TCREUR_Public/041028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 28, 2004, Vol. 5, No. 214

                            Headlines

B U L G A R I A

CHIMCO: Preparations for Reopening Underway


C Z E C H   R E P U B L I C

SKODA KLATOVY: Creditors Extend Cut-off Time for Bids


F R A N C E

ALAIN MANOUKIAN: Third-quarter Net Loss Widens


G E R M A N Y

ADIDAS-SALOMON: May Close Part of Unprofitable Operation
AFBS ARBEIT: First Creditors' Meeting Set Next Month
AUTHOHAUS GEHL: Creditors Have Until Next Month to File Claims
C:1 SECURE: Administrator's Report Known December
C + C CASH: Administrator Takes over Operations

HBP GRUNDSTUCKSVERWALTUNG: Real Estate Firm Under Administration
H.I.B. BAUGESELLSCHAFT: Creditors' Meeting Set November
LEICA CAMERA: Books First-half Loss; Recalls Breakeven Forecast
MEIERS BUROORGANIZATION: Creditors' Claims Due November
MG TECHNOLOGIES: Jurg Oleas Replaces Outgoing Chairman Udo Stark

MICHAEL KNUPP: Wuppertal Court Appoints Administrator
NELBACH ANHANGER: Under Bankruptcy Administration
TEAM RENT: Dusseldorf Court Appoints Insolvency Manager


I T A L Y

CIT SPA: Auditor Doubts Going Concern Status


K Y R G Y Z S T A N

AK-BULA: Under Bankruptcy Supervision
IMANTAI: Calls General Creditors' Meeting
KALEM: Insolvency Manager to Present Report Next Month
KAMKOR: Holds Public Auction
KARA-BALTA: Sets Creditors' Meetings First Week of November

KONDOR: Sets Public Auction of Assets Next Week
SHAMPAIN AND VINE: Selling 90 Lots of Equipment Friday
TOKMOK FARM: Government Selling 5% Stake for KGS2 Million
VOSST: Public Auction of Assets Set Next Week


N O R W A Y

PETROLEUM GEO-SERVICES: Arbitration Proposed for Labor Conflict


R U S S I A

ASPHALT-STROY: Undergoes Bankruptcy Supervision Procedure
ASTRAKHANSKAYA BASE: Astrakhan Court Appoints Insolvency Manager
DAVLEKANOVSKIY AUTO-REPAIR: Hires Insolvency Manager
JOINT-STOCK FACTORY: Declared Insolvent
KAMA-STROY-KONSTRUKTSIYA: Deadline for Proofs of Claim Set

KAREL-NERUD: Declared Insolvent
PSKOV-ELEKTRO-ENGINE: Under Bankruptcy Supervision
VECHERNIY NOVOCHERKASSK: Names N. Tyutyunik Insolvency Manager
VOLGOGRADSKAYA: Creditors Have Until November to File Claims
VOSKHOD: Deadline for Proofs of Claim Set Next Month
YUKOS OIL: Yuganskneftegaz May be Sold to Gazprom, E.ON
YUKOS OIL: Chinese Firm Demands Payment for Breach of Contract


S P A I N

IZAR: UGT Union Urges Banks to Pour in Investment


S W I T Z E R L A N D

CELANESE AG: Acetate Division to Integrate Operations
CONVERIUM HOLDING: US$96 Mln Reserve Hits 3rd-quarter Results
KABA HOLDING: Distributing Dividends this Year


U N I T E D   K I N G D O M

ALCAN AUTOMOTIVE: Members Final Meeting Set
ALUDEL LIMITED: Creditors' Meeting Set Next Week
ARGONAUT GAMES: Subsidiaries Fall into Administration
AXIOM DESIGN: Names Wilson Field Administrator
BEATDRAW LIMITED: Club Director Receives Four-year Ban

C3 DESIGN: Hires Joint Administrators from Wilson Field
COVELINK MARINE: Names Robson Laidler Administrator
COURIER ECOSSE: Liquidator Enters Firm
DECKMASTERS LIMITED: Insolvency Service Bans Director
DIAMOND INSURANCE: Hires Joint Liquidators from PwC

EDENWEST LIMITED: Unsecured Creditors to Meet Mid-November
EVESHAM ELECTRICAL: In Administrative Receivership
FAMILY SUPPORT: Allied Irish Bank Appoints PwC Receiver
FI PACKAGING: Appoints Joint Administrators from Moore Stephens
FLEATHAM ESTATES: Liquidator's Final Report Out November

FOOD NATION: Hires Begbies Traynor as Administrator
FUTURE SYSTEM: Owners Agree to Liquidate Business
GERARD BLUM: Calls in Liquidator from Kingston Smith & Partners
HENDERSON EUROPEAN: Files for Voluntary Liquidation
HENLYS FINANCE: Names Robson Rhodes Liquidator

IDEALTIME LIMITED: Brings in Administration from Baker Tilly
NEMESIS CT: Calls First Creditors' Meeting
NHPC LIMITED: Bank of Scotland Appoints KPMG Receiver
POGO NORTH: Members Appoint Deloitte & Touche Liquidator
QUALITY EMPLOYMENT: Sets Creditors' Meeting Next Month

QUEENS MOAT: Scheme Now Effective; Shares De-listed
ROTHERHAM RUGBY: Receiver Sets Creditors' Meeting Next Week
SEASTREAM INTERNATIONAL: Names Buchanans Administrator
SG ASSET: Joint Liquidators from KPMG Called In
SWEET DEPOT: Creditors Appoint Liquidator

TOP VALUE: First Creditors' Meeting Set Third Week of November
TRADE SECRET: Sets Creditors' Meeting Next Week
TRILOGY CDP: Hires Joint Administrators from Wilson Field
WHITES UK: Calls in Joint Administrators


                            *********


===============
B U L G A R I A
===============


CHIMCO: Preparations for Reopening Underway
-------------------------------------------
The new owner of nitric fertilizer maker Chimco Vratsa will hire
at least 250 employees by December to restart production at the
plant, Sofia News Agency reports.

U.S. Investment Fund for Development of Chemical
Industrialization and Energetics Executive Director Andrey
Semerdzhiev said several economic analyses have already been
launched into the work of the plant.  The plan is to utilize 25%
of the plant's capacity to produce ammonia and carbide.  The new
owners promised to invest more than US$40 million for the
technical upgrade of the facility.

The fund acquired 71% of Chimco in December, more than a year
after being shut down due to lack of orders and high prices of
natural gas.  At the time of the closure, Chimco had outstanding
debt of BGN160 million to creditors National Electricity
Transmission Company and Bulgargaz.

CONTACT:  CHIMCO
          Chimco, 3037 Vratza, Bulgaria
          Phone: +359 92 2 22 71; +359 92 2 23 81
          Fax: +359 92 3 31 18
          E-mail: info@chimco.bg
          Web site: http://www.chimco.bg


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


SKODA KLATOVY: Creditors Extend Cut-off Time for Bids
-----------------------------------------------------
The creditors' committee of bankrupt engineering firm Skoda
Klatovy has moved the deadline for submission of bids to
November 18, 2004, Czech News Agency says.

Bankruptcy administrator Jan Klima said the committee will
announce the winning bidder the following day.  Skoda Katovy
s.r.o. was founded in 1854 by Leopold Schifauer.  The company
manufactures filters, furnaces, agricultural, and industrial
machines for the Swedish, Italian, and French markets, among
others.  It has 280 employees.

CONTACT:  SKODA KLATOVY s.r.o.
          Domazlicka 15
          339 01 Klatovy
          Phone: +420 376 707 111
          Fax: +420 376 707 707
          Web site: http://www.skodakt.cz


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


ALAIN MANOUKIAN: Third-quarter Net Loss Widens
----------------------------------------------
The third-quarter net loss of ready-to-wear clothing chain Alain
Manoukian increased from EUR5.9 million in 2003 to EUR6.2
million this year, Les Echos reports.

Weighing down the result is a EUR1.9 million exceptional cost
for asset depreciation.  In contrast, Manoukian benefited from
EUR3.2 million in tax credit last year.  On the positive side,
the firm was able to cut its third-quarter interim operating
loss of EUR8.3 million by EUR4.6 million this year.  But interim
turnover decreased 6.7% to EUR66.1 million after a 0.8% growth
in the second quarter.

CONTACT:  GROUPE ALAIN MANOUKIAN
          Domaine de Blanchelaine
          BP 29 Mercurol
          26 600 Tain l'Hermitage
          Phone: +33 (0) 4 75 07 50 50
          Fax: +33 (0) 4 75 07 44 71
          E-mail: contact@groupe-alain-manoukian.com
          Web site: http://www.groupe-alain-manoukian.com


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


ADIDAS-SALOMON: May Close Part of Unprofitable Operation
--------------------------------------------------------
Sporting goods group Adidas-Salomon AG is mulling partial
closure of its troubled production plant in Scheinfeld, southern
Germany, AFX News says.

AFX cites a company spokeswoman saying production at the site,
which employs 100 staff, is becoming more and more unprofitable.
Adidas' other shoe-making facilities in the area are considered
safe.  These plants employ a further 100 people.

