TCREUR_Public/041014.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 14, 2004, Vol. 5, No. 204

                            Headlines

B E L G I U M

SN BRUSSELS: Merges with Virgin Express


F R A N C E

ALCATEL: Wins EUR60 Mln Deal to Enhance tele.ring's UMTS Network
ALSTOM SA: SNCB Orders More Double-deck Coaches Worth US$222 Mln


G E R M A N Y

AIR-TEAM: Under Bankruptcy Administration
ANDREAS STOHR: Court Appoints Dr. Handschumacher Administrator
BUECKLE GMBH: Sets First Creditors' Meeting November
BURO WINTER: Creditors Have Until Next Month to File Claims
CK EINRICHTUNGSCENTER: Leipzig Court Appoints Administrator

EUROOM SCHLUSSELFERTIGER: Succumbs to Bankruptcy
HARTMUT KURTH: Creditors' Meeting Set December
KARSTADTQUELLE AG: Staff Told to Accept Pay cut to Avert Layoffs
K & G GMBH: Creditors Have Until this Month to File Claims
OBJEKTTEAM HANDEL: Creditors' Claims Due Later this Month
ZIELINSKI SITZMOBEL: Furniture Firm Files for Bankruptcy


G R E E C E

ROYAL OLYMPIC: Limits Stops to Greek Destinations


H U N G A R Y

NABI RT: Denies Additional Warranty Liabilities


I R E L A N D

BOMBARDIER: Ratings on Watch Negative; Fitch Cites Uncertainties


I T A L Y

ALITALIA SPA: Seeks Private Partners; Mulls Debt-to-equity Swap
PARMALAT U.S.A.: Court Allows Milk Products to Ink Escrow Deal
PARMALAT U.S.A.: To Pursue Beyer State Court Suit


K Y R G Y Z S T A N

ATI: Creditors' Meeting Tomorrow
DEN-SOOLUK: Insolvency Manager to Sort out Claims December
ERKIN-TOO: State Agency Holds Public Auction to Sell 66% Stake
GOLDEN WAY: Under Bankruptcy Supervision
INSHAATCHY: To Review Proofs of Claim December
KLIRINGCENTER: Public Auction of Assets Slated Next Week
SARY-KOO: Insolvency Manager Sets Public Auction Date


L U X E M B O U R G

MILLICOM INTERNATIONAL: To Discuss Third-quarter Results Tuesday


R U S S I A

BELOMORSKAY ELECTRIC: Sets Public Auction Next Week
FERRO-CONCRETE GOODS: Under Bankruptcy Supervision
KIMRY-AGRO-PROM-KHIMIYA: Tver Court Appoints Insolvency Manager
NAZAROVOGRESSTROY: Gives Creditors Until November to File Claims
ROTOR: Deadline for Proofs of Claim Expires Next Month

RUDNICHNOYE: Selling RUB1.3 Million Worth of Properties
TRANSFORMER: Declared Insolvent
TVERSKOY PEAT: Court Sets Next Hearing November
VOSTOK-SPETS-ENERGO: Insolvency Manager Takes over Helm
YOSHKAR-OLINSKIY FACTORY: Hires V. Arefyev Insolvency Manager
ZARECHYE: Under Bankruptcy Supervision


S W I T Z E R L A N D

SWISS INTERNATIONAL: To Raise Fuel Surcharge Starting Friday
SWISS INTERNATIONAL: Restructuring Improves 2004 Load Factors


U K R A I N E

ARGO: Insolvency Manager Moves in
BUDIVNITSTVO: Proofs of Claim Deadline Set
DNIPROSPETCBUD: Selling Buildings Worth UAH3.4 Million Next Week
HODINSKE: Court Hires Insolvency Manager to Temporarily Run Biz
KRYM-TOBACCO: Under Bankruptcy Supervision

KYIV-CODE: Bankruptcy Proceedings Begin
PRODMARKET-PLUS: Sets Deadline for Filing Claims
RADONKOKS: Donetsk Court Hires Liquidator
ROS: Temporary Insolvency Manager Takes over Daily Operations


U N I T E D   K I N G D O M

ADVANCE FIRE: Insolvency Service Disqualifies Director
ALLIED LEATHER: Calls in Liquidator from T.H. Associates
ANDROMEDA FINANCE: PwC to Bare Final Report November
ANTUR DWYRYD-LLYN: Barclays Bank Brings in Receiver
AUSTRO TOURS: Members Opt to Dissolve Company

BICC SPANISH: Names Deloitte & Touche Liquidator
BURRIDGE & MATHISON: Extraordinary Winding up Resolution Passed
CONTINENTAL CLAIMS: Top Honcho Receives 14-year Ban
CONTROLS & AUTOMATION: Names Ernst & Young Liquidator
COVENTRY UMBRELLA: General Meeting Set Next Month

C T S MANAGEMENT: Hires Joint Liquidators from Kroll Limited
DARTFORD RIVER: Appoints Deloitte & Touche Liquidator
DISTRIBUTION MANAGEMENT: Hires KPMG as Administrator
DODMANREAD LIMITED: Members Agree to Liquidate Business
EGCH LIMITED: Calls in Liquidator from Hazlewoods

ESTRAIL LIMITED: Members Final Meeting Set Next Month
GQL LIMITED: Hires Administrators from CBA
HAMSUDD 2004: Ernst & Young Liquidators Take over Helm
INSTRUMENTS HOLDINGS: Names Ernst & Young Liquidator
JMK WREXHAM: Director Banned from Holding Executive Post

J SAINSBURY: Broker Cuts Earnings Forecast Anew
LANGHAM WORKS: Appoints Piper Thompson Administrator
LUCAS SRE: Hires Joint Administrators from Grant Thornton
PAPERMARC MERTON: Sets Creditors Meeting Next Week
QUOTA GROUP: Calls in Liquidator

RICKMAN TOOZE: Creditors Meeting Set Tomorrow
ROYAL & SUNALLIANCE: Outlook of Operating Units Now Stable
SCIPHER PLC: In Administrative Receivership
SPECIALIST MOULDED: Appoints Ernst & Young Liquidator
VITAL NETWORK: Hires Ian Holland & Co as Administrator


                            *********


=============
B E L G I U M
=============


SN BRUSSELS: Merges with Virgin Express
---------------------------------------
SN Airholding said that, after prolonged but constructive
negotiations, a binding agreement has been signed with Virgin
Express Holdings Plc placing SN Brussels Airlines and Virgin
Express S.A./N.V. under the common ownership of SN Airholding.

The Board of directors of SN Airholding, majority shareholder of
SN Brussels Airlines, and the Board of Virgin Express Holdings,
majority shareholder of Virgin Express, have both approved the
common ownership project.  The binding agreement regarding the
common ownership of both Belgian airlines was signed by Mr.
Etienne Davignon, Chairman of SN Airholding and Mr. Rob
Kuijpers, Executive Chairman of SN Brussels Airlines and Mr.
David Hoare, Executive Chairman of Virgin Express Holdings PLC
and Mr. Stephen Murphy, Director of Virgin Express Holdings PLC
and CEO of Virgin Management.

                   Outline of the Transaction

Virgin Express Holdings will transfer all of its shares in
Virgin Express into SN Airholding for an agreed value of EUR54
million in consideration for an issue of shares in SN Airholding
to Virgin Express Holdings.

After the contribution by Virgin Express Holdings and the issue
of new shares by SN Airholding, Virgin Express Holdings will own
29.9% of the fully diluted share capital of SN Airholding, the
remaining 70.1% being held by the present shareholders of SN
Airholding.

After completion, SN Airholding will own 100% of the shares of
Virgin Express and 92% of the shares of SN Brussels Airlines.

As part of the terms of the transaction, there are put and call
options in respect of the Virgin Express Holdings equity
interest in SN Airholding:

(a) SN Airholding, SN Brussels Airlines and Virgin Express
    grant to Virgin Express Holdings a put option to
    sell its 29.9% stake at a price no higher than its
    contribution value of EUR54 million (subject to auditor
    confirmation).  This option can be exercised at any time
    from the first anniversary of completion until the third
    anniversary.

(b) Virgin Express Holdings Plc grants to SN Airholding, SN
    Brussels Airlines and Virgin Express a call option to
    buy its 29.9% stake at a price no higher than EUR75
    million, payable in two installments.  This option can be
    exercised at any time from the first anniversary of
    completion until the third anniversary.

                  Conditions of the Transaction

The agreement contains a number of conditions that will need to
be fulfilled before completion can take place:

(a) The transaction must get clearance from competition
    authorities.  After consultation with the European
    Commission, the file will be submitted among others to the
    Belgian and German Competition authorities.

(b) Virgin Express Holdings Plc will recapitalize Virgin Express
    so that, as at 31 December 2004, it is delivered with
    positive net assets and cash and financial debt free
    including vis-a-vis Virgin Express Holdings and the wider
    Virgin Group

               Share Repartition of SN Airholding

Current situation

Number of shares held by 35 Investors: 1,226,000 or 100%

Post transaction

(a) Number of shares held by 35 investors: 1,226,000 or 70.1%

(b) Number of shares held by Virgin Express Holdings Plc:
    522,930 or 29.9%

Total number of shares: 1,748,930 or 100%

                  Other Terms of the Agreement

Virgin Express will have the right to continue to use the Virgin
Express brand for a period of two years from completion.

Virgin Express Holdings has the right to appoint two
representatives as Board members of SN Airholding.  This only as
long as Virgin Express Holdings Plc has at least 20% of the
outstanding shares of SN Airholding.  Virgin Express Holdings
will be represented in the Audit Committee and the Nomination
and Remuneration Committee.

Neither Virgin Express Holdings nor other shareholders can
exercise more than 245 of the voting rights.

There are no specified minority rights.

                    Timing of the Transaction

The agreement will be completed, amongst others, once the
approval of the competition authorities has been given and once
the conditions before completion are realized.  This completion
is expected in the first quarter of 2005, with a backstop date
of 30 June 2005.

                            Comments

The Board of SN Airholding believes that the binding agreement
is in the best interests of both airlines, their employees,
shareholders and customers.  Thanks to the common ownership of
SN Brussels Airlines and Virgin Express a solid, healthy and
sustainable Belgian aviation platform will be realized.

                      Two Product Appeals:

SN Airholding will offer the market 2 airlines with different
product appeals, different brands that fulfill the needs of the
highly competitive Belgian market: a flexible full service
airline which connects Brussels with Europe, Africa and the U.S.
and a low-fare airline operating in Europe.

