TCREUR_Public/041008.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 8, 2004, Vol. 5, No. 200

                            Headlines

F R A N C E

FRANCE-SOIR: Local 'Newsweek' Publisher Dangles EUR4 Mln Offer


G E R M A N Y

EMERGING BIOTECH: Sets Creditors' Meeting Later this Month
DARENBERG EUROPAISCHE: Creditors' Claims Due December
DELTA DROSCHKENBURO: Under Bankruptcy Administration
DR. HELD: Provisional Administrator Takes over Operation
FORMULAR-VERLAG: Succumbs to Bankruptcy

GLT NORD-OST: First Creditors' Meeting Set December
JARI-BAU: Creditors Have Until Next Month to File Claims
KISSEL GMBH: Administrator's Report Out Next Month
MWG BIOTECH: Board Confirms Appointment of Dr. Wolfgang Pieken
PRO DV: Dissolves Unprofitable Business Division

SCARLETT GASTSTATTEN: Gives Creditors Two Weeks to File Claims
TORAUTOMATIC KRUSE: Essen Court Appoints Administrator
XXX BERLIN: Administrator's Report Out November


G R E E C E

OLYMPIC AIRWAYS: Accepting Bids for Aircraft Until Next Week


I T A L Y

ALITALIA SPA: Unions Accept Govt-sponsored Redundancy Program
CIT SPA: Bares Recovery Plan Drafted by Bain & Deloitte
FINMATICA SPA: Two I.T. Firms Submit Bids
PARMALAT FINANZIARIA: Rules Out UBS' Claims on EUR241.6 Mln Deal
PARMALAT FINANZIARIA: Nextra Offers EUR160 Mln Settlement
S.S. LAZIO: Mulls Another Capital Injection


L U X E M B O U R G

STOLT-NIELSEN: Sets Conference Call Next Week


N E T H E R L A N D S

KAPPA BEHEER: Long-term Corporate Rating on CreditWatch
ROYAL SHELL: Sells Major Refined Products Pipeline Systems


N O R W A Y

PETROLEUM GEO-SERVICES: CGG Withdraws Acquisition Offer


P O L A N D

ELEKTRIM MEGADEX: Investors to Determine Future in Two Weeks


R U S S I A

AGRO-MONTAZH: Insolvency Manager Takes over Helm
AKADEM-MONOLITH-STROY: Files for External Management Bankruptcy
ANGARA: Creditors Have Until Next Month to File Claims
BELOGORODSKIY EXPERIMENTAL: Under Bankruptcy Supervision
BOLSHERECHYE-STROY-1: Omsk Court Appoints Insolvency Manager

GRANITE: Court Hires Insolvency Manager to Temporarily Run Biz
IRKUTSK-ZHIL-STROY: Proofs of Claim Deadline Expires Next Month
KORPUS: Public Auction of Assets Next Week
TRUST TYUMEN-GAS-PROM-STROY: Sets Deadline for Proofs of Claim
URAL: Chelyabinsk Court Appoints Insolvency Manager
YUKOS OIL: Faces New US$1 Billion Tax Bill


S L O V A K   R E P U B L I C

BDV DRUZSTVO: To Start Selling Assets Soon
ISTROKAPITAL: Cuts First-half Consolidated Loss


S P A I N

IZAR: European Commission Extends Deadline to Fix Problem


S W E D E N

SAS GROUP: Averts Industrial Action with Deal to Increase Wage


S W I T Z E R L A N D

SWISS INTERNATIONAL: Refers SR Technics Dispute to Arbitration


U K R A I N E

BEREZNE' AGROPROMTEHNIKA: Creditors' Claims Due Next Week
GORLIVKA' METAL: Names Oleksij Davidenko Liquidator
KOZYATIN' MACHINE: Proofs of Claim Deadline Set
RESOURCES: Court Hires Insolvency Manager to Temporarily Run Biz
UKRAINIAN LEASING: Bankruptcy Proceedings Commenced


U N I T E D   K I N G D O M

ACTIVE MANUFACTURING: Hires Liquidator from Moore Stephens
ALADDINS DISCOUNT: Calls in Liquidator from UHY Hacker Young
A.P. AEROSPACE: Director Banned from Occupying Executive Post
ARTHUR FORD: Names Tenon Recovery Administrator
ASPIRE INDUSTRIES: Creditors Meeting Set Next Week

A THOMAS: Members Agree to Dissolve Company
BLUEGRID GROUP: Hires Administrator from Capital Insolvency
BOND BROS: Brings in Administrators from Grant Thornton
BRINDLE HOMES: Members Opt to Liquidate Assets
CORETEC LIMITED: Administrators Put up 'For Sale' Sign

CROYDON TRAINING: Liquidator's Final Report Due Next Month
DRAYCOTE HOUSEL: Calls Meeting to Hear Liquidator's Update
EURODIS ELECTRON: Names Grant Thornton New Auditor
FORD COMMUNICATIONS: Appoints Administrators from Tenon Recovery
GLOBAL MARINE: Names The MacDonald Partnership Administrator

JACK KNIGHT: PricewaterhouseCoopers Takes over Helm
J F RATCLIFF: Receivers Hunt for Buyers
LAWSON RODWELL: Liquidator to Give Update Next Month
LEGENDS LEISURE: Calls First Creditors' Meeting
L.S.A. PRESENTATIONS: Brings in Liquidators

MERTON HALL: Aquatic Plants Supplier Looking for Buyer
NK EUROPE: Members Final Meeting Set November
PENNYBEE OF WIMBLEDON: In Administrative Receivership
PROFUND HOLDINGS: Creditors' Meeting Next Week
ROBOR CARTONS: Receiver Calls Creditors' Meeting

SALT N PEPPER: First Liquidation Meeting Slated Next Week
SIMS NOMINEES: Calls in Liquidator
SLC DRIVERS: Statement of Affairs Out Next Week
SPELLBOUND TECHNOLOGY: Final Meeting of Members November
THE BAGWASH: May Appoint Liquidator Next Week

THE FORD: Hires Tenon Recovery as Administrator
WILSON FORD: Calls in Administrator from Tenon Recovery
WINCHESTER LONDON: Members Meeting Set Next Month


                            *********


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


FRANCE-SOIR: Local 'Newsweek' Publisher Dangles EUR4 Mln Offer
--------------------------------------------------------------
Press Alliance, publisher of ailing newspaper France Soir,
confirmed Monday that Montaigne Press is offering to buy 70% of
the mid-market daily, Le Figaro says.

Franco-Egyptian businessman Rami Lakah set up the
U.K.-registered Montaigne Press with various partners to
purposely bid for France Soir.  If it goes ahead, the
transaction will be in the form of a EUR4 million capital
increase.  Mr. Lakah is also willing to take on debts incurred
from the beginning of the year or a sum not more than EUR4.5
million.  His group has until October 19, the date of France
Soir's AGM, to secure a deal with Press Alliance.

Mr. Lakah owns a stake in Lafayette Presse, which launched a
French version of U.S. current affairs magazine 'Newsweek' in
January.  Despite his claim of being "passionate with French
press," Mr. Lakah's interest in the industry is only limited
with Lafayette Press.

CONTACT:  PRESSE ALLIANCE
          45 Avenue Victor Hugo
          93300 Aubervilliers

          FRANCE-SOIR
          45 Avenue Victor Hugo
          93300 Aubervilliers
          Web site: http://www.francesoir.fr


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


EMERGING BIOTECH: Sets Creditors' Meeting Later this Month
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Emerging Biotech GmbH on September 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 9,
2004 to register their claims with court-appointed provisional
administrator Albers, Lutzowstr.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 10:25 a.m. 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 February 3, 2005, 10:10 a.m. at the
district court of Charlottenburg.

CONTACT:  EMERGING BIOTECH GMBH
          Sudwestkorso 12 A, 12161 Berlin

          Albers, Lutzowstr, Insolvency Manager
          100, 10785 Berlin

          DISTRICT COURT OF CHARLOTTENBURG
          Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218


DARENBERG EUROPAISCHE: Creditors' Claims Due December
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Darenberg Europaische Ingenieurgesellschaft
mbH fur Geo-Information & Liegenschaftsmanagement on September
13.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
9, 2004 to register their claims with court-appointed
provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 10:15 a.m. 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 February 3, 2005, 10:00 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  DARENBERG EUROPAISCHE INGENIEURGESELLSCHAFT MBH FUR
          GEO-INFORMATION & LIEGENSCHAFTSMANAGEMENT
          Breite Str. 9, 12167 Berlin

          Udo Feser, Insolvency Manager
          Uhlandstr. 165/166, 10719 Berlin


DELTA DROSCHKENBURO: Under Bankruptcy Administration
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against DELTA Droschkenburo GmbH on September 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 9,
2004 to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 10:30 a.m. 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 February 3, 2005, 10:15 a.m. at the
district court of Berlin-Charlottenburg, Amtsgerichtsplatz 1,
14057 Berlin, II. Stock Saal 218.