Adidas manufactures football boots for the mass market.  It
competes with production sites in Asia where costs are
significantly lower.  Earlier, analysts from JP Morgan said the
company is targeting double-digit growth in Asia in the next
four years.


AFBS ARBEIT: First Creditors' Meeting Set Next Month
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against AfBS Arbeit fur Blinde und Sehbehinderte
gemeinnutzige GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 31, 2004 to register their claims with
court-appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 17, 2004, 10:55 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Feb. 23, 2005, 10:50 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  AFBS ARBEIT FUR BLINDE UND SEHBEHINDERTE GEMEINNUTZIGE
          Auerbacher Str. 7,14193 Berlin

          Udo Feser, Insolvency Manager
          Uhlandstr. 165/166, 10719 Berlin


AUTHOHAUS GEHL: Creditors Have Until Next Month to File Claims
--------------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against Authohaus Gehl GmbH & Co. KG on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 4, 2004 to
register their claims with court-appointed provisional
administrator Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 8:30 a.m. at the district court of
Mannheim Schloss, Westflugel, 1. Stockwerk/Raum 232 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:  AUTHOHAUS GEHL GMBH & CO. KG
          Contact:
          Gunter Brehmer, Manager
          Gleisstr. 2, 68766 Hockenheim

          Markus Ernestus, Insolvency Manager
          O 3, 11+12, 68161 Mannheim


C:1 SECURE: Administrator's Report Known December
-------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against C:1 Secure eBusiness GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 16, 2005
to register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 9:45 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Feb. 17, 2005, 9:25 a.m., at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  C:1 SECURE EBUSINESS GMBH
          Landsberger Allee 117,10407 Berlin
          Phone: +49(0) 30/5900-300-36
          Fax: +49(0) 30/5900-300-99
          E-mail: sales@c1-sec.com
          Web site: http://www.c1-sec.com

          Rudiger Wienberg, Insolvency Manager
          Markgrafenstrasse 25, 10117 Berlin


C + C CASH: Administrator Takes over Operations
-----------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against C + C Cash-Cooperation GmbH on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 28, 2004
to register their claims with court-appointed provisional
administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 9:10 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Jan. 27, 2005, 9:15 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  C + C CASH-COOPERATION GMBH
          Offenbachstr. 1 d,15831 Mahlow

          Stephan Mitlehner, Insolvency Manager
          Bleibtreustr. 51 A, 10623 Berlin


HBP GRUNDSTUCKSVERWALTUNG: Real Estate Firm Under Administration
----------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against real estate company HBP Grundstucksverwaltung beschrankt
haftende Grundstucksgesellschaft burgerlichen Rechts on Oct. 7.
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 Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 10, 2004, 10:40 a.m. at the district court
of Dortmund Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HBP GRUNDSTUCKSVERWALTUNG
          Olpe 39, 44135 Dortmund
          Contact:
          Sophia Hockmann
          Am Stuckenberg 2b, 59427 Unna, Werner Bauer
          Nelkenstr. 79, 44289 Dortmund

          Ralf Petersen
          William-Zipperer-Str. 117, 04179 Leipzig

          Dr. Sebastian Henneke, Insolvency Manager
          Mulheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


H.I.B. BAUGESELLSCHAFT: Creditors' Meeting Set November
-------------------------------------------------------
Creditors and other interested parties in H.I.B. Baugesellschaft
mbH Hoch- und Tiefbau are encouraged to attend a meeting on Nov.
25, 2004, 9:50 a.m. at Saal 1, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, statt for the administrator's first
insolvency proceedings report.  H.I.B. has been under bankruptcy
proceedings since September 27.

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:  H.I.B. BAUGESELLSCHAFT MBH HOCH- UND TIEFBAU
          Habsburgerallee 16, 60385 Frankfurt am Main
          Contact:
          Bjorn Wege, Manager

          Ottmar Hermann, Insolvency Manager
          Bleichstrasse 2-4, D-60313 Frankfurt am Main
          Phone: 069/9130920
          Fax: 069/91309230


LEICA CAMERA: Books First-half Loss; Recalls Breakeven Forecast
---------------------------------------------------------------
The Leica Camera Group closed the first half of its fiscal year
2004/2005 (FY end March 31) with sales of EUR45 million.  This
is 15.0% below the sales figure for the first half of the
Group's previous fiscal year.  Sales fell short of the Company's
expectations.

The reasons for the sales development were the trade's
reluctance to order before the photokina trade fair, the delayed
introduction of new products, especially in Leica sports optics,
as well as selective reductions of inventory at sales partners
to prepare future changes in the Company's distribution
structure in Asia and Europe.

At -EUR4.2 million, the operating result for the months April to
September was EUR1.9 million below the comparable prior year
figure.  Including extraordinary expenses of EUR2.4 million for
the restructuring measures currently implemented, the after-tax
result for the half-year comes to a net loss of EUR7.5 million
[from EUR2.9 million at the first half of 2003/2004, according
to Die Welt].

Due to the sales and earnings situation becoming visible in the
second quarter, the Company on October 7, 2004 had taken back
its forecast of a break-even operating result for fiscal year
2004/2005.

The new products presented at the photokina trade fair at the
end of September, among them the LEICA DIGITAL-MODUL-R for the
existing analogue SLR cameras LEICA R8 and R9 and the "Leica a
la carte" program, which offers individualization of rangefinder
cameras according to customers' wishes, received positive
customer response.

Orders on hand at the beginning of the third quarter are on last
year's level.  The important Christmas business will be decisive
for the degree to which the Company can mitigate the second
quarter impact on sales and earnings.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          D-35606 Solms, Germany
          Phone: +49-6442-208
          Fax: +49-6442-208-333
          Web site: http://www.leica-camera.com


MEIERS BUROORGANIZATION: Creditors' Claims Due November
-------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Meiers Buroorganization GmbH on Oct. 8.  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 Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 29, 2004, 9:00 a.m. at the district court of
Wuppertal Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage, Saal
388 - Altbau Amtsgericht 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.

Meiers sells office machines.

CONTACT:  MEIERS BUROORGANISATION GMBH
          Neuenteich 54, 42107 Wuppertal
          Contact:
          Heinz-Hermann Scholl, Manager
          Tannenweg 17, 46348 Raesfeld

          Stephan Ries, Insolvency Manager
          Friedrichstr. 51, 42105 Wuppertal
          Phone: 0202/493 93370
          Fax: 0202/4939329


MG TECHNOLOGIES: Jurg Oleas Replaces Outgoing Chairman Udo Stark
----------------------------------------------------------------
The Supervisory Board of mg technologies AG appointed Jurg Oleas
(46) the new chairman of the company's Executive Board with
effect from Nov. 1, and extended his appointment to the
Executive Board until December 31, 2007.

The Supervisory Board had already agreed to terminate the
Executive Board appointment of Udo Stark, chairman of the
Executive Board of mg technologies AG.  He will be leaving the
company with effect from Oct. 31 this year, prior to the expiry
of his contract.

"Now that key stages of mg's strategic reorganization have been
initiated, the task is to move its operational business forward.
Jurg Oleas has a proven track record as an engineering expert
and, as a member of the Executive Board, possesses in-depth
knowledge of the mg Group", stressed Dr. Jurgen Heraeus,
chairman of the Supervisory Board of mg technologies AG.

"Having discussed the matter at length in a meeting on Oct. 15,
the Supervisory Board had already decided unanimously that it
saw no justification for the motion demanded by members of the
Executive Board to remove Dr. Otto Happel from the Supervisory
Board.  "I am sure that in the future we will once again see a
continuation of the very close working relationship between the
Executive Board and all members of the Supervisory Board", said
Mr. Oleas.

Mr. Oleas, a Swiss national, has been an executive director at
mg since May 2001, where he has been responsible for the
Chemicals business.  From January 2003 through July 2004 he also
chaired the Executive Board of Dynamit Nobel AG, most of which
was sold with effect from July 31 this year.  Mr. Oleas, who
grew up in South America, was born in Quito, Ecuador, in
December 1957.  In 1976, he began to study mechanical
engineering at the Swiss Federal Institute of Technology in
Zurich, graduating in 1981.  In the same year he started his
career with the ABB Group.  From 1982 through 1996 he worked as
a development engineer in the field of steam turbines and plant
engineering at ABB Switzerland.  He subsequently assumed overall
responsibility for global sales of steam power plants.  During
this period he underwent ongoing training and professional
development in France, Hong Kong, Korea, India, the U.K., and
U.S. In 1996, Oleas moved to ABB Germany as divisional head of
turnkey steam power plants.  From 1999 through 2001 he was
President of Alstom Power Switzerland and Managing Director,
Business Combined Cycle Gas Turbine Segment, at Alstom Power
with global responsibility.

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, 2004, the company employed around 17,000 people and is
one of the world's market and technology leaders in 90 percent
of its businesses.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0)69 71199 241
          Fax: +49 (0)69 71199 112
          Web site: http://www.mg-technologies.com


MICHAEL KNUPP: Wuppertal Court Appoints Administrator
-----------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Michael Knupp Wohnbau GmbH on Oct. 8.  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 Rolf
Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 19, 2004, 10:15 a.m. at the district court
of Wuppertal 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:  MICHAEL KNUPP WOHNBAU GMBH
          Palmbuschweg 110, 45326 Essen
          Contact:
          Michael Knupp, Manager
          Buscher Feld 14 d, 42653 Solingen

          Rolf Weidmann, Insolvency Manager
          Einigkeitstrasse 9, 45133 Essen
          Phone: 0201/437760
          Fax: 4377620


NELBACH ANHANGER: Under Bankruptcy Administration
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Nelbach Anhanger GmbH on Sept. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 10, 2004 to register their
claims with court-appointed provisional administrator Andreas
Muller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2004, 8:35 a.m. at the district court of
Cologne 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.

