TCREUR_Public/041025.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

            Monday, October 25, 2004, Vol. 5, No. 211

                            Headlines

G E R M A N Y

CELANESE AG: David Weidman to Lead New Management Team
HOUSE & HOME: Creditors Have Until this Week to File Claims
INTERTAINMENT AG: CFO Achim Gerlach Succeeds Outgoing Chairman
KANAL-GRUTTNER: Celle Court Appoints Provisional Administrator
MATHIAS WIRTZ: Under Bankruptcy Administration

MATTERN FLEISCHWAREN: Sets First Creditors' Meeting December
MG TECHNOLOGIES: Management Board Chair Fails to Get Extension
MOS MESS: Creditors Have Until November to File Claims
OGHAM GMBH: Creditors' Claims Due this Week
PFLEIDERER AG: 'B' Short-term Rating Affirmed; Outlook Stable

R & C BESCHICHTUNGS: Temporary Administrator Takes over Helm
SALAMANDER SCHUH: More than A Third of Workforce to Go
TBIG SACHSEN: Succumbs to Bankruptcy
VINCENZO GIORGETTI: Creditors' Claims Due this Week


I T A L Y

PARMALAT FINANZIARIA: Prosecutors Add More Firms to Probe
PARMALAT FINANZIARIA: Faces Another Class Action in U.S.


K A Z A K H S T A N

ATF BANK: Upcoming Eurobond Gets 'B+' Long-term Rating


N E T H E R L A N D S

ROYAL AHOLD: Third-quarter Net Sales Down 7.9% to EUR12 Billion


R U S S I A

ALMETYEVSKAYA BREWING: Appoints E. Charikova Insolvency Manager
BALTASINSKIY BRICKWORKS: Sets Deadline for Proofs of Claim
FENIKS: Declared Insolvent
KAMESHKOVSKIY TEXTILE: Under Bankruptcy Supervision
MOSKOVSKOYE: Creditors Have Until Next Month to File Claims

NAM: Sakha Court Appoints Insolvency Manager
OKHOTSKOYE SHIP-REPAIR: Insolvency Manager Takes over Helm
OSTASHKOV-LEATHER: Court Names P. Nizov Insolvency Manager
VOLZHSKIY INDUSTRIAL-BUILDING: Proofs of Claim Deadline Set
VYKHINSKIY SAUSAGE: Moscow Court Launches Bankruptcy Proceedings

YUKOS OIL: J.P. Morgan Valuation Out Sometime November
YUKOS OIL: 'B2', 'B3' Ratings Up for Further Downgrade
YUKOS OIL: Continues Oil Shipment to China


S P A I N

ISLA MAGICA: Lending Body Forgives Debt


S W E D E N

ESSELTE GROUP: Moody's Lowers Unsecured Issuer Rating to Caa2
SCANDINAVIAN AIRLINES: Offers More Flights to Shanghai, New York
SWITCHCORE AB: Slashing Costs to Return to Profit


T U R K E Y

OYAK BANK: Individual Rating Affirmed at 'D'
TURKCELL: Fitch Raises Rating to 'BB-'; Outlook Stable


U K R A I N E

ANATASIYA +: Court Calls in Insolvency Manager
KOVCHEG-N: Succumbs to Bankruptcy
MARKOVICH: Deadline for Proofs of Claim Set
SOKIL: Court-appointed Liquidator Enters Firm
ZAPORIZHSILBUD: Proofs of Claim Deadline Expires this Week


U N I T E D   K I N G D O M

AA FASHIONS: Members Pass Extraordinary Winding up Resolution
ACTIVE SOFTWARE: Names PricewaterhouseCoopers Liquidator
AIRWEAVERS ENVIRONMENTAL: Names DTE Leonard Curtis Liquidator
AREA ONE: Members Agree to Liquidate Company
ATEST ELECTRONICS: Calls in Liquidator from The Norton Practice

BACKING LATEX: Appoints Liquidator from Tomlinsons
BAGLAN COGENERATION: Hires PwC to Liquidate Assets, Subsidiaries
B C DYER: Members General Meeting Set Next Month
BROWNWAY LIMITED: Calls First Creditors' Meeting
CHARLES JACKSON: Hires Joint Liquidator from Wilson Field

CLOVER FUNDING: Names Tenon Recovery Liquidator
DEAN WITTER: Liquidator's Final Report Out November
DUNDAS BUILDING: Sets First Creditors' Meeting November
G C MECHANICAL: Director Gets 12-year Ban from Holding Exec Post
GENSEC LIMITED: Creditors' Meeting Set Next Month

GLASGOW ADVERTISING: Liquidator to Give Final Report Next Month
GLOBAL LASER: Calls in Liquidator from Marshall Peters
HOSTELRIES LIMITED: Scottish Courage Appoints Receiver
HYDE REFURBISHMENT: In Administrative Receivership
IFCO LIMITED: Calls in Joint Liquidators from PwC

INVERDEAN LIMITED: Creditors Appoint Liquidator
LAMP IGNITION: Hires Liquidator from Marks Bloom
LIVE DIRECTORY: Five-year ban for Two Directors
MACHINE TOOL: Final Members Meeting Set Mid-November
MARRA BROTHERS: Kroll Receivers Take over Operations

NORDSKAN LIMITED: Liquidator to Present Final Report November
PEEK DATA: Members Opt to Liquidate Assets, Subsidiaries
PHOENIX IPR: Insolvency Service Bans Directors
PLATED COMPONENTS: Names Vantis Business Recovery Liquidator
SABLON HOLDINGS: Special Winding up Resolution Passed

SOUTHERN MILK: Hires Armida Business Recovery as Liquidator
TAIYO LIFE: Liquidator's Final Report Known Next Month
THAT CAFE: Creditors to Meet First Week of November
THE TUNGSTEN: Calls in Liquidator
TRADES TEAM: First Meeting of Creditors Set

WATERFORD WEDGWOOD: Talks with Royal Doulton in Advanced Stage
WATERFORD WEDGWOOD: S&P Downgrades Ratings to 'B-', 'CCC'
WIMCO GROUP: Receiver Sets Creditors' Meeting November


                            *********


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


CELANESE AG: David Weidman to Lead New Management Team
------------------------------------------------------
Various changes are planned for the Celanese Group organization
and management structure as a result of the takeover of Celanese
AG (NYSE:CZ) (FWB:CZZ) by BCP Crystal Acquisition GmbH & Co. KG.
As already announced, the Celanese Group will be controlled by a
U.S. management holding company in the future.  It is BCP's
intent to appoint a management team of the new company that will
include David Weidman as chief executive officer, Lyndon Cole as
executive vice president and Andreas Pohlmann as chief
administrative officer.  A decision on the remaining position of
chief financial officer will be made soon.

As announced earlier, the current Celanese AG management board
chairman, Claudio Sonder, will retire and the current chief
financial officer, Perry Premdas, will leave the company as
planned on October 31.  Taking this new group structure into
account, the Celanese AG supervisory board has named a new
management board.  It appointed Dr. Andreas Pohlmann, currently
chief administrative officer and director of personnel, as the
new chairman of the Celanese AG board of management and director
of personnel.  In addition, the supervisory board named Dr.
Lyndon Cole, board member of Celanese AG and president of
Ticona, to also serve as vice chairman of the management board
and current vice president treasurer Peter Jakobsmeier as the
company's new chief financial officer.

The appointments will take effect November 1.  David Weidman
will leave the management board of Celanese AG effective October
31.  It is intended to have him appointed by the court as a
member of Celanese AG supervisory board.

Celanese AG supervisory board chairman Dr. Bernd Thiemann
thanked Messrs. Sonder and Premdas: "Claudio Sonder and Perry
Premdas have been the main architects of an extraordinarily
positive development of Celanese AG in the last five years.
They stand for rigorous strategic thinking and acting, as well
as financial discipline and transparency, values that have
earned the company great respect in the industry and on the
financial markets.  Mr. Sonder and Premdas have thus laid the
foundation for a successful future for Celanese."

Celanese AG is a company of the Celanese Group, which is
controlled by investment funds advised by The Blackstone Group.
As a chemicals company, Celanese holds worldwide leading
positions in its key products and world-class process
technology.  The Celanese Group portfolio consists of four main
businesses: Chemical Products, Acetate Products, Technical
Polymers Ticona and Performance Products.  In 2003, Celanese
generated sales of around EUR4.1 billion with about 9,500
employees.  The Celanese Group has 24 production plants and six
research centers in 10 countries mainly in North America, Europe
and Asia.  For further information about Celanese AG please
visit http://www.celanese.com.

    Curriculum Vitae

    Dr. Andreas Pohlmann

    Date of birth:      January 24, 1958

    1985                1st Law State Exam

    1988                2nd Law State Exam

    1988 - 1989         Attorney-at-law in Private Practice

    1989 - 1996         Legal Counsel in the Corporate Law
                        Department, Hoechst AG, Frankfurt am
                        Main

    1994                Law Department Hoechst Celanese
                        Corporation, New Jersey, U.S.A.

    1996 - 1999         Corporate Secretary, Hoechst AG

                        Member of the Board of Management of
                        Hoechst Foundation, the internationally
                        active culture foundation of Hoechst AG

    1996 - 1997         Head of "Corporate Public & Governmental
                        Affairs," Corporate Communications,
                        Hoechst AG

    1997 - 1999         Corporate Projects in Corporate
                        Controlling & Development, Hoechst AG

    1999 - 2002         Vice President Corporate
                        Secretary, Celanese AG Head of Corporate
                        Services

    2002                Managing Director, Celanese Ventures
                        since October 2002 Member of the Board
                        of Management and Director of Personnel,
                        Celanese AG

    Curriculum Vitae

    Dr. Lyndon Cole

    Date of birth:      September 22, 1952

    1975            B.S. degrees in Chemistry and Microbiology,
                    Reading University, U.K.

    1978            Ph.D. degree in Physical Chemistry,
                    Reading University, U.K.

    1978 - 1979     ICI Mond Division Research Scientist, U.K.

    1979 - 1990     Various positions in Sales Dow Chemicals,
                    UK and Switzerland;
                    Business Director Engineering Plastics

    1990 - 1998     Commercial Director GE Plastics Europe,
                    Netherlands;
                    General Manager GE structured products,
                    U.S.A.

    1998 - 2001     CEO Elementis plc, U.K.

    2002            President Celanese Chemicals, Dallas, Texas,
                    U.S.A.

    2003            President Ticona and Head of Celanese Growth
                    Excellence Council, Kelsterbach, Germany

    Since 2003      Member of the Management Board, Celanese AG


    Curriculum Vitae

    Peter Jakobsmeier

    Date of birth: March 9, 1945

    1970:          Degree in Economics, University of Bochum,
                   Germany

    1979:           Various responsibilities in Business
                    Administration, Hoechst AG, Frankfurt,
                    Germany

    1981:           Analyst, Hoechst America Corp.

    1984:           Employee Corporate Planning, Hoechst AG

    1987:           Head of Pre-calculation

    1989:           Head of Budget Accounting

    1993:           Head of Business Administration Department,
                    Hoechst AG

    1995:           Head of Specialty Chemicals, Corporate
                    Controlling

    1996:           Head of Mergers & Acquisitions,
                    Corporate Controlling

    1998:           Head of Corporate Controlling, Hoechst AG

    1999:           Vice President Controller, Celanese AG,
                    Kronberg, Germany

    2000:           Vice President Treasurer, Celanese AG

                            *   *   *

Celanese AG reported a second-quarter operating profit of EUR54
million compared to EUR109 million in the same period last year,
which included EUR90 million of insurance recoveries related to
the previously disclosed plumbing litigation cases.  In the
second quarter 2004 report, the company said it had a net loss
for the period of EUR91 million, or EUR1.85 per share, compared
to net earnings of EUR96 million, or EUR1.95 per share, in the
same period last year.

In August, Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit ratings on BCP Caylux Holdings Luxembourg
S.C.A. and its Frankfurt, Germany-based Celanese AG subsidiary
and removed them from CreditWatch where they were placed with
negative implications on Dec. 16, 2003.  The outlook is stable.

CONTACT:  CELANESE AG
          U.S.A.
          Vance Meyer
          Phone: +01 (972) 443 4847
          Fax: +01 (972) 443 8519
          or
          Europe
          Michael Kraft
          Phone: +49 (0) 69/30514072
          Fax: +49 (0) 69/305 36787
          E-mail: M.Kraft@celanese.com
          or
          Phillip Elliott
          Phone: +49 (0) 69 /305 33480
          Fax: +49 (0) 69/305 36784
          E-mail: P.Elliott@celanese.com


HOUSE & HOME: Creditors Have Until this Week to File Claims
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against House & Home Immobilien GmbH & Co. KG on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Oct. 27, 2004
to register their claims with court-appointed provisional
administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 24, 2004, 11:25 a.m. at the insolvency court
of Hamburg Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene
(Zi. 2.18) at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HOUSE & HOME IMMOBILIEN GMBH & CO. KG
          Herbert-Weichmann-Strasse 80, 22085 Hamburg

          HOUSE & HOME IMMOBILIEN VERWALTUNGS GMBH
          Herbert-Weichmann-Strasse 80, 22085 Hamburg
          Contact: [Redacted June 27, 2008]

          Jan H. Wilhelm, Insolvency Manager
          Albert-Einstein-Ring 11/15, 22761 Hamburg
          Phone: 8995615


INTERTAINMENT AG: CFO Achim Gerlach Succeeds Outgoing Chairman
--------------------------------------------------------------
Rudiger Baeres, 45, Chairman of the Board of Management and
principal shareholder in Intertainment AG, Ismaning near Munich,
will step down as Chairman of the media company at the Annual
General Meeting on October 29, 2004.  His successor will be
Chief Financial Officer Achim Gerlach, 44.  He will head
Intertainment as Chairman and sole Member of the Board of
Management.  Intertainment will expand the Board of Management
at an appropriate time.