CONTACT:  DELTA DROSCHKENBURO GMBH
          Former address:
          Monumentenstr. 14, 10829 Berlin

          Udo Feser, Insolvency Manager
          Uhlandstr. 165/166, 10719 Berlin


DR. HELD: Provisional Administrator Takes over Operation
--------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Dr. Held & Mollendorf
Verwaltungsgesellschaft mbH & Co. Burger King on September 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 13,
2004 to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 10:20 a.m. 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 February 3, 2005, 10:05 a.m. at the
district court of Berlin-Charlottenburg, Amtsgerichtsplatz 1,
14057 Berlin, II. Stock Saal 218.

CONTACT:  DR. HELD & MOLLENDORF VERWALTUNGSGESELLSCHAFT MBH
          & CO. BURGER KING
          Einkaufszentren Fonds 2 KG
          Magazinstr. 15-16, 10179 Berlin

          Udo Feser, Insolvency Manager
          Uhlandstr. 165/166, 10719 Berlin


FORMULAR-VERLAG: Succumbs to Bankruptcy
---------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Formular-Verlag Purschke + Hensel GmbH on
September 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 16, 2004 to register their claims with court-appointed
provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2004, 9:25 a.m. 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 February 15, 2005, 9:25 a.m. at the
district court of Berlin-Charlottenburg Amtsgerichtsplatz 1,
14057 Berlin, II. Stock Saal 218.

CONTACT:  FORMULAR-VERLAG PURSCHKE + HENSEL GMBH
          Kanalstrasse 7, 12357 Berlin
          Phone: 0 30 66 09 01-0
          Fax: 0 30 66 09 01-11
          E-mail: purschke-hensel@t-online.de
          Web site: http://www.purschke-hensel.de

          Rolf Nacke, Insolvency Manager
          Gross-Berliner-Damm 73 c, 12487 Berlin


GLT NORD-OST: First Creditors' Meeting Set December
---------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against GLT Nord-Ost GmbH on September 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 7, 2005
to register their claims with court-appointed provisional
administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on December 9, 2004, 9:30 a.m. 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 February 3, 2005, 9:10 a.m. at the
district court of Berlin-Charlottenburg Amtsgerichtsplatz 1,
14057 Berlin, II. Stock Saal 218.

CONTACT:  GLT NORD-OST GMBH
          Buhringstr. 12, 13086 Berlin
          Phone: (0 35 63) 39 03 - 0
          Fax: (0 35 63) 39 03 - 99
          Web site: http://www.gltnordost.de

          Joachim Voigt, Insolvency Manager
          Rankestrasse 33, 10789 Berlin


JARI-BAU: Creditors Have Until Next Month to File Claims
--------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Jari-Bau GmbH on September 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 8, 2004 to register their
claims with court-appointed provisional administrator Dr.
Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2004, 10:00 a.m. at the district
court of Leipzig Saal 145 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:  JARI-BAU GMBH
          Breisgaustr. 77, 04209 Leipzig
          Contact:
          Andreas Such (AG Leipzig, HRB 18519)

          Former address:
          Defoestr. 24e, 04159 Leipzig

          Dr. Nikolaus Schmidt, Insolvency Manager
          Magdeburger Strasse 23, 06112 Halle


KISSEL GMBH: Administrator's Report Out Next Month
--------------------------------------------------
Creditors and other parties interested in publishing firm Kissel
GmbH & Co KG are encouraged to attend a meeting on November 10,
2004, 11:00 a.m. at the district court of Koln for the
administrator's 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.  Kissel has been under bankruptcy proceedings since
September 1.

CONTACT:  KISSEL GMBH & CO KG
          Graditzer Str. 81, 50735 Koln

          PETER KISSEL GMBH
          Graditzer Str. 81, 50735 Koln
          Contact:
          Christian Grabow, Manager
          Glockenstr. 10, 50171 Kerpen

          Wolfram Jahn, Insolvency Manager
          Durener Str. 270, 50935 Koln
          Phone: 4308758
          Fax: +492214308759

          DISTRICT COURT OF KOLN
          Hauptstelle, Luxemburger Strasse 101, 50939 Koln
          13. Etage, Saal 1311.


MWG BIOTECH: Board Confirms Appointment of Dr. Wolfgang Pieken
--------------------------------------------------------------
In its most recent session, the Supervisory Board of MWG Biotech
AG passed the resolution giving the management team of Dr.
Wolfgang Pieken and Dr. Volker Muschalek control of the company.
The third position in the Management Board will not be filled
again.  Dr. Wolfgang Pieken will take over the function of
Speaker of the Management Board.  He is responsible for
finances, research and development, sales and marketing, and
IR/PR.  Dr. Volker Muschalek's responsibilities cover
operations, human resources and IT, as well as the
India business.

"We are happy to confirm the final composition of MWG Biotech
AG's Management Board, knowing that all competencies required to
lead the Company into a profitable future are represented in
this team," says Bernd Aundrup, Chairman of the Supervisory
Board.

                            *   *   *

In August MWG Biotech announced that Mr. Thomas Becker resigned
from his position as Chairman of the Company's Management Board.
The Supervisory Board regretted Thomas Becker's decision but
emphasized: "The course is set for MWG Biotech's future."

"Its international marketing and sales structures have been
reorganized, its costs reduced and its margins considerably
increased," explained Bernd Aundrup, Chairman of the Supervisory
Board.

The goals set for the year 2004 (a moderate increase in sales, a
positive EBITDA and a break-even cash flow) are still realistic
in the opinion of both the Supervisory Board and the Management
Board.  The turnover of MWG Biotech AG (WKN: 730010), Ebersberg,
in the second quarter was below the respective turnover in 2003.
The turnover of the first six months of 2004 was EUR17.6 million
after EUR22.6 million in the same period 2003.  The 22.2%
decline is, among other reasons, due to the fact that the
restructuring of the company's marketing and sales
organization -- as was to be expected -- did not yet contribute
positively to turnover.  Nevertheless, the first half of 2004
was characterized by a continuous line of positive announcements
about new products and services, cooperation and distribution
agreements, which, however, did not yet contribute to turnover.

CONTACT:  MWG-BIOTECH AG
          Investor Relations
          Anzinger Str. 7a
          D-85560 Ebersberg
          Phone: +49 (0)8092 8289-985
          Fax: +49 (0)8092 8289-514
          E-mail: ir@mwgdna.com


PRO DV: Dissolves Unprofitable Business Division
------------------------------------------------
PRO DV Software AG, the I.T. specialist for process-enhancing
and geo-based business solutions, is continuing to pursue its
target of higher profitability on the its way to the turnaround.

After the slow progress made by its Industry Business Division,
which depressed PRO-DV's consolidated earnings for the half-year
with a loss EUR0.68 million on total revenues of EUR0.74
million, it was decided to close down this division's activities
with immediate effect.  The managers of the Industry Division
are organizing a management buy-out involving the formation of a
new company through which they will continue the division's
activities.

CONTACT:  PRO DV
          Christian Niederhagemann, Investor Relations Manager
          Phone: +49 231 9792 341
          Fax: +49 231 9792 200
          E-mail: ir@prodv.de
          Web site: http://www.prodv.de


SCARLETT GASTSTATTEN: Gives Creditors Two Weeks to File Claims
--------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against SCARLETT Gaststatten und Veranstaltungs GmbH on
September 17.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 18, 2004 to register their claims with court-appointed
provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2004, 9:35 a.m. at the district court
of Dusseldorf at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SCARLETT GASTSTATTEN UND VERANSTALTUNGS GMBH
          Ludenberger Str. 64, 40629 Dusseldorf
          Contact:
          Miriam Meister, Manager
          Muhlenbergweg 4, 40629 Dusseldorf

          Georg Kreplin, Insolvency Manager
          Berliner Allee 21, 40212 Dusseldorf.

          DISTRICT COURT OF DUSSELDORF
          Hauptstelle, Mulenstrasse 34, 40213
          Dusseldorf, 3.OG Altbau, A 388


TORAUTOMATIC KRUSE: Essen Court Appoints Administrator
------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Torautomatic Kruse GmbH on September 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 18, 2004 to
register their claims with court-appointed provisional
administrator Henning Bungart.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 10:40 a.m. at the district
court of Essen 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:  TORAUTOMATIC KRUSE GMBH
          Breloher Steig 1, 45279 Essen
          Phone: +49 (0) 201 848 200
          Contact:
          Udo Voit, Manager
          Auf'm Steinacker 28, 45239 Essen

          Henning Bungart, Insolvency Manager
          Zweigertstrasse 43, 45130 Essen
          Phone: (0201) 793613
          Fax: 777516

          DISTRICT COURT OF ESSEN
          Hauptstelle, Zweigertstr. 52, 45130 Essen
          2. OG, gelber Bereich, Saal 291


XXX BERLIN: Administrator's Report Out November
-----------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against XXX Berlin Pro Audio Handels-GmbH on
September 14.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 10, 2004 to register their claims with court-appointed
provisional administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 10:45 a.m. 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 February 2, 2005, 10:30 at the
district court of Charlottensburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  XXX BERLIN PRO AUDIO HANDELS-GMBH
          Grossbeerenstr. 71,10963 Berlin
          Phone: +49 30 627931-0
          Fax: +49 30 627931-92
          E-mail: info@3-xberlin.de
          Web site: http://www.3-xberlin.de

          Joachim Voigt, Insolvency Manager
          Rankestrasse 33, 10789 Berlin


===========
G R E E C E
===========


OLYMPIC AIRWAYS: Accepting Bids for Aircraft Until Next Week
------------------------------------------------------------
Olympic Airways Services S.A.
Invitation for Tenders Ref: S-5/A300/2004

Olympic Airways Services S.A. invites tenders for the sale of
two (2) Aircraft A300-605R equipped with GE CF6-80C2A5 Engines
(A/C MSN 632 (year 1992) 33,498 Flight hours/14,466 Flight
cycles; A/C/MSN 696 (year 1993) 30,334 Flight hours/13,093
flight cycles)

Note: FH and FC as per August 31, 2004

The above will be sold in "as is where is" condition in a
package deal.  The condition of the above is outlined in the
detailed Tender Document.  Offers will be accepted only from
individuals or corporations; brokers are excluded.  Interested
parties can inspect the above, upon request and obtain Tender
Documents from:

Mr. Kostas Davoulos
Technical Operations Department
Phone: +30 210 356 2731
Fax: +30 210 356 2741

Sealed envelopes should be submitted to these addresses, clearly
indicating the reference below, no later than October 13, 2004
5:00 p.m. local time.

