TCREUR_Public/041019.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

           Tuesday, October 19, 2004, Vol. 5, No. 207

                            Headlines

C Z E C H   R E P U B L I C

ROSTROJ ROUSINOV: Administrator Acknowledges CZK32 Mln in Claims


G E R M A N Y

ALFRED DAMMANN: Hamburg Court Appoints Administrator
ARTE IMMOBILIEN: Creditors' Claims Due Next Month
BAUCON AG: Construction Firm Applies for Bankruptcy Proceedings
BLUE JEANS: Creditors' Meeting Set Next Month
DIRK SCHOTT: Insolvency Manager Takes over Operations

DISCOTHEK NANU: Bielefeld Court Appoints Insolvency Manager
GLANDER OBJEKTMOBEL: Furniture Company Succumbs to Bankruptcy
MG TECHNOLOGIES: Elevates Peter Schenk to Executive Board
TIMECREW PERSONALSERVICE: Administrator Takes over Helm
TK PROJEKT: Gives Creditors Until this Week to File Claims
W. HUNGER: Administrator Sets First Creditors' Meeting November


I T A L Y

ALITALIA SPA: First-half Net Loss Doubles
ALITALIA SPA: Latest Guidance Sees Annual Losses Similar to 2003
GIANNI VERSACE: Puts New York Property on Sale
PARMALAT FINANZIARIA: Nextra Offers EUR160 Million Settlement


K A Z A K H S T A N

KAZKOMMERTSBANK: Proposed Denominated Eurobond Rated 'BB-'


K Y R G Y Z S T A N

AGHA & CO: Public Auction of Assets Slated Next Week
AINEK: Deadline for Submission of Bids Expires November
EDELVEIS-JERCEY: Sets Creditors' Meeting
ISSYK-KUL: Puts Properties on Sale
KARA-BALTA: Almazbek Adranov Named Insolvency Manager

KYRGYZAGROPROMBANK: Selling Assorted Assets Later this Month
LAMPE AND RODIGER: Evaluation of Proofs of Claim Set December
SYN-TASH: Sets Auction of Assets First Week of November


N E T H E R L A N D S

ROYAL AHOLD: Wins appeal; Rejects Claims of Amstel Capital


R U S S I A

ARDON-MEZH-RAY-GAS: Appoints S. Tsygoyev Insolvency Manager
DIGITAL NETWORKS: Undergoes Bankruptcy Supervision Procedure
HENDE-SHANS: Deadline for Proofs of Claims Expires Next Month
KORAL: Declared Insolvent
MASLO-SYRO-DEL: Undergoes Bankruptcy Supervision Procedure

ROAD BUILDING: Moscow Court Appoints Insolvency Manager
SOSNOVOBORSKOYE: Insolvency Manager Takes over Operations
SOYUZ: Gives Creditors Until Next Month to File Claims
UNI-FRESH-CONSTRUCTIVE: Declared Insolvent
VIKHR: Under Bankruptcy Supervision


S L O V A K   R E P U B L I C

PODPOLIANSKE STROJARNE: Expected to Exit Bankruptcy Next Year


U N I T E D   K I N G D O M

ABBEY NATIONAL: Shareholders Accept Santander's Takeover Offer
ARCHLINE BENDING: Hires Milner Boardman as Administrator
BARRINGTON FLEMING: Director Receives Eleven-year Ban
BIRCHGILL LIMITED: Creditors' Meeting Set Weekend
BONNINGTON RESTAURANTS: Sets Deadline for Filing of Claims

BOWTREE LIMITED: Creditors Appoint PwC Liquidator
BRITISH NUCLEAR: MPs Call Mox Plant A Scandal; Demand Inquiry
CARRIG EQUIPMENT: Appoints KPMG Administrator
CDMA CASHMERE: Calls Final Meetings of Members, Creditors
CLAREMONT AUDIO: Hires Joint Liquidators from PwC

CLAY CROSS: Director Earns 4-year Ban for Part in Firm's Failure
CLOSE COMMUNICATIONS: In Administrative Receivership
EBOOKERS PLC: Third-quarter Sales Jumps More than 20%
EBOOKERS PLC: Management Not Dropping Plan to Sell Company
EWB (2004): Names Numerica Administrator

EXTRICITY LIMITED: Sets Members' Meeting November
FUND RESEARCH: Liquidator to Update Members Next Month
GEOFF TILL: Hires Joint Administrator from Poppleton & Appleby
GLOBE WORSTED: Sets Creditors' Meeting Friday
ISOTECH TECHNOLOGY: Hires Joint Administrators from KPMG

JARVIS PLC: Close to Inking Deal with Star Capital
JORDISON LIMITED: Names Administrator from Tenon Recovery
J SAINSBURY: Hiring 3,000 Workers as Part of 'Radical' Revamp
J SAINSBURY: Wants Bonds Replaced with Shares as Pension Payment
LEVERSPRINT LIMITED: Liquidator's Final Report Out November

MCRITHER KIRK: Calls Final General Meeting
MUSIC MOUNTAIN: Liquidator to Present Report Next Month
PCG: Hires Benedict Mackenzie as Administrator
R G MEATS: Creditors Meeting Set Next Week
SOVEREIGN ROTATING: Names Grant Thornton Administrator

SPECTRUM RETAIL: Creditors' Meeting Next Week
SUSSEX VALVES: Hires Hacker Young as Administrator
TANGENT SOLUTIONS: Creditors' Meeting Tomorrow
TELDEX LIMITED: Hires Administrators from Gerald- Edelman
THE GIFT: Appoints Begbies Traynor Administrator

THORNTONS PLC: Finance Chief Leaves for Undisclosed Reasons
TURNER & NEWALL: Federal-Mogul Creditors Blink; Revise Offer
WAVELENGTH SOLUTIONS: Management Buys Firm out of Receivership

* Large Companies with Insolvent Balance Sheets


                            *********


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


ROSTROJ ROUSINOV: Administrator Acknowledges CZK32 Mln in Claims
----------------------------------------------------------------
Frantisek Mozga, the bankruptcy administrator of engineering
company Rostroj Rousinov, recognized Wednesday around CZK32
million in creditors' claims, Czech News Agency says.

The administrator, who received claims from 180 creditors, also
rejected CZK27 million in payables.  The administrator gave
creditors who have not yet lodged their claims until December
13, 2004 to do so.

Rostroj Rousinov filed for bankruptcy on August 11, 2004.  Some
80 other bankruptcy petitions are pending against it, mostly
filed by employees whose wages have not been paid since March,
the TCR-Europe said in July.  The company employs about 90
workers and is considered an important employer in the Vyskov
region.

CONTACT:  ROSTROJ ROUSINOV A.S.
          Mlekarska 1
          683 01 Rousinov
          Phone: 517 305 111
                 517 305 118
                 517 305 152
          Fax:  517 305 119
                517 305 153
          E-mail: info@rostroj.cz
                  obchod@rostroj.cz
          Web site: http://www.rostroj.cz


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


ALFRED DAMMANN: Hamburg Court Appoints Administrator
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Alfred Dammann (GmbH & Co.) on Sept. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 17, 2004 to
register their claims with court-appointed provisional
administrator Burckhardt Reimer.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:40 a.m. at the insolvency court
of Hamburg Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene
(Zi. 2.18) 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.

Alfred Dammann sells tools and machineries.

CONTACT:  DAMMANN VERWALTUNGSGESELLSCHAFT MBH
          Billhorner Kanalstrasse 56, 20539 Hamburg
          Contact:
          Sonja Dammann

          Burckhardt Reimer, Insolvency Manager
          Domstrasse 15, 20095 Hamburg
          Phone: 41522416
          Fax: 41522-411


ARTE IMMOBILIEN: Creditors' Claims Due Next Month
-------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Arte Immobilien & Handels GmbH on Sept. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 12, 2004
to register their claims with court-appointed provisional
administrator Bjorn Junge.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2004, 10:00 a.m. at the district court of
Rostock Zochstrasse, 18057 Rostock, Saal 330 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:  ARTE IMMOBILIEN & HANDELS GMBH
          Contact:
          Heiko Buttner, Manager
          Lohgerberstrasse 13, 18055 Rostock

          Bjorn Junge, Insolvency Manager
          Graf-Schack-Strasse 14, 18055 Rostock


BAUCON AG: Construction Firm Applies for Bankruptcy Proceedings
---------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against construction firm Baucon AG on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 12, 2004 to
register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 3:00 p.m. at the district court of
Potsdam Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 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:  BAUCON AG
          Former address:
          Kanada-Allee 03, 14513 Teltow
          Present address:
          Leipziger Strasse 41 - 44, 04425 Taucha
          Web site: http://www.bauconag.de

          Horst Piepenburg, Insolvency Manager
          Berliner Strasse 32, 14467 Potsdam


