TCREUR_Public/041015.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 15, 2004, Vol. 5, No. 205

                            Headlines


F R A N C E

ALCATEL: Automatic Train Operation in Tube Lines Successful
CARREFOUR: Price Investments to Retard Earnings Growth


G E R M A N Y

BAAR + KLAS: Bochum Court Appoints Administrator
"DER GRAUE": Creditors Meeting Set Next Month
HEGRA GMBH: Creditors Have Until Next Week to File Claims
HOGA UMWELTTECHNIK: Falls into Bankruptcy
JENOPTIK AG: On Watch Negative After Merger News

KREMEIKE INDUSTRIE: Under Bankruptcy Proceedings
KTD BAU: Creditors Claims Due November
MATTHEUER BAU: Engineering Firm Under Bankruptcy Proceedings
SANFLEX SERVICE: Creditors Claims Due Next Week
ULLERSDORFER MUHLE: Creditors Meeting Set Next Month

VERSICHERUNGS-MANAGEMENT: Creditors Claims Due in Weeks


H U N G A R Y

BORSODCHEM RT: Abandons Interest in Tiszai Vegyi
BORSODCHEM RT: VCP Industrie Reduces Stake to 28.67%


I T A L Y

IT HOLDING: Proposed EUR185 Million Notes Rated 'B+'
PARMALAT FINANZIARIA: Auditors Okay Nextra Settlement
PARMALAT U.S.A.: November Appeal Deadline Extended


K A Z A K H S T A N

KAZKOMMERTSBANK: Individual Rating Affirmed at 'C/D'


L U X E M B O U R G

STOLT-NIELSEN: Results Improve in Third Quarter


N E T H E R L A N D S

KONINKLIJKE AHOLD: U.S. Securities Watchdog Ends Investigation


P O L A N D

DAEWOO-FSO: Rescue Possible with Avto ZAZ's Debt Buyout


R U S S I A

ILISHEVSKOYE SELKHOZ-ENERGO: Declared Insolvent
KILMEZSKIY WOOD-PROM-KHOZ: Kirov Court Names Insolvency Manager
NIZHNEGOROD-AGRO-PROM-TEKH-SNAB: Names Insolvency Manager
NORTH OIL-GAS-EXPLORING: Declared Insolvent
OAO GAZPROM: Issues RUB5 Billion Bonds

PROMYSHLENNOVSKAYA: Kemerovo Court Appoints Insolvency Manager
RADIO-INSTRUMENT FACTORY: Under Bankruptcy External Procedure
SEMENOVSKIY DAIRY: Sets Deadline for Proofs of Claim
SHAKHUNYA-SELKHOZ-KHIMIYA: Sets Deadline for Proofs of Claim
TATYSHLINSKOYE SEL-ENERGO: Under Bankruptcy Supervision

TOMNA: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Main Asset to be Sold at Discounted Value
YUKOS OIL: Authorities File Case Against Top Official


S W I T Z E R L A N D

CONVERIUM HOLDING: Zwerling Schachter Files Class Action


U K R A I N E

AVENTA: Court Appoints Liquidator
BANKOMZVYAZOK: Under Bankruptcy Supervision
DNIPROSPETCBUD: Public Asset Auction Set Next Week
MIR: Temporary Insolvency Manager Takes over
SEMENIVSKE: Declared Insolvent

SHLYAHMASH: Auction of Assets Set Next Week
S.K. TRANS: Kyiv Court Appoints Insolvency Manager
VIKTORIYA: I. Gusar Named Insolvency Manager


U N I T E D   K I N G D O M

ABBEY NATIONAL: City Watchdog Gives Approval for Santander Bid
ALIZE TOURS: Sets Creditors Meeting Next Week
BELL FRAMPTON: National Westminster Bank Appoints Receiver
BRITISH ENERGY: Meets Preliminary Restructuring Conditions
BROWNE BROS: Names Joint Liquidators from Begbies Traynor

CLOVER HOUSE: Appoints Smith & Williamson Liquidator
CRITERION STRATFORD: Sets Creditors Meeting Next Week
CROMWELLS MADHOUSE: Hires Deloitte & Touche as Administrator
DOVE TOURS: Calls in Liquidator
DRAGON MANAGEMENT: Names K. Kallis Liquidator

DRYLINING DEPOT: HSBC Bank Appoints Kroll Limited Receiver
ELECTRIC TRACE: Creditors Meeting Set Next Month
FISCAL TECHNOLOGY: Extraordinary Winding up Resolution Passed
FRESH JUICE: Names Elwell Watchorn & Saxton Administrator
G.R.G. LIMITED: Names Begbies Traynor Liquidator

HARVEY WHITE: Calls in Liquidator
HAZERENT LIMITED: Names Valentine & Co. Liquidator
HORWICH CASTINGS: In Administrative Receivership
JANCHEM LIMITED: Insolvency Service Disqualifies Directors
JARVIS PLC: Disposes of PFI Bidding Operation

JEMCA HOLDINGS: Final Meeting Set End of October
MOTOPART & MOTOTUNE: Top Honcho Receives Four-year Ban
MERLIN DISTRIBUTION: Creditors Meeting Set by Month-end
MICRO CHEMICAL: Creditors Meeting Set Next Week
MIMAR INSURANCE: Calls in Liquidator from Moore Stephens

MYTRAVEL GROUP: Converting GBP800 Mln Debt Under Restructuring
NETWORK RAIL: Deputy Chairman to Leave
ORTHOPAEDIC MANUFACTURING: Names UHY Hacker Young Administrator
RETURN TO STONE: Director Receives Five-year Ban
ROUTLEY & CO: Special Winding up Resolution Passed

R & S WARNER: Hires Joint Administrators from PKF
SHIMFOLL LIMITED: Bibby Factors Names Begbies Traynor Receiver
STYLES RAPID: Members Final Meeting Set Next Month

     **********

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


ALCATEL: Automatic Train Operation in Tube Lines Successful
-----------------------------------------------------------
Alcatel completed first stage testing and a successful
demonstration of its transmission-based automatic train control
system it is supplying to Tube Lines, the company responsible
for upgrading and maintaining track, trains, signaling and
stations on London Underground's Jubilee Line and Northern Line.
Equipped trains performed for a select guest list of local
politicians and stakeholders by shuttling at varying speeds up
to 50km/h on a dedicated test track at Highgate, North London.

Tube Lines has a 30 year private-public partnership (PPP) with
London Underground and as part of this arrangement is managing a
GBP1 billion investment program to upgrade the Jubilee, Northern
and Piccadilly lines -- one of the largest upgrades of an
existing metro system anywhere in the world.  Each of the lines
will have a new signaling system and Alcatel's SelTrac(R),
proven in use around the world for two decades, has been chosen
for the Jubilee and Northern Lines.

The Alcatel contract, which was announced in October 2003, is
valued at EUR450 million and lasts for seven and a half years.
Alcatel's signaling system will be implemented completely by
2009 on the Jubilee Line and by 2011 on the Northern Line when
the new systems are to go into full revenue service.  New
equipment on both lines, comprising 63 trains, 27 stations on 37
km. of Jubilee Line and 106 trains, 50 stations on 58 km. of
Northern Line, will be installed and commissioned in sections
before the old signaling system is disabled, minimizing
disruption in passenger service.

Commenting on the successful test, Tube Lines Chief Executive,
Terry Morgan said: "Effective, modern signaling systems make a
huge difference to passengers' journeys by improving services
and reliability, which is why it's our priority to install the
best signals on our lines.  When the new system is installed,
more trains will be able to run each hour and passengers will
reach their destinations more quickly.  We chose Alcatel's
system because it is tried and tested on light railways around
the world, although none present such a challenging environment
as the London Underground.  By reaching this milestone in our
rigorous testing, we're a step closer to introducing a robust,
reliable signaling system on the Northern and Jubilee Lines."

Mark Halinaty, General Manager of Alcatel's transport automation
activities in the U.K., added, "[We] have seen implemented,
albeit in a test scenario, prototype automatic train operation
and protection.  This completes our initial system design phase
of the project.  We're on schedule and now we can move ahead
with physical design followed by section-by-section
installation, testing and commissioning of our train control
system.  SelTrac technology gives our customer, Tube Lines, the
ability to improve customer throughput safely and reliably using
an existing infrastructure."

Alcatel's advanced SelTrac S40, recognized as the leading
signaling and train control system, provides safe, reliable
short headway between trains for improved throughput and
passenger service.  The technology is upgradeable and provides
for greater operating and maintenance efficiency.  As a
reference, SelTrac has been chosen by more than 20 metro
operators worldwide, such as Docklands Light Railway (London);
RATP (Paris); KCRC and MTRC (Hong Kong), Guangzhou and Wuhan
(China), Vancouver and Toronto (Canada) and KNR (Seoul, Korea).

About Tube Lines

Tube Lines is responsible for the maintenance and upgrade of the
infrastructure on the Jubilee, Northern and Piccadilly Lines.
London Underground is responsible for operating the Underground,
for employing drivers and station staff, for ticketing and
fares, and for the Tube's safety regime.  The Tube Lines
consortium consists of Amey, Bechtel and Jarvis, and brings
together some of the most experienced providers of business
services with specialist skills in the rail industry, including
track and signal renewals, plus project and operational
management.  They are providing some of the best project and
operational managers from around the world to work on the
modernization of the Tube system.

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.

About Alcatel Transport Automation Solutions

To meet the challenge of increased mobility, Alcatel offers a
host of advanced urban rail transit solutions to move people
safely through the network in a comfortable, reliable and cost-
effective way.  Drawing on broad international experience in all
aspects of transport automation, Alcatel is a leading worldwide
supplier of train control, signaling, train routing, control
center and integrated rail communications technologies.  For
urban line operators, Alcatel's offering includes proven
SelTrac(R) communications-based train control, NetTrac MT
network management, and LockTrac electronic interlocking system
solutions.

                            *   *   *

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

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

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


CARREFOUR: Price Investments to Retard Earnings Growth
------------------------------------------------------
Retailer Carrefour warned full-year profits will likely miss
guidance despite a 2.9% rise in third-quarter sales, according
to just-food.com.

The firm reported sales of EUR20.3 billion in the third quarter.
Excluding currency effects, sales rose 4.2%, with like-for-like
sales up 0.6%.  Looking forward, it warned of industry-wide
deflation in food as well as non-food sectors.  Food markets in
most European countries are deteriorating since its report at
the beginning of Sept.

Carrefour has invested EUR229 million in its French hypermarket
as part of a worldwide thrust to strengthen pricing position.
It has more than 10,400 stores in 29 countries.  France accounts
for half the group's sales and two-thirds of profits.

The Company plans to accelerate investments in price for the
rest of the year.  The expenses could hamper its target earnings
growth, the company said.  "[T]he deflationary consequences of
these extra price investments, at the same time as a worsening
macro economic environment, mean that we will fall short of our
target of around 5% sales growth ex currency and thus fall short
of our target of double digit growth in earnings per share,"
Carrefour said.