In cases of:

(a) mistakes and/or omissions of the indication on the envelopes
    or

(b) delayed submission,

tenders will not be accepted.

The airline reserves the right to declare the Tender fruitless
or the submitted offers not beneficial, without any further
justification.  The present invitation will be ruled by the
Greek Law and in case of dispute that may arise from the present
invitation, the courts of Athens will be exclusively competent.

Tender S-5/A300/2004
Olympic Airways Services S.A.
General Manager Technical Operations Department
Athens International Airport
Sparta 190 19 Greece

CONTACT:  OLYMPIC AIRWAYS
          Phone: 800 223 1226 (U.S./Canada)
          Web site: http://www.olympic-airways.gr


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


ALITALIA SPA: Unions Accept Govt-sponsored Redundancy Program
-------------------------------------------------------------
Labor unions on Wednesday agreed to accept the state-backed
unemployment package for around 3,700 employees of Alitalia,
paving the way for a needed rescue aid, Reuters reports.

Eight of the carrier's nine unions approved the deal after a
long meeting with government ministers and company executives.
The session was adjourned until October 13.  Under the pact,
those facing lay-offs are to receive two years of handouts under
a so-called "cassa integrazione" program from the government.
The workers will be allowed to stay at home while remaining
legal employees.  Afterwards, they will be put under a so-called
"mobilita" program for up to three more years.  They will be
removed from Alitalia's books, but continue to receive part of
their original salaries.  The government, which holds 62% of the
carrier, is to shoulder most of the bill, which according to
Alitalia Chief Executive Giancarlo Cimoli amounts to around
EUR300 million.

The agreement is necessary for the airline to secure a EUR400
million (US$492 million) emergency loan needed to stay afloat.
Alitalia plans to spin off non-core ground operations into a
separate company, bringing with it most of the group's debt.
This is expected to render the firm's flight arm more attractive
to investors, the report said.  Rival low-cost airlines,
however, plan to block this move.  In a letter to the European
Commission recently, the group said: "Asymmetrical distribution
of the original company's liabilities would be tantamount to
illegal state aid."

In another development, auditor Deloitte & Touche has yet to
approve Alitalia's first-half accounts.  The board hopes this
will come by October 13.  Alitalia previously said that losses
for the period reached around EUR330 million.  Its unaudited
results for 2003 revealed a net loss of EUR519.8 million.

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


CIT SPA: Bares Recovery Plan Drafted by Bain & Deloitte
-------------------------------------------------------
Accountants of troubled tour operator Compagnia Italiana Turismo
(CIT) submitted Tuesday their business recovery plan to creditor
banks and development fund Sviluppo Italia, Il Sole 24 Ore.

The plan is reportedly incomplete because Bain & Deloitte, the
accounting firm hired to draft the plan, is still waiting for
CIT to release its interim results.  Once the plan commences,
CIT expects its shareholders to subscribe to a EUR38 million
capital increase.  Hotel group Accor is so far the only
shareholder that has committed to back this transaction.

CIT's leading shareholders include vice-chairman Gianvittorio
Gandolfi, with 39.4%; European Development Capital Limited
Partnership, 14.6%; and Accor, 10%.

CONTACT:  COMPAGNIA ITALIANA TURISMO S.p.A.
          Via A. Saffi,12 - Milano
          C.C.I.A.A. di Milano
          Web site: http://www.citspa.it


FINMATICA SPA: Two I.T. Firms Submit Bids
-----------------------------------------
IT groups Opera21 and Centro Servizi Elettronici (CSE) have
expressed interest in acquiring trouble software firm Finmatica,
Il Sole 24 Ore says.

Both Opera21 and Bologna-based CES are reportedly planning to
submit separate bids for the ailing e-business solutions firm.
Finmatica managing director Massimo Brunelli said the group's
board of directors met yesterday and Tuesday to discuss updates
concerning its future.  Finmatica, which will have its annual
general meeting today, might be placed into administration
should it be unable to locate a buyer.

CONTACT: FINMATICA SPA
         Via Cannizzaro
         83/A 00156 Roma
         Phone: +39 06/439911
         Fax: +39 06/43991259
         Web site: http://www.finmatica.com


PARMALAT FINANZIARIA: Rules Out UBS' Claims on EUR241.6 Mln Deal
----------------------------------------------------------------
Parmalat Finanziaria's court-appointed administrator has
rejected a claim on currency contracts lodged by Switzerland's
UBS AG, Bloomberg News reports citing court documents.  Enrico
Bondi said Europe's largest bank was not qualified for profits
on the options.

"He's relying on a general principle in all Italian bankruptcy
law," said Paolo Criscione, a partner in the Milan office of
Lovells.  In Italy, the trustee or administrator is given the
sole power to decide on compensation.

Parmalat's former managers sold five currency contracts worth
EUR241.6 million (US$297.6 million) to the bank within the five
months prior to Parmalat's bankruptcy filing in December.

The options are under investigation on suspicions they were used
to hide Parmalat's losses and debts.  Parmalat raised EUR120
million from sales of options and swaps to banks in 2003.
Analysts say the firm could have made the transactions not
really to cover currency risk or exchange-rate fluctuations, but
just to raise cash.  UBS disputed the speculation, the report
said.  UBS is not among the defendants facing charges in Milan
court for misrepresentation and market-rigging.

Mr. Bondi has rejected a total of EUR61.4 million claims from
the bank, including the UBS options.  UBS did not comment on
whether it would press its claim in court.  Mr. Bondi declined
to comment.


PARMALAT FINANZIARIA: Nextra Offers EUR160 Mln Settlement
---------------------------------------------------------
A unit of Banca Intesa on Wednesday agreed to pay EUR160 million
to settle out of court a questionable sale of Parmalat
Finanziaria's bonds last year, stuff.co.nz reports.

Nextra Investment Management agreed to pay in exchange for a
promise from the dairy group not to challenge its acquisition
and quick resale of EUR300 million of Parmalat bonds six months
before Parmalat collapsed.  The transaction has been under
investigation for its timing.

Parmalat administrator Enrico Bondi is supporting the
settlement.  He said he will present the offer to the board
overseeing Parmalat's insolvency and to the Industry Ministry in
the next five days.  If approved, the settlement will be
accepted within another three days.

Intesa's move goes contrary to the statement of its chief
executive in April.  Corrado Passera then said he is sure
Italy's biggest bank is safe from potential claims from
Parmalat.  It maintained innocence in its dealings with
Parmalat.

Mr. Bondi is suing former Parmalat bankers Citigroup, UBS,
Credit Suisse First Boston, Deutsche Bank, and auditors Deloitte
& Touche and Grant Thornton to recover damages for the collapse
of the company.  All have denied wrongdoing.


S.S. LAZIO: Mulls Another Capital Injection
-------------------------------------------
Financially troubled football club SS Lazio may seek another
recapitalization after holding a rights issue in July, says Il
Sole 24 Ore, citing a board of directors statement.  The club
also called off Tuesday its shareholder meeting, after it failed
to reach a quorum.  The club rescheduled the meeting in
mid-November.

CONTACT:  S.S. LAZIO S.p.A.
          Via di Santa Cornelia 1000
          00060 Formello
          Phone: +39 06/97.607.111
          Fax: +39 06/90.40.00.22
          Web site: http://www.sslazio.it


===================
L U X E M B O U R G
===================


STOLT-NIELSEN: Sets Conference Call Next Week
---------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
will hold a conference call to discuss the third quarter 2004
results on Wednesday, October 13, 2004 at 10:00 a.m. EDT (3:00
p.m. BST).

Participating in the call will be:

(a) Mr. Niels G. Stolt-Nielsen - Chief Executive Officer, Stolt-
    Nielsen S.A.

(b) Mr. Jan Chr. Engelhardtsen - Chief Financial Officer, Stolt-
    Nielsen S.A.

(c) Mr. Otto H. Fritzner - Chief Executive Officer, Stolt-
    Nielsen Transportation Group

Anyone wishing to participate in the call should dial +1
800-289-0468 (in U.S.) or +1 913-981-5517 (outside U.S.) at that
time.  Phone lines will open 10 minutes before the call.