Mr. Baeres is leaving the Board of Management at Intertainment
in order to move to the Supervisory Board.  This means he will
continue to retain close contacts with Intertainment.  June 2004
saw a successful outcome in favor of Intertainment to the
lawsuit for fraud filed against American film producer
Franchise Pictures and other parties.  Mr. Baeres was in charge
of organizing the litigation and played a major role in pursuing
the action.  Intertainment was granted damages amounting to
US$121.7 million.

In his new function, he will provide support for Intertainment
in the pending arbitration proceedings against Comerica Bank and
other companies relating to the fraud perpetrated on Franchise
Pictures.  These proceedings are scheduled to commence next
year.  He will also provide advice on strategic issues.  The
move has also relieved the strain placed on Intertainment by
personnel costs.  Mr. Baeres already waived part of his salary
last year.

The regular election for the Supervisory Board of Intertainment
is due at this year's Annual General Meeting.  Mr. Baeres will
put himself up for election there.  By mutual agreement of the
Board of Management and the Supervisory Board, Dr. Wilhelm
Bahner will not put himself forward for re-election.  Mr. Baeres
founded Intertainment in 1993 and he took the company to the
stock market in 1999.  At present, he holds 52.9% of the shares
in the company and a further 9.3% through an investment company.

Achim Gerlach has been Chief Financial Officer of Intertainment
since 1998.  Right from the start, the businessman has been
dealing intensively with the Franchise Pictures case and the
financial effects it exerts on Intertainment.

                            *   *   *

Intertainment AG recorded earnings before interest and taxes
(EBIT) amounting to -EUR8.9 million for the fiscal year 2003,
after -EUR16.2 million in the previous year.  The consolidated
loss amounts to EUR14.1 million.  In 2000, the loss was EUR16.1
million.

The burdens of the fraud perpetrated by U.S. film producer
Franchise Pictures and other parties, and the resulting
consequences, are reflected in the financial statements, as in
the previous year.  Sales of Intertainment fell by 68% to EUR6
million, after EUR19 million in the previous year.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Osterfeldstrasse 84, 85737 Ismaning
          Germany
          Phone: +49 (0)89 21699-0
          Fax: +49 (0)89 21699-11
          E-mail: investor@intertainment.de
          Web site: http://www.intertainment.de


KANAL-GRUTTNER: Celle Court Appoints Provisional Administrator
--------------------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against Kanal-Gruttner GmbH on Sept. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 1, 2004 to register their
claims with court-appointed provisional administrator Dr. Thomas
Westphal.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 11, 2004, 11:00 a.m. at Saal 014,
Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4,
29221 Celle 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:  KANAL-GRUTTNER GMBH
          Borsenplatz 2, 29227 Celle
          (AG Celle, HRB 5799)

          Dr. Thomas Westphal, Insolvency Manager
          Meteorstr. 1, 29221 Celle
          Phone: 05141/908690
          Fax: 05141/7648


MATHIAS WIRTZ: Under Bankruptcy Administration
----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Mathias Wirtz Getreide Futtermittel GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 16, 2004
to register their claims with court-appointed provisional
administrator Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 9:00 a.m. at the district court of
Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MATHIAS WIRTZ GETREIDE FUTTERMITTEL GMBH
          Hohenstaufenring 55, 50674 Koln
          Contact:
          Franz Peter Zimmermann, Manager
          Marienstr. 3, 50321 Bruhl

          Dr. Christian Frystatzki, Insolvency Manager
          Sankt-Augustiner-Str. 94 a, 53225 Bonn
          Phone: 02 28/40 09 4-90
          Fax: +492284009499


MATTERN FLEISCHWAREN: Sets First Creditors' Meeting December
------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Mattern Fleischwaren GmbH on Oct. 1.  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 Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 9:35 a.m. 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:  MATTERN FLEISCHWAREN GMBH
          Marktstr. 4, 42477 Radevormwald
          Contact:
          Ralf Horst Mattern, Manager
          Hohenstr. 13, 42477 Radevormwald

          Dr. Henning Dohrmann, Insolvency Manager
          Moltkestr. 12, 51643 Gummersbach
          Phone: 02261/9279-0
          Fax: +49226192799


MG TECHNOLOGIES: Management Board Chair Fails to Get Extension
--------------------------------------------------------------
Udo Stark, Chairman of the Management Board of mg technologies
AG reached a mutual agreement with the Chairman's Committee of
the Supervisory Board under which he will leave the service of
the company prior to the expiry of his contract with effect from
Oct. 31.  This arrangement remains subject to the consent of the
Supervisory Board on October 25, 2004.

mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and equipment -- and plant engineering.  The
company generated sales of roughly EUR4.1 billion -- excluding
Dynamit Nobel and other discontinued operations -- in 2003.  At
June 30, the company employed around 17,000 people and is one of
the world's market and technology leaders in 90% of its
businesses.

CONTACT:  MG TECHNOLOGIES AG
          Kommunikation
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49-69-7 11 99-241
          Fax: +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


MOS MESS: Creditors Have Until November to File Claims
------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against MOS Mess-, Ortungs- und Service GmbH on
Sept. 20.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 17, 2004 to register their claims with court-appointed
provisional administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 11:00 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  MOS MESS-, ORTUNGS- UND SERVICE GMBH
          Goldgasse 1, 06295 Hedersleben (HRB 13732)
          Contact:
          Ulf Blachucik, Manager

         Dr. Lucas F. Flother, Insolvency Manager
         Hansering 1, D-06108 Halle
         Phone: 0345/212220
         Fax: 0345/2122222


OGHAM GMBH: Creditors' Claims Due this Week
-------------------------------------------
The district court of Munster opened bankruptcy proceedings
against OGHAM GmbH on Oct. 1.  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 Dr. Carsten M. Wirth.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 24, 2004, 11:00 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 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.

OGHAM develops, and sells diagnostic products.

CONTACT:  OGHAM GMBH
          Mendelstrasse 11, 48149 Munster
          Contact:
          Prof. Dr. Paul Cullen, Manager

          Dr. Carsten M. Wirth, Insolvency Manager
          von-Steuben-Strasse 20, 48143 Munster
          Phone: 0251/53599-0
          Fax: +492515359910


PFLEIDERER AG: 'B' Short-term Rating Affirmed; Outlook Stable
-------------------------------------------------------------
Fitch Ratings changed German diversified manufacturing group
Pfleiderer AG's Outlook to Stable from Negative.  At the same
time, the agency has affirmed the group's ratings at Senior
Unsecured 'BB' and Short-term 'B'.

The change in Outlook reflects Pfleiderer's successful disposals
of non-core assets and new issuance of equity.  The proceeds
have improved the group's financial profile and should ensure
prudent financing of planned capital expenditure projects in the
engineered wood division.  Nevertheless, execution risks remain
in these plans.

The ratings take into account Pfleiderer's established market
positions as the leading supplier in its core markets of
engineered wood products and infrastructure technology.  The
group's coherent strategy of focused growth towards Eastern
Europe and its move into higher-margin products are backed by an
experienced management team.  This is partly offset by the
group's weak operating profitability, mainly due to its high
exposure to the cyclical and mature German engineered wood
market.  The protracted downturn in the German furniture sector
has led to intense pricing pressures, which have been
exacerbated by the insolvency of a major player that is
operating under liquidation.

Fitch believes that any material earnings improvement can only
be realized after the re-focus is complete, and the domestic
pricing pressure in engineered wood has eased.  The agency notes
that the group's move towards a more conservative financial
profile has been achieved at the expense of business and
geographical diversification.

Fitch considers Pfleiderer's liquidity and financial profile as
adequate.  Group debt is largely located at Pfleiderer Finance
B.V., while the parent holds the balance and backs in part minor
operating subsidiaries' debt.  The debt maturity profile is
balanced, with moderate annual repayments of around EUR30-40
million and a bulk maturity of EUR84 million in FY08.

Disposal proceeds have reduced Pfleiderer's FYE03 net debt to
about EUR260 million from EUR307 million at FYE02.  Fitch
expects a further substantial reduction in net debt to below
EUR200 million as at Q304.  At FYE03, net debt/EBITDA was 3.1x
and net interest cover 1.6x.  These are expected to
substantially improve in FY04.  For short-term funding,
Pfleiderer can use a variety of instruments, including
structured transactions, while substantial long-term committed
facilities are in place.

Pfleiderer Group, founded in 1894 in Germany, is an
internationally active and leading supplier of engineered wood
for the furniture industry, as well as of railway sleepers and
masts for the telecommunication and energy sector.

CONTACT:  FITCH RATINGS
          Markus Leitner, London
          Phone: +44 (0) 20 7862 4107

          Wolfgang Wiehe
          Phone: +44 (0) 20 7417 4233

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


R & C BESCHICHTUNGS: Temporary Administrator Takes over Helm
------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
R & C Beschichtungs GmbH on Sept. 30.  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 Karl-Dieter
Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 30, 2004, 9:30 a.m. at the district court of
Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 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:  R & C BESCHICHTUNGS GMBH
          Weberstr. 12, 51491 Overath
          Contact:
          Horst Ludwig Campe, Manager
          Weberstr. 17, 51491 Overath

          Karl-Dieter Sommerfeld, Insolvency Manager
          Hammerweg 3, 51766 Engelskirchen
          Phone: 02263/9039-0
          Fax: +492263903910


SALAMANDER SCHUH: More than A Third of Workforce to Go
------------------------------------------------------
Bankrupt shoe manufacturer Salamander Schuh is planning to cut
44% of its workforce as it closes loss-making stores, just-
style.com reports.

The company is currently in talks with labor representatives
regarding plans to make 396 of 900 employees redundant, the
report said.

Salamander filed for bankruptcy in September following the
collapse of its parent Garant Schuh + Mode.  Garant shelled out
EUR18 million for the restructuring of Salamander.  In
September, insolvency administrator Hendrik Hefermehl was quoted
as saying Salamander has a good chance of survival compared to
Garant.  At the end of July, the company posted a growth of 5.6%
in contrast to the shoemaking sector's 4.1% decline.

CONTACT:  SALAMANDER SCHUH GMBH
          Stammheimer Strabe 10
          70806 Kornwestheim
          Wegbeschreibung
          Phone: 00 49 (0) 71 54/15 10
          Fax: 00 49 (0) 71 54/15 12 00
          E-mail: info@salamander.de
          Web site: http://www.salamander.de


TBIG SACHSEN: Succumbs to Bankruptcy
------------------------------------
The district court of Liepzig opened bankruptcy proceedings
against TBiG Sachsen GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 16, 2004 to register their claims with
court-appointed provisional administrator Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 2004, 10:30 a.m. 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:  TBIG SACHSEN GMBH
          Wittenberger Str. 1, 04509 Delitzsch
          Contact:
          Benjamin Ehlers, Manager

          Stephan Poppe, Insolvency Manager
          Kathe-Kollwitz-Str. 9, 04109 Leipzig


VINCENZO GIORGETTI: Creditors' Claims Due this Week
---------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Vincenzo Giorgetti, Eduard-Knoll-Wohnzentrum GmbH on
Sept. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Oct. 28 to register their claims with court-appointed
provisional administrator Gerhard Fichter.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 18, 2004, 14:45 at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10A, Erdgeschoss, Saal 4
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:  VINCENZO GIORGETTI, EDUARD-KNOLL-WOHNZENTRUM GMBH
          Altkrautheimer Str. 21, 74238 Krautheim

          Gerhard Fichter, Insolvency Manager
          Uhlandstr. 4, 74072 Heilbronn
          Phone: 07171-8886650


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


PARMALAT FINANZIARIA: Prosecutors Add More Firms to Probe
---------------------------------------------------------
Milan-based Parmalat prosecutors included five more companies in
their probe into the multi-billion-euro financial scam at the
Italian food group, Reuters cites sources.

These companies are Citibank, Deutsche Bank, Morgan Stanley, UBS
and Banca Intesa-controlled Nextra.  Prosecutors have accused
the four banks and the fund management firm of having a hand in
Parmalat's fraudulent transactions.  Prosecutors would inform
the five companies of their inclusion in the probe through a
letters, according to Reuters.

Aside from 29 individuals including Parmalat founder and former
head Calisto Tanzi, prosecutors also included three firms in the
probe: Bank of America, Deloitte & Touche, and a former
affiliate of Grant Thornton.  More companies were likely to be
included in the probe, Reuters said.

A separate leg of the probe is looking at Parmalat banks' role
in selling the dairy giant's bonds months before its collapse. A
court set a trial in January against former Grant Thornton
auditors Lorenzo Penca and Maurizio Bianchi and has yet to rule
whether to try other personalities accused of financial crimes.
Under Italian law, both companies and individuals could stand in
trial.

The dairy multinational slumped into insolvency and filed for
bankruptcy protection in December 2003 after amassing EUR14
billion in debts.