BLUE JEANS: Creditors' Meeting Set Next Month
---------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against textile company Blue Jeans GmbH on Sept. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 31, 2004
to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 2, 2004, 9:35 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. 15, 2005, 9:40 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  BLUE JEANS GMBH
          Marzahner Promenade 35,12679 Berlin

          Dr. Bjorn Gehde, Insolvency Manager
          Goethestr. 85, 10623 Berlin


DIRK SCHOTT: Insolvency Manager Takes over Operations
-----------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Dirk Schott GmbH on Sept. 28.  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. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2004, 8:40 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
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:  DIRK SCHOTT GMBH
          Heerener Str. 64, 59174 Kamen
          Contact
          Dirk Schott

          Dr. Sabine Aldermann, Insolvency Manager
          Landgrafenstr. 2 a, 44139 Dortmund
          Phone: 0231-8808390
          Fax: 0231-88083922


DISCOTHEK NANU: Bielefeld Court Appoints Insolvency Manager
-----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Discothek Nanu Versmold GmbH on Sept. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 11, 2004 to
register their claims with court-appointed provisional
administrator Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DISCOTHEK NANU VERSMOLD GMBH
          Gutersloher Str. 24, 33803 Steinhagen
          Contact:
          Michael Schmidt, Manager

          Jochen Schnake, Insolvency Manager
          Ravensberger Str. 12, 33824 Werther


GLANDER OBJEKTMOBEL: Furniture Company Succumbs to Bankruptcy
-------------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against furniture firm Glander Objektmobel GmbH on Sept. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 4, 2005 to
register their claims with court-appointed provisional
administrator Klaus Jonek.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 9:50 a.m. at Saal 115, Gerichtshaus
(Neubau), Ostertorstr. 25-31, 28195 Bremen 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. 27, 2005, 10:30 a.m. at the same
venue.

CONTACT:  GLANDER OBJEKTMOBEL GMBH
          Am Speicher XI Abt. 6, 28217 Bremen
          (AG Bremen, HRB 21590)
          Contact:
          Kay-Uwe Glander, Insolvency Manager
          Schwachhauser Heerstr. 297, 28211 Bremen

          Klaus Jonek, Insolvency Manager
          Schwachhauser Heerstr. 48, 28209 Bremen
          Phone: 348585
          Fax: 3478582


MG TECHNOLOGIES: Elevates Peter Schenk to Executive Board
---------------------------------------------------------
Peter Schenk (46) has been appointed with immediate effect to
the Executive Board of mg technologies ag by the company's
Supervisory Board.  He will continue to chair the Executive
Board of mg's Bochum-based subsidiary GEA AG until the merger of
GEA AG and mg technologies ag has been completed.

After studying mechanical engineering at the University of
Essen, Germany, Mr. Schenk started his professional career in
1984 as a process engineer at Westfalia Separator in Oelde,
which is now a subsidiary of GEA AG.  Here he worked in various
management positions before being appointed to the company's
Executive Board in 1997, at the same time assuming
responsibility for the Mechanical Separation division within the
GEA Group.  One year later he became CEO of Westfalia Separator
AG.

Mr. Schenk has sat on GEA's Executive Board since April 1999,
becoming its chairman in June 2000.  Since March 2004 he has
also held the position of Personnel Director at this company.
As an executive director at GEA he is responsible for the
Refrigeration, Mechanical Separation, and Process Equipment
divisions.  He also sits on the Supervisory Board of RWE
Solutions AG.

CONTACT:  MG TECHNOLOGIES
          Bokenheimer Landstrasse 73-77
          60325 Frankfurt am Main
          Phone: ++49-(0) 69-7 11 99-0
          Fax: ++49-(0) 69-7 11 99-100
          E-mail: info.mg@mg-technologies.com


TIMECREW PERSONALSERVICE: Administrator Takes over Helm
-------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Timecrew Personalservice GmbH on Sept. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 10, 2004
to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 3, 2004, 9:45 a.m. at the district court of
Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218 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:  TIMECREW PERSONALSERVICE GMBH
          Boxhagener Strasse 119,
          10245 Berlin
          Phone: +49 (30) - 80939666
          Fax: +49 (30) - 80939677

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


TK PROJEKT: Gives Creditors Until this Week to File Claims
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against construction company TK Projekt- und Management GmbH on
Sept. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Oct. 21, 2004 to register their claims with court-appointed
provisional administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 8:15 a.m. at Saal 28,
Gerichtsgebaude, Furstenstrasse 21, Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  TK PROJEKT- UND MANAGEMENT GMBH
          (HRB 16170)
          Former address:
          Hauptstrasse 150, 09661 Rossau

          Current address:
          Freiberger Str. 14, 09669 Frankenberg
          Contact:
          Gunter Scheffczyk, Manager

          DR. JUNKER & KOLLEGEN
          Dr. Christoph Junker
          Insolvency Manager
          Karcherallee 25a,
          01277 Dresden
          Web site: http://www.junker-kollegen.de


W. HUNGER: Administrator Sets First Creditors' Meeting November
---------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against W. Hunger & Co. GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Oct. 22, 2004 to register their
claims with court-appointed provisional administrator Gorge
Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 26, 2004, 11:20 a.m. at Saal 056,
Amtsgericht Leipzig at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  W. HUNGER & CO. GMBH
          (AG Leipzig, HRB 2786)
          Oertgering 12,
          04319 Leipzig
          Contact:
          Anett Hunger, Manager
          Waltraut Hunger, Manager

          Gorge Scheid, Insolvency Manager
          Jacobstrasse 25,
          04105 Leipzig


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


ALITALIA SPA: First-half Net Loss Doubles
-----------------------------------------
Ailing Alitalia S.p.A. booked a first-half net loss of EUR620
million after allocating around EUR289 million to cover cost of
job cuts, Bloomberg News Service says.

In a statement released through the local exchange, Alitalia
revealed it readjusted net loss to EUR620 million from EUR330
million to account for losses caused by strikes in the first
quarter.  The carrier's auditors, Deloitte & Touche S.p.A., have
yet to approved the restated first-half results.  Neither
Alitalia's board nor its auditor has approved the original
first-half results.  The new figure is more than double the
previous amount.

Alitalia, which plans to raise around EUR1.32 billion via a
share sale, will meet shareholders on December 15.  The carrier
will also convene its board on November 15 to approve its third-
quarter results.

Alitalia was able to strike a deal with unions to cut 3,700 jobs
or 20% of the workforce recently.  The job cuts will cost the
company around EUR167 million.

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


ALITALIA SPA: Latest Guidance Sees Annual Losses Similar to 2003
----------------------------------------------------------------
Alitalia S.p.A. expects to post EUR515 million in losses for
2004, Bloomberg News Service says.  The loss is similar to the
airline's 2003 figure, which is around EUR520 million, Alitalia
said in a statement.  Both figures exclude taxes and
extraordinary items.

Alitalia will receive the first chunk of the EUR400 million
state-backed bridging loan at the end of the month.  The loss-
making carrier, which would be split into two different business
units, is also allocating around EUR289 million to compensate
around 3,700 employees who will be axed.  Giancarlo Cimoli, the
carrier's chief executive, aims to reduce costs by around EUR1
billion in the next four years.  Mr. Cimoli also intends to
acquire new planes to cover new routes in 2007 and hopes to
break even in 2006 and return to profit in 2007.

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


GIANNI VERSACE: Puts New York Property on Sale
----------------------------------------------
Fashion house Gianni Versace S.p.A. is selling a property in New
York in an effort to dispose of non-strategic assets, Il Sole 24
Ore says.  The building is located at the Upper East Side.  The
fashion firm has been selling non-strategic properties as part
of its restructuring.

Meanwhile, Versace named Laura Manelli new head of its world
retail operations.  Ms. Manelli's previous stints were with
fashion company Armani and French luxury goods group LVMH.

Versace, which expects to book a loss this year, anticipates a
rise in sales in 2005 after orders poured in for its spring 2005
collection, recently presented in Milan.  The orders are also
expected to reduce group debts.

CONTACT:  GIANNI VERSACE S.p.A.
          Via Manzoni 38
          20121 Milan
          Phone: +39-02-760-93-1
          Fax: +39-02-760-04122
          Web site: http://www.versace.it


PARMALAT FINANZIARIA: Nextra Offers EUR160 Million Settlement
-------------------------------------------------------------
The Extraordinary Commissioner communicated Thursday, with the
approval of the Minister of Production Activities and with a
favorable opinion received from the Surveillance Committee of
the Administration, he has accepted the settlement proposal made
on October 6, 2004 by Nextra Investment Management - societa di
gestione del risparmio S.p.A.