If you cannot participate in this call there is a Postview
facility (a taped recording of the conference call) available
directly after the conference call until 5:00 p.m. EDT on
Thursday, October 14, 2004.  For access dial +1 888-203-1112 (in
U.S.) or +1 719-457-0820 (outside U.S.) and quote the call
reservation number: 806347.

Alternatively, a Live Web cast conference call is available via
http://www.stolt-nielsen.comcommencing on Wednesday, October
13, 2004 at 10:00 a.m. EDT (3:00 p.m. BST).  A playback of the
conference call commences on Wednesday, October 13, 2004 after
12:00 noon EDT (5:00 p.m. BST).

CONTACT:  STOLT-NIELSEN
          Richard M. Lemanski
          8 Sound Shore Drive
          Greenwich, CT 06836
          U.S.A.
          Phone: +1 203 625 3604
          Fax: +1 203 625 3525
          E-mail: rlemanski@stolt.com


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


KAPPA BEHEER: Long-term Corporate Rating on CreditWatch
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Netherlands-based paper and packaging
company Kappa Beheer B.V., a holding company in the Kappa
Packaging group, on CreditWatch with developing implications.

The CreditWatch placement follows the group's confirmation that
its current owners, private equity firms CVC and Cinven, are in
preliminary discussions regarding a number of strategic
alternatives for Kappa Packaging, including a potential IPO, a
sale to industrial or financial buyers, or a recapitalization.

"As the discussions are only at a very early stage, the
potential impact on the credit quality of Kappa Packaging is
uncertain," said Standard & Poor's credit analyst Andreas
Kindahl.  The various options being considered could have
different effects on the future composition of the group,
including effects on Kappa Packaging's business and financial
profile.

Standard & Poor's will follow developments at Kappa Packaging
closely, and will update its position if a concrete decision is
announced or other important information is provided.  According
to Kappa Packaging, the completion of any transaction would be
expected during the first half of 2005.

The group's net debt at June 30, 2004, was about EUR1.8 billion.
Kappa Packaging is one of the largest European producers of
containerboard (linerboard and fluting), solid board, corrugated
board, and solid board packaging.

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

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


ROYAL SHELL: Sells Major Refined Products Pipeline Systems
----------------------------------------------------------
Shell Oil Products U.S. completed the sale of the company's
Mid-Continent refined products pipeline system to Magellan
Midstream Partners, L.P., and the sale of the company's Midwest
refined products pipeline system to Buckeye Partners, L.P.
Shell has received proceeds from the two transactions totaling
just over US$1 billion.

The Mid-Continent refined products pipeline system, being
acquired by Magellan Midstream Partners, L.P. for US$490
million, is comprised of pipeline and storage assets located in
Texas, Oklahoma, Kansas and Colorado.  Major assets in the
system include the Orion Pipeline, Hearne Pipeline, Chase
Pipeline, and Cimarron Pipeline.  These pipeline assets, along
with associated distribution terminal and storage assets, form
an integrated system that carries refined products from the U.S.
Gulf Coast refineries to West Texas and the Great Plains region.
Major markets include Dallas, El Paso, and Denver.

The Midwest refined products pipeline system, being acquired by
Buckeye Partners, L.P. for US$517 million, is comprised of
pipeline and storage assets located in Illinois, Indiana, Ohio,
Michigan and Wisconsin.  Major assets included in the sale
consist of the East Line Pipeline, North Line Pipeline, St.
Louis ATF Pipeline, St. Louis 6-inch Pipeline and the 2Rivers
Pipeline.  These pipeline assets, along with 24 distribution
terminal assets, form an integrated system that carries refined
products from primarily U.S. mid-continent refineries to points
throughout the Midwest region.  Major markets include Chicago,
St. Louis, Cleveland, Indianapolis and Cincinnati.

"The sale of these assets represents one of several strategic
decisions we have made to streamline our businesses.  The goal
of our efforts is to further enhance our competitiveness,
maximize the operational efficiency of the organization, and
build upon our improving financial performance," said Lynn
Elsenhans, CEO of Shell Oil Products U.S.

Shell remains committed to marketing the Shell brand in West
Texas, the Great Plains region, and the Midwest through the
company's retail and wholesale networks.  Contractual
obligations to our customers will continue to be honored.

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


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


PETROLEUM GEO-SERVICES: CGG Withdraws Acquisition Offer
-------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) announced that
Compagnie Generale de Geophysique (CGG) withdrew its prior
proposal to acquire PGS' geophysical business.

As previously disclosed by the Company on September 1, 2004, CGG
made a conditional proposal to acquire PGS' geophysical business
for US$900 million, consisting of US$800 million in cash and
US$100 million in newly issued shares of CGG common stock.  The
CGG proposal was subject to fulfillment of various conditions
including, among other things, satisfactory completion of due
diligence and financing arrangements.

Based on evaluations performed by PGS management and financial
advisors, PGS' Board of Directors and management rejected the
CGG proposal as inadequate in terms of price and other
conditions.  CGG did not revise its offer prior to withdrawing
it.

PGS continues to believe in the potential benefits of seismic
industry restructuring and will continue to pursue solutions to
enhance profitability and value to PGS shareholders.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs)
and owns a small oil and gas company.  PGS operates on a
worldwide basis with headquarters in Oslo, Norway.  For more
information on Petroleum Geo-Services visit http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES
          Ola Bosterud
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400

          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


ELEKTRIM MEGADEX: Investors to Determine Future in Two Weeks
------------------------------------------------------------
Shareholders of Elektrim Megadex S.A. are to decide this month
whether to re-capitalize the company or close it down, according
to Warsaw Business Journal.

The power engineering and construction firm is in need of at
least PLN28 million to continue operations.  Its debt of PLN53
million -- which is subject of a dispute with the Treasury
Ministry -- is almost twice the amount of share capital.
Shareholders will have to decide whether to continue the
business or not at a meeting on October 22.

Commenting on the firm's row with the Treasury Ministry, Tomasz
Holc, Megadex's president, said: "We are going to win the court
case, but we are not sure how long this will take.  However, the
fact we have not yet paid our tax liabilities makes continuing
our operations impossible."

Megadex specializes in conducting investments in power plants
has been involved in building the Patnow II power plant.


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


AGRO-MONTAZH: Insolvency Manager Takes over Helm
------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy proceedings against Agro-Montazh after finding the
close joint stock company insolvent.  The case is docketed as
A47-9324/2003-14GK.  Ms. T. Shumskaya has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 460001, Russia, Orenburg, Post User Box 1515.

CONTACT:  AGRO-MONTAZH
          Russia, Orenburg region,
          Sol-Iletsk, Gontarenko Str. 1A

          Ms. T. Shumskaya
          Insolvency Manager
          460001, Russia,
          Orenburg, Post User Box 1515


AKADEM-MONOLITH-STROY: Files for External Management Bankruptcy
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced external management bankruptcy procedure on LLC
Akadem-Monolith-Stroy.  The case is docketed as A75-141-B/04.
Ms. E. Pugacheva has been appointed external insolvency manager.

CONTACT:  AKADEM-MONOLITH-STROY
          628000, Russia,
          Khanty-Mansiyskiy autonomous region,
          Khanty-Mansiysk, Lenina Str. 106A

          Ms. E. Pugacheva
          External Insolvency Manager
          628412, Russia,
          Khanty-Mansiyskiy autonomous region,
          Surgut, Post User Box 583


ANGARA: Creditors Have Until Next Month to File Claims
------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Angara after finding the open joint stock
company insolvent.  The case is docketed as A19-17286/03-34.
Mr. S. Maksimov has been appointed insolvency manager.
Creditors have until November 10, 2004 to submit their proofs of
claim to 664029, Russia, Irkutsk, Post User Box 66.

CONTACT:  Mr. S. Maksimov
          Insolvency Manager
          664029, Russia, Irkutsk,
          Post User Box 66


BELOGORODSKIY EXPERIMENTAL: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on OJSC Belogorodskiy
Experimental Mechanical Factory.  The case is docketed as
A08-7658/04-18.  Ms. O. Korolyeva has been appointed temporary
insolvency manager.

Creditors have until October 10, 2004 to submit their proofs of
claim to 167000, Russia, Komi republic, Syktyvkar, Pervomayskaya
Str. 149.  A hearing will take place at the Arbitration Court of
Belgorod region on November 19, 2004, 2:00 p.m.

CONTACT:  BELOGORODSKIY EXPERIMENTAL MECHANICAL FACTORY
          Russia, Belgorod region,
          Stroitel, 2nd Zavodskaya Str. 19

          Ms. O. Korolyeva
          Temporary Insolvency Manager
          167000, Russia,
          Komi republic, Syktyvkar,
          Pervomayskaya Str. 149


BOLSHERECHYE-STROY-1: Omsk Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
proceedings against Bolsherechye-Stroy-1 after finding the open
joint stock company insolvent.  The case is docketed as
K-E278/01.  Mr. V. Belkin has been appointed insolvency manager.
Creditors have until November 10, 2004 to submit their proofs of
claim to 644010, Russia, Omsk, Leningradskaya Square, 2A, room
5.