SN Airholding Chairman, Minister of State Etienne Davignon says:
"We recognize that there is today a strong market demand for two
different airline models: a full service airline and a low-fare
airline.  SN Airholding will offer the capital of Europe these
two models.  By joining the forces of SN Brussels Airlines and
Virgin Express, we will limit the current excess capacity on
certain routes, better respond to the requirements of our
clients and also help the development of the Brussels Airport.
The increased purchasing power combined with the network and
cost synergies will result in a competitive aviation platform
that is in the best interest of our customers.  I guarantee that
both airlines will continue to offer the best value for money in
the future and justify the motivation of all our personnel."

                            Planning

An integration Committee that consists of 4 members (Mr. Rob
Kuijpers Executive Chairman of SN Brussels Airlines, Mr. Peter
Davies CEO of SN Brussels Airlines, Mr. Michel Meyfroidt CEO of
SN Airholding and Mr. Neil Burrows Managing Director of Virgin
Express) has been created which will lead the planning process.
Mr. Rob Kuijpers, Chairman of the Integration Committee will
report to a Steering Committee that will be composed of Etienne
Davignon, president of SN Airholding and Stephen Murphy, Virgin
Management's CEO.

The first priority will be to plan a network based on optimizing
the flight programs of the two airlines.

               Overview of the Combined Companies

SN Brussels Airlines handled 3.2 million passengers in 2003 and
Virgin Express 2.7 million.  Together, SN Brussels Airlines and
Virgin Express will have a market share of almost 40% at their
Brussels airport home base.  Both airlines together offer direct
employment for more than 2,800 people in Belgium and abroad.

Based on the figures of 2003, both companies together produced
150,280 flight offers and realized an operating income of EUR836
million.  SN Brussels Airlines operates a fleet of 38 aircraft
(including 3 wide body long haul) and Virgin Express operates 11
aircraft.

For further information about SN Brussels Airlines and/or press
reports, please contact the External Communication Department.

                            *   *   *

SN Brussels was created out of the assets of Belgium's national
carrier, Sabena, which went belly up after the terrorist attacks
in the U.S. on September 11, 2001.

CONTACT:  SN BRUSSELS
          Geert Sciot, Vice-President Communication
          Phone: + 32 (0) 2 723 84 00
          Fax: + 32 (0) 2 723 84 09
          Mobile: +32 477 77 49 11
          E-mail: gsciot@brusselsairlines.com

          Cedric Leurquin, Manager External Communication
          Phone: + 32 (0) 2 723 84 00
          Fax: + 32 (0) 2 723 84 09
          Mobile: +32 475 42 55 07
          E-mail: cleurquin@brusselsairlines.com


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


ALCATEL: Wins EUR60 Mln Deal to Enhance tele.ring's UMTS Network
----------------------------------------------------------------
Alcatel signed a contract with tele.ring for the expansion of
their 3G/UMTS network.  The expansion will result in 50% of
Austria being covered by tele.ring's UMTS network by the end of
2005.  Simultaneously the existing service contract was enlarged
and extended for an additional three years.  The total contract
value, including UMTS Radio Access Network and a transmission
solution, amounts to approximately EUR60 million.

"With Alcatel we have already realized the first phase of our
UMTS launch successfully and cost-efficiently," said Michael
Krammer, Chief Executive Officer of tele.ring.  "With this
further extension of our hybrid GSM/GPRS/UMTS network, tele.ring
will ensure 50% network coverage in Austria by the end of 2005.
This move will further strengthen our strategy of offering our
customers optimal quality and the best price performance for our
UMTS network."

"We are privileged to strengthen our existing business
relationship with this dynamic operator, both for 3G
infrastructure and for services," added Marc Rouanne, chief
operating officer of mobile communications activities.  "Our
strong portfolio and international experience enable us to help
strengthen our customer's market position.  The extension of the
UMTS infrastructure and service contract demonstrates Alcatel's
leading role in the development of user-centric 3G solutions."

Last year, Alcatel successfully installed a UMTS upgrade
solution for tele.ring's GSM/GPRS network, thanks to its field-
proven Evolium? multi-standard base stations.  Alcatel's
Evolium? multi-standard platform integrates all technologies,
from GSM/GPRS to EDGE and UMTS, and allows all solutions in one,
for a smooth upgrade of existing networks.

About tele.ring

tele.ring is the only full service provider with it's own
fiberglass fixed network (1012) and a modern mobile network
(0650) that covers 98% of the Austrian population.  tele.ring's
560 employees service over 914.000 mobile, data and Internet
customers.  In 2004 tele.ring started the UMTS network in
10 Austrian urban regions.  For more information visit
http://www.telering.at

About Alcatel

Alcatel (Paris: CGEP.PA and NYSE: ALA) 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.

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: SNCB Orders More Double-deck Coaches Worth US$222 Mln
----------------------------------------------------------------
Bombardier Transportation, in consortium with Alstom Transport,
received from SNCB (Belgian National Railways) an order for the
production of 70 additional double-deck passenger cars and the
adaptation of 19 type T27 electrical locomotives to enable push-
pull operation.  This order is a follow-on order to a contract
for 210 double-deck cars awarded in 1999, all of which have
already been delivered.  The total value of the additional
coaches is approximately US$222 million (EUR179 million),
Bombardier's share amounting to some US$138 million (EUR111
million).  Deliveries are scheduled to take place between
October 2006 and February 2008.

Olof Persson, President, Mainline and Metros, Bombardier
Transportation, stated:  "This order testifies to our excellent
relationship with SNCB.  This additional order of 70 coaches
clearly shows the trust of our customer in Bombardier and his
appreciation of our trains.  I am therefore very proud that
these highly comfortable trains will further contribute to the
extension of the offered seating capacity in Belgium."

The final assembly of the intermediate coaches (19 first class
and 19 multi-functional cars) as well as the complete production
of 32 cab cars will take place in Bombardier Transportation's
plant in Bruges, Belgium.  The installation of an automatic
coupler on the type T27 locomotives will also be done in Bruges.

About Bombardier

A world-leading manufacturer of innovative transportation
solutions, from regional aircraft and business jets to rail
transportation equipment, Bombardier Inc. is a global
corporation headquartered in Canada.  Its revenues for the
fiscal year ended Jan. 31, 2004 were US$15.5 billion and its
shares are traded on the Toronto, Brussels and Frankfurt stock
exchanges (BBD, BOM and BBDd.F).  News and information are
available at http://ww.bombardier.com.

Alstom Transport

With more than 35 product lines and a presence in more than 60
countries, Alstom's Transport sector offers complete products
and services for new rolling stock, signaling, and electrical
and mechanical infrastructure as well as maintenance and
rehabilitation services to four distinct types of customers:
urban transit authorities and operators; intercity passenger
rail operators and rolling stock owners; rail freight operators;
and intercity railway infrastructure owners.  Alstom's Transport
sector, with sales of EUR4.9 billion in financial year 2003-
2004, is among the world's leading suppliers to the railway
industry.

CONTACT:  BOMBARDIER TRANSPORTATION
          Lydia Dufresne
          Media Relations
          Phone: (450) 441-8130
          Web site: http://www.bombardier.com

          ALSTOM S.A.
          25, Avenue Kleber
          75795 Paris
          Cedex 16, France
          Web site: http://www.alstom.com

          G. Tourvieille
          Press relations
          Phone: +33 1 47 55 23 15
          E-mail: internet.press@chq.alstom.com

          E. Chatelain
          Investor relations:
          Phone: +33 1 47 55 25 33
          E-mail: investor.relations@chq.alstom.com


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


AIR-TEAM: Under Bankruptcy Administration
-----------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against AIR-TEAM Veranstaltungs- und Handels GmbH on
September 23.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 23, 2004 to register their claims with court-appointed
provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 10:55 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on February 23, 2005, 10:35 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  AIR-TEAM VERANSTALTUNGS- UND HANDELS GMBH
          Sickingenstr. 26,10553 Berlin

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100, 10785 Berlin


ANDREAS STOHR: Court Appoints Dr. Handschumacher Administrator
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against real estate firm Andreas Stohr
Projektentwicklungsgesellschaft mbH on September 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 8,
2004 to register their claims with court-appointed provisional
administrator Markus M. Merbecks of Dr. Handschumacher &
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2004, 10:00 a.m. at Saal 28,
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:  ANDREAS STOHR PROJEKTENTWICKLUNGSGESELLSCHAFT MBH
          Contact:
          Bernhard Karl Schultz, Manager
          Kurfurstenstrasse 79, 10787 Berlin

          DR. HANDSCHUMACHER & MERBECKS
          Markus M. Merbecks, Insolvency Manager
          Ludwigstrasse 58, 09113 Chemnitz
          Web site: http://www.handschumacher.de


BUECKLE GMBH: Sets First Creditors' Meeting November
----------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against BUECKLE GmbH on September 21.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 30, 2004 to register their claims
with court-appointed provisional administrator Volkmar Buschel.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2004, 9:00 a.m. at the district
court of Heilbronn 74072 Heilbronn, Rollwagstr. 10 A,
Erdgeschoss, Saal 4 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
January 26, 2005, 9:00 a.m. at the same venue.

CONTACT:  BUECKLE GMBH
          Contact:
          Ralf Buckle, Manager
          Holderlinstr. 46-52, 74348 Lauffen a.N.
          Phone: (+49) 7133 108 0
          Fax: (+49) 7133 108 49
          E-mail: info@bueckle.de
          Web site: http://www.bueckle.de

          Volkmar Buschel, Insolvency Manager
          Berliner Platz 6, 74072 Heilbronn


BURO WINTER: Creditors Have Until Next Month to File Claims
-----------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Buro Winter GmbH on September 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 9, 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 30, 2004, 9:20 a.m. at the district
court of Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213
Dusseldorf, 3. OG Altbau, A 341 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:  BURO WINTER GMBH
          Schadowplatz 12, 40212 Dusseldorf
          Contact:
          Gudrun Winter, Manager
          Blumenstrasse 7, 40667 Meerbusch

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


CK EINRICHTUNGSCENTER: Leipzig Court Appoints Administrator
-----------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against CK Einrichtungscenter GmbH on September 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 12,
2004 to register their claims with court-appointed provisional
administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2004, 10:00 a.m. at Saal 056
district court of Leipzig at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  CK EINRICHTUNGSCENTER GMBH
          Hauptstr. 1, 04720 Knobelsdorf
          (AG Leipzig, HRB 3172)
          Phone: (03 43 27) 9 27 57
          Fax: (03 43 27) 9 07 55/ 9 07 56

          Contact:
          Rainer Keil, Manager

          Dr. Lucas F. Flother, Insolvency Manager
          Nikolaistrasse 3-5, 04109 Leipzig


EUROOM SCHLUSSELFERTIGER: Succumbs to Bankruptcy
------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
euroom Schlusselfertiger Innenausbau GmbH on September 15.
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 Andreas Muller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2004, 8:45 a.m. at the district
court of Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
1. Etage, Saal 142 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.