The consideration of EUR160 million has been received Thursday
and will be divided between the relevant companies, once the
Surveillance Committee's views have been received and in
agreement with the Ministry of Production Activities.

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


===================
K A Z A K H S T A N
===================


KAZKOMMERTSBANK: Proposed Denominated Eurobond Rated 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' debt
rating to a U.S. dollar-denominated fixed-rate bond to be issued
in October 2004 by Kazkommerts International B.V., a
Netherlands-based special purpose vehicle.  The amount of the
issue will be about $300 million.  The bond issue is guaranteed
by Kazakhstan-based Kazkommertsbank (JSC) (KKB; BB-/Positive/B).

The ratings on KKB reflect the improving Kazakh economic
environment, the bank's strong domestic franchise, more
diversified funding profile, and rapid loan growth.  KKB has
been using Kazakhstan's improved economic prospects to its
advantage, attracting primary funds as well as longer-term
international debt and growing its profitable lending business.
The decision of the European Bank for Reconstruction and
Development (AAA/Stable/A-1+) to invest into the equity of KKB
has improved KKB's credit profile.  Although the Kazakh economy
has been showing positive trends since 2000, the bank retains
significant, but decreasing concentrations in loans and funding
in a high-risk economic and banking environment.  Its prudent
practice of taking significant loan-loss provisions and
collateral for potential problems stemming from the high loan
growth mitigates against these risks.

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
on Standard & Poor's public Web site 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
          Analyst E-mail Addresses
          FIG_Europe@standardandpoors.com


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


AGHA & CO: Public Auction of Assets Slated Next Week
----------------------------------------------------
The bidding organizer and insolvency manager of Agha & Co will
sell the properties of the limited liability company on October
25, 2004, 10:00 a.m. at Kyrgyzstan, Bishkek, Gorkiy Str. 1, Room
302.

For sale is a machine-washing station located at Kyrgyzstan,
Bishkek, Bakaev Str. 2/1.  For more information, call (0-502) 35
79 88, 35 79 11, or (0-312) 53-18-95.


AINEK: Deadline for Submission of Bids Expires November
-------------------------------------------------------
The bidding organizer and insolvency manager of Ainek will sell
the properties of the joint stock company on November 2, 2004,
10:00 a.m. at Kyrgyzstan, Bishkek, Fatyanov Str. 1.

For sale are eleven lots of glass equipment, computers, mobile
phones, pagers and furniture.

The assets can be examined at Tokmok, Industrial Zone, Ainek.
To participate, bidders should deposit an amount equivalent to
10% of the starting price and submit their bids to the
insolvency manager on or before November 1, 2004 at Bishkek,
Fatyanov Str. 1.  For more information, call (0-312) 42-38-45 or
42-39-68.


EDELVEIS-JERCEY: Sets Creditors' Meeting
----------------------------------------
The temporary insolvency manager of Edelveis-Jercey will meet
the creditors of the joint stock company on October 26, 2004,
10:00 a.m. at Alamudun region, Oktabrskoe, Fabrichnaya Str. 1.

Agenda:

(a) Report of the temporary insolvency manager,

(b) Approval of outstanding balance,

(c) Completion of the bankruptcy procedure, and

(d) Others

Proxies must have authorization to vote.  For more information,
call (0-502) 32-70-64.


ISSYK-KUL: Puts Properties on Sale
----------------------------------
Issyk-Kul Regional State Administration will sell its properties
on November 1, 2004, 10:00 a.m. at Kyrgyzstan, Issyk-Kul region,
Karakol, Abdrajmanov Str. 105, Regional State Administration
Building.

For sale are:

(a) Lot 1: Building (1 hectare) and lot (1.85 hectares) located
    at Issyk-Kul region, Choktal.  Starting price is KGS471,000;

(b) Lots 3-4: Building (1.5 hectare) and lot (1.5 hectare)
    located at Issyk-Kul region, Resort Kara-Oi.  Starting price
    is KGS684,900; and

(c) Lot 4: Building (0.25 hectare) and lot (0.25 hectare)
    located at Issyk- Kul region, Bosteri.  Starting price is
    KGS162,900.

For more information, call (0-312) 62-52-75, (0-3922) 5-25-00 or
2-25-00.


KARA-BALTA: Almazbek Adranov Named Insolvency Manager
-----------------------------------------------------
The Department of the Bankruptcy Issues under the State
Committee of the Kyrgyz Republic appointed Mr. Almazbek Adranov
(License No. 0310) temporary insolvency manager of Association
Kara-Balta on April 1, 2004.  For more information, call (0-
3134) 4-86-55.


KYRGYZAGROPROMBANK: Selling Assorted Assets Later this Month
------------------------------------------------------------
The Liquidator of Joint Stock Commercial Bank Kyrgyzagroprombank
will sell its properties on October 28, 2004, 10:00 a.m. at
Kyrgyzstan, Bishkek, Chui Avenue 114.  The liquidator will hold
three separate auctions:

(a) Auction 1 involves 36 lots of office equipment;

(b) Auction 2 will sell a VAZ 2107 car worth KGS80,353.5.

(c) Auction 3 involves 34 lots of suits and fabrics.

To participate, bidders should deposit an amount equivalent to
10% of the starting price and submit their bids to the
insolvency manager on or before October 27, 2004 at Kyrgyzstan,
Bishkek, Chui Avenue 114.  For more information, call (0-312)
62-44-57 or 66-38-00.


LAMPE AND RODIGER: Evaluation of Proofs of Claim Set December
-------------------------------------------------------------
LLC Lampe and Rodiger, which recently filed for insolvency, will
review all proofs of claim on December 12, 2004.  For more
information, call (0-312) 90-13-38.


SYN-TASH: Sets Auction of Assets First Week of November
-------------------------------------------------------
The bidding organizer and insolvency manager of Agricultural
Producer's Co-operative Syn-Tash will sell its properties on
November 2, 2004, 10:00 a.m. at Kyrgyzstan, Issyk-Ata, Telman,
Canteen Building.

For sale are ten lots of repair shop equipment, spare
storehouse, agricultural machines and metallic equipment.  To
participate, bidders should deposit an amount equivalent to 10%
of the starting price and submit their bids to the insolvency
manager on or before October 28, 2004 at Kyrgyzstan, Issyk-Ata,
Telman, Canteen Building.  For more information, call (0-312)
59-10-45.


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


ROYAL AHOLD: Wins appeal; Rejects Claims of Amstel Capital
----------------------------------------------------------
Ahold announced Friday that, in an appeal, the Amsterdam Court
of Appeals dismissed on October 14, 2004 claims made by Amstel
Capital Management B.V. against the previous judgment by the
Remedial Injunctions Section of the Amsterdam District Court.

Acting on behalf of several holders of bonds issued by Albert
Heijn, ACM had argued that the terms and conditions of the bond
issuance conferred upon them the right to inspect certain
financial statements relating to Albert Heijn and had therefore
demanded these be placed at their disposal.

The Amsterdam District Court had already dismissed the entire
ACM filing.  The Court of Appeals has now confirmed that
judgment.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


ARDON-MEZH-RAY-GAS: Appoints S. Tsygoyev Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Severnaya Osetiya republic - Alaniya
has commenced bankruptcy supervision procedure on OJSC Ardon-
Mezh-Ray-Gas.  The case is docketed as A61-863/04-12.  Mr. S.
Tsygoyev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 362002, Russia,
Vladikavkaz, Avgustovskikh Sobytiy Str. 10.

CONTACT:  ARDON-MEZH-RAY-GAS
          Russia, Ardon,
          Lenina Str. 101

          Mr. S. Tsygoyev
          Temporary Insolvency Manager
          362002, Russia, Vladikavkaz,
          Avgustovskikh Sobytiy Str. 10


DIGITAL NETWORKS: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on LLC Digital Networks.  The case is
docketed as A41-K2-4226/04.  Mr. A. Kostyunin has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 127550, Russia,
Moscow, Dmitrovskoye Shosse, 33, Building 4, Apartment 10.  A
hearing will take place at the Arbitration Court of Moscow
region on December 6, 2004 at 2:15 p.m.

CONTACT:  DIGITAL NETWORKS
          141090, Russia,
          Moscow region, Yubileyniy,
          A. I. Nesterenko Str. 17

          Mr. A. Kostyunin
          Temporary Insolvency Manager
          127550, Russia, Moscow,
          Dmitrovskoye Shosse, 33,
          Building 4, Apartment 10

          The Arbitration Court of Moscow region
          Russia, Moscow,
          Akademika Sakharova Pr. 18, Hall 440


HENDE-SHANS: Deadline for Proofs of Claims Expires Next Month
-------------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
proceedings against Hende-Shans after finding the open joint
stock company insolvent.  The case is docketed as A40-2125/04-
66-2B.  Mr. P. Novikov has been appointed insolvency manager.