CONTACT:  BOLSHERECHYE-STROY-1
          646670, Russia,
          Omsk region, Bolsherechye,
          Krasnoarmeyskaya Str. 46

          Mr. V. Belkin
          Insolvency Manager
          644010, Russia, Omsk,
          Leningradskaya Square, 2A, room 5


GRANITE: Court Hires Insolvency Manager to Temporarily Run Biz
--------------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy proceedings against Granite after finding the open
joint stock company insolvent.  The case is docketed as
A26-2380/04-18.  Mr. S. Gromov has been appointed insolvency
manager.   Creditors have until October 10, 2004 to submit their
proofs of claim to 185035, Russia, Kareliya republic,
Petrozavodsk, Post User Box 35.

CONTACT:  GRANITE
          185035, Russia,
          Kareliya republic,
          Petrozavodsk, Shotmana Str. 13

          Mr. S. Gromov
          Insolvency Manager
          185035, Russia,
          Kareliya republic, Petrozavodsk,
          Post User Box 35


IRKUTSK-ZHIL-STROY: Proofs of Claim Deadline Expires Next Month
---------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Irkutsk-Zhil-Stroy after finding the close
joint stock company insolvent.  The case is docketed as
A19-8305/02-11-49.  Mr. P. Prudkin has been appointed insolvency
manager.   Creditors have until November 10, 2004 to submit
their proofs of claim to 644007, Russia, Irkutsk region,
Irkutsk, Dzerzhinskogo Str. 35.

CONTACT:  IRKUTSK-ZHIL-STROY
          644007, Russia,
          Irkutsk region, Irkutsk,
          Dzerzhinskogo Str. 35

          Mr. P. Prudkin
          Insolvency Manager
          644007, Russia,
          Irkutsk region, Irkutsk,
          Dzerzhinskogo Str. 35


KORPUS: Public Auction of Assets Next Week
------------------------------------------
The bidding organizer of Korpus will sell the firm's properties
on October 13, 2004, 12:00 noon.  It will be held at 410600,
Russia, Saratov, Kutyakova Per. 5, the assembly hall.  Up for
sale are seven assorted constructions collectively valued RUB5
million.

Preliminary examination and reception of bids are done until
October 12, 2004.  A list of documentary requirements for
participants is available at 410600, Russia, Saratov, Mirniy
Per. 5, room 5.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810100000000081 in CJSC ACB Volgoinvestbank, BIC 046311817,
correspondent account 30101810400000000817, TIN 6455025472 on or
before October 12, 2004.

CONTACT:  KORPUS
          410600, Russia,
          Saratov, im. Osipova V.I. Str. 1

          Bidding Organizer
          410600, Russia, Saratov,
          Mirniy Per, 5
          Phone: (8452) 735498


TRUST TYUMEN-GAS-PROM-STROY: Sets Deadline for Proofs of Claim
--------------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
proceedings against Trust Tyumen-Gas-Prom-Stroy after finding
the limited liability company insolvent.  The case is docketed
as A70-288/3-04.  Mr. A. Kazantsev has been appointed insolvency
manager.  Creditors have until November 10, 2004 to submit their
proofs of claim to 625026, Russia, Tyumen, Respubliki Str. 143A,
office 1105.

CONTACT:  TRUST TYUMEN-GAS-PROM-STROY
          Russia, Tyumen,
          6th Km Velizhanskogo Trakta

          Mr. A. Kazantsev
          Insolvency Manager
          625026, Russia, Tyumen,
          Respubliki Str. 143A, Office 1105
          Phone: 31-37-76


URAL: Chelyabinsk Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy proceedings against Ural (TIN 7443000073) after
finding the close joint stock company insolvent.  The case is
docketed as A76-22178/03-48-486.  Mr. I. Bulatov has been
appointed insolvency manager.  Creditors have until November 10,
2004 to submit their proofs of claim to 457246, Russia,
Chelyabinsk region, Chesmenskiy region, Novoukrainskiy.

CONTACT:  URAL
          457246, Russia,
          Chelyabinsk region,
          Chesmenskiy region, Novoukrainskiy

          Mr. I. Bulatov
          Insolvency Manager
          457246, Russia,
          Chelyabinsk region,
          Chesmenskiy region, Novoukrainskiy


YUKOS OIL: Faces New US$1 Billion Tax Bill
------------------------------------------
Russian tax authorities have served Yuganskneftegaz, Yukos Oil's
main production unit, a back tax bill of RUB27.8 billion (US$951
million), including penalties for 2002, reports say.

The amount will add to Yukos' US$7.5 billion in back taxes for
2000 and 2001.  Yukos has so far paid about US$2.5 billion of
the total.

The unit is under threat of losing its operating licenses
depending on the findings of the Ministry of Natural Resources.
Ministry officials are to meet today to decide on the matter.
The cancellation of the licenses could lower the value of the
unit, which is being evaluated for a possible sale to cover
Yukos' tax liabilities.

Analysts say the government is keen at keeping the value of
Yuganskneftegaz up to please foreign investors and shareholders,
but not too high so that it could be sold to a state-friendly
oil and gas concern, possibly Rosneft or Surgutneftegas.  It is
believed Dresdner Kleinwort Benson, the state-appointed
evaluator of the asset, will value Yuganskneftegas for auction
at a price of US$15 billion to US$17 billion.


=============================
S L O V A K   R E P U B L I C
=============================


BDV DRUZSTVO: To Start Selling Assets Soon
------------------------------------------
Bankrupt non-bank institution Bonifikacny Drukos Vynos (BDV
Druzstvo) will start selling its assets after creditors validate
the receiver's sale plan, Hospodarske Noviny says.

Creditors ruled Tuesday that the sale plan of official receiver
Tatiana Sumichrastova was valid in form.  The plan was deemed
valid without voting, after only 1,582 creditors or 9.7% of all
registered creditors attended the Tuesday meeting.  A 30% quorum
is required for a proposal to be ruled valid.  Tuesday's meeting
was the second time the quorum was not met.


ISTROKAPITAL: Cuts First-half Consolidated Loss
-----------------------------------------------
Bratislava-based financial firm Istrokapital was able to improve
it first-half results by 79% after booking only SKK27 million in
losses in 2004, Hospodarske Noviny says.

The company was able to post SKK11 million in profits, but this
was offset by SKK37 in operating loss.  Istrokapital's
first-half revenues from sale of securities and deposits fell by
60.9% to SKK287 million.  The company's sold securities and
deposits dropped from SKK728.1 million in the first six months
of 2003 to SKK226 million for the first half of 2004, according
to Bratislava Stock Exchange.


=========
S P A I N
=========


IZAR: European Commission Extends Deadline to Fix Problem
---------------------------------------------------------
European competition commissioner Mario Monti gave troubled
shipbuilder Izar until the end of the year to find a way out of
its current financial fix, El Pais says.

Enrique Martinez Robles, chairman of Sociedad Estatal de
Participaciones Industriales (SEPI), and trade unions welcomed
the extension but differed on their views regarding plans for
the troubled shipbuilder.  Mr. Martinez Robles insisted Izar has
no other choice but to declare bankruptcy once the new deadline
expires.  On the other hand, unions were optimistic of other
options and have expressed surprise on Mr. Monti's support for
the plan to separate Izar's military and civilian units.

CONTACT:  IZAR
          Velazquez Street 132
          28006 Madrid
          Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


SAS GROUP: Averts Industrial Action with Deal to Increase Wage
--------------------------------------------------------------
SAS Group agreed with the Swedish Transport Workers' Union,
after the union had given notice of industrial action on October
11.  The agreement will result in increased personnel costs that
will reduce SAS' competitive possibilities in the areas of
baggage handling, ramp services and technical maintenance.

SAS Group CEO Jorgen Lindegaard commented: "We have succeeded in
signing a new collective agreement with 38 out of 39 trade
unions to adapt SAS' cost structure to external conditions.  On
behalf of SAS employees, I regret that we did not succeed in
achieving such an agreement with the Transport Workers' Union."

SAS Group management is now conducting a review of the
operations included in the new agreement with the Transport
Workers' Union.  The consequences of the new agreement could
mean the termination or divestment of certain operations within
this area.

In its negotiations with the Transport Workers' Union, SAS
submitted a proposal for a transition to the National Agreement
for Civil Aviation.

This industry agreement applies to other airlines and ground
handling companies that are members of the Swedish Air Transport
Employers Association.

SAS offered interim rules for a transition to the National
Agreement that included work hours and compensation for
unsociable hours.  SAS management has established that there was
no willingness on the part of the Transport Workers' Union to
permit a transition to the National Agreement that would have
resulted in the same conditions for SAS as other companies have
within the Transport Workers' Union's area of agreement.

CONTACT:  SAS GROUP
          Bertil Ternert, Director Corporate Communications
          Phone: +46 8 7972081
          or
          Phone: +46 8 7974893


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


SWISS INTERNATIONAL: Refers SR Technics Dispute to Arbitration
--------------------------------------------------------------
Swiss International Air Lines Ltd. and SR Technics Switzerland
have referred their dispute over the interpretation of their
present "full-support" maintenance contract to an arbitration
process subject to Rules of Arbitration of the International
Chamber of Commerce (ICC).

