TCREUR_Public/041011.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

            Monday, October 11, 2004, Vol. 5, No. 201

                            Headlines

B U L G A R I A

NATSIONALNA ELEKTRICHESKA: Long-term Corporate Credit Rated 'BB'


F R A N C E

ALCATEL: Senior Unsecured Rating Upped to 'BB'; Outlook Positive
CMA CGM: Corners Contract to Manage Malta Freeport
PERRIER: Nestle Waters Chairman Issues Profit Warning
TATI: 5 Stores Excluded in Vetura Takeover Attract Buyers


G E R M A N Y

ANTON SCHMITTLEIN: Under Bankruptcy Administration
CEPTRAPHARM GMBH: Creditors Have Until November to File Claims
EDELMANN MIDEST: Clothing Firm Succumbs to Bankruptcy
FERDINAND ZIMMERMANN: Meat Processor Files for Bankruptcy
HAGE BAUUNTERNEHMUNG: Creditors' Claims Due November
IBZ BAU: Hannover Court Appoints Provisional Administrator
KARSTADTQUELLE AG: Cerberus Offers Undisclosed Sum for 77 Stores


G R E E C E

NAOUSSA SPINNING: Closure Displaces 98 Workers


I T A L Y

CAPITALIA SPA: Launches EUR500 Million Subordinated Bond Issue
COMPAGNIA ITALIANA: Unions Want Management to Spill Real Score
FIAT AUTO: Appoints New Fleet Management Director
PARMALAT FINANZIARIA: Administrator Sues Bank of America
PARMALAT FINANZIARIA: African Subsidiaries Complete Refinancing


K Y R G Y Z S T A N

AITKULU: Under Bankruptcy Supervision
AVANGARD: Creditors' Meeting Set Today
KAMKOR: Selling KGS2.6 Million Worth of Properties
KARA-SUU: Creditors' Meeting Set Later this Week
KOY-TASH: Deadline for Bids Expires Today

KURULUSH-BANK: Selling Assorted Assets Tomorrow
KYRGYZ CHEMICAL: Sets Public Auction of Real Estate Properties
TECHNOPOLIS: Holds Public Sale of Assets
VOSST: Public Auction of Assets Slated this Week


L U X E M B O U R G

TEKSID ALUMINUM: Reports EUR0.8 Million Operating Loss


R O M A N I A

ROMPETROL GROUP: Meets Debt-financing Obligations as Scheduled


R U S S I A

AIRPORT KEMEROVO: Sets Second Public Auction this Week
ENISEYSKAYA: Under Bankruptcy Supervision
FRIDRIKHA ENGELSA: Omsk Court Appoints Insolvency Manager
GAS-SERVICE: Claims Deadline Set November
INTERSVYAZ: Undergoes Bankruptcy Supervision Procedure

LARGE PANELS: Insolvency Manager to Temporarily Run Business
RYBNO-SLOBODSKOYE BREAD: Names I. Kuchumov Insolvency Manager
SELKHOZ-TECHIKA: Selling RUB7.8 Mln Worth of Properties Today
SIB-FOREST: Gives Creditors Until Next Month to File Claims
VOROTYNSKIY FOOD: Under Bankruptcy Supervision

WEB-INVEST BANK: Ups Share Capital to RUB2.1 Billion
YUKOS OIL: Authorities Probe Siberian Unit for Tax Evasion
YUKOS OIL: Court Rejects Appeal to Unfreeze Bank Accounts
YUKOS OIL: Returns Sibneft Stake to Former Owner


S L O V A K   R E P U B L I C

LUDOVA BANKA: Fitch Affirms Individual Rating at 'C/D'


S P A I N

PREMSA CATALANA: Lenders Approve Bankruptcy Plan


S W E D E N

LM ERICSSON: Sets Press, Analysts Conference Call October 22


U K R A I N E

BAR SUGAR: Sets Deadline for Filing of Claims
KRASNOKUTSK' REPAIR: Proofs of Claim Deadline Saturday
LAN: Insolvency Manager to Temporarily Run Business
PLUZHNE' REPAIR: Court Commences Bankruptcy Supervision
PROGRESS: Proofs of Claim Deadline Expires this Week

SLAVIYA: Undergoes Bankruptcy Supervision Procedure
UKRTRANS-MUKACHEVO: Court Orders Debt Moratorium
ZAHIDRESURS: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ALLARD & SAUNDERS: Members Agree to Liquidate Firm
ALLISON & BELL: Members Final Meeting Set Next Month
ALTERNATIVE BAR: Owners Take Steps to Liquidate Business
BAKER ALMOND: Creditors' Meeting Set Next Week
BEARINGS RESTORATIONS: Calls in Liquidator

BOMACKS CONTRACTORS: Appoints Begbies Traynor Liquidator
BPC COMMERCIAL: Hires Liquidator from Maidment Judd
CAMPBELL-LEE CONTRACTS: Sets Creditors Meeting Next Week
CHANCERY NO. 3: Liquidator to Deliver Report November
COMPASS SECURITIES: Winding up Resolutions Passed

CORINIUM HOLDINGS: KPMG Takes over Day-to-day Operation
COWAN HILL: Hires Grant Thornton as Administrator
CRAVEN BROS: Sets Members Final Meeting November
D & P ENGINEERING: Names Poppleton & Appleby Administrator
EDISUS LIMITED: Members Agree to Dissolve Company

EFFECTIVE IT: Extraordinary Winding up Resolution Passed
ENTERPRISE CAPITAL: Hires Ernst & Young as Liquidator
FREEDOM SCOTLAND: Members, Creditors to Meet Later this Month
HT (UK): Appoints Grant Thornton Administrator
HUTT'S FURNISHINGS: Deadline for Filing of Claims Set

ISOTECH TECHNOLOGIES: In Administrative Receivership
KVAERNER ENVIRONMENTAL: Liquidator's Final Report Out November
MOSS BROS: Returns First-half Profit After Five Years
PRIMAVISION LIMITED: Liquidator to Give Update Thursday
RAMCO ENERGY: Reports GBP1 Mln First-half After-tax Loss

RBC DOMINION: Appoints PricewaterhouseCoopers Liquidator
REAL TRAVEL: Calls in Liquidator
ROYAL MAIL: Deputy Chairman Elmar Toime Resigns
SERCO SERVICES: Final Meeting of Creditors Set November
SHIMFOIL LIMITED: Bibby Factors Brings in Receiver

THRESHOLD FLOORINGS: Special Winding up Resolution Passed
TISI (UK): Final General Meeting Set Next Month
T J MEADE: Creditors Appoint Liquidator
UNIQUE INNS: Hires Administrators from Numerica
WHITE CROSS: Liquidators Call Final Members Meeting

* FSCS Declares 33 Firms in Default

* Research Firm Launches Insolvency, Restructuring Yearbook


                            *********


===============
B U L G A R I A
===============


NATSIONALNA ELEKTRICHESKA: Long-term Corporate Credit Rated 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Bulgaria-based electricity
transmission grid operator Natsionalna Elektricheska Kompania
EAD (NEK).  The outlook is stable.

"The ratings on NEK reflect its exposure to Bulgaria's still-
weak transition-economy environment, the short operating track
record of the company and the regulator, as well as the
company's significant, partly debt-funded investment needs,"
said Standard & Poor's credit analyst Magnus Pettersson.  "These
factors are mitigated by the company's strong business position
and strategic importance as the state-owned monopoly electricity
transmission grid operator and electricity exporter.  The
ratings also benefit from a supportive regulatory environment."

The ratings on NEK do not factor in any significant government
support, and primarily reflect the company's stand-alone credit
quality.  NEK's new debt is not expected to be covered by
government guarantees, although some of its existing debt is.

The Republic of Bulgaria (foreign-currency rating BBB-/Stable/A-
3; local-currency BBB/Stable/A-3) owns 100% of NEK, and there
are no plans to privatize the company in the near future.  This
reflects NEK's vital role in the government's ongoing
liberalization of the Bulgarian energy market.

"We expect a continued stable development of the energy
liberalization process and regulations relating to NEK,
including tariff increases to balance investments," added Mr.
Pettersson.

At June 30, 2004, NEK had debt of about BGL182.6 million (EUR94
million).

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

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

          NATSIONALNA ELEKTRICHESKA KOMPANIA EAD
          5 Veslets Street;
          1040 Sofia, Bulgaria
          Phone: (+ 359 2) 9263 636
          Fax: + (359 2) 980 12 43; (+ 359 2) 987 25 50
          E-mail: nek@nek.bg
          Web site: http://www.nek.bg


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F R A N C E
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ALCATEL: Senior Unsecured Rating Upped to 'BB'; Outlook Positive
----------------------------------------------------------------
Fitch Ratings upgraded Alcatel S.A.'s Senior Unsecured rating to
'BB' from 'BB-' and changed its rating Outlook to Positive from
Stable.

The rating action reflects Alcatel's improving financial profile
in recent quarters, the early signs of recovery in a number of
Alcatel's markets and the strong liquidity maintained by the
company.  Alcatel is nearing the completion of its cost base
restructuring, and with revenues streams starting to level out,
the company is increasingly expected to be profitable both at an
operating and net income level.

"Alcatel, along with all the equipment manufacturers has been
through an extremely tough time over the past couple of years.
The company has done well however, coming out of the recession
in equipment spending with a much lighter cost base, a strong
balance sheet and its technology leading positions in tact,"
says Stuart Reid, Director in the European TMT group.  "We no
longer expect revenues to continue to fall and believe the
company is in good shape to operate profitably in today's much
reduced demand environment."

The scale of the crisis in telecom equipment is graphically
illustrated by Alcatel's revenues, which fell by 35% and 24% in
2002 and 2003 respectively.  Its H104 performance, however,
suggests that revenues are beginning to stabilize with Q104
sales roughly flat year-on-year and Q204 sales ahead by 3.7%
from a year ago.  Company guidance for Q304 is for revenue
growth of 10%.  While longer-term revenue visibility remains
difficult, market conditions are reported to be improving in a
number of Alcatel's key markets.

Against this background Alcatel has dramatically restructured
its cost base, reducing headcount from a high of 119,000 to
59,000 (as at 2Q04) and is achieving operating costs which are
now roughly half that reported at the height of the technology
boom.  The company has skillfully managed its way through the
spending crisis, maintaining leadership positions in
technologies with good medium-term demand prospects.

Alcatel is the world market leader in DSL access equipment, a
segment that is currently enjoying good demand.  The company is
number one in optical networking with 15% market share and a
leading supplier of TV and video over DSL.  In mobile
communications the company maintains a 12% share of the
GSM/GPRS/EDGE market and has been improving its position in this
segment.  Within its private communications division, Alcatel
has a long established position as the number one in
telecommunications satellites, a business that is being combined
with the satellite communications business of Finmeccanica to
create the leader in the European satellite industry.  Alcatel
is the leader in the IP PBX market in Western Europe and through
Genesys, remains the world leader in call center solutions.

The company has managed its cash flow well, significantly
reducing working capital, suspending dividend payments and
reducing its own capital expenditures.  It has reported a
positive net cash position in each of the past seven quarters,
and has been profitable at the operating level for each of the
past five quarters.  It also generated positive funds from
operations in Q204, the first time in three years.

The biggest uncertainty remains revenue visibility.  While the
company has provided guidance for H204, prospects for 2005
remain unclear.  While the company is positioned well for growth
in emerging markets, service providers in developed markets
remain committed to capital expenditure reductions.  The
prospect of a flat to low growth environment in these markets is
a real possibility, for the foreseeable future.

The Positive Outlook reflects the potential for further ratings
upgrades over the next 12-18 months.  With close control of both
its cost base and cash flow, any improvement in the revenue
environment should have a direct impact on profitability.  It
will be important, however, for Alcatel to maintain the
financial discipline that has helped it through the telecom
equipment crisis.  Of particular importance will be the
company's ability to report consistent positive funds from
operations.  Risks to this prognosis include the potential
reversal of working capital gains, a relaxation of vendor
finance controls and potential M&A activity.

The rating was initiated by Fitch as a service to users of its
ratings and is based on public information.

CONTACT:  FITCH RATINGS
          Stuart Reid, London
          Phone: +44 (0) 20 7417 4323

          Richard Petit
          Phone: +44 (0) 20 7862 4103

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084

          ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


CMA CGM: Corners Contract to Manage Malta Freeport
--------------------------------------------------
The government of Malta granted CMA CGM Group the 30-year
concession to operate the Malta Freeport Terminals Ltd.

CMA CGM entrusted Portsynergy (a joint CMA CGM/P&O Ports
subsidiary) to manage terminal operations according to the
principle of a common user terminal providing equal and fair
access to all shipping companies at competitive rates.  A major
investment program will be deployed by CMA CGM to upgrade the
existing port infrastructures and improve the productivity of
MFTL.