Nelbach sells trailers and motor vehicle accessories.

CONTACT:  NELBACH ANHANGER GMBH
          Am Gewerbehof 11, 50170 Kerpen
          Contact:
          Manuela Nelbach, Manager
          Am Gewerbehof 11, 50170 Kerpen

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


TEAM RENT: Dusseldorf Court Appoints Insolvency Manager
-------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Team Rent Autovermietung GmbH on Oct. 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 10, 2004 to
register their claims with court-appointed provisional
administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 10:00 a.m. at the district court of
Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  TEAM RENT AUTOVERMIETUNG GMBH
          Julicher Landstrasse 115, 41464 Neuss

          Dr. Jorg Nerlich, Insolvency Manager
          Louise-Dumont-Str. 25, 40211 Dusseldorf


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


CIT SPA: Auditor Doubts Going Concern Status
--------------------------------------------
Shares in tour operator Compagnia Italiana del Turismo (CIT)
were suspended from trading Monday after auditors refused to
certify its first-half accounts, Il Sole 24 Ore reports.  CIT's
board of directors approved the accounts on October 18.

Ernst & Young said it declined to give an opinion on the results
due to doubts on the company's financial prospects.  Ernst &
Young is also disputing CIT's first-half balance sheet that
includes a capital gain of EUR2.2 million from an unfinished
transaction.

CONTACT:  COMPAGNIA ITALIANA TURISMO S.p.A.
          Via A. Saffi, 12 - Milano
          C.C.I.A.A. di Milano
          Web site: http://www.citspa.it


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


AK-BULA: Under Bankruptcy Supervision
-------------------------------------
The Chui Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on JSC Ak-Bula on October 6,
2004.  The case is docketed as Y-03-259/M-2004-C3.  Mr. Esenbek
Alymkulov (License Number 0297) was appointed temporary
insolvency manager on October 14, 2004.  Creditors will meet on
November 3, 2004 at 10:00 a.m.

Creditors must submit their proofs of claim and register with
the insolvency manager seven days prior to the meeting.  Proxies
must have authorization to vote.  For more information, call (0-
3138) 5-17-05 or 5-16-99.


IMANTAI: Calls General Creditors' Meeting
-----------------------------------------
The temporary insolvency manager of Agricultural Farm Imantai
set the creditors' meeting on November 2, 2004, 10:00 a.m. at
Kara-Balta, Tsentralnaya Str. 79.  For more information, call
(0-3134) 4-86-55.


KALEM: Insolvency Manager to Present Report Next Month
------------------------------------------------------
The temporary insolvency manager of JSC Kalem set the creditors'
meeting on November 3, 2004, 1:00 p.m. at Balykchy, Narynskoye
Shosse Str. 17

Agenda:

(a) Final report of the temporary insolvency manager; and

(b) Others.

Proxies must have authorization to vote.  For more information,
call (0-3944) 2-49-73 or 2-04-85.


KAMKOR: Holds Public Auction
----------------------------
The bidding organizer and insolvency manager of Closed JSC
Insurent Company Kamkor will sell the company's assets on
November 5, 2004, 10:00 at Bishkek, Abdrahmanov Str. 105

For sale are:

(a) Lot 1: Vacant office located at Bishkek, Bokombaev Str.
    104.  Starting price is KGS2,340,043.

(b) Lot 2: Mercedes-Benz 230.  Starting price is KGS148,881.

(c) Lot 3: VAZ 21310 (1984).  Starting price is KGS207 583.

(d) Lot 4: Daivo Espero 5965.  Starting price is KGS229,905.

Bids must be submitted on or before November 4, 2004 to Bishkek,
Abdrahmanov Str. 105.  For more information, call (0-312) 28-46-
93, 28-42-86 or 28-93-74.


KARA-BALTA: Sets Creditors' Meetings First Week of November
-----------------------------------------------------------
The temporary insolvency manager of Association Kara-Balta set
the creditors' meeting on November 2, 2004, 11:00 a.m. at Kara-
Balta, Tsentralnaya Str. 79.  For more information, call (0-
3134) 4-86-55.


KONDOR: Sets Public Auction of Assets Next Week
-----------------------------------------------
The bidding organizer and insolvency manager of LLC Kondor will
sell its properties on November 2, 2004, 10:00 a.m. at Bishkek,
Fuchik Str. 9.

For sale is an unfinished construction located at Bishkek, Djal-
23, 28.  Starting price is KGS2,018,000.

To participate, bidders must present all necessary documents
and deposit an amount equivalent to five percent of the starting
price in account number 712417200020100 at Opened JSC
Energobank.  Bids must be submitted on or before November 1,
2004 to Bishkek, Fuchik Str. 9.


SHAMPAIN AND VINE: Selling 90 Lots of Equipment Friday
------------------------------------------------------
The Department of the Officers of the Court Service of Pervomay
District of Bishkek will sell the properties of Shampain and
Vine Farms on October 29, 2004, 10:00 a.m. at Bishkek, Mir
Avenue, 48.  Up for sale are 90 lots of equipment and spares.
For more information, call (0-312) 66-02-42.


TOKMOK FARM: Government Selling 5% Stake for KGS2 Million
---------------------------------------------------------
Fund of State Property by the State Committee of the Kyrgyz
Republic on State Property will sell its 5% stake in JSC Tokmok
Farm of Break and Construction Materials on November 24, 2004,
2:00 p.m. at Bishkek, Moskovskaya Str. 151.  Starting price is
KGS2,307,400.

Information on JSC Tokmok Farm of Break and Construction
Materials as of January 1, 2004.

(a) Location: 722200, Tokmok, East Industrial Zone

(b) Company's activity: brick production

(c) Capital: KGS55,935,000

(d) Authorized capital stock: KGS8,732,000

(e) Assets: KGS46,148,800

(f) Liabilities: KGS19,303,000

(g) Receivables: KGS1,514,000

(h) Revenue: KGS406,000

Participants must submit all necessary documents on or before
November 23, 2004 at Bishkek, Moskovskaya Str. 151. Winning
bidder must pay commission equivalent to seven percent of the
final price.  For more information, call (0-312) 21-65-38.


VOSST: Public Auction of Assets Set Next Week
---------------------------------------------
The bidding organizer and insolvency manager of LLC Construction
Company Transnational Corporation Vosst will sell its assets on
November 4, 2004, 11:00 a.m. at Sukuluk, Voenno-Antonovka,
Komsomolskaya Str. 1a.  For sale are inventory holdings worth
KGS59,573.

To participate, bidders should deposit an amount equivalent to
of the starting price to the cashier of LLC Construction Company
Transnational Corporation Vosst.  Bids must be submitted on or
before November 3, 2004 to the temporary insolvency manager,
Sukuluk region, Voenno-Antonovka, Komsomolskaya Str. 1a.  For
more information, call 0-502) 50-42-93.


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


PETROLEUM GEO-SERVICES: Arbitration Proposed for Labor Conflict
---------------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE: PGS; OTC: PGEOY) announced
that the previously disclosed strike relating to the Floating,
Production, Storage and Offloading Vessel (FPSO) Petrojarl Varg
effective from Oct. 8, and the lockout relating to FPSO
Petrojarl I effective from Sept. 3, are to be resolved by
compulsory arbitration.  The Norwegian Minister of Labour and
Social Affairs will put forward a bill to the Storting
(Parliament) proposing compulsory arbitration to end the dispute
between the Federation of Oil Workers' Trade Unions and the
Norwegian Shipowners Association.  Such proposal is expected to
be approved by the Parliament.

Accordingly it is expected that both Petrojarl 1, which is
producing the Glitne field and Petrojarl Varg, which is
producing the Varg field, will be back in production this week.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units and owns
a small oil and gas company.  PGS operates on a worldwide basis
with headquarters in Oslo, Norway.  For more information on
Petroleum Geo-Services visit http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Ola Bosterud
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400

          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


ASPHALT-STROY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on open joint stock company Asphalt-Stroy
(TIN 7736002384).  The case is docketed as A40-22595/04-74/15B.
Mr. Sh. Fazailov has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 117049,
Russia, Moscow, Shabolovka Str. 26, Building 4.

CONTACT:  ASPHALT-STROY
          117296, Russia, Moscow,
          Universitetskiy Pr. 9

          Mr. Sh. Fazailov
          Temporary Insolvency Manager
          117049, Russia, Moscow,
          Shabolovka Str. 26, Building 4
          Phone: 785-69-55


ASTRAKHANSKAYA BASE: Astrakhan Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy proceedings against Astrakhanskaya Base of Sea Catch
(TIN 3004000141) after finding the open joint stock company
insolvent.  The case is docketed as A06-839 b/3-18k/2004.  Mr.
A. Kungurtsev has been appointed insolvency manager.  Creditors
have until November 17, 2004 to submit their proofs of claim to
414040, Russia, Astrakhan region, Krasnaya Naberezhnaya Str.,
37, office 67.