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

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


PARMALAT FINANZIARIA: Faces Another Class Action in U.S.
--------------------------------------------------------
Shareholders in Parmalat Finanziaria last week filed a class
action in a New York court seeking an estimated US$8 billion in
compensation for damages, Reuters reports.

Lead plaintiffs in the suit include British fund management firm
Hermes.  The group is seeking payment from the food group's
former management, bank and auditors in relation to the collapse
of the company last year.

Umberto Mosetti, a partner with consulting firm Deminor the case
is lodged against Bank of America, Citigroup, Credit Suisse
First Boston, and auditors Deloitte & Touche and Grant Thornton.
Three other banks, Morgan Stanley, UBS and Deutsche Bank, were
listed on the suit as non-defendant third parties.

Mr. Mosetti said the class action was based on arguments raised
by Parmalat against the banks.  Parmalat alleged that the
parties either played a part in or failed to prevent fraud in
the company.  The banks and the auditors have denied wrongdoing.

Robert Roseman, a U.S. lawyer representing bondholders included
in the class action, said the filing did specify the
compensation sought but that it would be "in excess of US$8
billion."   The figure is based on US$7 billion worth of
outstanding Parmalat bonds plus US$1 billion in the company's
common stock, he said.

Class action suits filed earlier by U.S. lawyers will be joined
into the suit.

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

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


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


ATF BANK: Upcoming Eurobond Gets 'B+' Long-term Rating
------------------------------------------------------
Fitch Ratings assigned Kazakhstan-based ATF Bank's upcoming
Eurobond an expected Long-term 'B+' rating.  ATF is rated Long-
term 'B+' with a Stable Outlook, Short-term 'B', Individual 'D',
and Support '4'.

The rating is contingent upon receipt of final documentation
conforming materially to information already received.

The notes are to rank at least pari passu with the claims of
other unsecured creditors of ATF, save those preferred by
relevant legislation.  Covenants prevent ATF entering into
transactions of US$3 million or more on other than market terms,
restrict dividend payments to 50% of net income, and oblige the
bank to maintain a total capital ratio of at least 10%, as
calculated in accordance with the Basel recommendations.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by ATF.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

ATF is the fourth largest bank in Kazakhstan, with assets of
KZT142 billion (US$1,038 million) as of June 30, 2004.  It
services the credit, foreign exchange, and settlement needs of a
diverse range of domestic corporates (both SMEs and larger
companies) and has also been growing its retail business.

CONTACT:  FITCH RATINGS
          Philip Smith
          Phone: +44-20-7417-4340

          James Watson, London
          Phone: +44-20-7417-4360

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


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


ROYAL AHOLD: Third-quarter Net Sales Down 7.9% to EUR12 Billion
---------------------------------------------------------------
Highlights of third-quarter results:

(a) Consolidated 2004 third quarter net sales amounted to
    EUR12.0 billion, a decline of 7.9% compared to the same
    period last year;

(b) Net sales significantly impacted by lower currency exchange
    rates and divestments; third quarter net sales growth
    excluding currency impact and the impact of divestments was
    1.2%;

(c) Year-to-date net sales amounted to EUR39.7 billion, a
    decline of 8.4% compared to the same period last year; and

(d) Year-to-date net sales growth excluding currency impact and
    the impact of divestments was 1.8%.

Koninklijke Ahold announced consolidated net sales (excluding
VAT) of EUR12.0 billion for the third quarter of the year (12
weeks: July 12, 2004 to October 3, 2004), a decline of 7.9%
compared to the same period last year (2003: EUR13.0 billion).
Net sales were significantly impacted by lower currency exchange
rates, in particular that of the U.S. dollar.  Net sales
excluding currency impact decreased by 2.4%.  Additionally, net
sales were impacted by divestments.  Net sales growth excluding
currency impact and the impact of divestments was 1.2% in the
third quarter.

Consolidated net sales in the first three quarters of 2004
amounted to EUR39.7 billion, a decline of 8.4% compared to the
same period last year (2003: EUR43.3 billion).  Net sales
excluding currency impact declined by 1.8%.  Net sales growth
excluding currency impact and the impact of divestments was 1.8%
in the first three quarters.

The net sales numbers are preliminary and unaudited.

The table below sets forth net sales for the third quarter and
first three quarters of each of 2004 and 2003.  The table
reflects Ahold's new Arena organizational structure for its U.S.
Retail and Europe Retail operations.  See also "Segment
Reporting Changes" below.

U.S. Retail

In the United States, net sales in the third quarter of 2004
declined by 1.3% to US$6.1 billion (2003: US$6.2 billion),
compared to the same period last year.  Net sales growth
excluding the impact of the divestment of Golden Gallon in 2003
was 0.2%.  Identical sales declined by 1.7% and comparable sales
decreased by 1.0%, in U.S. dollars.  Food price inflation
decreased slightly in the third quarter of 2004 compared to the
second quarter.

For the Stop & Shop/Giant-Landover Arena, which includes Stop &
Shop and Giant-Landover, competitive pressure further increased,
leading to a decline in identical sales in U.S. dollars for Stop
& Shop and in particular for Giant-Landover.

Net sales at Stop & Shop were affected by strong competitive
promotional activity and the focus on the integration of Stop &
Shop and Giant-Landover.  Identical sales were also negatively
impacted by incremental increases in square footage by
competitors.

At Giant-Landover the systems integration was completed during
the quarter; Stop & Shop and Giant-Landover are now operating on
the same technical platform.  The ongoing overall integration
process negatively impacted net sales at Giant-Landover,
particularly in the area of supply chain.  Moreover, promotional
activities and incremental increases in square footage by
competition impacted identical sales.

Peapod showed strong net sales growth, mainly due to an
expansion of the trade area in the Stop & Shop and Giant-
Landover markets.

The Giant-Carlisle/Tops Arena showed a solid sales performance
despite competitive pressure.  Net sales for the BI-LO/Bruno's
Arena, excluding the impact of the divestment of Golden Gallon
in 2003, declined by 5.2% partially as a result of closed
stores.

In the first three quarters of 2004, net sales for the U.S.
retail operations amounted to US$20.5 billion, a decline of 0.7%
compared to the same period last year (2003: US$20.7 billion).
Net sales growth in U.S. dollars, excluding the impact of the
divestment of Golden Gallon in 2003, amounted to approximately
0.8%.  Identical sales in U.S. dollars decreased by 1.2%.
Comparable sales in U.S. dollars declined by 0.4%.

Europe Retail

In Europe, net sales in the third quarter of 2004 amounted to
EUR3.0 billion (2003: EUR3.0 billion).  Excluding currency
impact, net sales growth was 1.1% compared to the third quarter
of last year.  Albert Heijn continued its successful
repositioning program.  Identical sales growth at Albert Heijn
was 3.1%, primarily due to a higher number of transactions
compared to a weak third quarter last year.  This was, to a
certain extent, offset by a lower average basket size, which was
partly caused by food price deflation.  In Central Europe net
sales growth excluding currency impact was 8.2%, due to higher
identical sales and new store openings.  In Spain net sales
decreased by 4.4% compared to the same quarter last year, mainly
due to a weak tourist season and a lower store count.

In the first three quarters of 2004, net sales for the Europe
retail operations amounted to EUR9.8 billion (2003: EUR9.8
billion).  Excluding currency impact net sales increased by 0.2%
compared to the same period of 2003.  Identical sales growth at
Albert Heijn was 1.2%.

Foodservice

Net sales at U.S. Foodservice increased in U.S. dollars by 2.9%
to US$4.4 billion (2003: US$4.3 billion) in the third quarter of
2004.  This rise was primarily attributable to food price
inflation, although this inflation was lower than the previous
quarter.  This positive effect on third-quarter net sales was
partly offset by negative impacts due to hurricanes and national
account customer rationalization.

In the first three quarters of 2004, net sales in U.S. dollars
increased by 5.0% to US$14.4 billion (2003: US$13.7 billion).

South America

In South America, net sales in the third quarter amounted to
EUR219 million (2003: EUR511 million), down 57.1% compared to
the same period last year, mainly due to the divestment of
Bompreco in Brazil in the first quarter of 2004 and Santa Isabel
in Chile, Paraguay and Peru in the second half of 2003.

Net sales for the first three quarters of 2004 decreased by
54.7% to EUR770 million (2003: EUR1.7 billion).

Unconsolidated Joint Ventures

The net sales of unconsolidated joint ventures increased by 0.7%
to EUR2.8 billion in the third quarter of 2004 (2003: EUR2.7
billion), compared to the same period of 2003.  Net sales at ICA
increased by 0.6% compared to the same quarter last year.  Net
sales at Jeronimo Martins Retail increased by 2.0% compared to
the same period last year.  In Central America net sales
excluding currency effect increased by 12.5%.

In the first three quarters of 2004, net sales of unconsolidated
joint ventures amounted to EUR8.1 billion (2003: EUR8.1
billion).

Segment Reporting Changes

During the third quarter of 2004, Ahold changed the
organizational and managerial structure of the companies
reported in previous trading statements for the 'U.S. Retail'
operations and for the 'Europe Retail' operations.  Ahold's
segment reporting will now be based on arenas.  In this trading
statement Ahold has continued to provide net sales figures for
Stop & Shop, Giant-Landover and Albert Heijn separately.

The changes made relating to U.S. Retail were:

(a) The 'Stop & Shop/Giant-Landover Arena' consists of Stop &
    Shop, Giant-Landover, Peapod and U.S. Support activities.
    For clarity, Ahold has included separate Stop & Shop and
    Giant-Landover net sales figures in this trading statement,
    as done previously.  Stop & Shop and Giant-Landover were
    previously reported as separate segments.  Peapod and U.S.
    Support activities were previously part of 'Other U.S.
    Retail.'

(b) The 'Giant-Carlisle/Tops Arena' consists of Giant-Carlisle
    and Tops Markets, which were previously part of 'Other U.S.
    Retail.'

(c) The 'BI-LO/Bruno's Arena' consists of BI-LO and Bruno's
    which were previously part of 'Other U.S. Retail.'

The changes made relating to Europe Retail were:

(a) The 'Netherlands Arena' consists of Albert Heijn and 'Other
    Netherlands.'  For clarity, Ahold has included in this
    trading statement separate Albert Heijn net sales figures,
    as done previously.

(b) 'Other Netherlands' includes all Dutch retail entities, with
    the exception of Albert Heijn and Schuitema.  These entities
    were previously reported as part of 'Other Europe Retail.'

(c) 'Other Europe Retail' consists of Ahold's retail activities
    in Central Europe, Spain and Schuitema.

Definitions

(a) Identical sales compare sales from exactly the same stores.

(b) Comparable sales are identical sales plus sales from
    replacement stores.

(c) Currency impact: the impact of using different exchange
    rates to translate the financial figures of our subsidiaries
    to Euros.  The financial figures of the previous year are
    restated using the actual exchange rates in order to
    eliminate this currency impact.

(d) Impact of divestments: the impact on net sales of divested
    operations.  Net sales of the divested operations are
    excluded from prior year net sales.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


ALMETYEVSKAYA BREWING: Appoints E. Charikova Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Almetyevskaya Brewing Company
(TIN 460599814) after finding the limited liability company
insolvent.  The case is docketed as A65-2739/2004-SG4-21.  Ms.
E. Charikova has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 423461, Russia, Tatarstan
republic, Almetyevsk, GOS-11, Post User Box 188.

CONTACT:  ALMETYEVSKAYA BREWING COMPANY
          423450, Russia,
          Tatarstan republic,
          Almetyevsk, Lenina Str. 94

          Ms. E. Charikova
          Insolvency Manager
          423461, Russia,
          Tatarstan republic,
          Almetyevsk, GOS-11,
          Post User Box 188
          Phone/Fax: (8553) 23-16-11


BALTASINSKIY BRICKWORKS: Sets Deadline for Proofs of Claim
----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Baltasinskiy Brickworks after
finding the open joint stock company insolvent.  The case is
docketed as A65-8100/2004-SG4-26.  Mr. R. Ibragimov has been
appointed insolvency manager.  Creditors have until November 17,
2004 to submit their proofs of claim to 422540, Russia,
Tatarstan republic, Zelenodolsk, Frunze Str. 9.

CONTACT:  BALTASINSKIY BRICKWORKS
          422523, Russia,
          Tatarstan republic,
          Nizhnyaya Ushma

          Mr. R. Ibragimov
          Insolvency Manager
          422540, Russia,
          Tatarstan republic,
          Zelenodolsk, Frunze Str. 9


FENIKS: Declared Insolvent
--------------------------
The Arbitration Court of Magadan region has commenced bankruptcy
proceedings against Feniks after finding the state-owned
enterprise insolvent.  The case is docketed as A37-584/04-12b.
Mr. A. Khimkus has been appointed insolvency manager.  Creditors
have until November 17, 2004 to submit their proofs of claim to
685000, Russia, Magadan, Proletarskaya Str. 12, office 78.

CONTACT:  FENIKS
          685007, Russia,
          Magadan, 14/3 km of main highway

          Mr. A. Khimkus
          Insolvency Manager
          685000, Russia,
          Magadan, Proletarskaya Str. 12,
          Office 78


KAMESHKOVSKIY TEXTILE: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on open joint stock company
Kameshkovskiy Textile.  The case is docketed as A11-7392/2004-
K1-59B/3B.  Ms. V. Pronyushkina has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) Kameshkovskiy Textile
    601300, Russia,
    Vladimir region, Kameshkovo,
    Shkolnaya Str. 14

(b) The Arbitration Court of Vladimir region
    600025, Russia, Vladimir, Oktyabrskiy Pr. 14

(c) Temporary Insolvency Manager
    109029, Russia, Moscow,
    Nizhegorodskaya Str. 32, Building 15

A hearing will take place on February 8, 2005, 1:30 p.m.


