TCREUR_Public/041101.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, November 1, 2004, Vol. 5, No. 216

                            Headlines

C Z E C H   R E P U B L I C

IPB BANKA: Nomura Appeals E.U. Decision Denying Probe Request


F I N L A N D

METSO CORPORATION: Operating Profit Returns to Black


F R A N C E

ALCATEL: Reports Solid Third-quarter Results
EUROPE COSMETIQUE: In Compulsory Administration
GANTOIS: Axing 181 More Employees
PLASTRE CAROLE: Court Orders Liquidation
RHODIA SA: Reduces Third-quarter Operating Loss to EUR48 Million

STEPHANE KELIAN: Seeks Redundancy of 80 Employees
TATI: Alice Media Stores, Boxer Acquire Five Unsold Stores
VIVENDI UNIVERSAL: Closes Sale of UCI Cinemas
VIVENDI UNIVERSAL: 'BB+' Rating Withdrawn After Loan Payments


G E R M A N Y

BRIX GEBAUDEREINIGUNG: First Creditors' Meeting Set End-November
BSP-DATEN: Creditors to Meet Later this Month
CELANESE AG: Moody's Affirms Ratings; Alters Outlook to Negative
CONZELMANN MODELLSPIELWAREN: Administrator's Report Out December
COPY-PARTNERS: Creditors' Claims Due This Month

CROSS-FADE: Sets Creditors' Meeting December
DISCOVERER REEDEREI: Under Bankruptcy Administration
GEBRUDER WAGSCHAL: Bremen Court Appoints Administrator
H. KURT: Creditors Have Until this Month to File Claims
INFINEON TECHNOLOGIES: Considering Sale of Infineon Ventures?

ING BHF: Ships 1,400 Corporate Clients to HVB Group
KIESWERK ILLINGEN: Creditors Have Until Next Week to File Claims
KMR-HOTELBETRIEBS: Claims Deadline Nears
MG TECHNOLOGIES: Subsidiary Wins EUR35 Mln Deal from AVA
RISS KIESWERK: Under Bankruptcy Administration


I R E L A N D

EIRCOM PLC: Providence Equity Sells 27.7 Million Shares
ELAN CORPORATION: Subsidiary Purchasing up to US$351 Mln Notes
ELAN CORPORATION: Offering US$850 Million Senior Notes
ELAN CORPORATION: Third-quarter Net Loss Jumps to US$109 Mln


I T A L Y

CIRIO FINAZIARIA: Probe on Former Sanpaolo IMI Execs Begins


N E T H E R L A N D S

ISPAT INTERNATIONAL: Ratings in Line for Possible Upgrade


P O L A N D

UNITEDGLOBALCOM INC.: Corporate Credit Rating Affirmed at 'B'


R U S S I A

CORUNDUM: Chemical Company Succumbs to Bankruptcy
DRINKS OF PRIKAMYE: Declared Insolvent
ENTERPRISE CORUNDUM: Names A. Zakharov Insolvency Manager
FIRST OIL-BASE: Under Bankruptcy Supervision
HOUSE OF BOOK: Undergoes Bankruptcy Supervision Procedure

MAKUSHINSK-AGRO-PROM-KHIMIYA: Proofs of Claim Deadline Set
NEW GRAIN: Novosibirsk Court Brings in Insolvency Manager
NIZHEGOROD-GRAZHDAN-STROY: Court Sets Hearing Next Year
PETUKHOVSKIY FOOD: Appoints S. Baranovskiy Insolvency Manager
SHAKHUNSKOYE BREAD: Declared Insolvent

SLOBODSKAYA FACTORY: Names V. Shabalin Insolvency Manager
STANOVLYANSKIY CREAMERY: Court Sets Hearing Next Week
SUROVISK-AGRO-PROM-KHIMIYA: Court Hearing Set Today
TOLMACHEVO: Declared Insolvent
VOLOGODSKOYE ENTERPRISE: Under Bankruptcy Supervision
YUKOS OIL: Authorities Lift Seizure of Bank Accounts


S P A I N

SAEZ MERINO: Workers Okay Terms of Redundancy Plan
TERRA MITICA: Board of Directors Sanctions Feasibility Plan


U K R A I N E

EKOS: Court Hires Insolvency Manager to Temporarily Run Firm
INTERSERVICE: Bankruptcy Proceedings Begin
INTER-SOHTA: Sets Deadline for Filing Claims
LVIVINVESTBUD: Proofs of Claim Deadline Due Today
OLEKSANDRIYA-GERBER: Bankruptcy Supervision Begins
TERRA NOVA: Ordered to Undergo Bankruptcy Supervision Procedure
VIKKO: Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ABBEY NATIONAL: Investor Takes Chairman, Santander to High Court
ARCORDIA SOLUTIONS: Members Opt to Dissolve Firm, Subsidiaries
B C (SHOTBLAST): Names Deloitte & Touche Administrator
COLTHAM CONSTRUCTION: Hires Begbies Traynor as Administrator
CORUS GROUP: Formal E.U. Inquiry into Arcelor's Offer Launched

DUVALS OF ROMSEY: Director Receives Four-year Ban
E-MISSION (FUTURE COMMUNICATIONS): Hires PwC as Administrator
FELCROFT LIMITED: Director Banned from Holding Executive Post
FYNEFISH PRODUCTS: Receiver to Present Report Next Week
GLIXTONE LIMITED: Sets Creditors' Meeting Tuesday Next Week

GODADO.COM LIMITED: Liquidator to Present Report in Two Weeks
INNERCASTLE LIMITED: Final Meeting of Members Set
J MURDOCH: Appoints Receivers from Begbies Traynor
LEEDS UNITED: Stanley Pays GBP5 Mln for Leeds United Properties
MAELOR NURSERIES: Hires Joint Administrators from Moore Stephens

MAILSTREAM PACKAGING: Insolvency Service Bans Top Honcho
MERSEYSIDE SEXUAL: Creditors' Meeting Set
NIGEL HARRISON: Director Gets 3-year Ban from Holding Exec Post
NORBRIT FISH: In Administrative Receivership
SHOTTON PAPER: Calls in Joint Liquidators from PwC

SPEXBROOK LIMITED: Names McCabe Ford Williams Liquidator
ST. TROPEZ: Hires Smith & Williamson Limited as Liquidator
THI ASSET: Calls in Ernst & Young Liquidators
TOPSPIN LIMITED: Members Agree to Liquidate Business
TORRIDON INTERNATIONAL: Calls Final General Meeting
TYNE TEES: Liquidator to Give Final Report Later this Month


                            *********


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


IPB BANKA: Nomura Appeals E.U. Decision Denying Probe Request
-------------------------------------------------------------
Nomura has appealed the E.U. Commission ruling nixing its
request for an investigation into the state aid CSOB allegedly
received when it took over Investicni a postovni banka (IPB).

According to Interfax, Nomura filed its appeal before the Court
of Justice of the European Communities in Brussels.  The
Commission had ruled that the aid extended to CSOB to acquire
IPB four years ago became inconsequential after the Czech
Republic entered the E.U. in May 2004.

Nomura expects the court to declare the aid illegal and order
CSOB to return the money to the government, Nomura Spokesman
Jiri Hrabovsky says.  Nomura owned IPB prior to its collapse in
2000.

CONTACT:  IP BANKA a.s.
          6410 V Celnici 10 Praha 1
          117 21
          Phone: 221033131
          Fax: 221033150
          Web site: http://www.ipbanka.cz


=============
F I N L A N D
=============


METSO CORPORATION: Operating Profit Returns to Black
----------------------------------------------------
Highlights of results for the last nine months:

(a) In January-September 2004, Metso Corporation's net sales
    totaled EUR2,884 million (2003: EUR3,046 million);

(b) Metso's operating profit before nonrecurring items and
    amortization of goodwill was EUR107.5 million (EUR80.7
    million);

(c) The operating profit improved to EUR39.3 million (-EUR273.7
    million).  The operating profit includes EUR26 million in
    nonrecurring expenses booked for July-September due to the
    renewal of Metso Paper's business concept and the
    streamlining of its cost structure;

(d) The net profit was EUR33 million, which includes a deferred
    tax asset of EUR53 million booked for July-September;

(e) Earnings per share were positive EUR0.24 (negative EUR2.36);

(f) New orders worth EUR3,405 million (EUR3,296 million) were
    received. The Corporation's order backlog totaled EUR1,918
    million at the end of September (EUR1,505 million at the end
    of 2003); and

(g) Gearing was 62.3% at the end of September (107.7% on
    December 31, 2003);

In the third quarter, Metso's operating profit before
nonrecurring items and amortization of goodwill was EUR55.9
million.  The corresponding figure for continuing operations was
EUR58.8 million.  In January-September, operating profit before
nonrecurring items and amortization of goodwill from continuing
operations strengthened to EUR99.7 million (EUR59.9 million).

Net nonrecurring expenses of EUR41 million were booked during
January-September, including EUR26 million in nonrecurring
expenses booked in the third quarter due to the renewal of Metso
Paper's business concept.  Metso's operating profit for the
third quarter was EUR18.8 million.

In January-September, Metso's loss before taxes was EUR3
million.  The net profit was EUR33 million and included a
deferred tax asset of EUR53 million booked in the third quarter.
Consequently, earnings per share turned positive and were
EUR0.24.

In January-September, Metso received more new orders than in the
corresponding period one year earlier.  The order backlog at the
end of September was also clearly stronger than at the end of
2003 or at the end of September 2003.  Orders received by
continuing operations increased by 9% and the order backlog
strengthened by 36%.  The share of the Corporation's aftermarket
operations increased slightly and accounted for 40% of net
sales.

"Metso Minerals and Metso Automation have clearly improved their
results.  In the third quarter, which usually is somewhat
quieter due to seasonal factors, they both succeeded in
strengthening their operating profit margins compared with the
previous quarter.  This was achieved through the streamlined
cost structure resulting from the efficiency improvement
measures and supported by the favorable demand," says Jorma
Eloranta, President and CEO.

"Metso Minerals has benefited from the market situation and
enhanced the effects of its efficiency improvement measures.
Metso Automation has continued its positive profitability
performance despite fragmented market situation.  The renewal of
Metso Paper's business concept continues as announced in June
2004.  Metso Paper's result improved compared with the first
half of the year.

"In January-September Metso's gearing has decreased
significantly due to the strong operating cash flow and
divestitures.  Metso will continue to strengthen its position as
market leader and to ensure that the financial targets set for
2005 will be met," says Jorma Eloranta.

                       Short-term Outlook

Metso Paper's market situation is expected to remain uncertain
for the rest of the year.  The pulp and paper industry's
willingness to invest is essentially dependent on how paper and
board prices develop in the future.  Metso Paper's net sales and
operating profit before nonrecurring items for 2004 are not
estimated to reach the level of the previous year.

The demand for Metso Minerals' products is expected to remain
good in the Americas and in Asia.  In Europe, civil engineering
industry demand is expected to recover gradually.  The mining
industry investment outlook is good.  The favorable
profitability development is estimated to continue in Metso
Minerals.

Metso Automation's market expectations remain satisfactory for
the pulp and paper industry and good for the power, oil and gas
industry.  Profitability in Metso Automation is expected to
remain good.

Overall, Metso Corporation's operating profit before
nonrecurring items for 2004 is estimated to be better than that
of the previous year.  Earnings per share are expected to be
positive.

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

CONTACT:  METSO CORPORATION
          Jorma Eloranta
          President and CEO
          Phone: +358 204 84 3000

          Olli Vaartimo
          Executive Vice President and CFO
          Phone:  +358 204 84 3010

          Eeva Makela
          Vice President, Investor Relations
          Phone: +358 204 84 3253


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


ALCATEL: Reports Solid Third-quarter Results
--------------------------------------------
Third-quarter results highlights:

(a) Sales at EUR3,044 million, up y-o-y by 11%, and by 14% at
    constant Euro/USD,

(b) Gross margin at 37.7% of sales,

(c) Income from operations at EUR271 million at 8.9% of sales,

(d) EPS pre-goodwill at EUR0.14 (EUR0.06 after goodwill),

(e) Net cash at EUR519 million

Note: All historical results are restated for battery
activities, optical fiber, and mobile handsets, which are
accounted for as "discontinued operations".

Alcatel's Board of Directors (Paris: CGEP.PA and NYSE: ALA)
reviewed and approved third quarter 2004 results.  Sales were
registered at EUR3,044 million compared with EUR2,753 million in
the third quarter 2003, up 11% and 14% at constant Euro/USD
(with an average Euro/USD rate of 1.22 in Q3).  Sales were up 3%
sequentially compared to the second quarter 2004.  The gross
margin was 37.7% of sales (of which 0.5 points were from a one-
off item related to a litigation settlement).  Income from
operations amounted to EUR271 million, a 8.9% return on sales,
with all business segments positive, compared with EUR172
million in the same period last year.  Net income pre-goodwill
for the quarter was registered at EUR187 million or diluted
EUR0.14 per share (USD 0.17 per ADS) and net income after
goodwill at EUR84 million or diluted EUR0.06 per share (USD 0.08
per ADS).

Serge Tchuruk, Chairman and CEO summarized the Board's
observations: "Alcatel registered a solid performance in the
third quarter.  In a very competitive environment, our current
business model involves substantial investments in business
development, which are directed where the growth potential is
clearly attractive to Alcatel and where market build-up costs
remain compatible with our gross margin target of around 38 %
for the full year 2004.  With our third quarter return on sales
at around 9 % and our book-to-bill ratio again exceeding 1 in
the carrier space, we feel confident of meeting our future
targets of double digit profitability, leveraging the growth in
revenues and the continued expense containment illustrated by
the healthy trend of Q3.

