Hellard
          (Office Holder Nos 8919, 8833)
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


ARGYLE VENDING: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At an extraordinary general meeting of the Argyle Vending
Services Limited on September 16, 2004 held at the offices of
Ideal Corporate Solutions Limited, Tarleton House, 112A-116
Chorley New Road, Bolton BL1 4DH, the extraordinary resolution
to wind up the company was passed.  Andrew David Rosler of Ideal
Corporate Solutions Limited, Tarleton House, 112A-116 Chorley
New Road, Bolton BL1 4DH has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  IDEAL CORPORATE SOLUTIONS LIMITED
          Tarleton House,
          112A-116 Chorley New Road,
          Bolton BL1 4DH


ARTERY STARK: Calls in Liquidators from Geoffrey Martin & Co.
-------------------------------------------------------------
At an extraordinary general meeting of the Artery Stark Limited
on September 22, 2004 held at 8-12 Brook Street, London W1K 5BU,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Stephen Goderski of the firm of Geoffrey
Martin & Co, 8-12 Brook Street, London W1K 5BU has been
appointed as liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO
          8-12 Brook Street,
          London W1K 5BU


B A R ENTERPRISES: Creditors May Form Committee Next Week
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF B A R Enterprises Ltd.

Notice is hereby given that a Meeting of Creditors of B A R
Enterprises Ltd. is to be held at Tenon House Ferryboat Lane
Sunderland SR5 3JN on October 5, 2004 at 11:00 a.m. to consider
my proposals under section 23(1) of the Insolvency Act 1986, and
to consider establishing a Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at Tenon
House Ferryboat Lane Sunderland SR5 3JN not later than 12 noon
the business day before the meeting.  A proxy form should be
completed and returned by the date of the Meeting, if you cannot
attend the Meeting and wish to be represented.

A copy of my proposals is available, on written request, to the
Administrator Tenon House Ferryboat Lane Sunderland SR5 3JN.

I. W. Kings, Administrator
September 17, 2004

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


BULLIMORE UNDERWRITING: Hires Carter Backer Winter Administrator
----------------------------------------------------------------
John Alfred George Alexander and Melvyn Julian Carter have been
appointed as joint administrators for Bullimore Underwriting
Agency Limited.  The appointment was made September 20, 2004.
The insurance broker's registered office is located at
Enterprise House, 21 Buckle Street, London E1 8NN.

CONTACT:  CARTER BACKER WINTER
          Enterprise House,
          21 Buckle Street,
          London E1 8NN
          Joint Administrators:
          John Alfred George Alexander
          Melvyn Julian Carter
          (IP Nos 5053, 5775)
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


CENTURY 21: Calls in Liquidator from Begbies Traynor
----------------------------------------------------
At an extraordinary general meeting of the Century 21 Security
Services Limited on September 17, 2004 held at the offices of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend on Sea, Essex SS1 2EG, the subjoined extraordinary
resolution to wind up the company was passed.  Lloyd Biscoe of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend on Sea, Essex SS1 2EG has been appointed liquidator for
the purpose of such winding-up.

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


CIAO TRAVEL: Subjoined Winding up Resolution Passed
---------------------------------------------------
At an extraordinary general meeting of the Ciao Travel Limited
on September 21, 2004 held at 641 Green Lanes, London N8 0RE,
the subjoined extraordinary resolution to wind up the company
was passed.  Ninos Koumettou of Alexander Lawson & Co, 641 Green
Lanes, London N8 0RE has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  ALEXANDER LAWSON & CO
          641 Green Lanes,
          London N8 0RE
          Phone: 020 8348 0183


COMPACT DISPLAYS: Calls in Liquidator
-------------------------------------
At an extraordinary general meeting of the members of the
Compact Displays Limited on September 20, 2004 held at Station
House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Gerald Irwin has been appointed liquidator
for the purpose of such winding-up.


COUNTRY HOTELS: Joint Administrator to Meet Creditors Next Week
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Country Hotels of Scotland Ltd.