With 812,000 TEUs in 2003, CMA CGM represent more than 60% of
the activity of MFTL via 10 mother vessel and over 15 feeder
calls per week.  During the year, the port handled a total
volume of more than 1.3 million TEUs.  The acquisition
represents a major step forward in CMA CGM's commitment to
investing in strategic terminals.

                            *   *   *

In May, Standard & Poor's Ratings Services raised its long-term
corporate credit rating on CMA CGM S.A. to 'BB+' from 'BB'.  At
the same time, Standard & Poor's affirmed its 'BB-' senior
unsecured debt rating on CMA CGM's EUR100 million notes due
2013, and removed them from CreditWatch, where they had been
placed on October 22, 2003.  The Outlook is stable.

CONTACT:  CMA CGM
          Communication
          Phone: (+33 0) 4 88 91 90 35
          Fax:   (+33 0) 4 88 91 90 39
          E-mail: ho.communicationcorporate@cma-cgm.com


PERRIER: Nestle Waters Chairman Issues Profit Warning
-----------------------------------------------------
Nestle's mineral water subsidiary might post a loss this year
due to increased competition from rivals.  A Les Echos report
quoted Nestle Waters France Chairman Richard Girardot saying
Perrier might register a -2% EBITDA margin this year, as
customers continue to prefer Danone's Badoit sparkling water
brand.

Last year, the company posted an EBITDA margin of 0.6%, thanks
mainly to the summer heat wave.  Perrier earlier threatened to
sell the business after trade unions repeatedly rejected its
early retirement offer.  It shelved the plan after convincing
the CGT union recently to accept the package for some 1,000
employees.

CONTACT:  NESTLE WATERS FRANCE S.A.
          9, Rue Maurice
          Mallet TSA 40001
          92793 Issy Les Moulineaux
          Cedex 9
          Phone: 33 (0) 1 41 23 38 00
          Fax: 33 (0) 1 41 23 69 00
          Web site: http://www.nestle-waters.com


TATI: 5 Stores Excluded in Vetura Takeover Attract Buyers
---------------------------------------------------------
The works council of discount clothing chain Tati approved
Tuesday offers made for the retailer's five remaining outlets,
Le Monde says.

The Boxer group and record retailer Alicia Media submitted bids
to acquire Tati's remaining five outlets, which textile group
Vetura did not acquire in August.  It is now up to French courts
to choose the winning bidder for the outlets.

Vetura acquired Tati's other 23 stores in August for EUR14.5
million.  The five stores that were excluded in the sale have
been allowed to continue operating until a new buyer is found.

CONTACT:  TATI
          4 Boulevard Rochechouart
          75018 Paris 18
          Phones: 01 55 29 50 00
                  01 58 22 28 90
                  01 56 80 06 80
                  01 53 80 97 70
                  01 53 01 24 90
          E-mail: contact@tati.fr
          Web site: http://www.tati.fr


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


ANTON SCHMITTLEIN: Under Bankruptcy Administration
--------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Anton Schmittlein Bauunternehmung Aktiengesellschaft on
September 17.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 22, 2004 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on October 27, 2004, 10:50 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 23, 2005, 10:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  ANTON SCHMITTLEIN BAUUNTERNEHMUNG AKTIENGESELLSCHAFT
          Burggrafenstr. 3,10787 Berlin
          Phone: 030 / 254 85 - 0
          Fax: 030 / 262 95 07
          Web site: http://www.anton-schmittlein.de

          Dr. Christoph Schulte-Kaubrugger
          Insolvency Manager
          Genthiner Str. 48, 10785 Berlin


CEPTRAPHARM GMBH: Creditors Have Until November to File Claims
--------------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Ceptrapharm GmbH on September 20.  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 Manfred
Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 11:15 a.m. at the district court of
Munster 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.

Ceptrapharm is involved in medical research and information.

CONTACT:  CEPTRAPHARM GMBH
          Salzstrasse 59, 48143 Munster
          Contact:
          Thomas Isensee, Manager
          Salzstrasse 59, 48143 Munster

          Manfred Vellmer, Insolvency Manager
          Rothenburg 20/21, 48143 Munster
          Phone: 0251/511801
          Fax: +492519277785

          DISTRICT COURT OF MUNSTER
          Gebaudeteil Eingang B
          Gerichtsstrasse 2 - 6, 48149 Munster, EG, Saal 13 B


EDELMANN MIDEST: Clothing Firm Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against clothing company Edelmann Midest GmbH on September 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 23,
2004 to register their claims with court-appointed provisional
administrator Klaus Thiery.

Creditors and other interested parties are encouraged to attend
the meeting on October 29, 2004, 9:00 a.m. at the district court
of Saarbrucken at which time the administrator will present his
first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
December 17, 2004, 9:00 a.m. at the same venue.

CONTACT:  EDELMANN MIDEST GMBH
          Industriestrasse 3, 66129 Saarbrucken
          Phone: +49 (0) 6805 - 914-200
          Fax: +49 (0) 6805 - 914-240
          E-mail: info@ede-mid.com
          Sales E-mail: sales@ede-mid.com
          Web site: http://www.ede-mid.com

          Contact:
          Dipl.-Kaufmann Bernhard Edelmann, Manager
          Auf der Schanz 13, 66386 St. Ingbert

          Klaus Thiery, Insolvency Manager
          Poststrasse 30, 66687 Wadern
          Phone: (06871) 90030
          Fax: (06871) 900321

          DISTRICT COURT OF SAARBRUCKEN
          Aussenstelle Sulzbach
          Vopeliusstrasse 2, 66280 Sulzbach, 2.


FERDINAND ZIMMERMANN: Meat Processor Files for Bankruptcy
---------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Ferdinand Zimmermann Fleisch- u. Wurstwaren GmbH on
September 21.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 2, 2004 to register their claims with court-appointed
provisional administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2004, 9:10 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.

Ferdinand Zimmermann processes and sells meats and sausage
products.

CONTACT:  FERDINAND ZIMMERMANN FLEISCH- U. WURSTWAREN GMBH
          Im Tal 100, 45529 Hattingen
          Contact:
          Ferdinand Zimmermann, Manager
          Jens Zimmermann

          Georg F. Kreplin, Insolvency Manager
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40

          DISTRICT COURT OF ESSEN
          Hauptstelle, Zweigertstr. 52
          45130 Essen, I.OG, gelber Bereich, Saal 185


HAGE BAUUNTERNEHMUNG: Creditors' Claims Due November
----------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against construction firm HAGE Bauunternehmung GmbH on September
22.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until November
15, 2004 to register their claims with court-appointed
provisional administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting on December 9, 2004, 10:00 a.m. at the district
court of Munster 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:  HAGE BAUUNTERNEHMUNG GMBH
          Germaniastrasse 15, 48599 Gronau
          Contact:
          Heinrich Gehling, Manager

          Andreas Sontopski, Insolvency Manager
          Gnoiener Platz 1, 48493 Wettringen
          Phone: 02557/9384-0
          Fax: +492557938450

          DISTRICT COURT OF MUNSTER
          Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
          Munster, EG, Saal 13 B


IBZ BAU: Hannover Court Appoints Provisional Administrator
----------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against IBZ Bau GmbH on September 15, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 5, 2004 to register their
claims with court-appointed provisional administrator Nermin
Sahin.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2004, 11:10 a.m. at the district
court of Hannover Saal 2145, I. Stock -- Altbau --, Volgersweg
1, 30175 Hannover 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:  IBZ BAU GMBH
          Eckener Str. 7, 30179 Hannover
          (AG Frankfurt/Oder, HRB 3933)
          Contact:
          Muharem Kovacevic, Manager

          Nermin Sahin, Insolvency Manager
          Theaterstr. 6, 30159 Hannover
          Phone: 0511/35771030
          Fax: 0511/35771059


KARSTADTQUELLE AG: Cerberus Offers Undisclosed Sum for 77 Stores
----------------------------------------------------------------
U.S. fund manager Cerberus is reportedly interested in acquiring
ailing department store operator KarstadtQuelle's properties
should these be offered for sale, Die Welt says.

Cerberus has allegedly approached KarstadtQuelle over its 77
smaller department stores, but on condition that these stores
must be separated from the retail giant because they pose
potential risk.  Other companies that reportedly have expressed
interest in the stores are property groups Agiv Real Estate and
Corpus.

Meanwhile, U.S. investment firm Blackstone denied reports it is
planning to acquire KarstadtQuelle.  Blackstone said taking over
the retail giant would not be a wise decision as KarstadtQuelle
is currently restructuring.  KarstadtQuelle also denied it is
holding talks with Blackstone.

KarstadtQuelle plans to raise EUR1.6 billion by selling shares
and assets, including 77 of its department stores.  WestLB, one
of the retail giant's creditor banks, has indicated it intends
to support the restructuring process.

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


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G R E E C E
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NAOUSSA SPINNING: Closure Displaces 98 Workers
----------------------------------------------
Textile and apparel maker Fanco S.A. laid off 98 workers at its
Trikolan unit in Naoussa, northern Greece, according to just-
style.com.

Owned by the Klonatex group, Fanco is closing Naoussa Spinning
S.A. due to continued losses.  In September, the company
admitted intense competition in the market has made business
difficult.  The redundancies form part of the overall effort to
keep the business afloat, and will not affect production
capacity, it said.

Fanco recorded a EUR6.6 million loss in 2003, instead of EUR1.4
million in profits as expected.  In August, its creditor banks,
including National Bank of Greece, Emporiki Bank,
Agricultural Bank of Greece, Alpha Bank and EFG Eurobank
Ergasias, agreed to issue a five-year syndicated bond worth
EUR23 million to secure the company's future.

CONTACT:  FANCO S.A.
          Kifissou & Constantinoupoleos 1 , 121---32 Peristeri
          Athens
          Phone: +30-210-5708185
          Fax: +30-210-5708200
          Web site: http://www.fanco.gr
          Contact:
          Lambadariou Catherine, Investor Relations
          Thomas Lanaras, President-Executive Member
          Georgios Papaioannou, VP-Independent Non-Executive
                                Member
          Petrus Silvain Mooij, CEO-Executive Member


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I T A L Y
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CAPITALIA SPA: Launches EUR500 Million Subordinated Bond Issue
--------------------------------------------------------------
Capitalia has launched a EUR500 million-subordinated Lower Tier
II bond with a maturity of 12 years, non-callable for 7 years.
Capitalia has named ABN Amro, BNP Paribas, HSBC and MCC as lead
managers for the issue.

The placement will be directed to institutional investors,
mainly European.  This transaction is the second subordinated
bond Capitalia has issued this year on the international
financial markets and is intended to establish a benchmark for
the Group.  Earlier in July, the Group issued a EUR300 million
10 year bond, callable after the 5th year.

The securities are to be issued under the Group's EUR12 billion
Euro Medium-Term Notes (EMTN) Program and will be listed on the
Luxembourg Bourse.

                            *   *   *

In June, Fitch Ratings upgraded the individual rating for
Italy's Capitalia to 'C/D' from 'D'.  At the same time the
agency has affirmed the bank's Long-term, Short-term and Support
ratings at 'BBB+', 'F2' and '2', respectively.  The Outlook
remains Stable.

The upgrade reflects continuing improvement in Capitalia's core
profitability, capital adequacy and risk management and Fitch's
view that measures taken by management to address the bank's
still large exposure to credit risk should over time lead to a
gradual improvement in asset quality.

Capitalia returned to profitability in 2003 following a net loss
in the previous year.  In its Q1 2004 results, it reported a
return on equity of above 4%, confirming the ongoing improvement
in revenue generation and loan loss provisions, which in the
past had weighed on the bank's profitability.  While current
profitability remains weak compared to the bank's domestic
peers, Fitch expects further improvements as Capitalia continues
to strengthen its distribution capacity and to benefit from its
strong franchise among retail and corporate customers.

CONTACT:  CAPITALIA S.p.A.
          via Marco Minghetti 17
          00187 Rome, Italy
          Phone: +39-06-54451
          Fax: +39-06-5445-2351
          Web site: http://www.capitalia.it


COMPAGNIA ITALIANA: Unions Want Management to Spill Real Score
--------------------------------------------------------------
Unions presenting workers of Compagnia Italiana Turismo (CIT)
demanded last week an audience with management and the
government to discuss the firm's future, Il Sole 24 Ore says.

The demand came as current attempts to rescue the troubled tour
operator are proving to be "too slow and too opaque."  Sviluppo
Italia, the economic development body tasked to help the company
recover financially, says the business recovery plan could not
be approved until more information on the state of CIT's
finances and business are made available.  The agency also
blamed Bain and Deloitte for submitting the proposed recovery
plan only last week.

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


FIAT AUTO: Appoints New Fleet Management Director
-------------------------------------------------
On October 1, Pier Luigi Zanframundo became Fleet Management
Director of Fiat Auto, reporting to CEO Herbert Demel in the
company's new organization structure.  Additionally, Mr.
Zanframundo has been assigned, in close collaboration with
Network Development and Coordination Director, Johann
Wohlfarter, the project to implement Network Development in the
Italian market.