MOSKOVSKOYE: Creditors Have Until Next Month to File Claims
-----------------------------------------------------------
The Arbitration Court of Voronezh has commenced bankruptcy
proceedings against Moskovskoye after finding the open joint
stock company insolvent.  The case is docketed as A14-4180-
04/33/20b.  Mr. Y. Bezrukov has been appointed insolvency
manager.  Creditors have until November 17, 2004 to submit their
proofs of claim to 394005, Russia, Voronezh, Post Office 55,
Post User Box 7.

CONTACT:  MOSKOVSKOYE
          396350, Russia,
          Voronezh region,
          Kashirskiy region,
          Kashirskoye, Mira Str. 1

          Mr. Y. Bezrukov
          Insolvency Manager
          394005, Russia,
          Voronezh, Post Office 55,
          Post User Box 7


NAM: Sakha Court Appoints Insolvency Manager
--------------------------------------------
The Arbitration Court of Sakha republic has commenced bankruptcy
proceedings against Nam after finding the state-owned company
insolvent.  The case is docketed as A58-1127/04.  Mr. V. Danilov
has been appointed insolvency manager.  Creditors have until
November 17, 2004 to submit their proofs of claim to 677000,
Russia, Sakha republic, Yakutiya, Yakutsk, Lenina Pr. 41, Room
113.

CONTACT:  NAM
          678040, Russia,
          Sakha republic, Yakutiya,
          Namskiy ulus, Namtsy,
          St. Platonova Str. 3

          Mr. V. Danilov
          Insolvency Manager
          677000, Russia,
          Sakha republic, Yakutiya, Yakutsk,
          Lenina Pr. 41, Room 113


OKHOTSKOYE SHIP-REPAIR: Insolvency Manager Takes over Helm
----------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy proceedings against Okhotskoye Ship-repair Enterprise
after finding the open joint stock company insolvent.  The case
is docketed as A73-2430/2004-39.  Mr. A. Staroverov has been
appointed insolvency manager.  Creditors have until November 17,
2004 to submit their proofs of claim to 681005, Russia,
Komsomolsk-na-Amure, Zavodskaya Str. 1.

CONTACT:  OKHOTSKOYE SHIP-REPAIR ENTERPRISE
          682480, Russia,
          Khabarovsk region, Okhotsk,
          Vostretsova Str. 1

          Mr. A. Staroverov
          Insolvency Manager
          681005, Russia,
          Komsomolsk-na-Amure,
          Zavodskaya Str. 1


OSTASHKOV-LEATHER: Court Names P. Nizov Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
proceedings against Ostashkov-Leather after finding the open
joint stock company insolvent.  The case is docketed as A66-
7262-2004.  Mr. P. Nizov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 170000, Russia,
Tver, Post User Box 121.

CONTACT:  OSTASHKOV-LEATHER
          Russia, Tver region,
          Ostashkovo, Rabochaya Str. 60

          Mr. P. Nizov
          Insolvency Manager
          170000, Russia,
          Tver, Post User Box 121

          The Arbitration Court of Tver region
          Russia, Tver, Sovetskaya Str. 23b


VOLZHSKIY INDUSTRIAL-BUILDING: Proofs of Claim Deadline Set
-----------------------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy proceedings against Volzhskiy Industrial-Building
Combine (TIN 121600125) after finding the open joint stock
company insolvent.  The case is docketed as A-38-11/181-04.  Mr.
V. Chalyj has been appointed insolvency manager.  Creditors have
until November 17, 2004 to submit their proofs of claim to
424006, Russia, Mariy El republic, Yoshkar-Ola, Post User Box 6.

CONTACT:  VOLZHSKIY INDUSTRIAL-BUILDING COMBINE
          Russia, Mariy El republic,
          Volzhsk, Pomarskoye Shosse, 10

          Mr. V. Chalyj
          Insolvency Manager
          424006, Russia,
          Mariy El republic,
          Yoshkar-Ola, Post User Box 6


VYKHINSKIY SAUSAGE: Moscow Court Launches Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
proceedings against Vykhinskiy Sausage Factory after finding the
open joint stock company insolvent.  The case is docketed as
A40-8841/04-124-6B.  Mr. V. Bondarev has been appointed
insolvency manager.  Creditors have until November 17, 2004 to
submit their proofs of claim to 109012, Russia, Moscow, Ilyinka
Str. 5/2, Room 508.

CONTACT:  VYKHINSKIY SAUSAGE FACTORY
          109444, Russia, Moscow,
          Ferganskaya Str. 8, Building 2

          Mr. V. Bondarev
          Insolvency Manager
          109012, Russia, Moscow,
          Ilyinka Str. 5/2, Room 508


YUKOS OIL: J.P. Morgan Valuation Out Sometime November
------------------------------------------------------
J.P. Morgan investment bank plans to complete its independent
valuation of Yukos Oil's main affiliate, Yuganskneftegaz, early
in November, a source close to the bank told RIA Novosti.

Yukos hired J.P. Morgan following the conclusion of Dresdner
Kleinwort Wasserstein's assessment, which estimated the unit to
be worth between US$14.7 billion and US$17.3 billion, taking
into account tax claims against Yukos.  The J.P. Morgan insider
did not forecast possible outcome of the independent valuation.

According to Dresdner Kleinwort, the estimate of
Yuganskneftegaz' worth under the scenario of adjusted reserves
assessment as of late 2003 is US$14.3 billion and represents an
excessively conservative assessment scenario.

The company's value could still be reduced to US$10.4 billion
once Yukos' approximately US$29 billion back-taxes, and US$51.3
million assumed tax claims to Yuganskneftegaz itself is taken.
This is assuming the unit keeps its operating licenses,
currently under review.  As a separate enterprise,
Yuganskneftegaz is worth US$18.6 billion to US$21.1 billion,
according to Dresdner.  Earlier, the justice ministry, which is
intent on selling Yuganskneftegaz to pay for Yukos' tax debts,
pegged the value of the subsidiary at US$10.4 billion.  If sold,
this price tag represents a 60% discount.

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

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

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


YUKOS OIL: 'B2', 'B3' Ratings Up for Further Downgrade
------------------------------------------------------
Moody's has downgraded Yukos Oil's implied and issuer rating in
light of the Russian government's demand for payment of back-
dated tax claims.

Yukos' senior implied rating was lowered to B2 from B1 and the
Issuer rating to B3 from B2.  The ratings remain under review
for possible further downgrade.  Moody's does not rate any
specific debt in relation to Yukos.

The government has demanded from Yukos payments for 2000 and
2001 tax bill.  Moody's said: "It now appears increasingly
likely in Moody's opinion that Yukos will sell or will be forced
to sell specific assets to meet the outstanding tax claims
rather than the company being sold as a whole to an entity
controlled by the Russian State . . ."  Creditors would have
benefited from the latter option considering their current
position.

Moody's will review the impact of any sale of assets from Yukos
to meet the existing outstanding tax claims; the probability of
any additional claims for unpaid tax for 2002 and 2003; and
gaining clarity on the company's current financial position.

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

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

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


YUKOS OIL: Continues Oil Shipment to China
------------------------------------------
Yukos Oil has resumed full rail supplies to China under an
arrangement with the Russian Railways (RZD), The Moscow Times
reports.

An official from RZD said: "We have developed a plan of weekly
payments until the year's end and as of [Wednesday] there are no
problems in relations between Yukos and the railways.  The
problem has been solved."

Yukos reduced shipments to two-thirds several weeks ago when it
could not pay carriage charges.  This week, it was able to pay
RUB1.2 billion (US%41 million) for oil shipments to China.  It
plans to pay a further RUB1.3 billion in rail fees by the end of
the month.

RZD is supplying oil to China as part of its key expansion
project.  Officials are aiming at increasing shipments to
300,000 bpd by 2006.  It further plans to gradually increase
deliveries to 600,000 bpd in the future.

China agreed last month to make advance payments on Yukos' oil
shipments to help it meet rail fees after the Russian company
suspended deliveries to China National Petroleum Co. in
December.  Yukos delivers to the Chinese firm some 400,000 tons
of oil per month or 100,000 barrels per day.

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

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

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


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


ISLA MAGICA: Lending Body Forgives Debt
---------------------------------------
Instituto de Credito Oficial (ICO), a lending institution under
the ministry of finance, has forgiven 80% of Isla Magica's EUR15
million debt, El Pais says.

Isla Magica, currently in temporary receivership, also managed
to convince ICO to sign its proposed creditors' agreement.  The
theme park is optimistic the deal would avert its liquidation.

CONTACT:  PARQUE ISLA MAGICA S.A.
          Pabellon de Espana
          Isla de la Cartuja
          41092 Sevilla
          Phone: 902 16 17 16
          Fax: 902 16 00 00
          Web site: http://www.islamagica.es


===========
S W E D E N
===========


ESSELTE GROUP: Moody's Lowers Unsecured Issuer Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service downgraded the senior implied rating
of Esselte Group Holdings AB from B1 to B2, and its senior
unsecured issuer rating from Caa1 to Caa2.  It also lowered the
EUR150 million 7 5/8% senior notes due 2011 from B3 to Caa1.

The downgrade of the debt ratings reflect weak operating results
in the current fiscal year and ongoing exposure to a challenging
environment for the office products industry.  The rating
outlook is negative.  Both reflect continued pressures on
profitability and cash flows.  This is expected to eliminate
Esselte's near-term debt reduction capacity and erode credit
metrics beyond levels acceptable for its prior rating level.

Moody's expect the company to report a negative cash flow for
fiscal 2004 before its required US$15 million payment related to
last year's acquisition of Xyron.

The rating agency warned: "[F]ailure to stabilize and grow year-
over-year earnings beginning in Q4, or to progress toward
positive free cash flow generation into fiscal 2005, could
prompt further ratings downgrades."

The rating outlook could be changed to stable depending on the
firm's ability to return to free cash flow levels of at least 5%
of funded debt and maintain access to its borrowing lines.

On the positive side, Moody's said: "Notwithstanding these
concerns, Esselte's ratings are supported by its strong market
positions, known brands, and global diversification."

Esselte is a leading manufacturer of office and other products
in four primary categories, filing, labeling, workspace and
creative.  Its net sales for the twelve-month period ended July
2004 were approximately US$1.2 billion.


SCANDINAVIAN AIRLINES: Offers More Flights to Shanghai, New York
----------------------------------------------------------------
SAS is to lease a Boeing 767 during the winter traffic program,
from Oct. 30, through Mar. 26 through cooperation within Star
Alliance.

This additional capacity means that SAS can fly daily to New
York from Stockholm and Copenhagen, while increasing flights
from Copenhagen to Shanghai from three to six days per week.

From the beginning of February, we will be able to offer our
customers an even better product, since we are installing the
Internet on board all of our eleven Airbus 330/340s during the
winter.  SAS will be the first airline to offer Internet on
board all long haul aircrafts.

The United Airlines Boeing 767 will operate on the Copenhagen-
Washington route.  The flights will be operated on behalf of
SAS, with a SAS flight number and SAS station service, and with
a crew from United Airlines.

The service is code-shared with United Airlines.

This lease is conditional on the approval of the authorities.

CONTACT:  SCANDINAVIAN AIRLINES INTERNATIONAL
          Kerstin Edenby-Stross
          Phone: +46 8-7971236


SWITCHCORE AB: Slashing Costs to Return to Profit
-------------------------------------------------
Summary

The company's sales for the period totaled SEK105.8 million
(SEK72.6 million).  OEM sales to Intel answered for about 28% of
the period's total sales.  Net 3Q sales reached SEK27.9 million
(SEK32.2 million).

The Group's operating loss for the period was SEK30.8 million (-
SEK51.1 million).  The loss after tax was SEK20.8 million (-
SEK51.5 million), while the loss per share was SEK0.12 (-SEK0.44
million).

Orders received for the period amounted to SEK115 million (SEK93
million).  Orders received for 3Q reached SEK46 million (SEK41
million), which includes an order valued at over SEK25 million
from Huawei-3Com Technologies.

Liquid funds stood at SEK31.9 million (SEK95.8 million).  The
company has a utilized credit facility of US$1.1 million.
During the period liquidity has been affected by inventory build
up due to lower than expected sales.  In the coming quarters the
company plans to reduce inventory level with a corresponding,
positive effect on cash flow of SEK10 to 15 million.  The
company also plans to sell financial assets during 4Q, which is
expected to have a substantial positive effect on the cash flow.

The independent market analysts Dell'Oro judges that the Gigabit
Ethernet market will show an annual 15-20% growth in sales
revenues up until 2008.  Based on the company's sales growth to
date SwitchCore judges that the company's growth rate will equal
that of the market in general in 2004.  This is below the
company's earlier assessment that growth would outperform the
market as a whole.

To address the lowered growth forecast, the board has initiated
a restructuring plan.  The ambition is to reduce the operational
costs for 2005 by about 30% compared to estimated outcome for
2004.

Taking the now expected growth rate into consideration the
company estimates that the combined effect of the initiated
restructuring plan, the sales of financial assets and the
reduction of inventory levels is fully sufficient for the
company to reach a positive cash flow within the framework of
current financing.