Euroom manufactures, sells, and assembles interior fittings
articles.

CONTACT:  EUROOM SCHLUSSELFERTIGER INNENAUSBAU GMBH
          Alfred-Nobel-Str. 9, 50259 Pulheim
          Contact:
          Axel Arens

          Andreas Muller-Stein, Insolvency Manager
          Schutzenstr. 5, 50126 Bergheim
          Phone: 02271-7691-0
          Fax: +492271769110


HARTMUT KURTH: Creditors' Meeting Set December
----------------------------------------------
Creditors and other parties interested in Hartmut Kurth Tiefbau
GmbH are encouraged to attend a meeting on December 2, 2004,
8:30 a.m. at Saal 1.043, Justizzentrum, Thuringer Str. 16, 06112
Halle for the administrator's first insolvency proceedings
report.  Hartmut has been under bankruptcy proceedings since
August 24, 2004.

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:  HARTMUT KURTH TIEFBAU GMBH
          Hallescher Str. 13b, 06193 Kaltenmark (HRB 6466)
          Phone: 034603/31 30
          Fax: 034603/3 13 20

          Contact:
          Hartmut Kurth, Manager

          Rudiger Bauch, Insolvency Manager
          Sternstrasse 13, D-06108 Halle
          Phone: 0345/5200111
          Fax: 0345/5200066


KARSTADTQUELLE AG: Staff Told to Accept Pay cut to Avert Layoffs
----------------------------------------------------------------
KarstadtQuelle AG proposed on Tuesday salary cuts in lieu of
massive layoffs that the ailing department store and mail order
group plans to implement, CBS News says.

The retail giant has been in talks with unions regarding its
restructuring plan that involves selling off 77 of its 181
department stores and parting with its retail outlets.
KarstadtQuelle said salaries for its 100,000 employees must fall
by five to ten percent to avert job-cuts.  The group stressed
this would help save more than EUR500 million in personnel costs
for three years.

KarstadtQuelle said, "There is no alternative to the
restructuring plan we have presented."

The retail giant described Tuesday's talks as "difficult but
constructive" and expects to reach an agreement today, when the
group supervisory board will convene to decide whether to hold
an extraordinary shareholders' meeting in November.  The company
is expected to seek approval of a EUR500 million capital
increase at the meeting.

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


K & G GMBH: Creditors Have Until this Month to File Claims
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against construction company K & G GmbH on Sept. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Oct. 28, 2004
to register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2004, 9:30 a.m. at Saal 28,
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:  K & G GMBH
          (HRB 20598), Heubnerstrasse 9, 08523 Plauen
          Contact:
          Bernd Koch, Manager

          Andreas Schenk, Insolvency Manager
          Franz-Mehring-Str. 15, 08058 Zwickau


OBJEKTTEAM HANDEL: Creditors' Claims Due Later this Month
---------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against ObjektTeam Handel fur Reinigungsbedarf GmbH on Sept. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Oct. 29, 2004
to register their claims with court-appointed provisional
administrator Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 29, 2004, 11:15 a.m. at the district court
of Aachen Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14 at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on Dec. 13, 2004, 9:00 a.m. at the same venue.

CONTACT:  OBJEKTTEAM HANDEL FUR REINIGUNGSBEDARF GMBH
          Freunder Weg 61, 52068 Aachen
          Contact:
          Ralph Mommertz, Manager
          Steinkaulplatz 16, 52076 Aachen

          Heinrich C. Friedhoff, Insolvency Manager
          Viktoriastrasse 73-75, 52066 Aachen
          Phone: 0241/9491915
          Fax: 0241/9491919


ZIELINSKI SITZMOBEL: Furniture Firm Files for Bankruptcy
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against furniture company Zielinski Sitzmobel GmbH on Sept. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 2, 2004 to
register their claims with court-appointed provisional
administrator Martin Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 16, 2004, 10:00 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 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:  ZIELINSKI SITZMOBEL GMBH
          Unterloh 12, 32457 Porta Westfalica
          Contact:
          Uwe Zielienski, Manager
          Turnerstr. 18, 32689 Kalletal
          Jurgen Zielinski, Manager
          Im Dorf 19, 32479 Hille

          Martin Kienitz, Insolvency Manager
          Rugenweg 14, 32427 Minden


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


ROYAL OLYMPIC: Limits Stops to Greek Destinations
-------------------------------------------------
Royal Olympic Cruise Lines (OTC: ROCLF), which is currently
operating two cruise ships, Triton and World Renaissance, under
the protection of Article 45 of law 1892/1990 on the basis of
decisions of the Greek courts, is altering the sailing
itineraries of the ships, effective immediately and until
further notice, to limit the vessels to Greek destinations.

This decision followed the arrest of the ships by a creditor in
Turkish ports on Sunday, Oct. 3rd, from which they were released
the next day.  The arrest was a result of the failure of the
Turkish court to respect the stay issued in the Greek Article 45
proceeding.  ROCL is taking all necessary steps to overcome this
difficulty in the future, but in the meantime will alter its
itineraries as indicated.

Discussions with creditors and lenders are continuing, as well
as efforts to clear the legal issue in Turkey to conform with
European laws.  The above are serious material issues for the
company.  The company continues to seek capital needed to
continue operations, but the inability to maintain the
protection of the Greek court outside the European Union, if not
resolved, is expected to increase the difficulty of arranging an
organized financial restructuring.

Management is committed to completing its fall schedule with as
little alteration as possible and appreciates the continued
support of its clients and creditors.

CONTACT:  ROYAL OLYMPIC
          Jim Lawrence
          Phone: +1-203-406-0106, ext. 13


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


NABI RT: Denies Additional Warranty Liabilities
-----------------------------------------------
Responding to recent media reports, NABI Bus Industries Rt.
(BSE: NABI) said it has no extraordinary warranty expenses.
Eaton Hydraulics, a power steering component supplier to NABI,
recently announced that Eaton will check the components and
replace at their cost if necessary.  This event is not
extraordinary in the automotive industry.

NABI and its suppliers must file reports to the National Highway
and Traffic Safety Administration (NHTSA) regarding defects,
according to U.S. motor vehicle safety regulations.  Detailed
information regarding these reports is available at http://www-
odi.nhtsa.dot.gov/safety recalls/

NABI Rt makes extraordinary announcements to the Budapest Stock
Exchange if the importance and the financial consequences of the
event exceeds the level of ordinary business.  This response is
dictated by the media reports, not the safety recall
announcement itself.

                            *   *   *

For the six months ended June 30, 2004, the NABI Group reported
a net loss of US$4.6 million, which represented an improvement
from a net loss of US$10.0 million reported in the same period
last year.  The current period results include US$1.9 million of
financing fees and legal expenses associated with the
restructuring of the Group's debt agreements which was concluded
on April 23, 2004, and US$1.2 million of consulting expenses
related to an efficiency improvement project that began in Q4 of
2003.

CONTACT:  NABI RT
          Andras Bodor, Corporate Affairs Director
          Phone: +36.1.401.7100
          E-mail: andras.bodor@nabi.hu


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


BOMBARDIER: Ratings on Watch Negative; Fitch Cites Uncertainties
----------------------------------------------------------------
Fitch Ratings has placed Bombardier's (BBD) and Bombardier
Capital's (BC) ratings on Rating Watch Negative.  Fitch
currently rates BBD's and BC's senior unsecured debt and credit
facilities 'BBB-', commercial paper programs 'F3', and BBD's
preferred stock 'BB+'.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BBD.  These ratings cover approximately
US$6.1 billion of debt and preferred stock.

The Negative Rating Watch is based on significant uncertainties
present in BBD's regional jet (RJ) operations and transportation
unit (BT), as well as continuing weak operating margins.  Fitch
believes that it will be able to resolve the Negative Rating
Watch in the next three to six months.

Fitch is concerned that further production rate reductions are
possible in BBD's RJ operations due to low backlog levels (1.5
years worth of production), poor order visibility, and backlog
risks related to the weak financial conditions of several large
airline customers, including Delta Airlines, U.S. Airways,
United Airlines, and Independence Air.  Delta is currently
formulating a restructuring plan that could lead to a bankruptcy
filing.  Other concerns related to BBD's RJ operation include
competitive pressures from Embraer's new 70-100 seat aircraft
family, the cash requirements of a possible 100-seat aircraft
program, and the weak aircraft financing market.

The fiscal 2006 (F2006) production rate that BBD announced last
week for CRJ200's was already incorporated into Fitch's ratings,
but Fitch had expected production of CRJ700's and CRJ900's to be
higher.  Further production rate reductions will not necessarily
lead to negative rating actions, but will be evaluated on the
basis of several factors including how BBD manages the
reductions and the timing and magnitude of the reductions.  RJ
production reductions will also be evaluated in the context of
BBD's overall business, given that business jet improvements and
the BT restructuring could offset the impact of lower RJ
deliveries.

Margin improvement continues to be a key credit issue for BBD's
debt ratings.  Margins at BT were 2.8% in the second quarter,
and the company has estimated that margins will be approximately
this level for the next six quarters.  At Bombardier Aerospace
(BA), margins were negative (-0.6%) for the second consecutive
quarter, but improved sequentially.  BA's margins continue to be
pressured by sales incentives, foreign currency, increased
depreciation and amortization related to new business jet
programs, and higher interest expense allocation due to the debt
issuance earlier this year.  Given BBD's level of debt compared
to revenues, relatively modest improvement in margins will drive
noticeable improvement in credit protection measures.  However,
failure to improve margins or the discovery of additional
problem contracts at BT will likely lead to a rating action.

Other general rating concerns include low free cash flow, the
potential need for further restructuring actions, the uncertain
timing of margin improvement, the impact of exchange rate
fluctuations on financial results and planning, and the sizable
pension deficit.

General factors supporting the ratings include BBD's liquidity
position, the improvement in the business jet market, better-
than-expected free cash flow in the first half of F2005,
significant progress on the multi-year restructuring plan,
leading market positions, the more conservative strategy at BC,
the large backlog at BT, new senior management, and the cost
cutting actions at both BA and BT.