CONTACT:  ASTRAKHANSKAYA BASE OF SEA CATCH
          Russia, Astrakhan region,
          Ikryaninskiy region,
          Trudfront, Lenina Str. 6

          Mr. A. Kungurtsev
          Insolvency Manager
          414040, Russia,
          Astrakhan region,
          Krasnaya Naberezhnaya Str. 37,
          Office 67
          Phone/Fax: (8512) 22-71-25


DAVLEKANOVSKIY AUTO-REPAIR: Hires Insolvency Manager
----------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy proceedings against Davlekanovskiy Auto-Repair
Factory after finding the municipal unitary enterprise
insolvent.  The case is docketed as A07-11437/G-RSA.  Mr. V.
Tukhvatullin has been appointed insolvency manager.  Creditors
have until November 24, 2004 to submit their proofs of claim to
453405, Russia, Bashkortostan republic, Davlekanovskiy,
Davlekanovo, Komsomolskaya Str. 48.

CONTACT:  DAVLEKANOVSKIY AUTO-REPAIR FACTORY
          453405, Russia,
          Bashkortostan republic, Davlekanovskiy,
          Davlekanovo, Komsomolskaya Str. 48

          Mr. V. Tukhvatullin
          Insolvency Manager
          453405, Russia,
          Bashkortostan republic,
          Davlekanovskiy, Davlekanovo,
          Komsomolskaya Str. 48


JOINT-STOCK FACTORY: Declared Insolvent
---------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
proceedings against Joint-Stock Factory of Building Materials
after finding the limited liability company insolvent.  The case
is docketed as A50-3669/2004-B.  Mr. M. Trushnikov has been
appointed insolvency manager.   Creditors have until November
17, 2004 to submit their proofs of claim to 614990, Russia,
Perm, G. Khasana Str. 7a, Office 323.

CONTACT:  JOINT-STOCK FACTORY OF BUILDING MATERIALS
          618403, Russia,
          Perm region, Berezniki,
          Zayachya Gorka,
          Post User Box 1670

          Mr. M. Trushnikov
          Insolvency Manager
          614990, Russia,
          Perm, G. Khasana Str. 7a,
          Office 323


KAMA-STROY-KONSTRUKTSIYA: Deadline for Proofs of Claim Set
----------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
proceedings against Kama-Stroy-Konstruktsiya (TIN 5902133826)
after finding the close joint stock company insolvent.  The case
is docketed as A50-6969/2004-B.  Mr. V. Mozhayev has been
appointed insolvency manager.  Creditors have until November 17,
2004 to submit their proofs of claim to 614064, Russia, Perm,
Usolskaya Str. 15, 3rd floor.

CONTACT:  KAMA-STROY-KONSTRUKTSIYA
          614064, Russia, Perm,
          Usolskaya Str. 15, 3rd floor

          Mr. V. Mozhayev
          Insolvency Manager
          614064, Russia, Perm,
          Usolskaya Str. 15, 3rd floor


KAREL-NERUD: Declared Insolvent
-------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy proceedings against Karel-Nerud after finding the
open joint stock company insolvent.  The case is docketed as
A26-7368/04-18.  Mr. S. Gromov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 185035,
Russia, Kareliya republic, Petrozavodsk, Post User Box 318.

CONTACT:  KAREL-NERUD
          185034, Russia,
          Kareliya republic, Petrozavodsk,
          Yuzhnaya Prom.Zone

          Mr. S. Gromov
          Insolvency Manager
          185035, Russia,
          Kareliya republic, Petrozavodsk,
          Post User Box 318


PSKOV-ELEKTRO-ENGINE: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on limited liability company Pskov-
Elektro-Engine.  The case is docketed as A52/2033/2004/4.  Mr.
K. Bodrov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 180017, Russia,
Pskov, Ya. Fabtitsiusa Str. 6.

CONTACT:  PSKOV-ELEKTRO-ENGINE
          Russia, Pskov,
          Naberezhnaya Krasnogorodskaya, 26.

          Mr. K. Bodrov
          Temporary Insolvency Manager
          180017, Russia,
          Pskov, Ya. Fabtitsiusa Str. 6


VECHERNIY NOVOCHERKASSK: Names N. Tyutyunik Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against editor's office Vecherniy Novocherkassk (TIN
6150027997) after finding the limited liability company
insolvent.  The case is docketed as A53-4057/2004-S2-21.  Mr. N.
Tyutyunik has been appointed insolvency manager.

Creditors have until November 17, 2004 to submit their proofs of
claim to 659305, Russia, Altay region, Biysk, Post User Box 46.
A hearing will take place at Russia, Rostov-na-Donu,
Stanislavskogo Str. 8A on December 13, 2004.

CONTACT:  VECHERNIY NOVOCHERKASSK
          146430, Russia,
          Rostov region, Novocherkassk,
          Moskovskaya Str. 32

          Mr. N. Tyutyunik
          Insolvency Manager
          344037, Russia,
          Rostov-na-Donu,
          Buynakskaya Str. 2/56


VOLGOGRADSKAYA: Creditors Have Until November to File Claims
------------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against butter-cheese-base Volgogradskaya
after finding the close joint stock company insolvent.  The case
is docketed as A12-3504/04-S50.  Mr. A. Vaseyev has been
appointed insolvency manager.  Creditors have until November 17,
2004 to submit their proofs of claim to 400012, Russia,
Volgograd, Dorozhnaya Str. 36.

CONTACT:  VOLGOGRADSKAYA
          Russia, Volgograd,
          Bakinskaya Str. 8

          Mr. A. Vaseyev
          Insolvency Manager
          400012, Russia,
          Volgograd, Dorozhnaya Str. 36


VOSKHOD: Deadline for Proofs of Claim Set Next Month
----------------------------------------------------
The Arbitration Court of Novgorod region has commenced
bankruptcy proceedings against spinning mill Voskhod after
finding the open joint stock company insolvent.  The case is
docketed as A44-445/04-S4-k.  Mr. V. Aleshichkin has been
appointed insolvency manager.  Creditors have until November 24,
2004 to submit their proofs of claim to 174411, Russia, Novgorod
region, Borovichi, Main Post Office, Post User Box 17.

CONTACT:  VOSKHOD
          174400, Russia,
          Novgorod region, Borovichi,
          Kolkhoznaya Str. 15A

          Mr. V. Aleshichkin
          Insolvency Manager
          174411, Russia,
          Novgorod region, Borovichi,
          Main Post Office,
          Post User Box 17


YUKOS OIL: Yuganskneftegaz May be Sold to Gazprom, E.ON
-------------------------------------------------------
Fitch Ratings says a significant stake in Yukos' main oil
production unit, Yuganskneftegaz, could be sold to Gazprom-
Rosneft by end-November, with the probable involvement of German
utility E.ON.  The stake is to be sold for up to US$10.4 billion
as announced by the Russian Ministry of Justice.

E.ON's interest in taking an upstream position in Russia would
be reasonable as the company has consistently expressed an
interest in securing natural gas projects and electricity
production in Russia.  It has also been a long-standing
strategic partner of Gazprom, with 6.5% of the company's shares.
Additionally, E.ON is expected to participate in numerous
strategic projects with Gazprom including the development of the
Yuzhno-Russkoe gas field that will supply gas for the Northern
European pipeline.

The purchase of a stake in Yuganskneftegaz would be beneficial
for E.ON's long-term business plans, as the company announced in
July 2004 that it has agreed to fund strategic projects with
Gazprom primarily through asset swaps.  Fitch believes the
purchase of an interest in Yuganskneftegaz would provide E.ON
with a very valuable asset to swap toward future gas and
electricity projects in Russia.

The transaction potentially has additional strategic benefits.
For E.ON, it would allow the company to dispose of some, or all,
of its relatively small non-controlling 6.5% stake in Gazprom
for more valuable strategic assets.  For the Russian government,
the transaction will allow it to take a larger direct stake in
Gazprom through a shares-for-asset swap before the ring-fence
around the company's shares is removed, and at the same time,
settle the outstanding tax claim against Yukos through a foreign
purchase by E.ON at a tendered price.

The credit implications for each company are significant.  Fitch
expects the acquisition of Yuganskneftegaz by Gazprom to be a
credit-enhancing event for the company.  Yuganskneftegaz alone
makes up approximately 10% of Russia's oil production, and
Gazprom's ability to take control of this asset will materially
enhance the company's upstream asset portfolio and business
profile.  Additionally, placing upstream oil assets in Gazprom
will increase the company's strategic importance to the state.
Gazprom's strategic importance is considered in its rating, and
this would be enhanced by the addition of Yuganskneftegaz,
further improving the company's credit rating.

The credit implications for E.ON are less clear and would depend
on the level of immediate or future cash consideration, and the
level of control over medium term business.  If successfully
executed Fitch considers that E.ON's business profile would
benefit through greater control over import supply volumes,
which could then be linked to investment in the development of
the proposed North European pipeline, a more direct transit
route for a significant proportion of Russian gas exports to
Western Europe.  Germany currently buys enough gas from Gazprom
to meet more than 40% of the country's needs.  Gazprom is
looking to double its European market share to 38% over the next
15 years.