The third quarter showed a strong rebound of our mobile
communications sales which were up 28% Y-o-Y with positive
indications for the fourth quarter.  This is the result of our
focus on fast-growing countries with breakthroughs in India and
Brazil and expansions in Russia, Africa, the Middle East and
China.  Our multi-standard Evolium(TM) platform proves to be
well adapted to the increasing demand for hybrid networks
(2G/EDGE/3G).  Our investments in mobile application
technologies, particularly in video streaming and convergent
payment, are also starting to pay off.  We are now investing in
a clearly disruptive NGN cellular core technology through our
association with Spatial Wireless, now reinforced by our
agreement to acquire the company, which opens our access to the
U.S. cellular market.

Within the wireline market, long ago we started to invest in
triple play technologies and we are now glad to see strong
momentum on worldwide markets.  In this domain, our recent win
with SBC for Project Lightspeed also validates our technology
choices in next generation IP-DSLAM and IP service routing as
well as our focus on integration of complex, end to end systems.
While the wireline market has been declining or has remained
flattish in past quarters, we have now reached a stage where
profitability is back and where prospects in future years should
reflect a deep transformation of carriers' service offering and
of associated network configurations.  We are convinced that
Alcatel is optimally positioned to capitalize on this trend.

With our private communications business, our strategy as an
integrator in vertical markets is also paying off with strong
orders coming from the transport and security segments.  We
intend to develop new opportunities in these markets and to
expand our business base with technology already used by our
carrier customers.  In the enterprise markets, the transition
towards IP telephony and unified interaction management
continues to gain momentum.  We are also encouraged by the trend
for our carrier customers to outsource parts of their business,
which we are now seeing spread to Europe."

Outlook for full year 2004: "At a current structure, we are
comfortable with our former guidance that sales for the full
year will be up in the high single digit range, at constant
Euro/USD, with EPS pre-goodwill being substantial."


Key Figures            Third      Third       Second
In EUR million except  Quarter    Quarter     Quarter
for EPS             2004       2003        2004
                       restated     restated
Profit & Loss
Net Sales            3,044       2,753       2,951
Income from Operations   271         172         213
Net Income
pre-Goodwill & MI        216        (179)        147
Net Income                84        (284)         23
EPS diluted             0.06       (0.21)       0.02
E/ADS*             0.08       (0.26)       0.02
Number of shares
(billions)              1.36        1.34        1.36

----------
*E/ADS has been calculated using the U.S. Federal Reserve Bank
of New York noon euro/dollar buying rate of USD 1.24 as of
September 30, 2004.

Third Quarter Business Update

Segment Breakdown       Third      Third       Second
In EUR million          Quarter    Quarter     Quarter
                   2004       2003        2004
                       restated     restated

Sales
Fixed Communications    1,253      1,302       1,353
Mobile Communications   894        697         714
Private Communications   935        839         929
Other & Eliminations   (38)       (85)        (45)
Total                   3,044      2,753       2,951

Income from Operations
Fixed Communications      119         64         136
Mobile Communications   103        107          72
Private Communications    68         41          35
Other & Eliminations   (19)       (40)        (30)
Total                     271        172         213

In order to provide a view of business trends, comments are
based on year on year comparisons.

Fixed Communications

Third quarter revenue decreased by 3.8% to EUR1,253 million from
EUR1,302 million in Q3 2003, continuing on a flattish trend at
constant Euro/USD rate.  Both the Data and Fixed Solutions
businesses turned in significant growth.  The IP edge service
routing activity now boasts more than 40 customers across
diverse geographical regions, with over 10 new accounts added
during the quarter.

MSWAN sales continued to be strong as a result of increased
traffic in access, most notably in Europe.  The growth in fixed
solutions was driven by triple play services, in particular, the
early adoption in Western Europe, Latin America and Russia,
while NGN continued to gain momentum, exemplified by wins in
China during the quarter wherein Alcatel will deliver one
million NGN lines to three different Chinese carriers.

Optical networks also grew during the quarter benefiting from
the demand in the metro domain as well as for cross connects by
the wireless carriers as they build out their network.  Compared
to a year ago, shipments of ADSL lines grew strongly in China,
moderately in Europe, and declined in North America, which
overall resulted in a softness in revenues.

Alcatel delivered 4.5 million lines in the quarter, bringing
cumulative deliveries for the year to 14.8 million.  Voice
networks continued to decline, even if, emerging countries in
the deployment phase showed some strength.  During the quarter
an agreement was reached to dispose of the power systems
business, which will remain consolidated in the fixed
communications segment up until the time of closing.

Income from operations amounted to EUR119 million compared to
EUR64 million in the same period last year, resulting in return
on sales almost doubling over last year.  The turnaround in
optics for the second consecutive quarter as well as the solid
achievement in data drove the growth in profitability.

Mobile Communications

Third quarter revenue increased by 28.3% to EUR894 million from
EUR697 million in Q3 2003.  Going into the quarter with a
substantial order backlog, combined with the beginning of
execution of some new orders during the quarter, a strong
performance was registered across all business lines.  Within
the mobile networks business, an accelerated demand in 2/2.5G
was seen in emerging countries (India, Brazil, Russia, China),
for additional network capacity.

The 3G business also continued to develop through the coverage
extension in Western Europe (Austria and Portugal) and the
initial roll-out in emerging countries, in particular in Libya,
Tunisia, and the United Arab Emirates.  Mobile core gained
momentum, in particular, the NGN core business, which is growing
in the U.S. market.  Content Value Charging (iGGSN) registered
growth as well as applications which also grew significantly
during the quarter with an acceleration of demand for new
features such as real time converged payment and video
streaming.  Wireless transmission began to recover with the
delivery of its new product.  The transaction concerning the
mobile handset business was closed during the quarter and the
business is now accounted for as discontinued operations.

Income from operations amounted to EUR103 million compared to
EUR107 million in Q3 2003.  Mobile networks continued to make a
very strong contribution, with its significant double-digit
margins maintained.

Private Communications

Third quarter revenue increased by 11.4% to EUR935 million
compared with EUR839 million in the third quarter 2003.
Enterprise solutions registered good growth in its IP/PBX
business particularly in Europe and, to a lesser extent, in
Asia.  During the quarter Alcatel acquired a privately held
U.S.-based company, eDial, Inc., a leading provider of
conferencing and collaboration solutions for enterprises and
service providers.

Genesys continued to post solid results, particularly with large
U.S. companies as well as in Asia Pacific.  Benefiting from a
strong order backlog, rail communication systems grew
substantially during the quarter, most notably in Germany and
Spain (mainline) and the U.K. (metro).  A significant milestone
was registered in China during the quarter, where the first
phase of a metro line went into operation using Alcatel's train
control and signaling solution (CBTC).  The space activity also
benefited from a strong backlog and two more payloads were
ordered during the quarter by a Russian satellite company.
Integration and services is seeing a strong demand today,
particularly in private sector deployments.  Outsourcing trends
are now spreading into Europe, highlighted by a contract awarded
for the managed operation and maintenance services for a mobile
network in Belgium.

Income from operations amounted to EUR68 million compared to
EUR41 million in Q3 2003, with all businesses profitable.

                 Third-quarter 2004 Results (unaudited)

Profit and Loss Statement

Figures for third-quarter 2003 have been restated to reflect the
disposal of the Battery, Optical Fiber and Mobile Handsets
divisions.

(a) Net Sales: EUR3,044 million vs. EUR2,753 million in Q3 03,
    up by 11%;

(b) Geographical distribution of sales:

    (i) W.  Europe: 39%

   (ii) Other Europe: 9%

  (iii) North America: 15%

   (iv) Asia: 15%;

(c) RoW: 22%;

(d) Gross margin: 37.7% (37.3% for Q3 2003);

(e) Selling, general and administration (SG&A) costs: EUR(494)
    million (16.2% of sales);

(f) Research and development (R&D) expenses: EUR(384) million
    (12.6% of sales);

(g) Income (loss) from operations: EUR271 million;

(h) Earnings before tax and amortization of goodwill: EUR248
    million and included:

    (i) Interest paid on convertible bonds EUR(11) million,

   (ii) Net financial loss of EUR(44) million,

  (iii) Restructuring costs of EUR(15) million;

(i) Net other revenue/(expenses) of EUR47 million;

(j) Net Income Pre-Goodwill and Minority Interest: EUR216
    million;

(k) Net Income: EUR84 million and included a tax charge of
    -EUR14 million, share in net income /(loss) of equity
    affiliates and discontinued activities of -EUR18 million,
    goodwill amortization of -EUR103 million, and minority
    interests of -EUR29 million;

(l) Diluted EPS: EUR0.06 per share (US$0.08 per ADS), pre-
    goodwill EUR0.14 per share (US$0.17 per ADS) based on an
    average of 1.36 billion diluted shares

Balance Sheet Items

(a) Operating working capital: EUR655 million (5.4% of last 12
    months sales),

(b) Cash and equivalents: EUR5,185 million,

(c) Net Cash: EUR519 million,

(d) Gearing: (13.7%),

(e) Operating Cash Flow (net cash provided (used) by operating
    activities before changes in other receivables and debts):
    EUR(44) million

About Alcatel

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

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


EUROPE COSMETIQUE: In Compulsory Administration
-----------------------------------------------
A court has put troubled cosmetics supplier Europe Cosmetique
into compulsory administration, Les Echos says.

The Soultz-based group has been losing market share to other
cosmetics firm since the start of 2004.  Europe Cosmetique
booked a loss of over EUR2 million for January-August trading
period, as volumes fell by more than 50%.  The company's
compulsory administration will end on December 15.

Employing 177, Europe Cosmetique is a subsidiary of Dutch
holding group Cosmed.  The group produces wet wipes, cotton
products and a range of cosmetic goods.

CONTACT:  EUROPE COSMETIQUE
          Zone Industrielle
          16, Rue de'I'Oberwald
          F-68360 Soultz
          Phone: +33(0) 38 983 0816
          Fax: +33(0) 38 983 0794
          E-mail: info@europe-cosmetique.com
          Web site: http://www.europe-cosmetique.com


GANTOIS: Axing 181 More Employees
---------------------------------
Loss-making metal group Gantois plans to cut around 181 of 747
jobs to improve its sagging fortunes, according to Les Echos.

The cuts will affect employees at its plants in Saint-Die and
Monthureux-sur-Saone, Vosges; Fismes, Marne; and Clairoix, Oise.
A commercial court in Saint-Die placed Gantois into compulsory
administration in July after the metal group declared
insolvency.

The firm slashed 150 jobs in 2003 and transferred some of its
operations to Romania.  In spite of this, Gantois still saw its
consolidated turnover fell from EUR139.7 million in 2002 to
EUR129.3 million in 2003.  The group's net loss also jumped from
EUR7.6 million in 2002 to EUR12.8 in 2003.

Set up in 1874, Gantois manufactures fabrics and metal cloths,
perforated sheets, and nettings.

CONTACT:  GANTOIS
          B.P. 307
          F. 88105 Saint-Die-Des-Vosges Cedex
          Phone: 33 3 29 55 21 43
          Fax: 33 3 29 55 37 29
          E-mail: contact@gantois.com
          Web site: http://www.gantois.com


PLASTRE CAROLE: Court Orders Liquidation
----------------------------------------
The Commercial Court of Dijon placed Plastre Carole into
liquidation on October 12, 2004 and appointed Mr. Ph. Maitre
liquidator.  Creditors are urged to submit their proofs of claim
to the liquidator as soon as possible.

CONTACT:  PLASTRE CAROLE
          8, Rue du Bourg-Voisin
          21140 Semur-En-Auxois

          Mr. Ph. Maitre
          Liquidator
          19 Albert-Camus Avenue
          2100 Dijon


RHODIA SA: Reduces Third-quarter Operating Loss to EUR48 Million
----------------------------------------------------------------
Rhodia S.A. (NYSE:RHA) published its results for the third
quarter of 2004 as reviewed by the Board of Directors on October
27, 2004.

Highlights for the period:

(a) Strong growth in volumes and operating performance compared
    with the third quarter of 2003,

(b) Persistent high raw material prices, notably benzene and its
    derivatives,

(c) Accelerated implementation of price increases with
    significant initial effects,

(d) Steady implementation of cost-cutting programs in line with
    targets for the year and progress in industrial
    restructuring plans,

(e) Finalization of the divestiture program announced in October
    2003: EUR760 million cash received,

(f) EUR404 million reduction in Total Net Debt for the third
    quarter of 2004 and increase in the Group's current
    liquidity (including available bank facilities) to EUR1,041
    million at the end of September compared with EUR778 million
    at the end of June


       Simplified Income Statement for the Third Quarter of 2004
                         In millions of euros

   2003        2003
Reported   Restated[a]                                   2004

  1,299       1,134    Net sales                         1,289

     76          52    EBITDA (before restructuring costs)  78

    5.9%        4.6%   EBITDA margin (before restructuring  6%
                       costs)

     45          22    EBITDA (after restructuring costs)   51

    3.4%        1.9%   EBITDA margin
                       (after restructuring costs)          4%

   -164        -128    Operating income                    -48

-1,028           -    Net income (after minorities)       -91

---------
[a] Constant structure and exchange rates

Strong Growth in Volumes and Significant Initial Effects from
Price Increases

Rhodia reported Net Sales of EUR1,289 million for the third
quarter of 2004.  On the same basis (constant structure and
exchange rates) net sales rose 13.7% compared with the third
quarter of 2003.

The rise in the net sales reflects the strong 10.7% growth in
volumes achieved during the third quarter.  All Enterprises
experienced continued high demand, particularly in Asia, the
U.S. and Latin America.  Polyamide benefited from a strong
growth in volumes, offsetting the impact of seasonal
fluctuations typical of the third quarter.