Born on February 24, 1947 in Bari, Mr. Zanframundo graduated in
mechanical engineering at Turin Polytechnic and began working
with the Fiat Group in 1972.  Until 1977, he worked in the
Planning and Control division of Fiat S.p.A. Central Management,
and, in the two subsequent years, was a part of the Fiat Group
New Initiatives management division.

In 1979, Mr. Zanframundo joined Iveco, where he was assigned
positions of increasing responsibility in Industrial
Initiatives, After Sales, Iveco Portugal, and the sales division
of the Light Commercial Business Unit.  In 1998, he was
appointed director of the Iveco Light Commercial Operations
Business Unit.

In August 2002, Mr. Zanframundo became Light Commercial Vehicles
division manager for Fiat Auto.

Turin, October 1, 2004

CONTACT:  FIAT AUTO
          Web site: http://www.fiat.it


PARMALAT FINANZIARIA: Administrator Sues Bank of America
--------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that Dr. Enrico Bondi, Parmalat's Extraordinary
Commissioner, filed an action in the United States District
Court for the Western District of North Carolina to recover
damages from Bank of America and certain of its subsidiaries.

The action is part of the process through which the
Extraordinary Commissioner, following the approval of Parmalat's
Industrial and Financial Restructuring Plan, is seeking recovery
from third parties believed to have played a central role in
Parmalat's collapse.

Parmalat's Industrial and Financial Restructuring Plan
contemplates the distribution to its future shareholders of an
amount equal to 50% of distributable profits arising from the
next 15 years' annual results, including any eventual proceeds
derived from claw-back actions or actions for damages.

                            *   *   *

The suit seeks compensatory damages of more than US$10 billion
paid to Parmalat's creditors.  It also seeks punitive damages.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


PARMALAT FINANZIARIA: African Subsidiaries Complete Refinancing
---------------------------------------------------------------
On 30 September 2004, the refinancing by Parmalat Africa Ltd.
and Parmalat South Africa (Pty) Ltd. of their indebtedness with
Bank of America was completed.

The financial exposure of the banks to Bank of America was
reimbursed through a refinancing provided by a major
international bank located within South Africa.  An additional
capital increase of US$26,000,000 equivalent for Parmalat South
Africa will be finalized shortly by Parmalat Africa Ltd., the
parent company.

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


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


AITKULU: Under Bankruptcy Supervision
-------------------------------------
The Chui Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on Agricultural Farm Aitkulu on
August 13, 2004.  The case is docketed Y-03-151/M-2004-C3.  Mr.
Toktosun Sarygulov (License Number 0125) was appointed temporary
insolvency manager on September 24, 2004.  Creditors will meet
on October 14, 2004, 11:00 a.m. at Chym-Korgon, Kazakbaev Str.

Reception of proofs of claim are done daily from 9:00 a.m. to
5:00 p.m. at Chym-Korgon, Ayil Okmotu building.  For more
information, call (0-502) 57-70-55.


AVANGARD: Creditors' Meeting Set Today
--------------------------------------
The temporary insolvency manager of LLC Avangard will hold a
creditors' meeting on October 11, 2004, 10:00 a.m. at Bishkek,
Ocmonkul Str. 344.

Agenda:

(a) Report of the temporary insolvency manager,

(b) Confirmation of abandoned balance, and

(c) Others

For more information, call (0-502) 32-70-64.


KAMKOR: Selling KGS2.6 Million Worth of Properties
--------------------------------------------------
The bidding organizer and insolvency manager of CJSC Insurance
Company Kamkor will sell the company's assets on October 15,
2004, 10:00 a.m. at Bishkek, Abdrahmanov (Soviet) Str. 105.  For
sale are office buildings carrying a starting price of
KGS2,600,047.

Bids must be submitted on or before October 14, 2004 from 9:00
a.m. to 4:00 p.m. at Bishkek, Abdrahmanov (Soviet) Str. 105.
For more information, call (0-312) 28-46-93, 28-42-86 or 28-93-
74.


KARA-SUU: Creditors' Meeting Set Later this Week
------------------------------------------------
The Department of the Bankruptcy Issues under the State
Committee of the Kyrgyz Republic on State Property Committee
appointed Mr. Abdymanap Sopiev (License Number 0334) temporary
insolvency manager on September 27, 2004.  Creditors will meet
on October 15, 2004, 2:00 p.m. at Talas, Frunze Str. 287.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 62-68-29 or 62-11-97.


KOY-TASH: Deadline for Bids Expires Today
-----------------------------------------
The bidding organizer and insolvency manager of Association of
Agricultural Farms Koy-Tash will sell the company's assets on
October 12, 2004, 11:00 a.m. at Kyrgyzstan, Koy-Tash, Tash-
Moinok Ayil Okmotu building.  For sale are four lots of
construction and agricultural equipment, and machines.

Bids must be submitted to the accounting department of the
company on or before October 11, 2004 from 8:00 a.m. to 5:00
p.m.  For more information, call (0-502) 57-70-55.


KURULUSH-BANK: Selling Assorted Assets Tomorrow
-----------------------------------------------
The bidding organizer and insolvency manager of Joint Stock
Commercial Kurulush-Bank will sell the company's assets on
October 12, 2004, 10:00 a.m. at Kyrgyzstan, Bishkek, Man Str. 28
corner Toktogul Str.

For sale are:

(a) Lots 1-4: Furniture and bank equipment, and

(b) Lot 5: Osh-3000 jubilee coin. Starting price: KGS3,283.

Bids must be submitted to Kyrgyzstan, Bishkek, Man Str. 28.
Preliminary examination is also done at the same address.  For
more information, call 21-16-34 or 21-97-43.


KYRGYZ CHEMICAL: Sets Public Auction of Real Estate Properties
--------------------------------------------------------------
Chui-Bishkek-Talass Territory Estate Administration of Kyrgyz
Republic will sell the holdings and assets of JSC Kyrgyz
Chemical-Metallurgical Farm on November 2, 2004, 2:00 p.m. at
Bishkek, Moskovskaya Str. 172, 5th floor, Room 5.

Information on JSC Kyrgyz Chemical-Metallurgical Farm as of
January 1, 2004:

(a) Activity: Metal manufacturing

(b) Land Area: 253.29 hectares

(c) Condition of immovable assets: satisfactory

(d) Staff: 456

(e) Authorized capital stock: KGS49,006,000

(f) Debt: KGS65,486,000

(g) Receivables: 6,744,000

(h) Net profit: KGS22,000

(i) Non-registered shares: 6860700

(j) Outstanding shares: 4806642

The company headquarters is located at Kemin district, Orlovka,
Kudrashova Str. 18.

For sale are:

(a) Lot 1: 70.06% of public shares.  Staring price is
    KGS107,551,200;

(b) Lot 2: Two-story, sixty-eight-room estate building located
    at Kemin district, Orlovka.  The building, constructed in
    1968, is in satisfactory condition.  Starting price is
    KGS832,300; and

(c) Lot 3: Estate building with 150 rooms.  Starting price is
    KGS4,335,300.

Participants must submit all necessary documents on or before
November 2, 2004.  The auction winner is required to pay an
amount equivalent to 7% of the selling price.  For more
information, call (0-312) 21-87-24.


TECHNOPOLIS: Holds Public Sale of Assets
----------------------------------------
The bidding organizer and insolvency manager of Private Foreign
Firm Technopolis will sell the company's assets on October 14,
2004, 12:00 noon at Kyrgyzstan, Bishkek, Manst 303, Exhibition
of National Economy Achievements, Free Economic Zone of Bishkek.

Occupying a 516 square-meter property complex, Technopolis
produces wine and vodka.  The list of assets for sale is
available for viewing from 9:00 a.m. to 4:00 p.m. at Bishkek,
Manst 303, Exhibition of National Economy Achievements, Free
Economic Zone of Bishkek.

Bids must start at 50% of the starting price.  Participants
should deposit an amount equivalent to 10% of the starting
price.  For more information, call (0-312) 62-68-29


VOSST: Public Auction of Assets Slated this Week
------------------------------------------------
The bidding organizer and insolvency manager of LLC Construction
Company Transnational Corporation Vosst will sell the company's
assets on October 15, 2004, 11:00 a.m. at Sukuluk region,
Voenno-Antonovka, Komsomolskaya Str. 1a.  For sale are inventory
holdings with a total value of KGS89,359.

Participants must deposit an amount equivalent to 10% of the
starting price to the cashier of the company.  Bids must be
submitted to the temporary insolvency manager on or before
October 14, 2004 from 9:00 a.m. to 2:00 p.m. at Sukuluk region,
Voenno-Antonovka, Komsomolskaya Str. 1a.  For more information,
call (0-502) 50-42-93.


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


TEKSID ALUMINUM: Reports EUR0.8 Million Operating Loss
------------------------------------------------------
Net revenues for the second quarter, at EUR248.3 million,
increased by EUR11.6 million or 4.9% compared to second quarter,
2003.  Net revenues for the six-month period, at EUR469.6
million, decreased by EUR3.1 million or 0.6% compared to the
six-month period ended June 30, 2003.  At constant foreign
exchange rate, net revenues would have been for the six-month
period EUR492.1 million, EUR19.4 million higher than in the
corresponding period of 2003.  This increase was primarily due
to sales volume increase.

Adjusted EBITDA was EUR21.2 million in the second quarter of
2004, or 8.5% of net revenues, compared to EUR20.8 million, or
8.8% of net revenues, in the corresponding period of 2003.
Adjusted EBITDA was EUR33.5 million for the six-month period, or
7.1% of net revenues, compared to EUR40.1 million, or 8.5% of
net revenues, in the corresponding period of 2003.  Adjusted
EBITDA has been adjusted for certain expenses which have been
reimbursed by Teksid S.p.A. under the terms of the purchase
agreement and, in 2003 and 2004 respectively, for certain non-
recurring transaction expenses and for certain non-recurring
lay-off costs.

Reported income from operations equaled EUR2.0 million in the
second quarter of 2004 versus an operating income of EUR4.5
million in the corresponding period of 2003.  Therefore,
reported loss from operations equaled -EUR0.8 million for the
six-month period versus an operating income of EUR9.4 million in
the corresponding period of 2003.  Attached to this release is a
reconciliation of reported income (loss) from operations to
Adjusted EBITDA.

During the first six-month period of 2004 the decrease in
Adjusted EBITDA versus 2003 was due to a negative shift in the
mix of products sold and the effect of a price dispute, which is
now resolved, with a significant customer in North America.  The
positive impact of increased volumes in the quarter was more
than offset by the temporary effect of a sharp increase in North
American aluminum prices, which under contract may be passed
through to customers, and contracted price decreases which have
not been fully offset by cost reductions.

Including EUR67.9 million of cash and cash equivalents, net debt
at June 30, 2004 amounted to EUR253.0 million, a EUR7.4 million
increase from December 31, 2003, primarily due to seasonal
increases in working capital, and a EUR12.7 million decrease
from June 30, 2003.  Total shareholders equity equaled EUR148.0
million.

As of June 30, 2004 the Company was in full compliance with all
of the covenants of its Senior Credit Agreement.

Results are unaudited and have been presented in accordance with
accounting principles generally accepted in the United States.

About Teksid Aluminum

Teksid Aluminum (Bloomberg: 172314Z IM) is a leading independent
manufacturer of aluminum engine castings for the automotive
industry.  Our principal products include cylinder heads,
cylinder blocks, transmission cases and suspension components.
We operate 15 manufacturing facilities in Europe, North America,
South America and Asia.  Information about Teksid Aluminum is
available at http://www.teksidaluminum.com.

Until September 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between September 30, 2002 and November
22, 2002, Teksid S.p.A. sold its aluminum foundry business to a
consortium of investment funds led by equity investors that
include affiliates of each Questor Management Company, LLC
JPMorgan Partners, Private Equity Partners SGR S.p.A. and AIG
Global Investment Corporation.  As a result of the sale, Teksid
Aluminum is owned by its equity investors through TK Aluminum
Ltd., a Bermuda holding company.

On July 17 2003, Teksid Aluminum Luxembourg S.a.r.l., SCA issued
EUR240 million aggregate principal amount of senior notes due in
2011.  The notes were sold to qualified institutional buyers in
the United States pursuant to Rule 144A of the U.S. securities
laws and to persons outside United States pursuant to Regulation
S of the U.S. securities laws.  The proceeds of the sale were
used to repay amounts borrowed to finance the acquisition of
Teksid Aluminum and pay certain fees and expenses.