Fitch will continue to monitor developments and their associated
credit implications for both E.ON ('AA-' (AA minus/Stable
Outlook) and Gazprom ('BB'/Stable).

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Isaac Xenitides
          Phone: +44 207 417 4300

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

          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: Chinese Firm Demands Payment for Breach of Contract
--------------------------------------------------------------
Yukos Oil may face a multi-million-dollar claim for uncollected
profits from company PetroChina as a result of conflicts
regarding renewal of oil deliveries, MosNews reports.

PetroChina, a subsidiary of China National Petroleum
Corporation, plans to demand compensation for losses incurred
when Yukos did not resume delivery of crude to China.  The
report suggested the amount arising from the breach of contract
is small because the share of Russian oil in the overall
structure of Chinese imports is insignificant.  But it added
that PetroChina, however, may demand from Yukos uncollected
profits from the one million ton of crude that the Russian
company failed to supply.

"[T]his sum may amount to as much as US$45 million," the report
says.  Analysts say PetroChina's direct losses from the
cessation of Yukos' deliveries should not exceed US$1 million.

Yukos cut oil deliveries to China National Petroleum in
September due too high transportation costs.  Russia promised to
find a company that would take on Yukos' supply, but failed
because other firms were as well discouraged by such high
railroad transportation costs.

Recently, Russian Railways said an agreement was reached
allowing Yukos to renew its deliveries to China.  But both the
Chinese side and Yukos denied there was resumption of oil
deliveries.


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


IZAR: UGT Union Urges Banks to Pour in Investment
-------------------------------------------------
Union General de Trabajadores (UGT) has called on savings banks
to invest into Izar's civilian company once the shipbuilder is
split, Expansion says.

Candido Mendez, UGT's secretary-general, said the banks'
involvement should be voluntary and subject to the analysis of
the viability of projects undertaken by Izar's shipyards.
Holding company Sociedad Estatal de Participaciones Industriales
(SEPI) is planning to separate the troubled shipbuilder's
military and civilian shipbuilding units.  SEPI earlier proposed
to keep the profitable military unit and sell the civilian
division.

The plan met opposition from Izar's employees, who staged
violence-marred nationwide protests, causing SEPI to reconsider
its proposal and formulate revisions.  SEPI now plans to create
a holding company, comprised of a state-run military
construction company and a privately owned merchant shipbuilder.

Meanwhile, Manuel Garcia, managing director of Associacion
Espanola de Industrias Auxiliares Maritimas (Aedimar), suggested
Izar should step up production by at least 70% and increase its
working hours, given employees work on 4.2-hour shift.  Mr.
Garcia also advised the troubled shipbuilder to reduce its
average wage as the current rate of EUR36,000 a year "is too
high."  The Aedimar chief stressed Izar should focus on a niche
market to compete with Asian shipbuilders.

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

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


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


CELANESE AG: Acetate Division to Integrate Operations
-----------------------------------------------------
Celanese Acetate LLC (NYSE:CZ) (FWB:CZZ) announced plans to
consolidate its acetate flake and tow manufacturing and to exit
the acetate filament business.

"We are implementing this strategic plan to become more
efficient, reduce overcapacities in certain manufacturing areas,
and focus on products and markets that provide long-term value,"
said Doug Madden, president, Celanese Acetate.

Acetate flake and tow manufacturing will be consolidated into
three locations: Narrows, Va.; Ocotlan, Mexico; and Lanaken,
Belgium.  During 2005, acetate flake production at the Rock
Hill, S.C. facility will be phased out, and a flake production
unit at Ocotlan will be re-commissioned.

The Edmonton, Canada acetate tow production unit will
discontinue operations in mid-year 2005, while flake production
at Edmonton will be phased out in late 2006 or early 2007.

The decision to exit the acetate filament business stems from a
deterioration of overall business conditions related to the
substitution of non-acetate fibers into traditional market
applications.  Acetate filament operations at Narrows and
Ocotlan will be discontinued by mid-year 2005.

"Celanese has been a pioneer in the acetate filament industry
since the 1920s," said Mr. Madden.  "Unfortunately, the long-
term market outlook and the related economic conditions no
longer allow us to allocate resources to this product line.  We
will remain committed to ensuring a smooth transition of supply
for our filament customers."

When the restructuring is complete, it is anticipated that
approximately 900 to 1,100 positions will be impacted.  This
represents about 10% of the Celanese Group worldwide.
Approximately 700 of the impacted positions are related to the
exit of the filament business.

"While the decisions announced are difficult, we will, as
always, do everything possible to help our employees through the
transition," said Mr. Madden.  "At the same time, we have taken
the steps necessary to help position our remaining operations to
compete efficiently and effectively.  We look forward to
continuing our leadership role in the acetate industry by
applying our technology and application efforts to the existing
and future uses for acetate products."

Acetate flake is the raw material used to manufacture filament
and tow.  Acetate tow is used in a variety of filtering
applications by end-use manufacturers.  Acetate filament is used
in apparel fashions, linings and home furnishings.

About Celanese Acetate and Celanese Group

Celanese Acetate LLC is one of the companies that comprise the
Celanese Group, which is controlled by investment funds advised
by The Blackstone Group.  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, the Celanese
Group generated sales of around US$4.6 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, please visit
http://www.celanese.com.

                            *   *   *

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
          Media Contact:
          Jacqueline Terry
          Phone: 803-325-6162
          E-mail: Jacqueline.Terry@CelaneseAcetate.com
          or
          Vance Meyer
          Phone: 972-443-4847
          E-mail: Vance.Meyer@Celanese.com


CONVERIUM HOLDING: US$96 Mln Reserve Hits 3rd-quarter Results
-------------------------------------------------------------
Converium AG reports a third quarter 2004 loss of US$116.3
million.  This result reflects the continuing satisfactory
underlying performance of its in-force book and a number of
previously announced extraordinary charges.

The main items are an additional reserve strengthening of
US$96.4 million net based on an in-depth analysis of
Tillinghast's actuarial review, losses of US$95.8 million from
an unusual cumulation of hurricanes and typhoons and a US$20.0
million expense for a retrospective stop-loss retrocession cover
purchased from National Indemnity Company.

Adjusted for the reserve action and natural catastrophes,
Converium recorded a third quarter non-life combined ratio of
96.0%, which testifies to the favorable performance of the
Company's more recent underwriting years.  In addition,
investment activities continued to exhibit very satisfactory
results, with total investment income yield improving further to
4.9%.

Third quarter 2004 highlights

Operating loss:                        -US$125.0 million
Impact from reserve
strengthening and hurricanes/typhoons: -US$192.2 million
Net loss:                              -US$116.3 million
Gross premiums written:                 US$1,033.3 million
Non-life combined ratio:                117.3%
Impact from reserve strengthening
and hurricanes/typhoons:                21.3%
Adjusted non-life combined ratio:       96.0%
Total investment income yield:           4.9%
Shareholders' equity:                   US$1,275.1 million
Cash flows:                             US$ 21.1 million

Overview of Third Quarter Performance and Short-term Outlook

Developments that had measurable effects on Converium's third
quarter 2004 financial results:

The business written by Converium in the underwriting years
2002, 2003, and 2004 continued to show a satisfactory
performance, both for the non-life segments as well as for the
Life & Health Reinsurance segment.  Excluding prior years'
reserves, the non-life combined ratio was 106.6% (including a
10.6% impact by hurricanes and typhoons) for the third quarter
2004, respectively 98.3% for the first nine months of 2004.

Following a detailed analysis of the specific conclusions in
Tillinghast's actuarial study, Converium has -- as anticipated
on August 31, 2004 -- made additional adjustments to carried
reserves aggregating to a net increase of US$96.4 million net in
the third quarter of 2004.  This amount equals 1.3% of
Converium's non-life net reserves as of September 30, 2004.  The
reserve strengthening primarily arose from prior years' North
American professional liability, umbrella, excess & surplus,
workers' compensation, and non-U.S. motor liability business.
It added 10.7 percentage points to the quarter's non-life
combined ratio.

Since June 30, 2004, Converium has commuted approximately
US$265.0 million in loss reserves related to prior years'
business assumed by the Company's North American operation,
Converium Reinsurance (North America) Inc., with a corresponding
reduction in cash and invested assets.  Currently, CRNA is in
negotiations with several clients for additional offers of
commutation, and is pursuing these diligently.  The third
quarter reserve adjustment of US$96.4 million net takes into
account recent commutations.  In general, commutations can
accelerate the realization of profit inherent in long-tail
reserves by crystallizing outstanding claims reserves into
payments, which are discounted to reflect the time value of
money.  Since commutation payments essentially reflect a
discounted present value of future cash flows, future investment
income earned will decline as the assets backing those reserves
are liquidated to make payments.

As announced on August 31, 2004, Converium has acquired a
retrospective stop-loss retrocession cover from National
Indemnity Company, a Standard & Poor's AAA-rated member of the
Berkshire Hathaway group of insurance companies.  The cost of
this cover represents a one-off charge to the third quarter of
2004 of US$20.0 million.