Beginning in the second quarter, the Enterprises have been
implementing an aggressive policy to raise selling prices, which
will take full effect in the fourth quarter with already EUR47
million impact recorded in the third quarter.  This performance
has partially offset the higher prices charged for raw
materials, notably benzene and its derivatives.

The Group also actively pursued its program to reduce fixed
costs, generating incremental savings of EUR66 million as of the
end of September, in line with the target of EUR103 million
(before inflation) set for 2004.

Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) before restructuring stood at EUR78 million for the
third quarter of 2004.  On a comparable basis (constant
structure and exchange rates), EBITDA increased 50 % compared
with the same period in 2003.  On the same basis of comparison,
the EBITDA margin before restructuring rose to 6% in the third
quarter of 2004, compared with 4.6% in the third quarter of
2003.

After restructuring costs, EBITDA stood at EUR51 million in the
third quarter of 2004, up from EUR22 million in the same period
of 2003 on the same basis (constant structure and exchange
rates).

Operating income stood at a loss of EUR48 million in the third
quarter of 2004 against a loss of EUR128 million in the third
quarter of 2003 on the same basis (constant structure and
exchange rates).

Interest expenses (EUR54 million) include interest on servicing
Group debt (EUR44 million) and EUR10 million of other financial
expenses, of which EUR8.1 million is for quarterly amortization
related to debt restructuring until March 2006.

Accounting for the above items and for capital gains from asset
divestitures, Net income (after minority interests) stood at a
loss of EUR91 million for the third quarter of 2004, compared
with a loss of EUR1,028 million for the same period in 2003.

Continued Reduction in Total Net Debt

The Group continued to maintain tight control over Capital
Expenditures, which stood at EUR46 million in the third quarter
of 2004, and on its Operating Working Capital, which stood at
13.6% of net sales, in line with the Group's objective.

The Group's free cash flow, including capital expenditures and
EUR27 million of cash restructuring, stood at EUR44 million for
the third quarter of 2004, before impact of securitization of
receivables.

Net Debt stood at EUR2,048 million at the end of September,
compared with EUR2,385 million at the end of June 2004.  Total
Net Debt, which includes off-balance sheet items, stood at
EUR2,512 million, down 14% compared with June 2004.

The Group's current liquidity (including available bank
facilities) rose to EUR1,041 million in the third quarter of
2004, up from EUR778 million as of June 30, 2004.

Completion of the first two stages in the recovery plan and
progress in the cost-cutting program, in line with Group
targets:

(a) Consolidation of the Group's medium-term financing:
    Completed

    In line with its commitment in this area, the Group has
    successfully completed its refinancing plan and secured its
    medium-term liquidity until 2006.

(b) Refocusing of the business portfolio: Completed

    The sale of the North American phosphates activity to Bain
    Capital and the European phosphates business to Thermphos,
    finalized during the third quarter, enabled Rhodia to
    complete its asset divestiture program launched nine months
    ago.

    Proceeds from divestitures, net of adjustments for
    Divestment expenses and taxes, stand at approximately EUR760
    million and substantially exceed the target of EUR700
    million set for 2004.

(c) Streamlining of Group structures and cost-cutting program:
    on Schedule.

    The restructuring plan adopted by the Group in 2003 is
    proceeding according to schedule.

    At the end of September 2004, 48% of the two-year social
    plan for reorganizing the support functions had been
    completed (more than 600 of 1,329 jobs eliminated
    worldwide).

    At the same time, the industrial restructuring pursued by
    the different Enterprises is proceeding according to target
    with action plans widely underway in Polyamide, PPA, RPS and
    RE3S.

Outlook

The main features of the business environment remain the high
price of raw materials and continued uncertainty on exchange
rates.  The Group's operating performance during the full year
will reflect the impact of divestitures finalized in 2004.

The Group, supported by anticipated steady volumes and the full
effect of its pricing initiatives in the fourth quarter,
confirms that its EBITDA before restructuring for the full year
2004 should improve compared with 2003, on the same basis
(constant structure and exchange rates).

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

Financial statements are available free of charge at:
http://bankrupt.com/misc/RhodiaSA_3Q2004.htm

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          or
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25
          or
          North America
          David Klucsik
          Phone: 609-860-3616
          or
          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


STEPHANE KELIAN: Seeks Redundancy of 80 Employees
-------------------------------------------------
Shoe manufacturer Stephane Kelian plans to reduce its 387-strong
workforce by 80, as it forecasts a net loss this year, Les Echos
says.

Managing director Patrick Engler said the group must cut jobs to
align the size of its workforce with its sales volume.  Mr.
Engler says Stephane Kelian has been recording stock surplus due
to overproduction.  This, he said, would cause rock-bottom
prices when the products are sold at discount outlets.  Mr.
Engler said there would be further cuts unless the market
recovers.  The company will present the redundancy plan to the
works council on November 3 in Paris.

The company predicts a EUR4 million net loss this year.
Stephane Kelian manufactures and markets shoes, handbags and
other leather goods under the brand names Stephane Kelian,
Mosquitos, Maud Frizon and Kelian studio.

CONTACT:  STEPHANE KELIAN
          Avenue Robert Schuman
          26300 Bourg de Peage
          Phone: +33 4 75 05 54 32
                 +33 4 75 72 47 98
          Web site: http://www.stephane-kelian.fr


TATI: Alice Media Stores, Boxer Acquire Five Unsold Stores
----------------------------------------------------------
Retailers Boxer and Alice Media Stores have been chosen as new
owners of Tati's remaining five outlets, which textile group
Vetura did not acquire in August, La Tribune says.

Tati Administrator Denis Facques said Wednesday the winning
bidders would take over the five outlets in Paris, Strasbourg
and Bordeaux.  Vetura acquired Tati's 23 stores in August after
offering EUR14.5 million.

Blaming stiff competition in the fashion sector, Tati filed a
declaration of suspension of payments in August 2003 before
being placed in receivership a month later.  Tati booked EUR14
million in net loss for the 2003-2004 fiscal year, which ended
June 30, 2004.

CONTACT:  TATI
          4 Boulevard Rochechouart
          75018 Paris 18
          Phones: 01 55 29 50 00
                  01 58 22 28 90
                  01 56 80 06 80
                  01 53 80 97 70
                  01 53 01 24 90
          E-mail: contact@tati.fr
          Web site: http://www.tati.fr

          ALICE MEDIA STORE
          Avenue Des Quarante Journaux
          33300 Bordeaux
          Phone: 05 56 69 18 09


VIVENDI UNIVERSAL: Closes Sale of UCI Cinemas
---------------------------------------------
Vivendi Universal (Paris: 12777 and NYSE:V) and Viacom have sold
the European operations of the UCI Cinemas group (U.K., Ireland,
Germany, Austria, Spain, Portugal and Italy) to Terra Firma for
a price of EUR270 million in debt.  Vivendi Universal and Viacom
each owned 50% of UCI Cinemas.  The UCI group's 50% stake in UCI
Japan was sold separately for an additional EUR45.6 million to
Sumitomo Corporation.

CONTACT:  VIVENDI UNIVERSAL S.A.
          Media
          Paris
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80
          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82
          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86
          or
          New York
          Flavie Lemarchand-Wood
          Phone: +(212) 572 1118
          or
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


VIVENDI UNIVERSAL: 'BB+' Rating Withdrawn After Loan Payments
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' corporate
credit rating on U.S.-based media company Vivendi Universal
Entertainment LLLP and its 'BBB-' senior secured bank loan
rating following the repayment of the rated bank debt with
unrated, unsecured bank loans.  The ratings are removed from
CreditWatch, where they were placed September 3, 2003.

Standard & Poor's had previously said that the ratings on VUE
would be withdrawn, once the debt was refinanced by VUE
following its becoming a 95%-owned subsidiary of unrated NBC
Universal -- NBCU -- which is 80%-owned by General Electric
Company; GE; AAA/Stable/A-1+).  NBC Universal was created
following the merger of Vivendi Universal S.A. (BBB-/Stable/A-3)
subsidiary VUE with GE's fully owned media subsidiary NBC.

"We believe that, if rated, NBC Universal would have strong
potential for an investment-grade corporate credit rating,
especially as an entity 80%-owned by GE," said Standard & Poor's
credit analyst Robert Schulz, "given that it has reported pro
forma 2003 revenues of more than $13 billion, annual EBITDA of
about $3 billion, and operating margins that should be above
average for major media and entertainment companies in the U.S."

CONTACT:  VIVENDI UNIVERSAL S.A.
          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          Or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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


BRIX GEBAUDEREINIGUNG: First Creditors' Meeting Set End-November
----------------------------------------------------------------
Creditors and other parties interested in Brix Gebaudereinigung
GmbH are encouraged to attend a meeting on Nov. 25, 2004, 9:30
a.m. at AG Stuttgart, Hauffstr. 5, EG, Saal 4 for the
administrator's first insolvency proceedings report.  Brix has
been under bankruptcy proceedings since Oct. 1.

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:  BRIX GEBAUDEREINIGUNG GMBH
          Contact:
          Gunther Brix, Bockinger Str. 32, 70437 Stuttgart

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


BSP-DATEN: Creditors to Meet Later this Month
---------------------------------------------
Creditors and other interested parties in BSP-Daten &
Telekommunikationssysteme GmbH are encouraged to attend a
meeting on Nov. 23, 2004 11:00 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 for the administrator's first insolvency
proceedings report.  BSP-Daten sells and installs data systems
and telecommunication systems.  It has been under bankruptcy
proceedings since September 8.

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:  BSP-DATEN & TELEKOMMUNIKATIONSSYSTEME GMBH
          Vorgebirgsstr. 15 b, 50389 Wesseling
          Contact:
          Tanja Spielmann, Manager
          Finkenweg 4 c, 51503 Rosrath
          Heinrich Porschen, Manager
          Im Gradessengarten 36, 50374 Erftstadt

          Dirk-Henning Tonnesmann, Insolvency Manager
          Josef-Ruhr-Str. 30, 53879 Euskirchen
          Phone: 02251/65081-22
          Fax: +4922516508125


CELANESE AG: Moody's Affirms Ratings; Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of BCP Caylux
Holdings Luxembourg S.C.A. following the announcement of the
acquisition of Acetex Corporation for roughly US$525 million.

Concurrently, the rating of Celanese AG's subsidiary, CNA
Holdings 3 LLC, was also affirmed, as well as that of Crystal
U.S. Holdings 3 LLC.  The outlook is changed to negative.

The ratings affirmed are:

(a) Crystal U.S. Holdings 3 LLC's/Crystal U.S. Sub 3
    Corporation

     (i) Senior discount notes, US$513 million due 2014 (US$500
         million current value) - Caa2,

    (ii) Senior Implied - B1,

   (iii) Senior Unsecured Issuer Rating -- Caa2;


(b) BCP Caylux Holdings Luxembourg S.C.A.

     (i) Guaranteed senior secured revolver, EUR313 million
         (US$380 million) due 2009 -- Ba3,

    (ii) Guaranteed senior secured credit-linked revolving
         facility, EUR187 million (US$228 million) due 2009 -
         Ba3,

   (iii) Guaranteed senior secured term loan B, EUR500 million
         (US$608 million) due 2011 - Ba3,

    (iv) Guaranteed senior secured term loan C, EUR350 million
         (US$424 million) due 2011 - B2,

     (v) Guaranteed senior subordinated notes, EUR1,244 million
         (US$1,465 million) of U.S. dollar and Euro denominated
         notes due 2014 - B3; and


(c) CNA Holdings Inc.

    Senior unsecured - B1.

Moody's said:: "These actions reflect the assumptions that BCP
will increase the size of its securitized bank and term loan
facilities to finance this acquisition; and that Acetex's debt
may remain outstanding given the current price of the notes,
even though BCP will be required to conduct a 'Change of
Control' tender."

The ratings have a negative outlook due to the expected
substantial increase in debt at the combined entities -- roughly
US$1.3 billion -- relative to initial financing plan for BCP, as
well as the ability to add additional debt to support further
transactions.

Moody's also affirmed the ratings of Acetex Corporation's senior
unsecured debt at B2, as well as its stable outlook.

BCP Caylux is the majority owner of Celanese and a subsidiary of
Crystal U.S.

CONTACT:  Celanese AG
          Corporate Center
          Frankfurter Strasse 111
          61476 Kronberg/Taunus
          Germany
          Phone: +49-(0)69-305-16000
          Fax: +49-(0)69-305-16006
          Web site: http://www.celanese.com


CONZELMANN MODELLSPIELWAREN: Administrator's Report Out December
----------------------------------------------------------------
Creditors and other interested parties in Conzelmann
Modellspielwaren GmbH are encouraged to attend a meeting on Dec.
2, 2004, 10:00 a.m. at AG Stuttgart, Hauffstr. 5, EG, Saal 4
Hauffstr. 5, EG, Saal 4 for the administrator's first insolvency
proceedings report.  Conzelmann has been under bankruptcy
proceedings since Oct. 1.

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:  CONZELMANN MODELLSPIELWAREN GMBH
          Contact:
          Klaus Conzelmann, Manager
          Gotthilf-Bayh-Str. 34, 70736 Fellbach

          Dr. Helmut Hemmerling, Insolvency Manager
          Talstr. 108, 70188 Stuttgart
          Phone: 0711/168670
          Fax: 0711/461038


COPY-PARTNERS: Creditors' Claims Due This Month
-----------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Copy-Partners Buromaschinen Handelsgesellschaft mit
beschrankter Haftung on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 16, 2004 to register their claims with
court-appointed provisional administrator Haro Helms.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 4, 2004, 10:15 a.m. Saal 115, Gerichtshaus
(Neubau), Ostertorstr. 25-31, 28195 Bremen at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Dec. 9, 2004, 10:00 a.m. at the same
venue.

