---

        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

            Tuesday, October 12, 2004, Vol. 5, No. 202

                            Headlines

C Z E C H   R E P U B L I C

TEXTILANA CZ: Administrator Enters Textile Firm
VITKA BRNENEC: Attracts Several Buyers


F R A N C E

ALCATEL: Invests AU$7.5 Million in Australian 3G Network
ALSTOM SA: Wins EUR357 Million Equipment Order from China


G E R M A N Y

BREMER WOLL-KAMMEREI: Aussie Investor Buying Controlling Stake
GOERLITZ FLEECE: Insolvency Lifts Burden off Struggling Parent
IHB-SYSTEME: Gives Creditors Two Weeks to File Claims
INFINEON TECHNOLOGIES: 3rd Class Action Filed in N.D. California
KARSTADTQUELLE AG: Creditor Banks Willing to Extend Credit line

KR HAUSTECHNIK: Late Claims Verification Set Next Month
LEUNER VERWALTUNGS: Creditors' Meeting Set November
OMEGA GMBH: Real Estate Firm Under Bankruptcy Administration
REIFEN-JOKER: Administrator's Report Out Next Month
SADIKU & ISEINI: Creditors' Claims Due November
SAG INDUSTRIEBAU: Court Appoints Provisional Administrator


I T A L Y

ALITALIA SPA: E.U. Sure to Approve Rescue Plan, Says Minister
PARMALAT FINANZIARIA: Citigroup Challenges Restructuring


L U X E M B O U R G

PROMSVYAZ FINANCE: Loan Participation Notes Rated 'B-'


N E T H E R L A N D S

GETRONICS N.V.: Hires VP for New Global Service Center
V-BIRD: Cancels Flights After Talks with Creditors Fail


N O R W A Y

PETROLEUM GEO-SERVICES: Petrojarl Varg Crew Join OFS' Strike


R U S S I A

ASTRAGAN: Court Hires Insolvency Manager to Temporarily Run Biz
BRATSK-ENERGO-STROY-TRANS: Sets Deadline for Proofs of Claim
BUROVIK 2: Amur Court Orders Bankruptcy Supervision
CONE: To Auction off RUB850,000 Worth of Properties Today
ELECTRIC AND THERMAL: Appoints V. Vorobey Insolvency Manager

FIRST KAZANSKIY: Under Bankruptcy Supervision
GAZ-SEL-STROY: Creditors Have Until November to File Claims
PROM-NEFTE-STROY: Hires S. Trotsenko as Insolvency Manager
THE BUSINESSMAN: Insolvency Manager Takes over Helm
TRADING HOUSE: Bidding Organizer Sets Public Auction this Week


S W I T Z E R L A N D

CONVERIUM AG: Securities Regulator Investigates Share Dealings


U K R A I N E

BBS-AGRO: Insolvency Manager Takes over Helm
DNEPROTYAZHBUMMASH: Under Bankruptcy Supervision
DZVO-SELKO: Declared Insolvent
KONOTOP' ELECTRO: Deadline for Filing of Claims Nears
PLANT STANDART: Bankruptcy Proceedings Begin

SAMARSKI STAVKI: Court Orders Debt Moratorium
SELTI: Insolvency Manager Moves in
STRON: Dnipropetrovsk Court Commences Bankruptcy Proceedings
YULIO AND K: Court Appoints Liquidator


U N I T E D   K I N G D O M

4 LEAF: Names BN Jackson Norton Liquidator
ABC PROMOTIONAL: Names Robson Rhodes Liquidator
A C SYSTEMS: Hires Tenon Recovery as Administrator
ADMECH ENGINEERING: Members Agree to Dissolve Company
ALAN ARMSTRONG: Winding up Resolutions Passed

ALLIED LEISURE: In Administrative Receivership
ANGUS SCAFFOLDING: Calls in Liquidator
ASI COMPUTER: Hires Liquidator from Findlay James
AUSTIN REED: First-half Loss in Line with Expectations
AYRSHIRE DOCTORS: Members Opt to Liquidate Company

BIRDS EYE: Closure of Grimsby Factory Next Year to Displace 600
BLUECOL BRANDS: Calls in Liquidator from Tenon Recovery
BOOKLESS: Liquidation to Displace More than 100 Workers
BPM DEVELOPMENT: Liquidator's Final Report Out Next Month
CALDERFORD HOLDINGS: Appoints PKF Liquidator

CASTLEBLAIR: Completes Exit from Textile Business
DARVEL TEXTILES LIMITED: Sets Creditors' Meeting Next Week
EBOOKERS PLC: Potential Buyer Withdraws Offer
ECS TELECOM: Final General Meeting Set Next Month
EGG PLC: Netherland's ING Shows Interest in French Outfit

FIRST INDEX: Hires Baker Tilly as Administrator
FORTH TOOL: Grant Thornton Receivers Move in
GLOWELD SITE: Appoints Begbies Traynor Administrator
GORDONSWELL LIMITED: Hires Joint Liquidators from Oury Clark
HORTICOM LIMITED: Brings in Joint Administrators from Mazars

HOUSTON RAMM: Names Begbies Traynor Administrator
J.F. RATCLIFF: Bibby Factors Appoints Begbies Traynor Receiver
MULTIABLE HOLDINGS: Grant Thornton Administrator Takes over Helm
NO 552: Names Tenon Recovery Liquidator
PARKER CHADWICK: Meeting of Unsecured Creditors Next Week

PRESSWORK (METALS): Calls in Grant Thornton
SCIENCE WAREHOUSE: Forward Innovation Fund Appoints Receiver
SOLIHULL BUSINESS: Hires Eden Currie Limited as Liquidator
STYLO PLC: Narrows First-half Loss to GBP2.4 Million
SUNDIAL LEISURE: Hires Joint Administrators from Stoy Hayward

* Large Companies with Insolvent Balance Sheets


                            *********


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


TEXTILANA CZ: Administrator Enters Textile Firm
-----------------------------------------------
Creditors of textile maker Textilana CZ, through a distrainer,
appointed Petr Smid administrator of the company Thursday, Czech
News Agency says.

Mr. Smid plans to consolidate the company's assets and sell it
later on.  Textilana has been plagued by financial problems and
has not been able to pay employees.  Some creditors are
proposing another distrainer for the firm, which is own by
Prague-based Prolift.

CONTACT:  TEXTILANA A.S.
          Jablonecka 36
          CZ-461 09 Liberec
          Phone: 485 100 507
                 485 396 111
          Fax: 485 100 515
          Web site: http://www.textilana.cz


VITKA BRNENEC: Attracts Several Buyers
--------------------------------------
Around six domestic and foreign investors have expressed
interests in acquiring textile firm Vitka Brnenec, says Czech
News Agency, citing receiver Vitezslav Halek.

Mr. Halek says Vitka's sale could be completed as early as the
first half of next year.

CONTACT:  VITAKA BRNENEC
          Brnenec 17
          56904 Brnenec
          okres Svitavy
          Phone: +420 461 524 114
          Fax: +420 461 523 128
          E-mail: info@vitka.cz
          Web site: http://www.vitka.cz


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


ALCATEL: Invests AU$7.5 Million in Australian 3G Network
--------------------------------------------------------
Alcatel (NYSE: ALA) announced an AU$7.5 million joint investment
with the Australian Government in m.Net Corporation, a
consortium of multinationals, Australian IT and
telecommunications companies, government and research
organizations.  The investment will be used to upgrade m.Net's
next-generation UMTS/WCDMA wireless network in the city of
Adelaide and turn it into the most advanced 3G network in
Australia.

Within the investment program m.Net will be able to take
advantage of Alcatel's expertise in end-to-end UMTS/WCDMA
technology and leading mobile expertise.  The enhanced network
that results will stimulate the development of new 3G
applications by providing Australia's application developer
community access to the latest 3G technology.

Alcatel is an existing member and key technology provider of the
m.Net Consortium and this project is further evidence of the
company's commitment to next-generation mobile technology and to
the Australian Information, Communication, Entertainment and
Technology (ICeT) economy.

"Collectively with Alcatel and other consortium members, we are
making new and significant advancements in 3G and mobile
broadband," said Horden Wiltshire, Chief Executive Officer,
m.Net Corporation.  "Support from private sector companies with
global mobile communications expertise, such as Alcatel, and the
backing of the Australian Government is vital if Australia is to
become a global leader in 3G technology and mobile broadband
Internet."

"By providing the opportunity to foster innovation locally,
Alcatel is ensuring that market-ready 3G applications will be
available in Australia," said Tony Cullen, Executive General
Manager, Mobile, Alcatel Australasia.

"Alcatel has market leading 3G experience worldwide and supplies
systems for mobile communications networks globally. We are
continually looking for ways to strengthen our presence in the
global 3G market and we are glad to do so locally by further
extending our participation in m.Net with this investment," he
added.

The m.Net Australia project is supported by the Australian
Government through the Advanced Networks Program of the
Department of Communications, Information technology and the
Arts

About m.Net Consortium

m.Net Corporation is an Australian-based company that is playing
a central role in the evolution of mobility.  As wireless
technologies converge with Internet and other services, m.Net
gives corporations, developers, researchers and investors
unparalleled opportunities to succeed in the new mobile economy.
The company has built an advanced mobile network, based on 3G
and WLAN, in metropolitan and regional South Australia.  The
network captures a microcosm of modern life and creates a
platform for development and testing. m.Net also provides a
range of services to developers and content creators through its
Gallery 4 business division, in parallel with stimulating
customer demand through its Industry Programs.  For further
information, visit http://www.mnetcorporation.com.