About SwitchCore AB

SwitchCore AB develops, markets and sells integrated network
devices for data and Internet communication.  The core of
SwitchCore's expertise is in its CXE technology, which allows
for significantly higher data and Internet switch capacity.
Using SwitchCore's components, customers can cut manufacturing
costs for the completed product and time-to-market.  Customers
and partners are network equipment manufacturers and suppliers,
including Allied Telesyn, Alloptic, Corecess, Dasan,
Huawei/3Com, Intel, Radisys and World Wide Packets.  The company
presently has about 80 employees.  SwitchCore's headquarters is
in Lund, Sweden.  The Company also has offices in Stockholm,
Sweden, San Jose and Boston, U.S.A., and Singapore in Asia.  The
Company is listed on Stockholmsborsen's Attract 40, O List under
the SCOR ticker.  For more information visit
http://www.switchcore.com/

Footnote: The figures in brackets (xx) correspond to the figures
for the same period last year.

Comments by the CEO

"The order from Huawei-3Com is the single largest order in
SwitchCore's history.  Despite its size however, it is below our
earlier assessment of our business dealings with Huawei-3Com for
2004.  Consequently, we have curtailed our growth forecast for
the entire year to a level that coincides with the market in
general, i.e. in the range of 15-20%.  Our other customers are
in total expected to grow by 100% compared to 2003.  Customers
like Intel have increased significantly during the year and we
expect significant future business from them as well as from our
customers in Korea and North America."

"Due to our modified growth forecast and as part of our
unceasing efforts to create a profitable SwitchCore, the board
has proposed to initiate a restructuring scheme.  The purpose of
the scheme is to lower the operational costs of the company by
about 30%.  We can achieve the cost savings by outsourcing
software and manufacturing services for future product
generation and through centralizing product development and
business support to one location.  The changes we are
considering to implement are in line with our long-range
strategy, the modification of our growth forecast however
accelerates the time for implementation.  I want to emphasize
that we will maintain our ability to sell and develop
competitive integrated circuits within the scope of the proposed
restructuring."

"We see a growing demand from customers within the
telecommunication industry which makes it possible for
SwitchCore to more clearly expand our product offering into the
Access Network Market.  SwitchCore is now developing a new
product within the Xpeedium Pro family specifically for Access
market network equipment.  The product has functionality
particularly suited to telecommunication since it can handle
many subscribers and has the capability to ensure that the
bandwidth each respective subscriber pays for is actually
delivered.  The product will be available to customers first
half of 2005."

Sales and Results for the Period

The Group's net sales for the period amounted to SEK105.8
million (SEK72.6 million), of which royalty earnings totaled
SEK11.5 million (SEK1.3 million).  Billing in USD reached 13.7
million (8.8 million).  The gross profit margin for the period
was 52% (54%).  The Group's operating loss for the period was
SEK30.8 million (-SEK51.1 million).  A total of SEK12 million
(SEK11.4 million) in R&D costs were capitalized for the period.
The loss after tax was SEK20.8 million (-SEK51.5 million).
Earnings per share totaled -SEK0.12 (SEK0.44).  The Group's
results for the period include a foreign exchange profit of
SEK0.8 million (-SEK0.8 million).  USD exposure in the operating
loss amounts to 25% of sales since all billing is issued in USD
and most of the company's operating costs are in USD.

Sales and Results for 3Q

The Group's net sales for 3Q amounted to SEK27.9 million
(SEK32.2 million), of which royalty earnings totaled SEK6
million (SEK1.3 million).  Billing in USD reached 3.5 million
(3.9).  The Group's operating loss for 3Q was SEK11.8 million (-
SEK13.3 million).

Financing and Liquidity

Stockholders' equity stood at SEK87.9 million (SEK114.4 million)
on September 30, 2004 and equity per share was SEK0.51
(SEK0.67).

Liquid funds at the end of the period totaled about SEK31.9
million (SEK95.8 million).  The Company has a utilized credit
facility of US$1.1 million.  During the period liquidity has
been affected by inventory build up.  During the coming quarters
inventory levels are expected to decrease which, in turn, is
expected to have a positive effect on cash flow of SEK10 to 15
million.  The company plans to sell off financial assets during
4Q.  In the event that a deal is successfully completed, the
purchase price is expected to have a significant positive effect
on the future cash flow.

The Parent Company

The parent company's net sales for the period amounted to
SEK105.8 million (SEK72.6 million).  The loss after interest
income/expense, net was -SEKSEK43.1 million (-SEK67.3).

The Market

SwitchCore's customer segments consist of companies that develop
equipment and system solutions for data and telecommunication
based on the Ethernet standard.  This segment holds about 500
potential customers.  The market for SwitchCore's products is
divided into Enterprise and Public (primarily Access) Networks.

SwitchCore's estimate, based on Dell'Oro's forecasts for the
Enterprise Network market, is that the company's total market
access in 2004 is about US$500 million, growing to a value of
about US$900 million by 2008, which represents about 15-20%
growth per year.

The Enterprise Network market can be divided into a high-end and
a low-end segment.  The high-end market addresses more complex
network equipment for data communication between several
networks while the low-end market focuses on simpler network
equipment for data communication within one network.  SwitchCore
has a strong foundation within the high-end segment.  The
company grew significantly in this segment in 2003 and now holds
a market share of about 7%.  The rest of the market is split
between SwitchCore's competitors and major customers that
develop devices in-house for GbE switches/routers.  The high-end
market is expected to reach US$190 million in 2004, and US$350
million in 2008.

For the other market that SwitchCore is in, the Access Network
market, growth has mainly been driven by the expansion of the
broadband network in South Korea.  Some of SwitchCore's
customers also report growth this year due to more investments
on the Japanese market.  The Japanese market's demands for
performance and functionality offers excellent opportunities for
SwitchCore's customers to continue to grow.  SwitchCore judges
that the Access Network market will in the next three years grow
faster than the Enterprise Network market though the total end
market is lower.

Products and Sales

SwitchCore's first nine months of growth has been driven by
Huawei, Intel and the company's larger Korea-based customers.
Original Equipment Manufacturing (OEM) sales to Intel in
particular have risen markedly, being responsible for 75% of
SwitchCore's total sales for the first nine months of 2004.  In
comparison, SwitchCore delivered around 20,000 switching devices
to Intel over a three-month period, corresponding to a third of
the deliveries made in 2003 to all of SwitchCore's customers.
Most of SwitchCore's sales, 20% during January to September, are
for the enterprise market on the back of Huawei's and Intel's
sales.

SwitchCore continues to expand its list of customers within the
telecommunications sector that develop Access Network products.
SwitchCore estimates that around 20% of the company's sales in
the first nine months is directly attributable to Access Network
products.

SwitchCore develops a new product for the Access Network market
within its new Xpeedium 2 Pro product family.  The product has a
more advanced functionality and will give end customers greater
support through its capacity to handle many users
simultaneously.

SwitchCore expanded its new design wins and customers in 3Q.  In
total, SwitchCore had about 88 design wins and some 65 customers
by the end of 3Q.  A design win is when a customer decides to
develop a switch or router based on SwitchCore's CXE products.
Some ten customers are presently responsible for about x% of the
company's sales.  Although the amount of design wins based on
existing product generations rises from quarter to quarter, the
basis for SwitchCore's future customer growth lies with
SwitchCore's new product generation, the Xpeedium 2.

Organization and Employees

The SwitchCore organization consists of a parent company,
SwitchCore AB, first-tier subsidiaries SwitchCore Options AB,
SwitchCore Singapore Private Limited, SwitchCore Taiwan AB
(dormant) and SwitchCore in Stockholm AB (dormant), and one
second-tier subsidiary SwitchCore Corporation (a wholly-owned
subsidiary of SwitchCore Options AB).

At the close of the period the distribution of the Group's
employees was:

(a) The Group had 80 (73) employees of whom 11% (11) are female
    and 89%(89) male: 63 (57) in Sweden, 10 (8) in the U.S. and
    7 (8) in Asia.  The average age is 37 (36).

(b) Since SwitchCore has lowered its growth forecast, the board
    has initiated a restructuring scheme to reduce the
    operational costs of the company and concentrate business
    activities to its head office in Lund.  Estimates indicate
    that the scheme will lower the total operational cost of
    2005 by about 30 percent compared to the estimated outcome
    of these costs for 2004.  The restructuring activities will
    be carried out in 4Q 2004, with full impact expected during
    2Q 2005.  Costs for the scheme are calculated at SEK9
    million and estimated to become payable in the beginning of
    2005.  The company will continue to focus on selling and
    developing new integrated devices and endeavor to outsource
    as much software development as possible to subcontractors.

Investments

The Group's investments in tangible fixed assets totaled SEK0.9
million (SEK0.4 million), of which SEK0.6 million (0) was in the
parent company.  Examples of investments include development and
testing tools, computer equipment, and office inventory.
Furthermore, net investments have been reported in capitalized
development costs totaling SEK12 million (SEK11.4 million), of
which about 70% consists of personnel costs and the remaining
portion of external and technical costs, including tools and
license costs.

Patents

SwitchCore's patent strategy is built on creating a patent
portfolio where the most important parts of the CXE technology
are protected.  The functions of future products are earmarked
at an early stage for possible patenting.  In total SwitchCore
owns 19 patents: 8 in Sweden, 6 in the U.S., 2 in Taiwan and 3
in other countries.  A further 6 patent applications have been
submitted for review in the U.S., 1 in Sweden and 3 globally.

Outlook for 2004

Independent market analysts Dell'Oro judges that the Gigabit
Ethernet market will show an annual 15-20% growth in sales
revenues up until 2008.  Based on the company's sales
development to date SwitchCore judges that the company's growth
rate will equal that of the market in general in 2004.  This is
below the company's earlier assessment that growth would
outperform the market as a whole.

Taking the now expected growth rate into consideration the
company estimates that the combined effect of the initiated
restructuring plan, the sales of financial assets and the
reduction of inventory levels is fully sufficient for the
company to reach a positive cash flow within the framework of
current financing.

SwitchCore's Stocks

The company's stocks are quoted on Stockholmborsen's Attract 40
O list under the SCOR ticker.  The average daily turnover of
stocks for the January 1 to September 30, 2004 period was worth
SEK4 million.  During the same period, the average number of
traded stocks was 920 044 per day.  The total number of stocks
in the Company at the end of the period was 172 055 610.

Reports

Financial statement January 1 to December 31, 2004 January 27,
2005

Accounting Principles

This interim report was prepared according to the Annual
Accounts Act and Swedish Financial Accounting Standards Council
recommendations.  In accordance with the new regulations for
listed companies within the E.U. that take effect as of January
1, 2005, SwitchCore will change to the reporting recommendations
in line with IAS/IFRS.  SwitchCore's Annual Report contains a
detailed account of the scope of this change.  The influence on
SwitchCore's income statement and balance sheet of the published
rules to date is slight.

Henric Isacsson, CEO
SwitchCore AB (publ)

The report has not been subject to review by the company's
auditors.

CONTACT:  SWITSCHCORE AB
          Henric Isacsson, Chief Executive Officer
          E-mail: henric.isacsson@switchcore.com
          Mobile: +46 709 829 606

          Maria Ryden-Persson, Chief Financial Officer
          E-mail: maria.ryden-persson@switchcore.com
          Mobile: +46 73 429 2565


===========
T U R K E Y
===========


OYAK BANK: Individual Rating Affirmed at 'D'
--------------------------------------------
Fitch Ratings upgraded Oyak Bank a.s.'s Long-term foreign and
local currency ratings to 'B+' from 'B' and changed the Support
rating to '4' from '5'.  At the same time, the agency has
affirmed the bank's other ratings at Short-term foreign and
local currency 'B', Individual 'D' and National 'BBB+(tur)'.
The Outlook on all Long-term ratings is Stable.

The new Long-term and Support ratings reflect the commitment of
Oyak Bank's 100% shareholder, Oyak, to provide support in case
of need.  Although the propensity of support from the
shareholders is high, the probability of support available to
creditors may be limited by the financial condition of the
Republic of Turkey, (rated at foreign and local currency 'B+').
Oyak is a supplementary pension fund for officers and non-
commissioned officers of the Turkish Armed Forces, and currently
numbers c.225,000 members.  At end-2003, Oyak's assets totaled
USD1,753.3 million, of which US$775.7 million was in bank
placements.  It had no debt and the total equity stood at
US$1,744.9 million at end-2003.

Oyak Bank's Individual rating reflects its stable core deposit
base, sound asset quality and adequate capitalization.  These
are balanced by its high cost to income ratio and a rapidly
growing loan portfolio.  Despite the bank's good track record of
low non-performing loan ratio for the last three years, Fitch is
concerned about the rapid loan growth as it might result in
asset quality problems in future.

Oyak Bank became a mid-sized retail and corporate bank in
January 2002, after the purchase of Sumerbank by Oyak in August
2001.  As of August 2004, it had a financial subsidiary, Oyak
European Plc, in Ireland and a asset management subsidiary in
Istanbul.  Oyak Bank was the ninth largest bank among the 18
privately owned commercial banks in Turkey at end-2003.

Oyak Group is among the largest conglomerates in Turkey with a
total turnover of US$4,299 million (excluding Oyak Bank) and has
28 subsidiaries and 12 affiliated companies in diversified
sectors such as automotive, cement, food, chemicals, energy and
services.