CONTACT:  COPY-PARTNERS BUROMASCHINEN HANDELSGESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Universitatsallee 5, 28359 Bremen
          Contact:
          Karin Krapp, Manager
          Otterweg 39, 26123 Oldenburg

          Haro Helms, Insolvency Manager
          Schillerstr. 10, 28195 Bremen
          Phone: 0421/337790
          Fax: 0421/3377933


CROSS-FADE: Sets Creditors' Meeting December
--------------------------------------------
Creditors and other interested parties in Cross-fade GmbH are
encouraged to attend a meeting on Dec. 9, 2004, 10:00 a.m. at AG
Stuttgart, Hauffstr. 5, EG, Saal 4 for the administrator's first
insolvency proceedings report.  Cross-fade has been under
bankruptcy proceedings since Oct. 1.

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:  CROSS-FADE GMBH
          Contact:
          Bernd Riebutsch, Manager
          Reinsburgstr. 97, 70197 Stuttgart

          Holger Blumle, Insolvency Manager
          Kriegsstr. 113, 76135 Karlsruhe
          Phone: 0721/919570
          Fax: 0721/91957-11


DISCOVERER REEDEREI: Under Bankruptcy Administration
----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Discoverer Reederei GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 21, 2004 to register their
claims with court-appointed provisional administrator Edgar
Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 11, 2004, 11:00 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on Jan. 13, 2005, 10:00 a.m.
at the same venue.

CONTACT:  DISCOVERER REEDEREI GMBH
          Marcusallee 9, 28359 Bremen
          Contact:
          Hanns-Werner Zuchold, Manager

          Edgar Gronda, Insolvency Manager
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


GEBRUDER WAGSCHAL: Bremen Court Appoints Administrator
------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Gebruder Wagschal GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 21, 2004 to register their
claims with court-appointed provisional administrator Edgar
Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 11, 2004, 11:30 a.m. Saal 115, Gerichtshaus
(Neubau), Ostertorstr. 25-31, 28195 Bremen at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Jan. 13, 2005, 10:10 a.m. at the same
venue.

CONTACT:  GEBRDER WAGSCHAL GMBH
          Karl-Bucher-Str. 5, 28307 Bremen
          Contact:
          Karsten Lehrke, Manager
          Letheblick 2, 26203 Wardenburg

          Edgar Gronda, Insolvency Manager
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


H. KURT: Creditors Have Until this Month to File Claims
-------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against H. Kurt Personaldienst- u. Industriemontage GmbH on Oct.
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Nov. 23,
2004 to register their claims with court-appointed provisional
administrator Stefanie Luthje.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 4, 2004, 9:50 a.m. at Saal 115, Gerichtshaus
(Neubau), Ostertorstr. 25-31, 28195 Bremen at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Dec. 16, 2004, 10:40 a.m. at the same
venue.

CONTACT:  H. KURT PERSONALDIENST- U. INDUSTRIEMONTAGE GMBH
          Gustav-Adolf-Str. 13, 28217 Bremen (38 HRB 17946)
          Contact:
          Huseyin Kurt, Manager
          Zietenstr. 14, 28217 Bremen

          Stefanie Luthje, Insolvency Manager
          Ostertorsteinweg 74/75, 28203 Bremen
          Phone: 792570
          Fax: 7925757


INFINEON TECHNOLOGIES: Considering Sale of Infineon Ventures?
-------------------------------------------------------------
Infineon Technologies AG is rumored to be selling its venture
funding business, despite indication the sector is picking up.

According to The Deal, CFO Peter Fischlof allegedly informed
managers of Infineon Ventures of the impending sale on October
19.  The move is ostensibly part of the new management strategy
to focus on the chipmaker's core businesses.  Secondary fund
managers, who talked to The Deal, confirmed the portfolio is
indeed for sale and that interest in acquiring it is high.

Founded in 1998 and managed by Ralf Schnell, Infineon Ventures
holds a portfolio worth EUR150 million, a remnant of Infineon's
vigorous investments in start-ups during the dotcom boom.  It
currently holds stakes in 35 companies.  In recent months,
however, the unit sold Milpitas, California-based Nutool Inc. to
ASM International N.V. of Bilthoven, the Netherlands; and Santa
Clara, California-based MediaQ Inc. to Nvidia Corporation, also
of Santa Clara.

Infineon spokesman Gunter Gaugler, reached by The Deal to verify
the rumored sale, would only confirm that Infineon Ventures will
discontinue investments "going forward."  He did not elaborate.

"It is not because of a failure of the venture strategy, nor is
it a reflection of poor quality firms in the portfolio," a
Munich-based private equity executive familiar with the Infineon
Ventures business told The Deal when asked what could be the
reason for the sale.

A recent survey by the European Venture Capital Association
shows the sector is again on the rise.  Accordingly, investments
rose 40% in 2003 from the prior year to EUR470 million.

CONTACT:  Infineon Ventures GmbH
          St.-Martin-Strasse 53
          81669 Munchen
          Phone: 0 89/2 34-5 33 80
          Fax: 0 89/2 34-2 74 83
          E-mail: ventures@infineon.com
          Web site: http://www.infineonventures.com/


ING BHF: Ships 1,400 Corporate Clients to HVB Group
---------------------------------------------------
ING Groep N.V. (NYSE: ING [ADR]), the Netherlands' biggest
financial-services company, sold part of the corporate-customer
business of ING BHF-Bank AG to the HVB Group (German: HVM).

Sold for an undisclosed sum, the portfolio consists of 1,400
clients based in North-Rhine-Westphalia, the Rhine-Main area and
Berlin and is worth about EUR2 billion, according to Bloomberg
News.  The acquisition is part of HVB's effort to revive growth
following a business overhaul that forced the No.2 German bank
to sell US$4 billion in assets and axe 11,000 employees.

"HVB is trying to look for growth again after dealing with all
the problems they had in the past," Carsten Werle, an analyst at
WestLB in Dusseldorf, Germany, who has a "neutral'" rating on
HVB's shares, told Bloomberg.

The transaction will be completed in the first half of next
year.  HVB currently has loans of EUR54.2 billion to mid-sized
corporate clients in Germany.

"The takeover of the portfolio of ING BHF-Bank gives us an
excellent opportunity to attract new customers in different
industries and increase our market share in some German states,"
Michael Mendel, HVB management board member in charge of
Germany, said in a statement.

ING Groep has been selling assets in Asia, Australia and Europe
to free up funds to invest in such areas as insurance and phone
and Internet banking.  In September, it agreed to sell BHF-Bank
to family-owned bank Sal. Oppenheim Jr. & Cie KgaA for an
undisclosed price, its second attempt to dispose of the business
in two months, says Bloomberg.  The deal, however, did not
include BHF's mortgage banking business, which the Dutch parent
intends to keep along with the London branch and the overdue
loan portfolio.

"The goal of the bank is to concentrate on about 250 corporate
clients that need a whole portfolio of our services, such as
advisory, rather than just loans.  With the sale of this loan
portfolio we have come a big step closer to our restructuring
goal," BHF-Bank spokesman Juergen Heine said in a telephone
interview with Bloomberg.

Acquired by ING Groep in stages in the late 1990s for EUR3.6
billion, BHF-Bank booked a net income of EUR50 million in the
first half, a 180-degree turn from last year's net loss of EUR95
million, which forced it cut 275 jobs and close 11 branches in
corporate lending.

CONTACT:  ING BHF-Bank AG
          Web site: http://www.ing-bhf-bank.com/

          ING Groep N.V.
          ING House, Amstelveenseweg 500
          1081 KL Amsterdam, The Netherlands
          Phone: +31-20-54-15-411
          Fax: +31-20-56-35-700
          Web site: http://www.ing.com

          Bayerische Hypo- und Vereinsbank Aktiengesellschaft
          Am Tucherpark 16
          80538 Munich, Germany
          Phone: +49-89-378-0
          Fax: +49-89-378-27784
          Web site: http://www.hvbgroup.com


KIESWERK ILLINGEN: Creditors Have Until Next Week to File Claims
----------------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Kieswerk Illingen Gesellschaft mit beschrankter Haftung
GmbH & Co KG on Sept. 28.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Nov. 9, 2004 to register their claims with court-
appointed provisional administrator Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 10:50 a.m. at AG Stuttgart,
Hauffstr. 5, EG, Saal 4 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  KIESWERK ILLINGEN GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG GMBH & CO KG
          (HRA 318, AG Rastatt)
          Am Goldkanal, 76477 Elchesheim-Illingen
          Contact:
          Lore Schauffele, Manager
          Dr. Volker Viniol, Insolvency Manager
          Danneckerstr. 52, 70182 Stuttgart
          Phone: 0711/238890


KMR-HOTELBETRIEBS: Claims Deadline Nears
----------------------------------------
The district court of Essen opened bankruptcy proceedings
against KMR-Hotelbetriebs GmbH on Oct. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 8, 2004 to register their
claims with court-appointed provisional administrator Georg F.
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 23, 2004, 10:15 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 291 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:  KMR-HOTELBETRIEBS GMBH
          Echstenkamperweg 7, 45277 Essen

          Georg F. Kreplin, Insolvency Manager
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


MG TECHNOLOGIES: Subsidiary Wins EUR35 Mln Deal from AVA
--------------------------------------------------------
Lurgi Lentjes AG a subsidiary of mg technologies AG, has won a
contract to expand the capacity of a waste incineration plant in
Frankfurt am Main.  The customer is the Frankfurt-based plant
operator AVA Nordweststadt GmbH.  The order is worth roughly
EUR35 million and involves the construction of a fourth waste
incineration line.

As part of the plant's comprehensive refurbishment, Lurgi
Lentjes last year won a contract worth EUR167 million to build
the first three incineration lines and retool the adjoining
thermal power station.

The construction of the first two incineration lines will be
completed in mid-2006, and the other two lines are scheduled to
be brought on stream in 2008.  In the modernized plant, the
power generated from the incineration of roughly 450,000 tons of
residual waste per year will be used to generate electricity and
supply the north-west of Frankfurt with thermal energy.  To
refurbish the plant, Lurgi Lentjes will use cutting-edge
technology to ensure that the waste is disposed of in an
environmentally friendly way and that legally prescribed
emissions limits are strictly complied with.

Lurgi Lentjes has previous experience of projects involving heat
and power generation with gas-turbine and steam-turbine power
plants and also has proprietary technologies and processes in
the fields of incineration in circulating fluid-bed power
plants, the conversion of residual and waste materials into
usable energy and the reduction of air pollution.  As a world
leader in technology, this plant engineering company combines
efficient waste disposal with resource-efficient power
generation.

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% 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


RISS KIESWERK: Under Bankruptcy Administration
----------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Riss Kieswerk Obersulmetingen GmbH & Co. KG on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 9, 2004 to
register their claims with court-appointed provisional
administrator Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 11:10 a.m. AG Stuttgart, Hauffstr.
5, EG, Saal 4 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  RISS KIESWERK OBERSULMETINGEN GMBH & CO. KG
          (HRA 502, AG Biberach a.d.R.), 88464 Laupheim

          KIESWERK OBERSULMETINGEN GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Ulmer Str. 255, 70327 Stuttgart

          Dr. Volker Viniol, Insolvency Manager
          Danneckerstr. 52, 70182 Stuttgart
          Phone: 0711/238890


=============
I R E L A N D
=============


EIRCOM PLC: Providence Equity Sells 27.7 Million Shares
-------------------------------------------------------
Morgan Stanley Securities Limited and J&E Davy have entered into
an agreement with entities affiliated to funds managed by
affiliates of Providence Equity Partners Inc. and have agreed to
place 27.7 million shares of eircom Group plc with institutional
investors.

This announcement is for information purposes only and does not
constitute an offer or invitation to acquire or dispose of any
securities in the United States, the United Kingdom, Ireland or
any other jurisdiction.

                            *   *   *

Eircom reported adjusted EBITDA of EUR156 million for the first
quarter, up 10% due to improved gross margins and lower
operating costs.  Operating profit before restructuring program
costs was up 86% to EUR65 million, and operating margin of 16%,
up from 9%.

Accelerated ongoing reorganization led to a charge of EUR48
million in Q1 to reduce headcount by c. 400.

CONTACT:  MORGAN STANLEY
          Michael Schaftel
          Phone: +44 20 7425 9523
          E-mail: Michael.Schaftel@morganstanley.com

          DAVY
          David Smith
          Phone: +353 1 614 8962
          E-mail: david.smith@davy.ie


ELAN CORPORATION: Subsidiary Purchasing up to US$351 Mln Notes
--------------------------------------------------------------
Elan Corporation, plc announced that its wholly owned
subsidiary, Elan International Services Ltd. (EIS), on Thursday
commenced a cash tender offer to purchase up to US$351,000,000
(of US$390,000,000) in aggregate principal amount of Series B
Guaranteed Notes (PPN: G2954# AB7) and Series C Guaranteed Notes
(PPN: G2954# AC5) issued by Elan Pharmaceutical Investments III,
Ltd., a wholly-owned subsidiary of Elan.

In connection with the Tender Offer, Elan is soliciting consents
from the holders of at least a majority in aggregate principal
amount of the Notes to proposed amendments to the guarantee
agreement governing Elan's guarantee of the Notes and under
certain provisions of the indenture governing the 6.50%
Convertible Guaranteed Notes issued by Elan Capital Corporation
Ltd. and guaranteed by Elan that will effectively waive
compliance with all covenants contained in indenture that
restrict certain activities of Elan and its subsidiaries without
the prior consent of a majority in aggregate principal amount of
the outstanding Notes.  Holders cannot tender their Notes
without delivering their Consents.