Carrefour ranks second to Wal-Mart Stores worldwide.  Lately,
however, the chain is losing local customers to discount chains
such as Germany's Aldi and Lidl.  Abroad, the company is facing
tough competition with the U.S. rival.  It recently signaled to
pull out of some countries where it has struggled to concentrate
on key markets in Asia and Latin America.

Rumors now run that CEO Daniel Bernard could be replaced, and
that Wal-Mart might bid for the company in the long term.  Mr.
Bernard is under pressure after the family shareholders who
control 30% of the voting rights named former Marks & Spencer
CEO Luc Vandevelde to Carrefour's board.  Observers say Mr.
Vandevelde could be a CEO-in-waiting.

Mr. Bernard sought to gain back confidence last month by
announcing plans to buy back up to 5% of shares over the next
two years and boost dividends.  He also promised to sell off
US$1.2 billion in poorly performing assets.  The company's share
has lost half its value since 1999.


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


BAAR + KLAS: Bochum Court Appoints Administrator
------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against hardware Baar + Klas Gesellschaft on Sept. 24.
Consequently, all pending proceedings against the Company have
been automatically stayed.  Creditors have until Nov. 9, 2004 to
register their claims with court-appointed provisional
administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 9:00 a.m. at the district court of
Bochum Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29v 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:  BAAR + KLAS GESELLSCHAFT
          Hansastr. 88, 44866 Bochum
          Contact:
          Reinhard Baar, Manager
          Birkenpfad 3, 44869 Bochum
          Gerhard Klas, Manager
          Honnebecke 34, 44869 Bochum

          Frank Imberger, Insolvency Manager
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


"DER GRAUE": Creditors Meeting Set Next Month
---------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against "Der Graue" Handelsgesellschaft fur Damen-
und Herrenbekleidung mbH on Sept. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 3, 2004 to register their claims with
court-appointed provisional administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 4, 2004, 10:10 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 Feb. 3, 2005, 10:25 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  "DER GRAUE" HANDELSGESELLSCHAFT FUR DAMEN- UND
          HERRENBEKLEIDUNG MBH
          Geisbergstr. 28, 10777 Berlin

          Dr. Dirk Wittkowski, Insolvency Manager
          Kirchblick 11, 14129 Berlin
          Charlottenburg


HEGRA GMBH: Creditors Have Until Next Week to File Claims
---------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against HEGRA GmbH Digitale Medien on Sept. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Oct. 25, 2004 to
register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2004, 9:00 a.m. at AG Stuttgart,
Hauffstr. 5, EG, Zimmer 13 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:  HEGRA GMBH DIGITALE MEDIEN
          Voithstr. 16, 70736 Fellbach
          Phone: 0711 / 519069
          E-mail: info@hegra-gmbh.de
          Web site: http://www.hegra-gmbh.de

          Contact:
          Reinhard Graf, Manager

          Wolfgang Hauser, Insolvency Manager
          Mohringer Landstr. 5, 70563 Stuttgart
          Phone: 0711/9013420
          Fax: 0711/9013449


HOGA UMWELTTECHNIK: Falls into Bankruptcy
-----------------------------------------
The district court of Frankfurt began bankruptcy proceedings
against HOGA Umwelttechnik GmbH on Sept. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 16, 2004 to register their
claims with court-appointed provisional administrator Dr. Hans
P. Runkel.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 11:30 a.m. at the district court of
Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 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.

Hoga is involved in environmental technology solutions and
development.

CONTACT:  HOGA UMWELTTECHNIK GMBH
          Friedrichstrasse 81, 42929 Wermelskirchen
          Phone: 0 21 96/ 9 19 25
          Fax: 0 21 96/ 18 33

          Contact:
          Clemens Holzki, Manager
          Friedrichstrasse 81, 42929
          Wermelskirchen und Klaus-Reinhard Gassen
          Hans-Gravener-Strasse 40, 40764 Langenfeld

          Hans P. Runkel, Insolvency Manager
          Friedrich-Ebert-Str. 146, 42117 Wuppertal
          Phone: 0202/302071
          Fax: +49202314708


JENOPTIK AG: On Watch Negative After Merger News
------------------------------------------------
Fitch Ratings placed Jenoptik AG's Senior Unsecured 'B+' and
Short-term 'B' ratings on Rating Watch Negative.  This follows a
statement from German software and IT services provider
Caatoosee AG that it plans to merge with Jenoptik's subsidiary,
M&W Zander.  Fitch intends to resolve the Negative Watch status
within the next few weeks, following a meeting with Jenoptik's
management.

In the statement to the stock exchange, Caatoosee also noted a
loss exceeding 50% of the paid-in-capital (gezeichnetes
Kapital).  Jenoptik controls over 70% of M&W Zander, with the
remainder being held by the Zander family.  It is envisaged that
Jenoptik will contribute its shares in its IT subsidiary
Teraport GmbH for M&W Zander's participation in the merger with
Caatoosee.  Following such transfer, M&W Zander will hold
approximately 70% in Caatoosee.  Jenoptik confirmed in a press
release that it is reviewing the merger and advised Fitch that
it is carrying out due diligence on the deal.

Fitch has already in its report (dated 2 July 2004) challenged
Jenoptik's earnings quality.  It pointed out that under what has
been reported as "other operating income," a large part of it
was considered as non-recurring and had to be reclassified.
Caatoosee in July this year had to request a deadline extension
for its annual report 2003/2004 disclosure, as negotiations on
its financing arrangements were in progress and hence auditors
were unable to form an opinion.

[The] statement by Caatoosee also outlined a sharp drop in
FY03/04 sales to EUR25.8 million from EUR40.2 million a year
ago.  EBITDA before re-structuring expenses was at negative
EUR3.9 million.  Including depreciation/impairments of goodwill
the operating result was a loss of EUR23.9 million versus
EUR22.8 million loss in the previous year.  Fitch believes that
the possible merger, should it come to pass, will further dilute
the earnings of Jenoptik and add another problematic business
unless the merged entity undergoes a major restructuring
exercise.  If Caatoosee continues its poor financial
performance, Jenoptik's equity base is likely to see further
erosion in 2005, when the merged entity is full consolidated
under the new accounting standard IFRS (see Fitch's analysis
dated 2nd July 2004).  Caatoosee has had significant liquidity
issues in the past, which may pose a further drain on Jenoptik's
cashflow.

Given that there is some overlap between the company boards at
Jenoptik and Caatoosee, Fitch will be evaluating the group's
corporate governance practices and the level of protection that
they offer to the interests of Jenoptik's investors.

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankurt
          Phone: +49 69 7680 76170

          Raymond Hill, London
          Phone: +44-207 417 4314

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


KREMEIKE INDUSTRIE: Begins Bankruptcy Proceedings
-------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Kremeike Industrie Montage Dienstleistungs GmbH on Sept.
21.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Nov. 1,
2004 to register their claims with court-appointed provisional
administrator Rudiger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 10:00 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  KREMEIKE INDUSTRIE MONTAGE DIENSTLEISTUNGS GMBH
          Breiter Weg 228, 39104 Magdeburg (HRB 12336)
          Contact:
          Helmut Kremeike, Managing Director
          Steinweg 10, 38539 Mden/Aller

          Dr. Winzer und Kollegen
          38503 Gifhorn

          Rudiger Bauch, Insolvency Manager
          Hegelstr. 39, 39104 Magdeburg
          Phone: 0391/5354-0
          Fax: 0391/5354-100


KTD BAU: Creditors Claims Due November
--------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against KTD Bau-GmbH on Sept. 22.  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 Gorge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 8:30 a.m. at the district court of
Leipzig Saal 101 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:  KTD BAU-GMBH
          (AG Leipzig, HRB) 16314)
          Torgauer Str. 231-233, 04347 Leipzig
          Contact:
          Thomas Tokarski, Manager
          Funkenburgstr. 7a, 04105 Leipzig

          Gorge Scheid, Insolvency Manager
          Jacobstrasse 25, 04105 Leipzig


MATTHEUER BAU: Engineering Firm Under Bankruptcy Proceedings
------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against engineering company Mattheuer Bau- und Planungsges. MbH
on Sept. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 30, 2004 to register their claims with court-appointed
provisional administrator Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2004, 9:10 a.m. at the district court of
Dortmund Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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 Jan.
13, 2005, 9:00 a.m. at the same venue.

CONTACT:  MATTHEUER BAU- UND PLANUNGSGES. MBH
          Westholz 32, 44328 Dortmund
          Contact:
          Thomas Mattheuer, Manager

          Stephan Heinrichsmeyer, Insolvency Manager
          Spiekergasse 6-8, 33330 Gutersloh
          Phone: 05241/92 02-0
          Fax: 92 02 22


SANFLEX SERVICE: Creditors Claims Due Next Week
-----------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Sanflex Service GmbH on Sept. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Oct. 26, 2004 to register their
claims with court-appointed provisional administrator Dipl.-oec.
Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 23, 2004, 8:10 a.m. at Saal 2145, I. Stock,
Amtsgericht Hannover -- Altbau --, Volgersweg 1, 30175 Hannover
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  SANFLEX SERVICE GMBH
          Zollners Garten 10, 30900 Wedemark
          (AG Burgwedel, HRB 3435)
          Contact:
          Matthias Lohmann, Manager

          Dipl.-oec. Knut Thomas Hofheinz, Administrator
          Am Markte 13, 30159 Hannover
          Phone: 0511/357721-0
          Fax: 0511/357721-40


ULLERSDORFER MUHLE: Creditors Meeting Set Next Month
----------------------------------------------------
Creditors and other interested parties in Ullersdorfer Muhle,
Hotel- und Gaststatten GmbH are encouraged to attend a meeting
on Nov. 18, 2004, 11:15 a.m. at the district court of Dresden
Saal D131 Olbrichtplatz 1, 01099 Dresden for the administrator's
first insolvency proceedings report.  Ullersdorfer Muhle has
been under bankruptcy proceedings since Aug. 20.

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:  ULLERSDORFER MUHLE, HOTEL- UND GASTSTATTEN GMBH
          01454 Ullersdorf

          Dr. Jurgen Wallner, Insolvency Manager
          Unterer Kreuzweg 1, 01097 Dresden


VERSICHERUNGS-MANAGEMENT: Creditors Claims Due in Weeks
-------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Versicherungs-Management fur Arbeitgeber
Dienstleistungsgesellschaft mbH on Sept. 21.  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 Rudiger
Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 29, 2004, 11:20 a.m. at the district court
of Leipzig Saal 056 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.


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


BORSODCHEM RT: Abandons Interest in Tiszai Vegyi
------------------------------------------------
BorsodChem Rt. announced that as a result of the completion of
the share sale and purchase agreement dated 3 September 2004 and
concluded with CE Oil & Gas Beteiligung und Verwaltung AG,
BorsodChem Rt. sold on 7 October 2004 3,760,979 ordinary shares
in Tiszai Vegyi Kombinat Reszvenytarsasag to CEOG.  As a result
of the completion of the Agreement, the 15.52% direct influence
of BorsodChem Rt. in TVK ceased to exist as of 7 October 2004.