The issues to be referred to the court are essentially of a
commercial nature.  Both parties will continue to fully observe
the terms and conditions of their present maintenance contract,
thereby ensuring that the high safety standards of the SWISS
Airbus fleets, which are under SR Technics' care, are maintained
throughout these proceedings.

Despite the ongoing arbitration proceedings, SWISS and SR
Technics will work closely together in order to solve the
conflict in a mutually acceptable fashion.

The arbitration process may take some time. In view of this, the
parties have agreed not to comment on it until further notice.

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


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


BEREZNE' AGROPROMTEHNIKA: Creditors' Claims Due Next Week
---------------------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against OJSC Berezne' Agropromtehnika (code EDRPOU
03760125) on August 21, 2004 after finding the open joint stock
company insolvent.  The case is docketed as 4/37.  Governing of
Pension fund of Ukraine in Berezne district has been appointed
liquidator/insolvency manager.  The company holds account number
26003619 at JSPPB Aval, Rivne branch, MFO 333227.

Creditors have until October 15, 2004 to submit their proofs of
claim to:

(a) BEREZNE' AGROPROMTEHNIKA
    34600, Ukraine, Rivne region,
    Berezne, Andriyivska Str. 66

(b) GOVERNING OF PENSION FUND OF UKRAINE IN BEREZNE DISTRICT
    Liquidator/Insolvency Manager
    34600, Ukraine, Rivne region,
    Berezne, Andriyivska Str. 48

(c) ECONOMIC COURT OF RIVNE REGION
    33001, Ukraine, Rivne region,
    Yavornitski Str. 59


GORLIVKA' METAL: Names Oleksij Davidenko Liquidator
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against CJSC Gorlivka' Plant of Reinforced Metal
Mine Fastening (code EDRPOU 00176756) on August 25, 2004 after
finding the close joint stock company insolvent.  The case is
docketed as 5/252 B.  Mr. Oleksij Davidenko (License Number AA
000250) has been appointed liquidator/insolvency manager.  The
company holds account number 26004200031575 at Ukrsocbank,
Gorklivka branch, MFO 334088.

Creditors have until October 15, 2004 to submit their proofs of
claim to:

(a) GORLIVKA' PLANT OF REINFORCED METAL MINE FASTENING
    83613, Ukraine, Donetsk region,
    Gorlivka, Vavilov Str. 37

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


KOZYATIN' MACHINE: Proofs of Claim Deadline Set
-----------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Kozyatin' Machine-Technological Station
(code EDRPOU 25499176) on August 26, 2004 after finding the
close joint stock company insolvent.  The case is docketed as
5/409-04.  Kozyatin' United State Tax Inspection has been
appointed liquidator/insolvency manager.  The company holds
account number 2600187 at OJSC Creditprombank, Vinnitsya branch,
MFO 302623.

Creditors have until October 15, 2004 to submit their proofs of
claim to:

(a) KOZYATIN' MACHINE-TECHNOLOGICAL STATION
    22100, Ukraine, Vinnitsya region,
    Kozyatin, P. Orlik Str. 10

(b) KOZYATIN' UNITED STATE TAX INSPECTION
    Liquidator/Insolvency Manager
    22100, Ukraine, Vinnitsya region,
    Kozyatin, P. Orlik Str. 19

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske shose, 7


RESOURCES: Court Hires Insolvency Manager to Temporarily Run Biz
----------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Resources (code EDRPOU 23495642) on August
26, 2004 after finding the close joint stock company insolvent.
The case is docketed as 23/128-b.  Arbitral manager Mr. Leonid
Sirotenko (License Number AA 630119 approved on December 19,
2003) has been appointed liquidator/insolvency manager.

CONTACT:  CJSC RESOURCES
          Legal address:
          01011, Ukraine, Kyiv region,
          Uzviz Pecherskij, 8

          Actual address:
          01011, Ukraine, Kyiv region,
          Patris Lumumba Str. 11

          Mr. Leonid Sirotenko
          Liquidator/Insolvency Manager
          01034, Ukraine, Kyiv region,
          Volodimirska Str. 48/2
          Phone: 8 (044) 246-37-05

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


UKRAINIAN LEASING: Bankruptcy Proceedings Commenced
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrainian Leasing Company (code EDRPOU
31086575) on August 31, 2004 after finding the firm insolvent.
The case is docketed as 24/132-b.  Arbitral manager Mr. Vasil
Moskalenko (License Number AA 250030 approved on November 19,
2001) has been appointed liquidator/insolvency manager.

CONTACT:  UKRAINIAN LEASING COMPANY
          01024, Ukraine, Kyiv region,
          Luteranska Str. 20

          Mr. Vasil Moskalenko
          Liquidator/Insolvency Manager
          65045, Ukraine, Odesa region,
          Dvoryanska Str. 13, office OUTB Center
          Phone: 8 (048) 777-64-71 26-27-24

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


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


ACTIVE MANUFACTURING: Hires Liquidator from Moore Stephens
----------------------------------------------------------
At an extraordinary general meeting of the Active Manufacturing
Limited on September 27, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the extraordinary and ordinary resolutions to wind up the
company were passed.  Roderick Graham Butcher of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB has been appointed liquidator of the company
for the purpose of this winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


ALADDINS DISCOUNT: Calls in Liquidator from UHY Hacker Young
------------------------------------------------------------
At an extraordinary general meeting of the members of the
Aladdins Discount Stores Limited (t/a Wembley Auction Sales
Rooms) on September 27, 2004 held at the offices of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew Andronikou and Ladislav Hornan have been
appointed joint liquidators for the purpose of such winding-up.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Joint Liquidators:
          Andrew Andronikou
          Ladislav Hornan
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


A.P. AEROSPACE: Director Banned from Occupying Executive Post
-------------------------------------------------------------
The director of an engineering holding company that failed with
total debts estimated at around GBP257,488 has given an
Undertaking not to hold directorships or take any part in
company management for four years.

The Undertaking by Andrew Peter Stone, 42, of Eppleworth Road,
Cottingham, Hull, was given in respect of his conduct as a
director of A.P. Aerospace Plc, which carried on business from
premises at Eppleworth Road, Cottingham, Hull.

Acceptance of the Undertaking on September 24, 2004 prevents
Andrew Peter Stone from being a director of a company or, in any
way, whether directly or indirectly, being concerned in or
taking part in the promotion, formation or management of a
company for the above period.

A P Aerospace Plc (AP) was placed into compulsory liquidation on
November 19, 2002 on the petition of the directors, Andrew Peter
Stone and Paul Swatman.  The company has an estimated total
deficiency of GBP5,801,533, including a share capital of
GBP5,544,045.

The Official Receiver at Hull conducted the investigation and
disqualification procedure.  The Insolvency Service, on behalf
of the Secretary of State for Trade & Industry, has
responsibility (under Section (6) of the Company Directors
Disqualification Act 1986) for the investigation of the conduct
of directors of failed companies and for the disqualification of
those who are considered to be unfit to be involved in the
management of companies in the future.

Matters of unfit conduct, not disputed by Andrew Peter Stone,
were that:

(a) He caused or allowed material inaccuracies to be published
    in a share offer prospectus issued on November 10, 2000.
    Despite those inaccuracies being brought to his attention by
    way of letter dated November 28, 2000 he failed to correct
    those statements.  The misrepresentations were to the
    detriment of private investors in that out of 16 responses
    to the Official Receiver 14 private investors have stated
    that they would not have invested in AP had they known about
    the inaccuracies.

(b) He failed to comply with statutory provisions and his
    fiduciary duties as a director of AP in that he failed to
    maintain and/or preserve a register of members contrary to
    Section 352 of the Companies Act 1985 or that if such a
    register was kept he failed to deliver it up to the Official
    Receiver when requested to do so.  As a result the Official
    Receiver has been unable to identify and contact the
    shareholders of the company to notify them of the
    liquidation.

(c) He failed to ensure that AP maintained full and proper
    accounting records from May 31, 2001, when the last audited
    accounts were produced, to November 19, 2002, the date of
    the Winding up Order.  Furthermore despite the inadequacy of
    the accounting records being brought to his attention during
    2001 he failed to take effective corrective actions.  As a
    result the Official Receiver has been hampered in his of the
    company in particular he has been unable to satisfy himself
    that all expenditure met by the company was for legitimate
    purposes and identify the cause of the company's failure or
    account for its deficiency.  In addition, the accounts for
    the year ended May 31, 2001 themselves were filed late
    therefore members were deprived of information that they
    might reasonably have expected to be available.

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

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

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


ARTHUR FORD: Names Tenon Recovery Administrator
-----------------------------------------------
Dilip K. Dattani and Patrick B. Ellward (IP Nos 007915, 008702)
have been appointed as administrators for Arthur Ford Limited.
The appointment was made September 27, 2004.  The company
manufactures electrical wiring.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


ASPIRE INDUSTRIES: Creditors Meeting Set Next Week
--------------------------------------------------
The creditors of Aspire Industries Limited will meet on October
14, 2004 commencing at 10:30 a.m.  It will be held at the
offices of Smith and Williamson Limited, No. 1 Riding House
Street, London W1A 3AS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith and Williamson Limited, No 1 Riding House
Street, London W1A 3AS not later than 12:00 noon, October 13,
2004.