The Tender Offer and Consent Solicitation are being made
pursuant to an Offer to Purchase and Consent Solicitation
Statement, dated October 28, 2004, and related documents, which
set forth the complete terms and conditions of the Tender Offer
and Consent Solicitation.  The Tender Offer and Consent
Solicitation will expire at 12:00 midnight, New York City time,
on November 26, 2004, unless extended or earlier terminated (the
Expiration Time).

Subject to the terms and conditions of the Tender Offer and the
Consent Solicitation, holders who properly tender their Notes
prior to 12:00 midnight, New York City time, on November 10,
2004, unless extended or earlier terminated (the Early Tender
Deadline), will receive total consideration of US$1,013.50 per
US$1,000 principal amount of Notes tendered and accepted for
payment.  The total consideration includes an early tender
premium of US$13.50 per US$1,000 principal amount of Notes
tendered and accepted for payment.  Holders who properly tender
their Notes after the Early Tender Deadline but prior to the
Expiration Time will receive only the tender consideration of
US$1,000 per US$1,000 principal amount of Notes tendered and
accepted for payment.  In either case, holders will receive
accrued and unpaid interest on Notes tendered and accepted for
payment to, but not including, the applicable settlement date.

If Notes representing at least a majority in aggregate principal
amount of the Notes outstanding are tendered and accepted for
payment, each holder of Notes will be paid a consent payment of
US$5.00 per US$1,000 principal amount of Notes held by the
holder, even if the holder does not tender any Notes.

If holders tender Notes having an aggregate principal amount
greater than US$351,000,000, EIS will purchase tendered Notes on
a pro rata basis.  Notes tendered may not be withdrawn, and
Consents received may not be revoked, after the Early Tender
Deadline.

The Tender Offer and Consent Solicitation are subject to the
satisfaction of certain conditions, including (i) the receipt of
tenders and Consents from at least a majority in aggregate
principal amount of the Notes outstanding and (ii) the
concurrent completion of a debt financing on terms acceptable to
Elan.  These conditions are in addition to the other conditions
set forth in the Tender Documents.

Elan and EIS have engaged Morgan Stanley & Co. Incorporated to
act as dealer manager in connection with the Tender Offer and
solicitation agent in connection with the Consent Solicitation.
Questions regarding the Tender Offer and Consent Solicitation
and requests for additional Tender Documents should be directed
to Morgan Stanley at (800) 624-1808 (toll free) or (212) 761-
1941 (collect), Attention Francesco Cipollone. The Depositary is
The Bank of New York.  This press release is for informational
purposes only and does not constitute an offer to purchase, or
the solicitation of an acceptance of the Tender Offer or the
Consent Solicitation with respect to, the Notes.  The Tender
Offer and Consent Solicitation are being made only pursuant to
the Tender Documents.

About Elan

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

CONTACT:  ELAN CORPORATION, PLC
          Investor Relations:
          Emer Reynolds
          Phone: 353-1-709-4000
          Phone: 800-252-3526
          or
          Media Relations:
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


ELAN CORPORATION: Offering US$850 Million Senior Notes
------------------------------------------------------
Elan Corporation, plc announced that its wholly owned
subsidiaries, Elan Finance public limited company and Elan
Finance Corporation, intend to offer, subject to market
conditions, US$850 million in aggregate principal amount of
senior fixed rate notes due 2011 and senior floating rate notes
due 2011.  The notes will be offered in the United States only
to qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933, as amended, and to non-U.S. persons
in accordance with Regulation S under the Securities Act.

The net proceeds from the offering will be used to fund a tender
offer by Elan International Services Ltd., a wholly-owned
subsidiary of Elan, to purchase up to US$351 million in
aggregate principal amount of Series B Guaranteed Notes and
Series C Guaranteed Notes issued by Elan Pharmaceutical
Investments III, Ltd., a wholly-owned subsidiary of Elan, and
guaranteed by Elan, and the consent payment provided for in the
related consent solicitation by Elan, and for working capital
and other general corporate purposes.

The offering is conditioned upon completion of the consent
solicitation, which requires acceptance by holders of a majority
in aggregate principal amount of the Series B and Series C
Guaranteed Notes.

The notes have not been registered under the Securities Act or
any state securities laws and may not be offered or sold in the
United States or to U.S. persons absent registration under, or
an applicable exemption from, the registration requirements of
the Securities Act and applicable state securities laws.

About Elan

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

CONTACT:  ELAN CORPORATION, PLC
          Investor Relations:
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526
          or
          Media Relations:
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


ELAN CORPORATION: Third-quarter Net Loss Jumps to US$109 Mln
------------------------------------------------------------
Elan Corporation, plc announced its third quarter 2004 results
and provided a business update.

Commenting on Elan's business, Kelly Martin, Elan's president
and chief executive officer, said: "All of our energies are
focused on delivering our science to patients with unmet medical
needs.  Today, our emphasis on preparing for a successful launch
of Antegren in multiple sclerosis exemplifies our commitment to
bringing innovative therapies from the lab to patients around
the world."

Commenting on Elan's third quarter results, Shane Cooke,
executive vice president and chief financial officer, said: "We
continued to report net losses this quarter as we resolve
outstanding legacy issues, streamline the balance sheet and,
most importantly, invest for a successful launch of Antegren and
Prialt.  We are optimistic that the dedication, commitment and
financial resources we have invested in these products will be
reflected in a return to profitability in the 2006 timeframe."

        Unaudited Consolidated U.S. GAAP Income Statement Data

  Three Months                                      Nine Months
     Ended                                             Ended
  September 30                                     September 30
   2003    2004                                     2003    2004
   US$m    US$m                                     US$m    US$m

                Revenue
115.0    85.7  Product revenue                    460.5   302.0
  16.2    15.4  Contract revenue                   86.9    55.8
------- -------                                  ------- -------
131.2   101.1  Total revenue                     547.4   357.8
------- -------                                  ------- -------

                Operating Expenses
  59.1    39.8  Cost of goods sold                195.0   122.3
  66.9    55.5  Research and development          218.4   185.9
  81.3    77.8  Selling, general
                 and administrative               309.0   232.8

                Net loss/(gain) on divestment of
   5.7    (5.6)  businesses                      (245.0)  (40.6)
                Recovery plan and other significant
  21.2    55.5   charges                          246.6    61.5
------- -------                                 ------- -------
234.2   223.0  Total operating expenses          724.0   561.9
------- -------                                 ------- -------
(103.0) (121.9) Operating loss                   (176.6) (204.1)
------- -------                                 ------- -------

                Net Interest and Investment Gains and
                 (Losses) (See page 11)
(22.7)  (24.0) Net interest expense              (72.4)  (72.3)
  58.4     2.8  Investment gains                  132.1    61.2
(15.4)   (1.5) Investment losses and other       (71.3)  (95.3)
------- -------                                  ------- -------
                Net interest and investment gains and
  20.3   (22.7)  (losses)                         (11.6) (106.4)
------- -------                                  ------- -------

                Net loss from continuing operations
(82.7) (144.6)  before tax                      (188.2) (310.5)
  (6.4)    6.9  Provision for tax                 (14.4)    5.1
------- -------                                  ------- -------
                Net loss before discontinued
(89.1) (137.7)  operations                      (202.6) (305.4)
                Net income/(loss) from discontinued
  (1.9)   29.9   operations (See page 15)           1.4    17.8
------- -------                                  ------- -------
(91.0) (107.8) Net loss                         (201.2) (287.6)
======= =======                                  ======= =======

                Basic and diluted net loss per
(0.26)  (0.28)  ordinary share                   (0.57)  (0.74)
                Weighted average number of basic and
                 diluted ordinary shares outstanding
350.2   391.1   (in millions)                     350.0   389.1

          Unaudited Non-GAAP Financial Information - EBITDA

   Three Months       Non-GAAP Financial Information Nine Months
     Ended             Reconciliation Schedule           Ended
  September 30                                     September 30
   2003    2004                                     2003    2004
   US$m    US$m                                     US$m    US$m


                EBITDA
(103.0) (121.9) Operating loss                   (176.6) (204.1)
  30.7    29.8  Depreciation and amortization     102.9    93.3
(14.7)  (13.5) Amortized fees                    (72.4)  (37.0)
    --      --  Milestones received and deferred     --     7.0
------- -------                                  ------- -------
(87.0) (105.6) EBITDA                           (146.1) (140.8)
======= =======                                  ======= =======

  Three Months       Non-GAAP Financial Information  Nine Months
     Ended             Reconciliation Schedule             Ended
  September 30                                      September 30
   2003    2004                                     2003    2004
   US$m    US$m                                     US$m    US$m

                EBITDA before net gains on divestment
                 of businesses, recovery plan and
                 other significant charges
(103.0) (121.9) Operating loss                   (176.6) (204.1)
  30.7    29.8  Depreciation and amortization     102.9    93.3
(14.7)  (13.5) Amortized fees                   (72.4)  (37.0)
    --      --  Milestones received and deferred      --     7.0
                Net (gain)/loss on divestment of
   5.7    (5.6)  businesses                      (245.0)  (40.6)
                Recovery plan and other significant
  21.2    55.5   charges                          246.6    61.5
------- -------                                 ------- -------
                EBITDA before net gains on divestment
                 of businesses, recovery plan and
                 other significant charges (See page
(60.1)  (55.7)  9)                              (144.5) (119.9)
======= =======                                  ======= =======

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/Elan_3Q2004.htm

CONTACT:  ELAN CORPORATION, PLC
          Investor Relations:
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526
          or
          Media Relations
          Anita Kawatra
          Phone: 212-407-5755
                 800-252-3526


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


CIRIO FINAZIARIA: Probe on Former Sanpaolo IMI Execs Begins
-----------------------------------------------------------
Roman prosecutors will probe two former heads of banking group
Sanpaolo IMI regarding the bankruptcy of food group Cirio, I
Sole 24 Ore says.

Rainer Masera and Luigi Maranzana, Sanpaolo's former chairman
and chief executive respectively, will face allegations that
they played a part in Cirio's bankruptcy through different
illegal transactions.

Prosecutors accused Mr. Masera and Mr. Maranzana of taking
illegal steps to recover EUR80 million in debt from Cirio
between 2000 and 2002, when the men held their post.  Sanpaolo
allegedly recovered the food group's debts through selling high-
risk bonds issued by Cirio's international financial holding
companies to its own retail customers.  Sanpaolo allegedly made
the transactions without disclosing any conflict of interest or
informing buyers of the bonds' risk level.

Prosecutors will also look on Sanpaolo's participation in a
EUR76.2 million-syndicated loan to Cirio, which covered the
group's former debts, thus worsening its finances and violating
the principle of parity among creditors.

Prosecutors are investigating around 43 personalities regarding
the demise of Cirio.  They hope to complete the probe next
month.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani,
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it

          SANPAOLO IMI S.p.A.
          Piazza San Carlo 156
          10121 Turin, Italy
          Phone: +39-011-5551
          Fax: +39-011-555-2989
          Web site: http://www.sanpaolo.it


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


ISPAT INTERNATIONAL: Ratings in Line for Possible Upgrade
---------------------------------------------------------
Moody's Investors Service has placed all the ratings of Ispat
Europe Group S.A. and Ispat International N.V. under review for
possible upgrade after an announced acquisition plan.

Ispat International, Ispat Europe's guarantor, recently said it
will acquire LNM Holdings N.V., subject among others, to the
approval of its shareholders.  The plan is for the ultimate
acquisition of International Steel Group Inc., by LNM, which by
then should have been renamed Mittal Steel Company N.V.  The
merger is expected to form world's largest steel-making company
with combined yearly production capacity of around 57 million
tons.

Ratings affected are:

(a) The B2 senior implied rating on Ispat Europe;

(b) The Caa1 unsecured issuer rating on Ispat Europe;

(c) The B3 rating on the EUR92.0 million 11.875% senior secured
    notes due 2011 issued by Ispat Europe; and

(d) The Caa1 unsecured issuer rating on Ispat International.

Moody's expects Ispat Europe's outstanding debt obligations to
benefit from the transaction.  It believes Ispat International,
for its part, will increase its scale of operations, improve
bargaining power with supplier and customer, and broadens its
geographical diversification.  It further thinks the enlarged
group would be able to benefit from a higher level of upstream
integration.

Ispat Europe is the European market leader in high quality wire
rods.

CONTACT:  ISPAT INTERNATIONAL N.V. (NYSE: IST [ADR])
          Hofplein 20, 15th Fl.
          3032 Rotterdam, The Netherlands
          Phone: +31-10-282-9465
          Fax: +31-10-282-9468
          Web site: http://www.ispat.com


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


UNITEDGLOBALCOM INC.: Corporate Credit Rating Affirmed at 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
UPC Distribution Holding B.V.'s EUR400 million tranche F senior
secured term loan due 2011.  A recovery rating of '3' was also
assigned to the loan, indicating the expectation for meaningful
recovery of principal (50%-80%) in the event of a default.
The new bank tranche is pari passu with company's EUR3.45
billion of existing senior secured bank facilities.

Existing ratings on parent UnitedGlobalCom Inc. (UGC) and
related entities, including the 'B' corporate credit rating,
were affirmed.  The outlook is stable.

Proceeds of the tranche F loan will be used to repay other
existing outstanding bank debt under the company's EUR3.45
billion bank facility, which could include up to EUR200 million
of borrowings outstanding under the revolving credit.  While
repayment of borrowings outstanding under the revolving credit
could increase the total commitment by up to about EUR200
million, such an increase is not material enough to change the
recovery prospects for the fully drawn loan, which would
increase to EUR3.650 billion.

"The ratings reflect Denver, Colo.-based cable television
operator UGC's significant business risk in its 11 European
cable markets, which represent the vast majority of its revenues
and EBITDA," said Standard & Poor's credit analyst Catherine
Cosentino.  Subsidiary UGC Europe Inc. emerged from bankruptcy
in September 2003.  The company relied heavily on debt to fund
the ambitious upgrade of its network to support aggressive
growth in its video, Internet, and telephony subscribers.
However, such growth failed to materialize.