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

(a) Insolvency Manager
    109439, Russia, Moscow,
    Post User Box 10

(b) The Arbitration Court of Moscow
    107078, Russia, Moscow,
    Novaya Basmannaya Str. 10

(c) Hende-Shans
    Russia, Moscow,
    Vozdvizhenka Str. 11
    Post-address: 107005, Russia, Moscow,
    Baumanskaya Str. 43/1,building 1


KORAL: Declared Insolvent
-------------------------
The Arbitration Court of Samara region has commenced bankruptcy
proceedings against after finding the municipal unitary
enterprise insolvent.  The case is docketed as A55-9047/04-33.
Mr. D. Korobkov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 443112, Russia
Samara, Kraynyaya Str. 3-15.

CONTACT:  KORAL
          443096, Russia,
          Samara, Polevaya Str. 84

          Mr. D. Korobkov
          Insolvency Manager
          443112, Russia Samara,
          Kraynyaya Str. 3-15


MASLO-SYRO-DEL: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on OJSC Maslo-Syro-Del.  The case is
docketed as A03-1622/04-B.  Ms. L. Ostanina has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 656002, Russia, Barnaul, Sovetskaya Str., 14.

CONTACT:  MASLO-SYRO-DEL
          659430, Russia,
          Altay region, Tselinniy region,
          Tselinnoye, Severnaya Str. 1

          Ms. L. Ostanina
          Temporary Insolvency Manager
          656002, Russia,
          Barnaul, Sovetskaya Str. 14


ROAD BUILDING: Moscow Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
proceedings against Road Building Corporation #5 (TIN
5002003214) after finding the insolvent and bankruptcy
proceedings were introduced at the company.  The case is
docketed as A-41-K-2-8440/04.  Mr. T. Samatoyev has been
appointed insolvency manager.  Creditors have until November 10,
2004 to submit their proofs of claim to 140170, Russia, Moscow
region, Bronnitsy, Kashirskoye Shosse.

CONTACT:  ROAD BUILDING CORPORATION #5
          140170, Russia,
          Moscow region, Bronnitsy,
          Kashirskoye Shosse

          Mr. T. Samatoyev
          Insolvency Manager
          140170, Russia,
          Moscow region, Bronnitsy,
          Kashirskoye Shosse


SOSNOVOBORSKOYE: Insolvency Manager Takes over Operations
---------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on LLC Sosnovoborskoye (TIN 2815000503).
The case is docketed as A04-3087/04-6/143 B.  Ms. A. Shilova has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to temporary
insolvency manager.  A hearing will take place at the
Arbitration Court of Amur region on October 26, 2004, 3:00 p.m.

CONTACT:  SOSNOVOBORSKOYE
          676246, Russia,
          Amur region, Zeyskiy region, Zeya,
          B. Khmelnitskogo Str. 45


SOYUZ: Gives Creditors Until Next Month to File Claims
------------------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
has commenced bankruptcy proceedings against Soyuz (TIN
7816180311) after finding the factory of plastic goods
insolvent.   The case is docketed as A56-4077/04.  Mr. I. Trubin
has been appointed insolvency manager.  Creditors have until
November 10, 2004 to submit their proofs of claim to 192007,
Russia, Saint-Petersburg, Kurskaya Str. 21.

CONTACT:  SOYUZ
          Russia, Saint-Petersburg,
          Kurskaya Str. 21

          Mr. I. Trubin
          Insolvency Manager
          192007, Russia,
          Saint-Petersburg, Kurskaya Str. 21a


UNI-FRESH-CONSTRUCTIVE: Declared Insolvent
------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
proceedings against Uni-Fresh-Constructive after finding the
close joint stock company insolvent.  The case is docketed as
A40-38240/03-73-21B.  Mr. P. Novikov has been appointed
insolvency manager
.
Creditors have until November 10, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager
    109439, Russia, Moscow,
    Post User Box 10

(b) The Arbitration Court of Moscow
    107078, Russia, Moscow,
    Novaya Basmannaya Str. 10

(c) Uni-Fresh-Constructive
    125315, Russia, Moscow,
    Chasovaya Str. 16, Building 6


VIKHR: Under Bankruptcy Supervision
-----------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on LLC Vikhr.  The
case is docketed as A75-274-B/04.  Mr. V. Belonogov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 628310, Russia,
Nefteyugansk-10, Post User Box 57.  A hearing will take place on
December 27, 2004.

CONTACT:  VIKHR
          628300, Russia,
          Tyumen region, Nefteyugansk,
          Prom.Zone Pionernaya, Stroiteley Str

          Mr. V. Belonogov
          Temporary Insolvency Manager
          628310, Russia,
          Nefteyugansk-10,
          Post User Box 57


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


PODPOLIANSKE STROJARNE: Expected to Exit Bankruptcy Next Year
-------------------------------------------------------------
Bankruptcy proceedings against engineering firm Podpolianske
Strojarne Detva A.S. (PPS Detva) will continue until the first
quarter of 2005, says Czech News Agency.

The company's receiver, Karol Rajnoha, said Wednesday the
completion of the proceedings would depend on the court's speed
in settling disputes.  Mr. Rajnoha also announced the second
round of a non-auction tender of PPS Detva's assets.

CONTACT:  PODPOLIANSKE STROJARNE DETVA A.S.
          SK-96212 Delva 3
          Slovakia
          Phone: +42 1 8 55 35 51 11
          Fax: +42 1 8 55 35 62 15
          Web site: http://www.way-industry.sk


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


ABBEY NATIONAL: Shareholders Accept Santander's Takeover Offer
--------------------------------------------------------------
The Board of Abbey announces that Abbey Shareholders have voted
to approve the Scheme to implement the recommended Acquisition
of Abbey by Banco Santander at the Court Meeting and the Abbey
EGM held on 14 October 2004.  The results of the votes, which
were conducted by poll, are set out below.  Completion of the
Acquisition will result in Abbey Shareholders receiving 1 New
Banco Santander Share as well as a special cash dividend of 25
pence plus 6 pence for dividend differential, totaling 31 pence,
for each Abbey Share held at the Scheme Record Time.

The Court hearings of Abbey's petitions to sanction the Scheme
and to confirm the reduction of Abbey's share capital are
expected to take place on 8 November 2004 and 11 November 2004,
respectively.  Subject to the Court sanctioning the Scheme and
confirming the associated reduction of capital, and the
satisfaction of certain other outstanding conditions, the
Effective Date of the Scheme is expected to be 12 November 2004.
Listing and dealings in Abbey Shares on the London Stock
Exchange are expected to be suspended and Abbey Shares are
expected to cease to settle in CREST as of 4.30 p.m. (London
time) on 12 November 2004.

The Abbey ADS register is also expected to close at that time.
Settlement of New Banco Santander Shares to be issued through
Iberclear is expected to occur on 15 November 2004, with
dealings in New Banco Santander Shares on the market of Bolsas
de Valores and of New Banco Santander ADSs on the NYSE expected
to commence on 16 November 2004.  Abbey's special dividend of 25
pence plus 6 pence for dividend differential is expected to be
paid on 14 December 2004.

Copies of the special resolution passed at the Abbey EGM have
been submitted to the U.K. Listing Authority and are available
for inspection by the public at the U.K. Listing Authority's
Document Viewing Facility situated at: Financial Services
Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS
(Phone: +44 (0)20 7676 1000) during normal business hours on any
weekday (except public holidays) until the completion of the
Acquisition.

Capitalized terms in this announcement have the same meaning as
in the Scheme document sent to Abbey Shareholders on 17
September 2004.

Voting Results

The voting results in relation to the meetings were as follows:

Court Meeting
-------------
To approve the Scheme:

                    No. of      % of Abbey Shares   % of issued
                  Abbey shares       voted          Abbey Shares
                     Voted

For               754,039,177        94.4%             50.8%
Against            44,473,833         5.6%              3.0%


                     No. of                % of Abbey
                 Abbey Shareholders     Shareholder's Voting

For                  185,915                   64.8%
Against              100,809                  35.2%


Abbey EGM
---------
To approve a special resolution to implement the Scheme:

                    No. of      % of Abbey Shares   % of issued
                  Abbey shares       voted          Abbey Shares
                     Voted

For               780,362,921        94.2%             52.6%
Against            47,917,465         5.8%              3.2%

An adjournment resolution proposed at the meeting was defeated
on a poll.

Commenting on the result of the meetings, Lord Burns, Abbey's
Chairman, said: "Approval of the Scheme at the Court Meeting and
the EGM is a very positive step towards completion of Abbey's
recommended Acquisition by Banco Santander.  We look forward to
seeing the remaining conditions being satisfied and completion
of the transaction, which we expect to take place on 12 November
2004."