Notice is hereby given that a Meeting of Creditors of Country
Hotels of Scotland Ltd. is to be held at Merchants House of
Glasgow 7 West George Street Glasgow G2 1BA on October 5, 2004
at 11:00 a.m. to consider my proposals under section 23(1) of
the Insolvency Act 1986, and to consider establishing a
Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at Lomond
House 9 George Square Glasgow G2 1QQ not later than 12:00 noon
the business day before the meeting.  A proxy form should be
completed and returned by the date of the Meeting, if you cannot
attend the Meeting and wish to be represented.

A copy of my proposals is available, on written request, to the
Administrator Lomond House 9 George Square Glasgow G2 1QQ.

James B. Stephen, Joint Administrator
September 15, 2004

CONTACT:  DELOITTE & TOUCHE L.L.P.
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0)141 204 2800
          Fax: +44 (0)141 314 5893
          Web site: http://www.deloitte.com


CRUSADER FOAM: Appoints Tenon Recovery Liquidator
-------------------------------------------------
At an extraordinary general meeting of the Crusader Foam Limited
on September 17, 2004 held at Tenon House, Ferryboat Lane,
Sunderland SR5 3JN, the subjoined extraordinary resolution to
wind up the company was passed.  Ian William Kings of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN has
been appointed liquidator for the purpose of such winding-up.

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


DALMAR PROPERTIES: Calls in Liquidator
--------------------------------------
At an extraordinary general meeting of the Dalmar Properties
Limited on September 10, 2004 held at 12 Devereux Court, London
WC2R 3JL, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  David Norman Kaye of Stanton
House, 41 Blackfriars Road, Salford, Manchester M3 7DB has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  David Norman Kaye
          Stanton House,
          41 Blackfriars Road,
          Salford, Manchester M3 7DB


DAVE O'KEEFE & CO: Names Joint Administrators from Stoy Hayward
---------------------------------------------------------------
Name of Companies:
Dave O'Keeffe & Co (Builders Merchants) Limited
Dave O'Keefe & Co Limited
Dave O'Keeffe & Co (Plant Hire) Limited
W.R. Contracts Limited
W R Site Services Limited

Martha H Thompson and Shay Bannon have been appointed as joint
administrators for these companies.  The appointment was made
September 17, 2004.

The companies are engaged in general construction and civil
engineering.  Its registered office (for all companies) is
located at Beacon House, 1 Greenlea Park Industrial Estate,
Prince George's Road, London SW19 2JD.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Joint Administrators:
          Martha H Thompson
          Shay Bannon
          (IP Nos 8678/01, 5694/01)
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


EWINGTON HOTEL: Creditors to Vote on Administrator's Proposals
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF The Ewington Hotel Co Ltd.

Notice is hereby given that a Meeting of Creditors of The
Ewington Hotel Co Ltd. is to be held at Merchants House of
Glasgow 7 West George Street Glasgow G2 1BA on October 5, 2004
at 10:30 a.m. to consider my proposals under section 23(1) of
the Insolvency Act 1986, and to consider establishing a
Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at Lomond
House 9 George Square Glasgow G2 1QQ not later than 12:00 noon
the business day before the meeting.  A proxy form should be
completed and returned by the date of the Meeting, if you cannot
attend the Meeting and wish to be represented.

A copy of my proposals is available, on written request, to the
Administrator Lomond House 9 George Square Glasgow G2 1QQ.

James B. Stephen, Joint Administrator
September 15, 2004

CONTACT:  DELOITTE & TOUCHE L.L.P.
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0)141 204 2800
          Fax: +44 (0)141 314 5893
          Web site: http://www.deloitte.com


EXCITE UK: Sets General Meeting November
----------------------------------------
The general meeting of the contributories of Excite UK Limited
will be on November 1, 2004 commencing at 11:00 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 hear any explanation that may be
given by the liquidator.