A detailed report on Oyak Bank is available at
http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Banu Saracci, London
          Phone: +44 207 417 4373

          Botan Berker
          Gulcin Orgun, Istanbul
          Phone: +90 212 279 10 65

          Ed Thompson, New York
          Phone: +1 212 908 0364

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


TURKCELL: Fitch Raises Rating to 'BB-'; Outlook Stable
------------------------------------------------------
Fitch Ratings upgraded Turkish GSM telephony provider Turkcell's
Senior Unsecured local currency rating to 'BB-' from 'B+'.
Following the upgrade, the Outlook is now Stable.  At the same
time, Fitch has changed the Outlook on Turkcell's Senior
Unsecured foreign currency rating to Positive from Stable, as
the foreign currency rating is capped by Turkey's 'B+' country
ceiling, and affirmed the rating at 'B+'.  The agency also
affirmed its rating for the US$400 million senior unsecured
notes due 2005 of Turkcell's guaranteed special purpose
financing vehicle Cellco Finance N.V. at 'B+'.

The upgrade reflects the strong performance of Turkcell's
Turkish mobile operations, on the back of its sustained solid
market position and stabilized macro economic trends, which are
key drivers of its credit profile.  Despite increasing
competition in 2004, Turkcell has preserved its leading position
by capturing, according to publicly available data, more than
50% of 1.5 million newly added subscribers during the first nine
months of 2004.  This corresponds to a strong market position
exceeding 60%.

The ratings consider further competitive pressures not only from
the mobile market consolidation but also attempts to liberalize
Turkey's fixed-line telecoms sector.  Telecoms Authority of
Turkey has granted licenses in the long-distance segment to
around 40 private corporates.  The ratings also consider
Turkcell's margin pressures, increasing capital expenditure and
the potential cash outflow impact of ongoing legal issues.
Although the uncertainty over Turkcell's key legal issues with
state-owned Turk Telekom has been eased by the Turkish
government's recent ruling authorizing State entities to settle
their legal disputes through negotiations, Fitch, nonetheless,
takes into consideration the potential cash outflow impact for
FY04 and FY05.

Turkcell's stronger cash generation in 2002 and 2003 have
improved its liquidity and cash balances.  Its financial ratios
improved significantly over FY03 with gross debt-to-EBITDA
(adjusted for leases and vendor financing ratio) declining to
1.11x from 1.91x.  As Turkcell's debt is mainly denominated in
USD, the ratio has been helped by TRL strengthening 17% against
the USD in FY03.  Despite some US$80 million dividend payments,
gross adjusted leverage was at 1.17X (annualized) at June 2004.

Fitch has historically rated Turkcell on a stand-alone credit
basis as it operates independently under its current ownership
structure.  The agency has not relied on significant support
under the ownership structure, with Turkcell's own business and
financial profiles easing the need for such support.  The
ratings take into consideration the cash dividend payments of
some US$80 million in FY05.

Turkcell is the largest provider of GSM telephony services in
Turkey, and as of September 30 2004 had 22.3 million
subscribers.  It also has investments in mobile markets in
Azerbaijan, Moldova, Georgia and Kazakhstan through Fintur
Holding (41.25% stake).  With 3.0 million total subscribers,
Fintur generated US$180 million combined EBITDA in FY03.
Turkcell does not fully consolidate these ventures and has not
received dividends as of yet.  It is listed on the Istanbul
Stock Exchange; its American Depositary Shares are also listed
on the New York Stock Exchange and SEAQ International.

CONTACT:  FITCH RATINGS
          Guzin Durmus, Istanbul
          Phone: +90 212 279 1065

          Albert Hofman, London
          Phone: +44 207 417 4282

          Raymond Hill
          Phone: +44 207 417 4314

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


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


ANATASIYA +: Court Calls in Insolvency Manager
----------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Anatasiya + (code EDRPOU 32229129) on
September 14, 2004 after finding the limited liability company
insolvent.  The case is docketed as 14/343.  Mr. O. Tomashevskij
(License Number AA 669672) has been appointed
liquidator/insolvency Manager.  The company holds account number
26003556844001 at CB Privatbank, Mikolaiv branch.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) ANATASIYA +
    54029, Ukraine, Mikolaiv region,
    Pushkinska Str. 39/10

(b) Mr. O. Tomashevskij
    Liquidator/Insolvency Manager
    Phone: (0512) 23-12-61

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


KOVCHEG-N: Succumbs to Bankruptcy
---------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Kovcheg-N (code EDRPOU 32459314) on
September 14, 2004 after finding the limited liability company
insolvent.  The case is docketed as 14/344.  Mr. O. Tomashevskij
(License Number AA 669672) has been appointed
liquidator/insolvency manager.  The company holds account number
26006901025553 at First Ukrainian International Bank, Mikolaiv
branch.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) KOVCHEG-N
    54055, Ukraine, Mikolaiv region,
    Lenin Avenue, 107

(b) Mr. O. Tomashevskij
    Liquidator/Insolvency Manager
    Phone: (0512) 23-12-61

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


MARKOVICH: Deadline for Proofs of Claim Set
-------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Markovich (code EDRPOU 32391309) on
September 14, 2004 after finding the limited liability company
insolvent.  The case is docketed as 5/323.  Mr. O. Tomashevskij
(License Number AA 669672) has been appointed
liquidator/insolvency manager.  The company holds account number
26003054200404 at CB Privatbank, Mikolaiv branch.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) MARKOVICH
    54025, Ukraine, Mikolaiv region,
    Geroyiv Stalingradu Avenue, 91

(b) Mr. O. Tomashevskij
    Liquidator/Insolvency Manager
    Phone: (0512) 23-12-61

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


SOKIL: Court-appointed Liquidator Enters Firm
---------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Sokil on June 10, 2004 after finding the
company insolvent.  Arbitral manager Mr. A. Hutko has been
appointed liquidator/insolvency Manager.

CONTACT:  SOKIL
          Ukraine, Lviv region,
          Radehivskij district, Pavliv

          Mr. A. Hutko
          Liquidator/Insolvency Manager
          Ukraine, Lviv region, Dnisterska Str. 2/48
          Phone: (0322) 70-68-38
          Fax: (0322) 70-68-38

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


ZAPORIZHSILBUD: Proofs of Claim Deadline Expires this Week
----------------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
proceedings against Zaporizhsilbud (code EDRPOU 01352304) after
finding the open joint stock company insolvent.  The case is
docketed as 25/151.  Arbitral manager Mr. Vladislav Korshun
(License Number AA 250379) has been appointed
liquidator/insolvency manager.  The company holds account number
26003303343099 at CB Privatbank, Zaporizhya regional branch, MFO
313399.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) ZAPORIZHSILBUD
    69001, Ukraine, Zaporizhya region,
    MSP-589, Chervonogvardijska Str. 48

(b) Mr. Vladislav Korshun
    Liquidator/Insolvency Manager
    69104, Ukraine, Zaporizhya region,
    Malinovskij Str. 42/98
    Phone: 64-15-96
           (066) 222-90-15

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


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


AA FASHIONS: Members Pass Extraordinary Winding up Resolution
-------------------------------------------------------------
At an extraordinary general meeting of the AA Fashions
(Leicester) Limited on October 15, 2004 held at the offices of
Elwell Watchorn & Saxton, 109 Swan Street, Sileby,
Leicestershire LE12 7NN, the subjoined extraordinary resolution
to wind up the company was passed.  Richard John Elwell of
Elwell Watchorn & Saxton, 109 Swan Street, Sileby,
Leicestershire LE12 7NN has been appointed liquidator for the
purpose of such winding-up.

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


ACTIVE SOFTWARE: Names PricewaterhouseCoopers Liquidator
--------------------------------------------------------
At a meeting of the Active Software (UK) Limited on September
29, 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: 020 7212 8123
          Fax: 020 7084 5566
          Web site: http://www.pwc.com


AIRWEAVERS ENVIRONMENTAL: Names DTE Leonard Curtis Liquidator
-------------------------------------------------------------
At a meeting of the members of Airweavers Environmental Services
Limited, the extraordinary resolution to wind up the company was
passed.  A. Clifton of DTE Leonard Curtis, 3rd Floor, 50-52
Newhall Street, Birmingham B3 3QE has been appointed liquidator
of the company for the purpose of such a winding up.

CONTACT:  DTE LEONARD CURTIS
          3rd Floor,
          50-52 Newhall Street,
          Birmingham B3 3QE
          Phone: 0121 236 7274
          Fax: 0121 236 7556
          Web site: http://www.dtegroup.com


AREA ONE: Members Agree to Liquidate Company
--------------------------------------------
At an extraordinary general meeting of the members of the Area
One Limited on October 13, 2004 held at 82 St John Street,
London EC1M 4JN, the extraordinary and ordinary resolutions to
wind up the company were passed.  G. Mummery and P. Atkinson
have been appointed joint liquidators for the purpose of such
winding up.


ATEST ELECTRONICS: Calls in Liquidator from The Norton Practice
---------------------------------------------------------------
Name of Companies:
Atest Electronics Limited
Bartsign Limited
Dubilier Warminster Limited
G K Instruments Limited
Helvetia Automatic Products Limited
International Resistance Company Limited
Minicircuits Limited
Weighwrite Limited

At extraordinary general meetings of these companies on October
14, 2004 held at the offices of Peek Traffic Ltd, Hazelwood
House, Lime Tree Way, Chineham Business Park, Basingstoke,
Hampshire, the subjoined special resolution to wind up the
companies was passed.  David William Tann of The Norton Practice
(Insolvency Services) Limited, 1 Wesley Gate, 70 Queens Road,
Reading RG1 4AP has been appointed liquidator for the purpose of
such windings-up.

CONTACT:  THE NORTON PRACTICE (INSOLVENCY SERVICES) LIMITED
          1 Wesley Gate,
          70 Queens Road,
          Reading RG1 4AP


BACKING LATEX: Appoints Liquidator from Tomlinsons
--------------------------------------------------
At an extraordinary general meeting of the Backing Latex Limited
on October 7, 2004 held at Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, the resolutions to wind up
the company were passed.  Alan H. Tomlinson of Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL has been
appointed as liquidator for the purpose of such winding up.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street,
          Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


BAGLAN COGENERATION: Hires PwC to Liquidate Assets, Subsidiaries
----------------------------------------------------------------
Name of Companies:
Baglan Cogeneration Company
Baglan Energy Park Operating Company Limited
BP Exploration (Theta) Limited
Brightyear Limited
Burmah Castrol Germany Holdings Limited
Burmah Oil Investments Holdings Limited
Castrol Commercial Limited
Castrol Marine Limited
EGP Sap Limited
EGP SI Plc

At the extraordinary general meetings of these companies on 12
October 2004, the special and ordinary resolutions to wind up
the companies were passed.  Jonathan Sisson and Richard Setchim
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of the companies for the
purpose of such windings-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: 020 7212 8123
          Fax: 020 7084 5566
          Web site: http://www.pwc.com


B C DYER: Members General Meeting Set Next Month
------------------------------------------------
The general meeting of the members of B C Dyer (Holdings)
Limited will be on November 24, 2004 commencing at 11:00 a.m.
It will be held at the offices of David Rubin & Partners, Pearl
Assurance House, 319 Ballards Lane, London N12 8LY.

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 David Rubin & Partners, Pearl Assurance House, 319 Ballards
Lane, London N12 8LY.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


BROWNWAY LIMITED: Calls First Creditors' Meeting
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Brownway Limited
                        (In Liquidation)

I, Cameron K. Russell, Chartered Accountant, 104 Quarry Street,
Hamilton, ML3 7AX hereby give notice that by the Interlocutor of
the Sheriff at Hamilton Sheriff Court dated 5th October 2004, I
was appointed Interim Liquidator of Brownway Limited (In
Liquidation).

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Act 1986, the First Meeting of
Creditors will be held within 104 Quarry Street, Hamilton ML3 on
Friday, November 12, 2004 at 12:00 noon for the purpose of
choosing a Liquidator.

The meeting may also consider other resolutions referred to in
Rule 4.12(3).  All creditors are entitled to attend in person or
by proxy and to vote provided their claims and proxies, if any,
have been submitted at or before the meeting.

Cameron K. Russell, CA, Interim Liquidator
October 13, 2004

CONTACT:  WILLIAM DUNCAN & COMPANY
          104 Quarry Street
          Hamilton ML3 7AX


CHARLES JACKSON: Hires Joint Liquidator from Wilson Field
---------------------------------------------------------
At an extraordinary general meeting of the members of the
Charles Jackson Developments Ltd. on October 8, 2004 held at The
Cock Hotel, 72-74 High Street, Stony Stratford, Buckinghamshire
MK11 1AH, the extraordinary and ordinary resolutions to wind up
the company were passed.  Lisa Hogg and David Field of Wilson
Field, The Annexe, The Manor House, 260 Ecclesall Road South,
Sheffield S11 9UZ have been appointed joint liquidators for the
purpose of such winding-up.

CONTACT:  WILSON FIELD
          The Annexe, The Manor House,
          206 Ecclesall Road South,
          Sheffield S11 9UZ
          Phone: 020 7554 8640
          Fax:   020 7554 8641
          Web site: http://www.wilsonfield.co.uk


CLOVER FUNDING: Names Tenon Recovery Liquidator
-----------------------------------------------
At an extraordinary general meeting of the members of the Clover
Funding No.2 Plc on October 12, 2004 held at the offices of SPV
Management Limited, Level 11, Tower 42, International Financial
Centre, 25 Old Broad Street, London EC2N 1HQ, the special
resolution to wind up the company was passed.  Ian Cadlock of
Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East
Sussex BN1 3XB has been appointed liquidator for the purpose of
such a winding-up.