                            *   *   *

In April, Standard & Poor's Ratings Services assigned its 'BB'
long-term corporate credit rating to BorsodChem Rt, a chemicals
group based in Hungary, reflecting the group's position in
various segments of the Central and Eastern European chemicals
market.  The outlook is stable.

CONTACT:  BORSODCHEM RT
          Gabor Hegyi
          Capital Communications
          Phone:      +36 1 266 0199

          Laszlo F. Kovacs
          Chief Executive Officer

          CE OIL & GAS BETEILIGUNG UND VERWALTUNG AG
          A-1010 Vienna, Annagasse 6., Austria

          TISZAI VEGYI KOMBINAT RESZVENYTARSASAG
          3581 Tiszaujvaros, TVK-Ipartelep, Gyari ut


BORSODCHEM RT: VCP Industrie Reduces Stake to 28.67%
----------------------------------------------------
BorsodChem Rt hereby informs its shareholders and participants
of the capital market that as a result of the successful closing
on 6 October 2004 of the international private placement of the
shares and GDRs issued by the Company, the current 31.79% direct
influence of VCP Industrie Beteiligungen AG in BorsodChem Rt.
decreased to 28.67%.  The current 59.38% direct influence of CE
Oil & Gas Beteiligung und Verwaltung AG ceased to exist.

Based on the underwriting agreement concluded between BorsodChem
Rt., CE Oil & Gas Beteiligung und Verwaltung AG, VCP Industrie
Beteiligungen AG and HSBC Bank plc (8 Canada Square, London E14
5HQ, United Kingdom; registration number: 14259), HSBC Bank plc
has acquired a 5.25% direct influence in BorsodChem Rt.

                            *   *   *

In April, Standard & Poor's Ratings Services assigned its 'BB'
long-term corporate credit rating to BorsodChem Rt, a chemicals
group based in Hungary, reflecting the group's position in
various segments of the Central and Eastern European chemicals
market.  The outlook is stable.

CONTACT:  BORSODCHEM RT
          Gabor Hegyi
          Capital Communications
          Phone:      +36 1 266 0199

          Laszlo F. Kovacs
          Chief Executive Officer


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


IT HOLDING: Proposed EUR185 Million Notes Rated 'B+'
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
secured debt rating to the proposed EUR185 million (US$228
million) notes maturing in 2012 to be issued by IT Holding
Finance S.A., a wholly owned subsidiary of Italian fashion
company IT Holding S.p.A. (ITH).  The notes are guaranteed by
ITH and certain of its subsidiaries (Ittierre S.p.A., Malo
S.p.A., and Ittierre Accessories S.p.A., which, together with
ITH, account for about 89% of total EBITDA and 91% of total
assets), and are callable from 2008.  At the same time, Standard
& Poor's affirmed its 'B+' long-term corporate credit rating on
ITH.  The outlook remains negative.

"The rating on the notes is the same as ITH's corporate credit
rating, reflecting the fact that priority obligations are not
material enough to warrant notching down for structural
subordination," said Standard & Poor's Milan-based credit
analyst Benedetta Rospigliosi.

The corporate credit rating reflects the company's leveraged
financial profile, limited financial flexibility, and exposure
to both license renewal risk and changing consumer preferences
in the mid-price segment of the fashion apparel industry.  These
constraints are only partially mitigated by the wide recognition
of ITH's diverse owned- and licensed-brand portfolio and the
company's flexible manufacturing and supply chain.

At June 30, 2004, ITH's on-balance-sheet net debt (in accordance
with International Financial Reporting Standards) totaled EUR402
million.

The negative outlook reflects ITH's refinancing risk, which is
being addressed by the proposed bond issue, as well as its
substantial leverage.

To sustain the current ratings, Standard & Poor's expects ITH to
complete the refinancing of its 2005 debt maturities and
gradually reduce its leverage.  The company needs to generate at
least EUR20 million of free operating cash flow on a recurring
basis to cover its mandatory bank debt repayments in the coming
years.

"ITH's refocusing on its core and profitable wholesale license
apparel business, as evidenced by the recent disposals of the
perfume and eyewear divisions, should have a positive impact on
operating efficiency and cash flow generation.  However, the
ratings would come under pressure if the refinancing were not
completed or if the company were unable to deliver on its de-
leveraging plan," added Ms. Rospigliosi.

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
          CorporateFinanceEurope@standardandpoors.com


PARMALAT FINANZIARIA: Auditors Okay Nextra Settlement
-----------------------------------------------------
Parmalat Finanziaria's board of auditors has approved a EUR160
million-settlement from asset management firm Nextra for a
controversial bond deal last year, Il Sole 24 Ore says.

The agreement settles all civil claims the food group has
against the management arm of Italian bank Banca Intesa over a
EUR300 million bond transaction in 2003.  Nextra acquired the
bonds and quickly sold them months before the firm collapsed in
December.

Parmalat is reportedly in talks for a settlement with Morgan
Stanley, the intermediary of the 2003 transaction.  Parmalat's
lawyers are also reviewing possible claims against Dutch bank,
ABN Amro and Banca Popolare di Lodi.  The banks bought the bond
after the food group repurchased it from Nextra.

CONTACT:  PARMALAT FINANZIARIA
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


PARMALAT U.S.A.: November Appeal Deadline Extended
--------------------------------------------------
Citibank, N.A., London Branch, and Citibank, N.A., agree to
extend until Nov. 15, 2004, the Official Committee of Unsecured
Creditors' deadline to:

       (i) file an adversary proceeding or contested matter
           challenging the amount, validity, enforceability,
           perfection or priority of Citibank London's rights
           under and in connection with the Parmalat Receivables
           Purchase Agreement dated Nov. 2, 2000; or

      (ii) otherwise assert any claims or causes of action or
           other rights and defenses against Citibank London.

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 and employs over 36,000 workers in 139
plants located in 31 countries on six continents.

The Company filed for chapter 11 protection on Feb. 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.
33; Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. 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 A Z A K H S T A N
===================


KAZKOMMERTSBANK: Individual Rating Affirmed at 'C/D'
----------------------------------------------------
Fitch Ratings assigned Kazkommerts International B.V.'s upcoming
issue of senior notes an expected Long-term 'BB' rating.  The
notes are to be guaranteed by Kazakhstan-based Kazkommertsbank
(KKB).  At the same time, Fitch has affirmed KKB's ratings at
Long-term 'BB', Short-term 'B', Individual 'C/D' and Support
'3'.  The Outlook on the Long-term rating is Stable.

The rating on the notes is in line with KKB's Long-term 'BB'
rating.  The noteholder's claims will rank at least pari passu
with the claims of all other unsecured and unsubordinated
creditors of KKB, except as otherwise provided for by law.  In
addition there is a cross default clause and a negative pledge
clause, although securitisation of loans up to a total of 15% of
KKB's gross loans is permitted.  Were such a deal to be
undertaken, Fitch comments that the nature and the extent of any
over-collateralisation would be assessed by the agency for any
potential impact on unsecured creditors.

Fitch notes that KKB's ratings reflect its track record of good
profitability and risk management, and strong franchise in
Kazakhstan.  However, they also take into account the difficult,
albeit improving, operating environment, the potential credit
risk associated with rapid loan growth, and the relatively high
level of concentration in customer lending and funding.

KKB's profitability is solid.  Although lending margins have
fallen due to competition, particularly in the large corporate
market, they have been helped by increased lending to SMEs and
individuals.  In addition, although fee and commission income
grew, performance for most of 2003 was negatively affected by a
greater percentage of lower-earning, liquid assets on the
balance sheet following the large eurobond issued in H103, and a
higher tax charge.  The cost/income ratio remained satisfactory.
Margins are likely to remain under pressure from competition,
and as a greater proportion of funding is obtained from
relatively more expensive retail deposits.  In addition, future
tax charges are more likely to be at the higher levels seen in
2003 than in previous years.

Rapid loan growth in 2003 and H104 came from existing large
corporate clients and new SME and individual clients.  The
maturity of the loan portfolio is relatively long-term, but
concentration by customer, while considerable by international
standards, is not particularly high for a CIS bank.  KKB's loan
loss reserves (LLR)/gross loans ratio is not strong, in view of
its rapid loan growth, focus on SMEs and the difficult operating
environment.

Customer funding remains short-term, but the issue of the
eurobond extended the maturity profile of its funding book.
Liquidity is reasonable.  Capitalization has traditionally been
adequate at KKB, helped by good internal capital generation.
However, rapid balance sheet growth, coupled with an increased
reliance on retained earnings to grow capital, may see capital
ratios falling in 2004 and 2005.

KKB is the largest Kazakhstani commercial bank by assets and
equity.  It has historically focused on large corporates, but
SME and retail banking now accounts for a significant part of
its balance sheet.  The principal shareholders of KKB together
hold a 52% stake.  Some of these shareholders also have
substantial industrial interests.  The European Bank for
Reconstruction and Development acquired a 15% stake in KKB
through a share issue in H103.

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

          Philip Smith
          Phone: + 44 20 7417 4340

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


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


STOLT-NIELSEN: Results Improve in Third Quarter
-----------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
reported results for the third quarter ended August 31, 2004.
Net income for the latest quarter was US$17.5 million, or
US$0.28 per basic share, on operating revenue of US$407.9
million, compared with a net loss of US$36.2 million, or US$0.66
per basic share, on operating revenue of US$792.4 million for
the third quarter of 2003.  The basic weighted average number of
shares outstanding for the quarter was 61.8 million compared
with 54.9 million for the same period in 2003.  SNSA's reported
results reflect the deconsolidation of Stolt Offshore S.A.
(SOSA) in February 2004.

Net income for the nine-month period ended August 31, 2004 was
US$32.4 million, or US$0.53 per basic share, on operating
revenue of US$1,524.3 million, compared with a net loss of
US$99.6 million, or US$1.81 per basic share, on operating
revenue of US$2,333.4 million for the same period in 2003.  The
decline in operating revenue is because of the deconsolidation
of SOSA.  For the nine-month periods of 2004 and 2003, the basic
weighted average number of shares outstanding was US61.2 million
and US54.9 million, respectively.

Results for the third quarter of 2004 included costs related to
SNSA's financial restructuring of US$1.6 million, as well as
SNTG legal expenses of US$4.6 million, compared to US$1.1
million and US$4.1 million in the third quarter of 2003.
Results for the first nine months of 2004 included costs related
to SNSA's financial restructuring of US$21.5 million and SNTG
legal expenses of US$13.8 million, compared with US$1.1 million
and US$9.6 million in the first nine months of 2003.

Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said:
"SNSA's results for the quarter reflected a continuation of the
strong market for Stolt-Nielsen Transportation Group (SNTG) and
Stolt Offshore's (SOSA) first profitable quarter in over two
years.  This was partially offset by another poor quarter from
Stolt Sea Farm (SSF).