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM
CANADA, AUSTRALIA, JAPAN, MALAYSIA OR ITALY

CONTACT:  ABBEY NATIONAL PLC
          Thomas Coops, Communications
          Phone: +44 207 756 5536

          Investors and Analysts
          Jonathan Burgess
          Phone: +44 207 756 4182

          Media Relations
          Christina Mills
          Phone: +44 207 756 4212

          Matthew Young

          Phone: +44 207 756 4232

          BRUNSWICK
          Susan Gilchrist
          Phone: +44 20 7396 5301

          MORGAN STANLEY
          Simon Robey
          Phone: +44 207 425 5555

          Caroline Silver
          Phone: +44 207 425 5555

          William Chalmers
          Phone: +44 207 425 5555

          Joint Brokers to Abbey
          LEHMAN BROTHERS INTERNATIONAL
          Stephen Pull
          Phone: +44 207 102 1000

          Charles King
          Phone: +44 207 102 1000

          UBS INVESTMENT BANK
          Tim Waddell
          Phone: +44 207 567 8000

          Christopher Smith
          Phone: +44 207 567 8000


ARCHLINE BENDING: Hires Milner Boardman as Administrator
--------------------------------------------------------
Gary Corbett and Darren Brookes (IP Nos 9018,9297) have been
appointed joint administrators for Archline Bending Limited.
The appointment was made October 8, 2004.

The company manufactures plastic products.  Its registered
office is located at Unit 1, Lowercroft Business Park,
Lowercroft, Bury BL8 3PA.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road, Hale,
          Cheshire
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


BARRINGTON FLEMING: Director Receives Eleven-year Ban
-----------------------------------------------------
A director of a business that dealt with works of art, which
failed with total debts estimated at GBP900,000, has given an
Undertaking not to hold directorships or take any part in
company management for 11 years.

The Undertaking by Philip Raymond Lynk, 44, of La Adelfilla,
Estacion de Jimena, Cadiz, 11339, Spain, was given in respect of
his conduct as a director of Barrington Fleming Art Limited,
which carried out business from premises at 134 Lots Road,
London, SW10.

Acceptance of the Undertaking on September 22, 2004 prevents Mr.
Lynk 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.  Barrington Fleming Art Limited was placed into
liquidation on April 25, 2001 with estimated debts of GBP900,000
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 Mr. Lynk, were that:

He caused the company to trade to the detriment of its customers
as he falsified claims in the company's promotional materials:

     (i) He claimed that the investment in limited edition art
         prints would enable the investor to receive guaranteed
         investment income of 10% per annum, that the prints
         purchased would physically exist, and then would be
         signed and numbered by the artists in each case; and

    (ii) He claimed they would have a real and increasing market
         value at least equal to, or more than, the price paid
         for the print by the investor, and that the prints
         would be leased out through Worldwide Leasing Limited
         to commercial concerns to make profits for the
         investors.

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


BIRCHGILL LIMITED: Creditors' Meeting Set Weekend
-------------------------------------------------
The creditors of Birchgill Limited will meet on October 22, 2004
at 10:15 a.m.  It will be held at The Merrion Hotel, Wade Lane,
Leeds LS2 8NH.  Creditors who want to be represented at the
meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to Bartfields (UK) Limited,
Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than
12:00 noon, October 21, 2004.

CONTACT:  BARTFIELDS (UK) LIMITED
          Burley House,
          12 Clarendon Road,
          Leeds LS2 9NF
          Phone: 0113-244 9051
          Fax: 0113-242 0098


BONNINGTON RESTAURANTS: Sets Deadline for Filing of Claims
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Bonnington Restaurants Limited
                        (In Liquidation)

I, Maureen Elizabeth Leslie, Insolvency Practitioner, 23 Queen
Street, Edinburgh, hereby give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Bonnington Restaurants Limited by resolution of
the First Meeting of Creditors held on September 22, 2004.  A
liquidation committee was not established.

Accordingly, I hereby give notice that I do not intend to summon
a further meeting for the purpose of establishing a Liquidation
Committee unless one-tenth in value of the creditors require me
to do so in terms of Section 142(3) of the Insolvency Act 1986.
All creditors who have not already done so are required to lodge
their claims with me by December 22, 2004.

Maureen Elizabeth Leslie, Liquidator
September 22, 2004

CONTACT:  BAKER TILLY
          23 Queen Street
          Edinburgh EH2 1JX
          Phone: 0131 225 6424
          Fax: 0131 220 1282
          E-mail: janet.hamblin@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


BOWTREE LIMITED: Creditors Appoint PwC Liquidator
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Bowtree Limited
                         (In Liquidation)

I, Graham H Martin, of PricewaterhouseCoopers LLP, Kintyre
House, 209 West George Street, Glasgow, G2 2LW, hereby give
notice that I was appointed Liquidator of Bowtree Limited on
September 15, 2004, by resolution of the first meeting of
creditors convened in terms of Section 138 of the Insolvency Act
1986.  The meeting declined to establish a Liquidation
Committee.

It is not my intention to summon a further meeting of the
creditors to establish a Liquidation Committee unless requested
to do so by one-tenth in value of the company's creditors.
Creditors who have not already done so are required to lodge
their claims on or before December 15, 2004.

Graham H. Martin, Liquidator

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


BRITISH NUCLEAR: MPs Call Mox Plant A Scandal; Demand Inquiry
-------------------------------------------------------------
A parliamentary inquiry is being sought for the Mox plant of
British Nuclear Fuels Limited, which has been labeled by two
former environment ministers as a multi-million-pound "scandal."

Both Michael Meacher and John Gummer, who oversaw the building
of the plant and gave the permission to start up in 2001, want
the House of Commons' Public Accounts Committee to find out why
the controversial plant has remained inoperable.  Their call was
triggered by a recent report that BNFL has had to call in its
chief competitor, the French company Cogema, to try to get the
GBP473 million plant to operate properly.

Ironically, BNFL while lobbying for the plant's construction
refused to disclose how it could become viable on the grounds
that this could give an advantage to Cogema.  According to Mr.
Meacher, he was forced to allow the project after Prime Minister
Tony Blair personally backed it.  Since its construction,
however, the plant that is supposed to produce nuclear fuel of
mixed uranium and plutonium at the Sellafield nuclear complex
has repeatedly broken down and has yet to produce a single
finished product.

"Environmentalists always opposed it as a waste of money and a
terrorist threat as it could cause plutonium, which could be
made into nuclear bombs, to be shipped around the world,"
according to the Independent.

"This is a public scandal of enormous proportions. How many
schools and hospitals could we have built with the hundreds of
millions of pounds that has been wasted?," the Independent
quotes Mr. Meacher.

Mr. Gummer, for his part, adds: "I was told that the Mox plant
was safe and that Britain was the best place in the world to
operate it because we knew most about it.  Ministers have to
rely on such advice, but we were clearly misinformed."

CONTACT:  BRITISH NUCLEAR FUELS PLC
          65 Buckingham Gate,
          Off Victoria Street,
          London SW1E 6AP
          Phone: +44 (0) 20 7222 9717
          Fax:   +44 (0) 20 7222 1935
          Web site: http://www.bnfl.com


CARRIG EQUIPMENT: Appoints KPMG Administrator
---------------------------------------------
Allan Watson Graham and Finbarr Thomas O'Connell (IP Nos 8719,
7931) have been appointed joint administrators for Carrig
Equipment (UK) Limited.  The appointment was made October 6,
2004.

CONTACT:  KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


CDMA CASHMERE: Calls Final Meetings of Members, Creditors
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF CDMA Cashmere Ltd.
               (In Creditors Voluntary Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that a final meeting of the members of CDMA
Cashmere Ltd. will be held at Sherwood House, 7 Glasgow Road,
Paisley PA1 3QS on 26th November, 2004 at 12:30 p.m. to be
followed at 12:45 p.m. by a final meeting of creditors for the
purpose of having an account laid before them by the liquidator
showing the manner in which the winding up has been conducted
and the property of the company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining the manner in which the books, accounts and
documents of the company and of the Liquidator shall be disposed
of and for the Liquidator to seek sanction for his release from
office.

A resolution at the meeting will be passed if a majority of
those voting have voted in favor of it.

A member or creditor will be entitled to attend and vote at the
meeting only if a claim has been lodged with me at or before the
meeting and it has been accepted for voting purposes in whole or
in part.  Proxies may also be lodged with me at the meeting or
before the meeting at my office.