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or employees.  Alcatel brings its leading position in
fixed and mobile broadband networks, applications and services,
to help its partners and customers build a user-centric
broadband world.  With sales of EUR12.5 billion in 2003, Alcatel
operates in more than 130 countries.

                            *   *   *

Recently, Fitch Ratings upgraded Alcatel S.A.'s Senior Unsecured
rating to 'BB' from 'BB-' and changed its rating Outlook to
Positive from Stable.

CONTACT:  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


ALSTOM SA: Wins EUR357 Million Equipment Order from China
---------------------------------------------------------
Alstom S.A. signed four contracts with a combined value of
EUR357 million to provide power-generating equipment for three
pumped-storage projects in China and transfer related
technology.

The scope of supply for all three projects covers the design,
manufacturing, transport and supervision of building and
commissioning of 16 x 306 MW reversible pump-turbine/motor-
generator units, all associated auxiliaries, electrical BOP and
control systems.  All the equipment will be manufactured in
Alstom's facilities in Brazil, China, France and Switzerland.

The first contract is for the supply of 8 x 306 MW units for the
Huizou Pumped-Storage Power Station, located in China's southern
Guangdong Province, for Guangdong Pumped Storage Co., Ltd.  The
first unit is scheduled for commissioning by the end of 2008 and
the last by the end of 2011.

The second covers the supply of 4 x 306 MW units for the
Bailianhe Pumped-Storage Power Station, located in central Hubei
Province.  The customer is Bailianhe Pumped-Storage Co., Ltd.
Commissioning of the units will stretch from the beginning of
2007 to mid-2008.

In the third contract, the State Grid Henan Baoquan Pumped
Storage Co., Ltd. has ordered 4 x 306 MW units for the
underground powerhouse of the Baoquan Pumped-Storage Power
Station located on the Yuhe River in central Henan Province.
The first unit is scheduled for commercial operation in May 2008
and the last in April 2009.

The fourth contact concerns the transfer of technology.  Under
the terms of this contract, Alstom will transfer the relevant
design and manufacturing technology of single stage reversible
pump-turbine and motor-generator to Harbin Electrical Machinery
Co. Ltd. and Dongfang Electrical Machinery Co.

Philippe Joubert, President of Alstom's Power Environment and
Power Turbo-Systems Sectors, said these orders coming on top of
the recently won Three Gorges Right Bank contract and other
projects in China, are further proofs of customer confidence in
Alstom technology.  These orders allow us to provide the best
power generation solutions for the booming power market of
China.  This reinforces our commitment to be a long term,
dedicated partner of China in the development of the country's
power infrastructure.

CONTACT:  ALSTOM S.A.
          Press relations:
          M. Boulot / G. Tourvieille
          Phone: +33(0)1 41 49 27 40
          E-mail: internet.press@chq.alstom.com

          Investor Relations:
          E. Chatelain
          Phone: +33(0) 1 41 49 37 38
          E-mail: investor.relations@chq.alstom.com


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


BREMER WOLL-KAMMEREI: Aussie Investor Buying Controlling Stake
--------------------------------------------------------------
Futuris advises that its subsidiary Elders has committed to take
a controlling interest in its associate Bremer Woll-Kammerei to
consolidate its global position in wool.

The agreement is conditional upon BWK shareholders approving a
restructuring of its ownership and debt levels and asset base.
The key elements are:

(a) BWK will reduce its operations primarily to a European base
    through the transfer of BWK's Australian assets (refer
    additional information following) to Elders in exchange for
    the plant and machinery of Geelong Wool Combing.  The value
    of the Australian assets has been written down by BWK
    following independent valuation.  The write-downs are the
    major element of non-recurring losses of EUR9.4 million to
    be booked by BWK Group for 2004.

(b) Banks to BWK will forego a substantial portion of loans
    outstanding and provide favorable funding on the residual
    debt for up to five years.  The benefit to BWK from the
    restructuring contributions by the banks is EUR16 million.

(c) Elders will inject EUR16 million (AUD$28 million) of new
    cash for BWK AG equity and acquire further equity of EUR5
    million (AUD$8 million) in exchange for its 50%
    shareholding in BWK EE.

As a result of the restructuring measures, BWK external group
debt will reduce from EUR73 million to EUR29 million.  The final
level of Elders' shareholding in BWK AG following the
restructuring will be subject to the participation by other
shareholders in BWK in a pro-rata rights issue.  Elders expects
that its shareholding in BWK will fall within the range of 75%
to 90% following the restructuring.

The restructure will enable BWK to complete full commissioning
of the major rebuild of its Bremen plant.  As part of the Elders
Global Wool operations, BWK will continue as a major force in
combing and European marketing.

In addition to difficult market conditions, BWK has been
laboring under excessive debt levels and penalty interest, which
has significantly disrupted its rebuild.  While the Australian
drought, low sheep numbers and high wool prices have impacted
customer demand, there are signs of industry recovery. Wool
production and demand are expected to increase in 2005.

"Elders has a longstanding history of leadership in the wool
industry," said Futuris Chief Executive Les Wozniczka. "More
than ever, the Australian wool industry needs the strength of
Elders and its global reach to ensure that Australian wool
producers can get the best returns and direct access to global
markets."

The restructuring impact is not anticipated to have a material
impact on Futuris' 2005 underlying earnings or to give rise to
non-recurring items, but should impact accretively to earnings
thereafter.

Mr. Wozniczka said that the acquisition value proposed for the
Australian assets of BWK should permit the operations to be very
competitive in the future.

"It has been a very tough restructure and we had to lead the way
by taking the first hit (US$26 million in October 2003).  That
decision brought a reality check to the business and it has
supported the restructuring of BWK into a competitive position
from which there is better opportunity to recover values.

BWK shareholders will vote on the proposal at a meeting to be
held on 16 November 2004.

                    BWK Australian Assets

Under the restructuring Elders will acquire BWK's Australian
assets (excluding GWC plant & machinery).  These assets include:

(a) a 50% interests in Australian Wool Handlers, Australia's
    leading wool handling operation.  AWH handles approximately
    60% of Australia's greasy wool production.

(b) Austops wool combing operations located near Parkes.
    Austops has capacity of 10 million kg. per annum and has
    situational advantages for the processing of superfine
    grade wools in which Australia is highly competitive.

Michael Sadlon
Secretary

CONTACT:  BREMER WOLL-KAMMEREI
          Les Wozniczka, Chief Executive Officer
          Phone: 08 8425 4999

          Don Murchland, Investor Relations Manager
          Phone: 0439 300 932


GOERLITZ FLEECE: Insolvency Lifts Burden off Struggling Parent
--------------------------------------------------------------
U.S. Malden Mills Industries' subsidiary in Gorlitz Germany,
Goerlitz Fleece GmbH, has voluntarily filed for insolvency,
Sportstrend.com reports.

Malden, which emerged from bankruptcy last year, blamed the
decision to German labor regulations on seasonal employment
coupled with sluggish sales volume and an excessive German debt
load.

Goerlitz, which manufactures and distributes Polartec fleece in
Europe, was built in 1994 to produce fabrics for Malden.  Due to
lack of advanced machinery, it produces mostly basic fleece
fabrics.  Seasonal demand partly keeps it from producing more
than 69 product styles in the fiscal year 2004.

But Malden Mills president/CEO Michael Spillane is hopeful.  He
said: "The filing may, in the long run, significantly enhance
Malden Mills' financial and operational flexibility and
meaningfully reduce our long-term debt."  The German debt is
non-recourse to its U.S. parent.

Goerlitz will continue to operate throughout the insolvency
process.

CONTACT:  GOERLITZ FLEECE
          Ebersbach
          Gewerbering 8
          Gorlitz 2828
          Germany
          Phone: +49-3581-38520
          Fax: +49-3581-385270
          Web site: http://www.fleece.de


IHB-SYSTEME: Gives Creditors Two Weeks to File Claims
-----------------------------------------------------
The insolvency court of Bonn opened bankruptcy proceedings
against real estate firm IHB-Systeme GmbH on September 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 28,
2004 to register their claims with court-appointed provisional
administrator Volker Dick.

Creditors and other interested parties are encouraged to attend
the meeting on December 13, 2004, 10:30 a.m. at the district
court of Bonn 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:  IHB-SYSTEME GMBH
          Birkenfelder Strasse 27
          53819 Neunkirchen-Seelscheid
          Phone: 02247 91684 0
          Contact:
          Johannes Wolff, Manager

          Volker Dick, Insolvency Manager
          Kolnstrasse 135, 53757 Sankt Augustin
          Phone: 02241/90600 und 21041
          Fax: 02241/21048

          DISTRICT COURT OF BONN
          Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126


INFINEON TECHNOLOGIES: 3rd Class Action Filed in N.D. California
----------------------------------------------------------------
Munich-based law firm Rotter Rechtsanwalte and partner firm
Shalov Stone & Bonner have filed a class action lawsuit against
the semiconductor firm, Borsen Zeitung says.

Infineon stakeholders allegedly sustained damages arising from
unlawful storage ship price agreements, when share prices were
traded at excessive levels, the suit states.  Two other law
firms have previously filed a similar action.

Infineon had agreed to pay a US$160 million fine to the U.S.
government in a cartel case after admitting guilt on one charge.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com


KARSTADTQUELLE AG: Creditor Banks Willing to Extend Credit line
---------------------------------------------------------------
KarstadtQuelle AG's creditor banks are reportedly keen on
extending the ailing retail giant's vital credit line,
Suddeutsche Zeitung says.