CONTACT:  Smith and Williamson Limited
          No 1 Riding House Street,
          London W1A 3AS
          Web site: http://www.smith.williamson.co.uk


A THOMAS: Members Agree to Dissolve Company
-------------------------------------------
At an extraordinary general meeting of the members of the A
Thomas Building & Joinery Limited on September 28, 2004 held at
Judges Hotel, Kirklevington, Yarm, Cleveland TS15 9LW, the
extraordinary and ordinary resolutions to wind up the company
were passed.  David Anthony Horner of David Horner & Co, 11
Clifton Moor Business Village, James Nicolson Link, Clifton
Moor, York YO30 4XG has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village,
          James Nicolson Link, Clifton Moor,
          York YO30 4XG


BLUEGRID GROUP: Hires Administrator from Capital Insolvency
-----------------------------------------------------------
Colin A Sefton (IP No 6495) has been appointed administrator for
Bluegrid Group Plc.  The appointment was made September 21,
2004.  The company offers information technology services.

CONTACT:  CAPITAL INSOLVENCY SERVICES LIMITED
          Regent House,
          24-25 Nutford Place,
          London W1H 5YN


BOND BROS: Brings in Administrators from Grant Thornton
-------------------------------------------------------
Nigel Morrison (IP No 8938) and Duncan Swift (IP No 8093) have
been appointed administrators for agricultural company Bond Bros
(Motor & Agricultural) Engineers Limited.  The appointment was
made September 24, 2004.

CONTACT:  GRANT THORNTON
          43 Queen Square,
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax:   0117 926 5458
          Web site: http://www.grant-thornton.co.uk

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


BRINDLE HOMES: Members Opt to Liquidate Assets
----------------------------------------------
At a general meeting of the members of Brindle Homes Ltd., the
special and ordinary resolutions to wind up the company were
passed.  Tony Freeman of Tony Freeman & Company, New Maxdov
House, 130 Bury New Road, Prestwich, Manchester M25 0AA has been
appointed as liquidator for the company.

CONTACT:  TONY FREEMAN & COMPANY
          New Maxdov House,
          130 Bury New Road,
          Prestwich, Manchester M25 0AA


CORETEC LIMITED: Administrators Put up 'For Sale' Sign
------------------------------------------------------
The Joint Administrators, Gary Bell and Richard William Traynor,
offer for sale the business and assets of Coretec Limited (in
administration).

Principal features are:

(a) Annual turnover of around GBP4.3 million;

(b) Situated on a leasehold site in Bedfordshire adjacent to the
    A1;

(c) Various electroless and electrolytic plating lines;

(d) CNC multi-head drilling and routing;

(e) Laser plotting and film registration; and

(f) Complete effluent treatment and acid frame scrubbing plants

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com

          Gary Bell
          Phone: 0161 839 0900
          Fax: 0161 832 7436


CROYDON TRAINING: Liquidator's Final Report Due Next Month
----------------------------------------------------------
The final meeting of the members of Croydon Training Centre
Limited will be on November 10, 2004 commencing at the offices
of Benedict Mackenzie, 3-4 Mulgrave Court, Mulgrave Road,
Sutton, Surrey SM2 6LF.

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 of hearing 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 Benedict Mackenzie, 3-4 Mulgrave Court, Mulgrave Road,
Sutton, Surrey SM2 6LF not later than 12:00 noon, November 9,
2004.

CONTACT:  BENEDICT MACKENZIE
          3-4 Mulgrave Court,
          Mulgrave Road, Sutton,
          Surrey SM2 6LF
          Phone: 020 8642 2252
          Fax: 020 8661 0197
          Web site: http://www.benemack.com


DRAYCOTE HOUSEL: Calls Meeting to Hear Liquidator's Update
----------------------------------------------------------
The general meeting of the members of Draycote House Limited
will be on November 11, 2004 commencing at 11:00 a.m.  It will
be held at Fields, Asden House, 1-5 Victoria Street, West
Bromwich, West Midlands B70 8HA.

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 Fields, Asden House, 1-5 Victoria Street, West Bromwich,
West Midlands B70 8HA.


EURODIS ELECTRON: Names Grant Thornton New Auditor
--------------------------------------------------
Special Business passed at the Company's 21st Annual General
Meeting on 28 September 2004.

     Ordinary Resolution:
     --------------------

     THAT Grant Thornton U.K. LLP be appointed auditors of the
Company in place of the retiring auditors to hold office until
the conclusion of the next General Meeting at which accounts are
laid before the Company and their remuneration to be fixed by
the Directors

     Special Resolutions
     -------------------

(1)  THAT the Directors be and are hereby generally and
unconditionally authorized for the purposes of Section 80 of the
Companies Act 1985 ('the Act', references to which include any
modification or re-enactment thereof for the time being in
force) during the period ending on the earlier of the conclusion
of the next Annual General Meeting of the Company or the earlier
of the date falling fifteen months after the passing of this
Resolution to exercise all the powers of the Company to allot
relevant securities (within the meaning of Section 80(2) of the
Act) and to make any offer or agreement which would or might
require such securities to be allotted after that date and to
implement the same provided that:

     (i) the aggregate nominal amount of the relevant securities
         allotted under this authority shall not exceed
         GBP3,751,294 (representing 39.6% of ordinary shares of
         1 pence each in the capital of the Company issued);

    (ii) this authority revokes any authority previously granted
         to the Directors to allot relevant securities but so
         that such revocation shall not have retrospective
         effect; and

   (iii) the Company may before the expiry of this activity make
         an offer or agreement that would or might require any
         relevant securities to be all offered after such expiry
         and the Directors may allot any relevant securities
         pursuant to any such offer or agreement as if the
         authority thereby conferred had not expired.

(2)  THAT

     the Directors be and are hereby empowered for the purposes
of Section 95 of the Act, to allot equity securities (within the
meaning of Section 94 (2) of the Act pursuant to the authority
conferred by the Resolution above) as if sub-section (1) of
Section 89 of the Act did not apply to such allotment, save that
this power shall be limited to:

      (i) the allotment of equity securities in connection with
          any offer made by way of rights where that offer, so
          far as it comprises the allotment of equity securities
          of the Company for cash, is made in respect of
          holdings of Ordinary shares in proportion (as nearly
          as may be) to the respective numbers of Ordinary
          shares held or deemed to be held at the record date
          for the offer, and if made in respect of equity
          securities of any other class is made consistently
          with the rights attaching thereto, subject only to
          such exclusions or other arrangements as the Directors
          may deem necessary or expedient to deal with
          fractional entitlements or legal, regulatory or
          practical problems arising in relation to any overseas
          territory; and

     (ii) the allotment of equity securities for cash (otherwise
          than as mentioned in paragraph (i) of this resolution)
          up to an aggregate nominal amount of GBP473,345; and
          shall expire on the earlier of the conclusion of the
          next Annual General Meeting of the Company or the
          earlier of the date falling fifteen months after the
          passing of this Resolution save that the Directors
          may, before such expiry, make any offer or agreement
          which would or might require equity securities to be
          allotted after such expiry.

Registered Office
28 September 2004
Electron House
43, London Road
Reigate
Surrey, RH2 9PW

A copy of this document has been submitted to the U.K. Listing
Authority and will shortly be made available for inspection at
the U.K. Listing Authority's Document Viewing Facility, which is
situated at:

Financial Services Authority, 25 The North Colonade, Canary
Wharf, London E14
5HS
Phone: 020 7676 1000

CONTACT:  EURODIS ELECTRON PLC
          Doug Rogers
          Non-Executive Chairman
          Phone: 01737 242 464

          Steven Swayne
          Chief Executive
          Phone: 01737 242 464

          Peter Grant
          Group Finance Director
          Phone: 01737 242 464


FORD COMMUNICATIONS: Appoints Administrators from Tenon Recovery
----------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward (IP Nos 007915, 008702)
have been appointed administrators for Ford Communications
Limited.  The appointment was made September 27, 2004.  The
company manufactures electronic components.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


GLOBAL MARINE: Names The MacDonald Partnership Administrator
------------------------------------------------------------
Douglas MacDonald (IP No 8642) has been appointed administrator
for Global Marine Systems Limited.  The appointment was made
September 28, 2004.  The company is engaged in
telecommunications and sea transport.  Its registered office is
located at East Saxon House, 27 Duke Street, Chelmsford CM1 1HT.