Net losses from Hurricanes Charley, Frances, Ivan and Jeanne and
typhoons in Japan amounted to US$95.8 million and added 10.6
percentage points to the quarter's non-life combined ratio.

In the third quarter of 2004 Converium has incurred
restructuring charges of US$3.4 million related to severance
payments and the discontinuation of the Company's North American
operations.

Against this backdrop there is a marked difference between
Converium's reported results and its performance adjusted for
the various extraordinary items.  For the third quarter 2004
Converium reported an operating loss of US$125.0 million and a
net loss of US$116.3 million that reflect total charges of
US$215.6 million due to an additional strengthening of reserves,
losses from hurricanes and typhoons, the cost of a retrospective
stop-loss cover and restructuring charges.

The increase in gross premiums written, net premiums written,
and net premiums earned in the third quarter of 2004 (by 2.3%,
5.2% and 10.4%, respectively) reflects market conditions, new
client relationships in certain key markets and the weakening of
the US$ compared to other major currencies; special terminations
did not materially impact the quarter's top line.

Converium reports a non-life combined ratio of 117.3% for the
third quarter of 2004.  Adjusted for the additional
strengthening of reserves by US$96.4 million net and the losses
from hurricanes and typhoons of US$95.8 million, the non-life
combined ratio was 96.0%, which is indicative of a continuing
favorable performance of recent underwriting years.

Converium's Life & Health Reinsurance segment reported a segment
income of US$5.7 million, an improvement of US$20.5 million
compared to the same period of the previous year, when Converium
recorded an adverse development of its Guaranteed Minimum Death
Benefits (GMDB) book.  No further reserving actions were
required for GMDB in 2004.

Converium's investment results continued to improve markedly.
The Company's net investment income increased for the three and
nine months ended September 30, 2004 as compared to the same
periods of 2003.  This increase largely resulted from growth in
invested assets over 2003, particularly in Converium's fixed-
maturities portfolio, as well as income received from the
transition of a fixed-income bond to a direct fixed-income
investment portfolio.

The Company's average annualized net investment income yield
(pre-tax) was 3.9% and 3.8% for the three and nine months ended
September 30, 2004, respectively, as compared to 3.0% and 3.4%
for the same periods of 2003, reflecting increasing interest
rates in 2004.

Converium's average annualized total investment income yield
(pre-tax) was 4.9% and 4.5% for the three and nine months ended
September 30, 2004, respectively, as compared to 2.9% and 3.5%
for the same periods of 2003.  During the third quarter 2004,
the total investment income yields were positively impacted by
the increase in realized gains as well as the decline in
impairment charges compared to 2003 resulting from the sale of
equity securities to adjust our asset allocation to reduce
investment portfolio risks.

Converium has reached an agreement in principle on the main
terms of a new US$1.6 billion credit facility, comprising a
US$1.5 billion tranche for letter-of-credit issuance and a
US$0.1 billion stand-by revolving credit tranche with its
principal international relationship banks.  The parties intend
to finalize the transaction by mid-November 2004.  This facility
will replace the existing syndicated credit line of US$0.9
billion that was signed in July 2003.

The Company believes that its "BBB+" rating from Standard &
Poor's and the availability of adequate letter-of-credit
facilities will support Converium's efforts to maintain its
franchise in its European, Asian and Latin American target
markets and to retain relationships with key clients and
intermediaries in the upcoming January 2005 renewals.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/financialresults.pdf.

CONTACT:  CONVERIUM HOLDING
          Michael Schiendorfer
          Media Relations Manager
          Phone: +41 (0) 1 639 96 57
          Fax: +41 (0) 1 639 76 57
          E-mail: michael.schiendorfer@converium.com

          Zuzana Drozd
          Head of Investor Relations
          Phone: +41 (0) 1 639 91 20
          Fax: +41 (0) 1 639 71 20
          E-mail: zuzana.drozd@converium.com


KABA HOLDING: Distributing Dividends this Year
----------------------------------------------
The General Meeting of Kaba Holding AG approved all of the
proposals that had been submitted by the Board of Directors.
Thus, shareholders will receive a gross dividend of CHF4.00 per
registered share (PY: CHF3.00).  The increase was proposed by
the Board in view of the encouraging results attained in
financial 2003/2004 and the ongoing economic momentum that
characterizes the current year.

As already announced when the annual results were presented in
September 2004, the uptrend in demand on the security market is
expected to sustain sales growth and generate over-proportional
earnings growth for the Kaba Group.

The shareholders elected Rolf Dorig (47) as a new member of the
Board of Directors.  He has been CEO of the Swiss Life Group
since 2002 and previously held several executive positions
during his 16 years with the Credit Suisse Group.  Current board
members Karina Dubs-Kuenzle, Maurice P. Andrien, and Rudolf W.
Weber were elected for a further term.

Kaba is a globally active, publicly traded security corporation.
With its "Total Access" strategy, the Kaba Group is specialized
in integrated solutions for security, organization, and
convenience at building and information access points.  Kaba is
also the world market s No. 1 provider of key blanks, key
cutting and coding machines, transponder keys, and high security
locks.  It is a leading provider of electronic access systems,
locks, master key systems, hotel locking systems, security
doors, and automatic doors.  Further information is available at
http://www.kaba.com.

CONTACT:  KABA HOLDING AG
          KABA Hofwisenstrasse 24 Schweiz CH-8153 Rumlang
          41 1 818 90 11
          Ulrich Graf, President and CEO
          Phone: +41 44 818 90 61
          Dr. Werner Stadelmann, CFO
          Phone: +41 44 818 90 61
          Web site: http://www.kaba.com


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


ALCAN AUTOMOTIVE: Members Final Meeting Set
-------------------------------------------
Name of companies:
Alcan Automotive Structures (UK) Limited
Alcan Colwick Limited
Alcan Finances (U.K)
Alcan Swinton Limited
BA Metals Limited
Pearhouse Limited
Venesta Foils Limited

The final meeting of the members of these companies will be on
November 30, 2004 commencing at 11:00 a.m. and thereafter at 5-
minute intervals.  It will be held at the offices of Grant
Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR.

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 Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR not
later than 12:00 noon, November 29, 2004.

CONTACT:  GRANT THORNTON
          43 Queen Square,
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax:   0117 926 5458
          Web site: http://www.grant-thornton.co.uk


ALUDEL LIMITED: Creditors' Meeting Set Next Week
------------------------------------------------
The unsecured creditors of Aludel Limited will meet on November
3, 2004 commencing at 11:00 a.m.  It will be held at IoD hub,
One Victoria Square, Birmingham B1 1BD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU not later than 12:00 noon, November 2, 2004.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


ARGONAUT GAMES: Subsidiaries Fall into Administration
-----------------------------------------------------
Administrators have been appointed to the three trading
subsidiaries of Argonaut Games plc, the games software
development group holding company whose shares were suspended on
15 October 2004.  David Rubin and Asher Miller, two partners of
Chartered Accountants and Licensed Insolvency Practitioners,
David Rubin & Partners in London, were appointed joint
administrators of Argonaut Software Limited, Just Add Monsters
Limited and Morpheme Limited late on Friday 22 October 2004.

Argonaut Games plc itself has not been placed into
Administration.

Asher Miller said: "Administrators have been appointed by the
Directors of the subsidiary companies to facilitate a
restructuring of the business.  The companies will continue
trading under the Administrators' control whilst a buyer is
sought.  Interest has already been expressed and the
Administrators are confident that an early sale can be
finalized.  An early sale is always desirable in this sector to
minimize any disruption to ongoing games development, to the
staff and to the customers."

Argonaut Games plc also announces that Jeremy San and Aaron San
have resigned from the Board of the Company with immediate
effect.

CONTACT:  DAVID RUBIN & PARTNERS
          Asher Miller
          Phone: 020 8343 5900 or 020 7400 7900
          E-mail: asher@drpartners.com


AXIOM DESIGN: Names Wilson Field Administrator
----------------------------------------------
Lisa Hogg and David Andrew Field (IP Nos 9037, 9178) have been
appointed joint administrators for Axiom Design & Print Limited.
The appointment was made October 15, 2004.

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


BEATDRAW LIMITED: Club Director Receives Four-year Ban
------------------------------------------------------
The director of a Nightclub business that failed with total a
deficiency estimated at around GBP207,000 has given an
Undertaking not to hold directorships or take any part in
company management for four years.

The Undertaking by Beverley Lorenta Burgess, 54, of Charlton
Lane, Brentry, Bristol, was given in respect of her conduct as
director of Beatdraw Limited, which carried on business from
premises at 81-83 Stokes Croft, Bristol.

Acceptance of the Undertaking on October 18, 2004 prevents
Beverley Lorenta Burgess from being a director of a company or,
in any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above period.

Beatdraw Limited was placed into voluntary liquidation on August
15, 2002 with an estimated deficiency of GBP207,687 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 Beverley Lorenta
Burgess, were that she:

(a) Caused or allowed the Company to trade with knowledge of
    insolvency when there was no reasonable prospect of paying
    creditors' claims;

(b) Caused or allowed the Company to fail to submit Value Added
    Taxation (VAT) Returns.