While UGC's debt has been reduced to about US$4 billion as a
result of several debt restructurings, including at UPC Polska,
the company still remains relatively highly leveraged, at about
5.4x debt to second-quarter 2004 annualized EBITDA on an
operating lease-adjusted basis, excluding restructuring and
asset impairment charges, as well as stock-based compensation
credits, and before the acquisition of French cable TV operator
Noos (leverage is 5.1x including stock compensation credits).

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found at
http://www.standardandpoors.com.

CONTACT:  UNITEDGLOBALCOM INC.
          Richard S.L. Abbott
          Bert Holtkamp
          Investor Relations - Denver Corporate Communications
          Phone: (303) 220-6682
          Fax: + 31 (0) 20 778 9447
          E-mail: ir@unitedglobal.com
                  communications@ugceurope.com
          Web site: http://www.unitedglobal.com


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


CORUNDUM: Chemical Company Succumbs to Bankruptcy
-------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Corundum after finding the
Chernorechenskiy-based chemical company insolvent.  The case is
docketed as A43-15640/04-24-316.  Mr. A. Zakharov has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 603022, Russia, Nizhniy Novgorod, Krasnoselskaya
Str. 11B.

CONTACT:  CORUNDUM
          Russia, Dzerzhinsk,
          1 Maya Str. 1

          Mr. A. Zakharov
          Insolvency Manager
          603022, Russia,
          Nizhniy Novgorod,
          Krasnoselskaya Str. 11B


DRINKS OF PRIKAMYE: Declared Insolvent
--------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
proceedings against Drinks of Prikamye after finding the close
joint stock company insolvent.  The case is docketed as A50-
4010/2004-B.  Mr. A. Kotelnikov has been appointed insolvency
manager.  Creditors have until November 24, 2004 to submit their
proofs of claim to 614036, Russia, Perm, Leonova Str. 23, Office
1.

CONTACT:  DRINKS OF PRIKAMYE
          614600, Russia, Perm,
          Vasilyeva Str. 39

          Mr. A. Kotelnikov
          Insolvency Manager
          614036, Russia, Perm,
          Leonova Str. 23, Office 1


ENTERPRISE CORUNDUM: Names A. Zakharov Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Enterprise Corundum after finding
the open joint stock company insolvent.  The case is docketed as
A43-15639/04-24-329.  Mr. A. Zakharov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 603022, Russia, Nizhniy Novgorod, Krasnoselskaya Str. 11B.

CONTACT:  ENTERPRISE CORUNDUM
          Russia, Dzerzhinsk,
          1 Maya Str. 1

          Mr. A. Zakharov
          Insolvency Manager
          603022, Russia,
          Nizhniy Novgorod,
          Krasnoselskaya Str. 11B


FIRST OIL-BASE: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on limited liability company First Oil-
Base.  The case is docketed as A10-14379/04-49.  Ms. E.
Timofeyeva has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) First Oil-Base
    664025, Russia,
    Irkutsk, Marata Str. 38

(b) Temporary Insolvency Manager
    664025, Russia, Irkutsk,
    Post User Box 103

(c) The Arbitration Court Of Irkutsk Region
    Russia, Irkutsk, Gagarina Avenue, 70

A hearing will take place on January 19, 2005, 10:00 a.m.


HOUSE OF BOOK: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on limited liability company House of
Book.  The case is docketed as A40-40974/04-44-29B.  Mr. A.
Vernigorodskiy has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 101990, Russia,
Moscow, Lubyanskiy Proezd 5, Building 1, Office 306.  A hearing
will take place on February 4, 2005.

CONTACT:  HOUSE OF BOOK
          Russia, Moscow,
          Krasnaya Presnya Str. 14,
          Room 1

          Mr. A. Vernigorodskiy
          Temporary Insolvency Manager
          101990, Russia, Moscow,
          Lubyanskiy Proezd, 5,
          Building 1, Office 306


MAKUSHINSK-AGRO-PROM-KHIMIYA: Proofs of Claim Deadline Set
----------------------------------------------------------
The Arbitration Court of Kurgan region has launched bankruptcy
proceedings against Makushinsk-Agro-Prom-Khimiya after finding
the agricultural chemical company insolvent.  The case is
docketed as A34-269/02-s14.  Mr. L. Yartsev has been appointed
insolvency manager.   Creditors have until November 24, 2004 to
submit their proofs of claim to 640003, Russia, Kurgan, K.
Tsetkin Str. 2.

CONTACT:  MAKUSHINSK-AGRO-PROM-KHIMIYA
          Russia, Kurgan region,
          Makushino, Energetikov Str. 14

          Mr. L. Yartsev
          Insolvency Manager
          640003, Russia,
          Kurgan, K. Tsetkin Str. 2


NEW GRAIN: Novosibirsk Court Brings in Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy proceedings against New Grain Company (TIN
5407210949) after finding the limited liability firm insolvent.
The case is docketed as A45-5929/04-SB/77.  Mr. S. Zhukov has
been appointed insolvency manager.  Creditors have until
November 24, 2004 to submit their proofs of claim to 630087,
Russia, Novosibirsk, Post User Box 116.

CONTACT:  NEW GRAIN COMPANY
          630132, Russia,
          Novosibirsk, Chelyuskintsev Str. 15/1,
          Room 374

          Mr. S. Zhukov
          Insolvency Manager
          630087, Russia,
          Novosibirsk, Post User Box 116


NIZHEGOROD-GRAZHDAN-STROY: Court Sets Hearing Next Year
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on Bogorodskiy-based factory of
collapsible reinforced-concrete goods Nizhegorod-Grazhdan-Stroy.
The case is docketed as A43-188000/04-33-350.  Mr. V. Tokarenko
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 603003, Russia,
Nizhniy Novgorod, Pamirskaya Str. 11.  A hearing will take place
at 603082, Russia, Nizhniy Novgorod, Kreml 9, Room 309 on
January 25, 2005, 1:00 p.m.

CONTACT:  NIZHEGOROD-GRAZHDAN-STROY
          607600, Russia,
          Nizhniy Novgorod region,
          Bogorodsk, Lenina Str. 346a

          Mr. V. Tokarenko
          Temporary Insolvency Manager
          603003, Russia, Nizhniy Novgorod,
          Pamirskaya Str. 11
          Phone/Fax: 576718


PETUKHOVSKIY FOOD: Appoints S. Baranovskiy Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
proceedings against Petukhovskiy Food Combine after finding the
limited liability company insolvent.  The case is docketed as
A34-8169/03-s27.  Mr. S. Baranovskiy has been appointed
insolvency manager.  Creditors have until November 24, 2004 to
submit their proofs of claim to 640018, Russia, Kurgan, Post
User Box 3843.

CONTACT:  PETUKHOVSKIY FOOD COMBINE
          641640, Russia, Kurgan region,
          Petukhovo, R. Lyuksemburg Str. 2

          Mr. S. Baranovskiy
          Insolvency Manager
          640018, Russia,
          Kurgan, Post User Box 3843


SHAKHUNSKOYE BREAD: Declared Insolvent
--------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Shakhunskoye Bread Receiving
Enterprise after finding the open joint stock company insolvent.
The case is docketed as A43-1690/04-33-52.  Mr. Y. Evgrafov has
been appointed insolvency manager.  Creditors may submit their
proofs of claim to 603047, Russia, Nizhniy Novgorod, Rybtseva
Str. 1a, Apartment 89.

CONTACT:  SHAKHUNSKOYE BREAD RECEIVING ENTERPRISE
          Russia, Nizhniy Novgorod region,
          Shakhunya, Sovetskaya Square, 1

          Mr. Y. Evgrafov
          Insolvency Manager
          603047, Russia, Nizhniy Novgorod,
          Rybtseva Str. 1a, Apartment 89
          Fax: 341278


SLOBODSKAYA FACTORY: Names V. Shabalin Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kirov region has launched bankruptcy
proceedings against Slobodskaya Factory of Artistic Goods after
finding the close joint stock company insolvent.  The case is
docketed as A28-151/04-190/24.  Mr. V. Shabalin has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 610014, Russia, Kirov, Proizvodstvennaya Str. 28a.

CONTACT:  SLOBODSKAYA FACTORY OF ARTISTIC GOODS
          630150, Russia,
          Kirov region, Slobodskoy,
          Pervomayskaya Str. 51

          Mr. V. Shabalin
          Insolvency Manager
          610014, Russia, Kirov,
          Proizvodstvennaya Str. 28a


STANOVLYANSKIY CREAMERY: Court Sets Hearing Next Week
-----------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on municipal unitary enterprise
Stanovlyanskiy Creamery.  The case is docketed as A36-57-B/1-04.
Ms. L. Bogomazova has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

(a) Stanovlyanskiy Creamery
    399730, Russia, Lipetsk region,
    Stanovlyanskiy region, Stanovoye

(b) Temporary Insolvency Manager
    398059, Russia, Lipetsk,
    Post User Box 1252

(c) The Arbitration Court of Lipetsk Region
    398019, Russia, Lipetsk, Skorokhodova Str. 2

A hearing will take place on November 11, 2004.


SUROVISK-AGRO-PROM-KHIMIYA: Court Hearing Set Today
---------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on agricultural chemical
company Surovisk-Agro-Prom-Khimiya.  The case is docketed as
A12-17913/04-s58.  Mr. E. Li has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 404420, Russia, Volgograd region, Surovkino, Shosseynaya Str.
75.  The court has scheduled a hearing today.

CONTACT:  Mr. E. Li
          Temporary Insolvency Manager
     404420, Russia, Volgograd region, Surovkino,
          Shosseynaya Str. 75


TOLMACHEVO: Declared Insolvent
------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy proceedings against Tolmachevo after finding the fuel
filling company insolvent.  The case is docketed as A45-2573/04-
SB/22.  Mr. V. Bolkonskiy has been appointed insolvency manager.
Creditors have until November 24, 2004 to submit their proofs of
claim to 630099, Russia, Novosibirsk, Chaplygina Str. 92.

CONTACT:  TOLMACHEVO
          Russia, Novosibirsk region,
          Vesyegonsk, Sovetskaya Str. 120

          Mr. V. Bolkonskiy
          Insolvency Manager
          630099, Russia, Novosibirsk,
          Chaplygina Str. 92


VOLOGODSKOYE ENTERPRISE: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on close joint stock company Vologodskoye
Enterprise Hydro-Electro-Montazh.  The case is docketed as A13-
9105/04-22.  Mr. N. Ryabishin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 162000, Russia,
Vologda region, Cherepovets, Lenina Str. 80, Office 52.  A
hearing will take place at Russia, Vologda, Gertsena Str. 1a,
Room 218 on December 29, 2004, 10:00 a.m.

CONTACT:  VOLOGODSKOYE ENTERPRISE HYDRO-ELECTRO-MONTAZH
          Russia, Vologda, Lermontova Str. 27

          Mr. N. Ryabishin
          Temporary Insolvency Manager
          162000, Russia, Vologda region, Cherepovets,
          Lenina Str. 80, Office 52


YUKOS OIL: Authorities Lift Seizure of Bank Accounts
----------------------------------------------------
The Federal Tax Service of the Russian Federation has allowed
Yukos Oil access to its accounts in commercial banks to pay tax
bills.

Business daily Vedomosti reported it received a copy of a letter
sent by the Interregional Inspection Board to one of commercial
banks that service the oil major's accounts.

The Board reportedly said the earlier order to stop all
operations with the accounts does not concern tax payments.  As
such, court bailiffs may write off Yukos' tax debt from the
accounts within the next few days.  This will allow Yukos to pay
its tax debt for 2000.  Yukos has already paid US$3.2 billion
out of its US$3.4 billion tax bill for 2000.

A source in Yukos confirmed to the newspaper similar letters
have been sent to banks holding Yukos' accounts.  The banks
declined to comment.

In a separate report, PRIME-Tass economic news agency said Yukos
has already paid off more than half of its tax arrears for 2000
and 2001, which estimated at US$6.1 billion.  However, the
company will still have to pay RUB40 billion in penalty for
2001.

Yukos could receive a further tax bill for 2002 soon, according
to Vedomosti.  It cited sources saying the claim may be similar
for the two previous years.

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

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

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


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


SAEZ MERINO: Workers Okay Terms of Redundancy Plan
--------------------------------------------------
Staff of Saez Merino on Wednesday approved a redundancy package
proposed by management under a plan to shut down some of the
textiles firm's plants, Europe Intelligence Wire reports.

Saez Merino is planning to close its plants in Carcaixent and
Torrent in the autonomous region of Valencia, and cut 141 jobs
at its plant in Benaguasil, also in Valencia.

a preliminary agreement provides that workers made redundant
will be entitled to 45 days' salary per year of employment, with
a minimum of EUR5,000.  The compensation paid will amount to
EUR11.7 million.  Saez Merino will also have to invest EUR18
million to keep on 1,100 other workers and maintain activity.

The orders from the factories to be closed are being
subcontracted to firms in Morocco.


TERRA MITICA: Board of Directors Sanctions Feasibility Plan
-----------------------------------------------------------
Terra Mitica's board of directors has approved a feasibility
plan ensuring the ailing theme park's financial stability until
2012, Expansion says.

The plan entails renegotiating Terra Mitica's debt worth EUR111
million with 22 creditors.  The board also gave a o signal to a
business strategy plan for 2005, which forecasts EUR2.2 million
in profits.

Terra Mitica, which is currently in temporary receivership,
reportedly decided to cease its management contract with U.S.
park operator Paramount Parks.  Troubled Company Reporter, on
October 22, said the theme park's board and executive has yet to
approve Paramount's exit, which would cut its initial fee by
half.  The regional government of Valencia, which owns a 20.6%
stake in the theme park, has expressed delight in Paramount's
departure, saying the operator was not able to carry out it
duty.