BBD's liquidity remained strong at the end of the second
quarter, with US$2.2 billion of cash and US$1.6 billion of
credit facility availability.  An additional US$600 million is
available under BC's credit facilities.  Fitch notes that
approximately US$1.2 billion of the cash on hand at BBD is
related to advances and subordinated loans extended by BC to the
parent.  Fitch expects BBD to pay down some of the advances in
the third quarter so that BC can retire approximately $500
million of maturing debt.  Fitch anticipates that some
additional BC advances will be repaid in Q3 to fund increased
assets, which declined temporarily last quarter due to seasonal
factors.  Fitch expects BBD to be cash positive in the second
half and for the year despite likely increases in capital
expenditures and restructuring outflows during the next two
quarters.

BBD is seeing improved demand and better pricing for its
business jets, consistent with industry-wide conditions.  Orders
were up significantly in the first half of the year, and
deliveries will likely exceed the company's plan this year.  The
magnitude of the apparent recovery in BBD's business jet
operations is greater than the expectations incorporated into
Fitch's ratings of BBD, and the recovery could offset some of
the risk related to BBD's RJ operation.

CONTACT:  FITCH RATINGS
          Craig Fraser, New York
          Phone: +1-212-908-0310

          Mark Oline, (for Bombardier Inc.), Chicago
          Phone: +1-312-368-2073

          Philip S. Walker, Jr., CFA
          Phone: +1-212-908-0624

          Matthew D. Gallino
          (for Bombardier Capital Inc.), New York
          Phone: +1-212-908-0218

          Media Relations:
          Brian Bertsch, New York
          Phone: +1-212-908-0549


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


ALITALIA SPA: Seeks Private Partners; Mulls Debt-to-equity Swap
---------------------------------------------------------------
Struggling airline Alitalia S.p.A. needs to find private
investors to pour in EUR750 million to break even in 2006,
Bloomberg News Service says.

Giancarlo Cimoli, the group's chief executive and chairman,
plans to raise around EUR1.5 billion via a share sale in the
first quarter of 2005.  The government has already pledged to
bring in half of the amount while private investors will provide
the other half.  The entry of private investors will bring the
government stake in Alitalia from 62% to 49%, which was one of
the provisions set by the European Commission for the approval
of a EUR500 million loan.

Finding private partners "will not be impossible," Bloomberg
says, citing a Corriere della Sera daily interview with Mr.
Cimoli.  He expects Alitalia's flight unit, AZ Fly, to break
even in 2006 and pay dividend in 2007.

Debt-to-Equity Swap

Alitalia is also considering a debt-to-equity swap to ease up
EUR1.87 billion in net debt.  Mr. Cimoli confirmed management
has been discussing the option but said they have yet to talk to
creditors about this.  Mr. Cimoli also confirmed the interest of
computer maker International Business Machines Corporation and
Deutsche Bank AG in acquiring stakes in AZ Service, Alitalia's
planned ground services subsidiary.

Business Plan

The carrier's restructuring plan entails splitting the company
to two different business units -- AZ Fly and AZ Services.  The
plan also includes saving around EUR1 billion in costs over the
next four years and acquire new planes to cover new routes.

Around 3,700 employees will be axed to help save around EUR185
million in personnel costs this year and EUR250 million in
succeeding years.  After gaining ground in 2006, the carrier
intends to buy seven long-haul and 12 short-haul aircraft in
2007.

Mr. Cimoli said he plans to add new routes to Timisoara, Saint
Petersburg, Budapest and Shanghai.  Flights to South America,
China and Eastern Europe are also on the way.  Alitalia also
plans to regain its market share from the current 43%.

The airline has booked losses for the past four years and
expects a net loss this year.

Mr. Cimoli also stressed Alitalia has no plans evolve into a
global carrier as it does not have adequate fleet to start such
operation.  Mr. Cimoli said Alitalia "will cover its internal
market."

EUR400 Million Loan

Alitalia's board will meet today to approve the receipt of a
EUR400 million government-guaranteed emergency loan, which it
gained access to Monday.  The board may also approve carrier's
first-half results today.  Neither the board nor its auditors,
Deloitte & Touche S.p.A. have approved the results, which is
expected to show a net loss of EUR330 million.  The carrier said
on July 30 the loss was a result of strikes in the first
quarter.

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 U.S.A.: Court Allows Milk Products to Ink Escrow Deal
--------------------------------------------------------------
Corollary to the sale of the business of Milk Products of
Alabama, a Parmalat U.S.A. Corporation and its debtor-affiliate,
to Dean Foods Company, Judge Drain of the U.S. Bankruptcy Court
for the Southern District of New York authorizes Milk Products
to:

(a) enter into an escrow agreement with Products, Citibank,
    N.A., London Branch, and The Bank of New York, as escrow
    agent; and

(b) deposit a portion of the proceeds of the sale into escrow.

The Sale Escrow will be equal to the aggregate unpaid amount of
all accounts receivables Citibank purchased from Milk Products
under the Parmalat Receivables Purchase Agreement that are
outstanding as of the closing of the Sale.

Milk Products' accounts receivables are excluded from the Sale.

Bank of New York will hold and administer the deposited funds
and any income earned on the funds.  Bank of New York will pay
and distribute the amounts it holds in accordance with the
Agreement.

Milk Products and Citibank agree that for tax reporting
purposes, and for any tax year, all interest or other income
earned from the investment of the Escrow Amount will be
allocable solely to Milk Products to the extent permitted by
applicable law.

As Escrow Agent, Bank of New York will charge a US$2,500 one-
time acceptance fee payable at the time of the closing of the
Agreement.  Bank of New York will also be paid a US$6,000 annual
administrative fee to cover the duties and responsibilities
related to account administration and servicing.  The annual
administrative fee is payable in advance for the year and will
not be prorated.

Bank of New York will also receive compensation with respect to
investments in money market mutual funds, disbursement fee,
counsel fees and other miscellaneous fees.  It will also be
entitled to reimbursement of expenses.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts.  (Parmalat Bankruptcy News, Issue No. 33; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT USA CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


PARMALAT U.S.A.: To Pursue Beyer State Court Suit
-------------------------------------------------
On February 19, 2004, Parmalat U.S.A. Corporation and Farmland
Dairies, LLC, filed a lawsuit against Beyer Farms, Inc., Henry
Beyer and Michael Beyer before the Supreme Court of the State of
New York in and for the County of New York.  The U.S. Debtors
seek to recover:

    (i) a US$1,493,141 unpaid balance due, plus interest, for
        goods and services provided to Beyer Farms between
        January 20, 2000, and November 29, 2003, pursuant to a
        Supply Agreement dated December 1, 1998, entered into
        by Beyer Farms and Sunnydale Farms, Inc., Farmland's
        predecessor-in-interest; and

   (ii) a US$40,000 unpaid balance for milk, milk products and
        other merchandise sold at an agreed upon price
        commencing on September 4, 1999, through December 4,
        1999, for which Henry and Michael Beyer jointly and
        severally guaranteed payment pursuant to a guarantee
        dated January 20, 2000.

Beyer Farms denies owing the Outstanding Amounts.  Instead,
Beyer Farms asserted several counterclaims against Farmland
totaling US$1,667,000.  Beyer Farms alleges that:

     -- it is due a credit not less than US$337,700 for
        purchased milk and Milk Products;

     -- Farmland or Parmalat U.S.A. breached a December 2003
        agreement to issue Beyer Farms a certain milk and milk
        product wholesale distribution route having a fair
        market value of not less than US$300,000, in
        consideration of substantial commercial damages caused
        to Beyer Farms' business by Parmalat U.S.A. or its
        distributor; and

     -- Parmalat U.S.A. owes Beyer Farms US$1,000,000 as a
        result of Beyer Farms' arrangement for Parmalat U.S.A.
        to become the Processor for Dean Foods, Inc., and to
        supply Beyer Farms and Tuscan/Lehigh Dairies, Inc., with
        milk and milk products.

The automatic stay imposed by Section 362 of the Bankruptcy Code
prohibits Beyer Farms from asserting the Counterclaims against
the U.S. Debtors, and any other continued prosecution and
defense of the State Court Action.

In a stipulation, the U.S. Debtors and Beyer Farms agree that
the automatic stay will be modified solely to permit the parties
to litigate the State Court Action and to take actions necessary
or appropriate to exercise their rights of appeal, until the
rights have been exhausted.  Beyer Farms, however, is barred
from enforcing or executing upon any settlement or judgment in
its favor entered by a court of competent jurisdiction.

Beyer Farms is entitled to set off or recoup any amounts
relating to the judgment entered in its favor with respect to
the Counterclaims against amounts relating to judgment entered
in favor of the U.S. Debtors.

The automatic stay will remain in effect for all other purposes.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts.  (Parmalat Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT USA CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


ATI: Creditors' Meeting Tomorrow
--------------------------------
The Bishkek Inter-District Court commenced bankruptcy
supervision procedure on LLC Ati on June 30, 2004.  The case is
docketed as 03-76/r-2004.  Mr. Bilim Rayimkulov (License No.
0333) was appointed temporary insolvency manager on September
17, 2004.  Creditors will meet on October 15, 2004, 2:00 p.m. at
Bishkek, Erkindik Avenue 57, Room 101.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 62-68-29 or (0-502) 57-83-87.


DEN-SOOLUK: Insolvency Manager to Sort out Claims December
----------------------------------------------------------
JSC Den-Sooluk, which recently became insolvent, will evaluate
all proofs of claim on December 8, 2004 at Talas, State
Administration, 2nd floor, Room 212.

CONTACT:  DEN-SOOLUK
          Talas, State Administration
          2nd floor, Room 212.


ERKIN-TOO: State Agency Holds Public Auction to Sell 66% Stake
--------------------------------------------------------------
The State Committee of the Kyrgyz Republic on State Property
will auction its 66% stake in Open JSC Erkin-Too on November 4,
2004, 2:00 p.m. at the meeting hall of the State Committee of
the Kyrgyz Republic on State Property, Bishkek, Erkindik Avenue
57.  Starting price is KGS1,376,540.

Bidders must deposit a guarantee payment of KGS137,654.  Winning
bidder must pay a commission equivalent to 7% of the offered
price.

Information on Erkin-Too:

(a) Field of activity: printing services

(b) Staff: 74

(c) Authorized capital stock: KGS3,042,000

(d) Assets: KGS4,099,300

(e)  Liabilities: KGS732,200

(f) Accounts receivable: KGS922,300

Participants must submit their bids and documents to Auction
Commission on or before 5:00 p.m., November 1, 2004 to Bishkek,
Erkindik Avenue 57, Room 16/2.  For more information, call (0-
312) 62-68-46, 62-20-90 or 66-43-29.