Around 15 of the retail giant's most important creditor banks
are prepared to extend its short-term credit line from six
months to three years.  The banks are also ready to increase
KarstadtQuelle's credit line from EUR1.6 billion to between
EUR1.75 billion and EUR2.0 billion.  The extension and increase
of KarstadtQuelle's credit line would provide the retail giant a
wider scope to finance its restructuring activities, according
to Suddeutsche Zeitung.  The banks reportedly intend to impose
the changes at the end of the year.

Meanwhile, KarstadtQuelle intends to keep its Wismar head
office, setting aside previous plans to spin off the site.

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


KR HAUSTECHNIK: Late Claims Verification Set Next Month
-------------------------------------------------------
The insolvency court of Chemnitz has set a special verification
meeting on November 10, 2004, 11:15 a.m. for late claims filed
against KR Haustechnik GmbH.  The meeting will be at
Gerichtsgebaude, Furstenstrasse 21, in Chemnitz, Saal 28.

The final accounts, as well as the resolution on the
administrator's remuneration, which was determined on September
15, are laid out in the insolvency court of Chemnitz.

The company installs heating and ventilation systems.

CONTACT:  KR HAUSTECHNIK GMBH
          (HRB 14663) Bahnhofstr. 15, 08056 Zwickau
          Phone: 06831 94988 6
          Contact:
          Torsten Lanius, Manager


LEUNER VERWALTUNGS: Creditors' Meeting Set November
---------------------------------------------------
Creditors and other parties interested in Leuner Verwaltungs
GmbH are encouraged to attend a meeting on November 25, 2004,
10:30 a.m. at Saal D132, Amtsgericht Dresden, Olbrichtplatz 1,
01099 Dresden for the administrator's first insolvency
proceedings report.  Leuner has been under bankruptcy
proceedings since September 1.

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:  LEUNER VERWALTUNGS GMBH
          Hauptstrasse 47 in 01824
          Gohrisch OT Kleinhennersdorf
          Contact:
          Frank Leuner, Manager

          KUBLER
          Loschwitzer Strasse 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de
          Christian Heintze, Insolvency Manager


OMEGA GMBH: Real Estate Firm Under Bankruptcy Administration
------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against real estate firm Omega GmbH on September 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 29,
2004 to register their claims with court-appointed provisional
administrator Markus M. Merbecks of Dr. Handschumacher &
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2004, 11:00 a.m. at Saal 24,
Gerichtsgebaude, Furstenstrasse 21, Chemnitz 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:  OMEGA GMBH (HRB 18269),
          Old Address:
          Yorckstrasse 12, 09130 Chemnitz

          New Address:
          Spiegelhagenstrasse 14, 10585 Berlin
          Contact:
          Symeon Zevgardis, Manager

          DR. HANDSCHUMACHER & MERBECKS
          Ludwigstr. 58, 09113 Chemnitz
          Web site: http://www.merbecks.de

          Contact:
          Markus M. Merbecks, Insolvency Manager


REIFEN-JOKER: Administrator's Report Out Next Month
---------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Reifen-Joker Nachtexpress GmbH on September 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 25,
2004 to register their claims with court-appointed provisional
administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 9:45 a.m. at the district court
of Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 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:  REIFEN-JOKER NACHTEXPRESS GMBH
          Emmastr. 25, 40227 Dusseldorf
          Jorg De Vos, Delrather Str. 19, 41541 Dormagen
          Web site: http://www.reifen-joker.de

          Dr. Frank Kebekus, Insolvency Manager
          Scheibenstrasse 45, 40479 Dusseldorf


SADIKU & ISEINI: Creditors' Claims Due November
-----------------------------------------------
The insolvency court of Nurnberg opened bankruptcy proceedings
against Sadiku & Iseini GmbH on September 16.  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 Dr. Stefan
Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2004, 9:00 a.m. at the district court
of Nurnberg Flaschenhofstr. 35, Sitzungssaal 152/I 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.

Malik Sadiku installs pre-fabricated building parts.

CONTACT:  SADIKU & ISEINI GMBH
          Malik Sadiku, Wolckernstr. 80, 90459 Nurnberg

          Dr. Stefan Oppermann, Insolvency Manager
          Durrenhofstr. 4, 90402 Nurnberg
          Phone: 0911/94646-46
          Fax: 0911/94646-48/49


SAG INDUSTRIEBAU: Court Appoints Provisional Administrator
----------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against SAG Industriebau GmbH on September 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 29, 2004 to
register their claims with court-appointed provisional
administrator Friedrich Wilhelm Metzeler.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2004, 9:15 a.m. at the district
court of Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213
Dusseldorf, 3.OG Altbau, A 388 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:  SAG INDUSTRIEBAU GMBH
          Am Trippelsweg 120, 40589 Dusseldorf
          Contact:
          Dr. Paul Fink
          Rheinort 1, 40213 Dusseldorf

          Friedrich Wilhelm Metzeler, Insolvency Manager
          Rheinort 1, 40213 Dusseldorf


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


ALITALIA SPA: E.U. Sure to Approve Rescue Plan, Says Minister
-------------------------------------------------------------
Finance minister Domenico Siniscalco expressed optimism Thursday
that the European Union would approve Alitalia's 2005-2008
business recovery plan.

According to La Stampa, Mr. Siniscalco is confident E.U.
transport commissioner Loyola de Palacio would review and
approve the plan, which would be submitted this week, before her
term ends.  The finance minister also stressed the urgency to
privatize the beleaguered airline through a planned
recapitalization, which was one of the conditions E.U. set
before approving Alitalia's EUR400 million state-backed bridging
loan.

Upon submission of the restructuring program, the E.U. will
determine whether the plan to split Alitalia to two different
business units would constitute state aid.  Under the said plan,
Alitalia would spin off its ground operations into a separate
subsidiary, which would take over the bulk of Alitalia's debts.
State holding firm Fintecna would then inject EUR750 million
into the ground services company in exchange for a 49% stake.

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


PARMALAT FINANZIARIA: Citigroup Challenges Restructuring
--------------------------------------------------------
Citigroup (NYSE:C) has initiated a legal challenge against the
Italian governmental authorities responsible for the Parmalat
restructuring, arguing that the proposed restructuring, as
approved by the authorities, violates the rights of Citigroup
and other creditors and investors.

In proceedings commenced Friday in the Administrative Court of
Lazio in Italy, Citigroup argues that the Ministry of Productive
Activities and the Ministry of Agriculture and Forestry -- which
have oversight of the Parmalat Extraordinary Commissioner-- have
failed to ensure a fair process for considering claims.

The Extraordinary Commissioner, who is a government official
appointed by the Minister of Productive Activities, has
recommended the rejection of substantially all of Citigroup's
legitimate claims with only EUR2,015,441.88 worth of Citigroup's
EUR538,680,996.69 in claims recognized on the provisional list
of admitted creditors published by the Extraordinary
Commissioner on August 10, 2004.  A similar approach has been
adopted towards other financial institutions.

William J. Mills, CEO of Citigroup's Global Corporate and
Investment Bank for Europe, Middle East and Africa, commented:
"The law requires that all creditors be treated equally during
bankruptcy proceedings, and instead the rights of creditors have
been trampled upon repeatedly.  We believe that the plan, as
approved, does not respect this fundamental principle and
therefore undermines the goal of the administration and creates
unnecessary legal and financial risk for New Parmalat."

Mr. Mills added: "No one has come forward with any evidence of
wrongdoing by Citigroup, or with any indication that Citigroup
was aware of Parmalat's massive and sustained fraud.  The
proposed rejection of our claims in the Parmalat bankruptcy is
unfair, entirely without basis and in our view contrary to the
law.  As Parmalat's largest creditor and a victim of this fraud,
Citigroup will pursue all opportunities for appropriate redress
of its losses."

The Italian government supervised restructuring process provides
that only the admitted creditors will be entitled to vote the
restructuring plan and thereafter become shareholders of "New
Parmalat."  Citigroup believes that the effect of the decisions
of the Ministries and the Extraordinary Commissioner (whom they
are responsible for supervising), if upheld, would be to
expropriate Citigroup's rights as the largest single creditor of
Parmalat, thus depriving it of its right to become, at the time
the restructuring is implemented, a significant shareholder of
"New Parmalat."

Citigroup (NYSE:C), the pre-eminent global financial services
company has some 200 million customer accounts and does business
in more than 100 countries, providing consumers, corporations,
governments and institutions with a broad range of financial
products and services, including consumer banking and credit,
corporate and investment banking, insurance, securities
brokerage, and asset management.  Major brand names under
Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers
Life and Annuity.

Additional information may be found at http://www.citigroup.com.

CONTACT:  CITIGROUP INC.
          Press:
          Daniel Noonan
          Phone: +44-207-986-5608
          Christina Pretto
          Phone: +1-212-816-8572
          or
          Investors:
          Art Tildesley
          Phone: +1-212-559-3023
          or
          Fixed Income Investors:
          John Randel
          Phone: +1-212-559-5091


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


PROMSVYAZ FINANCE: Loan Participation Notes Rated 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
unsecured debt rating, based on draft Offering Circular
documentation, to the proposed Loan Participation Notes to be
issued by Promsvyaz Finance S.A. (not rated).  The notes will be
issued on a limited recourse basis, for the sole purpose of
financing a fiduciary deposit with J.P. Morgan Bank Luxembourg
S.A., for the sole purpose of financing a loan to Promsvyazbank
JSCB (PSB; B-/Stable/C).  The amount and tenor of the notes will
be specified at placement.

"The rating on the Loan Participation Notes is fully based on
the long-term counterparty credit rating on PSB," said Standard
& Poor's credit analyst Irina Penkina.