With Paramount's exit, Terra Mitica would look for new operator.
Potential nominees are Aqualandia Mundial, manager of two other
theme parks in Valencia, and Parques Reunidos, an aquatic theme
park manager.

CONTACT:  TERRA MITICA PARQUE TEMATICO DE BENIDORM S.A.
          Ctra. Benidorm a Finestrat
          Partida del Moralet s/n
          03502 Benidorm (Alicante)
          Phone: 902 02 02 20
          Fax: 965 00 47 49
          E-mail: callcenter@terramiticapark.com
          Web site: http://www.terramiticapark.com


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


EKOS: Court Hires Insolvency Manager to Temporarily Run Firm
------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Ekos (code EDRPOU 31649859) on September 29,
2004 after finding the limited liability company insolvent.  The
case is docketed as 5/166 B.  LLC Juridical Company Finansova
Rada has been appointed liquidator/insolvency manager.
Creditors have until today to submit their proofs of claim to
the Economic Court of Donetsk Region, 83048, Ukraine, Donetsk
region, Artema Str. 157.


INTERSERVICE: Bankruptcy Proceedings Begin
------------------------------------------
The Economic Court of Lviv region launched bankruptcy
proceedings against Interservice (code EDRPOU 25015439) on
September 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as 6/94-8/78.  Mr. Oleg Kulik
has been appointed liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) INTERSERVICE
    82100, Ukraine, Lviv region,
    Drogobich, Turasha Str. 15

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


INTER-SOHTA: Sets Deadline for Filing Claims
--------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Specialized Erection Enterprise
Inter-Sohta-Gaz (code EDRPOU 22317832) on August 12, 2004.  The
case is docketed as 2-6/10169-2004.  Arbitral manager Mr. Viktor
Koblitskij has been appointed temporary insolvency manager.  The
company holds account number 26004301320661/980 at
Prominvestbank, Krym central branch.

Creditors have until today to submit their proofs of claim to:

(a) INTER-SOHTA-GAZ LTD.
    97570, Ukraine, AR Krym region,
    Simferopol District, Chistenke,
    Molodizhna Str. 7

(b) Mr. Viktor Koblitskij
    Temporary Insolvency Manager
    98600, Ukraine, Yalta region,
    a/b 19

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


LVIVINVESTBUD: Proofs of Claim Deadline Due Today
-------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on LLC Lvivinvestbud (code EDRPOU
20808862).  The case is docketed as 6/218-8/117.  Arbitral
manager Mr. R. Purij (License Number AA 668318) has been
appointed temporary insolvency manager.  The company holds
account number 26000301365045/980 at Prominvestbank, Zaliznichne
branch, MFO 325105.

Creditors have until today to submit their proofs of claim to:

(a) LVIVINVESTBUD
    79035, Ukraine, Lviv region,
    Zelena Str. 107

(b) Mr. R. Purij
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Zubrivska Str. 7a/9

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


OLEKSANDRIYA-GERBER: Bankruptcy Supervision Begins
--------------------------------------------------
The Economic Court of Kirovograd region has commenced bankruptcy
supervision procedure on LLC Oleksandriya-Gerber (code EDRPOU
31003200).  The case is docketed as 10/86.  Ms. Irina Kobel
(License Number AA 249536) has been appointed temporary
insolvency manager.

CONTACT:  OLEKSANDRIYA-GERBER
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Kovalenko Str. 2

          Ms. Irina Kobel
          Temporary Insolvency Manager
          Ukraine, Kirovograd region, Oleksandriya,
          50-Rokiv Zhovtnya Str. 22/4

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


TERRA NOVA: Ordered to Undergo Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Terra Nova (code EDRPOU 30788946).
The case is docketed as 24/715-B.  Mr. Vitalij Galuza (License
Number AA 719857) has been appointed temporary insolvency
manager.  The company holds account number 2600400320 at JSB
Azhio, MFO 322807.

Creditors have until today to submit their proofs of claim to:

(a) TERRA NOVA
    02217, Ukraine, Kyiv region,
    Zakrevskij Str. 39a/119

(b) Mr. Vitalij Galuza
    Temporary Insolvency Manager
    03151, Ukraine, Kyiv region,
    M. Mishin Str. 25/129

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


VIKKO: Court Appoints Insolvency Manager
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Vikko (code EDRPOU 32274501) on September 8,
2004 after finding the company insolvent.  The case is docketed
as 15/156 B.  Arbitral manager Ms. Ludmila Sirivlya (License
Number AA 779117) has been appointed liquidator/insolvency
manager.  The company holds account number 26002000078001 at JSC
Index-Bank, Donetsk branch, MFO 335850.

Creditors have until today to submit their proofs of claim to:

(a) VIKKO
    83048, Ukraine, Donetsk region,
    Cheluskintsiv Str. 202a

(b) Ms. Ludmila Sirivlya
    Liquidator/Insolvency Manager
    83055, Ukraine, Donetsk region,
    Gorkij Str. 158

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


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


ABBEY NATIONAL: Investor Takes Chairman, Santander to High Court
----------------------------------------------------------------
A private investor has asked the High Court to block the
takeover of Abbey National by Banco Santander on the grounds
that Abbey's chairman had acted illegally during the recent EGM.

Michael Johnson, who owns just one share according to the bank,
filed his lawsuit Wednesday last week.  The High Court will hear
the petition on November 8, the same date courts will approve
the takeover, according to The Guardian.

Mr. Johnson accuses Chairman Lord Burns of illegally using the
proxy votes of institutional investors to overrule an
adjournment motion that would have temporarily blocked
Santander's offer.  Supported by majority of the 900 who
attended the EGM, the motion was made by Richard Pout, who
raised concerns about the criminal charges executives of the
Spanish bank are facing.  He claims Lord Burns failed to
consider the "serious criminal allegations" and failed to advise
shareholders about it.  He urges the High Court to rule the
chairman's use of the proxy votes invalid and uphold the verdict
of the "overwhelming show of hands."

Abbey denies withholding any information.  "Abbey does not feel
these cases [against the Spanish executives] have a significant
bearing on the offer to Abbey shareholders, and should not be
blown out of proportion," it said in a statement.

"Importantly, the Financial Services Authority, which has to
approve the deal, has said it sees no material impediments to
working with the relevant parties so that its approval can be
provided prior to the proposed scheme becoming effective on
November 12," the statement reads.

Noting that Mr. Johnson only held one share, Abbey added: "It is
important that people who own a very small proportion of the
company cannot overturn the wishes of the majority of the
shareholders."

Santander Chairman Emilio Botin, along with several other
executives, faces trials in Spain over allegations of payoffs to
former directors and helping clients evade taxes, says The
Guardian.  The Spanish bank is offering to swap one Abbey share
for one Santander share plus 31p in cash.  Abbey's shares closed
at 617p, while Santander's share ended at 619p Wednesday.

Santander's finance director, Francisco Gomez-Roldan, will
replace Abbey CEO Luqman Arnold following the completion of the
GBP9 billion transaction on November 12.

CONTACT:  Abbey National plc
          Abbey National House, 2 Triton Square, Regent's Place
          London NW1 3AN, United Kingdom
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com

          Santander Central Hispano S.A.
          Plaza de Canalejas,1
          28014 Madrid, Spain
          Phone: +34-91-558-11-11
          Fax: +34-91-522-66-70
          Web site: http://www.gruposantander.com


ARCORDIA SOLUTIONS: Members Opt to Dissolve Firm, Subsidiaries
--------------------------------------------------------------
Name of Companies:
Arcordia Solutions Limited
J.P. Morgan Holdings (UK) Limited
J.P. Morgan Strategic UK Limited
Robert Fleming Leasing Group Limited

At the extraordinary general meeting of these companies on
October 20, 2004 held at 125 London Wall, London EC2Y 5AJ, the
subjoined special resolution to wind up the company was passed.
David Richard Thorniley and Christopher Rodney Ashurst of Mazars
LLP, 24 Bevis Marks, London EC3A 7NR have been appointed joint
liquidators for the purpose of these windings-up.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


B C (SHOTBLAST): Names Deloitte & Touche Administrator
------------------------------------------------------
Angus Matthew Martin (IP No 008331) and Adrian Peter Berry (IP
No 008601) have been appointed joint administrators for B C
(Shotblast) Limited.  The appointment was made October 20, 2004.
The company manufactures metal.

CONTACT:  DELOITTE & TOUCHE LLP
          1 City Square,
          Leeds LS1 2AL
          Phone: +44 (0) 113 243 9021
          Fax: +44 (0) 113 244 5580
          Web site: http://www.deloitte.com

          DELOITTE & TOUCHE
          Gainsborough House
          34-40 Grey Street
          Newcastle Upon Tyne NE1 6AE
          Phone: 0191 261 4111
          Fax: 0191 232 7665
          Web site: http://www.deloitte.com


COLTHAM CONSTRUCTION: Hires Begbies Traynor as Administrator
------------------------------------------------------------
James P. N. Martin (IP No 008316) and Peter Blair have been
appointed joint administrators for Coltham Construction Limited.
The appointment was made October 21, 2004.  Its registered
office is located at Begbies Traynor, Newater House, 11 Newhall
Street, Birmingham B3 3NY.

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

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


CORUS GROUP: Formal E.U. Inquiry into Arcelor's Offer Launched
--------------------------------------------------------------
The E.U. Competition Commission published an issues statement as
part of its inquiry into the acquisition by Arcelor S.A. of the
U.K. hot rolled steel sheet piling business of Corus Group plc.
The acquisition was referred to the Commission on 10 September
2004.

The Commission is required to publish its final report by 24
February 2005.

To date, its investigation has concentrated on gathering
information, views and evidence.  A number of issues of
particular significance have been identified and they are set
out in full on the Commission's Web site at
http://www.competition-commission.org.uk. They will form the
basis of a hearing, at which Arcelor will be asked about the
acquisition and its effects.

The Commission is seeking to establish whether, as a result of
the acquisition, there will be a substantial lessening of
competition within the market or markets for hot rolled steel
sheet piling in the U.K.  Sheet piling is used in the
construction industry as a retaining structure acting as a
barrier to earth or water.

As part of that process, the Commission will, in accordance with
its guidelines:

(a) assess the competitive effects of the merger;

(b) define a relevant market or markets;

(c) compare future effects with what would have been likely to
    have occurred, had the merger not taken place (the
    counterfactual); and

(d) consider any customer benefits that might arise from the
    merger.

This issues statement highlights particular aspects of the
acquisition that have been identified for further consideration.
It is published so that interested parties may know, and comment
on, the Commission's current appraisal of the issues.

Views so far expressed by third parties have been posted on the
Commission's Web site.  Comments from third parties are highly
valued by the Commission, whether they are on the specific, or
more general, issues that it must consider, such as market
definition, the competition effects of the market, the
counterfactual, and customer benefits; or on any other
competition issues relevant to the acquisition.  If the
Commission identifies further issues, it will publish a
supplementary statement.

The Commission has reached no conclusions about whether the
acquisition has resulted, or may be expected to result, in a
substantial lessening of competition; and will not do so until
after it has discussed these and any further issues with the
parties concerned.  If the Commission finds that there is, or
may be expected to be, a substantial lessening of competition,
it will consider whether any remedies are necessary.  Should it
find that they are, the Commission will issue a remedies
statement.

Anyone wishing to comment on any of the issues set out below is
requested to do so by 11 November 2004 in writing to:

Inquiry Secretary (Arcelor/Corus merger inquiry)
Competition Commission
Victoria House
Southampton Row
London WC1B 4AD
or by e-mail: Arcelor.Corus@competition-commission.gsi.gov.uk

The Commission will continue to gather evidence in this inquiry
and will publish its provisional findings according to the
administrative timetable for this inquiry available on its Web
site: http://www.competition-
commission.org.uk/inquiries/current/arcelor/index.htm.

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


DUVALS OF ROMSEY: Director Receives Four-year Ban
-------------------------------------------------
The Hampshire director of a dry-cleaning machine sales, leasing
and maintenance business that failed with total debts estimated
at around GBP3.4 million has given an Undertaking not to hold
directorships or take any part in company management for four
years.

The Undertaking by Peter Charles Crane, 44, of Bassett Green
Village, Southampton, was given in respect of his conduct as a
director of Duvals of Romsey Limited, which carried out business
from premises at Unit 25, Romsey Industrial Estate, Romsey,
Hants.

Acceptance of the Undertaking on October 14, 2004 prevents Peter
Charles Crane 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.  Duvals of Romsey Limited was placed into
administrative receivership on 18, June 2002 with estimated
debts of GBP3,400,000 owed to creditors.

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

The matter of unfit conduct, not disputed by Peter Charles
Crane, was that he caused or allowed Duvals to trade whilst
insolvent, in doing so he caused Duvals to increase its
liabilities to the crown to GBP1,255,987 of which GBP657,006.33
is due to Her Majesty's Customs & Excise and GBP598,980.68 to
the Inland Revenue.

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

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

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


E-MISSION (FUTURE COMMUNICATIONS): Hires PwC as Administrator
-------------------------------------------------------------
Paul William Harding and Derek Anthony Howell (IP Nos 6310,
6640) have been appointed joint administrators for E-Mission
(Future Communications) Limited.  The appointment was made
October 18, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          31 Great George Street,
          Bristol BS1 5QD
          Phone: [44] (117) 929 1500
          Fax:   [44] (117) 929 0519
          Web site: http://www.pwc.com


FELCROFT LIMITED: Director Banned from Holding Executive Post
-------------------------------------------------------------
A director of a home care business that failed with total debts
of around GBP185,000 has given an Undertaking not to hold
directorships or take any part in company management for two and
a half years.