GOLDEN WAY: Under Bankruptcy Supervision
----------------------------------------
The Chui Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC Golden Way on May 21,
2004.  The case is docketed as Y03-72/M-2004-C1.  Mr. Taalaibek
Alybaev (License No. 017) was appointed temporary insolvency
manager on October 6, 2004.  Creditors will meet on October 29,
2004, 2:00 p.m. at Bishkek, Moskovskaya Str. 73.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-502) 20-83-02.


INSHAATCHY: To Review Proofs of Claim December
----------------------------------------------
LLC Inshaatchy, which fell into insolvency recently, will
evaluate all proofs of claim on December 8, 2004 at Bishkek,
Gagarin Str. 273-46.

CONTACT:  INSHAATCHY
          Bishkek, Gararing Str. 273-46.


KLIRINGCENTER: Public Auction of Assets Slated Next Week
--------------------------------------------------------
The bidding organizer and insolvency manager of Kliringcenter
will auction the accounts receivable of the company on October
19, 2004, 10:00 a.m. at Bishkek, Chui Avenue 106, Room 134.

For sale are:

(a) Lot 1: KGS1,925,958 in accounts receivable from LLC Black
    Penguin.  Starting price: KGS192,596;

(b) Lot 2: KGS1,743,437 in accounts receivable from JSC
    Kyrgyzkomur.  Starting price: KGS130,758;

(c) Lot 3: KGS2,482,186 in accounts receivable from JSC
    Kyrgyzstroilesbum.  Starting price: KGS186,164;

(d) Lot 4: KGS692,354 in accounts receivable from Open JSC Ak-
    Sui Corn Processing Factory.  Starting price: KGS51,926;

(e) Lot 5: Altai radio phone.  Starting price: KGS2,550;

(f) Lot 6: P-I computers.  Starting price: KGS1,013;

(g) Lot 7: Xerox-5616 copying machine.  Starting price:
    KGS29139.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of Kliringcenter Ministry
of Foreign Trade and Industry.  Participants must submit their
bids to the temporary insolvency manager on or before October
18, 2004 at Bishkek, Chui Avenue 106, Room 134.  For more
information, contact (0-312) 62-52-31.


SARY-KOO: Insolvency Manager Sets Public Auction Date
-----------------------------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Sary-Koo will sell the properties of the firm on October
26, 2004, 11:00 a.m. at Chui region, Jaiyl district, Altyn.

For sale are:

(a) Lot 1: Milk and commodity farm. Starting price:
    KGS1,636,932;

(b) Lots 2-3: Manufacturing facilities and equipment; and

(c) Lots 4-27: Cars, equipment, farm and houses.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of Agricultural Farm Sary-
Koo.  Bids must be submitted on or before October 25, 2004,
Tuesdays and Wednesdays from 10:00 a.m. to 5:00 p.m. to Chui
region, Jaiyl district, Altyn.  For more information, call (0-
517) 73 66 64 or (0-502) 39 33 78.


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


MILLICOM INTERNATIONAL: To Discuss Third-quarter Results Tuesday
----------------------------------------------------------------
Millicom International Cellular S.A. will announce its financial
results for the third quarter 2004 on Tuesday, 19 October 2004.
The company will host a conference call for the global financial
community at 10 a.m. (ET)/3 p.m. (U.K.)/4 p.m. (CET).

Host: Marc Beuls - President and Chief Executive Officer

The conference call will be Webcast in listen-only mode at
http://www.millicom.com.

To participate in the conference call, please register at:
http://www.sharedvalue.net/Millicom/Q304/default.asp

The dial-in number to join the conference call will be available
upon registration.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

                            *   *   *

In Sept., Standard & Poor's Ratings Services revised its outlook
on Millicom International to negative from stable due to
concerns over recent developments in two of its Asian markets.
This market is key to Millicom, boasting strong revenue and
profit opportunities, and is viewed as an important support to
the ratings.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit and 'B-' senior unsecured debt ratings on
Millicom.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A.
           Marc Beuls
           President and Chief Executive Officer
           Phone:  +352 27 759 327
           Web site: http://www.millicom.com

           ANDREW BEST
           Investor Relations
           Telephone:  +44 20 7321 5022


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


BELOMORSKAY ELECTRIC: Sets Public Auction Next Week
---------------------------------------------------
The bidding organizer of municipal unitary enterprise MO BR
Belomorskay Electric Network will sell the properties of the
company on October 18, 2004, 3:00 p.m.  It will be held at
Russia, Petrozavodsk, Kirova Str. 45.  Up for sale is the right
to conclude purchase-selling treaties on buildings,
constructions, equipment and transport carriers.  Starting
price: RUB5,806,478 (inclusive of VAT).

CONTACT:  BELOMORSKAY ELECTRIC NETWORK
          Russia, Belomorsk,
          Pervomayskaya Str. 18


FERRO-CONCRETE GOODS: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on LLC Factory of Ferro-
Concrete Goods (TIN 5626007763).  The case is docketed as A47-
9307/2004-14GK.  Ms. O. Shevtsova has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 460006, Russia,
Orenburg, Komsomolskaya Str., 126-51.  A hearing will take place
at the Arbitration Court of Orenburg region on December 8, 2004,
10:00 a.m.

CONTACT:  FACTORY OF FERRO-CONCRETE GOODS
          Russia, Orenburg region,
          Gayskiy region, Novonikolaevka

          Ms. O. Shevtsova
          Temporary Insolvency Manager
          460006, Russia, Orenburg,
          Komsomolskaya Str. 126-51
          Phone: (3532) 73-26-01,
          Fax: (3532) 36-13-37


KIMRY-AGRO-PROM-KHIMIYA: Tver Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on agricultural chemical company OJSC
Kimry-Agro-Prom-Khimiya.  The case is docketed as A66-6755/2004.
Mr. B. Dubov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 170000, Russia,
Tver, S. Perovskoy Str. 3, apartment 46.  A hearing will take
place on November 12, 2004.

CONTACT:  KIMRY-AGRO-PROM-KHIMIYA
          Russia, Tver region,
          Kimry, D. Baslyka Str. 3A

          Mr. B. Dubov
          Temporary Insolvency Manager
          170000, Russia, Tver,
          S. Perovskoy Str. 3,
          Apartment 46


NAZAROVOGRESSTROY: Gives Creditors Until November to File Claims
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy proceedings against Nazarovogresstroy after finding
the open joint stock company insolvent.  The case is docketed as
A33-2519/02-4.  Mr. N. Savelyev has been appointed insolvency
manager.  Creditors have until November 10, 2004 to submit their
proofs of claim to 662200, Russia, Nazarovo, 30 Let VLKSM, 27V.

CONTACT:  NAZAROVOGRESSTROY
          662200, Russia,
          Nazarovo, 30 Let VLKSM, 27V

          Mr. N. Savelyev
          Insolvency Manager
          662200, Russia,
          Nazarovo, 30 Let VLKSM, 27V


ROTOR: Deadline for Proofs of Claim Expires Next Month
------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy proceedings against Rotor after finding the open
joint stock company insolvent.  The case is docketed as A72-
1918/04-17/10-B.  Mr. D. Monogarov has been appointed insolvency
manager.  Creditors have until November 10, 2004 to submit their
proofs of claim to 432063, Russia, Ulyanovsk, Post User Box
4644.

CONTACT:  ROTOR
          432072, Russia,
          Ulyanovsk, Sozidateley Pr. 37

          Mr. D. Monogarov
          Insolvency Manager
          432063, Russia,
          Ulyanovsk, Post User Box 4644


RUDNICHNOYE: Selling RUB1.3 Million Worth of Properties
-------------------------------------------------------
The bidding organizer and insolvency manager of state unitary
enterprise cooperation Rudnichnoye will sell the properties of
the company on October 29, 2004, 12:00 p.m.  The public auction
will take place at Russia, Lipetsk region, Lipetsk region,
Kuzminskiye Otverzhki, in the administrative building of
Rudnichnoye.  Up for sale are administrative buildings, garages,
mixed fodder factory, pig-breeding complex.  Starting price:
RUB1,300,000.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 12:00 noon until October 29, 2004.  The list
of documentary requirements for participants is available at
Russia, Lipetsk region, Lipetsk region, Kuzminskiye Otverzhki,
in the administrative building of Rudnichnoye.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40602810900130100020 branch Lipetskiy OJSC Alfa-Bank of Lipetsk,
BIC 044206753, TIN 7728168971, KPP 482231001 on or before
October 26, 2004.

CONTACT:  RUDNICHNOYE
          Russia, Lipetsk region,
          Kuzminskiye Otverzhki

          The Bidding Organizer/Insolvency Manager
          Phone: 8-903-699-59-79; 8-0742-33-70-60.


TRANSFORMER: Declared Insolvent
-------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
proceedings against Tolyattinskoye Transformer after finding the
open joint stock company insolvent.  The case is docketed as
A55-4183/04-33.  Ms. N. Ovchinnikova has been appointed
insolvency manager.  Creditors have until November 10, 2004 to
submit their proofs of claim to 445009, Russia, Samara region,
Tolyatti, Komsomolskaya Str. 84A, Office 301.

CONTACT:  TRANSFORMER
          445035, Russia,
          Samara region, Tolyatti,
          Industrialnaya Str. 1

          Ms. N. Ovchinnikova
          Insolvency Manager
          445009, Russia,
          Samara region, Tolyatti,
          Komsomolskaya Str. 84A,
          Office 301


TVERSKOY PEAT: Court Sets Next Hearing November
-----------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on LLC trading house Tverskoy Peat.  The
case is docketed as A66-6765/2004.  Mr. A. Maltabar has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 170000, Russia,
Tver, S. Perovskoy Str. 3, Apartment 46.  A hearing will take at
the Arbitration Court of Tver region on November 29, 2004.

CONTACT:  TVERSKOY PEAT
          Russia, Tver,
          Dm. Donskogo Str. 35A,
          Office 105

          Mr. A. Maltabar
          Temporary Insolvency Manager
          Russia, Tver,
          Dm. Donskogo Str. 35A,
          Office 105
          Phone/Fax: (0822) 33-43-14.

          The Arbitration Court of Tver region:
          Russia, Tver,
          Sovetskaya Str. 23B, Room 15


VOSTOK-SPETS-ENERGO: Insolvency Manager Takes over Helm
-------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Vostok-Spets-Energo after finding the
limited liability company insolvent.  The case is docketed as
A19-338/04-38.  Ms. V. Oblomkova has been appointed insolvency
manager.  Creditors have until November 10, 2004 to submit their
proofs of claim to 665719, Russia, Irkutsk region, Bratsk, Post
User Box 1033.