"SNTG reported income from operations of US$45.9 million in the
third quarter of 2004, compared with US$21.8 million in the
third quarter of 2003 and US$40.7 million reported in the second
quarter of this year.

"SNTG's parcel tanker division reported income from operations
of US$31.2 million in the third quarter of 2004, up from US$17.8
million in the third quarter of 2003 and US$30.0 million in the
second quarter of 2004.  On a year-to-date basis, the Stolt
Tankers Joint Service (STJS) Sailed-in Time-Charter Index for
the Joint Service in 2004 increased by 10% from the same period
of 2003.  STJS deep-sea results continue to be strong despite
higher bunker fuel prices.

The European inland river barge fleet was impacted by a slower
clean petroleum market, while the European regional fleet had
higher than normal off-hire days due to an unexpected
drydocking.  Both European fleets were also affected by higher
bunker prices.  Parcel tanker operations continue to see
progressively stronger volumes and higher rates in most major
trade lanes.

"During the quarter, we took delivery of the 25,000 deadweight
ton (dwt) M/T Stolt Vanguard and the 32,000 dwt M/T Stolt
Endurance and M/T Stolt Courage.  These ships are the third,
fourth and fifth ships out of a total of nine new ships which we
have taken on long-term time charter from Japanese owners.  In
the short-term these ships will add much needed capacity and in
the longer-term will replace tonnage that we expect to scrap
over the next several years.  We entered into these agreements
in 2002 before the fall of the U.S. dollar and the increase in
steel prices that caused new building prices to rise
appreciably.  Under the time charter agreements, SNTG has
multiple extension and purchase options.

"At SNTG's tank container division, income from operations was
US$6.2 million in the third quarter of 2004, compared with
US$4.1 million a year ago and US$4.5 million in the second
quarter of this year.  Utilization remains at a high level and
shipments are up 12 percent on a year-to-date basis.  Despite
continued high ocean freight costs, the business saw some margin
improvement.

"SNTG's terminal division reported income from operations of
US$6.9 million in the third quarter of 2004, compared with
US$5.4 million in the third quarter of 2003 and US$6.1 million
in the second quarter of 2004.  All locations reported strong
results. Results for the quarter were enhanced by higher
utilization at our New Orleans terminal; strong seasonal
activity for the alcohol trade at Santos, Brazil; and continued
strong results from our JSTT joint venture in Ulsan, Korea.
Utilization remains high and we have commenced expansion
programs at all locations.

"Regarding governmental antitrust investigations and related
civil suits, there have been no material developments since our
announcement on August 20, 2004, that the European Commission's
Competition Directorate has informed SNTG that the Competition
Directorate has closed its investigation into possible collusive
behavior in the intra-European inland barge industry.

"SSF reported a loss from operations of US$11.6 million in the
third quarter of 2004, compared with a loss from operations of
US$18.7 million in the third quarter of 2003 and income from
operations of US$5.9 million in the second quarter of 2004.  The
increased loss in the third quarter is the result of low salmon
prices globally caused by overproduction and farming related
disease problems in Norway and Canada.  The lower prices
resulted in SSF taking an NRV provision (lower of cost or
market) of US$1.5 million in the third quarter of 2004 related
to its halibut and U.K. salmon operations.  SSF has also made
provisions in the current quarter totaling US$1.1 million for
hatchery closures and reorganization of its Maine farming
assets.

"On September 13, 2004, SNSA and Nutreco Holding N.V. announced
the signing of a Memorandum of Understanding to merge their
worldwide fish farming, processing and marketing-sales
operations into a stand-alone, independently financed new
business entity.  It is the intention that after the merger
Nutreco will hold a 75% stake and SNSA 25% in the world's
largest aquaculture company.  SNSA will retain SSF's turbot and
bluefin tuna operations.

The new company will be named Marine Harvest.  Following the
merger the company will be well capitalized and have a strong
balance sheet enabling Marine Harvest to have its own
independent financing.  Due diligence on the transaction is
progressing according to plan and it is expected that the
definitive agreements will be signed before the end of the year.
The transaction closing, which is subject among other things to
the approval of an Extraordinary General Meeting of Shareholders
of Nutreco Holding N.V., applicable regulatory and competition
authorities' requirements and other transaction agreements, is
expected in the first half of 2005.

"SOSA reported a net profit of US$12.7 million in the third
quarter of 2004 compared with a net loss of US$22.5 million in
the third quarter of 2003.  SNSA recorded its proportionate
share of the profit, amounting to US$5.3 million in the third
quarter, in accordance with the equity method of accounting.
SOSA's results for the current quarter reflect improved
worldwide operating performance, a strong contribution from the
NEC region, and a stabilization of performance on the Sanha and
Bonga projects.  SOSA has also surpassed its US$100 million
target for disposal of non-core assets.  At quarter end SOSA's
backlog stood at US$1,750 million, of which US$331 million is
for execution in 2004.  SOSA also has signed letters of intent
for future contracts with a total value of US$115 million.

"In August we closed on a new five-year $150 million credit
facility, which was fully underwritten and funded by DnB NOR
Bank ASA, Deutsche Bank AG and KfW.  The facility is secured by
a pledge of SNTG's Stolthaven Houston and Stolthaven New Orleans
terminal-storage assets.  The facility was used to prepay an
existing $64 million credit facility on Stolthaven Houston.

"We are very pleased with the further strengthening of SNTG's
parcel tanker market and look for this trend to continue in the
foreseeable future.  With a strong backlog and record oil
prices, we expect to see continued improvements from SOSA going
forward.  The announcement of the signing of the MOU with
Nutreco is a significant step toward the consolidation of the
salmon industry, which we believe is needed to improve our
position in the value chain.  We look forward to working with
Nutreco in creating a true market leader in the industry." Mr.
Stolt-Nielsen concluded.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through the
parcel tanker, tank container, terminal, rail and barge services
of its wholly owned subsidiary Stolt-Nielsen Transportation
Group, provides integrated transportation for its customers.
Stolt Sea Farm, wholly-owned by the Company, produces and
markets high quality Atlantic salmon, salmon trout, turbot,
halibut, sturgeon, caviar, bluefin tuna, and tilapia.  The
Company also owns 41.7% of Stolt Offshore (NASDAQNM: SOSA; Oslo
Stock Exchange: STO), which is a leading offshore contractor to
the oil and gas industry.  Stolt Offshore specializes in
providing technologically sophisticated offshore and subsea
engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: U.S. 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: UK 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


KONINKLIJKE AHOLD: U.S. Securities Watchdog Ends Investigation
--------------------------------------------------------------
The United States Securities and Exchange Commission reached a
final settlement with Koninklijke Ahold.  As reflected in the
S.E.C.'s Complaint and Litigation Release, Ahold cooperated
fully with the S.E.C. in its investigation and has undertaken
significant remedial actions in connection with the issues that
were investigated.  Ahold will continue to cooperate fully with
the S.E.C. and other authorities.  This settlement completely
resolves the S.E.C.'s investigation of Ahold and its various
operating companies, including its U.S. Foodservice subsidiary.

Peter Wakkie, Ahold's Chief Corporate Governance Counsel and
member of the Executive Board, commented in relation to the
S.E.C. announcement: "Ahold has worked very hard over the past
two years to improve its systems and controls and implement
other remedial measures to prevent any recurrence of these
unfortunate events.  Ahold has taken these matters very
seriously and has cooperated fully with the regulatory
authorities.  The conclusion of the S.E.C.'s investigation into
Ahold represents another significant step for Ahold's "Road to
Recovery" and continuing our efforts to regain and maintain the
confidence and trust of our shareholders, customers and
employees."

CONTACT:  KONINKLIJKE AHOLD N.V.
          P.O. Box 3050 1500 HB Zaandam Netherlands
          Corporate Communications
          Phone: +31 (0)75 659 57 20
          Fax: +31 (0)75 659 83 02


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


DAEWOO-FSO: Rescue Possible with Avto ZAZ's Debt Buyout
-------------------------------------------------------
Ukrainian carmaker Avto ZAZ has started buying Daewoo-FSO's
debts from creditor banks, raising hopes the firm could escape
imminent bankruptcy, Interfax-Europe reports.

Millennium Bank said Avto has already bought US$8 million in
debts.  The step could bring it close to buying the whole
company, although the Polish government, which holds 80% voting
rights in Daewoo-FSO, still has to approve the sale.

Daewoo-FSO's other banks, Bank Pekao, BPH PBK, Bank Handlowy,
ING Bank Slaski and Kredyt Bank, are in separate talks to sell
debts.  Daewoo's debt to the banks was PLN591 million as of
2003.  The loans are secured by assets.

Daewoo-FSO's troubles started after Daewoo Motor went bust in
2001, and worsened during the Polish car market slump in 2003.


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


ILISHEVSKOYE SELKHOZ-ENERGO: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy proceedings against Ilishevskoye Selkhoz-Energo after
finding the limited liability company insolvent.  The case is
docketed as A07-2693/03-A-RSA.  Ms. O. Naumova has been
appointed insolvency manager.  Creditors have until November 10,
2004 to submit their proofs of claim to 450027, Russia,
Bashkortostan republic, Ufa, Post User Box 3.

CONTACT:  ILISHEVSKOYE SELKHOZ-ENERGO
          Russia, Bashkortostan republic,
          V. Yarkeyevo, Khudayberina Str. 11/1

          Ms. O. Naumova
          Insolvency Manager
          450027, Russia,
          Bashkortostan republic,
          Ufa, Post User Box 3


KILMEZSKIY WOOD-PROM-KHOZ: Kirov Court Names Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Kilmezskiy Wood-Prom-Khoz after finding the
open joint stock Company insolvent.  The case is docketed as
A28-29/04-25/3.  Mr. V. Ryabov has been appointed insolvency
manager.  Creditors have until November 10, 2004 to submit their
proofs of claim to 613570, Russia, Kirov region, Kilmezskiy
region, Kilmez, Naberezhnaya Str. 26.

CONTACT:  KILMEZSKIY WOOD-PROM-KHOZ
          613570, Russia, Kirov region,
          Kilmezskiy region, Kilmez,
          Naberezhnaya Str. 26

          Mr. V. Ryabov
          Insolvency Manager
          613570, Russia,
          Kirov region, Kilmezskiy region,
          Kilmez, Naberezhnaya Str. 26


NIZHNEGOROD-AGRO-PROM-TEKH-SNAB: Names Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Nizhnegorod-Agro-Prom-Tekh-Snab
after finding the open joint stock company insolvent.  The case
is docketed as A43-3003/04-33-74.  Ms. M. Lukina has been
appointed insolvency manager.  Creditors have until November 10,
2004 to submit their proofs of claim to 603132, Russia, Nizhniy
Novgorod.