Reconciliation of Income from Operations to adjusted EBITDA

EBITDA is defined as income (loss) from operations before
depreciation and amortization.  Compliance with current U.S. SEC
requirements and practice would require the modification,
reformulation or exclusion of EBITDA.  We believe that EBITDA is
a relevant measure for assessing performance because it
eliminates variances caused by the effects of differences in
taxation, the amounts and types of capital employed and
amortization policies, and helps investors evaluate the
performance of our underlying business.  Because companies do
not calculate EBITDA identically, our presentation of EBITDA may
not be comparable to similarly titled measures of other
companies.  In addition, EBITDA is not calculated the same as
"EBITDA" will be calculated under the indenture for the notes or
as "Consolidated EBITDA" is calculated under our senior credit
facility.

Adjusted EBITDA adjusts EBITDA for certain charges as set forth
in the following table.  Adjusted EBITDA is not a recognized
term under U.S. GAAP and does not purport to be an alternative
to operating income as an indicator of operating performance.
Compliance with current requirements and practice would require
the modification, reformulation or exclusion of Adjusted EBITDA.
We believe that Adjusted EBITDA is a relevant measurement for
assessing performance, because it eliminates additional
variances beyond those addressed by EBITDA, such as costs
associated with our separation from Teksid S.p.A. and helps
investors evaluate the performance of our underlying business.
Because companies do not calculate Adjusted EBITDA identically,
our presentation of Adjusted EBITDA may not be comparable to
similarly titled measures of other companies.  In addition,
Adjusted EBITDA is calculated as "Consolidated EBITDA" under our
senior credit facility.

The following is a reconciliation of income (loss) from
operations to EBITDA and to Adjusted EBITDA:


                         Six-month             Six-month
                         period ended          period ended
                         June 30, 2004         June 30, 2003
(in millions of euro)
Income (loss) from
operations                 EUR (0.8)              EUR 9.4
Depreciation and
amortization                   28.5                  26.2

EBITDA                         27.7                  35.6

Adjustments to EBITDA
Transaction and
separation costs          [a]    -                    2.7
Early retirement expenses [b]   1.0                   0.9
Severance employees costs [c]   2.3                    -
Other expenses            [d]   2.5                   0.9

Adjusted EBITDA            EUR 33.5              EUR 40.1

----------
[a] Adjustment to eliminate (i) severance costs paid
subsequent to the acquisition of the Aluminum Division and (ii)
acquisition, financing, and separation costs.  Acquisition,
financing, and separation costs included professional services
costs related to the stand-alone audits of historical periods,
implementation of corporate treasury and accounting systems and
legal expenses.

[b] Adjustment to eliminate expenses associated with early
retirement programs partially subsidized by the French
government.  The voluntary programs have been offered to
eligible workers between the ages of 55 and 60.  Between 2002
and 2005, we intend to replace workers who elect to participate
in the program with lower-wage workers.  Teksid S.p.A. has
agreed to reimburse us for the first EUR8.5 million of payments
made by us under the programs.  We expect that this will be
sufficient to cover our costs under that plan.

[c] Adjustment to eliminate the impact of severance expenses
related to terminated executives in Italy and France.

[d] Adjustment to eliminate the impact of expenses that are
reimbursed by Teksid S.p.A. under the purchase agreement.

CONTACT:  TEKSID ALUMINUM
          Domenico Orlandi
          Senior Vice President and General Counsel
          Phone: +39-011-979-4875 or

          Demetrio Mauro
          Chief Financial Officer
          Phone: +39-011-979-4784

          Massimiliano Chiara
          Finance Manager
          Phone: +39-011-979-4889


=============
R O M A N I A
=============


ROMPETROL GROUP: Meets Debt-financing Obligations as Scheduled
--------------------------------------------------------------
On September 27, 2004, Rompetrol Rafinare (RRC/BSE), the owner
of Petromidia refinery, paid US$27 million to the Romanian
Ministry of Finance (MoF) representing the annual interest rate
to the debt-for-equity swap agreed with the MoF at the end of
2003.  Rompetrol made the payment three days prior to the
September 30 deadline agreed with the Romanian authorities.

This amount is in addition to another US$397.5 million in taxes
paid by Rompetrol Rafinare to the state budget from January to
September 2004.  Currently the company has no outstanding debts
towards the government and has met all its financial obligations
to governmental agencies.  So far this year The Rompetrol Group
paid the state budget more than US$440 million representing
almost 5% of Romania s budget revenues for 2004.

"Rompetrol is a transparent company, which diligently meets its
financial obligations," said Dinu Patriciu, CEO and President of
The Rompetrol Group.  "The developments at Rompetrol Rafinare
one year after the debt-to-equity swap agreed with the Romanian
government confirmed the expectations of the management, of our
investors, and of the financial analysts regarding the growth
potential of our business.  We succeeded to normalize our
relations with financing institutions, an increase in
investments and development projects in our core business, which
have a direct positive impact on our contributions towards the
state and local budgets, as well as on the quality of our
products and services."

Figures for the first eight months released by Rompetrol
Rafinare reveals an operational profit (EBITDA) of US$32
million.  The company estimates the operating profit for 2004 at
US$67 million.  Total turnover for January-August 2004 stands at
US$822 representing a year-on-year increase of more than 26%.
The company processed more than 2 million tones of crude oil
during the first eight months of this year and exported more
than US$270 million worth of products, representing a
significant portion of Romania s total exports.

The Rompetrol Group reports a total turnover for January-August,
2004 of US$933 million and an operational profit of US$41.5
million.  This represents a year-on-year increase of 24% and
respectively 62% compared to the same period in 2003 when the
turnover stood at US$751 million and the operational profit at
US$26 million.

Corporate Communication & Public Affairs Department
The Rompetrol Group

                            *   *   *

In June, Standard & Poor's Ratings Services assigned its 'B-'
long-term corporate credit rating to The Rompetrol Group N.V.,
which has key oil refining and marketing operations in Romania
(foreign currency BB/Positive/B; local currency BB+/Positive/B).
The outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' senior
unsecured debt rating to the proposed EUR150 million bond to be
issued by Rompetrol under the guarantees of all its key
subsidiaries.

CONTACT: ROMPETROL GROUP N.V.
         Rompetrol Building
         222 Calea Victoriei
         010099 Bucharest
         Romania
         Phone: +40 21 30 30 800
         Phone: +40 21 30 30 801
         Fax: +40 21 31 22 490
         E-mail: office@rompetrol.com


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


AIRPORT KEMEROVO: Sets Second Public Auction this Week
------------------------------------------------------
The bidding organizer and insolvency manager of state unitary
enterprise Airport Kemerovo will try to sell for the second time
the firm's properties on October 14, 2004, 12:00 noon.  It will
be held at 650099, Russia, Kemerovo, Ostrovskogo Str. 32-502.
Up for sale is the right of claim of Airport Kemerovo.  Starting
price: RUB354,698.

Preliminary examination and reception of bids are done from
10:00 a.m. to 4:00 p.m. on or before October 11, 2004.  The list
of documentary requirements for the participants is available at
650099, Russia, Kemerovo, Ostrovskogo Str. 32-502.

CONTACT:  AIRPORT KEMEROVO
          650099, Russia, Kemerovo,
          Ostrovskogo Str. 32-502


ENISEYSKAYA: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on state-owned poultry farm Eniseyskaya.
The case is docketed as A03-8405/04-B.  Mr. A. Chuy has been
appointed temporary insolvency manager.  A hearing will take
place on February 9, 2005.

CONTACT:  ENISEYSKAYA
          659420, Russia, Altay region,
          Maloeniseyskoye, Sovetskaya Str. 102

          Mr. A. Chuy
          Temporary Insolvency Manager
          659333, Russia, Altay region,
          Biysk, Liteyniy Per. Post User Box 47


FRIDRIKHA ENGELSA: Omsk Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on CJSC Fridrikha Engelsa.  The case is
docketed as K/E-104/04.  Mr. S. Vinnik has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 644099, Russia,
Omsk, Post User Box 2699.  A hearing will take place at the
Arbitration Court of Omsk region on February 1, 2005, 10:30 a.m.

CONTACT:  FRIDRIKHA ENGELSA
          646152, Russia,
          Omsk region, Lyubinskiy region,
          Zameletenovka

          Mr. S. Vinnik
          Temporary Insolvency Manager
          644099, Russia, Omsk,
          Post Office, Post User Box 2699


GAS-SERVICE: Claims Deadline Set November
-----------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy proceedings against Gas-Service (TIN 1821003204)
after finding the limited liability company insolvent.  The case
is docketed as A71-25/2004-G26.  Mr. A. Khristyanov has been
appointed insolvency manager.  Creditors have until November 10,
2004 to submit their proofs of claim to 426054, Russia,
Udmurtiya republic, Izhevsk, 30 Let Pobedy Str. 64-81.

CONTACT:  GAS-SERVICE
          Russia, Udmurtiya republic,
          Uva, Moskovskaya Str. 48

          Mr. A. Khristyanov
          Insolvency Manager
          426054, Russia,
          Udmurtiya republic, Izhevsk,
          30 Let Pobedy Str. 64-81


INTERSVYAZ: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on LLC Intersvyaz.  The case is docketed
as A66-5923/2004.  Mr. S. Cheltsov has been appointed temporary
insolvency manager.

CONTACT:  INTERSVYAZ
          Russia, Tver,
          Zinaidy Konoplyannikovoy Str. 4A

          Mr. S. Cheltsov
          Temporary Insolvency Manager
          170034, Russia, Tver,
          Chaykovskogo Pr., 9, Office 228


LARGE PANELS: Insolvency Manager to Temporarily Run Business
------------------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
proceedings against Factory of Large Panels after finding the
limited liability company insolvent.  The case is docketed as
A68-47/B-03.  Mr. V. Kozlov has been appointed insolvency
manager.  Creditors have until November 10, 2004 to submit their
proofs of claim to 300041, Russia, Tula, Soyfera Str. 16.

CONTACT:  FACTORY OF LARGE PANELS
          301760, Russia,
          Tula region, Donskoy, Novougolniy,
          Industrialnaya Str. 12

          Mr. V. Kozlov
          Insolvency Manager
          300041, Russia,
          Tula, Soyfera Str. 16


RYBNO-SLOBODSKOYE BREAD: Names I. Kuchumov Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Rybno-Slobodskoye Bread Receiving
Enterprise after finding the open joint stock company insolvent.
The case is docketed as A65-3894/2004-SG4-31.  Mr. I. Kuchumov
has been appointed insolvency manager.

Creditors may submit their proofs of claim to:

(a) Rybno-Slobodskoye Bread Receiving Enterprise
    422650, Russia,
    Tatarstan republic,
    Rybno-Slobodskoy region,
    Rybnaya Sloboda, Vostochnaya Str.

(b) Insolvency Manager
    420103, Russia,
    Tatarstan republic, Kazan,
    Post User Box 1

(c) The Arbitration Court Of Tatarstan Republic
    420014, Russia, Kazan, Building 1, Entrance 2


SELKHOZ-TECHIKA: Selling RUB7.8 Mln Worth of Properties Today
-------------------------------------------------------------
The insolvency manager of OJSC Selkhoz-Techika will sell the
firm's properties on October 11, 2004, 11:00 a.m.  It will be
held at 433100, Russia, Ulyanovsk region, Veshkayma,
Zheleznodorozhnaya Str. 2.

The assets for sale are:

Lot 1: Administrative building.  Starting price: RUB865,800;

Lot 2: Sport Hall Building.  Starting price: RUB379,500;

Lot 3: Joiner's Shop. Starting price: RUB166,000;

Lot 4: Stock-Exchange Building.  Starting price: RUB854,200;

Lot 5: Animal Building.  Starting price: RUB239,300;

Lot 6: Silos Trench Building. Starting price: RUB11,000;

Lot 7: Warehouse Of Hay.  Starting price: RUB332,700;

Lot 8: The outhouse for repair of K-700. Starting price:
       RUB508,900;

Lot 9: Machine Workshop.  Starting price: RUB2,297,600;

Lot 10: Unclassified shop.  Starting price: RUB486,500;

Lot 11: Mechanized Animal Farm.  Starting price: RUB574,800;

Lot 12: Technological Equipment Repair Shop. Starting price:
        RUB385,700;

Lot 13: Accumulator shop.  Starting price: RUB343,000;

Lot 14: Road with asphalt surface.  Starting price: RUB402,200.

Preliminary examination and reception of bids are done until
5:00 p.m. today.  The list of documentary requirements for
participants is available at 433100, Russia, Ulyanovsk region,
Veshkayma, Zheleznodorozhnaya Str. 2.  To participate, bidders
must deposit an amount equivalent to 15% of the starting price
to the settlement account 40702810669050100016 in Veshkaymskiy
OSB # 5852, BIC 047308602, correspondent account
30101810000000000602, TIN 7305000632.

CONTACT:  SELKHOZ-TECHIKA
          433100, Russia,
          Ulyanovsk region, Veshkayma,
          Zheleznodorozhnaya Str. 2
          Phone: 8 (243) 2-17-70


SIB-FOREST: Gives Creditors Until Next Month to File Claims
-----------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
proceedings against Sib-Forest (TIN 7006005255) after finding
the open joint stock company insolvent.  The case is docketed as
A67-11196/03.  Mr. A. Miftakhov has been appointed insolvency
manager.