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


FABRICS NORTH: Creditors May Appoint Liquidator Next Week
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Fabrics (North East) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Fabrics (North East)
Ltd. will be held at Tenon House Ferryboat Lane Sunderland SR5
3JN on October 5, 2004 at 11:00 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Tenon Recovery, Tenon House Ferryboat Lane
Sunderland SR5 3JN two business days prior to the meeting.

By Order of the Board.

D. K. Peel, Director
September 16, 2004

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


GALVINS LIMITED: Members Final Meeting Later this Month
-------------------------------------------------------
Name of Companies:
Galvins Limited
Glidemace Limited
J Hunt (Butchers) Limited
J Hunt (Wholesale Butchers) Limited

The final meeting of the members of these companies will be on
October 29, 2004 commencing at 3:00 p.m.  It will be held at
Herschel House, Herschel Street, Slough, Berkshire SL1 1PG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Oury Clark, Herschel House, Herschel Street, Slough,
Berkshire SL1 1PG not later than 12:00 noon, October 28, 2004.

CONTACT:  OURY CLARK
          Herschel House,
          Herschel Street,
          Slough, Berkshire SL1 1PG
          Joint Liquidator:
          R A Oury
          Web site: http://www.ouryclark.com


GKS CATERING: Meeting of Members November
-----------------------------------------
The general meeting of the members of GKS Catering Group Limited
will be on November 5, 2004 commencing at 10:00 a.m.  It will be
held at Baker Tilly, Spectrum House, 20-26 Cursitor Street,
London EC4A 1HY.

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, Spectrum House, 20-26 Cursitor Street, London
EC4A 1HY not later than 12:00 noon, November 4, 2004.

CONTACT:  BAKER TILLY
          Spectrum House,
          20-26 Cursitor Street,
          London EC4A 1HY
          Liquidator:
          S P J Wadsted
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


G & P SCAFFOLDING: Sets Creditors' Meeting Next Week
----------------------------------------------------

            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF G & P Scaffolding Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of G & P Scaffolding Ltd.
will be held at Beaufort House 94-96 Newhall Street Birmingham
B3 1PB on October 5, 2004 at 11:00 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Moore Stephens, Beaufort House 94-96 Newhall
Street Birmingham B3 1PB two business days prior to the meeting.

By Order of the Board.

G. Foster, Director
September 17, 2004

CONTACT:  MOORE STEPHENS
          Beaufort House
          94-96 Newhall Street
          Birmingham, B3 1PB
          Phone: 0121 233 2557
          E-mail: nigel.price@moorestephens.com
          Web site: http://www.moorestephens.co.uk


INDUSTRIAL CLAIMS: Calls for Meeting of Creditors
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Industrial Claims Consultants Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Industrial Claims
Consultants Ltd. will be held at 24 Wellington Street St. Johns
Blackburn BB1 8AF on October 5, 2004 at 11:15 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 24 Wellington
Street St. Johns Blackburn BB1 8AF not later than 12:00 noon on
the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must, unless they surrender their security, lodge at
24 Wellington Street St. Johns Blackburn BB1 8AF before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at DTE Leonard Curtis, 24 Wellington Street St.
Johns Blackburn BB1 8AF two business days prior to the meeting.

By Order of the Board.

G. Ahmed, Director
September 15, 2004

CONTACT:  DTE LEONARD CURTIS
          24 Wellington Street
          St. Johns
          Blackburn BB1 8AF
          Tel: 01254 699799
          Fax: 01254 699130
          Web site: http://www.dtegroup.com


KANE HOTEL: Joint Receivers to Present Report Next Week
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Kane Hotel Ltd.
                       (in Receivership)

Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of Kane Hotel Ltd. will be
held at Merchants House of Glasgow 7 West George Street, Glasgow
G2 1BA on October 5, 2004 at 10:00 a.m. for the purposes of
presenting the Report of the Joint Receivers and, should the
meeting think fit, of determining whether or not to establish a
Committee of Creditors and who are to be the Members of that
Committee, if established.