CONTACT:  NIZHNEGOROD-AGRO-PROM-TEKH-SNAB
          Russia, Nizhniy Novgorod region,
          Kstovskiy region,
          Zaletsino, Industrial Zone

          Ms. M. Lukina
          Insolvency Manager
          603132, Russia,
          Nizhniy Novgorod


NORTH OIL-GAS-EXPLORING: Declared Insolvent
-------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy proceedings against North Oil-Gas-Exploring
Expedition after finding the open joint stock Company insolvent.
The case is docketed as A45-5438/98-SB/92.  Mr. A. Zaykov has
been appointed insolvency manager.  Creditors have until
November 10, 2004 to submit their proofs of claim to 630099,
Russia, Novosibirsk, Nikitina Str. 20, Room 303.

CONTACT:  NORTH OIL-GAS-EXPLORING EXPEDITION
          Russia, Novosibirsk region,
          Kyshtovskiy region, Mezhovka

          Mr. A. Zaykov
          Insolvency Manager
          630099, Russia,
          Novosibirsk, Nikitina Str. 20,
          Room 303


OAO GAZPROM: Issues RUB5 Billion Bonds
--------------------------------------
On October 12, 2004 OAO Gazprom issued ruble bonds of A5 series.
The bonds are issued for the amount of RUB5 billion with 3 years
maturity, nominal value -- RUB1,000 each.

At the Moscow International Currency Exchange an auction was
held with the aim to determine the coupon rate, which was set at
7.58% to be paid every 182 days.  There were 120 orders filed by
the investors for the amount exceeding RUB9 billion of which 73
orders were satisfied.

The bond issue was arranged by Renaissance Capital Investment
Group and OAO 'Rosbank'.  IC Horizon and UFG were the co-
arrangers and OAO 'Federal Fund Corporation' acted as the
financial consultant of the bond issue.

Raised financial resources will be used to finance capital
expenditures for the reconstruction of existing production
capacities and to realize new  prospective projects.  The
proceeds from the bond issue will be also allocated to refinance
the portion of the current debt and for optimization of the
company's debt profile.

                            *   *   *

In Sept., Fitch Ratings placed OAO Gazprom's 'BB' Senior
Unsecured foreign currency and local currency ratings on Rating
Watch Evolving, following the government's approval of Gazprom's
acquisition of state-owned oil company Rosneft.

The Rating Watch reflects the uncertainty of the rating impact
for Gazprom, with a likely significant increase in leverage
balanced by synergies to be gained from the acquisition and an
increase of state ownership.

Fitch said Gazprom's rating may come under pressure if the
acquisition leads to a significant increase in consolidated
leverage, especially short-term debt, as a result of the
transaction.  Additionally, Rosneft has approximately US$2.0
billion in net debt that will need to be serviced or refinanced
by Gazprom upon formation of the new corporate entity.

CONTACT:  OAO Gazprom (Exchange: Russian)
          16 Nametkina
          117997 Moscow, V-420, Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


PROMYSHLENNOVSKAYA: Kemerovo Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Promyshlennovskaya Agricultural
Machinery after finding the subsidiary federal state unitary
enterprise insolvent.  The case is docketed as A27-3883/04-4.
Mr. K. Andrusik has been appointed insolvency manager.
Creditors have until November 10, 2004 to submit their proofs of
claim to 650055, Russia, Kemerovo, Post User Box 5228.

CONTACT:  PROMYSHLENNOVSKAYA AGRICULTURAL MACHINERY
          652380, Russia,
          Kemerovo region, Promyshlennaya,
          Mekhanicheskaya Str. 4

          Mr. K. Andrusik
          Insolvency Manager
          650055, Russia, Kemerovo,
          Post User Box 5228


RADIO-INSTRUMENT FACTORY: Under Bankruptcy External Procedure
-------------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
external management procedure on LLC state unitary enterprise
Radio-Instrument Factory.  The case is docketed as A57-574B/02-
32.  Mr. I. Ilyanov has been appointed external insolvency
manager.   Creditors may submit their proofs of claim to 410076,
Russia, Saratov, Post User Box 2492.

CONTACT:  RADIO-INSTRUMENT FACTORY
          Russia, Saratov,
          50 Let Oktyabrya Str. 108

          Mr. I. Ilyanov
          External Insolvency Manager
          410076, Russia, Saratov,
          Post User Box 2492


SEMENOVSKIY DAIRY: Sets Deadline for Proofs of Claim
----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Semenovskiy Dairy after finding
the open joint stock Company insolvent.  The case is docketed as
A43-2638/04-33-70.  Mr. O. Ershov has been appointed insolvency
manager.   Creditors have until November 10, 2004 to submit
their proofs of claim to 603106, Russia, Nizhniy Novgorod, B.
Kornilova Str. 7, Building 1, Apartment 4.

CONTACT:  SEMENOVSKIY DAIRY
          Russia, Nizhniy Novgorod region,
          Semenov, Promyshlennaya Str. 9b

          Mr. O. Ershov
          Insolvency Manager
          603106, Russia,
          Nizhniy Novgorod, B. Kornilova Str. 7,
          Building 1, Apartment 4


SHAKHUNYA-SELKHOZ-KHIMIYA: Sets Deadline for Proofs of Claim
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Shakhunya-Selkhoz-Khimiya after
finding the agricultural chemical company insolvent.  The case
is docketed as A43-50251/04-21-113.  Ms. L. Ponomaryeva has been
appointed insolvency manager.  Creditors have until November 10,
2004 to submit their proofs of claim to 603115, Russia, Nizhniy
Novgorod, Post User Box 69.

CONTACT:  Ms. L. Ponomaryeva
          Insolvency Manager
          603115, Russia,
          Nizhniy Novgorod,
          Post User Box 69


TATYSHLINSKOYE SEL-ENERGO: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on LLC Tatyshlinskoye Sel-
Energo.  The case is docketed as A07-8089/04-G-ADM.  Mr. I.
Gaysin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 450000, Russia,
Bashkortostan republic, Neftekamsk, Sotsialisticheskaya Str.
64B, Apartment 77.

CONTACT:  TATYSHLINSKOYE SEL-ENERGO
          450000, Russia,
          Bashkortostan republic, Tatyshly,
          Mekhanizatorov Str, 39

          Mr. I. Gaysin
          Temporary Insolvency Manager
          450000, Russia,
          Bashkortostan republic, Neftekamsk,
          Sotsialisticheskaya Str. 64B,
          Apartment 77


TOMNA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on OJSC Kineshemskiy textile combine
Tomna.  The case is docketed as A1209/14-B.  Mr. S. Savrasov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 155810, Russia,
Ivanovo region, Kineshma, A. Makarova Str. 51.  A hearing will
take place on February 24, 2005, 9:30 a.m.

CONTACT:  TOMNA
          155810, Russia,
          Ivanovo region, Kineshma,
          A. Makarova Str. 51

          Mr. S. Savrasov
          Temporary Insolvency Manager
          155810, Russia,
          Ivanovo region, Kineshma,
          A. Makarova Str. 51


YUKOS OIL: Main Asset to be Sold at Discounted Value
----------------------------------------------------
The government is planning to sell a part of Yukos Oil's main
production unit, Yuganskneftegaz, as early as next month.

The Justice Ministry's Moscow directorate in a statement said it
is not pleased with the rate at which Yukos is paying its more
than US$8 billion debt, and is thus selling the asset.

Reports say investment bank Dresdner Kleinwort Wasserstein has
valuated the division at between US$10.4 billion and US$18
billion.  The ministry's Moscow directorate, Alexander Buksman,
said the US$10.4 billion valuation was 60% discounted for "high
risks."  Dresdner is refusing to comment further than confirming
it had submitted its work to the Justice Ministry.  Yukos also
declined to comment saying it had not received a copy of the
report.

Yugansk, which accounts for 60% of Yukos' oil production, is the
government's target in what is widely seen as President Vladimir
Putin's punishment for the political ambitions of Yukos founder
Mikhail Khodorkovsky.  Mr. Khodorkovsky is currently in jail for
charges of tax evasion, fraud and leading an organized criminal
group.

Observers fear the unit, controlled by Group Menatep, could be
sold at discount prices to Kremlin-friendly companies.  The
ensuing battle could be tough as the group is threatening to sue
companies seeking to buy Yukos assets for less than fair value.

Some say the government is increasing its tax claim against the
company to bring Yugansk value close to Dresdner valuation.
Yukos may soon be faced with additional claims for the 2000 and
2001 bills it already has.

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

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

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


YUKOS OIL: Authorities File Case Against Top Official
-----------------------------------------------------
A senior executive at Yukos production subsidiary Tomskneft is
facing criminal prosecution for tax evasion, according to
MosNews.

The report said the suspect was not named officially, but that
earlier investigations into the unit accused of embezzlement and
withholding taxes for 1999 and 2000 had involved director
general Nikolai Logachev.

Interfax news, citing a source in the regional police, reported
earlier that Mr. Logachev was charged with masterminding a RUB1
billion (US$44 million) scheme, and of stealing hydrocarbons.
He stands to face two to seven years imprisonment if proven
guilty.

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

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

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


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


CONVERIUM HOLDING: Zwerling Schachter Files Class Action
--------------------------------------------------------
Zwerling, Schachter & Zwerling, LLP filed a class action lawsuit
in the United States District Court for the Southern District of
New York on behalf of all persons and entities who purchased
securities (ADSs) of Converium Holding AG (Converium) (NYSE:
CHR) between December 11, 2001 and July 20, 2004, inclusive
(Class Period).  The deadline to file a motion seeking to be
appointed lead plaintiff is December 3, 2004.

If you wish to discuss this action or have any questions
concerning your rights and interests with respect to these
matters, please contact Zwerling Schachter (Shaye J. Fuchs, Esq.
or Jayne Nykolyn) at 1-800-721-3900 or by e-mail at
sfuchs@zsz.com or jnykolyn@zsz.com.

The complaint charges that Converium and two of its officers,
Dirk Lohmann, and Martin Kauer, violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder.  Specifically, it alleges that the
defendants failed to disclose and misrepresented the following
material adverse facts, which were known to defendants or
recklessly disregarded by them:

(a) that Converium maintained inadequate loss reserves in its
    Converium North America subsidiary;

(b) that the Company did not, as it had announced, establish
    adequate loss reserves to cover claims by Converium North
    America policyholders;

(c) that reserve increases announced by the Company during the
    Class Period were materially insufficient; and

(d) as a consequence of the understatement of loss reserves,
    Converium's earnings and assets were materially overstated
    during the Class Period.

On July 20, 2004, the Company announced that its second quarter
results would be impacted by a reserve strengthening for U.S.
casualty business and subsequent asset impairments on the
balance sheet of Converium North America.  On this disclosure,
shares of Converium collapsed US$11.12 per share, or
approximately 44%, on July 20, 2004, to close at US$13.90 per
share.

If you purchased Converium's securities (ADSs) between December
11, 2001 and July 20, 2004, you may apply to serve as lead
plaintiff.  The lead plaintiff is responsible for overseeing the
prosecution of the action and ensuring that the interests of the
class are protected.  You may apply to be appointed lead
plaintiff through Zwerling Schachter.