According to the trust deed, the issuer will charge its payment
obligations in respect of the notes and -- under the trust deed
-- its rights to all payments in respect of the fiduciary
deposit to J.P. Morgan Corporate Trustee Services Limited, the
trustee, for the benefit of the noteholders.

The ratings on PSB are constrained by the bank's funding
weaknesses, a relatively concentrated loan portfolio, and still-
risky operating environment in Russia.  Positive rating factors
include the bank's good corporate franchise in the developing
Russian banking market, solid profitability stemming from good
quality revenues, and the growing economy.  In addition, the
bank benefits from supportive shareholders.

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
          FIG_Europe@standardandpoors.com


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


GETRONICS N.V.: Hires VP for New Global Service Center
------------------------------------------------------
Getronics N.V. has appointed Gerard Schiebroek (age 43) as Vice
President of its Global Service Center activities for Europe and
the Middle East.  Prior to this new position, he was General
Manager of Managed Services in The Netherlands.  Together with
Steve Sullivan, Vice President of Global Service Center
activities in the Americas, Gerard Schiebroek will be
responsible for all remote service delivery decisions.  He and
Steve Sullivan report directly to the Getronics board member
Kevin Roche.

Gerard Schiebroek will be responsible for the Global Service
Center (GSC) that opened on 1 October in Budapest, Hungary, and
the network secure operating centre (NSOC) in Brussels.  During
the fourth quarter of 2004, Getronics expects to service the
first five clients from the Hungarian GSC, which has a staff of
50 employees.  Besides Hungarian, these employees' language
skills include English, German, Italian, French, Spanish and
Russian.

The Hungarian center replicates the GSC in Mexico, which opened
in 2003 and now supports ten clients with a staff of 250
employees.  Also in Q4, Getronics will assess implementation
requirements for a similar Global Service Center in Asia-
Pacific.

The Getronics Global Service Centers provide a full range of
network and desktop outsourcing services, in combination with
local on-site operation.  The GSCs operate on state-of-the art
technology provided by Getronics' strategic partners Cisco,
Microsoft and Dell.

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics N.V. is
one of the world's leading providers of vendor independent
Information and Communication Technology (ICT) solutions and
services.  Getronics today combines the capabilities of the
original Dutch company with those of Wang Global, acquired in
1999, and of the systems and services division of Olivetti.
Getronics designs, integrates and manages ICT infrastructures
and business solutions for many of the world's largest global
and local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics
headquarters are in Amsterdam, with regional offices in Boston
and Singapore.  Getronics' shares are traded on Euronext
Amsterdam (GTN).

                            *   *   *

As reported by TCR-Europe in July, Standard & Poor's Ratings
Services assigned its 'B+' senior secured debt rating and a
recovery rating of '4' to the new EUR175 million (US$216
million) credit facilities of Getronics N.V. (B+/Positive/--).

The facilities comprise a EUR100 million revolving credit
facility and a EUR75 million acquisition facility, both maturing
in 2007.  The bank loan has been rated 'B+', the same level as
the corporate credit rating on the group because, despite the
loan's secured status, recovery expectations are less than 100%
in the event of default.

CONTACT:  GETRONICS N.V.
          Investor Relations
          Phone: +31 20 586 1581
          Fax:   +31 20 586 1455
          E-mail: investor.relations@getronics.com


V-BIRD: Cancels Flights After Talks with Creditors Fail
-------------------------------------------------------
Dutch low-cost carrier V-Bird stopped all flights Thursday,
leaving up to 3,000 travelers stranded, Associated Press
WorldStream reports.

V-Bird spokeswoman Claudia Maria Hoevel said the carrier shut
down operations after negotiations with creditors, which has
been going on for weeks, hit a glitch.  She said Dutch airline
magnate Erik de Vlieger decided to pull out of negotiations for
additional funding on Thursday night.

The report on Friday quoted her saying the company was still
hoping to find financing, and did not plan to file for
protection from creditors or bankruptcy.

The carrier, based in the southern Dutch city of Maastricht,
flies to 17 European destinations from the former military
airfield of Niederrhein in Weeze, the Netherlands.  Its trouble
caught travelers mostly in Germany without planes to fly them to
their destinations.

"It's a pity," said Ms. Hoevel.  "They'll get their money
refunded, but it's a problem to get new flights."  According to
her, the company had sold 3,000 tickets for Friday and had now
stopped selling new tickets for the coming days.

Meanwhile, Virgin Express, the Belgian low fare carrier,
reportedly has offered help in transporting passengers.  On
presentation of their reservation, travelers who booked a flight
with V-Bird, may travel to their destinations for a fixed price
of EUR49 (+ taxes and surcharges).

CONTACT:  V-BIRD
          Web site: http://www.v-bird.com


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


PETROLEUM GEO-SERVICES: Petrojarl Varg Crew Join OFS' Strike
------------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE: PGS; OTC: PGEOY) announced
that, as previously disclosed on September 17, effective October
8, 2004, the Norwegian Oil Workers Union will order its members
on PGS floating, production, storage and offloading vessel
Petrojarl Varg to join other OFS members in the offshore strike
on the Norwegian Continental Shelf (NCS) which commenced in July
2004.

Preparations for the shut down of production on the Petrojarl
Varg commenced October 8, 2004.  However, the OFS has given
Petrojarl Varg an exemption from the conflict until the next oil
cargo is unloaded from the vessel around October 12.  Shortly
thereafter, oil production is expected to be shut down.

Petrojarl Varg is producing the Varg field on Production License
(PL), 038 located on the NCS, which is 70% owned by Pertra, a
wholly owned subsidiary of PGS.  PGS has previously announced
that oil production on the Varg field is expected to exceed
25,000 barrels per day in the second half of 2004.

As also previously reported, when the OFS strike commences on
Petrojarl Varg, PGS oil production associated with Pertra's
share of the Varg field, expected to be above 17,500 barrels per
day, will stop until the strike is resolved.  However, the
effect on net income of the reduced revenue will be mitigated by
reduced taxes at the NCS tax rate of 78%.   The Petrojarl Varg
vessel will receive compensation based on a force majeure rate
of approximately US$176,000 per day, but Pertra will not be
compensated for their stopped production.

To minimize any cash effects of the strike, PGS will reevaluate
its investment and drilling program for the field.

PGS believes that this is a very unfortunate escalation of the
conflict.  What the industry and employees need is a rapid
resolution of this conflict and a return to business as usual.

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

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

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


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


ASTRAGAN: Court Hires Insolvency Manager to Temporarily Run Biz
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy proceedings against Astragan after finding
the close joint stock company insolvent.  The case is docketed
as A75-261-B/04.  Ms. G. Klimkovich has been appointed
insolvency manager.

CONTACT:  Ms. G. Klimkovich
          Insolvency Manager
          628400, Russia,
          Tyumen region, Surgut,
          Mira Pr. 23/1-77


BRATSK-ENERGO-STROY-TRANS: Sets Deadline for Proofs of Claim
------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Bratsk-Energo-Stroy-Trans after finding the
open joint stock company insolvent.  The case is docketed as
A19-4141/04-8.  Mr. P. Prudkiy has been appointed insolvency
manager.  Creditors have until November 10, 2004 to submit their
proofs of claim to 665702, Russia, Irkutsk region, Bratsk, 25th
Letiya BGS 43.

CONTACT:  BRATSK-ENERGO-STROY-TRANS
          665702, Russia,
          Irkutsk region,
          Bratsk, 25th Letiya BGS 43

          Mr. P. Prudkiy
          Insolvency Manager
          665702, Russia,
          Irkutsk region,
          Bratsk, 25th Letiya BGS 43


BUROVIK 2: Amur Court Orders Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on Baltic building company Burovik 2.  The
case is docketed as A04-3685/04-7/113 B.  Mr. V. Izhendeyev has
been appointed temporary insolvency manager.

CONTACT:  Mr. V. Izhendeyev
          Temporary Insolvency Manager
          Russia, Amur region,
          Tynda, Sovetskaya Str. 1


CONE: To Auction off RUB850,000 Worth of Properties Today
---------------------------------------------------------
The bidding organizer and insolvency manager of OJSC Cone will
sell the firm's properties today at 10:00 a.m.  It will be held
at 427790, Russia, Udmurtiya republic, Mozhga, Syugalinskiy
Proezd, 15.

The assets for sale are:

Lot 1: Warehouse. Starting price: RUB150,000;

Lot 2: Factory.  Starting price: RUB85,000;

Lot 3: 1/2 share of checkpoint building.  Starting price:
       RUB260,000;

Lot 4: Thermal nets.  Starting price: RUB75,000;

Lot 5: Gas pipeline (500 meters).  Starting price: RUB200,000;

Lot 6: Mai Heating Area (11,000 meters).  Starting price:
       RUB50,000;

Lot 7: Sewerage System (700 meters).  Starting price: RUB30,000.

The list of documentary requirements for participants is
available at 427790, Russia, Udmurtiya republic, Mozhga,
Syugailskiy Proezd, 15.  To participate, bidders must deposit an
amount equivalent to 10% of the starting price to the settlement
account 40702810908100002700 in OJSC UdmurtPromStroyBank,
Mozhga, Udmurtiya republic, BIC 049478810, correspondent account
30101810400000000810.

CONTACT:  CONE
          427790, Russia,
          Udmurtiya republic, Mozhga,
          Syugalinskiy Proezd, 15
          Phone: (3412) 57-81-44


ELECTRIC AND THERMAL: Appoints V. Vorobey Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on municipal unitary enterprise Electric
and Thermal Networks.  The case is docketed as 64-3291/04-18.
Mr. V. Vorobey has been appointed temporary insolvency manager.