Creditors have until November 10, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager
    634021, Russia, Tomsk-21,
    Post User Box 1795

(b) The Arbitration Court Of Tomsk Region
    634050, Russia,
    Tomsk, Kirova Pr. 10

(c) Sib-Forest
    634009, Russia, Tomsk,
    Derbyshevskiy Per. 26A


VOROTYNSKIY FOOD: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure on consumer public Vorotynskiy Food
Combine.  The case is docketed as A23-2237/04B-10-75.  Mr. V.
Bubenkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Vorotynskiy Food Combine
    249200, Russia,
    Kaluga region, Babyninskiy region,
    Vorotynsk, Solnechnaya  Str. 1

(b) Temporary Insolvency Manager
    248601, Russia,
    Kaluga, Post User Box 155

(c) The Arbitration Court Of Kaluga Region
    248600, Russia,
    Kaluga, Stariy Torg, Square, 4


WEB-INVEST BANK: Ups Share Capital to RUB2.1 Billion
----------------------------------------------------
Web-Invest Bank has issued 195 million common stocks, boosting
its share capital fourteenfold to RUB2.1 billion, Gateway to
Russia reports.  The shares have a par value of RUB10 each.

In June, Standard & Poor's assigned its 'CCC' long-term and 'C'
short-term counterparty ratings to the bank.  Analyst Ekaterina
Trofimova, then, said: "The ratings on Web-invest reflect its
limited size and track record, highly concentrated assets, and
dependence on trading volumes of Russian equities."

"These negative factors are somewhat offset by the bank's
improving franchise, fairly transparent ownership, and adequate
capitalization," she added.

Web-Invest Bank was set up in 1992.  It forms the Web-Invest
Group together with Web-Invest.ru and U.K. KIT.  As of March 31,
2004 the company's asset is worth RUB8 billion (about US$270
million).  It also manages assets worth RUR2 billion.  The
management holds 55% of the stocks; Invest Financial Group and
Center of Financial Consultations own 19.9% each.

CONTACT:  WEB-INVEST BANK
          Web site: http://www.web-invest.ru


YUKOS OIL: Authorities Probe Siberian Unit for Tax Evasion
----------------------------------------------------------
Regional police are investigating one Siberian subsidiary of
Yukos Oil for alleged tax evasion and hydrocarbons theft, the
Associated Press reports.

At the center of the probe is Tomskneft general director Nikolai
Logachev, who is accused of masterminding a scheme to avoid more
than US$34 million in taxes.  Yukos officials were not
immediately available for comment.

The blow is the latest in a series of assaults against Yukos
Oil.  The firm has just been slapped a US$1 billion tax claim on
main production unit Yuganskneftegaz.  The amount is in addition
to Yukos' back tax bill of US$7.5 billion, of which it has paid
only a portion.

Yukos' bank accounts and assets have been frozen for months now.
The firm has repeatedly warned it could go bankrupt.  The
uncertainty surrounding its future is driving world oil prices
to record-high.  The government claims the attack on Yukos and
on its former CEO, Mikhail Khodorkovsky, now in jail, is
punishment for abusive tax and bookkeeping practices.  Critics
believe it is punishment for Mr. Khodorkovsky's political
ambitions.

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

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

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


YUKOS OIL: Court Rejects Appeal to Unfreeze Bank Accounts
---------------------------------------------------------
The Moscow City Court on Thursday stayed the freeze on the
accounts of Yukos Oils' core subsidiaries Yuganskneftegaz and
Tomskneft, the Associated Press reports.

Russian authorities are holding the assets as collateral for the
US$7.5 billion that Yukos owes the government as back taxes.
The Yuganskneftegaz unit is currently being evaluated to pay the
debt.  Critics say the government wants to keep its value up to
please shareholders and foreign investors, but not too much so
that it could go to a government-friendly company.

Yukos is appealing to the government to spread out its tax
payments to avoid a collapse, but has not received a positive
response.

Meanwhile, at the sidelines of the U.S.-Russian Investment
Symposium, Chairman Viktor Gerashchenko on Thursday said Yukos
is prepared to pay US$8 billion in tax liabilities by July 2006
in order to avoid bankruptcy.

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

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

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


YUKOS OIL: Returns Sibneft Stake to Former Owner
------------------------------------------------
Russian tycoon Roman Abramovich has recovered his 57% stake in
local oil company Sibneft from former merger partner Yukos Oil,
the Associated Press reports.

Mr. Abramovich's holding company, Millhouse Capital, which
received the stake Thursday, said: "The return of a controlling
stake in Sibneft to its former owners represents the first step
in the implementation of the de-merger agreement reached by
shareholders of Yukos and Sibneft earlier this year."

Yukos issued shares to acquire a 14.5% stake in Sibneft and US$3
billion in cash for an additional 20% under a merger last year.
It offered additional shares to acquire a further 57.5%
shareholding, raising its total stake in Sibneft to 92%.  In
turn Sibneft got 26.01% of Yukos' shares.  But Sibneft
unilaterally called off the merger saying the additional issue
was unlawful since the transaction lacked appropriate notice.

In March, Cyprus-registered Nimegan Trading Ltd. and N.P. Gemini
Holdings Ltd., which represent the interests of Sibneft
shareholders, got a local court to rule in their favor.  An
arbitration court also upheld the ruling and ordered the Federal
Service for Financial Markets to cancel the transaction in the
next five days.  The order states that Yukos should return its
57.5% stake in Sibneft and Sibneft gives up the 17.2% it holds
in Yukos.

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

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

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


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


LUDOVA BANKA: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------
Fitch Ratings affirmed Slovakia-based Ludova Banka's (LB)
ratings at Long-term 'BBB', Short-term 'F3', Individual 'C/D'
and Support '2'.  The Outlook for the Long-term rating is
Stable.

The Long-, Short-term and Support ratings are based on the
support the bank can expect to receive from its Austrian founder
and ultimate owner - Oesterreichische Volksbanken AG.  This is
due to the strong integration between the two banks and the
importance of the Slovakian bank to OV's Central and Eastern
European strategy.  The Individual rating reflects the bank's
conservative approach to risk and its strong track record and
good capitalization, but also its rising costs, modest franchise
and lack of diversification.

OV has traditionally kept its subsidiaries in Eastern Europe on
a very tight rein, requiring final approval of large credit
exposures and restricting proprietary treasury activities.  This
may have somewhat constrained LB's growth and self-reliance, but
has also kept its credit and market risks low.  However, LB is
becoming more independent and, in 2003, OV stopped guaranteeing
certain large loans.

LB is reliant on net interest revenue, and despite pressure on
credit spreads, it has managed to improve its net interest
margin by increasing the size of its loan book as a percentage
of total assets.  Profitable lending opportunities are still
limited in Slovakia but business conditions continue to improve,
particularly as the country has just joined the E.U.
Nonetheless, competition is intense as a result of the
privatization and restructuring of two major banks and
aggressive branch expansion by mid-sized banks.  LB aims to
focus more on higher margin SME and retail lending but these
markets will take time to grow.

Credit risk is relatively low -- loans account for just over
half of the balance sheet and the largest loans are guaranteed
either by OV or the Slovak state.  There are some older problem
loans, but reserve coverage is conservative and economic
conditions in Slovakia are improving.  LB's remaining assets,
inter-bank placements and fixed income securities, are largely
rated at the sovereign ceiling or higher.

LB's funding base has historically been stable and more than 50%
of customer deposits are retail.  Capital is solid for existing
activities.  Internal capital generation, combined with a 33%
capital adequacy ratio, should support current expansion plans.

LB was established in 1991 and subsequently developed into a
medium-sized bank, with c.3% of total Slovak banking assets.  It
has a modest corporate franchise of over 18,000 clients, mainly
SMEs, although it also services several large corporations.  It
has built up a small but solid retail franchise, which consists
of about 100,000 customers.  At end-2003 it had a moderate-sized
network of 39 branches.

CONTACT:  FITCH RATINGS
          Alexander Giles, London
          Phone: +44 (0) 20 7417 6330

          Claudia Nelson
          Phone: +44 (0) 20 7417 4269

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084

          LUDOVA BANKA A.S.
          Vysoka 9 Bratislava 810 00
          Bratislavsky, Slovak Republic
          Phone: +421/2/5965 1111
          Fax: +421/2/5441 2453
          E-mail: market@luba.sk
          Web site: http://www.luba.sk/


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


PREMSA CATALANA: Lenders Approve Bankruptcy Plan
------------------------------------------------
Creditors of publishing group Premsa Catalana have approved the
liquidation of the company and the terms of its planned asset
sale, says Europe Intelligence Wire.

The publisher wants potential buyers of its newspaper Avui to
absorb EUR4 million in debts and invest around EUR11 million to
re-launch and consolidate their operations.  The newspaper and
its building will be sold separately.

Parties linked to potential offers are Spanish publishers
Planeta and Godo, which plan to table a joint bid, and Catalan
media group Mediapro, which plans to bid with a partner,
potentially publishing group RBA, the report said.

Premsa Catalana declared bankruptcy in June with debts of EUR42
million.  The company employs 170 workers.


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


LM ERICSSON: Sets Press, Analysts Conference Call October 22
------------------------------------------------------------
LM Ericsson's financial report will be released at 7:30 a.m.
Central European Time (CET) on October 22, 2004.

The press conference will begin at 9:00 a.m. CET at the Ericsson
headquarters, Torshamnsgatan 23, Kista, Sweden.  Ericsson's
President and CEO Carl-Henric Svanberg will comment on the
results and take questions.  The press conference is open to
journalists and analysts.

A live audio Web cast of the press conference will be available
on the Internet at http://www.ericsson.com/investorsand
http://www.ericsson.com/press.

The conference call for financial analysts, investors and media
will begin at 2:00 p.m. CET (1:00 p.m. U.K. time, 8:00 a.m.
Eastern Time U.S. and 9:00 p.m. local time Japan).  Ericsson's
President and CEO Carl-Henric Svanberg and Executive Vice
President and CFO Karl-Henrik Sundstrom will comment on the
results and take questions.

Please call in at least 15 minutes before the conference call
begins.  Due to the usual high number of callers, it might take
some time before you are connected.

A live audio Web cast of the conference call will be available
on the Internet at http://www.ericsson.com/investorsand
http://www.ericsson.com/press.

The call-in numbers for the conference call are:

Europe: +44 870 608 1510
European back-up number: +44 1296 317 500

U.S. & International: +1 718 354 1175

Access code: analyst

Replay:

A replay of the conference call will be available from
approximately one hour after the completion of the conference
call, and will be available until 11:00 p.m. CET, October 27,
2004.

European replay number: +44 1296 618 700
Replay access code: 212632

U.S. replay number: +1 617 801 6888
Replay access code: 36320933

On-demand Web casts of the press conference and the conference
call, with visual support, will be available on the Internet at
http://www.ericsson.com/investorsand
http://www.ericsson.com/pressduring the day.

The Q3 report of Sony Ericsson Mobile Communications will
publish on October 14, 2004, at 8:30 a.m. CET.  The results will
be available on Ericsson's, Sony's and Sony Ericsson Mobile
Communications' Web sites.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

Read more at http://www.ericsson.com/press

CONTACT:  LM ERICSSON
          Media
          Ase Lindskog, Ericsson Communications
          Phone: +46 8 719 9725; +46 8 719 6992
          E-mail: press.relations@ericsson.com

          Investors and analysts
          Helena Schytt, Ericsson Investor Relations (Sweden)
          Phone: +46 8 719 7108
          E-mail: investor.relations.se@ericsson.com

          Nathalie Mozdiniewicz
          Investor Relations, Ericsson Inc. (U.S.)
          Phone: +1 212 843 8449
          E-mail: investor.relations@ericsson.com


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


BAR SUGAR: Sets Deadline for Filing of Claims
---------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision on LLC Bar Sugar Plant (code EDRPOU 30774907).  The
case is docketed as 10/98-04.  Mr. S. Severin (License Number AA
630139) has been appointed temporary insolvency manager.  The
company holds account number 26003000876001 at Ukrinbank,
Vinnitsya branch, MFO 302333.

Creditors have until October 16, 2004 to submit their proofs of
claim to:

(a) BAR SUGAR PLANT
    23000, Ukraine, Vinnitsya region,
    Bar, Zavodska Str. 32

(b) Mr. S. Severin
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 2A,
    Room 710
    Phone: 52-03-55

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


KRASNOKUTSK' REPAIR: Proofs of Claim Deadline Saturday
------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision on OJSC Krasnokutsk' Repair-Transport Enterprise
(code EDRPOU 03115181) on September 10, 2004.  The case is
docketed as B-48/81-04.  Arbitral manager Mr. O. Babak (License
Number AA 719757 approved on January 21, 2004) has been
appointed temporary insolvency manager.  The company holds
account number 26000333219 at Oshadbank, Krasnokutsk branch, MFO
350170.