Creditors whose claims are unsecured, in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims (and proxies) have been submitted and accepted at
the Meeting or lodged beforehand at the address below.

A resolution will be passed when a majority of those voting have
voted in favor of it.

Notice is hereby given, pursuant to the section 67(2)(b) of the
Insolvency Act 1986 that any unsecured creditor wishing to
obtain a copy of the Report prepared by the Receiver, free of
charge, should write to the address below.

Ian A. Brown & James B. Stephen, Joint Receivers
September 15, 2004

CONTACT:  DELOITTE & TOUCHE L.L.P.
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0)141 204 2800
          Fax: +44 (0)141 314 5893
          Web site: http://www.deloitte.com


KSC PROPERTY: Winding up Resolutions Passed
-------------------------------------------
At an extraordinary general meeting of the KSC Property
Management Limited on September 15, 2004 held at 43-45 Butts
Green Road, Hornchurch, Essex RM11 2JX, the special and ordinary
resolutions to wind up the company were passed.  Jeremy Stuart
French of Vantis Redhead French, 43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  VANTIS REDHEAD FRENCH
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Liquidator:
          Jeremy Stuart French


LION COMMODITIES: Creditors to Meet Next Week
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Lion Commodities Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Lion Commodities Ltd.
will be held at 101 Barbirolli Square Lower Mosley Street
Manchester M2 3PW on October 5, 2004 at 3:15 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 101 Barbirolli
Square Lower Mosley Street Manchester M2 3PW not later than
12:00 noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must, unless they surrender their security, lodge at
101 Barbirolli Square Lower Mosley Street Manchester M2 3PW
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at PricewaterhouseCoopers L.L.P., 101 Barbirolli
Square Lower Mosley Street Manchester M2 3PW two business days
prior to the meeting.

By Order of the Board.

Mr. Wrong, Director
September 17, 2004

CONTACT:  PRICEWATERHOUSECOOPERS L.L.P.
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Phone: [44] (161) 236 9191
          Fax: [44] (161) 247 4000 (ABAS)
                          245 2902/3/6/7 (TLS)
                          245 2910(MCS)
                          245 2905 (FAS)
          Web site: http://www.pwcglobal.com


NEWGATE AIR: Members' Final Meeting Set Later this Month
--------------------------------------------------------
The final meeting of the members of Newgate Air Systems Limited
will be on October 29, 2004 commencing at 10:00 a.m.  It will be
held at the offices of Robson Laidler LLP, Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne.

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 Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne not later than 12:00 noon, October 28, 2004.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road,
          Jesmond, Newcastle upon Tyne
          Liquidator:
          W Paxton
          Phone:  0191 281 8191


NEWMANS PRODUCE: May Appoint Liquidation Committee Next Week
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Newmans Produce Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Newmans Produce Ltd.
will be held at Ascension House Crown Square First Avenue
Burton-on-Trent on October 5, 2004 at 10:30 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at City Plaza
Temple Row Birmingham B2 5AF not later than 12:00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must, unless they surrender their security, lodge at
City Plaza Temple Row Birmingham B2 5AF before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Baker Tilly, City Plaza Temple Row Birmingham
B2 5AF two business days prior to the meeting.

By Order of the Board.

E. J. Newman, Director
September 16, 2004

CONTACT:  BAKER TILLY
          City Plaza
          Temple Row
          Birmingham B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          E-mail: gary.moreton@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


OKTAVA LIMITED: Names Chantrey Vellacott Administrator
------------------------------------------------------
Kenneth W Touhey and David J Oprey have been appointed joint
administrators for Oktava Limited.  The date of appointment was
made September 21, 2004.  The company imports and distributes
sound equipment.