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


C3 DESIGN: Hires Joint Administrators from Wilson Field
-------------------------------------------------------
Lisa Hogg and David Andrew Field (IP Nos 9037, 9178) have been
appointed joint administrators for C3 Design & Print Limited.
The appointment was made October 15, 2004.

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


COVELINK MARINE: Names Robson Laidler Administrator
---------------------------------------------------
William Paxton (IP No 8825) has been appointed administrator for
Covelink Marine Limited.  The appointment was made October 20,
2004.  The company develops, produces and markets amphibious
vehicles.

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


COURIER ECOSSE: Liquidator Enters Firm
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Courier Ecosse Limited
                   (In Compulsory Liquidation)

I, David K Hunter, hereby give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Courier Ecosse Limited, by an order of the court
under Section 138(5) of the Insolvency Act 1986 on 11th October
2004.

A Liquidation Committee was not formed.  I do not intend to
summon another meeting to establish a Liquidation Committee
unless requested to do so by one tenth, in value, of the
company's creditors.

David K. Hunter, Liquidator
October 11, 2004

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


DECKMASTERS LIMITED: Insolvency Service Bans Director
-----------------------------------------------------
The director of a Surrey business specializing in the design and
installation of timber decking which failed with estimated total
debts of around GBP130,000, has given an Undertaking not to hold
directorships or take any part in company management for four
years.

Ann Teresa Longfield, 48, of Selsdon Road, South Croydon, Surrey
CR2, gave the Undertaking in respect of her conduct as the only
legally appointed director of Deckmasters Limited.  The company
carried out business from premises at The Courtyard, Sevenacres,
Smallfield Road, Horne, Horley, Surrey and was placed into
voluntary liquidation on January 13, 2003 with estimated debts
of GBP130,502 owed to creditors.

Acceptance of the Undertaking on October 18, 2004 prevents Ann
Teresa Longfield from being a director of a company or, in any
way, whether directly or indirectly, being concerned or taking
part in the promotion, formation or management of a company for
the above period.

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

The matter of unfit conduct, not disputed by Ann Teresa
Longfield, was her position as the only legally appointed
director of Deckmasters was neglected by her not exercising
adequate control over the company's affairs and by not properly
monitoring, assessing or controlling the running and financial
position of the company.

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


DIAMOND INSURANCE: Hires Joint Liquidators from PwC
---------------------------------------------------
At an extraordinary general meeting of Diamond Insurance
Services (Europe) Limited on 15 October 2004, the special and
ordinary resolutions to wind up the company were passed.
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4 4HT have been appointed joint
liquidators of the company for the purpose of such winding-up.

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


EDENWEST LIMITED: Unsecured Creditors to Meet Mid-November
----------------------------------------------------------
The unsecured creditors of Edenwest Limited will meet on
November 12, 2004 commencing at 10:30 a.m.  It will be held at
St Brides Institute, Bride Lane, Fleet Street, London EC4Y 8EQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, PO Box 695, 8 Salisbury Square, London
EC4Y 8BB not later than 12:00 noon, November 2, 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


EVESHAM ELECTRICAL: In Administrative Receivership
--------------------------------------------------
HSBC Bank Plc called in Andrew Martin Sheridan and Cedric
Marsden Clapp (Office Holder Nos 008839, 005614) joint
administrative receivers for Evesham Electrical & Building
Services Limited (Reg No 01222559, Trade Classification: 4531).
The application was filed October 18, 2004.  The company
installs electrical wiring.

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


FAMILY SUPPORT: Allied Irish Bank Appoints PwC Receiver
-------------------------------------------------------
Allied Irish Bank plc called in Edward Klempka and David Malcolm
Walker (Office Holder Nos 5791, 3606) joint administrative
receivers for Family Support Services (Yorkshire) Limited (Reg
No 02989323, Trade Classification: 40).  The application was
filed October 14, 2004.  The company is engaged in other human
health.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


FI PACKAGING: Appoints Joint Administrators from Moore Stephens
---------------------------------------------------------------
Simon G. Paterson and David R. Elliott (IP Nos 6856, 1141) have
been appointed joint administrators for FI Packaging Limited.
The appointment was made October 13, 2004.  The company
manufactures plastic products.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


FLEATHAM ESTATES: Liquidator's Final Report Out November
--------------------------------------------------------
Name of companies:
Fleatham Estates Limited
Forman Marshall Limited
LMG Finance Limited
LMG Lloyds Limited
Lawson Mardon Limited
Lawson Mardon Thyne Limited
Lawson Mardon (Witham) Limited
Mardon Composites Limited
Mardon Wrappings Limited
Prontoseal Limited

The final meeting of the members of these companies will be on
November 30, 2004 commencing at 10:00 a.m. and thereafter at 5-
minute intervals.  It will be held at the offices of Grant
Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR.

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 Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR not
later than 12:00 noon, November 29, 2004.

CONTACT:  GRANT THORNTON
          43 Queen Square,
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax:   0117 926 5458
          Web site: http://www.grant-thornton.co.uk


FOOD NATION: Hires Begbies Traynor as Administrator
---------------------------------------------------
Andrew Howard Beckingham and Simon Robert Haskew (IP Nos 8683,
8988) have been appointed joint administrators for restaurant
company Food Nation Limited.  The appointment was made October
1, 2004.  Its registered office is located at 58 Queen Square,
Bristol BS1 4LF.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


FUTURE SYSTEM: Owners Agree to Liquidate Business
-------------------------------------------------
At a meeting of the Future System Consulting UK Limited, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Alan H. Tomlinson of Tomlinsons, St Johns
Court, 72 Gartside Street, Manchester M3 3EL has been appointed
as liquidator of the company 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


GERARD BLUM: Calls in Liquidator from Kingston Smith & Partners
---------------------------------------------------------------
At an extraordinary general meeting of the members of the Gerard
Blum Limited on October 7, 2004 held at the offices of Kingston
Smith & Partners LLP, 105 St Peters Street, St Albans,
Hertfordshire AL1 3EJ, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Timothy James
Bramston of Kingston Smith & Partners LLP, 105 St Peter's
Street, St Albans, Hertfordshire AL1 3EJ has been appointed as
liquidator of the company for the purpose of the voluntary
winding-up.

CONTACT:  KINGSTON SMITH & PARTNERS LLP
          105 St Peter's Street,
          St Albans, Hertfordshire AL1 3EJ
          Phone: 01727 896 000
          Fax: 01727 896 001
          Web site: http://www.kingstonsmith.co.uk


HENDERSON EUROPEAN: Files for Voluntary Liquidation
---------------------------------------------------
The Directors of Henderson European Micro Trust plc announce
that the resolutions to approve the winding-up of the firm and
to appoint the Liquidators to implement the scheme of
reconstruction of the Company, as set out in the Circular to
Shareholders dated 22 September 2004, were duly passed at [the]
extraordinary general meeting.  Accordingly the Scheme has
become effective and the Company has been placed into members'
voluntary liquidation with Patrick Joseph Brazzill and
Margaret Elizabeth Mills, both of Ernst & Young LLP, 1 More
Place, London SE1 2AF, being appointed as liquidators of the
Company.

The Company's total assets (including accrued income) as at the
close of business on 22 October 2004 were GBP50.1 million,
94.56% of which was represented by cash and short dated gilts.
After the retention by the Liquidators of the amounts described
in the Circular and illiquid investments unrealized at the
Effective Date, the Scheme entitlements have been calculated on:

(a) Henderson European Capital Growth Fund (HECGF)

Shareholders will receive 0.04968 shares in HECGF for each
Ordinary Share in the Company in respect of which they elected
for the Henderson European Capital Growth Fund option.  It is
expected that shares in HECGF will be issued to the relevant
Shareholders by close of business on 26 October 2004.

(b) Cash

Shareholders will receive, as an initial interim cash
distribution, 57.8758 pence for each Ordinary Share in the
Company.  It is expected that cheques and CHAPS payments in
respect of the first cash distributions will be dispatched to
the relevant shareholders and CREST accounts credited during the
week commencing 1 November 2004 or as soon as practicable
thereafter.

In light of information received by the Company since the date
of the Circular, the directors have reviewed the valuation of
the residual holdings as at the Calculation Date.  As a result
of this revaluation, listed and unlisted unrealized investments
worth in total GBP2.7 million on the Calculation Date have been
transferred to the Liquidation Fund and will be realized by the
Liquidators over time, following which one or more further
distributions will be made to Shareholders who were on the
register on 26 October 2004.  Investors should be aware that due
to market fluctuations there can be no certainty of the amount,
which will be realized from these investments or that the
investments will maintain their current valuation.  Further
announcements will be made in due course updating Shareholders
on the progress of the realizations.

CONTACT:  HENDERSON EUROPEAN MICRO TRUST PLC
          Stephen Westwood, Head of Investment Trusts
          Henderson Global Investors
          Phone: 020 7818 5517

          CLOSE WINS SECURITIES
          David Benda
          Phone:  020 7621 5562


HENLYS FINANCE: Names Robson Rhodes Liquidator
----------------------------------------------
At a general meeting of the Henlys Finance Limited on October
15, 2004, the ordinary and extraordinary resolutions to wind up
the company were passed.  Geoffrey Paul Rowley and Simon Peter
Bower, of RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU
have been appointed joint liquidators for the purpose of
winding-up the company.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


IDEALTIME LIMITED: Brings in Administration from Baker Tilly
------------------------------------------------------------
Stephen M. Quinn and Lindsey J. Cooper (IP Nos 005761, 008931)
have been appointed joint administrators for Idealtime Limited.
The appointment was made October 18, 2004.