Creditors have until October 16, 2004 to submit their proofs of
claim to:

(a) KRASNOKUTSK' REPAIR-TRANSPORT ENTERPRISE
    Ukraine, Harkiv region,
    Krasnokutsk, Kujbishev Str. 105

(b) Mr. O. Babak
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Slinska Str. 20/167

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi square, 5, Derzhprom, 8th entrance


LAN: Insolvency Manager to Temporarily Run Business
---------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision on LLC Lan (code EDRPOU 03792102) on July 27, 2004.
The case is docketed as 14/2226.  Mrs. Nataliya Levchenko
(License Number AA 250083 approved on December 5, 2001) has been
appointed temporary insolvency manager.  The company holds
account number 26000818 at JSPPB Aval, Smila branch, MFO 354499.

Creditors have until October 16, 2004 to submit their proofs of
claim to:

(a) LLC LAN
    20500, Ukraine, Cherkassy region,
    Katerinopil

(b) Mrs. Nataliya Levchenko
    Temporary Insolvency Manager
    Ukraine, Cherkassy region, Tobilevich Str. 9/1

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


PLUZHNE' REPAIR: Court Commences Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision on OJSC Pluzhne' Repair-Transport Enterprise.  The
case is docketed as 13/193-B.  Mr. Sergij Shishkin has been
appointed temporary insolvency manager.

Creditors have until October 16, 2004 to submit their proofs of
claim to:

(a) PLUZHNE' REPAIR-TRANSPORT ENTERPRISE
    Ukraine, Hmelnitskij region,
    Izyaslavskij district, Pluzhne

(b) Mr. Sergij Shishkin
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Institutska Str. 17/3-47

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


PROGRESS: Proofs of Claim Deadline Expires this Week
---------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision on agricultural LLC Progress (code EDRPOU 04326170).
The case is docketed as 5/356-04.  Mr. Vasil Glebov (License
Number AA 630087 approved on December 4, 2003) has been
appointed temporary insolvency manager.  The company holds
account number 260015673 at JSPPB Aval, Vinnitsya branch, MFO
3022477.

Creditors have until October 16, 2004 to submit their proofs of
claim to:

(a) PROGRESS
    22332, Ukraine, Vinnitsya region,
    Litinskij district, Tribuhi

(b) Mr. Vasil Glebov
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Luka-Meleshkivska, Vinnitska Str. 26
    Phone: 32-75-22

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


SLAVIYA: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision on LLC Commercial House Slaviya (code EDRPOU
30437194).  The case is docketed as 24/361-B.  Arbitral manager
Mr. Siran Bekirov (License Number AA 419464 approved on November
25, 2002) has been appointed temporary insolvency manager.  The
company holds account number 26009001776 at JSC Credit Bank
(Ukraine), Kyiv branch, MFO 321897.

Creditors have until October 16, 2004 to submit their proofs of
claim to:

(a) COMMERCIAL HOUSE SLAVIYA
    04080, Ukraine, Kyiv region,
    Novokostyantinivska Str. 8

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


UKRTRANS-MUKACHEVO: Court Orders Debt Moratorium
------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision on CJSC Ukrtrans-Mukachevo (code EDRPOU 05522080) on
August 3, 2004.  Prior to this, the court ordered a moratorium
on satisfaction of creditors' claims on July 30, 2004.  The case
is docketed as 6/149.  Arbitral manager Andrij Rakushinets
(License Number AA 669653 approved on August 7, 2003) has been
appointed temporary insolvency manager.  The company holds
account number 26007245041001 at CB Privatbank, Mukachevo
branch, MFO 312378.

CONTACT:  UKRTRANS-MUKACHEVO
          89640, Ukraine, Zakarpatska region,
          Mukachevo district,
          Chinadiyevo, Sadova Str. 92

          Mr. Andrij Rakushinets
          Temporary Insolvency Manager
          Ukraine, Uzhgorod region,
          Lobachevskij Str. 43/67

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


ZAHIDRESURS: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision on LLC Zahidresurs (code EDRPOU 30053342) on July
27, 2004.  The case is docketed as 6/259-29/232.  Arbitral
manager Mr. T. Chabanovich has been appointed temporary
insolvency manager.  The company holds account number
260030012188 at Ukrainian credit bank, Lviv branch, MFO 325871,
and account number 26009010046 at JSB Ukrgazbank, Lviv branch,
MFO 325967.

CONTACT:  ZAHIDRESURS
          79024, Ukraine, Lviv region,
          B. Hmelnitskij Str. 106

          Mr. T. Chabanovich,
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Pustomitivskij district, Yampil

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


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


ALLARD & SAUNDERS: Members Agree to Liquidate Firm
--------------------------------------------------
At an extraordinary general meeting of the members of the Allard
& Saunders Limited on September 28, 2004 held at 43 Pall Mall,
London SW1, the extraordinary and ordinary resolutions to wind
up the company were passed.  Peter Robin Bacon and Carl Derek
Faulds of Portland Business & Financial Solutions Ltd., 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have
been appointed joint liquidators of the company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway,
          Solent Business Park, Whiteley,
          Fareham, Hampshire


ALLISON & BELL: Members Final Meeting Set Next Month
----------------------------------------------------
The final meeting of the members of Allison & Bell Limited will
be on November 5, 2004 commencing at 10:00 a.m.  It will be held
at the offices of Johnson Tidsall, 81 Burton Road, Derby.

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 Johnson Tidsall, 81 Burton Road, Derby not later than 12:00
noon, November 4, 2004.

CONTACT:  JOHNSON TIDSALL
          81 Burton Road, Derby
          Phone: 01332 363116
          Fax: 01332 349984
          E-mail: general@johnsontidsall.co.uk
          Web site: http://www.johnsontidsall.co.uk


ALTERNATIVE BAR: Owners Take Steps to Liquidate Business
--------------------------------------------------------
At an extraordinary general meeting of the members of the
Alternative Bar Ventures Limited on September 28, 2004 held at
43 Pall Mall, London SW1, the extraordinary and ordinary
resolutions to wind up the company were passed.  Peter Robin
Bacon and Carl Derek Faulds of Portland Business & Financial
Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley,
Fareham, Hampshire have been appointed joint liquidators of the
company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway,
          Solent Business Park, Whiteley,
          Fareham, Hampshire


BAKER ALMOND: Creditors' Meeting Set Next Week
----------------------------------------------
The creditors of Baker Almond Limited will meet on October 15,
2004 commencing at 10:30 a.m.  It will be held at Bonnington
Hotel, 92 Southampton Row, London WC1B 4BH.

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, The Old Exchange, 234
Southchurch Road, Southend on Sea, Essex SS1 2EG not later than
12:00 noon, October 14, 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


BEARINGS RESTORATIONS: Calls in Liquidator
------------------------------------------
At an extraordinary general meeting of the members of the
Bearings Restorations Limited on September 28, 2004 held at
Langley House, Park Road, London N2 8EX, the extraordinary and
ordinary resolutions to wind up the company were passed.  Alan
Simon has been appointed liquidator for the purpose of such
winding-up.


BOMACKS CONTRACTORS: Appoints Begbies Traynor Liquidator
--------------------------------------------------------
At an extraordinary general meeting of the members of the
Bomacks Contractors Limited on September 29, 2004 held at the
offices of Begbies Traynor, No 1 Old Hall Street, Liverpool L3
9HF, the extraordinary resolution to wind up the company was
passed.  David Moore and Donald Bailey of Begbies Traynor, No 1
Old Hall Street, Liverpool L3 9HF have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


BPC COMMERCIAL: Hires Liquidator from Maidment Judd
---------------------------------------------------
Name of Companies:
BPC Commercial Limited
Polestar Services Limited
The Delfin Corporation Limited
Waterlow & Sons Limited
Whitefriars Composertype Limited

At the extraordinary general meetings of the members of these
companies on September 29, 2004 held at Marlborough Court,
Sunrise Parkway, Linford Wood, Milton Keynes, Buckinghamshire
MK14 6DY, the special resolutions to wind up the companies were
passed.  Anthony David Kent of Maidment Judd, 60-62 High Street,
Harpenden, Herfortshire AL5 2SP has been appointed liquidator
for the purpose of such windings-up.

CONTACT:  MAIDMENT JUDD
          60-62 High Street, Harpenden,
          Hertfordshire AL5 2SP
          Toll Free No: 0800 068 7154
          Phone: +44 (0) 1582 469 700
          Fax:   +44 (0) 1582 460 674
          Web site: http://www.maidmentjudd.com


CAMPBELL-LEE CONTRACTS: Sets Creditors Meeting Next Week
--------------------------------------------------------
The creditors of Campbell-Lee Contracts Limited will meet on
October 14, 2004 commencing at 10:30 a.m.  It will be held at
Begbies Traynor, No 1 Old Hall Street.

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, No 1 Old Hall Street not later
than 12:00 noon, October 13, 2004.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


CHANCERY NO. 3: Liquidator to Deliver Report November
-----------------------------------------------------
The final general meeting of the Chancery No. 3 Limited will be
on November 5, 2004 commencing at 11:00 a.m.  It will be held at
1 More London Place, London SE1 2AF.

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

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


COMPASS SECURITIES: Winding up Resolutions Passed
-------------------------------------------------
At an extraordinary general meeting of the Compass Securities
Limited on September 17, 2004, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Blair Carnegie Nimmo of Saltire Court, 20 Castle Terrace,
Edinburgh EH1 2EG has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  KPMG
          Saltire Court,
          20 Castle Terrace,
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


CORINIUM HOLDINGS: KPMG Takes over Day-to-day Operation
-------------------------------------------------------
At an extraordinary general meeting of the Corinium Holdings
Limited on September 17, 2004, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Blair Carnegie Nimmo of Saltire Court, 20 Castle Terrace,
Edinburgh EH1 2EG has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  KPMG
          Saltire Court,
          20 Castle Terrace,
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


COWAN HILL: Hires Grant Thornton as Administrator
-------------------------------------------------
Daniel Robert Whiteley Smith and Martin Gilbert Ellis (IP Nos
8373, 8687) have been appointed joint administrators for Cowan
Hill Limited.  The appointment was made September 30, 2004.  The
company offers brand consultancy services.

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


CRAVEN BROS: Sets Members Final Meeting November
------------------------------------------------
The final meeting of the members of Craven Bros (Monkseaton)
Limited will be on November 10, 2004 commencing at 10:00 a.m.
It will be held at the offices of Bartfields (UK) Limited,
Burley House, 12 Clarendon Road, Leeds LS2 9NF.

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 Bartfields (UK) Limited, Burley House, 12 Clarendon Road,
Leeds LS2 9NF not later than 12:00 noon, November 9, 2004.

CONTACT:  BARTFIELDS (UK) LIMITED
          Burley House,
          12 Clarendon Road,
          Leeds LS2 9NF


D & P ENGINEERING: Names Poppleton & Appleby Administrator
----------------------------------------------------------
M D. Hardy and M T. Coyne (IP Nos 9160 and 6575) have been
appointed joint administrators for D & P Engineering Services
Limited.  The appointment was made September 27, 2004.  The
company offers engineering services.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


EDISUS LIMITED: Members Agree to Dissolve Company
-------------------------------------------------
At an extraordinary general meeting of the members of the Edisus
Limited on September 28, 2004 held at Intec, Fford Y Parc, Parc
Menai, Bangor, Gwynedd, the extraordinary and ordinary
resolutions to wind up the company were passed.  Kerry Bailey
and Jonathan D Newall of PKF, 10 Hanover Business Centre,
Hanover House, The Roe, St Asaph LL17 0LT have been appointed
joint liquidators for the purpose of such winding-up.

CONTACT:  PKF
          10 Hanover Business Centre,
          Hanover House, The Roe,
          St Asaph LL17 0LT
          Phone: 01745 585345
          Fax: 01745 582119
          Web site: http://www.pkf.co.uk


EFFECTIVE IT: Extraordinary Winding up Resolution Passed
--------------------------------------------------------
At an extraordinary general meeting of the Effective IT Network
Services Limited on September 30, 2004 held at 2 Nelson Street,
Southend on Sea, Essex SS1 1EF, the subjoined extraordinary
resolution to wind up the company was passed.  K B Stout has
been appointed liquidator for the purpose of such winding-up.


ENTERPRISE CAPITAL: Hires Ernst & Young as Liquidator
-----------------------------------------------------
At a meeting of the Enterprise Capital Plc on September 21, 2004
held at the office of Dickson Minto WS, Royal London House, 22-
25 Finsbury Square, London EC2A 1DX, the special resolution to
wind up the company was passed.  Patrick Joseph Brazzill and
Margaret Elizabeth Mills both of Ernst & Young LLP, 1 More
London Place, London SE1 2AF have been appointed liquidators for
the purpose of such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


FREEDOM SCOTLAND: Members, Creditors to Meet Later this Month
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Freedom Scotland Holidays Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that meetings of the members and creditors of Freedom
Scotland Holidays Limited will be held at 7 Glasgow Road,
Paisley PA1 3QS, on October 27, 2004 at 3:00 p.m. and 3:15 p.m.
respectively for the purposes mentioned in Sections 99, 100 and
101 of the said Act.

A list of names and addresses of the company's creditors will be
available for inspection free of charge within the offices of
Campbell Dallas, Chartered Accountants, Sherwood House, 7
Glasgow Road, Paisley PA1 3QS two business days prior to the
meeting.

By Order of the Board

Alan Whyte, Director

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


HT (UK): Appoints Grant Thornton Administrator
----------------------------------------------
Paul Melville (IP No 9313) and Andrew Conquest (IP No 5329) have
been appointed administrators for HT (UK) Limited.  The
appointment was made October 1, 2004.  The company manufactures
window frames.

CONTACT:  GRANT THORTON UK LLP
          Enterprise House
          115 Edmund Street,
          Birmingham B3 2HJ
          Phone: 0121 212 4000
          Fax:   0121 212 4014
          Web site: http://www.grant-thornton.co.uk

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


HUTT'S FURNISHINGS: Deadline for Filing of Claims Set
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Hutt's Furnishings Limited
                        (In Liquidation)

I, John Michael Hall, Chartered Accountant, Haines Watts BRI,
Level 5, City House, Overgate Centre, Dundee, DD1 1UQ, hereby
give notice pursuant to Rule 4.19 of the Insolvency (Scotland)
Rules 1986 that I was appointed liquidator of Hutt's Furnishings
Limited by order of the Sheriff at Kirkcaldy Sheriff Court on
September 8, 2004.  A liquidation committee was not established
at the meeting of creditors held on August 16, 2004.

Accordingly, I hereby give notice that I do not intend to summon
a further meeting for the purpose of establishing a liquidation
committee unless one tenth in value of the creditors require me
to do so in terms of Section 142(3) of the Insolvency Act 1986.
All creditors who have not already done so are required to lodge
their claims with me by October 27, 2004.

John Michael Hall, Liquidator

27th September 2004

CONTACT:  HAINES WATTS (DUNDEE INSOLVENCY)
          Level 5, City House
          Overgate Centre
          Marketgait
          Dundee DD1 1UQ
          Phone: 01382 220663
          Fax: 01382 22066
          Web site: http://www.hwca.com


ISOTECH TECHNOLOGIES: In Administrative Receivership
----------------------------------------------------
Administrators from KPMG Corporate Recovery have been called
into Daventry-based Isotech Technologies Limited.  The company,
which builds specialized cooling equipment for the fresh produce
industry, employs 32 people.

Joint administrator, Mark Orton from KPMG Corporate Recovery
said: "The company has been suffering from cash flow
difficulties.  Over the next few days we will be having
discussions with the company's major customers to establish the
possibility of securing a future for the business."

Administrators have made 31 redundancies since their appointment
on 6 October 2004.

CONTACT:  KPMG CORPORATE RECOVERY
          Julie Round, PR Manager
          Phone: 0121 232 3177
          Mobile: 07887 633677
          E-mail: Julie.round@kpmg.co.uk


KVAERNER ENVIRONMENTAL: Liquidator's Final Report Out November
--------------------------------------------------------------
The final meeting of the members of Kvaerner Environmental
Limited will be on November 4, 2004 commencing at 10:00 a.m.  It
will be held at KPMG, Saltire Court, 20 Castle Terrace,
Edinburgh EH1.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG, Saltire Court, 20 Castle Terrace, Edinburgh EH1 not
later than 12:00 noon, November 3, 2004.

CONTACT:  KPMG
          Saltire Court,
          20 Castle Terrace,
          Edinburgh EH1
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


MOSS BROS: Returns First-half Profit After Five Years
-----------------------------------------------------
Highlights of Interim Results:

(a) Pre-tax profit of GBP0.7 million (H1 2003: GBP1.8 million
    loss),

(b) Like-for-like sales up 8% and gross profit up 11%, with
    growth in all 3 fascia,

(c) Gross profit percentage increases from 50.0% to 52.1%,

(d) Average cash balance for the half up 50% on last year,

(e) Interim dividend of 0.5p (H1 2003: nil),

(f) Current trading: LFL sales in first nine weeks of second
    half up 18%

Operational

(a) Product led strategy delivering improved performance across
    Moss, Cecil Gee and Boss;

(b) Moss growing market share: strategy of branded merchandise
    at good prices delivering;

(c) Margins benefiting from better overall operational
    efficiency;

(d) Moss refits delivering ahead of expectations, Cecil Gee
    brand investment underway;

(e) Moss Bros Hire continues to grow; GBP1.5 million invested in
    new stock.

Commenting on the results, CEO Philip Mountford said: "I am
pleased to report the Company has made a profit in the first
half for the first time in five years.  Our product led strategy
is delivering with improved performance in each of our fascias
Moss, Cecil Gee and Boss.

"This is encouraging progress but there remains substantial
unrealized potential.  The Moss store refurbishments have been
well received by our customers and we are starting to re-invest
in the Cecil Gee brand with the launch of the new concept store
at Lakeside next week.  Enhanced ranges, more effective
promotions, improved merchandising and supply chain initiatives
are providing the foundation for medium term growth.  The second
half has started well with LFL sales for the first nine weeks up
18%.  We head towards the key last quarter of the year with
confidence."

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

CONTACT:  MOSS BROS GROUP PLC
          Philip Mountford, Chief Executive
          Roddy Murray, Finance Director
          Phone: 020 7353 4200

          Tulchan Communications
          Alexia Latham
          Phone: 020 7353 4200


PRIMAVISION LIMITED: Liquidator to Give Update Thursday
-------------------------------------------------------
The creditors of Primavision Limited will meet on October 14,
2004 commencing at 11:00 a.m.  It will be held at 52 Mount
Pleasant, Liverpool L3 5UN.

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.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be
submitted together with written debt claims to 52 Mount
Pleasant, Liverpool L3 5UN not later than 12:00 noon, October
11, 2004.


RAMCO ENERGY: Reports GBP1 Mln First-half After-tax Loss
--------------------------------------------------------
Ramco Energy plc, the Aberdeen based oil and gas exploration and
production company, announces its interim results for the six
months ended 30 June 2004.

Summary

(a) Technical report, on the Seven Heads field, completed and
    detailed findings to be announced during the next few weeks

(b) Existing waiver from Bankers has been extended to allow the
    review of the technical report to be completed

(c) Turnover for the first half was GBP23.9 million (2003: GBP6
    million)

(d) After tax loss for the period of GBP1.0 million (2003: loss
    of GBP1.4 million)

(e) Oil and gas division reported half year profit, before
    interest, of GBP1.2 million

(f) Interest in oil potential underlying Seven Heads gas field
    farmed out

(g) Improved results from Oil services division with a profit of
    GBP0.9 million

Chairman's Statement

The technical report on the production problems encountered with
our Seven Heads gas field was completed recently and is
currently with our partners, the Irish regulatory authorities
and our bankers for their review.  We anticipate announcing the
findings of the report, the implications of the revised
reservoir model and the agreed way forward for the field during
the course of the next few weeks.  Our bankers have extended the
existing waivers to allow that process to be completed.

Financial Results

In the first half of 2004 the Group recorded an after tax loss
of GBP1.0 million compared with a loss of GBP1.4 million in the
first half of 2003.  Group turnover for the first half of 2004
was GBP23.9 million, substantially higher than GBP6 million in
the first half of last year, reflecting a full six months of
revenue under the Gas Sales Agreement (GSA) for the Seven Heads
gas field.  However, as reported previously, the production
problems encountered at Seven Heads have resulted in additional
costs.  These relate to transportation associated with importing
shortfall gas to Ireland to meet our GSA obligations, and the
technical studies undertaken to investigate the production
problems.

The Oil and Gas division reported a half-year profit, before
interest, of GBP1.2 million, compared with a loss over the same
period of last year of GBP1.5 million.  This result also
reflects the effect of the gas price hedges put in place as a
requirement of our project finance package and a lower than
expected depletion charge against the gas production as we
significantly wrote down the carrying value of our interest in
the gas field in 2003.

The Oil Services division produced improved results despite a
reduced turnover.  This reflects an upturn in the higher margin
core tubular cleaning business combined with a reduction in its
lower margin storage and logistics activities.  Overall the
division recorded a profit, before interest, for the first half
of GBP0.9 million compared to GBP0.8 million over the same
period of last year.

Administrative expenses for the first half were GBP0.7 million,
compared with GBP0.8 million in the first half of 2003.  Net
interest payable over the first six months of the year was
GBP2.2 million compared with net interest receivable over the
corresponding period of last year of GBP0.4 million.  The
change, from interest receivable to interest payable, reflects
the draw down of the Seven Heads project loan, which began in
quarter 2 of 2003.

At 30 June 2004 Group cash balances were GBP5.3m, of which
GBP1.8 million is ring-fenced within the Seven Heads project
finance arrangements.  The project loans, drawn down and
utilized, at 30 June 2004 total GBP68.6 million, of which
GBP56.6 million is non-recourse, secured only against the
Group's interest in the Seven Heads gas field.  The balance of
GBP12 million is also secured against the Oil Services business.
The Board is not recommending payment of an interim dividend.

Oil and Gas

The technical review of the Seven Heads gas field and the
revised reservoir model have identified a number of possible
ways of improving production and a range of production profiling
options to maximize gas revenues.  These options are being
carefully considered by Ramco, its partners and bankers and as
soon as agreement has been reached we will be issuing a more
detailed update.

The poorer than expected performance of the Seven Heads gas
field has inevitably had a knock-on effect.  We are generating
less cash than we had expected and as a consequence have reduced
our expenditure on other projects.  We have postponed certain
activities and are seeking to farm out parts of our exploration
portfolio earlier than we had originally planned.  In April we
announced that we had farmed out our interest in the oil
potential underlying the Seven Heads gas field and we are
currently considering a number of other offers.  Announcements
on specific deals will follow once individual agreements have
been concluded.

Oil Services

The Oil Services division has reported improved results driven
by an improvement in its core tubulars cleaning business and a
move away from some of the lower margin logistics and pipe
storage activities.  The recommencement of cleaning activities
in Japan has been a key factor in the improved results.  The
pipeline coating joint venture has also produced improved first
half results.  The improving markets are expected to continue
through the second half of the year.

Outlook

The first half of 2004 has been a challenging period for the
company.  However the Board and the management team remain
committed and are working with our bankers and partners to
advance the options available to Ramco.  Further announcements
will be made as progress is made with the initiatives already
described.

Peter Everett
Chairman

A full copy of the financial results is available free of charge
at: http://bankrupt.com/misc/Ramco_interim2004.pdf

CONTACT:  RAMCO ENERGY PLC
          Aberdeen
          Steven Bertram, Group Financial Director
          Phone: 01224 352 200

          COLLEGE HILL
          London
          Nick Elwes
          Phone: 020 7457 2020


RBC DOMINION: Appoints PricewaterhouseCoopers Liquidator
--------------------------------------------------------
Name of Companies:
RBC Dominion Securities (London) Limited
RBC DS (UK) Limited

At a meeting of the members of these companies on September 30,
2004, the special and ordinary resolutions to wind up the
companies were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies for the
purpose of such winding-up.

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


REAL TRAVEL: Calls in Liquidator
--------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Real Travel Scotland Limited

Notice is hereby given, pursuant to Section 109 of the
Insolvency Act 1986, that Derek Forsyth of Campbell Dallas,
Sherwood House, 7 Glasgow Road Paisley, PA1 3QS was appointed
liquidator of Real Travel Scotland Limited on September 29,
2004.

Derek Forsyth, Liquidator

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


ROYAL MAIL: Deputy Chairman Elmar Toime Resigns
-----------------------------------------------
Royal Mail Group announced board changes, as it enters the final
months of its three-year renewal plan and prepares for
intensified competition in the postal market.

Executive Deputy Chairman, Elmar Toime, will be standing down to
pursue opportunities as a consultant to the international postal
sector.  Mr. Toime joined the Group in March 2003 and held
responsibility for the Royal Mail letters business until May
this year, when Chief Executive Adam Crozier took direct control
of that part of the business.  Royal Mail Chairman, Allan
Leighton, thanked Mr. Toime for his contribution to the renewal
plan and wished him well in his new venture.

Royal Mail also announced that Baroness Margaret Prosser has
been appointed to the board as a non-executive Director.  Lady
Prosser, who was Deputy General Secretary of the Transport and
General Workers' Union from 1998 to 2002, brings a wealth of
experience in employee relations.