The Undertaking by Marian Omatsone, 40, of Hammond Crescent,
Willen Park, Milton Keynes, was given in respect of her conduct
as a director of Felcroft Limited, which carried on business
from premises at Suite 17, Omega House, 6 Buckingham Place,
Bellfield Road, West High Wycombe.

Acceptance of the Undertaking on October 7, 2004 prevents Ms.
Omatsone 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 two-
and-a-half years.  Felcroft Limited was placed into compulsory
liquidation by Order of the High Court on May 14, 2003 on the
petition of HM Commissioners of Customs & Excise for around
GBP56,000 owed in VAT.

The company has an estimated total deficiency of GBP185,000.

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 Ms. Omatsone, was
that her position as the sole director of Felcroft was neglected
by her failing to take responsibility for the running of the
company and as a consequence, failing to comply with statutory
obligations by allowing Felcroft to trade to the detriment of
the Crown.

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

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

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


FYNEFISH PRODUCTS: Receiver to Present Report Next Week
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Fynefish Products Limited
                         (In Receivership)

Notice is hereby given, in terms of Section 67(2) of the
Insolvency Act 1986, that a Meeting of Creditors will be held at
the offices of Grant Thornton UK LLP, 95 Bothwell Street,
Glasgow G2 7JZ at 11:00 a.m. on November 8, 2004 for the purpose
of presenting the Report of the Receiver and of determining
whether or not to establish a Committee of Creditors and who are
to be the members of that Committee if established.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend in person or by proxy, and a resolution will
be passed by a majority of those voting.  Such creditors whose
claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below may vote.

Robert Caven, Joint Receiver
October 18, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


GLIXTONE LIMITED: Sets Creditors' Meeting Tuesday Next Week
-----------------------------------------------------------
The creditors of Glixtone Limited (formerly REDI-154 Limited)
will meet on November 9, 2004 commencing at 10:30 a.m.  It will
be held at PricewaterhouseCoopers LLP, 31 Great George Street,
Bristol BS1 5QD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon,
November 8, 2004.

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


GODADO.COM LIMITED: Liquidator to Present Report in Two Weeks
-------------------------------------------------------------
The members of Godado.Com Limited will meet on November 16, 2004
commencing at 10:00 a.m.  It will be held at Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL.

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 Tomlinsons, St John's Court, 72 Gartside Street, Manchester
M3 3EL not later than 12:00 noon, November 15, 2004.

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


INNERCASTLE LIMITED: Final Meeting of Members Set
-------------------------------------------------
The final meeting of the members of Innercastle Limited will be
on November 25, 2004 commencing at 10:00 a.m.  It will be held
at the offices of Johnson Tidsall, 81 Burton Road, Derby.

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 Johnson Tidsall, 81 Burton Road, Derby not later than 12:00
noon, November 24, 2004.

CONTACT:  JOHNSON TIDSALL
          81 Burton Road, Derby
          Phone: 01332 363116
          Fax: 01332 349984
          E-mail: general@johnsontidsall.co.uk
          Web site: http://www.johnsontidsall.co.uk


J MURDOCH: Appoints Receivers from Begbies Traynor
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF J Murdoch Transport Ltd.
                        (In Receivership)

We, Kenneth W. Pattullo and I. Scott McGregor, of Begbies
Traynor, 4th Floor, 78 St. Vincent Street, Glasgow, G2 5UB
hereby give notice that we were appointed Joint Receivers of the
whole property and undertaking of J Murdoch Transport Ltd in
terms of Section 51 of the Insolvency Act 1986 on October 15,
2004.

In terms of Section 59 of the said act, preferential creditors
are required to lodge their formal claims with us within six
months of this date.

Kenneth W Pattullo, Joint Receiver.

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: liverpool@begbies-traynor.com
          Web site: http://www.begbies.com


LEEDS UNITED: Stanley Pays GBP5 Mln for Leeds United Properties
---------------------------------------------------------------
Stanley Leisure plc announces that Stanley Casinos Limited has
acquired the entire issued ordinary share capital of Leeds
United Properties Limited from Leeds United Retail Limited for a
cash consideration of GBP5 million.  The only asset of Leeds
United Properties Limited is an option to acquire a seven acre
site adjacent to the Leeds United F.C. Elland Road Stadium.

Subject to the reform of Britain's gambling laws, Stanley
intends to apply for planning permission to develop a regional
casino complex on this site.  It is anticipated that the complex
will comprise a 150,000 sq. ft. casino, together with other
developments including a hotel, restaurants, bars, leisure
facilities and designer shops.  The site is ideally located
close to the M1, M62 and M621 motorways and enjoys a catchment
of over five million adults living within one hour's drive.

Stanley has started discussions with possible partners who share
its vision to maximize the full potential of this development,
which is expected to cost up to GBP125 million.

Bob Wiper, Chief Executive of Stanley Leisure plc, said: "We are
delighted to announce the development of this exceptional site
in Leeds which we believe is the best location for a casino in
the North of England.  We plan to build an exciting casino
complex, to rival any other development in the U.K., which will
be a huge entertainment attraction of which the region can be
proud.

"It is expected that this project will be complete by the end of
2007, subject to planning and deregulation.  We estimate that
the complex will create over 1,000 new jobs in addition to the
jobs associated with the development phase.

"Stanley has over 30 years experience of operating casinos in
the U.K.  We will continue to operate in a socially responsible
manner and, further, we are committed to meeting all new
requirements as determined by the future Gambling Commission.

"This development consolidates Stanley Leisure's position as the
U.K.'s leading casino operator.   We expect our existing Star
City casino in Birmingham, already the largest casino in the
U.K., to move to regional casino status soon after the new
legislation is introduced.  The Leeds casino will then become
our second regional casino."

CONTACT:  STANLEY LEISURE PLC
          Bob Wiper, Chief Executive
          Phone: 0151 237 6000
          Colin Child, Finance Director

          GCG HUDSON SANDLER
          Phone: 020 7796 4133
          Michael Sandler
          Noemie de Andia

          LEEDS UNITED
          Elland Road,
          Leeds LS11 OES
          Phone: 0113 367 6000
          Fax: 0113 367 6050
          Web site: http://www.leedsunited.com


MAELOR NURSERIES: Hires Joint Administrators from Moore Stephens
----------------------------------------------------------------
Roderick Graham Butcher and Nigel Price (IP Nos 8834, 8778) have
been appointed joint administrators for Maelor Nurseries
Limited.  The appointment was made October 21, 2004.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


MAILSTREAM PACKAGING: Insolvency Service Bans Top Honcho
--------------------------------------------------------
The director of a general trading and packaging business that
failed with total debts estimated at around GBP663,000 has given
an Undertaking not to hold directorships or take any part in
company management for five years.

The Undertaking by Anthony Byrne, 47, of Robroyston, Glasgow,
was given in respect of his conduct as a director of Mailstream
Packaging Limited, which carried out business from premises at
Unit 7, Albion Complex, 1394 South Street, Glasgow.

Acceptance of the Undertaking on October 13, 2004 prevents
Anthony Byrne from being 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, commencing on November 3, 2004.

Mailstream Packaging Limited was placed into voluntary
liquidation by extraordinary resolution of the Company on
January 23, 2001 with estimated debts of GBP663,000 owed to
creditors.

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

Matters of unfit conduct, not disputed by Anthony Byrne, were
that:

(a) Causing or permitting the Company to trade whilst insolvent
    with no reasonable prospect of paying all creditors;

(b) Causing or permitting the Company to finance its continued
    trading with monies retained from the crown departments
    amounting to GBP586,795 in respect of unpaid VAT, NIC and
    PAYE.

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


MERSEYSIDE SEXUAL: Creditors' Meeting Set
-----------------------------------------
The creditors of Merseyside Sexual Assault Centre Development
Project Limited will meet on November 15, 2004 commencing at
10:30 a.m.  It will be held at Begbies Traynor, No 1 Old Hall
Street, Liverpool L3 9HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, No 1 Old Hall Street, Liverpool
L3 9HF not later than 12:00 noon, November 12, 2004.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com

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


NIGEL HARRISON: Director Gets 3-year Ban from Holding Exec Post
---------------------------------------------------------------
The director of an IT Consultancy business that failed with
total debts estimated at around GBP114,000 has given an
Undertaking not to hold directorships or take any part in
company management for three years.

The Undertaking by Nigel Carl Harrison, 35, of Nutshell Lane,
Farnham, Surrey, was given in respect of his conduct as a
director of Nigel Harrison Consulting Limited (NHCL), which
carried out business from premises at Upper Hale, Farnham,
Surrey.

Acceptance of the Undertaking on October 14, 2004 prevents Mr.
Harrison 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.  NHCL was placed into liquidation on January 15,
2003 with estimated debts of GBP114,000 owed to creditors.

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

The matters of unfit conduct, not disputed by Mr. Harrison, was
that he caused NHCL to trade to the detriment of its creditors
(mainly the Crown) as a total of GBP351,470 was paid out of the
company's bank account, of which GBP331,070 was for the benefit
of him personally.  As a result of this the amount of GBP139,885
that was owed to the crown departments remained unpaid until the
date of the winding up order.

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


NORBRIT FISH: In Administrative Receivership
--------------------------------------------
Cattles Invoice Finance Limited called in Ian C. Schofield
(Office Holder No 002647) and William Duncan (Office Holder No
006440) (Reg No 1297723, Trade Classification: 6170) joint
administrative receivers for Norbrit Fish Sales Limited.  The
application was filed October 19, 2004.  The company processes
and sells fish.

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

          Knowle House
          Norfolf Park Road,
          Sheffield S2 3QE


SHOTTON PAPER: Calls in Joint Liquidators from PwC
--------------------------------------------------
At the meeting of the Shotton Paper Company Plc on October 20,
2004, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  Tim Walsh and Jonathan Sisson
of PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP have been appointed joint liquidators of
the company for the purpose of such winding-up.

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


SPEXBROOK LIMITED: Names McCabe Ford Williams Liquidator
--------------------------------------------------------
At the extraordinary general meeting of the Spexbrook Limited on
October 20, 2004 held at 8 Lonsdale Gardens, Tunbridge Wells,
Kent TN1 1NU, the extraordinary and ordinary resolutions to wind
up the company were passed.  Peter Roderick Frowde of McCabe
Ford Williams, Bank Chambers, 1 Central Avenue, Sittingbourne,
Kent has been appointed liquidator of the company for the
purpose of the winding-up.

CONTACT:  MCCABE FORD WILLIAMS
          Bank Chambers,
          1 Central Avenue,
          Sittingbourne, Kent ME10 4AE
          Phone: (01795) 479111
          Fax: (01795) 428810
          E-mail: sittingbourne@mfw.co.uk
          Web site: http://www.mfw.co.uk


ST. TROPEZ: Hires Smith & Williamson Limited as Liquidator
----------------------------------------------------------
At the extraordinary general meeting of the St. Tropez Charters
Limited on October 22, 2004 held at Smith & Williamson Limited,
No 1 Riding House Street, London W1A 3AS, the subjoined special
resolution to wind up the company was passed.  Iain John Allan
and William Damian Joseph of Smith & Williamson Limited have
been appointed joint liquidators of the company for the purpose
of such winding-up.

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


THI ASSET: Calls in Ernst & Young Liquidators
---------------------------------------------
Name of companies:
THI Asset Management Ltd.
THI Leisure (Bolton II) Ltd.
THI Leisure (Camberley) Ltd.
THI Leisure (Finchley) Ltd.
THI Leisure Founder Ltd.
THI Leisure (Hengrove II) Ltd.
THI Leisure Partner Ltd.
THI Leisure (Wolverhampton) Ltd.
THI Leisure (Wrotham) Ltd.

At the extraordinary general meeting of these companies on
October 15, 2004 held at 15 Plomer Green Lane, Downey, High
Wycombe HP13 5TN, the special resolutions to wind up these
companies were passed.  Charles G. J. King and Robert H. Kelly
of Ernst & Young LLP, PO Box 61, 14 King Street, Leeds LS1 2JN
have been appointed joint liquidators for the purpose of such
windings-up.

CONTACT:  ERNST & YOUNG
          PO Box 61
          Cloth Hall Court
          14 King Street,
          Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


TOPSPIN LIMITED: Members Agree to Liquidate Business
----------------------------------------------------
At the extraordinary general meeting of the Topspin Limited on
October 20, 2004, the resolution to wind up the company was
passed.  Martha H. Thompson of BDO Stoy Hayward LLP, Kings
Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX has been
appointed liquidator of the company.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


TORRIDON INTERNATIONAL: Calls Final General Meeting
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Torridon International Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that final general meetings of the members
and the creditors will be held on November 23, 2004 at 11:00
a.m. and 11:15 a.m. respectively, at Stannergate House, 41
Dundee Road West, Broughty Ferry, Dundee, for the purpose of
having a final account laid before them, showing how the winding
up has been conducted and the property of the company disposed
of and of hearing any explanations that may be given by the
liquidator.

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

Alan B. Wright, Liquidator
October 15, 2004

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


TYNE TEES: Liquidator to Give Final Report Later this Month
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Tyne Tees Transport Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that final meetings of the members and of
the creditors of Tyne Tees Transport Limited will be held at
Deloitte & Touche LLP, Lomond House, 9 George Square, Glasgow on
November 30, 2004 10:00 a.m. and 10:15 a.m. respectively, for
the purpose of having an account laid before them showing the
manner in which the winding-up has been conducted and the
property of the company disposed of, and of hearing any
explanation that may be given by the liquidator and determining
whether the liquidator should have his release in terms of
section 173 of the said Act.

John Charles Reid, Liquidator
October 20, 2004

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


                            *********


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

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

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

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