The company manufactures kitchen furniture.  Its registered
office is located at Baker Tilly, Brazennose House, Lincoln
Square, Manchester M2 5BL.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


NEMESIS CT: Calls First Creditors' Meeting
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Nemesis CT Ltd.
                       (In Liquidation)

I, Henry R. Paton of Milne Craig & Corson, Abercorn House, 79
Renfrew Road, Paisley, PA3 4DA, was appointed Interim Liquidator
of Nemesis CT Ltd. by Interlocutor of the Sheriff at Edinburgh
Sheriff Court on October 5, 2004.

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, notice is hereby
given that the first meeting of creditors of the company will be
held within Abercorn House, 79 Renfrew Road, Paisley, PA3 4DA on
November 22, 2004 at 12:00 noon for the purpose of choosing a
Liquidator who may either be the Interim Liquidator or any other
person qualified to act as Liquidator.  The meeting may also
consider other resolutions referred to in Rule 4.12(3)

To be entitled to vote at the meeting, creditors must have
lodged their claims with me at the meeting or at the address
below prior to the meeting.  Voting may either be in person by
the creditor or by proxy.  To be valid, the proxy must be lodged
with me at the meeting or at the same address prior to the
meeting.  A resolution at the meeting is passed if a majority of
those voting have voted in favor of it.

For the purposes of formulating claims, creditors should note
that the date of liquidation is September 13, 2004.

Your attention is also drawn to rules 4.15-4.17 and 7 of the
Insolvency (Scotland) Rules 1986.

Henry R. Paton, Interim Liquidator
October 13, 2004

CONTACT:  MILNE CRAIG & CORSON
          Abercorn House
          79 Renfrew Road
          Paisley PA3 4DA
          Phone: 00 44 141 887 7811
          Fax: 00 44 141 887 7753
          E-mail: mcc.admin@milnecraig.co.uk
          Web site: http://www.milnecraig.co.uk


NHPC LIMITED: Bank of Scotland Appoints KPMG Receiver
-----------------------------------------------------
Bank of Scotland called in Jane Bronwen Moriarty and Blair
Carnegie Nimmo (Office Holder Nos 9095, 8208) joint
administrative receivers for NHPC Limited (Reg No 4221903, Trade
Classification: 5540 Bars).  The application was filed October
20, 2004.  The company is a public house operator.

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


POGO NORTH: Members Appoint Deloitte & Touche Liquidator
--------------------------------------------------------
At a general meeting of the members of Pogo North Sea Limited,
the special, ordinary and extraordinary resolutions to wind up
the company were passed.

J. R. D. Smith and N. J. Dargan of Deloitte & Touche, Athene
Place, 66 Shoe Lane, London EC4A 3BQ have been appointed joint
liquidators of the company.

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


QUALITY EMPLOYMENT: Sets Creditors' Meeting Next Month
------------------------------------------------------
The creditors of Quality Employment Services Limited will have
an initial meeting on November 10, 2004 commencing at 11:00 a.m.
It will be held at the offices of Wilson Field, Hamilton House,
Mabledon Place, Euston, London WC1H 9BB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to The Annexe, The Manor House, 260 Ecclesall Road,
Sheffield S11 9PS not later than 12:00 noon, November 9, 2004.

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


QUEENS MOAT: Scheme Now Effective; Shares De-listed
---------------------------------------------------
The recommended cash acquisition of Queens Moat Houses PLC by
W2001 Britannia LLC via a scheme of arrangement has become
effective following delivery on Tuesday of the Court order
sanctioning the Scheme to the Registrar of Companies.  The QMH
Shares have also been de-listed from the Official List of the UK
Listing Authority and removed from trading on the London Stock
Exchange.

Terms used in this announcement shall have the same meanings as
set out in the Scheme document dated 22 September 2004.

CONTACT:  QUEENS MOAT
          Morgan Stanley
          (Financial adviser to Queens Moat)

          Brian Magnus
          Phone: +44 (0) 20 7425 8000

          GOLDMAN SACHS INTERNATIONAL
          (Financial adviser to Whitehall 2001)
          Richard Campbell-Breeden
          Basil Geoghegan
          Phone: +44 (0) 20 7774 1000

          COLLEGE HILL ASSOCIATES
          (Financial public relations advisor to Queens Moat)
          Mark Garraway
          Crawford Burden
          Phone: +44 (0) 20 7457 2020


ROTHERHAM RUGBY: Receiver Sets Creditors' Meeting Next Week
-----------------------------------------------------------
The creditors of Rotherham Rugby Union Football Club Limited
will meet on November 5, 2004 commencing at 10:00 a.m.  It will
be held at The Consort Hotel, Brampton Road, Thurcroft,
Rotherham S60 1BY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Jacksons Jolliffe Cork, 33 George Street,
Wakefield WF1 1LX not later than 12:00 noon, November 4, 2004.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


SEASTREAM INTERNATIONAL: Names Buchanans Administrator
------------------------------------------------------
Alan Peter Whalley and Kevin Weir (IP Nos 6588, 9332) have been
appointed joint administrators for Seastream International
Limited.  The appointment was made October 14, 2004.

The company builds and repairs pleasure and sport boats.  Its
registered office is located at
Registered Office of Company: Latimer House, 5 Cumberland Place,
Southampton SO15 2BH.

CONTACT:  BUCHANANS PLC
          Latimer House,
          5 Cumberland Place,
          Southampton SO15 2BH
          Phone: 023 8022 1222
          Fax: 023 8033 1333
          E-mail: advice@buchanans.com
          Web site: http://www.buchanans.com


SG ASSET: Joint Liquidators from KPMG Called In
-----------------------------------------------
At an extraordinary general meeting of the SG Asset Management
Emerging Markets Limited on October 13, 2004 held at SG House,
41 Tower Hill, London EC3N 4SG, the special and ordinary
resolutions to wind up the company were passed.  Stephen
Treharne and Jeremy Spratt of KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB have been appointed joint liquidators for the
purpose of such winding-up.

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


SWEET DEPOT: Creditors Appoint Liquidator
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF The Sweet Depot Limited
                         (In Liquidation)

I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow, G2 2LW, hereby give notice that
I was appointed Liquidator of The Sweet Depot Limited on October
14, 2004, by resolution of the first meeting of creditors
convened in terms of Section 138 of the Insolvency Act 1986.
The meeting declined to establish a Liquidation Committee.

It is not my intention to summon a further meeting of the
creditors to establish a Liquidation Committee unless requested
to do so by one-tenth in value of the company's creditors.  All
creditors who have not already done so are required on or before
January 14, 2005 to lodge their claims with me.

Graham H. Martin, Interim Liquidator

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


TOP VALUE: First Creditors' Meeting Set Third Week of November
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Top Value Leisure Limited
                   (In Compulsory Liquidation)

I, Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow
Road, Paisley, PA1 3QS hereby give notice that I was appointed
Interim Liquidator of Top Value Leisure Limited on October 6,
2004, by Interlocutor of the Sheriff at Alloa.

Notice is hereby given pursuant to Section 138 of the Insolvency
Act 1986 that the first meeting of creditors of the above
company will be held within Sherwood House, 7 Glasgow Road,
Paisley PA1 3QS on November 16, 2004 at 10:00 a.m. for the
purpose of choosing a Liquidator and determining whether to
establish a Liquidation Committee.

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

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, creditors should note that the date of commencement of
the Liquidation is August 19, 2004.

Proxies may also be lodged with me at the meeting or before the
meeting at my office.

Derek Forsyth, Interim Liquidator
October 12, 2004

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


TRADE SECRET: Sets Creditors' Meeting Next Week
-----------------------------------------------
The creditors of Trade Secret Limited will meet on November 3,
2004 commencing at 2:30 p.m.  It will be held at 24 New House,
Hatton Garden, London EC1N 8JY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy form must be submitted together with written
debt claims to Antony Batty & Co, 24 New House, Hatton Garden,
London EC1N 8JY not later than 12:00 noon, November 2, 2004.

CONTACT:  ANTONY BATTY & CO.
          24 New House,
          Hatton Garden,
          London EC1N 8JY


TRILOGY CDP: Hires Joint Administrators from Wilson Field
---------------------------------------------------------
Lisa Hogg and David Andrew Field (IP Nos 9037, 9178) have been
appointed joint administrators for Trilogy CDP Limited.  The
appointment was made October 15, 2004.

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


WHITES UK: Calls in Joint Administrators
----------------------------------------
A. H. Tomlinson (IP No 006585) and David Kaye (IP No 002197)
have been appointed joint administrators for Whites UK Limited.
The appointment was made October 13, 2004.  Its registered
office is located at Tomlinsons, St Johns Court, 72 Gartside
Street, Manchester M3 3EL.

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

          CRAWFORDS
          Stanton House,
          41 Blackfriars Road,
          Salford, Manchester M3 7DB


                            *********


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-
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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