CONTACT:  THE MACDONALD PARTNERSHIP
          81 St Martin's Lane,
          London WC2N 4AA


JACK KNIGHT: PricewaterhouseCoopers Takes over Helm
---------------------------------------------------
Paul William Harding (IP No 99792) and Julia Elizabeth Branson
(IP No 99372) have been appointed as joint administrators for
Jack Knight (Developments) Limited.  The appointment was made
September 24, 2004.  The company is engaged in general
mechanical engineering.  Its registered office is located at
Butts Road, Woking, Surrey GU21 6JX.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          1 Kingsway,
          Cardiff CF10 3PW
          Phone: [44] (29) 2023 7000
          Fax: [44] (29) 2080 2400, 2404(VAT)
          Web site: http://www.pwc.com

          PRICEWATERHOUSECOOPERS LLP
          9 Greyfriars Road,
          Reading RG1 1JG
          Phone: [44] (118) 959 7111
          Fax: [44] (118) 960 7700
          Web site: http://www.pwc.com


J F RATCLIFF: Receivers Hunt for Buyers
---------------------------------------
The Joint Administrative Receivers, W. J. Kelly and J. P. N.
Martin, invite offers for the businesses of J F Ratcliff
(Metals) Limited and Shimfoil Limited.  Both companies are based
in leased accommodation in central Birmingham.

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          Phone: 0121 200 8150
          Fax: 0121 200 8160
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


LAWSON RODWELL: Liquidator to Give Update Next Month
----------------------------------------------------
The general meeting of the members of Lawson Rodwell Limited
will be on November 5, 2004 commencing at 11:45 a.m.  It will be
held at Anchor Brewhouse, 50 Shad Thames, Tower Bridge City,
London SE1 2YB.

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.


LEGENDS LEISURE: Calls First Creditors' Meeting
-----------------------------------------------
The first meetings of the contributories and creditors of
Legends Leisure Limited will be on October 19, 2004.  It will be
held at 6-8 Michael Street, Peel in the Isle of Man.

Creditors or contributories who want to be represented at the
meeting may appoint proxies.   Proxy forms must be submitted
together with written debt claims to Shimmin Wilson & Co, 13-15
Hope Street, Douglas, Isle of Man not later than 4:00 p.m.,
October 18, 2004.

CONTACT:  SHIMMIN WILSON & CO
          13-15 Hope Street,
          Douglas, Isle of Man
          Phone: 01624 627744
          Fax: 01624 629666
          E-mail: shimminwilson@advsys.co.uk


L.S.A. PRESENTATIONS: Brings in Liquidators
-------------------------------------------
At an extraordinary general meeting of the members of the L.S.A.
Presentations And Events Limited on September 10, 2004 held at
Square Root Business Centre, 102 Windmill Road, Croydon, Surrey
CR0 2XG, the extraordinary and ordinary resolutions to wind up
the company were passed.  Jeremy Charles Frost and Andrew
William Thompson of The Thompson Partnership, Square Root
Business Centre, 102 Windmill Road, Croydon, Surrey CR0 2XQ have
been appointed joint liquidators of the company for the purpose
of the voluntary winding-up.

CONTACT:  THE THOMPSON PARTNERSHIP
          Square Root Business Centre,
          102 Windmill Road,
          Croydon, Surrey CR0 2XQ
          Joint Liquidators:
          Jeremy Charles Frost
          Andrew William Thompson


MERTON HALL: Aquatic Plants Supplier Looking for Buyer
------------------------------------------------------
Nigel Millar and Mandy Smart, Joint Receiver of Merton Hal Pond
Limited, offer for sale the business and assets of a
well-established supplier of aquatic plant, landscape and
biodegradable civil engineering products.

Initial business details:

(a) First-half turnover of GBP1 million for 2004, with forecast
    turnover of GBP2 million with particularly high gross
    margins;

(b) Established 20 years ago, the company is the largest grower
    and supplier of aquatic plants in the U.K.,

(c) Substantial stocks in trade;

(d) Serves 220 U.K. retail outlets;

(e) U.K. market leader in biodegradable civil engineering and
    landscape products; and

(f) Specialist contractor to the aquatic landscape and civil
    engineering industry.

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

          Mark Oldfield
          E-mail: mark.oldfield@bakertilly.co.uk

          Nicola Purnell
          E-mail: nicola.purnell@bakertilly.co.uk


NK EUROPE: Members Final Meeting Set November
---------------------------------------------
The final meeting of the members of NK Europe Limited will be on
November 2, 2004 commencing at 10:30 a.m.  It will be held at
the offices of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT.

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

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


PENNYBEE OF WIMBLEDON: In Administrative Receivership
-----------------------------------------------------
John Edward Richardson and Anne Leslie Richardson called in
Steven Draine and David Rolph (Office Holder Nos 8866, 5930) as
joint administrative receivers for Pennybee Of Wimbledon Ltd.
(Reg No 2419700, Trade Classification: 5244).  The application
was filed September 29, 2004.  Previously named Merchantmen
Limited, the company sells kitchens and appliances, bathrooms
and fitted furniture.

CONTACT:  MOORE STEPHENS
          3-5 Rickmansworth Road,
          Watford, Hertfordshire WD18 0GX
          Web site: http://www.moorestephens.co.uk


PROFUND HOLDINGS: Creditors' Meeting Next Week
----------------------------------------------
The creditors of Profund Holdings Limited will meet on October
13, 2004 commencing at 11:00 a.m.  It will be held at The
Sherlock Holmes Hotel, 108 Baker Street, London W1U 6LJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, October 12, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


ROBOR CARTONS: Receiver Calls Creditors' Meeting
------------------------------------------------
The creditors of Robor Cartons Limited will meet on October 18,
2004 commencing at 11:00 a.m.  It will be held at Hilton
Brighton Metropole Hotel, Kings Road, East Sussex, Brighton BN1
2FU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor (South) LLP, 32 Cornhill, London
EC3V 3BT not later than 12:00 noon, October 15, 2004.

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


SALT N PEPPER: First Liquidation Meeting Slated Next Week
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Salt N Pepper Ltd.
                        (in Liquidation)

I, of Baker Tilly, Breckenridge House, 247 Sauchiehall Street,
Glasgow G2 3EH hereby give notice that I was appointed Interim
Liquidator of Salt N Pepper Ltd. on September 7, 2004 by the
Interlocutor of the Sheriff at Court of Session.

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
Breckenridge House 274 Sauchiehall Street Glasgow G2 3EH on
October 15, 2004 at 10:00 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.

George S. Paton, Interim Liquidator
September 13, 2004

CONTACT:  BAKER TILLY
          Breckenridge House,
          274 Sauchiehall Street,
          Glasgow G2 3EH
          Phone: 0141 307 5000
          Fax: 0141 307 5005
          E-mail: david.gwilliam@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


SIMS NOMINEES: Calls in Liquidator
----------------------------------
At an extraordinary general meeting of the members of the Sims
Nominees Limited on September 28, 2004 held at 1 Tower Place
West, Tower Place, London EC3R 5BU, the special resolution to
wind up the company was passed.  Richard Andrew Segal has been
appointed liquidator for the purpose of such winding-up.


SLC DRIVERS: Statement of Affairs Out Next Week
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF SLC Drivers Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of SLC Drivers Ltd. will
be held at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, SS1 2EG on October 15, 2004 at 3:30 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 The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, SS1 2EG 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
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

Louise D. Baxter of Begbies Traynor The Old Exchange, 234
Southchurch Road, Southend-on-Sea, SS1 2EG is a person qualified
to act as an Insolvency Practitioner in relation to the Company
who will, during the period before the day of the Meeting
furnish creditors free of charge with such information
concerning the Company's affairs as they may reasonably require.

By Order of the Board.

S. L. Corbersmith, Director
August 31, 2004

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


SPELLBOUND TECHNOLOGY: Final Meeting of Members November
--------------------------------------------------------
The final general meeting of the members of Spellbound
Technology Limited will be on November 11, 2004 commencing at
12:00 noon.  It will be held at Johnston House, 8 Johnston Road,
Woodford Green, Essex IG8 0XA.

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.


THE BAGWASH: May Appoint Liquidator Next Week
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF The Bagwash Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of The Bagwash Ltd. will
be held at Griffin Court, 201 Chapel Street, Manchester, M3 5EQ
on October 15, 2004 at 12:00 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 Griffin Court,
201 Chapel Street, Manchester, M3 5EQ 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
Griffin Court, 201 Chapel Street, Manchester, M3 5EQ 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 Kay Johnson Gee, Griffin Court, 201 Chapel
Street, Manchester, M3 5EQ two business days prior to the
meeting.

By Order of the Board.

S. Finni, Director

CONTACT:  KAY JOHNSON GEE & CO.
          Griffin Court
          203 Chapel Street
          Manchester M3 5EQ
          Phone: 01618326221


THE FORD: Hires Tenon Recovery as Administrator
-----------------------------------------------
Dilip K Dattani and Patrick B Ellward (IP Nos 007915, 008702)
have been appointed as administrators for holding company The
Ford Group Of Nottingham Limited.  The appointment was made
September 27, 2004.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


WILSON FORD: Calls in Administrator from Tenon Recovery
-------------------------------------------------------
Dilip K Dattani and Patrick B Ellward (IP Nos 007915, 008702)
have been appointed as administrators for Wilson Ford Limited.
The appointment was made September 27, 2004.  The company is
engaged in general mechanical engineering.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


WINCHESTER LONDON: Members Meeting Set Next Month
-------------------------------------------------
The general meeting of the members of Winchester London Trust
Plc will be on November 5, 2004 commencing at 10:45 a.m.  It
will be held at 76 New Cavendish Street, London W1G 9TB.

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.


                            *********


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

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

Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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

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

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delivered via e-mail.  Additional e-mail subscriptions for
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