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Joint Administrators:
          Kenneth W Touhey
          David J Oprey
          (IP Nos 8369, 5814)
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


PROCOM ELECTRONICS: Hires Joint Administrators from Kingston
------------------------------------------------------------
Ian Robert and Nicholas John Miller have been appointed as joint
administrators for Procom Electronics Limited.  The appointment
was made September 21, 2004.  The company retails electrical
goods.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House,
          60 Goswell Road,
          London EC1M 7AD
          Joint Administrators:
          Ian Robert
          Nicholas John Miller
          (IP Nos 008706, 007899)
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


REDMOUNT PROPERTIES: Interim Liquidator Holds Creditors' Meeting
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Redmount Properties Ltd.
                         (in Liquidation)

I, of Grant Thornton 95 Bothwell Street Glasgow G2 7JZ hereby
give notice that I was appointed Interim Liquidator of Redmount
Properties Ltd. on August 31, 2004 by the Interlocutor of the
Sheriff at Sheriff of Lothian.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
1/4 Atholl Crescent Edinburgh EH3 8LQ on October 5, 2004 at
11:00 a.m. for the purpose of choosing a liquidator, appointing
a Liquidation Committee and considering the other Resolutions
specified in Rule 4.12(3) of the aforementioned Rules.

Creditors are entitled to vote at the meeting only if they have
lodged their claim with me at or before the meeting.  Creditors
may vote either in person or by proxy form, which may be lodged
with me at or before the meeting.

Robert Caven, Interim Liquidator
September 10, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          1/4 Atholl Crescent
          Edinburgh EH3 8LQ
          Phone: 0131 229 9181
          Fax: 0131 229 4560
          Web site: http://www.grant-thornton.co.uk


RICHARDSON & PATTINSON: Names Wilson Pitts Liquidator
-----------------------------------------------------
At an extraordinary general meeting of the members of the
Richardson & Pattinson Limited on September 17, 2004 held at
Sagars, Elizabeth House, Queen Street, Leeds LS1 2TW, the
special resolution to wind up the company was passed.  D F
Wilson and J N R Pitts have been appointed joint liquidators for
the purpose of such winding-up.

CONTACT:  WILSON PITTS
          Phone: 0113-2375560
          Fax:   0113-2375561
          Web site: http://www.wilson-pitts.co.uk


R L RUGGLES & SONS: Sets Creditors Meeting Mid-October
------------------------------------------------------
The creditors of R L Ruggles & Sons Limited will meet on October
11, 2004 commencing at 2:00 p.m.  It will be held at Numerica,
66 Wigmore Street, London W1A 3RT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica, 66 Wigmore Street, London W1A 3RT not
later than 12:00 noon, October 8, 2004.

CONTACT:  NUMERICA
          66 Wigmore Street,
          London W1A 3RT
          Joint Administrator:
          N H O'Reilly
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


SKYEPHARMA PLC: First-half Retained Losses Down to GBP10 Mln
------------------------------------------------------------
Highlights of Interim Report 2004:

(a) Marketed products

     (i) Paxil CR(TM) (GlaxoSmithKline) holds U.S. market share
         despite generic competition for Paxil(R)

    (ii) Paxil CR(TM) approved in Canada

   (iii) Uroxatral(R)(Sanofi-Aventis) launched to primary care
         physicians in U.S.A.

    (iv) Xatral(R) OD approved in Europe for second indication,
         Acute Urinary Retention

     (v) DepoCyte(R) (Mundipharma) launched in Europe

    (vi) Solaraze(R) U.S. marketing rights transferred to
         Bradley Pharmaceuticals (after period-end)

(b) Pipeline progress

     (i) FDA approves DepoDur(TM)

    (ii) Foradil(R) Certihaler(R) approved in Switzerland and
         certain other European countries

   (iii) Depocyt(R)completes enrolment for Phase IV trial

    (iv) Pulmicort(R) HFA (AstraZeneca) completes Phase III
         trials

     (v) Requip(R) OD (GlaxoSmithKline) completes enrolment for
         Phase III trial

    (vi) FDA completes review of Phase II trials of Propofol
         IDD-D(TM)(SkyePharma/Endo)