Zwerling Schachter concentrates in prosecuting class actions
nationwide on behalf of investors.  The firm currently plays a
leading role in numerous major securities and complex commercial
litigations pending in federal and state courts and has offices
in New York City, Uniondale, New York, and Seattle, Washington.
The firm has been recognized by courts throughout the country as
highly experienced and skilled in complex litigation,
particularly with respect to federal securities class action
litigation.

CONTACT:  ZWERLING SCHACHTER & ZWERLING LLP
          845 Third Avenue
          New York, NY 10022
          Phone: 800-721-3900
                 212-223-3900
          Fax: 212-371-5969
          E-mail: sfuchs@zsz.com
          Web site: http://www.zsz.com


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


AVENTA: Court Appoints Liquidator
---------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against LLC Aventa (code EDRPOU 30942800) on July
20, 2004 after finding the limited liability company insolvent.
The case is docketed as 21/80-04-4886.  Mrs. Svitlana Safronova
(License Number AA 783026 approved on March 22, 2004) has been
appointed liquidator/insolvency manager.

CONTACT:  AVENTA
          Ukraine, Zhitomir region,
          Lubarskij district, Semenivka

          ECONOMIC COURT OF ODESA REGION
          65032, Ukraine, Odesa region,
          Shevchenko Avenue, 4


BANKOMZVYAZOK: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Bankomzvyazok (code EDRPOU
24336165) on September 28, 2004.   The case is docketed as B-
48/82-04.  Arbitral Manager Mr. V. Lyaluk (License Number AA
779233 approved on August 31, 2004) has been appointed temporary
insolvency manager.

Creditors have until October 22, 2004 to submit their proofs of
claim to:

(a) BANKOMZVYAZOK
    Ukraine, Harkiv region,
    Moskovskij Avenue, 254 V-185

(b) Mr. V. Lyaluk
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Maryinska Str. 7/1

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


DNIPROSPETCBUD: Public Asset Auction Set Next Week
--------------------------------------------------
Branch of Agency of Bankruptcy Questions in Dnipropetrovsk
region will the company's properties on October 21, 2004, 11:00
a.m. at Ukraine, Dnipropetrovsk, Komsomolska Str. 48, Room 2.

For sale are:

(a) Lot 1: Building and constructions located at Ukraine,
    Dnipropetrovsk, Geroiv Stalingradu Str. 151 A.  Starting
    price is UAH630,000 (inclusive of VAT);

(2) Lot 2: Distribution building located at Ukraine,
    Dnipropetrovsk, Geroiv Stalingradu Str. 151 D.  Starting
    price is UAH15,460 (inclusive of VAT).


To participate, bidders must deposit an amount equivalent to 5%
of the starting price of the property being sold and pay a
registration fee of UAH17 on or before October 18, 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 18, 2004 at 49000, Ukraine, Dnipropetrovsk, Komsomolska
Str. 48, Room 3.  For more information, call 8 (056) 744-19-31.

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


MIR: Temporary Insolvency Manager Takes over
--------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Mir (code EDRPOU
01195342).  The case is docketed as 5/411-04.  A. Leshenko
(License Number AA 484190 approved on December 25, 2002) has
been appointed temporary insolvency manager.  The company holds
account number 26001015502 at OJSC Bank Universalnij, MFO
338459.

Creditors have until October 22, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL MIR
    22534, Ukraine, Vinnitsya region,
    Lipovetskij district, Berestivka

(b) A. Leshenko
    Temporary Insolvency Manager
    22513, Ukraine, Vinnitsya region,
    Lipovetskij district,
    Turbiv, Chervona Girka Str. 43

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


SEMENIVSKE: Declared Insolvent
--------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Agricultural LLC Semenivske (code EDRPOU
20415105) on August 20, 2004 after finding the limited liability
company insolvent.  The case is docketed as 7/31 B.  Arbitral
manager Mr. Mikola Malishonok has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL SEMENIVSKE
          Ukraine, Zhitomir region,
          Lubarskij district, Semenivka

          Mr. Mikola Malishonok
          Liquidator/Insolvency Manager
          Ukraine, Zhitomir region,
          Lubarskij district, Semenivka

          ECONOMIC COURT OF ZHITOMIR REGION
          10002, Ukraine, Zhitomir region,
          Putyatinski Square, 3/65


SHLYAHMASH: Auction of Assets Set Next Week
-------------------------------------------
Branch of Agency of Bankruptcy Questions in Zaporizhya Region
and sanction manager of OJSC Shlyahmash will sell the firm's
properties on October 22, 2004, 12:00 noon at 69002, Ukraine,
Zaporizhya, Lenin Avenue, 77, office 95.

For sale are:

(a) Buildings and constructions occupying an area of 620 square
    meters.   Starting price is UAH55,570 (inclusive of VAT);

(b) Buildings and constructions occupying an area of 1,065.4
    square meters.  Starting price is UAH61,919 (inclusive of
    VAT).

The properties are located at Ukraine, Zaporizhya region,
Berdyansk, Gagarina/Rudnevoyi Str. 1/2.

To participate, bidders must deposit an amount equivalent to 5%
of the starting price of the property being sold and pay a
registration fee of UAH17 on or before October 19, 2004.  The
deposit should be paid to account number 2600827020 at JSPPB
Aval, Zaporizhya regional branch, MFO 313827, EDRPOU 26252756.
The registration fee must be deposited to account number
260082431 at JSPPB Aval, Zaporizhya regional branch, MFO 313827,
EDRPOU 26252756.

Participants must submit competitive propositions on or before
October 19, 2004 at 69002, Ukraine, Zaporizhya, Lenin Avenue,
77, office 95.  For more information, call (0612) 64-39-01 or
64-36-22.

CONTACT:  AUCTION COMMITTEE
          69002, Ukraine, Zaporizhya region,
          Lenin Avenue, 77, office 95
          Phone: (0612) 64-39-01, 64-36-22


S.K. TRANS: Kyiv Court Appoints Insolvency Manager
--------------------------------------------------
The Economic Court of Kyiv region commenced insolvency
proceedings against S.K. Trans-Service (code EDRPOU 31483849) on
August 30, 2004 after finding the limited liability company
insolvent.  The case is docketed as 23/823-b.  Arbitral manager
Mr. I. Gusar (License Number 719858 approved on March 4, 2004)
has been appointed liquidator/insolvency manager.  The company
holds account number 26002337182001 at CB Privatbank, MFO
320649.

CONTACT:  S.K. TRANS-SERVICE
          Ukraine, Kyiv region,
          Kreisera Avrori Str. 1

          Mr. I. Gusar
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 29
          Phone: (044) 236-11-17
          Fax: (044) 236-11-17

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


VIKTORIYA: I. Gusar Named Insolvency Manager
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Viktoriya (code EDRPOU 30743596) on
August 20, 2004 after finding the limited liability company
insolvent.  The case is docketed as 53/11b-2004.  Arbitral
Manager Mr. I. Gusar (License Number 719858 approved on March 4,
2004) has been appointed liquidator/insolvency manager.  The
company holds account number 260091938 at JSPPB Aval, Bila
Tserkva branch, MFO 321121.

CONTACT:  VIKTORIYA
          Ukraine, Kyiv region,
          Volodarskij district, Matviyiha

          Mr. I. Gusar
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 29
          Phone: (044) 236-11-17
          Fax: (044) 236-11-17

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


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


ABBEY NATIONAL: City Watchdog Gives Approval for Santander Bid
--------------------------------------------------------------
The Financial Services Authority (FSA) on Wednesday gave
stockholders of Abbey National the go signal to vote on
Santander Central Hispano's takeover bid, Reuters says.
Santander is offering more than GBP8 billion for Abbey.

FSA, which is currently reviewing the bid, said in a statement
it found no material barriers for the approval of the GBP8
billion offer.  FSA plans to notify Abbey's stockholders of its
decision a day before they meet to vote on the matter.

The European Commission last month also gave its clearance to
the proposed acquisition.

CONTACT:  ABBEY NATIONAL
          Media Contacts:
          Jane Reynolds
          Phone: 020 7756 4189 07753 811 001

          Vicky Allard, TBWA/London
          Phone: 020 7573 7113 07769 937 062


ALIZE TOURS: Sets Creditors Meeting Next Week
---------------------------------------------
The creditors of Alize Tours Limited will meet on October 19,
2004 commencing at 11:00 a.m.  It will be held at MLS Business
Centre, Tower Court, Oakdale Road, Clifton Moor, York YO30 4XL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Horner & Co, 11 Clifton Moor Business
Village, James Nicolson Way, Clifton Moor, York YO30 4XG not
later than 12:00 noon, October 18, 2004.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


BELL FRAMPTON: National Westminster Bank Appoints Receiver
----------------------------------------------------------
National Westminster Bank plc called in Mandy Jane Smart (Office
Holder No 001063) and Bruce Alexander Mackay (Office Holder No
008296) joint administrative receivers for construction company
Bell Frampton Limited (Reg No 02904186, Trade Classification:
4521).  The application was file October 6, 2004.

CONTACT:  BAKER TILLY
          Marlborough House,
          Victoria Road South,
          Chelmsford, Essex CM1 1LN
          Phone: 01245 354 402
          Fax: 01245 490 243
          Web site: http://www.bakertilly.co.uk

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


BRITISH ENERGY: Meets Preliminary Restructuring Conditions
----------------------------------------------------------
British Energy announces that the initial conditions to the
Creditor Restructuring Agreement entered into in October 2003
between the Company and certain creditors have been satisfied.

In particular:

(a) as announced on 22 September, the European Commission has
    decided to approve the Government's state aid to the Company
    in connection with the restructuring, subject to certain
    compensatory measures;

(b) the Company's new contracts with BNFL relating to back-end
    and front-end fuel services have become unconditional (save
    only for conditions relating to completion of the Agreed
    Restructuring);

(c) the new arrangements for the financing of Eggborough Power
    Limited and the banks' options to acquire the Eggborough
    Power Station either through a share or asset purchase in
    2010 have been exchanged with the relevant banks and
    have become unconditional (again save only for conditions
    relating to completion of the Agreed Restructuring);

(d) all material Inland Revenue clearances have been obtained;

(e) all material unsettled documents have been agreed with
    creditors;

(f) the Financial Services Authority has consented to the Agreed
    Restructuring for the purposes of British Energy Trading
    Services Limited's F.S.A. authorization.

Consequently the Company has in accordance with the Creditor
Restructuring Agreement exchanged the Business Transfer
Agreement whereby, if the proposed scheme of arrangement with
members lapses but the Agreed Restructuring nonetheless becomes
effective, the Company's assets will be transferred to British
Energy Holdings plc, which would become an intermediate holding
company of the restructured British Energy group.

Further steps

The Company is now obliged, among other things, to publish
Circulars to shareholders and bondholders and a prospectus for
British Energy Group plc (the proposed holding company of the
restructured group) and British Energy Holdings plc as soon as
reasonably practicable.

The Company is working hard to finalise these documents and
satisfy the remaining requirements for publication and expects
to publish these documents in due course with a view to seeking
the approval of shareholders and bondholders at meetings which
are expected to be held later this year.