CONTACT:  ELECTRIC AND THERMAL NETWORKS
          Russia, Tambov region, Morshansk

          Mr. V. Vorobey
          Temporary Insolvency Manager
          Russia, Tambov region,
          Kirsanov, Molodyezhnaya Str. 1a,
          Apartment 25


FIRST KAZANSKIY: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC First Kazanskiy Auto-
Repair Factory.  The case is docketed as A65-11263/2004-SG4-31.
Mr. N. Morsin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 420015, Russia,
Tatarstan republic, Kazan, Bolshaya Krasnaya Str. 37/2.  A
hearing will take place on December 23, 2004.

CONTACT:  FIRST KAZANSKIY AUTO-REPAIR FACTORY
          420085, Russia,
          Tatarstan republic, Kazan,
          Belomorskaya Str. 69A,
          Post User Box 112

          Mr. N. Morsin
          Temporary Insolvency Manager
          420015, Russia,
          Tatarstan republic, Kazan,
          Bolshaya Krasnaya Str. 37/2


GAZ-SEL-STROY: Creditors Have Until November to File Claims
-----------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
proceedings against Gaz-Sel-Stroy after finding the limited
liability company insolvent.  The case is docketed as A70-957/3-
04.  Mr. F. Nasyrov has been appointed insolvency manager.
Creditors have until November 10, 2004 to submit their proofs of
claim to 625000, Russia, Tyumen region, Tyumen, 5th km Starogo
Tobolskogo Trakta.

CONTACT:  GAZ-SEL-STROY
          625000, Russia,
          Tyumen region, Tyumen,
          5th km Starogo Tobolskogo Trakta

          Mr. F. Nasyrov
          Insolvency Manager
          625000, Russia,
          Tyumen region, Tyumen,
          5th km Starogo Tobolskogo Trakta


PROM-NEFTE-STROY: Hires S. Trotsenko as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy proceedings against Prom-Nefte-Stroy after
finding the limited liability company insolvent.  The case is
docketed as A75-190-B/2004.  Mr. S. Trotsenko has been appointed
insolvency manager.

CONTACT:  PROM-NEFTE-STROY
          628634, Russia, Tyumen region,
          Nizhnevartovskiy region, Izluchinsk

          Mr. S. Trotsenko
          Insolvency Manager
          628605, Russia,
          Khanty-Mansiyskiy autonomous region,
          Tyumen region, Nizhnevartovsk,
          Druzhby Narodov Str. 6, Office 1


THE BUSINESSMAN: Insolvency Manager Takes over Helm
---------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against The Businessman Without Education of The
Legal Person Shabalina O.A. after finding the firm insolvent.
The case is docketed as A03-1171/03-B.  Mr. Y. Zlobin has been
appointed insolvency manager.

CONTACT:  THE BUSINESSMAN WITHOUT EDUCATION OF THE LEGAL PERSON
          SHABALINA O.A.
          Russia, Altay region, Biysk

          Mr. Y. Zlobin
          Insolvency Manager
          659300, Russia,
          Altay region, Biysk,
          Pochtoviy Per. 12, Office 13
          Phone/Fax: (3854) 33-73-21


TRADING HOUSE: Bidding Organizer Sets Public Auction this Week
--------------------------------------------------------------
The bidding organizer and insolvency manager of LLC Trading
House Aspek will sell the firm's properties on October 13, 2004,
2:00 p.m. (local time).  It will be held at Russia, Udmurtiya
republic, Izhevsk, Ploschad 50 Let Oktyabrya Str. 2.

The assets for sale are:

Lot 1: The debtor's liability worth RUB15,044,186.
       Starting price: RUB219,250; and

Lot 2: Simple bills of exchange worth RUB42,899,146.
       Starting price: RUB5,000.

The list of documentary requirements for participants is
available at Russia, Udmurtiya republic, Izhevsk, Ploschad 50
Let Oktyabrya Str. 2.

CONTACT:  TRADING HOUSE ASPEK
          Russia, Udmurtiya republic,
          Izhevsk, Ploschad 50 Let Oktyabrya Str. 2
          Phone: 8 (3412) 43-52-80


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


CONVERIUM AG: Securities Regulator Investigates Share Dealings
--------------------------------------------------------------
Reinsurer Converium Holding AG said the U.S. Securities and
Exchange Commission is investigating its executives for possible
insider trading, Bloomberg News reports.

The Zug-based firm did not name individuals, but said the U.S.
regulator was probing whether insiders and other unidentified
people violated U.S. securities laws.  It said it is cooperating
with the investigation.

Shares in Converium plunged 46% in July after the company called
for an additional US$400 million reserves for U.S. claims on
liability policies sold in previous years.  It already lost
US$660 million in the second quarter because of the reserve
increase and expenses to write down the value of its U.S.
business.

The shares fell further when it asked shareholders for more
capital, and Standard & Poor's downgraded its financial strength
rating.  In September, shareholders agreed to sell CHF533
million of new shares to raise additional capital.

Converium has stopped selling new policies in the U.S. and plans
to cut about one-third of its jobs in Europe as it reduces non-
U.S. policy sales by as much as 40%.

CONTACT:  CONVERIUM AG
          Michael Schiendorfer
          Media Relations Manager
          Phone: +41 (0) 639 96 57
          Fax:   +41 (0) 639 76 57
          E-mail: michael.schiendorfer@converium.com

          Zuzana Drozd
          Head of Investor Relations
          Phone: +41 (0) 1 639 91 20
          Fax:   +41 (0) 1 639 71 20
          E-mail: zuzana.drozd@converium.com


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


BBS-AGRO: Insolvency Manager Takes over Helm
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against BBS-Agro (code EDRPOU 30402397) on July 15,
2004 after finding the limited liability company insolvent.  The
case is docketed as 24/354-b.  Arbitral manager Mr. Sergij
Kolonskij (License Number AA 250200 approved on December 12,
2001) has been appointed liquidator/insolvency manager.

CONTACT:  BBS-AGRO
          Ukraine, Kyiv region,
          Gospitalna Str. 2/107

          Mr. Sergij Kolonskij
          Liquidator/Insolvency Manager
          08623, Ukraine, Kyiv region,
          Vasilkivskij district, Kalinivka,
          Lenin Str. 82/42

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


DNEPROTYAZHBUMMASH: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Dneprotyazhbummash (code EDRPOU
00218911) on July 30, 2004.  The case is docketed as B 26/66/04.
Arbitral manager Mr. Vitalij Bolhovitin (License Number AA
30030) has been appointed temporary insolvency manager.  The
company holds account number 260073001744 at Vabank,
Dnipropetrovsk branch, MFO 305898.

Creditors have until October 17, 2004 to submit their proofs of
claim to:

(a) DNEPROTYAZHBUMMASH
    49098, Ukraine, Dnipropetrovsk region,
    Bilostotskij Str. 98

(b) Mr. Vitalij Bolhovitin
    Temporary Insolvency Manager
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 2a

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


DZVO-SELKO: Declared Insolvent
------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
proceedings against Commercial House Dzvo-selko (code EDRPOU
30101466) after finding the limited liability firm insolvent.
The case is docketed as 5/182-B.  Chief of liquidation
commission Ms. G. Lyahova has been appointed
liquidator/insolvency manager.

CONTACT:  COMMERCIAL HOUSE DZVO-SELKO
          Ukraine, Donetsk region,
          Titov Avenue, 8-b

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


KONOTOP' ELECTRO: Deadline for Filing of Claims Nears
-----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Konotop' Electro-Mechanical Plant
(code EDRPOU 31716652).  The case is docketed as 12/56-04.
Arbitral manager Mr. Oleksandr Shevich (License Number AA
668288) has been appointed temporary insolvency manager.  The
company holds account number 26005000367 at JSB Express-Bank,
Konotop branch, MFO 337212.

Creditors have until October 17, 2004 to submit their proofs of
claim to:

(a) KONOTOP' ELECTRO-MECHANICAL PLANT
    Ukraine, Sumi region,
    Konotop, Chervonozavodska Str. 5

(b) Mr. Oleksandr Shevich
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Nezalezhnosti square, 1,
    Rooms 1412 and 1418
    Phone: (0542) 21-88-69

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


PLANT STANDART: Bankruptcy Proceedings Begin
--------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Plant Standart (code EDRPOU 1438185) on
August 31, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 32/90 B.  Arbitral manager
Mr. G. Starodub (License Number AA 419470) has been appointed
liquidator/insolvency manager.

CONTACT:  PLANT STANDART
          83017, Ukraine, Donetsk region,
          Illich Avenue, 81

          Mr. G. Starodub
          Liquidator/Insolvency Manager
          83015, Ukraine, Donetsk region,
          Miru Avenue, 8, office 233
          Phone: 345-18-55
          Fax: 345-18-55

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


SAMARSKI STAVKI: Court Orders Debt Moratorium
---------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Samarski Stavki (code EDRPOU
30835613) and ordered a moratorium on satisfaction of creditors'
claims on August 10, 2004.  The case is docketed as 15/146 B.
Arbitral manager Mr. O. Samsonov (License Number AA 249558) has
been appointed temporary insolvency manager.  The company holds
account number 26041303187 at State savings bank of Ukraine,
Dobropillya branch 5363, MFO 394158.

CONTACT:  SAMARSKI STAVKI
          84042, Ukraine, Donetsk region,
          Aleksandrivskij district,
          Vesela Gora, Oktyabrska Str.