CONTACT:  VOSTOK-SPETS-ENERGO
          665708, Russia,
          Irkutsk region, Bratsk,
          Pionerskaya Str. 11A

          Ms. V. Oblomkova
          Insolvency Manager
          665719, Russia,
          Irkutsk region, Bratsk,
          Post User Box 1033


YOSHKAR-OLINSKIY FACTORY: Hires V. Arefyev Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Mariy-El republic has commenced
bankruptcy proceedings against Yoshkar-Olinskiy Factory of Wood
Mechanical Engineering after finding the open joint stock
company insolvent.  The case is docketed as A38-3156-11/4-04.
Mr. V. Arefyev has been appointed insolvency manager.  Creditors
have until November 10, 2004 to submit their proofs of claim to
424003, Russia, Mariy-El republic, Yoshkar-Ola, Lenina Pr. 45.

CONTACT:  Mr. V. Arefyev
          Insolvency Manager
          424003, Russia,
          Mariy-El republic, Yoshkar-Ola,
          Lenina Pr. 45


ZARECHYE: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on CJSC Zarechye.  The case is docketed as
A35-4518/04.  Mr. V. Churilov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 305022, Russia,
Kursk, Soyuznaya Str. 59, Apartment 69.  A hearing will take
place on December 1, 2004.

CONTACT:  ZARECHYE
          Russia, Kursk region,
          Manturovskiy region

          Mr. V. Churilov
          Temporary Insolvency Manager
          305022, Russia,
          Kursk, Soyuznaya Str. 59,
          Apartment 69


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


SWISS INTERNATIONAL: To Raise Fuel Surcharge Starting Friday
------------------------------------------------------------
With the price of crude oil and kerosene hitting record highs on
the world market, Swiss International is compelled to further
adapt the temporary fuel surcharge that was introduced in
September.  As of October 15, Swiss will increase its fuel
surcharge per way from CHF7 to CHF15 on flights within Europe
and from CHF20 to CHF30 on intercontinental flights.

The purchase price of kerosene has risen to more than US$50 per
barrel (159 liters) in recent days.  Experts do not foresee any
short-term easing.  Swiss will continue to monitor developments
on the fuel market closely.  Further surcharge adjustments
cannot be ruled out.  These latest fuel surcharges apply from
October 15 to all tickets sold in Switzerland.

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


SWISS INTERNATIONAL: Restructuring Improves 2004 Load Factors
-------------------------------------------------------------
Swiss International has reported an average seat load factor of
75.2% for the first nine months of 2004, a 3.6-percentage-point
improvement on the same period last year.  Seat load factor on
the company's intercontinental services rose 3.6 percentage
points to 80.9% for the period, while its European services saw
seat load factor increase 3.1 percentage points to 62.1%.  Swiss
carried a total of seven million passengers in the first nine
months of the year.  Third-quarter seat load factor amounted to
78.6%, one percentage point up on its 2003 equivalent.  Cargo
load factor for the first nine months of 2004 amounted to 85.8%,
a 2.2-percentage-point improvement on the same period last year.

The modifications effected to its route network under its
current corporate restructuring had a positive impact on the
load factors recorded by Swiss for the first nine months of
2004.  The company posted a seat load factor of 75.2% for the
period, a 3.6-point increase on the equivalent result last year.
Swiss carried a total of seven million passengers on its
scheduled services in the first nine months of the year.  A
year-on-year comparison of absolute passenger figures is not
meaningful in view of the decrease in production resulting from
adjustments to the route network.

Swiss offered 19.5% fewer available seat-kilometers in January
to September 2004 than it had for the prior-year period.  The
associated decline in revenue passenger-kilometers for the same
comparative periods was stemmed to 15.5%, however, prompting a
corresponding increase in load factor.  Swiss's seat load factor
for September 2004 amounted to 78.0%, an improvement of 3.0
percentage points on the same month last year.

Seat load factor on Swiss European services for the first nine
months of 2004 stood at 62.1%, up 3.1 percentage points on the
prior-year period.  While available-seat-kilometer capacity was
21.0% below its 2003 levels, the associated fall in revenue
passenger-kilometers was limited to 16.8%.

Swiss did, however, see a decline in its European load factors
over the summer months, culminating in a 2.9-point reduction in
September to 65.3%.  The trend can be ascribed to a number of
factors.  For one, the modifications to the Swiss route network
have increased the proportion of long-haul passengers with
Switzerland as their origin or destination.  This has had an
adverse impact on European seat load factors, as the well-
patronized long-haul services have been able to carry fewer
passengers transferring to or from European feeder flights.  The
negative effects of this phenomenon were felt especially
strongly in the summer months.

European seat load factors also suffered through Swiss's own
increases in capacity on selected routes.  And they were further
depressed by the growing competition from no-frills carriers and
by the non-operation in 2004 of the scheduled services to
destinations in Southeast Europe which had generated high seat
load factors in the summer of the previous year.

Swiss's seat load factor for its intercontinental services
amounted to 80.9% for the first nine months of the year, a 3.6-
percentage-point improvement on the same period in 2003.
Available-seat-kilometer capacity was 18.8% down on its prior-
year level; but revenue passenger-kilometers flown over the
period were only a 15.0% decline on their 2003 equivalent.  The
load factors for Swiss's intercontinental services have been
consistently above their prior-year levels since March 2004.
And the 83.8% seat load factor recorded for September was a
substantial 5.8 percentage points up on the same month last
year.

                Third-quarter Load Factor Results

Swiss carried just under 2.5 million passengers on its scheduled
services in the third quarter of 2004 and recorded a seat load
factor of 78.6%, one percentage point up on the same period a
year ago. Seat load factor on European services amounted to
65.7% for the period, a 2.8-point year-on-year decline.  Swiss's
intercontinental services posted a third-quarter seat load
factor of 84.5%, an improvement of 3.1 points on the prior-year
period.

                        Swiss WorldCargo

The airfreight operations of Swiss WorldCargo also reported
encouragingly positive trends in the first nine months of 2004.
Cargo load factor (by volume) amounted to 85.8%, a 2.2-
percentage-point improvement on the same period last year.  The
result is attributable in no small part to Swiss WorldCargo's
consistent strategic focus on niche products and markets.

Key statistics on Swiss's scheduled services for January-
September 2004


Total passengers                       7,010,102
Total flights                            108,132

Available seat-kilometres (million)       20,856
Revenue passenger-kilometres (million)    15,674

Seat load factor                           75.2%

For full details of Swiss's traffic figures and further comments
on its September traffic results, visit http://www.swiss.com

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


ARGO: Insolvency Manager Moves in
---------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Argo (code EDRPOU 31878841) on August 26,
2004 after finding the limited liability company insolvent.
Arbitral manager Mr. M. Zanko (License Number AA 249798) has
been appointed liquidator/insolvency manager.

CONTACT:  ARGO
          19032, Ukraine, Cherkassy region,
          Kanivskij district, Yabluniv

          Mr. M. Zanko
          Liquidator/Insolvency Manager
          18021, Ukraine, Cherkassy region,
          Geroiv Dnipra Str. 81/409
          Phone: (0472) 54-18-76

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


BUDIVNITSTVO: Proofs of Claim Deadline Set
------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on LLC Budivnitstvo (code EDRPOU
32035029).  The case is docketed as 25/121.  Arbitral manager
Mr. Baranov O. (License Number AA 779148) has been appointed
temporary insolvency manager.  The company holds account number
26007451301 at JSB Metalurg, Melitopol branch.

Creditors have until October 21, 2004 to submit their proofs of
claim to:

(a) BUDIVNITSTVO
    72301, Ukraine, Zaporizhya region,
    Melitopol, Chervonoflotska Str. 113 v

(b) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


DNIPROSPETCBUD: Selling Buildings Worth UAH3.4 Million Next Week
----------------------------------------------------------------
Branch of Agency of Bankruptcy Questions in Dnipropetrovsk
region will auction the properties of OJSC Dniprospetcbud (case
B 15/24/104/00) on October 20, 2004, 11:00 a.m. at Ukraine,
Dnipropetrovsk, Komsomolska Str. 48, room 2.

The properties for sale are:

(a) Buildings and constructions located at Ukraine,
    Dnipropetrovsk, Geroiv Stalingradu Str. 149.  Starting price
    is UAH1,150,000 (inclusive of VAT);

(b) Vacant premises of the administration building, 7th floor,
    located at Ukraine, Dnipropetrovsk, Naberezhna Lenina Str.
    29 A.  Starting price is UAH3,363,000 (inclusive of VAT).

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17 on or before October 15, 2004.  The amount must be
deposited to account number 26006351680200 at JSPPB Aval, MFO
305653, EDRPOU 26252710.  Participants must submit competitive
propositions on or before October 15, 2004 to 49000, Ukraine,
Dnipropetrovsk region, Komsomolska Str. 48, Room 3.

CONTACT:  AUCTION COMMITTEE
          49000, Ukraine, Dnipropetrovsk region,
          Komsomolska Str. 48, Room 3
          Phone: 8 (056) 744-19-31


HODINSKE: Court Hires Insolvency Manager to Temporarily Run Biz
---------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Hodinske (code EDRPOU 30902569) on June 7,
2004 after finding the limited liability company insolvent.  The
case is docketed as 12/36.  Mr. Yevgen Chuprun (License Number
AA 779228) has been appointed liquidator/insolvency manager.

CONTACT:  HODINSKE
          41476, Ukraine, Sumi region,
          Gluhivskij district, Hodine

          Mr. Yevgen Chuprun
          Liquidator/Insolvency Manager
          Ukraine, Sumi region,
          Petropavlovska Str. 74, room 49 A

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


KRYM-TOBACCO: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of AR Krym region has commenced bankruptcy
supervision procedure on LLC Commercial House Krym-Tobacco (code
EDRPOU 31898590).  The case is docketed as 2-20/11130-2004.
Mrs. Irina Dragun (License Number AA 719819) has been appointed
temporary insolvency manager.  The company holds account number
26006301009001 at FJSB Pivdennij, MFO 384652.

Creditors have until October 21, 2004 to submit their proofs of
claim to:

(a) COMMERCIAL HOUSE KRYM-TOBACCO
    95001, Ukraine, AR Krym region,
    Simferopol, Elevatorna Str. 4

    95000, Ukraine, AR Krym region,
    Simferopol, Bilshovitska Str. 24,
    office 45

(b) Mrs. Irina Dragun
    Temporary Insolvency Manager
    33000, Ukraine, Rivne region,
    Soborna Str. 34/14

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


KYIV-CODE: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Kyiv-Code (code EDRPOU 19489481) on July 6,
2004 after finding the close stock joint company insolvent.  The
case is docketed as 24/75-b.  Arbitral manager Mr. O. Sherban
(License Number AA 047812) has been appointed
liquidator/insolvency manager.  The company holds account number
2600001281828 at Ukreksimbank, Kyiv branch, MFO 321701.