The Creditor Restructuring Agreement will terminate
automatically if the Agreed Restructuring does not become wholly
unconditional by 12 noon on 31 January 2005 (or such later date
as the Company, the Secretary of State and requisite majorities
of creditors may agree in accordance with the Creditor
Restructuring Agreement) (the Long Stop Date).

The board does not believe it would be responsible for the board
to allow the Company to be in a situation where it may be forced
into an insolvency process because it cannot extend those long-
stop dates.  As announced on 23 September 2004 the Company
therefore intends to seek to negotiate and agree a binding
extension of the Creditor Restructuring Agreement prior to the
requisitioned EGM convened to be held at 3.00 p.m. on 22 October
2004.  At present the Company intends that the extension should
be conditional on the resolutions being passed at the
requisitioned EGM.  The board is recommending that shareholders
vote against these resolutions.

Risk factors

The Agreed Restructuring remains subject to a large number of
further important conditions and significant uncertainties,
including:

(a) the Secretary of State's entitlement not to proceed with the
    Agreed Restructuring if, in her opinion, the group will not
    be viable in all reasonably foreseeable conditions without
    access to additional financing beyond that which is
    committed and will continue to be available when required;

(b) the restructured group having sufficient working capital for
    its present requirements in connection with the listing of
    the New Shares and New Bonds;

(c) there being no material adverse change in the current or
    future business or operations, the financial or trading
    position, profits or prospects of the group as a whole or of
    Eggborough Power Limited or which is likely to have a
    material adverse effect on the value of the New Bonds, the
    New Shares, the CTA Bonds or the new Eggborough
    arrangements;

(d) continuation of the standstill arrangements;

(e) Scottish Court approval and the filing of the order for the
    scheme of arrangement with bondholders and The Royal Bank of
    Scotland plc with the registrar of companies in Scotland;
    and

(f) cancellation of the listings of the Ordinary Shares and A
    Shares by the U.K. Listing Authority (which is required if
    the proposed scheme of arrangement with shareholders lapses
    and the disposal pursuant to the Business Transfer Agreement
    is not approved by shareholders);

(g) listing of the New Shares and New Bonds.

If for any reason the Company is unable to implement the Agreed
Restructuring prior to the Long Stop Date, it may be unable to
meet its financial obligations as they fall due, in which case
it may have to take appropriate insolvency proceedings.  If the
Company were to commence insolvency proceedings, distributions,
if any, to unsecured creditors may represent only a small
fraction of their unsecured liabilities and it is highly
unlikely there would be any return to shareholders.

CONTACT:  BRITISH ENERGY
          (Media Enquiries)
          Andrew Dowler
          Phone: 020 7831 3113
          John Searles
          (Investor Relations)
          Phone: 01355 26 2202
          Web site: http://www.british-energy.com


BROWNE BROS: Names Joint Liquidators from Begbies Traynor
---------------------------------------------------------
At an extraordinary general meeting of the Browne Bros (New
Romney) Limited on September 30, 2004 held at 19 North Street,
Ashford, Kent TN24 8LF, the special and ordinary resolutions to
wind up the company were passed.  Susan Agnes Maund and Andrew
White, of Baker Tilly, International House, Queens Road,
Brighton BN1 3XE have been appointed joint liquidators for the
purpose of such winding-up.

CONTACT:  BAKER TILLY
          International House,
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          Web site: http://www.bakertilly.co.uk


CLOVER HOUSE: Appoints Smith & Williamson Liquidator
----------------------------------------------------
At an extraordinary general meeting of the Clover House
Interiors Limited on September 30, 2004 held at Ramada Hotel and
Resort Maidstone, Hollingborne, near Maidstone, Kent ME17 1RE,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Stephen John Tancock of Smith & Williamson
Ltd, First Floor, Holbrook House, 72 Bank Street, Maidstone,
Kent ME14 1SN has been appointed liquidator for the purpose of
such winding-up.

CONTACT:  SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk


CRITERION STRATFORD: Sets Creditors Meeting Next Week
-----------------------------------------------------
Name of Companies:
Criterion Stratford (Basingstoke) Limited
Criterion Stratford (Basingstoke) Nominee 3 Limited

The unsecured creditors of these companies will meet on October
22, 2004 commencing at 10:30 a.m.  It will be held at 1-2 Dorset
Rise, London EC4Y 8EN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, PO Box 695, 8 Salisbury Square, London
EC4Y 8BB not later than 12:00 noon, October 21, 2004.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


CROMWELLS MADHOUSE: Hires Deloitte & Touche as Administrator
------------------------------------------------------------
Lee Manning (IP No 006477) and Adrian Berry (IP No 008601) have
been appointed joint administrators for Cromwells Madhouse Plc.
The appointment was made October 4, 2004.  The Company retails
clothing.

CONTACT:  DELOITTE & TOUCHE LLP
          180 Strand,
          London WC2R 1WL
          Phone: +44 (0) 20 7936 3000
          Fax: +44 (0) 20 7583 1198
          Web site: http://www.deloitte.com


DOVE TOURS: Calls in Liquidator
-------------------------------
At an extraordinary general meeting of the Dove Tours Limited on
October 1, 2004 held at Scotch Corner Hotel, Scotch Corner,
Richmond, the extraordinary and ordinary resolutions to wind up
the company were passed.  N. A. Brackenbury and M. J. Moore 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


DRAGON MANAGEMENT: Names K. Kallis Liquidator
---------------------------------------------
At an extraordinary general meeting of the members of the Dragon
Management GB Limited on September 30, 2004 held at Mountview
Court, 1148 High Road, Whetstone, London N20 0RA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Kikis Kallis has been appointed liquidator for the
purpose of such winding-up.


DRYLINING DEPOT: HSBC Bank Appoints Kroll Limited Receiver
----------------------------------------------------------
HSBC Bank plc called in Alastair Paul Beveridge and Peter Mark
Saville (Office Holder Nos 008991 009029) joint administrative
receivers for Drylining Depot Limited (Reg No 04557160, Trade
Classification: 23).  The application was filed October 6, 2004.
The company distributes plasterboard and drylining products.

CONTACT:  KROLL LIMITED
          10 Fleet Place,
          London EC4M 7RB


ELECTRIC TRACE: Creditors Meeting Set Next Month
------------------------------------------------
The creditors of Electric Trace Heating Limited will meet on
November 10, 2004 commencing at 11:00 a.m.  It will be held at
Lewis Alexander & Collins, 103 Portland Street, Manchester M1
6DF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be lodged with Lewis Alexander &
Collins, 103 Portland Street, Manchester M1 6DF not later than
12:00 noon, November 9, 2004.

CONTACT:  LEWIS ALEXANDER & COLLINS
          103 Portland Street,
          Manchester M1 6DF


FISCAL TECHNOLOGY: Extraordinary Winding up Resolution Passed
-------------------------------------------------------------
At an extraordinary general meeting of the Fiscal Technology
Limited on September 28, 2004 held at Bosworths, Slaugham, West
Sussex RH17 6AQ, the subjoined extraordinary resolution to wind
up the company was passed.  Mark Levy of Berley Chartered
Accountants, 76 New Cavendish Street, London W1G 9TB has been
appointed liquidator.

CONTACT:  BERLEY CHARTERED ACCOUNTANTS
          76 New Cavendish Street,
          London W1G 9TB


FRESH JUICE: Names Elwell Watchorn & Saxton Administrator
---------------------------------------------------------
John Michael Munn and Richard John Elwell (IP Nos 7859, 6057)
have been appointed joint administrators for Fresh Juice Bar
Limited.  The appointment was made October 4, 2004.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


G.R.G. LIMITED: Names Begbies Traynor Liquidator
------------------------------------------------
At an extraordinary general meeting of the members of the G.R.G.
Limited on October 1, 2004 held at The Strathdon Thistle Hotel,
44 Derby Road, Nottingham, the extraordinary and ordinary
resolutions to wind up the Company were passed.  Richard Albert
Brock Saville and Peter Andrew Blair of Begbies Traynor, Regency
House, 21 The Ropewalk, Nottingham NG1 5DU have been appointed
joint liquidators of the company for the purpose of the
voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


HARVEY WHITE: Calls in Liquidator
---------------------------------
At an extraordinary general meeting of the members of the Harvey
White Engineering Ltd. on October 1, 2004 held at Janes, 33
Rodney Road, Cheltenham GL50 1HX, the extraordinary and ordinary
resolutions to wind up the company were passed.  David N Hughes
has been appointed liquidator for the purpose of such winding-
up.


HAZERENT LIMITED: Names Valentine & Co. Liquidator
--------------------------------------------------
At an extraordinary general meeting of the Hazerent Limited on
September 29, 2004 held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company.
Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London
N3 2HS has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


HORWICH CASTINGS: In Administrative Receivership
------------------------------------------------
HSBC Bank plc called in David Swaden and Dermot Justin Power
(Office Holder Nos 5495/01, 6006/01) joint administrative
receivers for Horwich Castings Limited (Reg No 2576400, Trade
Classification: 11).  The application was filed October 5, 2004.
The company manufactures iron castings and the Supply of a Range
of Permanent Way Products to the U.K. Railway Industry.

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


JANCHEM LIMITED: Insolvency Service Disqualifies Directors
----------------------------------------------------------
The directors of a janitorial chemical supplies business that
failed with total debts estimated at over GBP237,000 have each
given an Undertaking not to hold directorships or take any part
in company management.

The Undertakings by John Michael Prescott, 56, of Hobb Lane,
Moore, Warrington, and Heather Alison McClachan Hart, 52, of
Park Road, Timperley, in Altrincham, were given in respect of
their conduct as a directors of Janchem Limited, which carried
out business from premises at Centre 21, on Manchester Road,
Warrington.

Mr. Prescott is disqualified for five years and Ms. McClachan
Hart for four years.

Acceptance of the Undertakings on September 21, 2004 and
September 27, 2004 respectively prevents both Mr. Prescott and
Ms. McClachan Hart from being directors 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 periods.

Janchem Limited was placed into voluntary liquidation on October
4, 2002 with estimated debts of GBP237,922 owed to creditors.

Matters of unfit conduct, not disputed by John Michael Prescott
and Heather Alison McClachan Hart, were that:

(a) They caused or allowed Janchem to operate a policy of
    retention of monies due to the Crown Departments totaling
    at least GBP57,361, in respect of VAT for PAYE / National
    Insurance contributions; and

(b) Mr. Prescott transferred money from the company account in
    to his own account for personal use and to the detriment of
    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.

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


JARVIS PLC: Disposes of PFI Bidding Operation
---------------------------------------------
Jarvis plc announced that, in line with its restructuring
strategy, it has signed heads of terms for the sale of its
Private Finance Initiative (PFI) bidding operations to Vinci
Investments Limited, a wholly-owned subsidiary of Vinci S.A..