   (vii) Astralis initiates Phase II trial for Psoraxine(TM)

(c) New corporate agreements

     (i) DepoDur(TM) licensed to Medeus Pharma for Europe

    (ii) Collaboration with Critical Therapeutics to develop
         zileuton for asthma and COPD

   (iii) First Horizon acquires U.S. license for cardiovascular
         product

    (iv) Trigenesis licenses dermatology products, pipeline and
         topical delivery technologies

     (v) Strategic alliance with Vectura for pulmonary delivery
         technologies

    (vi) Discussions with potential partners for pulmonary
         package ongoing

                              2004     2004     2003    2003
Financial highlights presented
under U.K. GAAP             GBP'000   US$'000 GBP'000  US$'000
Turnover                     28,523   51,915   22,586   41,109
Gross profit                 15,016   27,331    9,884   17,990
Operating loss               (9,598) (17,469) (16,994) (30,931)
Retained loss               (10,194) (18,554) (18,689) (34,016)
Earnings per Ordinary Share   (1.7p)   (3.1c)   (3.1p)   (5.6c)

----------
U.S. dollar value equivalents are shown for convenience and have
been calculated for both periods using the current period
average rate of US $1.8201 to the pound sterling.

A reconciliation to U.S. GAAP is included on pages 24 and 25 for
the convenience of U.S. readers.

Chairman's Statement

The most important event in the first half of 2004 was the U.S.
Food & Drug Administration's approval of DepoDur(TM) [the new
name for DepoMorphine(TM)] on 18 May.  After taking the decision
in 2001 to undertake full clinical development and completing
the clinical studies and regulatory filings for DepoDur(TM) on
time, it is highly gratifying to see this crowned by approval by
the FDA.  Importantly this was the first possible date on which
the product could be approved.  Few new drugs are approved by
the FDA at the first opportunity so this achievement is a real
tribute to both the quality of the product and the skill of our
clinical and regulatory teams.  DepoDur(TM) is the first product
for which we have undertaken full development ourselves and we
expect it to be a major contributor to the company's future.

Apart from the exciting news about DepoDur(TM), I am also
pleased to report that Foradil(R) Certihaler(R) has received its
first approvals in Europe.  Following the FDA "approvable"
letter issued in October last year, a response has been filed.
Our royalty income continues to grow rapidly, driven by
continuing progress by Paxil CR(TM) and Xatral(R)
OD/Uroxatral(R).  Our new partner Mundipharma launched
DepoCyte(R) in Europe and U.S. sales of Solaraze(R) are expected
to benefit from an expanded sales force following the recent
acquisition of Quintiles' Bioglan unit by Bradley
Pharmaceuticals.  In our pipeline, the HFA-MDI version of
Pulmicort(R) we are developing for AstraZeneca has now completed
its Phase III trials.

We have also completed some important new agreements.  We
appointed Medeus Pharma as our European licensee for
DepoDur(TM), on excellent terms, and also licensed to First
Horizon a cardiovascular product currently under review by the
FDA.  Approval this year would bring us a substantial milestone
payment and a very attractive royalty rate.
We entered a collaboration with Critical Therapeutics to develop
a controlled release version of zileuton for asthma.  This is a
near-term opportunity, with filing expected in 2005.  We also
licensed our entire dermatology portfolio to Trigenesis
Therapeutics following a strategic review that concluded that we
could obtain a greater return from this technology if we
licensed the portfolio to a company focused on this therapeutic
area.

For our package of pulmonary products, we are seeking to appoint
a partner with proven marketing ability in the respiratory
field.  We have a short-list of partners (including our
preferred candidate) who are completing their enquiries in this
complex area.  Although this has taken longer than we had hoped,
potential partners have required very extensive due diligence
investigations to satisfy themselves fully before committing to
the project given the development cost and timescale involved.
We remain confident of completing a satisfactory agreement.