Derek Forsyth, Liquidator
October 1, 2004

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


CLAREMONT AUDIO: Hires Joint Liquidators from PwC
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF Claremont Audio Visual Environments Limited
                         (In Liquidation)

I, J. Bruce Cartwright, and my colleague Laurie K. Manson, of
PricewaterhouseCoopers LLP, Kintyre House, 209 West George
Street, Glasgow, G2 2LW, hereby give notice that we were
appointed Joint Liquidators of Claremont Audio Visual
Environments Limited (In Liquidation) on September 28, 2004 by
resolution of the first meeting of creditors convened in terms
of Section 138 of the Insolvency Act 1986.

The meeting declined to establish a Liquidation Committee.  It
is not our intention to summon a further meeting of the
creditors to establish a Liquidation Committee unless requested
to do so by one tenth in value of the company's creditors.

All creditors who have not already done so are required on or
before December 28, 2004 to lodge their claims with me.

J. B. Cartwright, Joint Liquidator

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


CLAY CROSS: Director Earns 4-year Ban for Part in Firm's Failure
----------------------------------------------------------------
The director of a construction business that failed with total
debts estimated at around GBP395,000 has given an Undertaking
not to hold directorships or take any part in company management
for four years.

The Undertaking by Martin Murtagh, 43, of Beechway, Danesmoor,
Chesterfield, was given in respect of his conduct as a director
of Clay Cross Construction Limited, which carried out business
from premises at Bestwood Drive, Clay Cross, Chesterfield.

The acceptance of the Undertaking on October 6, 2004 prevents
Mr. Murtagh 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.  Clay Cross Construction Limited was placed into
voluntary liquidation on August 14, 2002 with estimated debts of
GBP395,000 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.

The matter of unfit conduct, not disputed by Mr. Murtagh, was
that he caused the company to trade to the detriment of
creditors, in particular by allowing the company to fail to make
payments to HM Customs & Excuse and the Inland Revenue when they
were due, with the result that on liquidation the liabilities
owed were GBP196,556 and GBP189,850 respectively.


CLOSE COMMUNICATIONS: In Administrative Receivership
----------------------------------------------------
Commercial Finance Limited called in Jason James Godefroy and
Paul John Clark (Office Holder Nos 9097, 8570) joint
administrative receivers for the recruitment placement firm
Close Communications Limited (Reg No 03661618, Trade
Classification: SIC 92).  The application was filed October 6,
2004.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Phone: 020 7291 9750
          Fax:   020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


EBOOKERS PLC: Third-quarter Sales Jumps More than 20%
-----------------------------------------------------
Ebookers plc (NASDAQ: EBKR, LSE: EBR), the pan-European online
travel company, makes a statement on trading for the Quarter
ended September 30, 2004.

In line with comments made at the time of the company's results
for the second quarter of 2004, trading for Quarter 3 (July-
September) has been encouraging with gross sales in the range of
GBP155 million - GBP157 million (U.K. GAAP) (Q3 2003, GBP145
million; Q2 2004, GBP136 million).  Taking into account the
closure of offline retail outlets, this represents a like-for-
like, year-on-year increase for the quarter of over 20%.

Growth continues to be driven by high online sales, with offline
sales decreasing in both relative and absolute terms as business
continues to shift to the Web.

Gross sales growth (%)     Actual growth    Like-for-like growth
Q3 04 vs Q3 03 See Note 2       rate                rate
                                               (after shop
                                                  closures)
Online                         61.2%               61.2%
Web-enabled                    28.9%               28.9%
Offline                       -22.0%               -3.0%

Sales by channel was as follows:

(For the quarter online and Web-enabled sales accounted for 65%
of total sales.)

Gross sales mix (%)            Q3 03               Q3 04
Online                         23.7%               38.3%
Web-enabled                    20.8%               26.4%
Offline                        55.5%               35.3%

Gross margins remain at a similar level to Quarter 3, 2003
(12.6%).

Cost savings from the recent restructuring programme are being
realised with manpower-related costs reducing by 10% compared to
Quarter 2 2004, principally related to a European headcount
reduction of approximately 400 since January.  Further positive
financial effect of this headcount reduction is expected in the
final quarter and next year.

Discussions are continuing regarding the possible sale of the
company.  These discussions may or may not lead to an offer
being made for the Company and the Board will make a further
announcement as appropriate.

ebookers will announce its full financial results for Quarter 3
on 15 November and will also provide a current trading statement
for Quarter 4.

Dinesh Dhamija, CEO ebookers plc commented: "Online and Web-
enabled sales are now 65% of our business and are growing
strongly.  We have also taken significant manpower-related costs
out of our business and are better positioned for future
profitability."

ebookers will hold an analyst presentation this afternoon and
will give operational updates on the business.  Presentations
will be made available on the ebookers investor relations Web
site or can be obtained by request from
oliver.strong@ebookers.com.

---------

(a) Definitions
    ebookers categorizes its gross sales in three ways:

    (1) Online sales.  These are fully automated Web bookings.

    (2) Web-enabled sales.  These are Web-originated bookings or
        Internet bookings involving a phone call or Web-chat.

(b) Offline bookings.  Bookings made via shops or telephone.

Gross margin is defined as turnover as a percentage of gross
sales after adjusting for the effect of exceptional items.

(c) ebookers plc at a glance

    (i) Leading pan-European online travel company.

   (ii) Specializing in high margin, high value, long and mid
        haul travel.

  (iii) Umbrella brand http://www.ebookers.com.

(d) Other Web sites include http://www.travelbag.co.uk,
    http://www.bridgetheworld.comand http://www.mrjet.com.

(e) Full service including hotels, cars, flights, hotels,
    cruise, holidays, travel insurance.

(f) Web sites in 13 countries and 9 languages: France, UK,
    Ireland, Germany, Netherlands, Sweden, Denmark, Finland,
    Norway, Belgium, Austria, Spain, Switzerland.

    (i) 900 European staff;

   (ii) Head office in UK, offices in 9 other European countries

  (iii) 700 seat low cost India Business Process Outsourcing
        facility, New Delhi;

   (iv) High growth - 5 year CAGR of 147%;

    (v) Total transaction value of goods sold:
        2003-GBP521 million; 2002-GBP274 million; 2001-GBP180
        million; 2000-GBP102 million; 1999-GBP15 million

CONTACT:  EBOOKERS PLC (NASDAQ: EBKR [ADR])
          25 Farrington St.
          London EC4A 4AB,
          United Kingdom
          Phone: +44-20-7489-2222
          Fax: +44-20-7489-2200
          Web site: http://www.ebookers.com


EBOOKERS PLC: Management Not Dropping Plan to Sell Company
----------------------------------------------------------
Ebookers plc failed to reduce confusion about the direction of
takeover talks last week, but it finished higher on Thursday at
191.5p, valuing the business at GBP125 million.

According to The Guardian, management has remained mum about the
status of the plan to sell the company after InterActiveCorp
abandoned its bid for the online travel group two weeks ago.  On
Thursday, ebookers confirmed that "discussions are continuing
regarding the possible sale of the company."

Ebookers has not made a profit since floating in April 2001 and
in July it issued a dire profit warning.  Things are expected to
get worse after rival, Lastminute.com, admitted early this month
that the summer months had been "challenging" and earnings would
be towards the lower end of the range it predicted in August.

Observers say mergers and takeovers in the online travel sector
have become in vogue lately.  Three weeks ago Cendant, owner of
Avis car rental, paid US$1.25 billion (GBP694 million) for the
U.S. operator Orbitz.

On Thursday, ebookers said its performance over the crucial
three months to end September was "encouraging" with gross sales
in the range of GBP155 million to GBP157 million, higher than
last year's GBP145 million for the same period.  Gross margins
remained at a similar level to the third quarter of 2003 at
about 12.6%.

Ebookers also told City analysts last week about its plans to
enter the hotels market.  As part of this move, it recently
recruited Ranjan Singh, who used to head the European hotels
operation of archrival Expedia, to lead its push into that
sector.

"Like many online travel agents, ebookers is looking to higher-
margin business from areas such as hotels to offset the intense
pricing pressure it is experiencing in its core flight-selling
business," The Guardian says.  "Ebookers' foray into the hotels
sector is unlikely, to have any positive impact on profits until
next year."

"Online and Web-enabled sales are now 65% of our business, and
are growing strongly.  We have also taken significant manpower-
related costs out of our business," ebookers CEO Dinesh Dhamija
told analysts.  He owns a 41.5% stake in the firm.

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


EWB (2004): Names Numerica Administrator
----------------------------------------
Frank Wessely and Peter Hughes-Holland (IP Nos 7788, 1700) have
been appointed joint administrators for EWB (2004) Plc.  The
appointment was made October 4, 2004.  The company manages wine
bar and restaurants.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


EXTRICITY LIMITED: Sets Members' Meeting November
-------------------------------------------------
The general meeting of the members of Extricity Limited will be
on November 12, 2004 commencing at 10:00 a.m.  It will be held
at No 1 Riding House Street, London W1A 3AS.