          Mr. O. Samsonov
          Temporary Insolvency Manager
          85030, Ukraine, Donetsk region,
          Dobropillya district, Krivorizhya,
          Komsomolska Str. 62
          Phone: (06277) 2-40-06

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


SELTI: Insolvency Manager Moves in
----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Selti (code EDRPOU 31436605) on September 1,
2004 after finding the limited liability enterprise insolvent.
JSB Factorial-Bank has been appointed liquidator/insolvency
manager.

CONTACT:  JSB FACTORIAL-BANK
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Rimarska Str. 32
          Phone: 8 (057) 715-69-43

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


STRON: Dnipropetrovsk Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC
Scientific-Production Firm Stron (code EDRPOU 32513690)
insolvent on August 3, 2004.  The case is docketed as B
29/129/04.  Arbitral manager Mr. Sergij Belik (License Number AA
719888) has been appointed liquidator/insolvency manager.  The
company holds account number 26004003771001 at JSCB
Prichernomorye, MFO 306759.

CONTACT:  SCIENTIFIC-PRODUCTION FIRM STRON
          49099, Ukraine, Dnipropetrovsk region,
          Korobov Str. 24/90

          Mr. Sergij Belik
          Liquidator/Insolvency Manager
          Ukraine, Dnipropetrovsk region,
          Dniprodzerzhinsk, a/b 396

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


YULIO AND K: Court Appoints Liquidator
--------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against LLC Yulio and K (code EDRPOU
22193554) on August 25, 2004 after finding the limited liability
company insolvent.  The case is docketed as B-11/121.
Mr. Oleg Shvets (License Number AA 315442) has been appointed
liquidator/insolvency manager.

CONTACT:  YULIO and K
          Ukraine, Ivano-Frankivsk region,
          Respublikanska Str. 3/99

          Mr. Oleg Shvets
          Liquidator/Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Galitska Str. 149/26

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


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


4 LEAF: Names BN Jackson Norton Liquidator
------------------------------------------
At an extraordinary general meeting of the 4 Leaf Construction
Limited on October 4, 2004 at 1 Gray's Inn Square, Gray's Inn,
London WC1R 5AA, the extraordinary and ordinary resolutions to
wind up the company were passed.  Michael Colin John Sanders of
BN Jackson Norton, 1 Gray's Inn Square, Gray's Inn, London WC1R
5AA has been appointed liquidator of the company for the purpose
of such winding-up.

CONTACT:  BN JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn, London WC1R 5AA
          Phone: 02074302321


ABC PROMOTIONAL: Names Robson Rhodes Liquidator
-----------------------------------------------
Name of Companies:
ABC Promotional Marketing Services Limited
ABMR Publications Limited
BFG (Holdings) Limited
Bridge Marketing Support Services Limited
Dawson Advertising Limited
F.A. Loader & Company (Blandford) Limited
Omega Marketing Services Limited
Storeforce UK Limited
Transman Distributors Limited
Virtual Information Services Limited

At an extraordinary general meeting of these companies on
September 24, 2004 held at 9th Floor, AMP House, Dingwall Road,
Croydon, Surrey CR0 9XA, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Simon Peter
Bower and Trevor Patrick O'Sullivan of Robson Rhodes LLP, 186
City Road, London EC1V 2NU have been appointed as joint
liquidators for the purpose of such winding-up.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


A C SYSTEMS: Hires Tenon Recovery as Administrator
--------------------------------------------------
Name of Companies:
A C Systems Limited
A C Systems (Support Services) Limited
Venice Technologies Limited

These companies have appointed S. R. Thomas and S. D. Burkett-
Coltman (IP Nos 8920, 9181) of Tenon Recovery as administrators.
The appointment was made September 24, 2004.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


ADMECH ENGINEERING: Members Agree to Dissolve Company
-----------------------------------------------------
At an extraordinary general meeting of the members of the Admech
Engineering Limited on September 30, 2004 held at McAlpine
Stadium, Leeds Road, Huddersfield HD1 6PX, the extraordinary and
ordinary resolutions to wind up the company were passed.  Gary
Edgar Blackburn and Paul Andrew Whitwam of BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU have been appointed as
joint liquidators for the purpose of the winding-up.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place,
          Leeds LS1 2RU


ALAN ARMSTRONG: Winding up Resolutions Passed
---------------------------------------------
Name of Companies:
Alan Armstrong Limited
Bournemouth Area News Distributors Limited
H W Seitz & Sons Limited
Johnsons Of London Limited
Maris On-Line Limited
Solent Delivery Services Limited
Solent News Distributors Limited
Surridge Vickers Limited
Urgentchart

At an extraordinary general meeting of these companies on
September 24, 2004 held at 10th Floor, Amp House, Dingwall Road,
Croydon, Surrey CR0 9XA, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Simon Peter
Bower and Trevor Patrick O'Sullivan of Robson Rhodes LLP, 186
City Road, London EC1V 2NU have been appointed as joint
liquidators for the purpose of such winding-up.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


ALLIED LEISURE: In Administrative Receivership
----------------------------------------------
Name of Companies:
Allied Leisure Limited
Allied Restaurants Limited
Cue Sports Limited
FTB Leisure Limited
Leisure Asset Management Limited
Radion Leisure Limited
Waterfall Holdings Limited

National Westminster Bank plc and The Royal Bank of Scotland plc
called in David R. Thurgood, Martin Ellis and Malcolm Shierson
(Office Holder Nos 9170, 8687 and 5330) joint administrative
receivers for these companies.  The application was filed
September 29, 2004.

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


ANGUS SCAFFOLDING: Calls in Liquidator
--------------------------------------
At an extraordinary general meeting of the Angus Scaffolding
Limited on September 24, 2004 held at 138 Westoe Road, South
Shields, Tyne & Wear NE33 3PF, the extraordinary and ordinary
resolutions to wind up the company were passed.  Daniel Plant of
S F Plant & Co, Lutomer House, 100 Prestons Road, London E14 9SB
has been appointed liquidator of the company for the purpose of
the winding-up.

CONTACT:  S F PLANT & CO
          Lutomer House,
          100 Prestons Road,
          London E14 9SB


ASI COMPUTER: Hires Liquidator from Findlay James
-------------------------------------------------
At an extraordinary general meeting of the members of the ASI
Computer Plc on September 30, 2004 held at Birmingham Chamber of
Commerce, 75 Harborne Road, Birmingham B15 3DH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Alisdair J. Findlay of Findlay James, Saxon House,
Saxon Way, Cheltenham GL52 6QX has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  FINDLAY JAMES
          Saxon House, Saxon Way,
          Cheltenham GL52 6QX


AUSTIN REED: First-half Loss in Line with Expectations
------------------------------------------------------
Result Highlights

(a) Group turnover of GBP57.3 million,

(b) Loss before tax and exceptionals of GBP2.7 million in line
    with revised expectations,

(c) Profit improvement initiatives on track to deliver GBP3
    million benefit in a full year,

(d) Management team strengthened,

(e) Austin Reed sales +7.7% LFL in first 7 weeks of the second
    half,

(f) Country Casuals sales -5.5% LFL in first 7 weeks of the
    second half

Nick Hollingworth, Group Chief Executive commented: "The first-
half results were unacceptable but I am encouraged by the
positive reaction to the recent changes implemented in the
business.

"The performance of the Austin Reed brand continues to improve
on a like for like basis and Regent Street is showing strong
growth even against post redevelopment comparables.

"The Country Casuals brand is being repositioned to reflect the
changing tastes of its target market and the effects of this
will be seen in the next financial year."

A full copy of its financial statement is available at
http://bankrupt.com/misc/results.htm.

CONTACT:  AUSTIN REED GROUP PLC
          Nick Hollingworth, Group Chief Executive
          Geoff Gibson, Group Finance Director
          Phone: 020 7534 7703
          Web site: http://www.austinreedgroup.co.uk

          GAVIN ANDERSON & COMPANY
          Deborah Walter
          Charlotte Stone
          Phone: 020 7554 1400


AYRSHIRE DOCTORS: Members Opt to Liquidate Company
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Ayrshire Doctors Co-operative Limited
                (In Members Voluntary Liquidation)

I, David K Hunter of Campbell Dallas, Sherwood House, 7 Glasgow
Road, Paisley, PA1 3QS give notice that on September 15, 2004, I
was appointed Liquidator by resolutions of members.

Notice is hereby given that creditors of Ayrshire Doctors Co-
operative Limited, which is being voluntarily wound up, are
required, on or before the March 15, 2005 to send in their full
names, their addresses and descriptions, full particulars of
their debts or claims and the names and addresses of their
Solicitors (if any), to the undersigned David K. Hunter of
Sherwood House, 7 Glasgow Road, Paisley, PA1 3QS, the Liquidator
of the said company, and, if so required by notice in writing
from the said Liquidator, are, personally or by their
Solicitors, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution.

David K. Hunter, Liquidator
September 16, 2004

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


BIRDS EYE: Closure of Grimsby Factory Next Year to Displace 600
---------------------------------------------------------------
Anglo-Dutch food and consumer products giant Unilever is closing
its Birds Eye frozen food factory in Grimsby next year with the
loss of several hundred jobs.

The company decided to close one of three Birds Eye factories in
the U.K. after a year-long review of operations at Grimsby and
Hull.  It said the plant at northeast England was too small to
be competitive in the frozen food market.  It is planning to
shut down the facility during the first quarter of 2005, and has
already advised staff about the plan.  Some 600 people are to be
dismissed.

Unilever's Ice Cream and Frozen Food division previously worked
to sell the plant to a specialist third-party partner, but
failed.  It also thought of investing in the site, but decided
against it considering this would not be economically
competitive in the long term.  Production at the plant is now
set to be transferred to selected specialist large-scale
suppliers.