CONTACT:  KYIV-CODE
          03150, Ukraine, Kyiv region,
          Dimitrov Str. 5

          Mr. O. Sherban
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region,
          a/b 157

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


PRODMARKET-PLUS: Sets Deadline for Filing Claims
------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Prodmarket-Plus (code EDRPOU 30699982) on
August 17, 2004 after finding the limited liability company
insolvent.  The case is docketed as 8/259.  Mr. Vasil Otreshko
has been appointed liquidator/insolvency manager.

Creditors have until October 21, 2004 to submit their proofs of
claim to:

(a) PRODMARKET-PLUS
    Ukraine, Poltava region,
    Kremenchuk, 50 Rokiv Zhovtnya Avenue, 142

(b) Mr. Vasil Otreshko
    Liquidator/Insolvency Manager
    39627, Ukraine, Poltava region,
    Kremenchuk, 50 Rokiv Zhovtnya Avenue, 142

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


RADONKOKS: Donetsk Court Hires Liquidator
-----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Radonkoks (code EDRPOU 30277165) on June 10,
2004 after finding the close joint stock company insolvent.  The
case is docketed as 15/257.   Mr. Boris Lubinskij (License
Number AA 779149) has been appointed liquidator/insolvency
manager.  The company holds account number 260010197980 at JSB
UkrBusinessBank, Donetsk branch, MFO 334969.

CONTACT:  RADONKOKS
          86106, Ukraine, Donetsk region,
          Makiyivka Str. Gorkij Str. 1

          Mr. Boris Lubinskij
          Liquidator/Insolvency Manager
          Phone: (062) 332-43-53

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


ROS: Temporary Insolvency Manager Takes over Daily Operations
-------------------------------------------------------------
The Economic Court of Kirovograd region has commenced bankruptcy
supervision procedure on LLC Agro-Industrial Company Ros (code
EDRPOU 31487403).  The case is docketed as 9/167.  Mr. Genadij
Zabolotnij (License Number AA 047950) has been appointed
temporary insolvency manager.

CONTACT:  AGRO-INDUSTRIAL COMPANY ROS
          Ukraine, Kirovograd region,
          Oleksandrijskij district,
          Protopozhivka, Lenin Str. 43

          Mr. Genadij Zabolotnij
          Temporary Insolvency Manager
          Ukraine, Kirovograd region,
          Zhadov Str. 20, body 1, room 225

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski str. 29


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


ADVANCE FIRE: Insolvency Service Disqualifies Director
------------------------------------------------------
A director of a construction company that failed with total
debts estimated at around GBP543,000 has given an Undertaking
not to hold directorships or take any part in company management
for 4 years.

The Undertaking by Jonathan Dominic Cronin, 41, of Boscombe
House, Bishops Frome, Herefordshire, was given in respect of his
conduct as a director of Advance Fire Systems Limited, which
carried out business from premises at New Guild House, Great
Charles Street, Queensway, Birmingham.

The acceptance of the Undertaking on September 15, 2004,
prevents Jonathan Dominic Cronin from being a director of a
company or, in any way, whether directly or indirectly, being
concerned or taking part in the promotion, formation or
management of a company for the above period.  The ban will take
effect 6 October 2004.  The company was placed into voluntary
liquidation on September 18, 2002 with estimated debts of
GBP541,800 owed to creditors.

The matter of unfit conduct, not disputed by Jonathan Dominic
Cronin included, was that he was responsible for incurring an
outstanding balance of GBP363,175, due to the Inland Revenue for
PAYE and National Insurance Contributions and to HM Customs and
Excise.

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

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

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


ALLIED LEATHER: Calls in Liquidator from T.H. Associates
--------------------------------------------------------
At an extraordinary general meeting of the members of the Allied
Leather Industries Ltd. on October 4, 2004 held at Chepstow
House, Dee Hills Park, Chester, the special and ordinary
resolutions to wind up the company were passed.  T J Hargreaves
of T.H. Associates, Towngate House, 116-118 Towngate, Leyland
PR25 2LQ has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  T.H. ASSOCIATES
          Towngate House,
          116-118 Towngate,
          Leyland PR25 2LQ


ANDROMEDA FINANCE: PwC to Bare Final Report November
----------------------------------------------------
Name of Companies:
Andromeda Finance
Barclays Call Centre Services Limited
Cassiopeia Finance Limited

The final meetings of the members of these companies will be on
November 16, 2004 commencing at 10:30 a.m. and thereafter at 15
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

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


ANTUR DWYRYD-LLYN: Barclays Bank Brings in Receiver
---------------------------------------------------
Barclays Bank Plc appointed D. J. Whitehouse and S. Wilson
(Office Holder Nos 008699, 008963) joint administrative
receivers for Antur Dwyryd-Llyn Limited (Reg No 02184893, Trade
Classification: 41).  The application was filed October 6, 2004.

CONTACT:  KROLL LIMITED
          1 Oxford Court, Bishopsgate,
          Manchester M2 3WR


AUSTRO TOURS: Members Opt to Dissolve Company
---------------------------------------------
Name of Companies:
Austro Tours Limited
Travelscene Limited
Travelscene Services Limited

At an extraordinary general meeting of the members of these
companies on September 27, 2004 held at Hendon Hall, Ashley
Lane, Hendon, London NW4 1HF, the extraordinary and ordinary
resolutions to wind up the company were passed.  H J Sorsky has
been appointed liquidator for the purpose of such winding-up.


BICC SPANISH: Names Deloitte & Touche Liquidator
------------------------------------------------
At a general meeting of the members of BICC Spanish Investments
Limited, the special and ordinary resolutions to wind up the
company were passed.  J. R. D. Smith and N. J. Dargan of 66 Shoe
Lane, London EC4A 3WA have been appointed joint liquidators of
the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place,
          66 Shoe Lane,
          London EC4A 3WA
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


BURRIDGE & MATHISON: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At an extraordinary general meeting of the Burridge & Mathison
Limited on October 1, 2004 held at Albert Chambers, 221-223
Chingford Mount Road, London E4 8LP, the subjoined extraordinary
resolution to wind up the company was passed.  Richard Andrew
Segal of A. Segal & Co, Albert Chambers, 221-223 Chingford Mount
Road, London E4 8LP has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  A. SEGAL & CO.
          Albert Chambers,
          221-223 Chingford Mount Road,
          London E4 8LP


CONTINENTAL CLAIMS: Top Honcho Receives 14-year Ban
---------------------------------------------------
A director of an accident claims management and mobile telephone
import business that failed with total debts estimated at around
GBP563,000 has given an Undertaking not to hold directorships or
take any part in company management for 14 years.

The Undertaking by Mohsin Salya, 25, of Cooper Hill Drive,
Walton Le Dale, near Preston in Lancashire, was given in respect
of his conduct as a director of Continental Claims Consultants
Limited, which carried out business from premises at 237-239
Skeffington Road in Preston.

Acceptance of the Undertaking on September 24, 2004 prevents
Mohsin Salya from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  Continental Claims Consultants Limited was placed
into voluntary liquidation on March 22, 2002 with estimated
debts of GBP563,000 owed to creditors.

Matters of unfit conduct, not disputed by Mohsin Salya, were
that:

(a) He caused or allowed the company to trade to the detriment
    of the crown; and

(b) He caused or allowed the company to fail to maintain and/or
    preserve and/or deliver up adequate accounting records.

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

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

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

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


CONTROLS & AUTOMATION: Names Ernst & Young Liquidator
-----------------------------------------------------
At a meeting of the members of Controls & Automation Limited on
September 27, 2004, the resolution to wind up the company was
passed.  Simon Allport and Garry Wilson of Ernst & Young LLP,
100 Barbirolli Square, Manchester M2 3EY have been appointed
joint liquidators for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG
          100 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3EY
          Phone: +44 [0]161 333 3000
          Fax: +44 [0]161 333 3001
          Web site: http://www.ey.com


COVENTRY UMBRELLA: General Meeting Set Next Month
-------------------------------------------------
The general meeting of the Coventry Umbrella Housing will be on
November 4, 2004 commencing at 3:00 p.m.  It will be held at
Insol House, 39 Station Road, Lutterworth, Leicestershire LE17
4AP.

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 Insol House, 39 Station Road, Lutterworth, Leicestershire
LE17 4AP not later than 12:00 noon, November 3, 2004.


C T S MANAGEMENT: Hires Joint Liquidators from Kroll Limited
------------------------------------------------------------
At an extraordinary general meeting of the C T S Management
Services Limited on September 30, 2004 held at Kroll, 5th Floor
Airedale House, 77 Albion Street, Leeds LS1 5AP, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Michael J. Moore and Neil A. Brackenbury of Kroll,
5th Floor Airedale House, 77 Albion Street, Leeds LS1 5AP have
been appointed joint liquidators of the company for the purpose
of the voluntary winding-up.

CONTACT:  KROLL LIMITED
          5th Floor Airedale House,
          77 Albion Street,
          Leeds LS1 5AP


DARTFORD RIVER: Appoints Deloitte & Touche Liquidator
-----------------------------------------------------
At an extraordinary general meeting of the Dartford River
Crossing Limited on September 30, 2004 held at South Orbital
Way, Dartford, Kent DA1 5PR, the special and ordinary
resolutions to wind up the company were passed.  Aileen Jane
Crooks and Robert Alexander Henry Maxwell of Deloitte & Touche
LLP, Leda House, Station Road, Cambridge CB1 2RN have been
appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Leda House, Station Road,
          Cambridge CB1 2RN
          Phone: +44 (0) 1223 460222
          Fax: +44 (0) 1223 350839
          Web site: http://www.deloitte.com


DISTRIBUTION MANAGEMENT: Hires KPMG as Administrator
----------------------------------------------------
Paul Andrew Flint and Brian Green (IP Nos 9075, 8709) have been
appointed administrators for Distribution Management (UK) Ltd.
The appointment was made October 1, 2004.  The company is
engaged in freight transport.