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 Smith and Williamson Limited at No 1 Riding House Street,
London W1A 3AS not later than 12:00 noon, November 11, 2004.

CONTACT:  SMITH AND WILLIAMSON LIMITED
          No 1 Riding House Street,
          London W1A 3AS
          Web site: http://www.smith.williamson.co.uk


FUND RESEARCH: Liquidator to Update Members Next Month
------------------------------------------------------
Name of Companies:
Fund Research Limited
Instructional Fair Group Limited
ISDS Limited

The final general meetings of these companies will be on
November 15, 2004 commencing at 10:30 a.m., 10:40 a.m. and 10:50
a.m. respectively.  It will be held at 1 More London Place,
London SE1 2AF.

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

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


GEOFF TILL: Hires Joint Administrator from Poppleton & Appleby
--------------------------------------------------------------
M. T. Coyne and M. D. Hardy (IP Nos 6575, 9160) have been
appointed joint administrators for Geoff Till Access Limited.
The appointment was made September 30, 2004.  Its registered
office is located at Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH.

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


GLOBE WORSTED: Sets Creditors' Meeting Friday
---------------------------------------------
The creditors of Globe Worsted Company Limited will meet on
October 22, 2004 commencing at 11:15 a.m.  It will be held at
The Merrion Hotel, Wade Lane, Leeds LS2 8NH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Bartfields (UK) Limited, Burley House, 12
Clarendon Road, Leeds LS2 9NF not later than 12:00 noon, October
21, 2004.

CONTACT:  BARTFIELDS (UK) LIMITED
          Burley House,
          12 Clarendon Road,
          Leeds LS2 9NF
          Phone: 0113-244 9051
          Fax: 0113-242 0098


ISOTECH TECHNOLOGY: Hires Joint Administrators from KPMG
--------------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham (IP Nos 8846, 8719)
have been appointed joint administrators for Isotech Technology
Limited.  The appointment was made October 6, 2004.  The company
belongs to the engineering and allied industry sector.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
              Or +44 (0) 121 335 2501
          Web site: http://www.kpmg.co.uk


JARVIS PLC: Close to Inking Deal with Star Capital
--------------------------------------------------
The sale of Jarvis' stake in Tube Lines, the private sector
consortium running a third of the London Underground network,
could be announced later this month, according to the Telegraph.

The paper says talks between Jarvis and Star Capital Partners
have entered the homestretch.  The stake could fetch as much as
GBP150 million, a windfall the troubled civil engineering group
could use right now.

In July, the company announced that it had booked losses of
GBP246 million and that it had liabilities totaling GBP653
million.  It earlier sought a waiver from banks on debt
covenants worth GBP218 million and negotiated with auditors over
whether the company was even a going concern.  Last week, it
appointed its third chief executive in just over a year.

"Just two years ago the company was worth more than GBP1
billion," according to the Telegraph.  "By Friday, however --
following a series of setbacks, including its connection with
the Potters Bar rail crash in which seven people died and
problems such as the failure to complete university and school
accommodation by the start of term -- its market value had
fallen to just GBP50 million."

The report says details of the transaction are still being
negotiated and will require the approval of Transport for
London, the London Mayor's transport authority, as well as the
other two shareholders in Tube Lines -- Amey, now part of
Spain's Ferrovial, and Bechtel, the U.S. engineering firm.

Star is a private equity group that specializes in investments
in capital-intensive sectors such as infrastructure, transport
and energy.  It is backed by Royal Bank of Scotland, Banco
Santander Central Hispano, and Bank One.

Tube Lines is a consortium that owns a 30-year contract to run
the Jubilee, Northern and Piccadilly lines.  Earlier this month,
it revealed profits of GBP41.6 million for the year to March
after receiving GBP360 million in public money to maintain and
renew the lines.  It has raised GBP3.6 billion of debt to pay
for upgrades to the network, according to the Telegraph.

CONTACT:  JARVIS PLC
          24 Britton St.
          London EC1M 5UA
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Jonathan Haslam
          Phone: 020 7017 8147
          E-mail: jonathan.haslam@jarvis-uk.com


JORDISON LIMITED: Names Administrator from Tenon Recovery
---------------------------------------------------------
Ian William Kings (IP No 7232) have been appointed administrator
for Jordison Limited.  The appointment was made October 4, 2004.
The company is engaged in printing.  Its registered office is
located at Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

CONTACT:  TENON RECOVERY
          Tenon House
          Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


J SAINSBURY: Hiring 3,000 Workers as Part of 'Radical' Revamp
-------------------------------------------------------------
Chief Executive Justin King is expected to announce radical
reforms, including the creation of 3,000 new jobs, as he
presents the results of the business review today.

According to The Observer and The Sunday Telegraph, the hiring
of more workers is part of efforts to revamp the company's
operations and meant to improve customer service and increase
the availability of stock on its shelves.

Other reforms will be implemented in the retailer's supply
chain, according to a separate report by Reuters.  The company
may also reduce emphasis on non-food, even though this segment
has the best growth potential.

Last week, Sainsbury was forced to cut its profit guidance for
the first half to between GBP125 million and GBP135 million --
almost two-thirds below last year.

                            *   *   *

As reported by TCR-Europe on October 14, 2004, Merrill Lynch &
Co. cut further its full-year profit estimate for J Sainsbury
plc.  Broker Andrew Fowler took another GBP54 million from his
projection, expecting pre-tax profits to likely come at GBP263
million for the year ending March 2005.  The third in eight
days, the Merrill Lynch downgrade came after the retail chain
announced its third profit warning since March.

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


J SAINSBURY: Wants Bonds Replaced with Shares as Pension Payment
----------------------------------------------------------------
Instead of paying retired employees low-risk bonds or cash, J
Sainsbury will soon use equities to pay a large chunk of the
pension, the Telegraph said Monday.

The shift is part of Justin King's radical plan to resuscitate
the supermarket chain, a move that could save the company some
GBP30 million in annual pension fund contributions.  In a
research note for RBC Capital Markets, John Ralfe, independent
pension consultant, said the switch is highly unusual for a
final salary pension scheme.

"This riskier investment strategy reduces the value of actuarial
liabilities, reduces the actuarial deficit, and reduces the size
of the company's deficit contribution.  It replaces the certain
cash flows of bonds with the uncertain cash flows of equities.
It relies on equity capital growth to pay pensions," the
Telegraph quotes Mr. Ralfe.

"That means that instead of being forced to pay GBP53 million a
year to plug the gap, Sainsbury's annual contributions -- to
reduce the deficit -- will fall to GBP20.4 million," he adds.

Sainsbury currently holds 100% of its assets backing pensions in
low-risk bonds.  The trustees of the pension scheme have agreed
to retain the scheme's existing 60pc equity/40pc bond split
going forward.

A spokesman for J Sainsbury declined to comment on the figures
but told the Telegraph: "Pensions assets are invested in the
ratio of equities to bonds which enables us to keep the
contributions at an acceptable level for trustees and the
company while safeguarding the scheme in the long-term."

Some 18,000 of the 86,000 members of the Sainsbury's closed
final salary scheme have retired so far.  Mr. King also plans to
cut around 700 head office jobs to help pay for 3,000 extra
staff in stores.

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


LEVERSPRINT LIMITED: Liquidator's Final Report Out November
-----------------------------------------------------------
The final general meeting of the members of Leversprint Limited
will be on November 19, 2004 commencing at 11:00 a.m.  It will
be held at the offices of Baker Tilly, Friars Courtyard, 30
Princes Street, Ipswich IP1 1RJ.

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 Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich
IP1 1RJ not later than 12:00 noon, November 18, 2004.

CONTACT:  BAKER TILLY
          Friars Courtyard,
          30 Princes Street,
          Ipswich IP1 1RJ
          Phone: 01473 344300
          Fax: 01473 231586
          Web site: http://www.bakertilly.co.uk


MCRITHER KIRK: Calls Final General Meeting
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF McRither Kirk & Coutts Limited
                        (In Liquidation)

Notice is hereby given, pursuant to Section 105(1) of the
Insolvency Act 1986 that the Final General Meeting of the
Creditors and Members of McRither Kirk & Coutts Limited will be
held within the offices of Haines Watts, 403 Holburn Street,
Aberdeen, AB10 7GS on October 28, 2004 at 12:00 noon to receive
my report on the winding up and determine whether or not the
Liquidator should be released in terms of Section 173 of the
Insolvency Act 1986.

Creditors and members are entitled to attend in person or
alternatively by proxy.  A creditor or member may vote only if
his claim has been submitted to me and that claim has been
accepted in whole or in part.  A resolution will be passed only
if a majority in those voting in person or by proxy vote in
favor.  Proxies and claims must be lodged with me at or before
the meeting.