The factory, which opened in 1946, consists of four production
lines on a site covering about 18 acres.  It makes frozen ready
meals for the U.K. market.  Sales last year were around GBP56
million.  The U.K. Birds Eye brand is not linked to Birds Eye
Foods based in the United States.


BLUECOL BRANDS: Calls in Liquidator from Tenon Recovery
-------------------------------------------------------
At an extraordinary general meeting of the members of the
Bluecol Brands Limited on October 1, 2004 held at 700 Milam
Street, Houston, Texas 77002, USA, the subjoined special and
ordinary resolutions to wind up the company were passed. S. R.
Thomas and S. J. Parker of Tenon Recovery, Sherlock House, 73
Baker Street, London W1U 6RD have been appointed joint
liquidators for the purpose of said winding-up.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


BOOKLESS: Liquidation to Displace More than 100 Workers
-------------------------------------------------------
Fruit and vegetable retailer Bookless has called in liquidators
from Deloitte & Touche after losing a major supermarket contract
with Kwik Save.  The winding up is to result to 110 job losses,
including 60 from Gateshead head office and 50 from 14 stand-
alone stores.  Staff deployed at Kwik Save stores across the
Northeast are understood safe from redundancies.

According to the Evening Gazette, Deloitte was unable to clarify
which of the Bookless outlets in Hartlepool, North Ormesby,
Redcar and two in Middlesbrough were stand-alone stores and
which were in Kwik Save branches.  Bookless has five stores
across Teesside.


BPM DEVELOPMENT: Liquidator's Final Report Out Next Month
---------------------------------------------------------
The final meeting of the members of BPM Development Capital
Limited will be on November 5, 2004 commencing at Sussex House,
8-10 Homesdale Road, Bromley, Kent BR2 9LZ.

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 Crane & Partners, Sussex House, 8-10 Homesdale Road,
Bromley, Kent BR2 9LZ not later than 12:00 noon, November 4,
2004.

CONTACT:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


CALDERFORD HOLDINGS: Appoints PKF Liquidator
--------------------------------------------
At an extraordinary general meeting of the members of the
Calderford Holdings Limited on September 28, 2004 held at
Pannell House, 6 Queen Street, Leeds LS1 2TW, the special and
ordinary resolutions to wind up the company were passed.  Ian C.
Schofield of the firm of PKF, Chartered Accountants has been
appointed liquidator for the company.

CONTACT:  PKF
          Pannell House
          6 Queen St.
          Leeds LS1 2TW
          Phone: 0113 2280000
          Fax: 0113 2284242
          E-mail: info.leeds@uk.pkf.com
          Web site: http://www.pkf.co.uk


CASTLEBLAIR: Completes Exit from Textile Business
-------------------------------------------------
Castleblair, one of Scotland's biggest clothing manufacturers,
has disposed of its last remaining factory, ending nearly 100
years of textile production.  The company sold its facility in
Turkey to London-based clothing minnow Addison Smith for an
undisclosed sum.  The plant employed about 100 people.

According to The Herald, proceeds may be used to offset domestic
redundancy cost, which lately amounted to GBP1.9 million.
Castleblair closed production in Dunfermline and Glenrothes in
July, dismissing 400 people.  This followed last year's shutdown
of a plant at Alva in Clackmannanshire, which employed 80
workers.  Castleblair blamed the closures to low shop prices and
cost pressures from Marks & Spencer, its key customer.

Owned by the Harris family, the company was put up in 1916.  It
reorganized in the 1990s to better compete with cheap imports.
The restructuring brought in profits shortly, but it failed to
sustain the momentum because rivals had lower overhead cost.

The group comprises the 70-strong Happit chain of discount women
and children's clothing stores, about 50 of which are in
Scotland.  The chain employs about 400 staff, and a small
warehousing operation in Dunfermline.  Gordon Forbes, a director
of the group, predicts a loss for the business in the current
financial year following a pre-tax loss of GBP355,311 in the
year to April 30, 2003.  He expects the operation to return to
black in 2005-2006.

CONTACT:  CASTLEBLAIR LTD.
          Pilmuir Street
          Dunfermline
          Fife KY12 7AJ
          United Kingdom
          Phone: (01383) 731551
          Web site: http://www.castleblair.com


DARVEL TEXTILES LIMITED: Sets Creditors' Meeting Next Week
----------------------------------------------------------
The creditors of Darvel Textiles Limited will meet on October
22, 2004 commencing at 12:00 noon.  It will be held at 78
Carlton Place, Glasgow G5 9TH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PKF, 78 Carlton Place, Glasgow G5 9TH not later
than 12:00 noon, October 21, 2004.

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


EBOOKERS PLC: Potential Buyer Withdraws Offer
---------------------------------------------
U.S. company InterActiveCorp withdrew a plan to bid for online
travel agency Ebookers plc, throwing the firm's future in limbo.

Ebookers, which issued a profit warning in July, revealed last
month it was in preliminary discussions with several parties.
When asked to give an update after shares slipped by another 15%
last week, the company refused to say anything.  The Guardian
says executives are standing by their original statement on
September 9 that the company was still "in talks" with other
bidders.

InteraActiveCorp did not elaborate why it pulled out its offer.
It just said it had "decided not to participate in discussions
relating to a possible offer for ebookers and does not currently
intend to make an offer."  With conditions leaning towards
potential mergers and takeovers in the online travel sector,
Interactive is rumored to have other acquisition plans.

Ebookers, which has been in the red since floating in April
2001, has failed to meet City expectations for four quarters
now.

CONTACT:  EBOOKERS PLC
          Web site: http://www.ebookers.co.uk


ECS TELECOM: Final General Meeting Set Next Month
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF ECS Telecom Limited
                (In Members Voluntary Liquidation)

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986 that a final general meeting of ECS Telecom Limited
will be held at the offices of Thomson Cooper, Castle Court,
Carnegie Campus, Dunfermline, KY11 8PB on November 9, 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 to attend and vote on their behalf.

Alan C. Thomson, C.A., Liquidator
September 29, 2004

CONTACT:  THOMSON COOPER
          Castle Court
          Carnegie Campus
          Dunfermline
          Fife KY11 8PB


EGG PLC: Netherland's ING Shows Interest in French Outfit
---------------------------------------------------------
Internet bank Egg plc (London: EGG) has received an approached
from Dutch bank ING regarding the savings and online brokerage
business of its loss-making French operations, the Financial
Times reports.

The interest is the second it received from suitors of its ill-
fated business in France within weeks.  Nearly two weeks ago,
Egg was in talks with Banque Accord, the finance arm of
supermarkets group Auchan, to sell the consumer credit part of
the French business.  Banque Accord is proposing to take in 100
of its staff, while ING is planning to hire 40 of Egg's 450
staff in France and take its 45,000 savings and investment
accounts.  The remaining 310 people not involved in the two
deals are expected to lose their jobs, the report said.

Egg is now consulting the French works council over both
disposals and is seeking regulatory clearance for the sales.  It
has set aside GBP113 million to cover costs.  Prudential plc,
which owns Egg, put the operation for sale earlier this year.
It halted the process at the beginning of August after failing
to find a buyer.  The move reduced Egg's share value by more
than 50%.

Egg has invested GBP280 million in the venture since it entered
the French market in 2002.  Unfortunately, the business did not
fare well, dragging the group's results GBP34.4 million into the
red last year.

CONTACT:  EGG PLC
          1 Waterhouse Sq., 138-142 Helborn
          London EC1N 2NA,
          United Kingdom
          Phone: +44-20-7526-2500
          Fax: +44-20-7526-2655
          Web site: http://www.egg.com


FIRST INDEX: Hires Baker Tilly as Administrator
-----------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly
(IP Nos 9300, 8602) have been appointed joint administrators for
First Index Limited.  The appointment was made September 29,
2004.

CONTACT:  BAKER TILLY
          The Clock House,
          140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax:   01483 569 281
          Web site: http://www.bakertilly.co.uk


FORTH TOOL: Grant Thornton Receivers Move in
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Forth Tool & Valve Limited
                        (In Receivership)

Pursuant to Section 65(1)(a) of the Insolvency Act 1986, we
Robert Caven and Martin Gilbert Ellis of Grant Thornton U.K.
LLP, Chartered Accountants, 95 Bothwell Street, Glasgow, G2 7NZ
give notice that, on September 9, 2004, we were appointed as
receivers of Forth Tool & Valve Limited.

The property over which we were appointed as receivers is the
whole or substantially the whole of the company's property

Pursuant to section 59(2) of the said Act, preferential
creditors are required to lodge their claims with me within six
months of the date of this Notice.

Robert Caven, Joint Receiver
Martin Gilbert Ellis, Joint Receiver

September 9, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


GLOWELD SITE: Appoints Begbies Traynor Administrator
----------------------------------------------------
S L Conn and R Traynor (IP Nos 001762, 006730) have been
appointed administrators for Gloweld Site Services Limited.  The
appointment was made October 4, 2004.

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


GORDONSWELL LIMITED: Hires Joint Liquidators from Oury Clark
------------------------------------------------------------
At an extraordinary general meeting of the Gordonswell Limited
on September 30, 2004 held at Oury Clark, Herschel House, 58
Herschel Street, Slough, Berkshire SL1 1PG, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Derrick Arthur Smith and Richard Anthony Oury of
Oury Clark, Herschel House, 58 Herschel Street, Slough,
Berkshire SL1 1HD have been appointed joint liquidators for the
purpose of such winding-up.