CONTACT:  KPMG
          Corporate Recovery,
          St James Square,
          Manchester M2 6DS
          Phone: (0161) 838 4000
          Fax:   (0161) 838 4040
          Web site: http://www.kpmg.co.uk


DODMANREAD LIMITED: Members Agree to Liquidate Business
-------------------------------------------------------
At an extraordinary general meeting of the members of the
Dodmanread Limited on October 4, 2004 held at 52 Mount Pleasant,
Liverpool L3 5UN, the special and ordinary resolutions to wind
up the company were passed.  Jonathan D. Newell of PKF has been
appointed liquidator of the company for the purpose of the
voluntary winding-up.

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


EGCH LIMITED: Calls in Liquidator from Hazlewoods
-------------------------------------------------
At an extraordinary general meeting of the members of the EGCH
Limited on October 1, 2004 held at Compass House, Lypiatt Road,
Cheltenham GL50 2QJ, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Philip John
Gorman of Hazlewoods, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT has been appointed liquidator of the company.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood,
          Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


ESTRAIL LIMITED: Members Final Meeting Set Next Month
-----------------------------------------------------
The final meeting of the members of Estrail Limited (formerly L
Forrester (Transport) Limited) will be on November 12, 2004
commencing at 10:30 a.m.  It will be held at the offices of CBA,
Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS.

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

CONTACT:  CBA
          Lichfield Place,
          435 Lichfield Road, Aston,
          Birmingham B6 7SS


GQL LIMITED: Hires Administrators from CBA
------------------------------------------
Neil Charles Money and Mark Grahame Tailby (IP Nos 8900, 9115)
have been appointed administrators for GQL Limited.  The
appointment was made September 30, 2004.

The company is manages restaurants and bar.  Its registered
office is located at 39 Castle Street, Leicester LE1 5WN.

CONTACT:  CBA
          39 Castle Street,
          Leicester LE1 5WN


HAMSUDD 2004: Ernst & Young Liquidators Take over Helm
------------------------------------------------------
At a meeting of the members of Hamsudd 2004 Limited on September
27, 2004, the resolution to wind up the company was passed.
Simon Allport and Garry Wilson of Ernst & Young LLP, 100
Barbirolli Square, Manchester M2 3EY have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG
          100 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3EY
          Phone: +44 [0]161 333 3000
          Fax: +44 [0]161 333 3001
          Web site: http://www.ey.com


INSTRUMENTS HOLDINGS: Names Ernst & Young Liquidator
----------------------------------------------------
At a meeting of the members of Instruments Holdings Limited on
September 27, 2004, the resolution to wind up the company was
passed.  Simon Allport and Garry Wilson of Ernst & Young LLP,
100 Barbirolli Square, Manchester M2 3EY have been appointed
joint liquidators for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG
          100 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3EY
          Phone: +44 [0]161 333 3000
          Fax: +44 [0]161 333 3001
          Web site: http://www.ey.com


JMK WREXHAM: Director Banned from Holding Executive Post
--------------------------------------------------------
A director of a textile manufacturing business that failed with
total debts of around GBP381,000 has agreed not to hold
directorships or take any part in company management for six
years.

The Undertaking by Mark White, of Swansea Road, Waunarlwydd,
Swansea, was given in respect of his conduct as a director of
JMK (Wrexham) Limited, which carried out business from premises
at Unit 1 & 3, Llay Industrial Estate, Miners Road, Wrexham.

Acceptance of the Undertaking on September 23, 2004 prevents
Mark White from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.

JMK (Wrexham) Limited was placed into voluntary liquidation on
September 2, 2002 with estimated debts of GBP381,870 owed to
creditors.

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

Matters of unfit conduct, not disputed by Mark White, were that:

(a) He carried on trading with the knowledge of insolvency this
    was at the risk and ultimate detriment to JMK's creditors;

(b) He had failed to make any payments to the Inland Revenue in
    respect of PAYE and NIC deductions made from employees pay,
    which were due to be paid over a monthly basis; and

(c) He failed to ensure that JMK maintained, preserved and
    delivered adequate records.

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

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

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


J SAINSBURY: Broker Cuts Earnings Forecast Anew
-----------------------------------------------
Merrill Lynch & Co. cut further its full-year profit estimate
for supermarket group J Sainsbury plc this week, The Telegraph
reports.

The broker, who raised suspicions of possible selective
disclosure from the City watchdog after reducing its forecast
last week, took another GBP54 million from its projection.
Andrew Fowler said pre-tax profits of the chain will now likely
come at GBP263 million for the year ending March 2005.

The downgrade, which is the third in eight days, follows the
firm's third profit warning since March.  On Monday, Sainsbury
warned underlying pre-tax profits would be down to between
GBP125 million to GBP135 million for the first half, well below
analysts' expectations.

Mr. Fowler, who is expecting a fourth profit warning, now
expects a bigger dividend cut, putting the full-year payout at
5p a share instead of 7p in his previous two notes.  Sainsbury
paid 15.7p a share last financial year.

Chief Executive Justin King is expected to reveal on Tuesday a
strategy to turn the business around.  The family that owns 35%
of the company is understood to have given him until May 2005 to
steady the business.  They are considering either selling or
taking the supermarket chain private if the deadline lapses
without positive results.

CONTACT:  J Sainsbury plc
          33 Holborn
          London EC1N 2HT
          Switchboard: 020 7695 6000
          Fax: 020 7695 7610
          Web site: http://www.j-sainsbury.co.uk


LANGHAM WORKS: Appoints Piper Thompson Administrator
----------------------------------------------------
Tony James Thompson (IP No 5280) have been appointed
administrator for Langham Works Limited.  The appointment was
made September 30, 2004.

The company offers direct mail advertising services.  Its
registered office is located at 3 The Deans, Bridge Road,
Bagshot, Surrey GU19 5AT.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


LUCAS SRE: Hires Joint Administrators from Grant Thornton
---------------------------------------------------------
Paul Melville and Duncan Swift (IP Nos 9313, 8093) have been
appointed joint administrators for Lucas Sre Limited.  The
appointment was made October 4, 2004.  The company distributes
automotive components.

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


PAPERMARC MERTON: Sets Creditors Meeting Next Week
--------------------------------------------------
The creditors of Papermarc Merton Packaging Ltd. will meet on
October 19, 2004 commencing at 11:00 a.m.  It will be held at
The Hilton Hotel, Ringway Road, Manchester and at The Hilton
Hotel, Kingsway, Cardiff.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD not later than 12:00 noon,
October 18, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street,
          Manchester M2 1BD
          Phone: 0161 817 3700
          Fax:   0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


QUOTA GROUP: Calls in Liquidator
--------------------------------
At a meeting of the members of Quota Group Limited on September
27, 2004, the resolution to wind up the company was passed.
Simon Allport and Garry Wilson of Ernst & Young LLP, 100
Barbirolli Square, Manchester M2 3EY have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG
          100 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3EY
          Phone: +44 [0]161 333 3000
          Fax: +44 [0]161 333 3001
          Web site: http://www.ey.com


RICKMAN TOOZE: Creditors Meeting Set Tomorrow
---------------------------------------------
The creditors of Rickman Tooze Independent Financial Advisors
Limited will meet tomorrow commencing at 11:00 a.m.   It will be
held at Jurys Bristol Hotel, Prince Street, Bristol BS1 4QF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 1 Georges Square, Bristol BS1 6BP
not later than 12:00 noon, today.

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


ROYAL & SUNALLIANCE: Outlook of Operating Units Now Stable
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
main operating entities of Royal & Sun Alliance Insurance Group
PLC (R&SA) to stable from negative.  At the same time, Standard
& Poor's affirmed all ratings on these entities.

"The outlook revision reflects Standard & Poor's confidence that
R&SA's management will continue to execute its strategy
successfully," said Standard & Poor's credit analyst Simon
Marshall."  The stable outlook also factors in R&SA's stronger
capitalization and improved underlying earnings."

The ratings on R&SA reflect the group's strong competitive
position, strong capitalization, and strong operating
performance.  These positive factors are partially offset by the
group's financial flexibility (defined as the ability to source
capital relative to capital requirements), which is considered
only good.

A track record of effective execution of strategy, since the
arrival of a new CEO in March 2003, has emerged.  With the sole
exception of R&SA's U.S. operations, the group has completed its
ambitious capital-release program, and is on track to deliver
expense savings amounting to a 3% improvement on the combined
ratio.

A key expectation of Standard & Poor's is that the combined
impact of any loss-reserve deficiencies in 2004 and 2005 will,
if they arise, not materially weaken capital by exceeding GBP400
million (US$718 million).

Earnings are expected to improve substantially over the same
period, with the accident-year combined ratio at or below 100%
and ROE -- before any reserve strengthening, reorganization
costs, and investment fluctuations including unrealized
gains/losses -- near 10% in 2004 and 14% in 2005.

Successful execution of strategy will be demonstrated by the
reduction in the expense base by 3%, the full benefits of which
will be seen in 2006.  No capital is expected to be released
from the U.S. operations until at least late 2006.

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
          InsuranceInteractive_Europe@standardandpoors.com

          ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London W1J 6EW,
          United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


SCIPHER PLC: In Administrative Receivership
-------------------------------------------
Bank of Scotland called in Andrew John Tate (Office Holder No
8960) and Karl Christopher Holmes (Office Holder No 1423) joint
administrative receivers for Scipher Plc (Reg No 3248274, Trade
Classification: 38).  The application was filed September 27,
2004.  The company is engaged in technological development and
licensing.

CONTACT:  BAKER TILLY
          9-12 Gleneagles Court
          Brighton Road, Crawley,
          West Sussex
          Phone: 01293 565165
          Fax:   01293 532695
          Web site: http://www.bakertilly.co.uk

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


SPECIALIST MOULDED: Appoints Ernst & Young Liquidator
-----------------------------------------------------
At a meeting of the members of Specialist Moulded Products
Holdings Limited on September 27, 2004, the resolution to wind
up the company was passed.  Simon Allport and Garry Wilson of
Ernst & Young LLP, 100 Barbirolli Square, Manchester M2 3EY have
been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  ERNST & YOUNG
          100 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3EY
          Phone: +44 [0]161 333 3000
          Fax: +44 [0]161 333 3001
          Web site: http://www.ey.com


VITAL NETWORK: Hires Ian Holland & Co as Administrator
------------------------------------------------------
I. D. Holland (IP No 002346) has been appointed administrator
for Vital Network Services Limited.  The appointment was made
October 4, 2004.

The company offers computer network services.  Its registered
office is located at The Clock House, 87 Paines Lane, Pinner,
Middlesex HA5 3BZ.

CONTACT:  IAN HOLLAND & CO.
          The Clock House,
          87 Paines Lane, Pinner,
          Middlesex HA5 3BZ


                            *********


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
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Information contained herein is obtained from sources believed
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