Such terms anticipate the appointment of the Jarvis facilities
management team to carry out the facilities management stage of
the relevant projects.  The proposed transaction is conditional
on due diligence and completion of documentation and is not
expected to be material in the context of the Jarvis Group.

                            *   *   *

Jarvis said in August that after the audit of its report for the
year ended March 31, 2004, there will be a reversal of
exceptional income of GBP3.5 million and a loss on disposal of
GBP0.9 million.  In addition, the application of accounting
standards recommended by auditor requires that an impairment
provision of GBP6.0 million be made in respect of certain of the
joint ventures held at the balance sheet date, whilst profits of
GBP5.1 million on other joint ventures will be recognized in the
current financial year.  Having accounted for other reductions
to turnover of GBP0.4 million, the net effect is to increase the
reported loss before tax in respect of the UPP and PFI joint
venture transactions by GBP9.0 million in the year ended 31
March 2004.  The income arising will now be recognized in the
current financial year.

CONTACT:  TULCHAN COMMUNICATIONS
          Jonathan Haslam
          Phone: 020 7017 8147
          Andrew Honnor
          David Trenchard
          Phone: + 44 20 7353 4200


JEMCA HOLDINGS: Final Meeting Set End of October
------------------------------------------------
The final meeting of the members of the Jemca Holdings Limited
will be on October 28, 2004 commencing at 10:00 a.m.  It will be
held at Prospect House, 2 Athenaeum Road, London N20 9YU.

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.


MOTOPART & MOTOTUNE: Top Honcho Receives Four-year Ban
------------------------------------------------------
A director of a vehicle repair and vehicle parts supplier
business that failed with total debts estimated at around
GBP181,000 has given an Undertaking not to hold directorships or
take any part in company management for four years.

The Undertaking by William Orr, 52, of Easter Oathlaw, By
Forfar, Angus, was given in respect of his conduct as a director
of Motopart & Mototune Limited, which carried out business from
premises at Units 3-5 Ballinggall Autocentre, Brewery Lane,
Dundee.

Acceptance of the Undertaking on September 30, 2004 prevents
William Orr 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.

Motopart & Mototune Limited was placed into liquidation on
September 9, 2002 with estimated debts of GBP181,000 owed to
creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, is responsible (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation into 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 William Orr, were
that:

(a) he allowed the Company to pay the sum of GBP16,000 to him
    and his co-director at a time when he knew that the Company
    was insolvent and unable to pay its creditors; and

(b) he acted to the detriment of the creditors of the Company
    and in breach of his fiduciary duties.

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


MERLIN DISTRIBUTION: Creditors Meeting Set by Month-end
-------------------------------------------------------
The unsecured creditors of Merlin Distribution (Holdings) Ltd.
will meet on October 22, 2004 commencing at 11:00 a.m.  It will
be held at KPMG, 8 Salisbury Square, London EC4Y 8BB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG, Arlington Business Park, Theale, Reading,
Berkshire not later than 12:00 noon, October 21, 2004.

CONTACT:  KPMG
          Corporate Recovery,
          Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


MICRO CHEMICAL: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of Micro Chemical Systems Limited will meet on
October 20, 2004 commencing at 11:00 a.m.  It will be held at
Baker Tilly, Wilberforce Court, Alfred Gelder Street, Hull HU1
1YH.

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, Wilberforce Court, Alfred Gelder
Street, Hull HU1 1YH not later than 12:00 noon, October 19,
2004.

CONTACT:  BAKER TILLY
          Wilberforce Court,
          Alfred Gelder Street,
          Hull HU1 1YH
          Phone: 01482 327406
          Fax: 01482 326957
          Web site: http://www.bakertilly.co.uk


MIMAR INSURANCE: Calls in Liquidator from Moore Stephens
--------------------------------------------------------
At an extraordinary general meeting of the Mimar Insurance
Services Limited on September 27, 2004 held at 3-5 Rickmansworth
Road, Watford, Hertfordshire WD18 0GX, the resolutions to wind
up the company were passed.  Steven Draine and David Rolph of
Moore Stephens Corporate Recovery have been appointed as joint
liquidators of the company for the purpose of the voluntary
winding-up.


MYTRAVEL GROUP: Converting GBP800 Mln Debt Under Restructuring
--------------------------------------------------------------
MyTravel on Wednesday meeting with representatives of its major
lending banks and bonding facility providers to provide details
of its proposed balance sheet restructuring.  MyTravel also
confirms that its operating result for the 12-month period to 30
September 2004 will be approximately break-even.

The key points of the proposed restructuring are:

(a) The conversion into MyTravel equity of approximately GBP800
    million of unsecured debt and facilities, including:

     (i) GBP250 million revolving credit facility,

    (ii) US$100 million U.S. private placement,

   (iii) GBP210 million minority interest preference shares,

    (iv) certain elements of aircraft lease financing
         arrangements,

     (v) GBP216 million of convertible bonds

(b) On completion of the restructuring:

     (i) Converting creditors (other than bondholders) would be
         issued new shares representing 88% of the company's
         enlarged share capital;

    (ii) Converting bondholders would be issued new shares
         representing 8% of the company's enlarged share
         capital.  This allocation has been made on a
         similar basis to the other converting creditors;

   (iii) Shareholders would retain 4% of the enlarged share
         capital.

(c) The provision at no material cost to the company of new 5-
     year committed facilities by the parties to the company's
     GBP400 million bonding facility and providers of bilateral
     guarantee and letters of credit facilities (amounting in
     aggregate to approximately GBP167 million).

(d) The company has proposed a timetable for the restructuring
    that would see it completed by the end of 2004.



(e) On completion of the restructuring, the company's debt will
     be approximately GBP140 million of aircraft finance leases.

In order to satisfy E.U. rules as to airline ownership, the
Board proposes to issue Ordinary Shares to converting creditors
and bondholders who are EEA nationals and non-voting Preference
Shares, convertible into Ordinary Shares, to those who are non-
EEA nationals.  The Board will also propose changes to the
company's Articles to ensure compliance with the rules.

It is the Board's intention to approach this restructuring on a
consensual basis.  It plans to seek the agreement of the
company's lending banks and facility providers and the approval
of the company's convertible bondholders and ordinary
shareholders.

The proposals are being recommended to lenders and facility
providers by the company's lead bankers.

CONTACT:  BRUNSWICK GROUP
          Phone: 020 7404 5959
          Fiona Antcliffe
          Sophie Fitton
          William Cullum


NETWORK RAIL: Deputy Chairman to Leave
--------------------------------------
Network Rail announced that Adrian Montague CBE, Deputy
Chairman, has informed the Board of his intention to resign from
the Board in order to take up the position of Chairman of
CrossRail.

Adrian Montague, 56, formally took up the non-executive post of
Deputy Chairman upon Network Rail's acquisition of Railtrack plc
in October 2002.  In addition he was appointed Chairman of the
Network Rail Property Board in March 2003 where he provided
valuable advice and expertise.

Ian McAllister, Chairman said: "Adrian's contribution to Network
Rail has been enormous.  He has been involved in Network Rail
from its very inception in December 2001.  He helped to
establish the bid team and played a central role in the complex
acquisition of Railtrack.  He has made a unique contribution to
Network Rail and the Board has benefited greatly from his advice
and experience.

"On behalf of the Company and the Board, I would like to offer
my warmest thanks and best wishes as Adrian takes on this new
and fresh challenge."

The timing of Adrian Montague's departure from Network Rail is
to be determined and will be announced in due course.

                        *   *   *

Railtrack collapsed two years ago after the government withdrew
funding to the company.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


ORTHOPAEDIC MANUFACTURING: Names UHY Hacker Young Administrator
---------------------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have
been appointed joint administrators for Orthopaedic
Manufacturing Company Limited.  The appointment was made
September 30, 2004.

The Company manufactures orthopaedic implants.  Its registered
office is located at UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH.

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


RETURN TO STONE: Director Receives Five-year Ban
------------------------------------------------
The director of a stone cleaning business that failed with total
debts estimated at around GBP110,000 has given an Undertaking
not to hold directorships or take any part in company management
for five years.

The Undertaking by Simon Alexander Vaughan Essex, age 49 of
Marston Beacon View Road, Elstead, Godalming, Surrey, was given
in respect of his conduct as a director of Return To Stone
Limited, which carried out business from premises at Roke Lane,
Witley, Godalming, Surrey.

Acceptance of the Undertaking on September 10, 2004 prevents Mr.
Essex 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.

Return To Stone Limited was placed into liquidation on January
31, 2001 with estimated debts of GBP109,413 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 Simon Essex, were
that:

* he failed to ensure that Return to Stone maintained, preserved
or delivered up adequate accounting records. The Liquidator was
therefore unable to ensure that all funds, to which the company
was entitled, had been received, and that those funds had been
used for the company's benefit;

* he caused Return to Stone to trade while insolvent to the
detriment of his creditors, his decision to continue trading
with the knowledge of insolvency resulted in increased
liabilities to creditors totalling GBP15,459.48.

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


ROUTLEY & CO: Special Winding up Resolution Passed
--------------------------------------------------
At an extraordinary general meeting of the members of the
Routley & Co. Limited held at The Old School House, 51 Priory
Road, Weybridge KT13 9DA, the special resolution to wind up the
company was passed.  Peter Bridger has been appointed liquidator
for the purpose of such winding-up.


R & S WARNER: Hires Joint Administrators from PKF
-------------------------------------------------
Edward T. Kerr (IP No 9020) and Ian J Gould (IP No 7866) have
been appointed joint administrators for R & S Warner Engineers
Limited.  The appointment was made October 1, 2004.  The company
manufactures machines for mining etc.

CONTACT:  PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF
          New Guild House,
          45 Great Charles Street,
          Queensway, Birmingham B3 2LX
          Phone: 0121 212 2222
          Fax:   0121 212 2300
          E-mail: info.birmingham@uk.pkf.com
          Web site: http://www.pfk.co.uk


SHIMFOLL LIMITED: Bibby Factors Names Begbies Traynor Receiver
--------------------------------------------------------------
Bibby Factors Northwest Limited called in W. J. Kelly and James
P. N. Martin (Office Holder Nos 4857 and 8316) joint
administrative receivers for Shimfoll Limited (Reg No 02208674,
Trade Classification: SIC 2744).  The company produces copper.

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


STYLES RAPID: Members Final Meeting Set Next Month
--------------------------------------------------
The final meeting of the members of Styles Rapid Product
Development Limited will be on November 15, 2004 commencing at
11:00 a.m.  It will be held at the offices of Benedict
Mackenzie, CityPoint, Temple Gate, Bristol BS1 6PL.

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 Benedict Mackenzie, CityPoint, Temple Gate, Bristol BS1 6PL
not later than 12:00 noon, November 12, 2004.

CONTACT:  BENEDICT MACKENZIE
          CityPoint,
          Temple Gate,
          Bristol BS1 6PL
          Phone: 01173 736 222
          Fax: 01173 736 223
          Web site: http://www.benemack.com


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
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information, contact Christopher Beard at 240/629-3300.


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