CONTACT:  TENON RECOVERY
          Lyndean House,
          43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


DEAN WITTER: Liquidator's Final Report Out November
---------------------------------------------------
Name of Companies:
Dean Witter Capital Markets-International Limited
Dean Witter Futures Limited
Dean Witter Reynolds Limited

The final meeting of the members of these companies will be on
November 22, 2004 commencing at 10:00 a.m. and thereafter a 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
companies 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 PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, November 19, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: 020 7212 8123
          Fax: 020 7084 5566
          Web site: http://www.pwc.com


DUNDAS BUILDING: Sets First Creditors' Meeting November
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Dundas Building Services Limited
                        (In Liquidation)

I, Cameron K. Russell, Chartered Accountant, 104 Quarry Street,
Hamilton, ML3 7AX hereby give notice that by the Interlocutor of
the Sheriff at Glasgow Sheriff Court dated October 1, 2004, I
was appointed Interim Liquidator of Dundas Building Services
Limited (In Liquidation).

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Act 1986, the First Meeting of
Creditors will be held within 104 Quarry Street, Hamilton ML3
7AX on Tuesday, November 9, 2004 at 12:00 noon for the purpose
of choosing a Liquidator.

The meeting may also consider other resolutions referred to in
Rule 4.12(3).  All creditors are entitled to attend in person or
by proxy and to vote provided their claims and proxies, if any,
have been submitted at or before the meeting.

Cameron K. Russell, CA, Interim Liquidator
October 11, 2004

CONTACT:  WILLIAM DUNCAN & COMPANY
          104 Quarry Street
          Hamilton ML3 7AX


G C MECHANICAL: Director Gets 12-year Ban from Holding Exec Post
----------------------------------------------------------------
The director of a mechanical engineering business that failed
with estimated debts of more than GBP326,000 has been
disqualified in the Royal Court of Justice from acting as a
company director for twelve years.

Guiseppe Catalano of Waggstaffe Close, Ravensden, Bedford, was a
director of G C Mechanical Limited, which carried on business
from premises at 11 Waggstaffe Close, Ravensden, Bedford.

The Disqualification Order, made on August 16, 2004 prevents Mr.
G. Catalano from being a director of a company, or in any way
being concerned in or taking part in the promotion, formation or
management of a company for the above period.  The company was
placed into voluntary liquidation on 6 February 2002 with
estimated debts of GBP326,370 owed to its creditors.

Matters of unfit conduct, found by the Court, included that Mr.
G. Catalano:

(a) failed to comply with his statutory obligation to maintain,
    preserve and/or deliver adequate accounting records the
    company's entire trading period;

(b) deliberately failed to co-operate with the Liquidator and in
    doing so he failed to comply with his statutory obligations;
    and

(c) caused the company to trade from 3 May 2001 at the latest
    when he knew it was insolvent and trading to the specific
    detriment of the Crown Departments.

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


GENSEC LIMITED: Creditors' Meeting Set Next Month
-------------------------------------------------
The creditors of Gensec Limited will meet on November 2, 2004
commencing at 11:00 a.m.  It will be held at The Park Hall
Hotel, Charnock Richard, Chorley, Lancashire PR7 5LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to DTE Leonard Curtis, DTE House, Hollins Mount,
Bury BL9 8AT not later than 12:00 noon, November 1, 2004.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


GLASGOW ADVERTISING: Liquidator to Give Final Report Next Month
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF The Glasgow Advertising Agency Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that final meetings of the Members and
Creditors of The Glasgow Advertising Agency Ltd. will be held
within the offices of Moore Stephens Corporate Recovery, Allan
House, 25 Bothwell Street, Glasgow G2 6NL on November 2, 2004 at
10:00 a.m. and 10:15 a.m. respectively, for the purposes of
receiving the Liquidator's Report on the conduct of the winding
up and to determine the manner in which the books, accounts and
documents of the Company should be disposed.

Douglas B. Jackson, Liquidator
October 11, 2004

CONTACT:  MOORE STEPHENS
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


GLOBAL LASER: Calls in Liquidator from Marshall Peters
------------------------------------------------------
At an extraordinary general meeting of the members of the Global
Laser Systems Limited on October 7, 2004 held at Heskin Hall
Farm, Wood Lane, Heskin, Preston PR7 5PA, the special and
ordinary resolutions to wind up the company were passed.  Clive
Morris of Marshall Peters, Heskin Hall, Wood Lane, Heskin,
Preston PR7 5PA has been appointed liquidator for the purpose of
such winding-up.

CONTACT:  MARSHALL PETERS
          Heskin Hall,
          Wood Lane, Heskin,
          Preston PR7 5PA


HOSTELRIES LIMITED: Scottish Courage Appoints Receiver
------------------------------------------------------
Scottish Courage Limited called in Steven Williams and Andrew
Dick (Office Holder Nos 8887, 8688) joint administrative
receivers for Hostelries Limited (Reg No 04446804, Trade
Classification: 48).  The application was filed October 13,
2004.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


HYDE REFURBISHMENT: In Administrative Receivership
--------------------------------------------------
HSBC Bank Plc called in Gary Lee and Donald Bailey (Office
Holder Nos 9204, 6739) joint administrative receivers for Hyde
Refurbishment & Demolition Company Limited (Reg No 4400126,
Trade Classification: 4511/4521).  The application was filed
October 12, 2004.  The company is engaged in demolition and
construction work.

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


IFCO LIMITED: Calls in Joint Liquidators from PwC
-------------------------------------------------
Name of Companies:
Ifco Limited
Kemwell Limited

At the extraordinary general meetings of these companies on
October 12, 2004, the special and ordinary resolutions to wind
up the companies were passed.  Jonathan Sisson and Richard
Setchim of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT have been appointed joint liquidators of the companies
for the purpose of such windings-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: 020 7212 8123
          Fax: 020 7084 5566
          Web site: http://www.pwc.com


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

                               and

               IN THE MATTER OF Inverdean Limited
                        (In Liquidation)

I, Eileen Blackburn, French Duncan, 375 West George Street,
Glasgow, G2 4LW hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that on October 1, 2004 I was
appointed Liquidator of Inverdean Limited by Resolution of the
First Meeting of Creditors.

A Liquidation committee was not established.

Eileen Blackburn, Liquidator
October 8, 2004

CONTACT:  FRENCH DUNCAN
          375 West George Street
          Glasgow G2 4LH
          Phone: 0141 221 2984
          Fax: 0141 221 2980
          E-mail: enquiries@frenchduncan.co.uk
          Web site: http://www.frenchduncan.co.uk


LAMP IGNITION: Hires Liquidator from Marks Bloom
------------------------------------------------
At an extraordinary general meeting of the members of the Lamp
Ignition Limited on October 13, 2004 held at 60-62 London Road,
Kingston upon Thames, Surrey KT2 6QZ, the extraordinary and
ordinary resolutions to wind up the company were passed.  Andrew
John Whelan of Marks Bloom has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  MARKS BLOOM
          60-62 London Road,
          Kingston upon Thames,
          Surrey KT2 6QZ
          Phone: +44 (0) 20-85499951
          Fax: +44 (0) 20-85496218
          Web site: http://www.marksbloom.co.uk


LIVE DIRECTORY: Five-year ban for Two Directors
-----------------------------------------------
Two directors of a corporate video production and Web site
advertising business, which failed with total debts estimated at
nearly GBP707,000, have each given Undertakings not to hold
directorships or take any part in company management for five
years.

The Undertakings by Stuart Hughes of Lower Rathmines Road, in
Dublin, and Deborah Knowles of Whickham Avenue, Lytham St.
Annes, were given in respect of their conduct as directors of
Live Directory On Line Limited which carried out business from
premises at on the 2nd Floor at Marshall House, Ringway, in
Preston.

Acceptance of the Undertaking on October 7 and 11, 2004
respectively, prevents either Deborah Knowles or Stuart Hughes
from being a director of a company or, in any way, whether
directly or indirectly, being concerned in or taking part in the
promotion, formation or management of a company for the above
period.  Live Directory On Line Limited was placed into
voluntary liquidation on May 17, 2002 with estimated debts of
GBP706,914 owed to its creditors.

Matters of unfit conduct, not disputed by either Stuart Hughes
or Deborah Knowles solely for the purpose of the undertaking
were that they:

(a) Caused the company to trade beyond July 2001 at the latest
    when they knew, or ought to have known, that it was
    insolvent and that trading thereafter was at the risk of and
    to the ultimate detriment of creditors; and

(b) Caused the company to take deposits from customers in
    circumstances when they knew or ought to have known that
    there was an unreasonable risk that the service offered by
    the company would not be provided to those customers.

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

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

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

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


MACHINE TOOL: Final Members Meeting Set Mid-November
----------------------------------------------------
The final general meeting of the members of Machine Tool
Selector Global Limited will be on November 17, 2004 commencing
at 12:30 p.m.  It will be held at the offices of BDO Stoy
Hayward LLP, Connaught House, Alexandra Terrace, Guildford,
Surrey GU1 3DA.

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 BDO Stoy Hayward LLP, Connaught House, Alexandra Terrace,
Guildford, Surrey GU1 3DA not later than 12:00 noon, November
16, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          Connaught House,
          Alexandra Terrace,
          Guildford, Surrey GU1 3DA
          Phone: 01483 565666
          Fax:   01483 531306
          E-mail: guilford@bdo.co.uk
          Web site: http://www.bdo.co.uk


MARRA BROTHERS: Kroll Receivers Take over Operations
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF Marra Brothers Residential Letting Limited
                        (In Receivership)

I, Fraser J. Gray, and Charles P. Holder, Chartered Accountants
of Kroll Limited, Afton House, 26 West Nile Street, Glasgow, G1
2PF, hereby give notice that we were appointed Joint Receivers
on August 25, 2004 of the whole property and assets of Marra
Brothers Residential Letting 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 lodge their formal claims with us within six
months of the date of this Notice.

Fraser J. Gray, Joint Receiver
October 11, 2004

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


NORDSKAN LIMITED: Liquidator to Present Final Report November
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Nordskan Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that final general meetings of the members
and the creditors will be held on November 17, 2004 at 11:00
a.m. and 11:15 a.m. respectively, at Stannergate House, 41
Dundee Road West, Broughty Ferry, Dundee, for the purpose of
having a final account laid before them, showing how the winding
up has been conducted and the property of the company disposed
of and of hearing any explanations that may be given by the
liquidator.

Members and creditors are entitled to attend in person or by
proxy. Proxies must be lodged with the liquidator at or before
the meeting.

Alan B. Wright, Liquidator
October 12, 2004

CONTACT:  DAND CARNEGIE & CO.
          Stannergate House
          41 Dundee Road West
          Broughty Ferry
          Dundee DD5 1NB
          Phone: 01382 480488
          Fax: 01382 736768
          E-mail: dundee@dand-carnegie.co.uk
          Web site: http://www.dand-carnegie.co.uk


PEEK DATA: Members Opt to Liquidate Assets, Subsidiaries
--------------------------------------------------------
Name of Companies:
Peek Data Limited
Peek Field Services Limited
Peek Group Services Limited
Peek Systems Limited
Radley (1) Limited
Sarasota Traffic Limited
Smartways Limited
Sotwell Limited
Streeteramet Limited
Tollstar Limited

At an extraordinary general meetings of these companies on
October 14, 2004 held at the offices of Peek Traffic Ltd,
Hazelwood House, Lime Tree Way, Chineham Business Park,
Basingstoke, Hampshire, the subjoined special resolution to wind
up the companies was passed.  David William Tann of The Norton
Practice (Insolvency Services) Limited, 1 Wesley Gate, 70 Queens
Road, Reading RG1 4AP has been appointed liquidator for the
purpose of such windings-up.

CONTACT:  THE NORTON PRACTICE (INSOLVENCY SERVICES) LIMITED
          1 Wesley Gate,
          70 Queens Road,
          Reading RG1 4AP


PHOENIX IPR: Insolvency Service Bans Directors
----------------------------------------------
The directors of a garden shed construction business that failed
with total debts estimated at around GBP188,383 have both given
an Undertaking not to hold directorships or take any part in
company management for a combined period of seven years.

The Undertakings by John Heather, 43, of Southurst, Whitehill,
Bordon, Hampshire, and Michael John Crosse, 51, of Baldwin
Crescent, Merrow, Guildford, Surrey, were given in respect of
their conduct as directors of Phoenix IPR Limited (Phoenix),
which carried out business from premises at Unit 4, 70
Wrecclesham Hill, Wrecclesham, Farnham, Surrey.

Acceptance on September 14, 2004 of Mr. Heather's Undertaking
and on September 29, 2004 of Mr. Crosse's Undertaking prevents
Mr. Heather and Mr. Crosse 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 a period of 4 years and 3 years respectively.
Phoenix was placed into voluntary liquidation on August 5, 2002
with estimated debts of GBP188,383 owed to creditors.

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

Matters of unfit conduct, not disputed by Mr. Heather and Mr.
Crosse, were that:

(a) they caused Phoenix to breach its statutory duties and to
    trade to the detriment of the Crown; and

(b) Mr. Heather contravened the Insolvency Act 1986 by acting as
    a director of Phoenix Sales U.K. Limited, as the company
    name and its resemblance to Phoenix IPR is prohibited.