John M. Hall, Liquidator
September 21, 2004

CONTACT:  HAINES WATTS (ABERDEEN INSOLVENCY)
          403 Holburn Street
          Aberdeen AB10 7GS
          Phone: 01224 252850
          Fax: 01224 595659
          Web site: http://www.hwca.com


MUSIC MOUNTAIN: Liquidator to Present Report Next Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Music Mountain Music Ltd.
              (In Creditors Voluntary Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that a final meeting of the members of
Music Mountain Music Ltd. will be held at Sherwood House, 7
Glasgow Road, Paisley PA1 3QS on November 25, 2004 at 12:00
noon, to be followed at 12:15 p.m. by a final meeting of
creditors for the purpose of having an account laid before them
by the liquidator showing the manner in which the winding up has
been conducted and the property of the company disposed of, and
of hearing any explanation that may be given by the Liquidator,
and also of determining the manner in which the books, accounts
and documents of the company and of the Liquidator shall be
disposed of and for the Liquidator to seek sanction for his
release from office.

A resolution at the meeting will be passed if majority of those
voting have voted in favor of it.

A member or creditor will be entitled to attend and vote at the
meeting only if a claim has been lodged with me at or before the
meeting and it has been accepted for voting purposes in whole or
in part.  Proxies may also be lodged with me at the meeting or
before the meeting at my office.

David K. Hunter, Liquidator
October 1, 2004

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


PCG: Hires Benedict Mackenzie as Administrator
----------------------------------------------
Malcolm Peter Fillmore and Ranjit Bajjon (IP Nos 6525, 8756)
have been appointed joint administrators for PCG (Pragmatic
Corporate Governance) Worldwide Limited.  The appointment was
made October 5, 2004.  The company is engaged in software
licensing.

CONTACT:  BENEDICT MACKENZIE LLP
          3-4 The Courtyard,
          East Park, Crawley,
          West Sussex RH10 6AG
          Phone: 01293 447 799 / 410 333
          Fax: 01293 447 800 / 428 530
          Web site: http://www.benemack.com


R G MEATS: Creditors Meeting Set Next Week
------------------------------------------
The creditors of R G Meats (Wholesale) Limited will meet on
October 27, 2004 commencing at 12:00 noon.  It will be held at
Express Holiday Inn, Eastlake Park, Tongwell Street, Milton
Keynes MK15 0YA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BN Jackson Norton, 1 Gray's Inn Square, Gray's
Inn, London WC1R 5AA not later than 12:00 noon, October 26,
2004.

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


SOVEREIGN ROTATING: Names Grant Thornton Administrator
------------------------------------------------------
Duncan Swift and Paul Melville (IP Nos 8093, 9313) have been
appointed joint administrators for Sovereign Rotating Electrics
Limited.  The appointment was made October 4, 2004.  The company
is engaged in automotive rotating systems.

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


SPECTRUM RETAIL: Creditors' Meeting Next Week
---------------------------------------------
The creditors of Spectrum Retail Projects Limited will meet on
October 26, 2004 commencing at 11:00 a.m.  It will be held at
New Connaught Rooms, 61-65 Great Queen Street, London WC2B 5DA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon,
October 25, 2004.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


SUSSEX VALVES: Hires Hacker Young as Administrator
--------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have
been appointed joint administrators for Sussex Valves &
Conversions Limited.  The appointment was made October 1, 2004.

The company is engaged in general mechanical engineering.  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


TANGENT SOLUTIONS: Creditors' Meeting Tomorrow
----------------------------------------------
The creditors of Tangent Solutions Limited will meet on October
21, 2004 commencing at 11:00 a.m.  It will be held at UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, October 20,
2004.

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


TELDEX LIMITED: Hires Administrators from Gerald- Edelman
---------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) have
been appointed joint administrators for Teldex Limited.  The
appointment was made October 7, 2004.

The company is engaged in other service activities.  Its
registered office is located at Kent House, Station Road,
Ashford, Kent TN23 1PP.

CONTACT:  GERALD-EDELMAN BUSINESS RECOVERY
          25 Harley Street,
          London W1G 9BR
          Phone: 020 7299 1400
          Fax: 020 7299 1401
          E-mail: gemail@geraldedelman.com
          Web site: http://www.geraldedelman.com


THE GIFT: Appoints Begbies Traynor Administrator
------------------------------------------------
Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805)
have been appointed joint administrators for The Gift Registry
Ltd.  The appointment was made October 8, 2004.  The company is
engaged in mail order.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          The Lansdowne Building,
          2 Lansdowne Road,
          Croydon CR9 2ER
          Phone: 020 8686 4040
          Fax: 020 8686 5152
          Web site: http://www.begbies.com


THORNTONS PLC: Finance Chief Leaves for Undisclosed Reasons
-----------------------------------------------------------
Thorntons plc announces that Martin Allen, Finance Director has
left the Company and the Board.  A search has already begun for
his replacement.

At the moment trading continues to be in line with management's
expectations.  Chris Burnett, Chairman of Thorntons commented:
"The Board would like to thank Martin for his contribution to
the development of Thorntons and wish him well for the future."

                            *   *   *

Thorntons PLC is manufacturer, retailer and distributor of high
quality confectionery and other sweet foods.

CONTACT:  Thorntons Plc
          c/o Belfast Registry
          Registrar of Companies
          First Floor Waterfront Plaza
          8 Laganbank Road
          Belfast BT1 3BS
          Phone: 08456048888


TURNER & NEWALL: Federal-Mogul Creditors Blink; Revise Offer
------------------------------------------------------------
Federal-Mogul creditors, who want to take the firm out of
Chapter 11 bankruptcy and take over U.K. assets, are dangling a
new offer for members of Turner & Newall's pension scheme.

According to the Telegraph, the new offer is a huge improvement
from the previous one-off offer of US$130 million, which
Alexander Forbes, the independent trustee appointed to manage
scheme, rejected as too low.  The U.S. creditors, led by
businessman Carl Icahn, are now offering US$25 million (GBP14
million) a year for the first three years, beginning next year.
They also promise to keep the scheme fully funded within a
decade.

As it stands right now, Turner & Newall's pension scheme is
under-funded by GBP875 million.  If wound down, it will leave
20,000 workers with 70% cuts to the pensions they were expecting
to receive at retirement.  In addition, it will also trigger the
sale of T&N's U.K. assets to plug the hole, a scenario U.S.
creditors don't want to happen.

The new offer comes as Mr. Forbes was preparing to block the
creditors' plan to assume control of Federal-Mogul assets,
including those in the U.K.  Mr. Forbes promised to study the
revised offer to ensure it's in the best interest of pension
members.

"We welcome the offer, but we want to make sure it will work in
the long term.  We also want to ensure that there will be
legally binding insurances attached to it," the Telegraph quoted
his spokesman.

Asbestos-related class actions in the U.S. forced Federal-Mogul
to seek bankruptcy protection on October 1, 2001.

CONTACT:  TURNER & NEWALL LIMITED
          T&N Limited
          Manchester international office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION (OTC: FDMLQ)
          26555 Northwestern Hwy.
          Southfield, MI 48034 (Map)
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


WAVELENGTH SOLUTIONS: Management Buys Firm out of Receivership
--------------------------------------------------------------
Global Emerging Market Group helped redeem Wavelength Solutions
Ltd. (WSL) from administrative receivership by funding a
management buy-out, reports Computer Reseller News.

The two bought WSL from its parent, Scipher plc, on October 9,
three days after falling into receivership.  Scipher, which
remains in administration, called in receivers on September 27.

"This doesn't affect our relationship with WSL," Mark Eley,
engineering manager at Wavelength reseller Switchnet Systems,
told Computer Reseller.  "My WSL account manager has kept us up
to date with developments.  With the new funding, things should
move more quickly in terms of new technologies."

No jobs were lost as a result of the buyout, according to the
paper, citing unidentified sources.  GEM has, in the past,
invested in reseller Peapod and Defcom Information Security.

CONTACT:  WAVELENGTH SOLUTIONS LIMITED
          12 Gleneagles Court
          Brighton Road
          Crawley
          West Sussex RH10 6AD


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

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)
Rhi A.G.                            (531)       1,471      129


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


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


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


FRANCE
------
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


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


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


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
Lazio S.p.A.              LAZI       (57)         495     (330)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


LUXEMBOURG
----------
Millicom International
   Cellular S.A.          MICC       (59)       1,523        4
Oriflame Cosmetics S.A.   ORI.ST     (44)         378       97


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


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


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


RUSSIA
------
Kamchatskenergo                     (107)         291    7,319
Zil Auto                             (88)         333  (10,769)


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326     (977)
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (60)         396       (4)
Dawson Holdings           DWN.L      (29)         142      (29)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI      (1,318)      3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (122)         167       (2)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


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