Our revenues in the first half were 26% above the 2003 level
even though, as in previous years, we expect the majority of our
revenues to arise in the second half of the year.  However
I must point out that whether we make a profit for the second
half, and for the year as a whole, will depend on the structure
and timing of the signature of the above pulmonary deal and the
timing of FDA approval of the cardiovascular pipeline product.

Finally we are pleased to report that we have recently completed
an exchange offer for our 2005 convertible bonds.  Over 80% of
holders accepted the offer to exchange their bonds for new bonds
with a higher conversion price of GBP1.00 and first conversion
in 2009.

The remaining GBP10 million of 2005 bonds will either be
redeemed next year or converted into ordinary shares.  We also
raised GBP20 million of new money in May, also at a conversion
price of GBP1.00.  These successful issues demonstrate belief in
the value of SkyePharma and greatly enhance our financial
flexibility.

Ian Gowrie-Smith
Non-executive Chairman
Ian Gowrie-Smith Non-executive Chairman

A full copy of the interim result is available free of charge at
http://bankrupt.com/misc/SkyePharma_H12004Interim.pdf.

CONTACT:  SKYEPHARMA PLC
          Phone: +44 207 491 1777
          Michael Ashton, Chief Executive Officer
          Peter Laing, Director of Corporate Communications
          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone:+44 207 466 5000
          Tim Anderson/Mark Court


STRATEGIC FINANCIAL: Winding up Resolutions Passed
--------------------------------------------------
At an extraordinary general meeting of the members of the
Strategic Financial Services (International) Limited on
September 16, 2004 held at Knights & Company, 2nd Floor, 15A
Nelson Road, Greenwich, London SE10 9JB, the special and
ordinary resolutions to wind up the company were passed.  Barry
P Knights of Knights & Company, Milford House, 43-55 Milford
Street, Salisbury, Wiltshire SP1 2BP has been appointed as
liquidator of the company for the purpose of the voluntary
winding-up.

CONTACT:  KNIGHTS & COMPANY
          Milford House
          43-55 Milford Street
          Salisbury, Wiltshire SP1 2BP


THE INSTRUMENT: Names Grant Thornton Administrator
--------------------------------------------------
Richard Hawes and Nigel Morrison have been appointed as joint
administrators for The Instrument Centre Limited.  The
appointment was made September 15, 2004.  The company is engaged
in calibrating electrical equipment.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road,
          Cardiff CF11 9UP
          Joint Administrators:
          Richard Hawes
          Nigel Morrison
          (IP Nos 8954, 8938)
          Phone: 029 2023 5591
          Fax:   029 2038 3803
          Web site: http://www.grant-thornton.co.uk


WALJOHN VEHICLE: Members Meeting Set Next Month
-----------------------------------------------
The final meeting of the members of Waljohn Vehicle Services
Limited will be on November 5, 2004 commencing at 10:00 a.m.  It
will be held at the offices of Begbies Traynor (Incorporating
Taylor Gotham & Fry), The Old Exchange, 234 Southchurch Road,
Southend on Sea, Essex SS1 2EG.

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 Begbies Traynor (Incorporating Taylor Gotham & Fry), The
Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1
2EG not later than 12:00 noon, November 4, 2004.

CONTACT:  BEGBIES TRAYNOR
          (Incorporating Taylor Gotham & Fry)
          The Old Exchange,
          234 Southchurch Road,
          Southend on Sea, Essex SS1 2EG
          Liquidator:
          J Taylor
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


WOOD MORRIS: Special Winding up Resolution Passed
-------------------------------------------------
At an extraordinary general meeting of the members of the Wood
Morris And Company Limited on September 17, 2004 held at Sagars,
Elizabeth House, Queen Street, Leeds LS1 2TW, the special
resolution to wind up the company was passed.  D F Wilson and J
N R Pitts have been appointed joint liquidators for the purpose
of such winding-up.

CONTACT:  WILSON PITTS
          Phone: 0113-2375560
          Fax:   0113-2375561
          Web site: http://www.wilson-pitts.co.uk


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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