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


PLATED COMPONENTS: Names Vantis Business Recovery Liquidator
------------------------------------------------------------
At an extraordinary general meeting of the members of the Plated
Components Limited on October 8, 2004 held at Range Road, Hythe,
Kent CT21 6HG, the special resolution to wind up the company was
passed.  Robert Leonard Harry Knight of Vantis Business
Recovery, The White Cottage, 19 West Street, Epsom, Surrey, KT18
7BS has been appointed the liquidator of the company for the
purpose of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street,
          Epsom, Surrey, KT18 7BS
          Phone: 01372 743816
          Fax: 01372 720940
          E-mail: epsom@vantisplc.com
          Web site: http://www.vantisplc.com


SABLON HOLDINGS: Special Winding up Resolution Passed
-----------------------------------------------------
At an extraordinary general meeting of the members of the Sablon
Holdings Limited on September 30, 2004 held at 8-10 Rue
d'Italie, Geneva, the special resolution to wind up the company
was passed.  Anthony Christian Pickford and James Robert Toynton
of Anson Court, La Route des Camps, St Martin, Guernsey has been
appointed joint liquidators.

CONTACT:  ANSON COURT
          La Route des Camps,
          St Martin, Guernsey


SOUTHERN MILK: Hires Armida Business Recovery as Liquidator
-----------------------------------------------------------
At an extraordinary general meeting of the members of the
Southern Milk Limited on September 30, 2004 held at the offices
of Armida Business Recovery LLP, Bell Walk House, High Street,
Uckfield, East Sussex TN22 5DQ, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Fiona Monson of Armida Business Recovery LLP, Bell Walk House,
High Street, Uckfield, East Sussex TN22 5DQ has been appointed
as liquidator of the company for the purpose of the voluntary
winding-up.

CONTACT:  ARMIDA BUSINESS RECOVERY LLP
          Bell Walk House,
          High Street, Uckfield,
          East Sussex TN22 5DQ
          Phone: 01825 765077
          Fax: 01825 765011
          E-mail: info@abr-llp.co.uk
          Web site: http://www.armida.co.uk


TAIYO LIFE: Liquidator's Final Report Known Next Month
------------------------------------------------------
The final meeting of the members of Taiyo Life International
(UK) Limited will be on November 19, 2004 commencing at 11:00
a.m.  It will be held at KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB.

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 KPMG LLP, 8 Salisbury Square, London EC4Y 8BB not later
than 12:00 noon, November 18, 2004.

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


THAT CAFE: Creditors to Meet First Week of November
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF That Cafe Limited
                       (In Liquidation)

I, Eric Robert Hugh Nisbet, The Glen Drummond Partnership,
Knightsridge Business Park, 4 Turnbull Way, Livingston, hereby
give notice that I was appointed Interim Liquidator of That Cafe
Limited on September 29, 2004 by Interlocutor of the Sheriff of
Lothian and Borders at Edinburgh.

Notice is also given pursuant to section 138 of the Insolvency
Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986
that the First Meeting of Creditors of the above company will be
held at Argyll House, Quarrywood Court, Livingston EH54 6AX on
Friday, November 5, 2004 at 11am for the purposes of choosing a
Liquidator and of determining whether to establish a Liquidation
Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below.

A resolution will be passed when a majority of those voting has
voted in favor of it.  For the purpose of formulating claims,
creditors should note that the date of commencement of the
liquidation is September 6, 2004.

E. R. H. Nisbet, Interim Liquidator
October 13, 2004

CONTACT:  THE GLEN DRUMMOND PARTNERSHIP
          4 Turnbull Way
          Livingston
          West Lothian EH54 8RB
          Phone: 01506 498156
          Fax: 01506 493894
          Web site: http://www.glendrummond.co.uk


THE TUNGSTEN: Calls in Liquidator
---------------------------------
At an extraordinary general meeting of the members of The
Tungsten Manufacturing Company (Sales) Limited on 13 October
2004 held at 4 Forest Close, Wendover, Aylesbury,
Buckinghamshire, the resolutions to wind up the company were
passed.  William Jeremy Jonathan Knight has been appointed
liquidator for the purpose of such winding-up.


TRADES TEAM: First Meeting of Creditors Set
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Trades Team Limited
                         (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate
Recovery, 191 West George Street, Glasgow, G2 2LJ, United
Kingdom, hereby give notice, that by Interlocutor of the Sheriff
of Kirkcudbright dated September 30, 2004, I was appointed
interim liquidator of Trades Team Limited, having its registered
office at Greenlaw Business Park, Greenlaw, Castle Douglas, DG7
2LH.

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the first meeting
of creditors will be held within KPMG, 191 West George Street,
Glasgow, G2 2LJ, at 11:00 a.m. on November 9, 2004 for the
purpose of choosing a Liquidator.

The meeting may also consider other resolutions referred to in
Rule 4.12(3).  All creditors are entitled to attend in person or
by proxy and to vote, provided their claims and proxies, if any,
have been submitted at or before the meeting.

B. C. Nimmo, Interim liquidator
October 6, 2004

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


WATERFORD WEDGWOOD: Talks with Royal Doulton in Advanced Stage
--------------------------------------------------------------
Waterford Wedgwood plc, the luxury lifestyle group, is in
advanced talks with Royal Doulton plc about a possible cash
offer.  Royal Doulton is one of the world's leading chinaware
manufacturers and owner of the Royal Doulton, Minton and Royal
Albert brands.

Waterford also announces a proposed fully underwritten rights
issue of approximately EUR100 million, and that it has secured
new banking facilities and repaid its existing senior facilities
in their entirety.

Offer for Royal Doulton Under Discussion

The Boards of Waterford Wedgwood and Royal Doulton are in
advanced discussions regarding a possible recommended offer for
Royal Doulton by Waterford Wedgwood.  Due diligence has been
completed to the satisfaction of Waterford Wedgwood, but certain
other matters remain to be resolved and consequently there can
be no certainty that a formal offer will be made.  Any formal
offer is expected to be 12 pence in cash per Royal Doulton share
and, subject to the resolution of these matters, the Board of
Royal Doulton intends to recommend such an offer.

Waterford Wedgwood currently holds 21.16% of Royal Doulton
shares and these would not be the subject of the possible offer.
Sir Anthony O'Reilly, Chairman of Waterford Wedgwood, and Mr.
Peter John Goulandris, Deputy Chairman of Waterford Wedgwood,
between them own a further 3.99% of Royal Doulton shares; these
would be the subject of the possible offer.

A further announcement will be made in due course.

        Fully Underwritten EUR100 million Rights Issue

(a) Proposed Rights Issue on the basis of 5 New Stock Units for
    every 3 Stock Units held by qualifying stockholders (on a
    record date to be determined) at EUR0.06 per New Stock Unit
    (approximately 1.66 billion New Stock Units);

    Rights Issue is fully underwritten by a company controlled
    by Sir Anthony O'Reilly and Mr. Peter John Goulandris (70%
    of the Rights Issue), and by Davy (30% of the Rights Issue);

(b) Rights Issue price represents a discount of 53.8% to the
    closing price of EUR0.13 per Stock Unit on 20 October, 2004;

(c) O'Reilly and Goulandris families have confirmed their
    intention to take up their full rights entitlements;

(d) Rights Issue fully covers the cost of the equity component
    of the possible Royal Doulton acquisition;

(e) Rights Issue is conditional on an announcement by the Group
    of a firm intention to make an offer for Royal Doulton but
    is not conditional on completion of the Royal Doulton
    acquisition; and

(f) Rights Issue is also conditional on, inter alia, the grant
    by the Irish Takeover Panel of a waiver under Rule 9 of the
    Irish Takeover Rules and on independent shareholder
    approval, each in respect of the underwriting arrangements.
    It is also conditional on shareholders approving an increase
    in the authorized share capital of the Group and the renewal
    of various allotment authorities.


               New Banking Arrangements Secured

A new facility led by Burdale Financial Limited, a subsidiary of
Wachovia Corporation, replaces in full the previous bank
syndicate.  The new facility is secured on the assets of the
Group and has a term of up to four years.  With less restrictive
covenants, the new facility offers greater flexibility and
scope.  It has also facilitated the repayment of existing senior
facilities.

                Strategic and Trading Update

Our Plan for Growth, announced earlier this year, is underway.
Our working capital program will be completed by December 2005
with major advances expected to be made by March 2005.  The
capacity utilization of our Wedgwood factories will be
transformed with concomitant efficiencies by the acquisition of
Royal Doulton, should that take place.  Focused marketing
initiatives have been introduced to drive revenue growth over
the next few years.

However, sales for the six months to 30 September 2004 were
disappointing at EUR356 million.  On a like-for-like basis
(excluding exchange and All-Clad), sales were 5% below the
corresponding period last year and, as a consequence, the pre-
tax result for the six months is likely to be significantly
below consensus market expectations.  Some of the reduction in
sales is because we have refocused our retail distribution in
the United States.

At Waterford Wedgwood's Annual General Meeting, Sir Anthony
O'Reilly, Chairman of Waterford Wedgwood, said: "The past three
years have been turbulent and we would not deny that the
financial performance of the company continues to disappoint us
all.

"Although the current environment remains challenging, in the
past six months we have made many changes and put in place some
important foundations for future growth.  [This] is an important
day in the history of Waterford Wedgwood.

"The possible acquisition of Royal Doulton would transform
Wedgwood.  The benefits of such a deal are immediately apparent.
With Royal Doulton's restructuring largely completed, we could
add Royal Doulton's revenues to our top-line sales without
greatly increasing our costs.  This would increase the
profitability of the combined businesses.

"The fact that the O'Reilly and Goulandris families are
underwriting most of the Rights Issue is proof positive of our
belief in Waterford Wedgwood and its world-class portfolio of
products."

Redmond O'Donoghue, Group Chief Executive, said: "[These]
announcements are very significant.  If the acquisition of Royal
Doulton takes place, the very material investment that we have
made in recent years in our manufacturing facilities will enable
us to integrate Royal Doulton with minimal disruption and lay
down the foundation for improved profitability.

"Our new bank facility provides us with a greater degree of
flexibility, enhances our liquidity and allows us the freedom to
operate our business, focusing on cash generation in the short-
term.  While trading performance in the six months to 30
September was behind last year, we are confident that planned
marketing initiatives and the previously announced cost saving
measures will lead to a reversal of this trend."

CONTACT:  WATERFORD WEDGWOOD
          Phone: +353 (0) 1 4781 855
          Redmond O'Donoghue, Chief Executive Officer
          Paul D'Alton, Chief Financial Officer

          LAZARD (Enquiries re Possible Offer)
          Phone: +44 (0) 207 187 2000
          Nicholas Shott/David Reitman

          DAVY (Rights Issue)
          Phone: +353 (0) 1 6796 363
          Hugh McCutcheon/Eugenee Mulhern
          College Hill (Investor Relations)
          Phone: + 44 (0) 7798 843276
          Kate Pope/Mark Garraway

          POWERSCOURT (U.K. and International Media)
          Phone: + 44 (0) 20 7236 5619
          Rory Godson/John Murray

          DENNEHY ASSOCIATES (Irish Media)
          Phone: + 353 (1) 676 4733
          Michael Dennehy


WATERFORD WEDGWOOD: S&P Downgrades Ratings to 'B-', 'CCC'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Ireland-based luxury table and
dinnerware manufacturer Waterford Wedgwood PLC to 'B-' from 'B',
following the group's announcement that earnings will be
substantially lower than expected for the fiscal year ending
March 2005.  The outlook is negative.  At the same time, the
subordinated debt rating was lowered to 'CCC' from 'CCC+'.

The downgrade reflects the significant decline in Waterford
Wedgwood's earnings.  This has been due to the declining demand
for the group's niche and classic style of products in its key
crystal and ceramics divisions.

"The reduced profitability for the group -- further exacerbated
by the continuation of significant cash outflows associated with
restructuring efforts -- is expected to result in negative free
cash flow for the year to March 2005, for the second consecutive
year, despite the group's improved cost position," said Standard
& Poor's credit analyst Sunita Kara.

There are opportunities for Waterford Wedgwood to further
improve its cost position if it proceeds with an offer and
successfully completes the acquisition and integration of Royal
Doulton.  The acquisition of the chinaware manufacturer -- in
which Waterford Wedgwood already has a 21% stake -- would,
however, increase the group's exposure to an industry that is
expected to continue to experience very difficult trading
conditions.

Irrespective of the acquisition (which would be funded by
proceeds from a proposed EUR100 million rights issue), Waterford
Wedgwood's already very weak debt-protection measures are
expected to deteriorate further.  Should Waterford Wedgwood
receive proceeds from the rights issue but the acquisition for
Royal Doulton is not successfully completed, the group would
benefit from an improved liquidity position.  Standard & Poor's
would then review the ratings and outlook on the group.

The negative outlook reflects the uncertainty on how Waterford
Wedgwood will perform in the crucial third quarter, and whether
the group's resultant liquidity position will be sufficient to
meet its operating and financing needs beyond fiscal 2005.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com. Alternatively, call one of
the following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176-
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017.  Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


WIMCO GROUP: Receiver Sets Creditors' Meeting November
------------------------------------------------------
The creditors of Wimco Group Coaches Limited (t/a Mitcham Belle)
will meet on November 4, 2004 commencing at 3:00 p.m.  It will
be held at UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, November 3,
2004.

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *