TCREUR_Public/041020.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

          Wednesday, October 20, 2004, Vol. 5, No. 208

                            Headlines

F R A N C E

ALCATEL: Picked to Help Verizon's Big Push into SMB Market
ALCATEL: Wins EUR60 Million Contract in Romania
RHODIA SA: Forms Alliance with China National Blue Star


G E R M A N Y

B-W MASSIVHAUS: Rostock Court Appoints Administrator
HMP VERSICHERUNGSMAKLER: Claims Deadline Expires this Week
INTERFORM-MOBEL: Under Bankruptcy Administration
ITALIAINTAVOLA GMBH: Evaluation of Claims Set December
IWS INDUSTRIE: Creditors' Claims Due Next Month

ROTE RADLER: Provisional Administrator Moves in
SANALAB LABOR: Medical Diagnostic Company Succumbs to Bankruptcy
STOCKHEIM ENTSORGUNGS: Creditors' Claims Due Next Week
WMA BAU: Gives Creditors Until November to File Claims
ZETT-MESS: Bonn Court Brings in Provisional Administrator


I R E L A N D

ELAN CORPORATION: Dismisses Merger Speculation with Biogen Idec


I T A L Y

ALITALIA SPA: European Commission Begins Review of Business Plan
ALITALIA SPA: Rivals Score State Aid-cum-Restructuring Plan
ALITALIA SPA: Government, Unions Defend Restructuring Plan


K Y R G Y Z S T A N

SEVERNAYA PMK: Sets Public Auction of Assets Next Week


L A T V I A

LATVIJAS EKONOMISKA: Individual Rating Affirmed at 'D'


N O R W A Y

AKER KVAERNER: Skanska Wins Part in GBP750 Mln Anglian Project


R U S S I A

BIOTEK: Altay Court Appoints Insolvency Manager
COMPANY FINVAL: Bankruptcy Proceedings Begin
CREDIT BANK: Fitch Affirms 'BB' National Rating
EURO-TIRE: Appoints G. Klimkovich Insolvency Manager
INVEST-CONSULT: Proofs of Claim Deadline Expires November

KHINGANSKOYE TIN: Bankruptcy Supervision Procedure Begins
LESNIYE POLYANY: Under Bankruptcy Supervision
NOVOTROITSKOYE ENTERPRISE: Insolvency Manager Takes over Helm
ORGRESBANK: National Rating Affirmed at 'BB+'
PRODUCTION REPAIR: Declared Insolvent

RUSSIA INTERNATIONAL: 'B+' Rating on US$150 Mln Notes Affirmed
SEL-MACH: Kirov Court Appoints Insolvency Manager
SRETENSKIY SHIPYARD: Hires D. Alekseyev as Insolvency Manager


S P A I N

IZAR: Trade Unions Hail Continuation of Talks


S W I T Z E R L A N D

CONVERIUM AG: S&P Upgrades Financial Strength Rating to 'BBB+'
CONVERIUM HOLDING: Third-quarter Results Out Next Week


U K R A I N E

GORODOTSKIJ SUGAR: Sets Schedule of Public Auction
GRIGORIVKA' SUGAR: Selling UAH1 Million Worth of Properties
PISARIVKA' SUGAR: Court Appoints Temporary Insolvency Manager
VELIKOKARABCHIYIVSKE: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ABBEY NATIONAL: Santander Courting Former M&S Chief
ALDERWOODS UK: Hires Joint Liquidators from KPMG
APOLLIS HOLDING: Sets Members Meeting Next Month
BEACH TECHNOLOGIES: Insolvency Service Bars Director
BLAKE CONTRACT: Four-year Management Ban for Director

BLUMILK LIMITED: Directors Banned from Holding Executive Post
BODY PERFECTION: Names Joint Administrators from Harrisons
BROPHY LANDSCAPE: Clysdale Bank Appoints Receiver
BULKBAG LIMITED: Brings in Joint Receivers
CORUS GROUP: Brandes Investment Bids for Stake, ADR

DT & G: Special Winding up Resolution Passed
EIDOS PLC: Delays Game Release; Mulls Sale
ENTERA CORPORATION: Former Director Banned Seven Years
GAS UK: Appoints Robson Laidler Liquidator
HEALTHCARE AGENCIES: Names Richard Segal Liquidator

HORDERN CAPITAL: Hires PricewaterhouseCoopers as Liquidator
HOWIE ANIMAL: Appoints Joint Receivers from Baker Tilly
HULME HARRIS: General Meeting of Members Set
J SAINSBURY: Announces Result of Business Review
J SAINSBURY: Releases Second-quarter Trading Statement

LOGIC RESOURCE: Appoints Vantis Business Recovery Liquidator
LONDON WINE: Hires Joint Administrators from Tenon Recovery
MARCONI CORPORATION: Goldman Sachs Eyes Shares
M & B CATERING: Appoints David Horner & Co. Administrator
MGTS UK: Winding up Resolutions Passed

NORLINC: Sets Meeting Next Month
OAK MANOR: Names Leonard Curtis & Co. Liquidator
ORBIT HOUSE: Hires Ernst & Young as Liquidator
QCLS LIMITED: Eight-year Ban for Top Honcho
SOUTH CLEVELAND: In Administrative Receivership

SUMMER JEANS: Sets Creditors' Meeting Next Week
THE LEISURE: Names Carter Backer Winter Administrator
THE WILDWOOD: Calls in Liquidator from David Horner & Co.
WAVELENGTH SOLUTIONS: In Administrative Receivership


                            *********


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


ALCATEL: Picked to Help Verizon's Big Push into SMB Market
----------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) and Verizon
Communications  (NYSE: VZ) have reached an agreement to deliver
managed communication services solutions, combining
communications servers, applications, network services and
management to small and mid-sized businesses  (SMB).  With this
agreement, Verizon now offers the full Alcatel voice product
portfolio to the U.S. market.

Under the arrangement, Alcatel and Verizon will deliver a
combination of network-based and on-premise business
communications solutions and services.  Verizon will offer the
Alcatel OmniPCX Office voice, data and Web communications server
offering in conjunction with a choice of Verizon network
services, plus ongoing system maintenance and remote service
management, acting as a channel for Alcatel into the small and
mid-sized business market in the U.S.

"Together with Verizon, we will deliver innovative
communications solutions to the SMB market through an all-in-one
service and equipment solution," said Hilary Mine, Senior Vice
President, Marketing, Alcatel North America.  "This strategic
alliance changes how small and mid-sized businesses will
purchase and approach their telecommunications needs in the
future and represents a significant step in Alcatel's strategy
for delivering managed communications services in partnership
with carriers."

The Verizon/Alcatel alliance underscores each company's
commitment to delivering innovative and integrated solutions
addressing the information and communications technologies needs
of small and mid-sized businesses.

Verizon will launch the service soon, initially in Massachusetts
and Pennsylvania.

                         About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or employees.  Alcatel brings its leading position in
fixed and mobile broadband networks, applications and services,
to help its partners and customers build a user-centric
broadband world.  With sales of EURO 12.5 billion in 2003,
Alcatel operates in more than 130 countries.

                            *  *  *

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

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

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


ALCATEL: Wins EUR60 Million Contract in Romania
-----------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) will equip railways in
the southern region of Romania with its innovative electronic
interlocking solutions to ensure safe and controlled train
routing.  This EUR60 million contract, awarded by the Compania
Nationala Caile Ferate Romane (CN CFR), represents one of the
most important railway projects in Eastern Europe.

Vasile Tulbure, President of the CN CFR; and Jean-Pierre
Forestier, President of Alcatel's Transport Automation
activities in Victoria Palace, signed the contract on October
18, 2004 in the presence of the Romanian Prime Minister Adrian
Nastase and of the French Prime Minister Jean-Pierre Raffarin.

During the next four years, Alcatel will modernize eleven
stations, mainly located in the Pan-European Transport Corridor
IV - crossing the country in the south and linking the cities of
Constanta and Lugoj.  Alcatel will supply its latest electronic
interlocking technology, replacing the old relay-based
interlocking systems.  This railway network modernization will
allow efficient traffic management capabilities.

Alcatel will deploy its electronic interlocking solution Alcatel
6151 LockTrac (L90).  This new technology relies on
state-of-the-art, highly reliable communications and network
systems connecting the central systems with field elements like
signals. Alcatel's electronic interlocking systems are built to
high standards of availability and safety and offer low
installation and maintenance costs over the entire life cycle.

Vasile Tulbure, President of the CN CFR said, "With Alcatel, we
found a reliable partner for this challenging project.
Alcatel's signaling solutions have proven their high reliability
all around the world and we are very happy to work with them."

Jean-Pierre Forestier, President of Alcatel's transport
automation activities added, "We are very pleased to have been
awarded this significant order, which marks an important
milestone for Alcatel in the region.  This contract reinforces
Alcatel's relationship initiated in 2001 with the CN CFR at the
occasion of the modernization of four stations of the Romanian
railway network."

          About Compania Nationala Caile Ferate Romane

National Railway Company CFR S.A. was established on October 1,
1998, on the basis of Govern Decision No 581/1998, through the
reorganization of National Company of Railways.  CFR represents
Romanian juridical identity and has the status of commercial
joint-stock company.  CFR has as main business the management of
the railroad infrastructure and making it available to the
railroad transport operators, under the dispositions of the law.
The development and modernization of the Romanian railway
infrastructure is according to the European standards, in order
to provide compatibility and interoperability with the European
railway system.  CFR is in charge of the organization,
maintenance and reparation of the railway infrastructure, the
performing of the industrial activities and other stand-by
services necessary to ensure the good operation of the railway
infrastructure; administration of the railway patrimony.

The aim of CFR is the achieving of benefit, through the
administration of the railway infrastructure, on commercial
bases, and offering to the railway operators the possibility to
work on the bases of access contract.  CFR operates activities
of national public interest in order to realize the public
railway transport and to satisfy the demands of national
security.

                          About Alcatel

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

          About Alcatel Transport Automation Solutions

Alcatel is a leading global supplier of train control,
signaling, interlocking, control center and integrated rail
communications technology.  For main lines operators around the
world, Alcatel's offering includes its proven interlocking
technologies LockTrac, its train control technology AlTrac
(including AlTrac/ETCS), its network management solutions
NetTrac and its field equipment FieldTrac (axle counters, point
machines and signals).  For more information, visit
http://www.alcatel.com/tas.

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


RHODIA SA: Forms Alliance with China National Blue Star
-------------------------------------------------------
Rhodia CEO Jean-Pierre Clamadieu and China National Blue Star
Corporation President Ren Jian Xin have signed in Beijing a
letter of intent to form a strategic alliance for their
respective Silicone activities.

The companies are forming the alliance to become a major
supplier of Methylchlorosilane and Core Intermediates Silicone
Products in the Asia-Pacific region.  The project includes an
investment in a new facility in Tianjin (China) using Rhodia
technology and a joint commercial organization to sell products
in the Asia-Pacific region manufactured by the alliance.

Blue Star will gain access to a best in class Methylchlorosilane
technology that Rhodia has developed over the past 30 years.
Rhodia will have a share of a very competitive upstream
intermediates production unit located in Tianjin.

Following the completion of a feasibility study, the partners
intend to launch, by early 2005, the construction of a 200 KT
Methylchlorosilane facility in the municipality of Tianjin, with
a start up capacity in the first quarter of 2007 of 100 KT.

This alliance is a key opportunity for the two companies to
enhance their competitiveness and become a major player in the
fast growing Asia-Pacific silicone market.  Both companies
intend to accelerate their respective downstream investments to
take full advantage of the strong upstream integration.

This is the first step towards a global alliance in silicones
between Rhodia and China National Blue Star Corporation.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia subscribes to the principles of
Sustainable Development communicating its commitments and
performance openly with stakeholders.  Rhodia generated net
sales of EUR5.4 billion in 2003 and employs 23,000 people
worldwide.  Rhodia is listed on the Paris and New Yorkstock
exchanges.

Rhodia's history in China started in the mid-70's with the
chemical part of former Rhone-Poulenc Group.  During the past 10
years, Rhodia's operations in the country have grown very
rapidly.  Up to now, Rhodia (China) has invested in 8 joint
ventures and 7 WOEFs.  The activities of these joint ventures
relate to 6 enterprises of Rhodia, from Automotive, Electronics
and Fibers to Pharmaceuticals and Agrochemicals, from Consumer
Care to Industrial Care and Services.  Geographically these
enterprises spread over 8 provinces and municipalities in China.
In addition, Rhodia (China) owns one branch office in Beijing,
manages 3 representative offices (Beijing, Shanghai, Guangzhou).
Moreover, together with Rhodia Hong Kong Co., Limited, Rhodia
(China) has an overall marketing and sales network throughout
China.  As a world leader in Specialty Chemicals, Rhodia is
helping to contribute to the evolution of the China chemical
industry bringing the world class manufacturing approach and
advanced technologies to its China operations.

China National Bluestar (Group) Corporation is a specialized
company subordinated to China Chemical Group Company, with a
total assets of over 20 billion Yuan RMB, annual sales revenue
of 12 billion Yuan RMB, owning over 30 individual enterprises
and R&D Institutes and having controlling role in 4 listed
companies: Bluestar Cleaning, Bluestar New Chemical Materials,
Southwest Chemical Machinery and Shenyang Chemical.  Bluestar
Group is specialized in Chemicals and is in a navigating
position in new chemical materials, industrial cleaning P&S,
Membrane & water treatment.  It has a strong power in
petrochemicals including crude oil process and petroleum
products manufacturing, toll manufacturing of petrochemicals and
specialty chemicals.  Bluestar is the only well-know trademark
in industry services.  Blue star owns the largest silicone
facilities and has more than 20 years history of silicone
production and has its own technologies and now is dedicated to
fast developing silicone business so as to be a world player.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48

          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


B-W MASSIVHAUS: Rostock Court Appoints Administrator
----------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against B-W Massivhaus GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 5, 2004 to register their
claims with court-appointed provisional administrator Gerhard
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2004, 11:00 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:  B-W MASSIVHAUS GMBH
          Contact:
          Barbara Weinreben, Manager
          Budnerreihe 1 a, 18239 Heiligenhagen

          Gerhard Brinkmann, Insolvency Manager
          Freiligrathstrasse 1, 18055 Rostock


HMP VERSICHERUNGSMAKLER: Claims Deadline Expires this Week
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against insurance company HMP Versicherungsmakler GmbH on Sept.
21.  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 Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:30 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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:  HMP VERSICHERUNGSMAKLER GMBH VERSICHERUNGEN *
          KAITALANLAGEN * FINANZIERUNGEN
          Hellerstrasse 23 in 01445 Radebeul
          Web site: http://www.hmp-info.de

          Contact:
          Ulf Michel, Manager
          Waldweg 3, 02708 Lawalde

          Albert Wolff, Insolvency Manager
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


INTERFORM-MOBEL: Under Bankruptcy Administration
------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against furniture company Interform-Mobel Zimmermann
Gesellschaft on Sept. 16.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Dec. 21, 2004 o register their claims with
court-appointed provisional administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:00 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main 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:  INTERFORM-MOBEL ZIMMERMANN GESELLSCHAFT
          Lorsbacher Strasse 66, 65719 Hofheim am Taunus
          (AG Frankfurt, HRB 8170)
          Contact:
          Rainer Wendel, Manager

          Gotz Lautenbach, Insolvency Manager
          Zeilweg 42, D-60439 Frankfurt am Main
          Phone: 069/963761-0
          Fax: 069/963761145


ITALIAINTAVOLA GMBH: Evaluation of Claims Set December
------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against ITALIAINTAVOLA GmbH on Sept. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 1, 2004 to register their
claims with court-appointed provisional administrator
Betriebswirt Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 1:15 a.m. at the district court of
Munster Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B 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 during on Dec. 22, 2004, 8:30 a.m. at the same venue.

CONTACT:  ITALIAINTAVOLA GMBH
          Einsteinstrasse 6, 46325 Borken
          Contact:
          Carmine Porta, Manager
          Einsteinstrasse 6, 46325 Borken

          Betriebswirt Ulrich Zerrath, Insolvency Manager
          Lange Wanne 57, 45665 Recklinghausen
          Phone: 02361/4884-0
          Fax: +492361488499


IWS INDUSTRIE: Creditors' Claims Due Next Month
-----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against IWS Industrie-Wartungs-Service GmbH on Sept. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 5, 2004 to
register their claims with court-appointed provisional
administrator Helmut Irmen.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 10:20 a.m. at the district court
of Aachen Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14 at which time the administrator
will present his first report of the insolvency proceedings.
The court will 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:  IWS INDUSTRIE-WARTUNGS-SERVICE GMBH
          Aachener Str. 111, 52382 Niederzier
          Phone: 02428 801431
          Fax: 02428 801433
          Contact:
          Hans Friese, Manager
          Gunther Stass, Manager

          Helmut Irmen, Insolvency Manager
          An der Windmuhle 80, 52399 Merzenich
          Phone: 02421/30830
          Fax: 02421/308320


ROTE RADLER: Provisional Administrator Moves in
-----------------------------------------------
The insolvency court of Munchen opened bankruptcy proceedings
against furniture exporter Rote Radler Mobelspeditions GmbH on
Sept. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 2, 2004 to register their claims with court-appointed
provisional administrator Barbara Beutler.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 10:30 a.m. at the district court of
Infanteriestr. 5, Sitzungssaal 102 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:  ROTE RADLER MOBELSPEDITIONS GMBH
          Ettalstr. 14 in 81377 Munchen

          Barbara Beutler, Insolvency Manager
          Schwanthalerstr. 32, 80336 Munchen
          Phone: 089/54511-0
          Fax: 089/54511-444


SANALAB LABOR: Medical Diagnostic Company Succumbs to Bankruptcy
----------------------------------------------------------------
The insolvency court of Munich opened bankruptcy proceedings
against Sanalab Labor fur medizinische Diagnostik GmbH on Sept.
21.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Oct. 29,
2004 to register their claims with court-appointed provisional
administrator Florian Fuchsl.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 3, 2004, 8:45 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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.
medical diagnostics

CONTACT:  SANALAB LABOR FUR MEDIZINISCHE DIAGNOSTIK GMBH
          Grunwalder Weg 19 in 82008

          Florian Fuchsl, Insolvency Manager
          Leopoldstr. 139, 80804 Munchen
          Phone: 089/3619300
          Fax: 089/361930199


STOCKHEIM ENTSORGUNGS: Creditors' Claims Due Next Week
------------------------------------------------------
The insolvency court of Munich opened bankruptcy proceedings
against Stockheim Entsorgungs-GmbH on Sept. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Oct. 29, 2004 to
register their claims with court-appointed provisional
administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 22, 2004, 10:15 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  STOCKHEIM ENTSORGUNGS-GMBH
          Eduard-Buchner-Str. 32 in 85662 Hohenbrunn

          Michael C. Frege, Insolvency Manager
          Brienner Str. 11/V, 80333 Munchen
          Phone: 089/23807-850
          Fax: 089/23807-110


WMA BAU: Gives Creditors Until November to File Claims
------------------------------------------------------
Munich's insolvency court opened bankruptcy proceedings against
WMA Bau-GmbH on Sept. 14.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Peter C. Darr.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 22, 2004, 9:00 a.m. Infanteriestr. 5,
Sitzungssaal 102 at the district court of 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:  WMA BAU-GMBH
          Wilderich-Lang-Str. 4 in 80634 Munchen

          Peter C. Darr, Insolvency Manager
          Candidplatz 13, 81543 Munchen
          Phone: 089/61469638
          Fax: 089/61469666


ZETT-MESS: Bonn Court Brings in Provisional Administrator
---------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
ZETT-Mess-Technik GmbH on Sept. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 19, 2004 to register their claims with
court-appointed provisional administrator Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 23, 2004, 9:00 a.m. at the insolvency court
of Bonn Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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:  ZETT-MESS-TECHNIK GMBH
          Am Bahnhof 16, 53757 Sankt Augustin
          Phone: +049 2241 / 3163-0
          Web site: http://www.zettmess.de

          Contact:
          Reinhard Nietz, Manager

          Thomas Steger, Insolvency Manager
          Kolnstrasse 135, 53757 Sankt Augustin
          Phone: 02241/90600
          Fax: 02241/21048


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ELAN CORPORATION: Dismisses Merger Speculation with Biogen Idec
---------------------------------------------------------------
In response to a specific Irish Stock Exchange query, Elan
Corporation, plc advises that it is not in negotiations or
discussions with Biogen Idec, Inc. regarding any form of merger
or business combination between the two companies.

The company continues to maintain its focus on its core
therapeutic areas of neurodegenerative diseases, autoimmune
diseases and severe pain, and on delivering value to patients,
shareholders and employees.

                           About Elan

Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases and severe pain.  Elan's (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION
          Investors
          Emer Reynolds
          Phone: 353-1-709-4000, 800-252-3526

          Media
          Anita Kawatra
          Phone: 212-407-5740, 800-252-3526


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


ALITALIA SPA: European Commission Begins Review of Business Plan
----------------------------------------------------------------
The European Commission started reviewing Altialia's business
and restructuring plan on Sunday, Il Sole 24 Ore says.

Transport commissioner Loyola De Palacio confirmed the
commission received two 200-page documents from Alitalia.  One
of the documents discusses in detail the carrier's EUR1.5
billion recapitalization plan for core flight business, AZ Fly.
The other document tackles the plan for state holding firm
Fintecna to acquire a 49% stake in Alitalia's ground services
business, AZ Servizi, through a EUR300 million capital
injection.

The approval of the plan will fall on the hands of incoming
commissioners who will assume office on November 1.  Critics
label the controversial plan an illegal state aid.

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: Rivals Score State Aid-cum-Restructuring Plan
-----------------------------------------------------------
Eight European carriers have lodged a complaint against the
restructuring plan of troubled airline Alitalia with the
European Commission, Reuters says.

In their complaint, Germany's Lufthansa, British Airways,
Spain's Iberia, Austrian Airlines, Finnair, Germany's TUI's
low-cost carrier Hapag Lloyd Flug, Scandinavian Airlines and
state-owned TAP-Air Portugal told the commission Alitalia's
restructuring plan violates state aid rules and distorts
competition.

"Further aid will severely hinder the much needed consolidation
of the European airline industry and will constitute a major
distortion of competition," the carriers said in a joint letter
to the commission sent early this month.

According to them, the European airline sector was already
suffering from overcapacity; thus, the commission should be
"particularly critical" about additional state aid.  The
carriers pointed out the fact that despite Alitalia's current
condition, it is still offering low fares, undercutting
competitors, and increasing capacity aggressively.  The European
Low Fares Association filed a similar complaint in September.

Alitalia's restructuring plan includes cutting around 3,700 jobs
and spinning off non-core ground activities into separate
business unit, which would absorb Alitalia's EUR1.87 billion
debt.  The European Union approved in September a EUR400 million
government-guaranteed bridging loan to the loss-making carrier.
Aside from checking that the plan contains no measures that
could qualify as state aid, the commission must ensure that the
Italian government keeps its vow to reduce its stake to 49% or
less.

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: Government, Unions Defend Restructuring Plan
----------------------------------------------------------
The government denied Monday that the assistance it will provide
ailing carrier Alitalia amounts to illegal state aid.

Industry Minister Antonio Marzano made the statement in reaction
to a complaint eight European airlines filed with the European
Commission.  The airlines said in a letter to the commission
that Alitalia's restructuring plan violated state aid rules and
threatened competition.  The airlines cited the government's
social aid to 3,700 laid-off Alitalia employees and questioned
the carrier's planned capital increase through sale of new
shares.

"Further aid will severely hinder the much needed consolidation
of the European airline industry and will constitute a major
distortion of competition," Reuters quotes the letter.

Those which signed the complaint were Germany's Lufthansa,
British Airways, Spain's Iberia, Austrian Airlines, Finnair,
Germany's TUI's low-cost carrier Hapag Lloyd Flug, Scandinavian
Airlines and state-owned TAP-Air Portugal.

No Illegal Aid

Mr. Marzano said Alitalia's 2005-2008 business plan followed
European Union competition rules.  "There isn't state aid, and,
as for the rest of it, the European Commission will issue its
judgment soon," Reuters quotes Mr. Marzano as saying.

Mr. Marzano adds the plan was vital for Alitalia to stave off
bankruptcy, achieve break-even in 2006 and return to
profitability in 2007.  Alitalia is optimistic its restructuring
would save around EUR1 billion in 2008.

Alitalia was able to reach a deal with unions in September after
months of negotiations regarding plans to cut around 3,700 jobs
and separate its flight and ground services divisions to create
two different business units.  Alitalia will focus on the flight
unit, AZ Fly and spin off the ground services division into a
ground support company, AZ Servizi.

"Vultures"

Meanwhile, trade unions accused Alitalia's rival airlines of
acting like vultures, preying on the troubled carrier.  "I get
the impression that all of the national and international
airlines have been hovering over Alitalia like vultures.  Now
that it's saved, they're trying to wreck the work that's been
done," Guglielmo Epifani, head of the CGIL union, told Reuters.

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


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


SEVERNAYA PMK: Sets Public Auction of Assets Next Week
------------------------------------------------------
The bidding organizer and insolvency manager of Severnaya PMK
will sell the properties of the joint stock company on October
27, 2004, 9:00 a.m. at Kyrgyzstan, Bishkek, Fatianov Str. 1.

For sale are:

(a) Lot 1:  Apartment located at Bishkek, Fatianov Str. 1.
    Starting price is KGS18,728; and

(b) Lots 2-8: Used computers, printing machines and phone.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price and submit their bids to the insolvency
manager on or before October 26, 2004.  For more information,
call (0-312) 42-39-68.


===========
L A T V I A
===========


LATVIJAS EKONOMISKA: Individual Rating Affirmed at 'D'
------------------------------------------------------
Fitch Ratings affirmed Latvia-based Latvijas Ekonomiska
Komercbanka's ratings at Long-term 'B+', Short-term 'B',
Individual 'D' and Support '5'.  The Outlook on the Long-term
rating remains stable.

The Long-term, Short-term and Individual ratings reflect the
bank's small equity base and the potential operation risk it
faces.  Lateko has succeeded in establishing and maintaining a
good franchise in the transfer of payments for corporates into
Russia.  It is from this activity that the bank derives the bulk
of its income.  Although profitability has been quite strong to
date, costs have increased in 2003 and competitive pressures
have reduced margins on this business.  This business often
originates from non-resident, offshore, companies, which may
expose the bank to potential operational risk.  Credit and
market risks are relatively low at the bank.

At end-2003, Lateko was the fifth largest bank in Latvia. Total
equity amounted to LVL12.2 million, with a capital adequacy
ratio at 12.1%.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 (0) 20 7417 3460

          Banu Saracci
          Phone: +44 (0) 20 74717 4373

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

          Julian Dennison, London
          Phone: +44 20 7862 4080


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


AKER KVAERNER: Skanska Wins Part in GBP750 Mln Anglian Project
--------------------------------------------------------------
The Skanska-Aker Kvaerner Joint Venture has been named by
Anglian Water Services (AWS) as one of its Alliance Partners
selected to carry out a major part of Anglian Water's capital
program at its water and wastewater facilities in the U.K.

Skanska in joint venture with AK Engineering Services, part of
the Aker Kvaerner Group, is one of six Alliance partners who
will deliver projects collectively worth GBP750 million for the
first phase of Anglian Water's capital program, planned over the
next five years.

Skanska-Aker Kvaerner's share of this Alliance, valued at around
GBP150 million over an initial five year period, will be carried
out under a 50/50 joint venture arrangement.  There is the
potential for a further five-year extension.

Under the Alliance, the joint venture will carry out the design,
construction, installation and commissioning of
non-infrastructure schemes such as treatment works for both
clean water and wastewater across the Anglian region, in the
East of England.  In addition, the joint venture will undertake
a non-infrastructure design studies contract to develop best
value solutions.

This latest award follows the successful relationship that has
developed between Anglian Water Services and the Skanska-Aker
Kvaerner Joint Venture on over 50 contracts under its current
AMP 3 Framework contract.

Bill Hocking, Managing Director, Skanska UK Civil Engineering,
said, "Skanska is delighted to be part of this joint venture
delivering the challenge of meeting the Anglian Water strategic
targets of sustainable year-on-year efficiencies. This will be
achieved through the innovative Alliance approach, which
includes co-locating key staff from Alliance partners at AWS."

Mark Leggett, President, AK Engineering Services, said, "We are
very pleased to continue our relationship with Anglian Water and
build on the success of the AMP 3 framework we have been
undertaking during the last five years in partnership with
Skanska."

The Asset Management Program project work commenced in February
2000 for a five-year period.  The Joint Venture recently opened
a dedicated multi-disciplinary project office in Peterborough to
facilitate closer co-operation with Anglian Water and improve
communication to the various sites.

The framework contractors are continuously assessed by Anglian
Water on a range of Key Performance Indicators, including
safety, quality, cost and schedule.  The Skanska-Aker Kvaerner
JV has maintained a consistently high score in all areas of
assessment, particularly in safety performance.

Skanska UK Plc has net sales of GBP850 million and employs 3500
people.  The company operates under three business streams,
combining design, building, civil engineering and building
services with a wide range of specialist skills to provide
integrated project solutions for its clients.

(a) PFI/PPP Business Stream
(b) Civil Engineering & Specialists Business Stream
(c) Construction Business Stream

All Skanska U.K. Plc companies have attained certification to
the management systems ISO 14001, ISO 9001 and OHSAS 18001 the
company operates to the Skanska Code of Conduct, a copy of which
is published on our Web site.

Skanska UK Plc is part of Skanska AB a global construction
services group committed to finding innovative solutions for its
clients.  Combining global presence with local expertise,
Skanska offers a broad range of services: from project
development, to construction and facilities management. The
Group currently has 70,000 employees and operations in 11 home
markets.  Sales 2003 totaled GBP10.1 billion.

AKER KVAERNER ASA, through its subsidiaries and affiliates, is a
leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.

The Aker Kvaerner group consists of a number of separate legal
entities.  Aker Kvaerner is used as the common brand/trademark
for most of these entities.  The parent company in the group is
Aker Kvaerner ASA.

AK Engineering Services is the trading name of Aker Kvaerner
Engineering Services Ltd., and one of the core businesses of the
Aker Kvaerner group in Europe.  It provides total asset life
cycle solutions including conceptual design, engineering,
procurement, project management, construction and commissioning,
through to operation and maintenance services, modifications and
process improvements.  Also offered are consultancy services in
reliability, business modeling and environmental, health, safety
and risk management.

                            *   *   *

In April, Fitch Ratings assigned a rating of 'BB' to Aker
Kvaerner's EUR260 million second priority lien notes issue
guaranteed by Aker Kvaerner O&G Group AS (AK O&G).  This follows
a review of final documentation on the basis of which Fitch
confirms the expected rating assigned to these notes on March
12, 2004.  The agency's Senior Unsecured rating for AK O&G is
'BB' with a Stable Outlook.

CONTACT:  SKANSKA
          Tanya Barnes
          Phone: +44 (0) 1923 423 905

          Sarah Weyell
          AK Engineering Services
          Phone: +44 (0) 1642 343217

          Torbjorn Andersen
          SVP Group Communications
          Phone: +47 67 51 3036
          Mobile: +47 928 85 542

          Lasse Torkildsen
          Investor Relations, Aker Kvaerner
          Phone: +47 67 51 3039


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


BIOTEK: Altay Court Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Biotek (TIN 2223008227) after finding the
close joint stock company insolvent.  The case is docketed as
A03-10207/04-B.  Mr. V. Lyutov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 656049,
Russia, Barnaul, Sotsialisticheskiy Pr. 85, Room 3.

CONTACT:  BIOTEK
          Russia, Altay region,
          Barnaul, Prudskoy Per. 69

          Mr. V. Lyutov
          Insolvency Manager
          656049, Russia, Barnaul,
          Sotsialisticheskiy Pr. 85, Room 3


COMPANY FINVAL: Bankruptcy Proceedings Begin
--------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
proceedings against Company Finval after finding the close joint
stock company insolvent.  The case is docketed as
A40-15115/03-101-11B.  Ms. E. Dobrynina has been appointed
insolvency manager.

CONTACT:  COMPANY FINVAL
          Russia, Moscow,
          Novoalekseyevskaya Str. 3A

          Ms. E. Dobrynina
          Insolvency Manager
          127562, Russia, Moscow,
          Post User Box 125


CREDIT BANK: Fitch Affirms 'BB' National Rating
-----------------------------------------------
Fitch Ratings assigned Credit Bank of Moscow a National
Long-term rating of 'BB(rus)'.  The bank's National ratings
reflect its relative creditworthiness as well as to the Russian
issuers in local currency in both the banking and non-banking
sectors. The bank is also rated by Fitch on the international
rating scale and its assigned National rating is consistent with
the level of international Long-term local currency ratings.
However, greater credit differentiation is available on the
National rating scale.

The National rating of Credit Bank of Moscow reflects the bank's
small size, limited franchise; the risks associated with rapid
loan growth and potential liquidity concerns.  However, it also
reflects the bank's solid capitalization and to date reasonable
asset quality.

Fitch rates a further 14 Russian banks on the National rating
scale.  The agency assigns international ratings to 47 issuers
in the banking sectors of Russia and the CIS, of which 31 are in
Russia.

CONTACT:  FITCH RATINGS
          Natasha Page, Moscow
          Phone: +7095 956 9901

          James Watson, London
          Phone: +44 20 7417 4360

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


EURO-TIRE: Appoints G. Klimkovich Insolvency Manager
----------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy proceedings against Euro-Tire after finding
the close joint stock company insolvent.  The case is docketed
as A75-268-B/04.  Ms. G. Klimkovich has been appointed
insolvency manager.   Creditors may submit their proofs of claim
to 628400, Russia, Tyumen region, Surgut, Mira Str. 23/1-77.

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


INVEST-CONSULT: Proofs of Claim Deadline Expires November
---------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
proceedings against Invest-Consult after finding the limited
liability company insolvent.  The case is docketed as
A55-7343/2004-16.  Mr. N. Solovyev has been appointed insolvency
manager.  Creditors have until November 17, 2004 to submit their
proofs of claim to 107078, Russia, Moscow, Post User Box 281.

CONTACT:  INVEST-CONSULT
          Russia, Samara,
          Sovetskoy Armii Str. 167

          Mr. N. Solovyev
          Insolvency Manager
          107078, Russia, Moscow,
          Post User Box 281


KHINGANSKOYE TIN: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Evreyskaya autonomous republic has
commenced bankruptcy supervision procedure on OJSC Khinganskoye
Tin.  The case is docketed as A16-1283/2004.  Mr. D. Bichutskiy
has been appointed temporary insolvency manager.

CONTACT:  KHINGANSKOYE TIN
          Russia, Evreyskaya autonomous republic,
          Obluchenskiy region, Khigansk

          Mr. D. Bichutskiy
          Temporary Insolvency Manager
          679017, Russia,
          Evreyskaya autonomous republic,
          Birobidzhan, Post User Box 47
          Phone/Fax: (42622) 2-49-64


LESNIYE POLYANY: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on federal state unitary enterprise
breeding factory Lesniye Polyany.  The case is docketed as
A41-K2-14870/04.  Mr. A. Vakka has been appointed temporary
insolvency manager.   A hearing will take place on December 23,
2004, 10:00 a.m. at Hall 440.

CONTACT:  LESNIYE POLYANY
          141212, Russia, Moscow region,
          Pushkinskiy region, Lesniye Polyany

          Mr. A. Vakka
          Temporary Insolvency Manager
          107078, Russia, Moscow,
          Post User Box 281


NOVOTROITSKOYE ENTERPRISE: Insolvency Manager Takes over Helm
-------------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on state unitary enterprise of
Orenburg Region Novotroitskoye Enterprise of Industrial Railway
Transport.  The case is docketed as A47-722b/2004-14GK.  Mr. S.
Nasledov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 462356, Russia,
Orenburg region, Novotroitsk, Orskaya Str. 6.  A hearing will
take place at Russia, Orenburg, 9go Yanvarya Str. 64 on December
22, 2004, 10:00 a.m.

CONTACT:  NOVOTROITSKOYE ENTERPRISE OF
          INDUSTRIAL RAILWAY TRANSPORT
          Russia, Orenburg region,
          Novotroitsk, Stroygorodok,
          Post User Box 407
          Phone: (353-76) 2-07-02

          Mr. S. Nasledov
          Temporary Insolvency Manager
          462356, Russia,
          Orenburg region, Novotroitsk,
          Orskaya Str. 6


ORGRESBANK: National Rating Affirmed at 'BB+'
---------------------------------------------
Fitch Ratings assigned Orgresbank a National Long-term rating of
'BB+ (rus)'.  The bank's National ratings reflect its relative
creditworthiness as well as to the Russian issuers in local
currency in both the banking and non-banking sectors. The bank
is also rated by Fitch on the international rating scale and its
assigned National rating is consistent with the level of
international Long-term local currency ratings.  However,
greater credit differentiation is available on the National
rating scale.

The National rating of Orgresbank reflects the bank's modest
profitability, small size, limited franchise, the risks
associated with rapid loan growth and the level of related-party
activity. However, it also reflects the bank's solid
capitalization, adequate liquidity and to date reasonable asset
quality.

Fitch rates a further 14 Russian banks on the National rating
scale. The agency assigns international ratings to 47 issuers in
the banking sectors of Russia and the CIS, of which 31 are in
Russia.

COTNTACT:  FITCH RATINGS
           Natasha Page, Moscow
           Phone: +7095 956 9901

           James Watson, London
           Phone: +44 20 7417 4360

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


PRODUCTION REPAIR: Declared Insolvent
-------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Production Repair Corporation Of
Kemerovo City after finding the municipal unitary enterprise
insolvent.  The case is docketed as A27-56/2004-4.  Mr. A.
Turkin has been appointed insolvency manager.  Creditors have
until November 17, 2004 to submit their proofs of claim to
650024, Russia Kemerovo, Glinki Str. 13.

CONTACT:  PRODUCTION REPAIR CORPORATION OF KEMEROVO CITY
          650024, Russia Kemerovo,
          Glinki Str. 13

          Mr. A. Turkin
          Insolvency Manager
          650024, Russia Kemerovo,
          Glinki Str. 13


RUSSIA INTERNATIONAL: 'B+' Rating on US$150 Mln Notes Affirmed
--------------------------------------------------------------
Fitch Ratings assigned an expected rating of 'B+' to Russia
International Card Finance S.A.'s US$150 million structured
fixed-rate notes due 2010.

The transaction securities existing and future international
credit card voucher receivables generated by JCS United Card
Services (UCS) through its merchant acquiring business and due
to JSCB Rosbank (Rosbank) from Visa and MasterCard for settling
the vouchers with the merchants.  The rating of the transaction
is based on UCS and Rosbank's ability to generate future credit
card receivables which is measured by Fitch's going concern
assessment of both entities.

The transaction is structured as a loan from the issuer, Russia
International Card Finance SA, located in Luxembourg, to
Rosbank.  This loan is secured by an assignment of the
receivables.  Obligor notices and consents will instruct VISA
and MasterCard to deposit payments owed to Rosbank into a
segregated offshore account.

Fitch's expected rating addresses the likelihood that cash flows
generated by the assigned receivables will be sufficient to make
timely interest payments and ultimate principal repayments on
the notes over the life of the transaction.  The expected
ratings are contingent on receipt of documents conforming to
information already received and finalized legal opinions from
transaction counsel.

A presale report for this transaction will be made available at
http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Jennifer O'Neil, London
          Phone: +44 20 7417 3550

          Polly Kolotas, London
          Phone: +44 20 7417 4358

          Natasha Page, Moscow
          Phone: +7 095 956 9901

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


SEL-MACH: Kirov Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
external management procedure on federal state unitary
enterprise factory Sel-Mach.  The case is docketed as
A28-770/02-344/6.  Mr. V. Zarichanskiy has been appointed a new
external insolvency manager.  Creditors may submit their proofs
of claim to the new external insolvency manager 610014, Russia,
Kirov, Schorsa Str. 66.

CONTACT:   SEL-MACH
           610014, Russia, Kirov,
           Schorsa Str. 66

           Mr. V. Zarichanskiy
           External Insolvency Manager
           410076, Russia, Kirov,
           Post User Box 2492


SRETENSKIY SHIPYARD: Hires D. Alekseyev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Chita has commenced bankruptcy
proceedings against Sretenskiy Shipyard after finding the open
joint stock company insolvent.  The case is docketed as
A78-5690/02-B-2356.  Mr. D. Alekseyev has been appointed
insolvency manager.   Creditors have until November 17, 2004 to
submit their proofs of claim to 672000, Russia, Chita, Post User
Box 952.

CONTACT:  SRETENSKIY SHIPYARD
          Russia, Chita region,
          Sretenskiy region, Kokuy,
          Zavodskaya Str. 9

          Mr. D. Alekseyev
          Insolvency Manager
          672000, Russia, Chita,
          Post User Box 952


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


IZAR: Trade Unions Hail Continuation of Talks
---------------------------------------------
Trade unions are optimistic about the future of Izar after
Sociedad Estatal De Participaciones Industriales (SEPI) passed
the shipbuilder's industrial plan, El Pais says.

Trade unions CCOO and UGT said talks could enter a new phase
after the plan's submission.  UGT secretary-general Candido
Mendez said talks "held more promise" after SEPI's proposals
included provisions for the continuation of both Izar civil and
military divisions.

CONTACT:  IZAR
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


CONVERIUM AG: S&P Upgrades Financial Strength Rating to 'BBB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
Switzerland-based reinsurer Converium AG to 'BBB+' from 'BBB'.
In addition, Standard & Poor's raised its long-term counterparty
credit and senior unsecured debt ratings on Converium Holdings
(North America) Inc. to 'BB+' from 'BB', and its junior
subordinated debt rating on Converium Finance S.A. to 'BBB-'
from 'BB+'.

All ratings were removed from CreditWatch, where they had been
placed originally on July 20, 2004. The outlook on all entities
is stable.

The 'BBB-' counterparty credit and insurer financial strength
ratings on Converium Rukversicherung (Deutschland) AG (Converium
Deutschland) and Converium (U.K.) Ltd. (Converium U.K.) remain
on CreditWatch with developing implications.  The ratings were
initially placed on CreditWatch with negative implications on
July 20, 2004, and the CreditWatch status was revised to
developing on September 10.  Standard & Poor's expects to
resolve the CreditWatch placement by the end of October 2004.

"The rating actions follow the successful closing of the US$420
million rights issue recently launched by the Converium group
and the expectation by Standard & Poor's that the group will
maintain significant support from key cedents and brokers," said
Standard & Poor's credit analyst Marcus Rivaldi.

Despite franchise damage resulting from placing its U.S.
operations into run-off, Converium's competitive position,
predominantly focused on Europe, remains good.  It will be
boosted by improved confidence following the successful capital
raising.  European client surveys indicate that through the
widespread implementation of a client-focused and direct
business model, Converium has become well regarded by cedents
since its inception in 2001.  Separately, the group's
competitive position is aided by a continuing demand by clients
for the maintenance of diversity among their reinsurer panel.
Standard & Poor's expects, however, that there will be a
substantial fall in group income for 2005, mainly due to
Converium Reinsurance (North America) Inc. being placed into
run-off, but also due to a significant loss of business
elsewhere.

The continuing CreditWatch status of Converium Deutschland and
Converium U.K., which are strategically important operations of
the Converium group, considers the possibility that Converium AG
will issue to these subsidiaries an acceptably worded guarantee.
Such a guarantee would allow Standard & Poor's to rate these
subsidiaries in line with Converium AG.

Potential downside risk remains should Converium AG fail to
provide this guarantee.

The stable outlook reflects Standard & Poor's expectation that
despite the anticipated substantial fall in premium income,
Converium will maintain support from key cedents and brokers for
2005, and thereby maintain a good competitive position. In
addition, assisted by the proceeds from the successful rights
issue, capital adequacy at the continuing Converium group--that
is, excluding Converium Reinsurance (North America) Inc.--will
be strong.

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
          Group E-mail Address
          InsuranceInteractive_Europe@standardandpoors.com

          CONVERIUM HOLDING AG (NYSE: CHR [ADR])
          Baarerstrasse 8
          6300 Zug, Switzerland
          Phone: +41-1-639-9335
          Fax: +41-1-639-9334
          Web site: http://www.converium.com


CONVERIUM HOLDING: Third-quarter Results Out Next Week
------------------------------------------------------
Converium Holding Ltd, Zug will release its 3Q2004 results
before the markets open in Europe on Tuesday, October 26, 2004.

A live Webcast for the investment community will be held on
Tuesday, October 26, 2004 at 9:30 a.m. Central European Time
(CET).  You can access it via the company's Web site
http://www.converium.com. It will be archived on our Web site
at about noontime that day.  The telephone replay of the
conference call will also be available one hour after the call
for 24 hours by dialing +41 91 612 4330 (Europe), +1 412 317
0088 (U.S.A.) or +44 207 866 4300 (U.K.) with access code: 514.

An Analyst and Media Conference will take place at Converium in
Zurich, General Guisan-Quai 26, on Tuesday, October 26, 2004
from 11:00 a.m. to 12:15 p.m.  A second Analyst Conference will
be held at the London Underwriting Centre, Greenwich Room, 3
Minster Court, Mincing Lane, London, EC3R 7DD, on Wednesday,
October 27, 2004 from 9:30 to 10:30 a.m.

CONTACT:  CONVERIUM HOLDING AG
          Zuzana Drozd
          Head of Investor Relations
          Phone: +41 1 639 91 20
          E-mail: zuzana.drozd@converium.com

          Media Relations:
          Michael Schiendorfer
          Media Relations Manager
          Phone: +41 1 639 96 57
          E-mail: michael.schiendorfer@converium.com


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


GORODOTSKIJ SUGAR: Sets Schedule of Public Auction
--------------------------------------------------
Podilska Trade Exchange will sell the properties of Gorodotskij
Sugar Plant on October 25, 2004, 11:00 a.m. at Ukraine,
Hmelnitskij region, Teatralna Str. 10.

For sale are buildings and equipment of Gorodotskij Sugar Plant.
Starting price is UAH778,860.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price of the property being sold and pay a
registration fee of UAH50 for physical persons or UAH100 for
legal persons on or before October 23, 2004.  The amount must be
deposited to account number 2600701009716 at JSC Credit Bank
Ukraina, Hmelnitskij branch, MFO 315654, EDRPOU 32452151.

Participants must submit competitive propositions on or before
October 23, 2004 to 29000, Ukraine, Hmelnitskij region,
Teatralna Str. 10.

CONTACT:  PODILSKA TRADE EXCHANGE
          29000, Ukraine, Hmelnitskij region,
          Teatralna Str. 10
          Phone: 6-05-13
                 70-20-73
                 70-22-10
                 70-22-11
          Fax: 79-58-01


GRIGORIVKA' SUGAR: Selling UAH1 Million Worth of Properties
-----------------------------------------------------------
Branch of Agency of Bankruptcy Questions in Kyiv region will
sell the properties of OJSC Grigorivka' Sugar Plant on October
28, 2004, 11:00 a.m. at Ukraine, Kyiv region, P. Lubchenko Str.
15, Assembly Hall, 5th floor.

For sale are the company's economic complex and equipment.
Starting price is UAH1,146,914 (inclusive of VAT).

To participate, bidders must deposit a guarantee payment of
UAH57,345.70 and pay a registration fee of UAH 17 on or before
October 25, 2004.  The amount must be deposited to account
number 26000008913 at JSPPB Aval, Kyiv central branch, MFO
322904, EDRPOU 26252130.

Participants must submit competitive propositions on or before
October 25, 2004, from 9:00 a.m. to 6:00 p.m. to 54017, Ukraine,
Mikolaiv, Moskovska Str. 54-a.  For more information, call (044)
261-19-97.


PISARIVKA' SUGAR: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on State Enterprise Pisarivka' Sugar Plant
(code EDRPOU 00412040).  The case is docketed as 32/93-04-3524.
Arbitral manager Mr. Grib Yevgenij (License Number AA 779180
approved on November 19, 2001) has been appointed temporary
insolvency manager.  The company holds account number
26000054402232 at CB Privatbank, Yuzhne GRU branch, MFO 328704.

Creditors have until October 24, 2004 to submit their proofs of
claim at:

(a) STATE ENTERPRISE PISARIVKA' SUGAR PLANT
    66031, Ukraine, Odesa region,
    Kodimskij district, Pisarivka

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


VELIKOKARABCHIYIVSKE: Under Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural CJSC Velikokarabchiyivske
(code EDRPOU 31819414).  The case is docketed as 13/201-b.
Arbitral manager Mr. V. Kustlivij (License Number AA 249949
approved on October 19, 2001) has been appointed temporary
insolvency manager.  The company holds account number 260093986
at JSPPB Aval, Hmelnitskij regional branch, MFO 315966.

Creditors have until October 24, 2004 to submit their proofs of
claim to:

(a) VELIKOKARABCHIYIVSKE
    32049, Ukraine, Hmelnitskij region,
    Gorodotskij district,
    Velikij Karabchiyiv

(b) Mr. V. Kustlivij
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Kamyants-Podilskij,
    Ogiyenko Str. 59/33

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


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


ABBEY NATIONAL: Santander Courting Former M&S Chief
---------------------------------------------------
Banco Santander Central Hispano S.A. is reportedly drafting a
veteran executive to head its latest acquisition -- Abbey
National.

Laurel Powers-Freeling, 46, viewed by a leading banking analyst
as "quite a catch for Santander," is being doggedly pursued by
the Spanish bank, according to The Observer.  Highly regarded in
the City, she is the former chief executive of Marks & Spencer.
Before joining M&S in November 2001, she was the managing
director of Lloyds TSB.  She began her career with management
consultancy McKinsey & Co. before moving to Morgan Stanley.  She
went on to head the strategy division of U.K. insurer
Prudential.

Abbey shareholders approved the takeover by Santander last week,
amidst criticism from small investors, who accused Chairman Lord
Burns of selling the company on the cheap.  Lord Burns is
expected to seat on Santander's main board after the deal is
completed in November.

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

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


ALDERWOODS UK: Hires Joint Liquidators from KPMG
------------------------------------------------
At an Extraordinary General Meeting of the Alderwoods UK
Holdings Limited on October 4, 2004 held at Suite 600, 4710
Kingsway, Burnaby, British Columbia, VSH 4MZ, Canada, the
special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of
KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators for the purpose of such winding-up.

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


APOLLIS HOLDING: Sets Members Meeting Next Month
------------------------------------------------
The general meeting of the members of Apollis Holding Limited
will be on November 16, 2004 commencing at 2:00 p.m.  It will be
held at 66 Shoe Lane, London EC4A 3WA.

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 Deloitte & Touche, 66 Shoe Lane, London EC4A 3WA not later
than 12:00 noon, November 15, 2004.

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


BEACH TECHNOLOGIES: Insolvency Service Bars Director
----------------------------------------------------
A director of an information technology business that failed
with total debts estimated at around GBP302,000 has given an
Undertaking not to hold directorships or take any part in
company management for three years.

The Undertaking by Christopher John Isaaks, 38, of Ellesmere
Road, London NW10, was given in respect of his conduct as a
director of Beach Technologies Limited (BTL), which carried out
business from premises at Farringdon House, 105/107 Farringdon
Road, London EC1R.

Acceptance of the Undertaking on October 4, 2004 prevents Mr.
Isaaks 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.

BTL was placed into voluntary liquidation on August 1, 2002 with
estimated debts of GBP301,758 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 unfit
to be involved in the management of companies in the future.

The matters of unfit conduct, not disputed by Mr. Isaaks, was
that he caused BTL to trade to the detriment of the Crown in
that he:

(a) failed to ensure Beach Technologies Limited dealt properly
    with its taxation affairs; and

(b) was non-compliant with making the required payments to the
    Inland Revenue and HM Customs & Excise when due.

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


BLAKE CONTRACT: Four-year Management Ban for Director
-----------------------------------------------------
A director of publishing and payroll businesses that failed with
combined debts estimated at GBP557,000 has given an Undertaking
not to hold directorships or take any part in company management
for four years.

The Undertaking by Paul Francis Blake, 51, of Littleheath Lane,
Oxshott, Surrey was given in respect of his conduct as a
director of Blake Contract Publishing Limited (BCP) and Blake
Publications Limited (BPL), which both carried out business from
premises at 12-14 High Road, East Finchley, London N2.

Acceptance of the Undertaking on October 5, 2004 prevents Mr.
Blake 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 four years.

BPL was placed into compulsory liquidation by Order of the
Companies Court on 12 June 2002 on the petition of the Inland
Revenue for GBP88,800 aimed in respect of unpaid PAYE/NIC.  The
company has an estimated total deficiency of GBP357,369.

BCP was placed into compulsory liquidation by Order of the
Companies Court on 14 August 2002 on the petition of HM Customs
& Excise for GBP208,823 aimed in respect of unpaid VAT.  The
company has an estimated total deficiency of GBP200,160.

The Official Receiver at London had conduct of the investigation
and disqualification procedure.

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 unfit
to be involved in the management of companies in the future.

Matters of unfit conduct, not disputed by Mr. Blake, were that
he:

(a) caused BCP to fail to account properly for VAT due by BCP to
    HM Customs & Excise; and

(b) caused BPL to trade to the detriment of the Inland Revenue.

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


BLUMILK LIMITED: Directors Banned from Holding Executive Post
-------------------------------------------------------------
Three directors of a graphic designers business that failed with
total debts estimated at around GBP192,000 have given
Undertakings not to hold directorships or take any part in
company management for combined total of 81/2 years.

The Undertakings by Colin James Robertson, 30, of Stanners View,
Clara Vale, Ryton, Tyne & Wear; George Clarke Robertson, 56, of
Trinity Courtyard, Newcastle upon Tyne; and Adam Robertson, 27,
of Tweedy Buildings, Ryton, were given in respect of their
conduct as directors of Blumilk Limited (Blumilk), which carried
out business from premises at 65 Quayside, Newcastle upon Tyne.

The Undertaking by Colin James Robertson was given for a period
of 3 1/2 years, the Undertaking by George Clarke Robertson was
given for a period of 2 1/2 years and the Undertaking by Adam
Robertson was given for a period of 2 1/2 years.

Acceptance of the Undertaking on October 11, 2004 prevents Colin
James Robertson, George Clarke Robertson and Adam Robertson from
being directors of a company or, in any way, whether directly or
indirectly, being concerned or taking part in the promotion,
formation or management of a company for the above periods.

Blumilk was placed into voluntary liquidation on December 23,
2002 with estimated debts of GBP191,840 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 Colin James Robertson,
George Clarke Robertson and Adam Robertson, were that:

(a) They caused Blumilk to trade whilst insolvent; and

(b) They caused Blumilk to trade at the risk and expense of
    creditors especially the Crown.

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


BODY PERFECTION: Names Joint Administrators from Harrisons
----------------------------------------------------------
John C Sallabank and Paul R Boyle (IP Nos 008099, 008897) have
been appointed joint administrators for Body Perfection (UK)
Limited.  The appointment was made September 30, 2004.

Body Perfection is a gym and health club.  Its registered office
is located at 35 Waters Edge Business Park, Modwen Road,
Manchester M5 3EZ.

CONTACT:  HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


BROPHY LANDSCAPE: Clysdale Bank Appoints Receiver
-------------------------------------------------
Clydesdale Bank Plc called in Fraser James Gray and Charles
Peter Holder (Office Holder Nos 008905, 009093) joint
administrative receivers for Brophy Landscape Plc (Reg No
02889382, Trade Classification: 23 General Construction and
Demolition).  The application was filed August 25, 2004.

CONTACT:  KROLL LIMITED
          26 West Nile Street,
          Glasgow G1 2PF


BULKBAG LIMITED: Brings in Joint Receivers
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Bulkbag Limited
                        (In Receivership)

I, John Reid and my partner James Stephen, Chartered Accountants
of Deloitte & Touche LLP, Lomond House, 9 George Square,
Glasgow, G2 1QQ, hereby give notice that on October 4, 2004, we
were appointed Joint Receivers of the whole property and assets
of Bulkbag Limited in terms of Section 51 of the Insolvency Act
1986.

In terms of Section 59 of the said Act, preferential creditors
are required to intimate their claims to us within six months of
the date of this notice.

John Reid, Joint Receiver
October 4, 2004

CONTACT:  DELOITTE & TOUCHE L.L.P.
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0)141 204 2800
          Fax: +44 (0)141 314 5893
          Web site: http://www.deloitte.com


CORUS GROUP: Brandes Investment Bids for Stake, ADR
---------------------------------------------------
Corus Group Plc received notification on October 15, 2004 from
Brandes Investment Partners LLC, in accordance with Section 198
of the Companies Act 1985 (the Act), that at close of business
on October 8, 2004, Brandes Investment Partners LLC (Brandes)
was interested, for the purposes of the Act, in 520,083,378
ordinary shares and in 18,035,243 American Depository Receipts
(each one of which is the equivalent of 10 ordinary shares)
which, ultimately, represents approximately 15.8 % of the
outstanding ordinary shares of Corus Group plc each comprised in
the relevant share capital (Relevant Shares), as defined in
Section 198(2) of the Act;

The registered holders of all the Relevant Shares in which
Brandes has an interest for purposes of the Act are
approximately 460 custodian banks unaffiliated with Brandes.

None of the shares referred to above are shares in which Brandes
is interested by virtue of Section 208(5) of the Act.

Brandes is a registered U.S. investment adviser.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com

          Brandes Investment Partners LLC
          11988 El Camino Real, Suite 500
          P.O. Box 919048
          San Diego, California
          92191-9048
          Phone: 858 755 0239
                 800 237 7119
          Fax: 858 755 0916
          Web site: http://www.brandes.com


DT & G: Special Winding up Resolution Passed
--------------------------------------------
At an extraordinary general meeting of the DT & G (Design Tools
& Gauges) Limited on October 11, 2004 held at 20 Winmarleigh
Street, Warrington, Cheshire WA1 1JY, the special resolution to
wind up the company was passed.  Robert William Keating of R W
Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1
1JY has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  R W KEATING & CO
          20 Winmarleigh Street, Warrington,
          Cheshire WA1 1JY


EIDOS PLC: Delays Game Release; Mulls Sale
------------------------------------------
Further to the announcement on August 2, 2004, the release of
the PC version of Championship Manager 5 will not now take place
in October.  Eidos is continuing to work towards release of the
PC version of the game shortly before Christmas, although this
may extend into the New Year.

As previously stated, the much anticipated XBox and PS2 versions
of Championship Manager 5 remain firmly on track for release in
Spring 2005 and the online version will be available through
subscription shortly after the PC game's release.

The Board of Eidos also confirms that it is continuing to pursue
discussions in relation to the possible sale of the Company and
is currently in the process of selecting a preferred
counterparty.  There can be no certainty at this stage whether
or not this will lead to an offer being made for the Company.

Further information will be provided to the market, as
appropriate, in due course.

Eidos is the largest video games publisher and developer of
entertainment software in the U.K.  It has publishing operations
across Europe (France, Germany, Spain and the U.K.) and in the
U.S., Japan and Australia.  It also has significant development
studio expertise, both internal and external, in Europe and the
U.S.

Eidos Plc is a public limited company registered in England
(number 2501949).  Its Ordinary shares are listed on the London
Stock Exchange (ticker: EID.L) and, in the form of American
Depositary Shares, on the NASDAQ National Market (symbol:
EIDSY). Further information on the Company can be found at
http://www.eidos.com.

CONTACT:  EIDOS PLC
          Wimbledon Bridge House
          1 Hartfield Rd.
          Wimbledon
          London SW19 3RU
          Phone: +44-20-8636-3000
          Fax: +44-20-8636-3001
          Web site: http://www.eidos.com

          Brunswick U.K
          Jonathan Glass
          Wendel Carson
          Phone: 020 7404 5959

          Brunswick N.Y.
          Nina Devlin
          Phone: 001 212 333 3810


ENTERA CORPORATION: Former Director Banned Seven Years
------------------------------------------------------
A director of an investment business that failed with total
debts estimated at around GBP1.3 Million has given an
Undertaking not to hold directorships or take any part in
company management for seven years.

The Undertaking by Christian James Michel, 43, of Chesham
Street, London, SW1X, was given in respect of his conduct as a
director of Entera Corporation Limited (ECL), which carried out
business from premises at 55 Drury Lane, London.

Acceptance of the Undertaking on October 6, 2004 prevents Mr.
Michel 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.

ECL was placed into voluntary liquidation on March 18, 2002 with
estimated debts of GBP1.3 million 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 unfit
to be involved in the management of companies in the future.

Matter of unfit conduct, not disputed by Mr. Michel, was that he
caused ECL to trade the detriment of its creditors.

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


GAS UK: Appoints Robson Laidler Liquidator
------------------------------------------
Name of Companies:
Gas UK Limited
L W Technical (Northern) Limited
Northern Tracing & Collection Services Limited
Northern Electric Generation (NPL) Limited
Northern Electric (Overseas Holdings) Limited

At extraordinary general meetings of these companies on October
4, 2004 held at Lloyds Court, 78 Grey Street, Newcastle upon
Tyne NE1 6AF, the special and ordinary resolutions to wind up
the company were passed.  William Paxton of Robson Laidler,
Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2
1TJ has been appointed liquidator.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road,
          Jesmond, Newcastle upon Tyne
          Phone:  0191 281 8191
          Fax: 0191 281 6279
          Web site: http://www.robson-laidler.co.uk


HEALTHCARE AGENCIES: Names Richard Segal Liquidator
---------------------------------------------------
At an extraordinary general meeting of the members of the
Healthcare Agencies Limited on October 7, 2004 held at 1 Tower
Place West, Tower Place, London EC3R 5BU, the special resolution
to wind up the company was passed.  Richard Segal has been
appointed liquidator for the purpose of such winding-up.


HORDERN CAPITAL: Hires PricewaterhouseCoopers as Liquidator
-----------------------------------------------------------
At an extraordinary general meeting of Hordern Capital
Management Limited on 7 October 2004, the special and ordinary
resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
the company for the purpose of such winding-up.

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


HOWIE ANIMAL: Appoints Joint Receivers from Baker Tilly
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Howie Animal Feeds Limited
                        (In Receivership)

We, Maureen E. Leslie and Cedric M. Clapp, Baker Tilly,
Breckenridge House, 274 Sauchiehall Street, Glasgow, G2 3EH,
give notice that on September 28, 2004 we were appointed joint
receivers of Howie Animal Feeds Limited.

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

In terms of Section 59 of the Insolvency Act 1986, preferential
creditors should lodge their claims with me within six months of
the date of this notice.

Maureen E. Leslie, Joint Receiver
September 29, 2004

CONTACT:  BAKER TILLY
          Breckenridge House
          274 Sauchiehall Street
          Glasgow G2 3EH
          Phone: 0141 307 5000
          Fax: 0141 307 5005
          Web site: http://www.bakertilly.co.uk


HULME HARRIS: General Meeting of Members Set
--------------------------------------------
The general meeting of the members of Hulme Harris Limited will
be on November 22, 2004 commencing at 11:00 a.m.  It will be
held at 201 Deansgate, Manchester M60 2AT.

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 Deloitte & Touche, 201 Deansgate, Manchester M60 2AT not
later than 12:00 noon, November 19, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          201 Deansgate,
          Manchester M60 2AT
          Joint Liquidator:
          W K Dawson
          Phone: +44 (0) 161 832 3555
          Fax:   +44 (0) 161 829 3800
          Web site: http://www.deloitte.com


J SAINSBURY: Announces Result of Business Review
------------------------------------------------
J Sainsbury on October 19, 2004 outlined plans for a new
sales-led profit recovery, following a comprehensive review of
its business.

Key Points

(a) Focus on a sales-led profit recovery;

(b) Grow sales by GBP2.5 billion (1) over three years to end of
    2007/08

(c) New management team has retail expertise and track record of
    delivery;

(d) Restoration of unique brand proposition of great quality
    food at fair prices;

(e) Activity now underway to fix operational basics and change
    cost structure;

(f) Significant investment of at least GBP400 million to improve
    customer offer over next three years;

(g) Ongoing buying efficiencies of 100-150bp per annum
    reinvested in customer offer;

(h) Recruitment of 3,000 additional colleagues into stores;

(i) Trading position underpinned by deliverable operating
    efficiencies of at least GBP400 million, tight cash flow
    management and valuable freehold property portfolio;

(j) Underlying profit before taxation (2) for first half year
    expected to be within a range of between GBP125 million and
    GBP135 million and second half not expected to be
    significantly different from first half;

(k) Dividend for full year forecast to be 7.8 pence per share -
    a reduction of 50%; and

(l) Exceptional costs from the Business Review estimated at
    GBP550 million (3);

Philip Hampton, Chairman, said, "I am convinced that the new
sales-led profit recovery plan is the right approach for
Sainsbury's to deliver long term sustainable performance and
profit recovery.  The initiatives focus on delivering growth by
focusing on our customer proposition.  As a result of the
significant investment in our offer required to realign our
business, we have announced a reduction of the dividend.  The
strong team we have built, led by Justin King, has the retailing
expertise and capability to deliver shareholder value."

Justin King, Chief Executive, said, "Sainsbury's has enormous
brand equity.  Great quality food at fair prices is what
customers want and expect from us.  However, we have not
delivered this offer effectively.  The Business
Transformation Program has not realized many of the anticipated
performance improvements and cost benefits and distracted us
from investing in and delivering the customer offer.  In
particular the challenges this has presented have made it more
difficult for our store colleagues to deliver an acceptable
level of service to customers.  This has led to declining market
share.

"We are clear on the actions we need to take. We have
strengthened our management team and already put in place a
number of actions to restore the effective delivery of our
customer offer.  A longer-term program is now being implemented
to fix operational basics and radically improve our ability to
deliver our offer on a consistent and sustainable basis.  The
purest measure of customer satisfaction will be increased sales
and we believe the outlined plans outlined will grow sales by
GBP2.5billion (1) over the next three years."

(1) Excluding petrol and Sainsbury's Bank.

(2) Underlying profit before tax is stated before exceptional
    items, amortization of goodwill and costs or charges that
    may arise from the completion of the Business Review, which
    will be subject to the normal audit review.

(3) Including a property loss on disposal of GBP25million and
    excluding Business Transformation exceptional costs and
    profit on disposal of Shaw's

   Making Sainsbury's Great Again: A Sales-Led Profit Recovery

The outlined plans to drive a sales-led profit recovery aim to
generate sales growth while radically changing the cost
structure of the business to ensure the operational gearing from
the sales growth is delivered.  The key drivers of the recovery
over the next three years include:

(a) Investment in the customer offer (quality, service and
    price) of at least GBP400 million;

(b) Ongoing buying efficiencies of 100-150 bp per annum
    reinvested in the customer;

(c) Operating cost efficiencies of at least GBP400 million;

(d) Tight cash flow management;

(e) Strong property asset backing;

Experienced Management Team

In May 2004 a new unified Operating Board structure was
announced.  This established clear accountability and a focus on
results.  Four new members have joined the Operating Board and
recruitment is under way to fill three positions (finance,
property and communications).

(a) The new management team has outstanding retail skills and a
    track record of delivery;

(b) The ability to recruit strong talent demonstrates a belief
    in, and desire to be part, of Sainsbury's recovery;

(c) Additional recruitment and the development of internal
    talent is also in place for senior management positions; and

(d) Management incentives will be aligned with the interests of
    shareholders.

                         Fixing the Basics

There is a clear and distinct vision of Sainsbury's customer
proposition but in order to deliver it effectively the basics
need to be fixed.  A number of actions to simplify and improve
the offer were announced in July.  Further actions are now being
taken to ensure the customer proposition is effectively
delivered while a longer-term sustainable program is.

Customer Offer

During the past three years, an increasingly complex operating
model has been developed, focused on what differentiated
customers rather than what united them.  This added a level of
complexity to operations, which has constrained the ability to
deliver a clear and distinct customer proposition.  The company
has a strong national presence but while customer numbers have
broadly been maintained with 14 million transactions each week,
basket size has decreased due to poor execution of the
proposition.

The Sainsbury's brand is focused on food.  The weekly grocery
shop is the prime reason customers visit Sainsbury's; in
addition to ongoing buying efficiencies at least an additional
GBP400 million will be invested back into the customer offer to
improve the quality gap and provide better value in Sainsbury's
products versus those of competitors.

(a) Sainsbury's needs to go back to its strengths. With the
    increasing focus on diet, health and nutrition, championing
    basic everyday quality at appropriate and fair prices is
    just as relevant and Sainsbury's is committed to
    restoring and delivering its unique customer proposition;

(b) Sainsbury's traditional focus on fresh and own label will be
    increased to restore Sainsbury's reputation for innovative
    and quality products at fair prices.  In particular, through
    sub brands like Taste the Difference and Be Good to
    Yourself, premium and health ranges will be the best
    available and a significant point of difference from other
    mass-market operators;

(c) Product range has been reviewed to make it relevant for all
    Sainsbury's customers.  All stores will carry the same core
    product offer, with a Good, Better, Best hierarchy, although
    elements will necessarily be tailored to size of store.
    Range churn has already been reduced by 75%;

(d) Competitive prices will be maintained on brands and
    supported by a strong, but simplified, promotional program
    across all product ranges.  Investment in price will
    continue.  Nectar is valued by many customers and the
    priority is on ensuring that the results it delivers justify
    the investment.

(e) General merchandise plays an important role in store but
    ranges will be complementary to the grocery-shopping trip
    rather than being a specific destination.  It is estimated
    that sales will grow by GBP700 million over three years to
    the end of 2007/08.  The core range will be everyday weekly
    items customers expect to find in supermarkets such as
    cards, wrapping paper, music and DVD's.  This will be
    complemented by Clothing and Home ranges in our larger
    stores;

(f) Sainsbury's Home offer, launched in September 2003, was too
    extensive.  As announced on July 1, aggressive trading out
    of the over-stocked position in non-food goods has put the
    company in good shape to drive new ranges forward.

(g) The 'TU' clothing brand was launched in September 2004 and
    initial sales have been encouraging, significantly above
    clothing sales in the same period in 2003, and ahead of our
    expectations.  This is clearly an area customers respond
    well to which will contribute towards the general sales
    target;

(h) Sainsbury's to You is an important service for customers but
    performance needs to be improved.  By following a store-
    picking model, the challenges facing the core business are
    also impacting the home shopping service.  Further expansion
    and new customer acquisition plans are on hold while we work
    to improve Sainsbury's to You, which will not contribute to
    profit for the next two years; and

(i) Sainsbury's Bank has continued to grow and there is
    opportunity to drive it forward at greater speed.  Profits
    are expected to treble to GBP90 million in 2007/08 by
    concentrating on the key product areas of credit cards,
    loans, car insurance and savings.

Simplifying Store Formats and Operations

Much of the complexity and distraction of the transformation
program has impacted colleagues in store and affected their
ability to deliver Sainsbury's offer to customers.  Insufficient
attention and investment has been made in the customer offer
leading to declining market share.  Actions to simplify
operations and focus back on serving the customer are now
underway.

(a) Store formats will be simplified to comprise just
    Supermarkets and Convenience.  Sainsbury's Central and
    Savacentre stores will become part of the supermarket estate
    and the Bluebird concept store in London will close in early
    2005;

(b) The majority of Sainsbury's 461 supermarkets are in great
    locations and have had significant investment in recent
    years and more than half of which, 239, are freehold or long
    leasehold.  With an average store size of 34,000 sq ft
    the company is well positioned to trade strongly and 157
    stores are over 40,000 sq ft providing real opportunities to
    trade food and general merchandise. It is clear that
    Sainsbury's can trade well up to 55,000 sq ft;

(c) 131 stores have not received any investment for a number of
    years.  As such, circa three million customers, representing
    20% of Sainsbury's sales, are not experiencing the best
    store environment and these stores will be refurbished over
    the next two years;

(d) A convenience division was established in May 2004.  This
    will ensure the operation of the company's 260 convenience
    stores is not a distraction to the operation of supermarkets
    and will excel in its own right.  Led by Jim McCarthy from
    T&S Stores, with Stephen Bell and Angus Oughtred of the
    newly acquired Bells Stores and Jackson's, Sainsbury's now
    has an outstanding management team unrivalled in the U.K.
    convenience sector;

(e) Convenience stores provide local shopping for customers to
    access Sainsbury's offer and it is estimated that sales will
    grow by GBP400 million over three years to the end of
    2007/08.  Sainsbury's Locals are performing well in general,
    but there are some exceptions where stores have opened too
    close to each other.  Seven Sainsbury's Locals in the London
    area, two in the Midlands and three in Glasgow will be
    closed.  Due to the proximity of stores, colleagues will be
    redeployed and other stores should assume the majority of
    sales;

(f) There are currently 24 stores on Shell petrol station
    forecourts.  The rollout of any further locations has been
    suspended while we address the profitability of this group
    of stores; and

(g) The short-term priority for store operations is to improve
    customer service while longer-term changes and productivity
    improvements are implemented.  A further 3,000 colleagues
    will be recruited by January 2005 to provide resource to
    allow colleagues to add value on the shop floor.  Working
    hours will be optimized to match customers' requirements.

Supply Chain

Sophisticated customer and product segmentation over the past
two or three years has required a complex supply chain solution
which simply cannot be delivered to the required scale.  The new
automated depots are failing to perform at the planned levels
and it is clear that additional change is needed.  A number of
decisions have been taken.

(a) Lawrence Christensen joined in September and has led a
    restructuring including the recruitment of new members to
    the management team;

(b) In July the company announced it would continue to operate a
    depot originally scheduled to close and another facility, at
    Buntingford (Hertfordshire), will also re-open to support
    the business over Christmas;

(c) Additional manual support has been introduced to support the
    operation where systems are failing; and

(d) Supplier compliance with processes to facilitate automation
    is being addressed.

IT systems

IT systems have also failed to deliver the anticipated increase
in productivity and the costs are a greater proportion of sales
than they were four years ago.  The objective is to simplify
systems to increase effectiveness.  Key initiatives have been
done.

(a) The rollout of future systems and upgrades has been slowed
    down while focusing on driving benefits from the systems
    already in place.  Priority will be on forecasting and
    scheduling systems;

(b) Certain systems cannot now be used and others will require
    additional expenditure to simplify and improve their
    functionality; and

(c) The contract with Accenture is being renegotiated to involve
    the company more fully in the selection and implementation
    of systems and IT solutions.  Accordingly the company is
    rebuilding internal capability.

Availability

Availability is the number one performance issue for Sainsbury's
and a significant detractor to recent sales performance.
Customers have too frequently been unable to complete their shop
and availability levels are currently worse than those achieved
before the major changes were made.  Improved availability will
be the output of longer-term improvements in areas such as
supply chain and IT.  Around 50% of availability issues can be
solved in store.

Short-term actions have already been taken.

(a) Reducing complexity in the customer offer and investment in
    higher wastage levels has been implemented;

(b) Clearance of surplus stock and greater focus on inventory
    management;

(c) All colleagues are now eligible for a bonus based on
    availability and service ensuring a unified focus on the
    company's priorities;

(d) Improved in-store processes are being tried, which can be
    rolled out to the rest of the chain quickly once they have
    proven to be successful.

Organization and People

Sainsbury's has highly committed colleagues but morale is low.
A number of initiatives have been put in place.

(a) A new bonus scheme that rewards all colleagues on store
    standards and availability have been introduced to help to
    create a culture focused on stores and customers,
    particularly in central support services.  Colleague
    suggestion and reward and recognition schemes have also been
    introduced;

(b) The Holborn Business Centre will not be relocated following
    the Business Review as the potential savings do not make an
    attractive enough case given the potential disruption to the
    organization; and

(c) The cost of central support services continues to be
    significantly above that of competitors despite a recent
    review, which decreased the Holborn head count by over 20%
    to circa 3,000 full time equivalent colleagues.  It is
    anticipated that around an additional 750 roles will be
    removed by March 2005.

                    Reducing operating costs

Plans are being implemented to manage costs aggressively and
deliver real operating cost savings of at least GBP400 million
by the end of 2007/08.  These cost saving targets are realistic
and deliverable.  The initial focus over the next 12 months will
be on delivering savings in stock loss, IT systems and central
costs until current availability and operational issues are
satisfactorily resolved.  The breakdown of estimated savings by
2007/08 is as follows:

                                       GBP (million)

Supply Chain                                50

Information Technology                      40

Stock Loss                                 120

In Store Operations                         70

Marketing                                   40

Central                                     60

Other                                       20

TOTAL                                     GBP400 million

It is expected that the phasing of these cost savings will be
GBP100 million in 2005/06 and GBP150 million in the following
two years, which is a rate that minimizes disruption to the
business.  As part of plans to aggressively manage buying
efficiencies, it is expected to deliver 100-150 bp of cost
benefits per annum, which will be reinvested in the customer
offer.

                   Tight Cash Flow Management

Significant cash flow improvements are being delivered in
2004/05 through cutting back capital expenditure and improving
working capital and will continue during the next three years.
Capital expenditure for 2004/05 has already been reduced from
GBP700 million to GBP500 million (before store acquisitions).
Going forward it will be maintained at around GBP450 million per
annum.  Remedial and completion capital spend in IT systems and
supply chain is estimated in total at an additional GBP200
million over the next two years.

Cash flow generation will be supported by lower dividend
payments of approximately GBP135 million, continuing working
capital improvements and asset development proceeds expected to
be around GBP75 million p.a. over the next three years.  The
company expects to be broadly cash flow neutral in 2005/06
(before the return of GBP40 million to shareholders as part of
the B share scheme announced in March 2004) and cash flow
positive thereafter.

                          Balance Sheet

The sales recovery is underpinned by a strong balance sheet and
specifically, a valuable freehold and long leasehold property
portfolio (the Net Book Value of the portfolio at March 27, 2004
was in excess of GBP5billion).  Opportunities to trade stores at
the margins will be explored.  The objective is to maintain
financial flexibility to support investment in the customer
offer and generate sales growth.

                            Dividend

In the light of the revised near term financial goals of the
business and the initiatives announced, the Board is proposing
an interim dividend of 2.15 pence per share.  This is a
reduction of 50%.  In the absence of unforeseen circumstances,
the Directors expect the dividend for the full year to be 7.8
pence per share.  The medium term objective is to restore
dividend cover to at least 1.5 times.

                    Exceptional Costs 2004/05

In line with previous guidance, further exceptional operating
costs relating to the business transformation program are
estimated to be within the range of GBP25 million to GBP30
million during the first half of the year.  No further costs are
expected in the second half.  Costs directly associated with the
Business Review will be treated as exceptional operating items
due both to their size and non-recurring nature. The breakdown
of estimated costs are as below and are subject to audit.

                                             GBP (million)
Information Technology write off
of redundant assets                              140

Supply Chain write off of automated
equipment in the new fulfillment centers         120

Stock write down in the carrying
value of stock due to a change in
operational approach, disruption in
new depot and IT implementation
and accelerated clearance of excess
general merchandise stocks                        80

Property costs associated with
closure of 13 stores, principally
Locals, London offices and other
non-trading properties and assets (1)            100

Provisions for reorganization and
other employee related matters                    90

Other                                             20

TOTAL                                            550

It is anticipated that the majority of Business Review
exceptional costs will be included in the half-year accounts and
the remainder in the full year accounts ending March 26, 2005.
The cash components of these costs are estimated at GBP100
million.

As previously announced, the disposal of Shaw's Supermarkets,
completed in April 2004, will result in an exceptional
non-operating profit estimated to be around GBP275 million and
reported in the first half year accounts.  This is offset by an
adjustment in respect of previous years' disposals of GBP20
million.

                             Outlook

Following the decision by the Board to adopt a sales-led profit
recovery program, performance for the second half of the year
(2004/05) will be affected by further investment in the customer
offer.  Accordingly, underlying profit before tax (2) for the
second half is not expected to be significantly different from
the company's estimated range of GBP125 million to GBP135
million for the first half.

The outlined plans are a considerable change from that of
previous years and will be implemented by a new management team
with proven retail experience and a track record of delivery.

Substantial investment is being made in the customer offer,
rather than infrastructure, to drive sales and this is
underpinned by tight cash flow management and a strong balance
sheet.  The customer is now at the heart of all decision-making
and this is supported by changes to organization structure and
culture.

Under the outlined plans we expect to grow sales by GBP2.5
billion (3) over the next three years to the end of 2007/08.  We
expect to achieve market growth in sales by the end of 2005/06
and the benefits of the operational gearing in the business to
be delivered strongly in the second half of 2006/07.

(1) This includes a property loss on disposal of GBP25 million.

(2) Underlying profit before tax is stated before exceptional
    items, amortization of goodwill and costs or charges that
    may arise from the completion of the Business Review which
    will be subject to the normal audit review.

(3) Excluding petrol and Sainsbury's Bank.

A presentation to investors and analysts will take place at 9:45
BST in the Auditorium at 33 Holborn, London, EC1N 2HT.
Registration will commence at 9:15 BST.  We are expecting this
to be a popular event and would recommend that you respond to
this invitation promptly and arrive in good time on the day to
ensure your seat in the auditorium.  If you would like to
attend, please e-mail Sarah Boden on
sarah.boden@sainsburys.co.uk or call +44 (0) 20 7695 8410.

If you are unable to attend on the day, please make use of one
of the following alternative options, full details of which
follow at the bottom of this page:

(a) 9:45 BST Presentation Webcast or Conference Call;

(b) 15:00 BST Conference Call, primarily for our North American
    audience;

(c) Archive of 9:45 BST Presentation Webcast or Replay of 9:45
    BST Conference Call;

(d) Replay of 15:00 BST Conference Call

To view the slides of the Results Presentation and the Webcast:
For the live event, go to http://www.j-sainsbury.co.uk. From
9:30 a.m. BST onwards, further instructions will be on the Web
site.  You will need to register for this event in advance.
This archived event will become available from 4:00 p.m. BST on
the day in the form of a delayed Web cast.

To listen to the Results Presentation, dial +44(0) 20 7019 9504
at least ten minutes prior to the start of the presentation.
You will be asked to give your name and company details. You
will then be placed on hold and will hear music until the
presentation starts.  An archive of this event will be available
from 12:30 p.m. BST on +44 (0) 20 7984 7578, pin number 975174
until midnight BST on Friday October 22, 2004.

To participate in the afternoon Conference Call, dial +1 718 354
1152 or +44(0) 20 7019 9504 at least ten minutes prior to the
start of the call.  You will be asked to give your name and
company.  You will then be placed on hold and will hear music
until the presentation starts.  An archive of this event will be
available from 5:30 p.m. BST on +1 718 354 1112 or +44 (0) 20
7984 7578, pin number 934747 until midnight BST on Friday
October 22, 2004.

CONTACT: J SAINSBURY PLC
          33 Holborn
          London EC1N 2HT
          Phone: +44-20-7695-6000
          Fax: +44-20-7695-7610
          Web site: http://www.j-sainsbury.co.uk

          Investor relations
          Roger Matthews
          Lynda Ashton
          Phone: +44 (0) 20 7695 7162

          Media Relations
          Jan Shawe
          Pip Wood
          Phone: +44 (0) 20 7695 6127


J SAINSBURY: Releases Second-quarter Trading Statement
------------------------------------------------------
Sainsbury's issued its second quarter trading statement
comprising 16 weeks sales to October 9, 2004.

Key Points

(a) Total sales growth of 4.4% (1.5% excluding petrol);

(b) Like for like sales growth of 1.8% (-1.1% excluding petrol)

(c) Underlying profit before taxation (1) for the first half
    year expected to be within a range of between GBP125 million
    to GBP135 million, and the  second half year is not expected
    to be significantly different from the first half; and

(d) Dividend for the full year forecast to be 7.8 pence per
    share, a reduction of 50%.

Justin King, Chief Executive said, "Total sales growth of 4.4%
includes a contribution from both Bells Stores and Jackson's
with the like for like increase of 1.8% reflecting the strong
trading from petrol.  We have continued to invest in the
customer offer, particularly pricing, and as a result in-store
deflation in the quarter was 1.1%.  Underlying profit before tax
for the first half of 2004/05 was impacted by the margin
investment and additional costs of managing availability."

Following the decision by the Board to adopt a sales led profit
recovery, performance for the second half of the year (2004/05)
will be affected by the further investment in the customer
offer.  Accordingly, underlying profit before tax (1) for the
second half is not expected to be significantly different from
the company's estimated range of GBP125 - GBP135 million for the
first half.

In the absence of unforeseen circumstances, the Directors expect
the dividend for the full year to be 7.8 pence per share.  The
reduction in dividend will result in cash retained in the
business of approximately GBP135 million.  The medium term
objective is to restore dividend cover to at least 1.5 times.

The interim results will be announced on November 17, 2004.

Notes

(1) Underlying profit before tax is stated before exceptional
    items, amortization of goodwill and costs or charges that
    may arise from the completion of the Business Review, which
    will be subject to our normal audit review; and

(2) Sales growth is detailed below:

2004/05                                 Q1         Q2        H1

Sales growth including petrol (%)

Total                                  2.3        4.4       3.5

Lfl                                    1.0        1.8       1.5

Lfl inflation /(deflation)             0.5       (0.5)     (0.1)

Sales growth excluding petrol (%)

Total                                  0.8        1.5       1.3

Lfl                                   (0.6)      (1.1)     (0.9)

Lfl inflation /(deflation)             0.2       (1.1)     (0.5)

CONTACT: J SAINSBURY PLC
          33 Holborn
          London EC1N 2HT
          Phone: +44-20-7695-6000
          Fax: +44-20-7695-7610
          Web site: http://www.j-sainsbury.co.uk


LOGIC RESOURCE: Appoints Vantis Business Recovery Liquidator
------------------------------------------------------------
At an extraordinary general meeting of the members of the Logic
Resource Limited on September 30, 2004 held at 9 Raffles Place,
Singapore, the subjoined special resolution to wind up the
company was passed.  Michael William Young and Peter Wastell of
Vantis Business Recovery, Torrington House, 47 Holywell Hill, St
Albans, Hertfordshire AL1 1HD have been appointed liquidators
for the purpose of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Web site: http://www.vantisplc.co.uk


LONDON WINE: Hires Joint Administrators from Tenon Recovery
-----------------------------------------------------------
S. R. Thomas and T. J. Binyon (IP Nos 8920, 9285) have been
appointed joint administrators for London Wine Bars Limited.
The appointment was made October 12, 2004.

The company manages restaurants.  Its registered office is
located at Sherlock House, 73 Baker Street, London W1U 6RD.

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


MARCONI CORPORATION: Goldman Sachs Eyes Shares
----------------------------------------------
This notification relates to issued ordinary shares in the
capital of Marconi Corp Plc (shares) and is given in fulfillment
of the obligations imposed by sections 198 to 203 of the
Companies Act 1985 (Act).

It has come to our attention that at close of business on
October 14, 2004, The Goldman Sachs Group, Inc., of 85 Broad
Street, New York, NY 10004, USA, was interested in 7,700,304
shares.

Of these 7,700,304 shares,

(a) The interest in 179,999 shares arose from the interest held
    by Goldman, Sachs & Co. (GS&Co.), a wholly-owned direct
    subsidiary of GS Inc, acting as custodian for its customers.
    These shares are, or will be, registered in the name of
    Goldman Sachs Securities (Nominees), Limited;

(b) The interest in 8,770 shares arose from the interest held by
    GS&Co., acting as custodian of 4,385 American Depositary
    Receipts (ADRs).  These ADRs are, or will be, held at the
    Depositary Trust Company of New York (DTC);

(c) The interest in 7,361,535 shares arose from a beneficial
    interest held by Goldman Sachs International (GSI), a
    wholly owned indirect subsidiary of GS Inc.  These shares
    are, or will be, registered at CREST in account CREPTEMP;
    and

(d) The interest in 150,000 shares arose from a beneficial
    interest of 75,000 ADRs held by GSI.  These ADRs are, or
    will be, held at DTC.

CONTACT:  MARCONI CORPORATION PLC
          338 Euston Rd., 4th Fl., Regents Place
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          THE GOLDMAN SACHS GROUP, INC.
          85 Broad St.
          New York, NY 10004 (Map)
          Phone: 212-902-1000
          Fax: 212-902-3000
          Web site: http://www.goldmansachs.com


M & B CATERING: Appoints David Horner & Co. Administrator
---------------------------------------------------------
David Anthony Horner (IP No 008956) has been appointed
administrator for M & B Catering Equipment Limited.  The
appointment was made October 5, 2004.

The company installs and designs kitchens.  Its registered
office is located at David Horner & Co, 11 Clifton Moor Business
Park, James Nicolson Link, York YO30 4XG.

CONTACT:  DAVID HORNER & CO
          3 Guisborough Road,
          Great Ayton, Middlesbrough TS9 6AA
          Phone: 01642 500117
          Web site: http://www.davidhornerandco.co.uk


MGTS UK: Winding up Resolutions Passed
--------------------------------------
At an extraordinary general meeting of the MGTS UK Holding on
September 30, 2004 held at the offices of mg trade services ag,
Lurgiallee 5, D-60439 Frankfurt am Main, Germany, the special
and ordinary resolutions to wind up the company were passed.
Tony James Thompson of Piper Thompson, Mulberry House, 53 Church
Street, Weybridge, Surrey KT13 8DJ has been appointed
liquidator.

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


NORLINC: Sets Meeting Next Month
--------------------------------
The meeting of Norlinc will be on November 12, 2004 commencing
at 10:30 a.m.  It will be held at Begbies Traynor, 4th Floor,
General Building, Brayford Wharf East, Lincoln.

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 or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Begbies Traynor, 4th Floor, General
Building, Brayford Wharf East, Lincoln not later than 12:00
noon, November 11, 2004.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, General Building,
          Brayford Wharf East, Lincoln
          Phone: 01522 589060
          Fax: 01522 541043
          Web site: http://www.begbies.com


OAK MANOR: Names Leonard Curtis & Co. Liquidator
------------------------------------------------
At an extraordinary general meeting of the Oak Manor Holdings
Limited on October 1, 2004 held at 54 Oxford Road, New Denham,
Uxbridge, Middlesex UB9 4DJ, the special resolution to wind up
the company was passed.  K. D. Goodman of Leonard Curtis & Co,
One Great Cumberland Place, Marble Arch, London W1H 7LW has been
appointed the liquidator of the company for the purpose of such
winding-up.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


ORBIT HOUSE: Hires Ernst & Young as Liquidator
----------------------------------------------
At a general meeting of the members of Orbit House Enterprises
Plc, the special, ordinary and extraordinary resolutions to wind
up the company were passed.  Martin Fishman and Patrick Joseph
Brazzill of Ernst & Young LLP, 1 More London Place, London SE1
2AF have been appointed joint liquidators for the winding up of
the company.

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


QCLS LIMITED: Eight-year Ban for Top Honcho
-------------------------------------------
A director of a contract labor supply, and a business providing
temporary staff which both failed with combined total debts
estimated at around GBP2,409,000 has given an Undertaking not to
hold directorships or take any part in company management for
eight years.

The Undertaking by David Norman McDowell, 34, of Cemetery Road,
Whittlesey, Peterborough was given in respect of his conduct as
a director of QCLS (Peterborough) Limited (QCLS) and QCLS
Services Limited (Services).  QCLS carried out business from 7-9
London Road, Peterborough PE2 8AN and Services carried out
business from premises at 4 London Road, Peterborough PE2 8AR.

Acceptance of the Undertaking on September 29, 2004 prevents Mr.
McDowell 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 eight
years.

QCLS was placed into voluntary liquidation on September 9, 2002
with estimated debts of GBP495,961.

Services was placed into voluntary liquidation on March 19, 2004
with estimated debts of GBP1,913,876.

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. McDowell were
that:

(a) He caused or allowed QCLS and QCLS Services to trade to the
    detriment of HM Customs & Excise (HMCE) and the Inland
    Revenue (IR) in that:

    (i) Amounts due to HMCE in respect of VAT at the date of
        liquidation date back to the 04/01 quarter.  Amounts due
        in respect of that quarter were due for payment no later
        than May 31, 2001, yet GBP9,562 was still outstanding in
        respect of that period at the date of liquidation;

   (ii) At the date of liquidation amounts due to the Inland
        Revenue (IR) for PAYE and NIC amounting to GBP297,479;
        GBP140,820 of which related to the 2001/2002 tax year
        which would have been due for payment monthly during
        that tax year and in full by no later than April 19,
        2002;

(b) He caused or allowed QCLS to pay himself a level of
    remuneration that was undue having regard to the solvency
    and profitability of the company.  The company's own payroll
    records show GBP96,285 to have been paid to him over the
    company's 17 month trading period.

(c) Amounts due to HMCE in respect of VAT at the date of
    liquidation date back to the 10/02 period.  Amounts due in
    respect of that period were due for payment no later than
    November 30, 2002, yet GBP22,082 was still outstanding in
    respect of that period at the date of liquidation;

(d) Amounts due to the IR in respect of PAYE and NIC at the date
    of liquidation include amounts in respect of the 2002/2003
    tax year.  Amounts due in respect of that tax year should
    have been made on a monthly basis during that tax year and
    in full by no later than April 19, 2003, yet GBP284,172 was
    still outstanding in respect of PAYE and NIC at the date of
    liquidation; and

(e) Between September 9, 2002 and March 19, 2004 he acted in
    contravention of Section 216 Insolvency Act 1986 by acting
    as a director of Services, a company that was known by a
    name prohibited to him.

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


SOUTH CLEVELAND: In Administrative Receivership
-----------------------------------------------
A car dealership that operates six garages North East of England
is currently looking for financiers to stay in business,
http://www.creditman.biz/uksays.

South Cleveland Garages Limited, which fell into administrative
receivership on October 14, 2004, has a good chance of exiting
the procedure and continue operating, according to its joint
administrative receivers.

"The company has been experiencing financial difficulties, in
particular with issues relating to working capital.  While we
evaluate the options we have retained a core workforce and are
attempting to raise additional finance to enable the business to
continue to trade," Creditman quotes Ian Green, one of the three
receivers.  Rob Hunt and Craig Livesey are other receivers.

Employing 300 people in six dealerships in Middlesbrough (3),
Hartlepool (2), and Darlington (1), the company has an annual
turnover of GBP60 million.  It retails Citroen, Peugeot, Suzuki,
Mitsubishi, Hyundai and MB Rover new and used cars, and provides
servicing, parts and bodyshop facilities.

CONTACT:  SOUTH CLEVELAND GARAGES LIMITED
          2 BLOOMSBURY STREET
          LONDON WC1B 3ST


SUMMER JEANS: Sets Creditors' Meeting Next Week
-----------------------------------------------
The creditors of Summer Jeans (UK) Limited will meet on October
25, 2004 commencing at 12:00 noon.  It will be held at Mountview
Court, 1148 High Road, Whetstone, London N20 0RA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kallis & Co, Mountview Court, 1148 High Road,
Whetstone, London N20 0RA not later than 12:00 noon, October 22,
2004.

CONTACT:  KALLIS & CO
          Mountview Court,
          1148 High Road, Whetstone,
          London N20 0RA


THE LEISURE: Names Carter Backer Winter Administrator
-----------------------------------------------------
John Alfred George Alexander and Joan Yvonne Venvil (IP Nos
5053, 2630) have been appointed joint administrators for The
Leisure Consortium Limited.  The appointment was made October 4,
2004.  The company is an agent in insurance underwriting.

CONTACT:  CARTER BACKER WINTER
          Enterprise House,
          21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


THE WILDWOOD: Calls in Liquidator from David Horner & Co.
---------------------------------------------------------
At an extraordinary general meeting of the members/guarantors of
The Wildwood Project Bentley Ltd. on September 23, 2004 held at
Kelham House, Kelham Street, Doncaster DN1 3RE, the special
resolution to wind up the company was passed.  David Horner of
David Horner & Co., Kelham House, Kelham Street, Doncaster DN1
3RE has been appointed liquidator for the purpose of winding-up
the company.

CONTACT:  DAVID HORNER & CO.
          Kelham House, Kelham Street,
          Doncaster DN1 3RE
          Phone: 01302 760329
          Web site: http://www.davidhornerandco.co.uk


WAVELENGTH SOLUTIONS: In Administrative Receivership
----------------------------------------------------
The Governor and Company of the Bank of Scotland called in Karl
Homes (Office Holder No 1423) and Andrew Tate (Office Holder No
8960) administrative receivers for Wavelength Solutions Limited
(Reg No 0208378: Trade Classification: 3162-Manufacture other
Electrical Equipment).  The application was filed October 6,
2004.

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

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


                            *********


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.

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