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


HORTICOM LIMITED: Brings in Joint Administrators from Mazars
------------------------------------------------------------
Philip Michael Lyon and Alistair Steven Wood (IP Nos 002108,
007929) have been appointed joint administrators for Horticom
Limited.  The appointment was made September 29, 2004.

CONTACT:  MAZARS
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Administrators:
          Web site: http://www.mazars.com


HOUSTON RAMM: Names Begbies Traynor Administrator
-------------------------------------------------
P. Stanley and R. Traynor (IP Nos 008123, 006730) have been
appointed administrators for Houston Ramm Limited.  The
appointment was made October 1, 2004.

The company is engaged in other passenger land transport.  Its
registered office is located at Roe Acre House, Fir Street,
Heywood OL10 1NW.

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


J.F. RATCLIFF: Bibby Factors Appoints Begbies Traynor Receiver
--------------------------------------------------------------
Bibby Factors Northwest Limited called in W. J. Kelly and James
P. N. Martin (Office Holder Nos 4857, 8316) joint administrative
receivers for J.F. Ratcliff (Metals) Limited (Reg No 00156001,
Trade Classification: SIC 2744).  The application was filed
September 28, 2004.  The company produces copper.

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


MULTIABLE HOLDINGS: Grant Thornton Administrator Takes over Helm
----------------------------------------------------------------
Joseph P. McLean (IP No 8903) and Keith Hinds (IP No 6745) have
been appointed administrators for Multiable Holdings Limited.
The appointment was made October 1, 2004.  The company is
engaged in metal pressing, plastic moulding and heat treatment.

CONTACT:  GRANT THORNTON
          Earl Grey House,
          75-85 Grey Street,
          Newcastle upon Tyne NE1 6EF
          Phone: 0191 261 2631
          Fax: 0191 261 4994
          Web site: http://www.grant-thornton.co.uk

          GRANT THORNTON
          St John's Centre,
          110 Albion Street,
          Leeds LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 5055
          Web site: http://www.grant-thornton.co.uk


NO 552: Names Tenon Recovery Liquidator
---------------------------------------
At an extraordinary general meeting of the members of the No 552
Leicester Limited on September 24, 2004 held at 20 New Walk,
Leicester LE1 6TX, the subjoined special and ordinary
resolutions to wind up the company were passed.  Dilip Dattani
and Patrick Ellward of Tenon Recovery, 1 Bede Island Road, Bede
Island Business Park, Leicester LE2 7EA have been appointed
joint liquidators for the purpose of winding-up.

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


PARKER CHADWICK: Meeting of Unsecured Creditors Next Week
---------------------------------------------------------
The unsecured creditors of Parker Chadwick Chemicals Limited
will meet on October 21, 2004 commencing at 11:00 a.m.  It will
be held at Pannell House, 6 Queen Street, Leeds LS1 2TW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PKF, Pannell House, 6 Queen Street, Leeds LS1 2TW
not later than 12:00 noon, October 20, 2004.

CONTACT:  PKF
          Pannell House
          6 Queen St.
          Leeds LS1 2TW
          Phone: 0113 2280000
          Fax: 0113 2284242
          E-mail: info.leeds@uk.pkf.com
          Web site: http://www.pkf.co.uk


PRESSWORK (METALS): Calls in Grant Thornton
-------------------------------------------
Joseph P. McLean (IP No 8903) and Keith Hinds (IP No 6745) have
been appointed administrators for Presswork (Metals) Limited.
The appointment was made October 1, 2004.  The company is
engaged in metal pressing, plastic moulding and heat treatment.

CONTACT:  GRANT THORNTON
          Earl Grey House,
          75-85 Grey Street,
          Newcastle upon Tyne NE1 6EF
          Phone: 0191 261 2631
          Fax: 0191 261 4994
          Web site: http://www.grant-thornton.co.uk

          GRANT THORNTON
          St John's Centre,
          110 Albion Street,
          Leeds LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 5055
          Web site: http://www.grant-thornton.co.uk


SCIENCE WAREHOUSE: Forward Innovation Fund Appoints Receiver
------------------------------------------------------------
The Forward Innovation Fund called in A. P. Supperstone (Office
Holder No 2703) and C. C. S. Macmillan (Office Holder No 6000)
joint administrative receivers for Science Warehouse Limited
(Reg No 0289057, Trade Classification: 36).  The appointment was
made October 1, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Joint Administrative Receivers:
          Christopher Kim Rayment
          A P Supperstone
          Phone: 0121 200 4600
          Fax:   0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk

          BDO STOY HAYWARD LLP
          1 City Square,
          Leeds LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200
          E-mail: leeds@bdo.co.uk
          Web site: http://www.bdo.co.uk


SOLIHULL BUSINESS: Hires Eden Currie Limited as Liquidator
----------------------------------------------------------
At an extraordinary general meeting of the Solihull Business
Enterprise Limited on September 30, 2004 held at Charter House,
49-51 Shirley Road, Acocks Green, Birmingham B27 7XU, the
special and ordinary resolutions to wind up the company were
passed.   Timothy James Wetton of Eden Currie Limited, Charter
House, 49-51 Shirley Road, Acocks Green, Birmingham B27 7XU has
been appointed liquidator for the purpose of such winding-up.

CONTACT:  EDEN CURRIE LIMITED
          Charter House,
          49-51 Shirley Road,
          Acocks Green, Birmingham B27 7XU
          Phone: 0121 764 7200
          Fax: 0121 764 7201
          E-mail: mail@edencurrie.co.uk
          Web site: http://www.edencurrie.co.uk


STYLO PLC: Narrows First-half Loss to GBP2.4 Million
----------------------------------------------------
The Board of Stylo plc, the footwear retailer, announced interim
unaudited results for the 26 week period ended 31 July 2004.
The highlights of the results for the period compared to the
equivalent period in 2003 are:

(a) Loss on ordinary activities before tax and before
    exceptional items of GBP2.5 million (2003: loss of GBP4.4
    million),

(b) Loss on ordinary activities before tax and after exceptional
    items of GBP2.4 million (2003: GBP4.7 million),

(c) Total sales of GBP106.2 million (2003: GBP102.7 million), an
    increase of 3.4%,

(d) Basic loss per share of 6.14 pence (2003: loss per share of
    11.72 pence),

(e) Pre-exceptional loss per share of 6.31 pence (2003: loss per
    share of 11.01 pence),

(f) Net assets of GBP47.3 million represent 109.3 pence per
    share (2003: GBP50.7 million and 116.9 pence per share),

(g) Net debt at the end of the period of GBP28.6 million (2003:
    GBP35.9 million),

(h) No interim dividend declared (2003: GBPnil)

Michael A Ziff, Chairman and Chief Executive, commented: "I am
pleased to report an improvement in trading performance of the
group for the period.  The reduced loss in the first half of
GBP2.4 million, compared to GBP4.7 million in the equivalent
period last year, reflects the continued focus of the business
on the product offering and on our strategy of growing the
PriceLess brand.  However, there remains a significant amount to
do to achieve my target of returning the business to sustained
profitability."

A full copy of its financial statements is available free of
charge at http://bankrupt.com/misc/financialresults.htm.

CONTACT:  STYLO PLC
          Michael Ziff
          Phone: 01274 617 761

          DAWNAY DAY CORPORATE FINANCE
          David Floyd
          Phone: 020 7509 4570


SUNDIAL LEISURE: Hires Joint Administrators from Stoy Hayward
-------------------------------------------------------------
Geoffrey Stuart Kinlan and Anthony Sanderson (IP Nos 8268/01,
4750) have been appointed joint administrators for Sundial
Leisure Limited.  The appointment was made September 29, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place,
          85 Great North Road,
          Hatfield, Herfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Real Software                       (202)         176      (17)
Carestel N.V.            CSTL.BR      (3)         178      (68)
City Hotels              CITY.BR      (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Charbo De France                   (3872)       4,738    (2868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor A.G.                 DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Son A.G.  GUSG        (8)         111      N.A.
Glunz A.G.                GLUG                    428      (17)
Kamps A.G.                KMPSF.PK   (93)       1,075      (61)
Kaufring A.G.             KAUG       (19)         151      (51)
Marbert A.G.              MTBG       (13)         144      (50)
Nordsee A.G.                          (8)         195      (31)
Primacom A.G.             PRIG      (106)       1,264      (50)
Rinol A.G.                RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Sinn Leffers A.G.         WHGG        (4)         454     (145)
Spar Handels- A.G.        SPAG      (442)       1,433     (234)
VBH Holding A.G.          VBHG       (54)         337      (80)


GREECE
------
Delta Ice Cream                       (3)         183      (14)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)        4218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
Lazio S.p.A.              LAZI       (57)         495     (330)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


LUXEMBOURG
----------
Millicom International
   Cellular S.A.          MICC       (59)       1,523        4

Oriflame Cosmetics S.A.   ORI.ST     (44)         378       97


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (558)       2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                         (24)         514      327
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Gruppo Media
   Capital SGPS S.A.      GMPTF.PK   (21)         399      (85)
Mostostal Zabrze          MECOF.PK    (6)         227      366


RUSSIA
------
Kamchatskenergo                     (107)         291    7,320
Zil Auto                             (88)         333  (10,769)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (19)         569      372
Swisslog Holding-R        SLOG       (98)         354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (2,627)      40,326     (977)
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST                    396       (4)
Dawson Holdings           DWN.L      (29)         142      (29)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L                   323       38
Electrical and Music
   Industries Group       EMI      (1,318)      3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (122)         167       (2)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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.


                 * * * End of Transmission * * *