She was a member of the Equal Opportunities Commission between
1985 and 1992 and was President of the Trades Union Congress
from 1995 to 1996.  She is keenly interested in diversity in the
workplace and is the current chair of the Women's National
Commission.

Commenting on Lady Prosser's appointment Allan Leighton said:
"We are well through the three year renewal plan we needed to
put in place to turn Royal Mail around.  But the challenge we
face is still immense and the impact of competition on everyone
in the company will increase sharply in the near future.

"We will benefit hugely from Margaret's experience and scrutiny
as we continue to drive the improvements needed to deliver a
great place to work to all our people, and a great level of
service to all our customers."

"We are making a strong and lasting improvement to the level of
service we're giving our customers.  Quality of service has
improved consistently month on month since May.  Every measure
is improving.  We have made real and substantial gains on First
and Second Class mail -- some of our current performance levels
are among the best in years."

Issued by Royal Mail Group plc
148 Old Street
LONDON
EC1V 9HQ

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ,
          United Kingdom
          Phone: +44-20-7250-2888
          Fax:   +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SERCO SERVICES: Final Meeting of Creditors Set November
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Serco Services Limited
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Serco Services
Limited will be held at 1 Royal Terrace, Edinburgh, EH7 5AD on
November 11, 2004 at 10:00 a.m. for the purposes of receiving
the Liquidator's report on the winding up and to determine
whether the Liquidator should be released.

T. C. MacLennan, Liquidator

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


SHIMFOIL LIMITED: Bibby Factors Brings in Receiver
--------------------------------------------------
Bibby Factors Northwest Limited appoints W J. Kelly and James P
N. Martin (Office Holder Nos 4857, 8316) joint administrative
receivers for Shimfoil Limited (Reg No 00156001, Trade
Classification: SIC 2744).  The application was filed September
28, 2004.  The company produces copper.

CONTACT:  BEGBIES TRAYNOR
          Newater House
          11 Newhall Street,
          Birmingham B3 3NY
          Phone: 0121 200 8150
          Fax: 0121 200 8160
          Web site: http://www.begbies.com


THRESHOLD FLOORINGS: Special Winding up Resolution Passed
---------------------------------------------------------
At an extraordinary general meeting of the members of the
Threshold Floorings (Vorda) Limited on September 29, 2004 held
at 38-42 Newport Street, Swindon, Wiltshire the special
resolution to wind up the company was passed.  Paul Michael
McConnell of 38-42 Newport Street, Swindon, Wiltshire has been
appointed liquidator for the purpose of such winding-up.


TISI (UK): Final General Meeting Set Next Month
-----------------------------------------------
The final general meeting of the members of TISI (UK) Limited
will be on November 8, 2004 commencing at 11:30 a.m.  It will be
held at Farringdon Place, 20 Farringdon Road, London EC1M 3AP.

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 PKF, Farringdon Place, 20 Farringdon Road, London EC1M 3AP
not later than 4:00 p.m., November 5, 2004.

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road,
          London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


T J MEADE: Creditors Appoint Liquidator
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF T J Meade Limited
                       (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate
Recovery, 191 West George Street, Glasgow, G2 2LJ, United
Kingdom, hereby give notice, pursuant to Rule 4.19 of The
Insolvency (Scotland) Rules 1986 that on September 21, 2004, I
was appointed liquidator of the above named Company by
Resolution of the first Meeting of Creditors.  No Liquidation
Committee was established.

All creditors who have not already lodged a statement of their
claim are requested to do so on or before March 23, 2005.

B. C. Nimmo, Liquidator
September 23, 2004

CONTACT:  KPMG CORPORATE RECOVERY
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


UNIQUE INNS: Hires Administrators from Numerica
-----------------------------------------------
Simon Edward Jex Girling and Mark Peter Roach (IP Nos 9283,
9231) have been appointed administrators for Unique Inns
Limited.  The appointment was made September 24, 2004.

CONTACT:  NUMERICA LLP
          Crown House,
          37-41 Prince Street,
          Bristol BS1 4PS
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          Web site: http://www.numerica.biz


WHITE CROSS: Liquidators Call Final Members Meeting
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

   IN THE MATTER OF The White Cross Insurance Company Limited

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986, that the final meeting of members of The White Cross
Insurance Company Limited will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds, LS1 4JP on November 10, 2004 at 10:00 a.m. for the
purpose of having an account laid before the members showing how
the winding-up has been conducted and the property of the
Company disposed of, and hearing any explanations that may be
given by the Liquidator.

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

Tim Walsh, Joint Liquidator
September 27, 2004

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


* FSCS Declares 33 Firms in Default
-----------------------------------
The Financial Services Compensation Scheme (FSCS) is encouraging
consumers to get in touch if they may have lost money as a
result of their dealings with any one of 33 firms recently
declared in default by the Scheme.

Declaring a firm in default opens the way for anyone who has
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  The limit for investment
compensation is GBP48,000.  Consumers who believe they may have
a claim, should contact the Scheme on 020 7892 7300.  The
service is free to consumers.

"FSCS' role is to protect customers of financial services firms.
It is important for people to know that there is an organization
that can help if they have lost money and the firm can't pay,"
says Ron Devlin, Interim Chief Executive of the FSCS.

The declaration of default is the final part of a process
whereby a regulated firm (for example, an independent financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it.  This is usually because it has
insufficient assets, for example, because it has ceased trading
or is insolvent.

FSCS is the U.K.'s statutory single compensation scheme covering
investments, deposits and insurance.  It provides a fund of last
resort for consumers who have claims against regulated firms
that are unable to pay them.  Financial services firms are
regulated by the U.K.'s independent financial watchdog, the
Financial Services Authority (FSA).

A list of the 33 investment firms is attached, and a list
containing the full address of each of the firms is available
from FSCS' Web site at http://www.fscs.org.uk. Consumers can
also use the default database on the Web site to check to see if
a firm they have dealt with previously has already been declared
in default.

             Protection Extended to Mortgage Advice

From October 31, 2004 mortgage advice and arranging will also be
protected.  This is the date when these types of activities will
be regulated by the FSA.

FSCS became the single compensation scheme in the financial
services sector on December 1, 2001, when the Financial Services
and Markets Act came into force.  All previous compensation
schemes, including the Investors Compensation Scheme, ceased to
operate at this time.

                  Default Declarations by FSCS
                      As of October 6, 2004

(a) East

    (i) Norvic Insurance Brokers Limited (latterly Norvic
        Insurance Services Limited), Norwich NR3 4PS

   (ii) Peregrine Overseas Limited, Woodbridge IP12 1TJ

  (iii) Philip John Howells, formerly trading as Willis Howells
        Financial Services, Newmarket CB8 8TF

   (iv) Residential & Commercial Mortgage Services Limited
        trading as The Mortgage & Pension Shop (In Voluntary
        Liquidation), Chelmsford CM1 1HL (not connected with
        Hometouch Mortgages Limited currently trading as The
        Mortgage & Pension Shop from the same premises)

    (v) Thomas Derek Mackereth, formerly trading as Derek
        Mackereth Insurance, Peterborough PE7 1QD

(b) Midlands

    (i) A H Bell & Co. (Financial Planning) Limited, Derby DE1
        2GT

   (ii) Banwern Limited, Ripley DE5 3HR

  (iii) Daviot Finance Limited, Alcester B49 6HN

   (iv) LinnCo. Europe Limited (In Administration), Leicester
        LE3 5DE

    (v) Matthews Clarke Financial Services Limited, Worcester
        WR1 2LA

   (vi) Peter Woodward trading as Woodwards IFA, Ripley DE5 3DJ

(c) North

    Kensington Financial Services Limited, Chadderton OL9 9JX

(d) Northern Ireland

    D Mcclarty & Company Financial Services Limited, Co.
    Londonderry BT52 1PF

(e) Scotland

    (i) James Stuart Robertson formerly trading as J Stuart
        Robertson Insurance Services, Bonnyrigg EH19 3NP

   (ii) Karan Kissoon Singh formerly trading as the Mortgage &
        Savings Shop, Alexandria G83 9PQ

  (iii) McKenna Financial Services Limited, Kilmacolm PA13 4NY

   (iv) Scottway Insurance Services Limited, formerly known as
        Scott & Wason (Insurance Services) Limited, Glasgow G2
        2UE

(f) South East (including London)

    (i) E J Kirk & Company Limited, Reading, RG7 3WF

   (ii) Independent Insurance Expertise Limited, Edgware HA8 7BJ

  (iii) Insurite Limited, London E4 9JY

   (iv) McKenzie & Co. (Insurance Brokers) Limited, London WC1A
        2TA

    (v) Mr. Gordon Searle, formerly trading as Amor Searle &
        Company, Shepperton, TW17 9AZ

   (vi) Norman David Mitchell, formerly trading as Planned
        Investments, Battle TN33 0EA

  (vii) Paul Anthony Gold & Marguerita Gold, formerly trading as
        Paul Gold & Associates, Twyford RG10 0LX

(viii) Ridgefield Financial Services Limited, London SW14 8LP

   (ix) Tangent Financial Services Limited, Watford WD1 2JR

(g) South West

    (i) Coombe Insurance Services Ltd., Wotton-Under-Edge GL12
        7NR

   (ii) Mr. Paul Eric Morgan, formerly trading as Paul Morgan
        Financial Services, Banbury OX16 8LG

(h) Yorkshire and Humberside

    (i) Dale Sharman Investments Limited, Leeds, LS3 1AD

   (ii) Dormland Limited (In Liquidation), formerly Oughtred &
        Harrison (Insurance) Limited, Kingston-Upon-Hull HU3 1XA

  (iii) Freeway Financial Services Limited, Bradford BD13 3EL

   (iv) Howard Frapwell Insurance & Mortgage Independent
        Financial Advisers Limited (In Liquidation), South
        Humberside DN15 6LD

    (v) James O'Connor formerly trading as Knavesmire Insurance
        Services, York YO2 4AA

CONTACT:  FINANCIAL SERVICES COMPENSATION SCHEME
          7th Floor Lloyds Chambers
          1 Portsoken Street
          London E1 8BN
          Phone: +44 (0)20 7892 7300
          Fax: + 44 (0)20 7892 7301
          Web site: http://www.fscs.org.uk

          Suzette Browne
          Phone: 020 7892 7372
          E-mail: Suzette.Browne@fscs.org.uk

          Heather Tilston
          Phone: 020 7892 7370
          E-mail: H.Tilston@fscs.org.uk


* Research Firm Launches Insolvency, Restructuring Yearbook
-----------------------------------------------------------
The Global Insolvency & Restructuring Yearbook 2004/05 provides
a far-reaching discussion and analysis of insolvency &
restructuring within the global market, written by leading
experts from investment banks, law firms & consultants.

With traditional and new economy companies experiencing
difficulties in the economic downturn, insolvency and
restructuring departments are facing a challenging time.  Recent
high-profile insolvencies have highlighted the need for all
companies to be aware of their liabilities and responsibilities
under the law.

This book serves as an up-to-date information guide to this
sector, reporting on international developments as well as
offering domestic and industry specific analysis.

The publication contains a series of specialist articles
focusing on major cross-border issues, and regional reviews,
providing industry professionals with an authoritative guide to
the market and its leading practitioners.  The publication will
discuss progress and developments at an international level and
will consider how companies can invest in and profit from best
practice in this area.

Each chapter is contributed by leading market participants on an
exclusive basis.

Topics covered include:

(a) International corporate recovery,

(b) Sales of going concerns under section 363 of the U.S.
    bankruptcy code,

(c) Impact if a us bankruptcy filing on lenders' rights,

(d) Cross-border insolvencies,

(e) Standards on insolvency and creditor rights,

(f) Anti-money laundering laws and their impact on pan European
    restructurings

Country and regional reviews focus on insolvency & restructuring
issues in: Australia, Austria, Bahamas, Bermuda, British Virgin
Islands, Canada, Cayman Islands, Czech Republic, Europe, France,
Germany, Gibraltar, Hong Kong, India, Japan, Korea, Latin
America, Malaysia, Netherlands, Poland, Singapore, Sweden,
Switzerland, U.S.A. directory listing over 450 leading companies
from the insolvency and restructuring industry completes this
essential guide.

For a complete index of this report click on
http://www.researchandmarkets.com/reports/219471

About Research and Markets Ltd.

Research and Markets Ltd. are Europe's largest resource for
market research.  R&M distribute thousands of major research
publications from the world's leading publishers, consultants
and market analysts.  R&M provide you with the latest forecasts
on international and regional markets, key industries, the top
companies, new products and the latest market trends.

For additional information on ResearchandMarkets.com, their
range of reports or their value-added services, visit
http://www.researchandmarkets.comor mail to:
press@researchandmarkets.com.

CONTACT:  Research and Markets
          Laura Wood
          E-mail: press@researchandmarkets.com
          Fax: +353 1 4100 980


                            *********


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.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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