TCREUR_Public/041102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 2, 2004, Vol. 5, No. 217

                            Headlines

F R A N C E

BULL SA: Achieves Operational Profitability Objectives


G E R M A N Y

ABT ANLAGENBAU: Administrator's Report Out Within Weeks
CINEMAXX AG: Anticipates Growth in Visitors Number
CONTINENTAL AG: E.U. Commission Clears Phoenix Buyout
FILM ART: Gives Creditors Until End of November to File Claims
GEERDS PRODUKTIONS: Engineering Firm Succumbs to Bankruptcy

HSL HAMBURG: Creditors Have Until Next Week to File Claims
SENATOR ENTERTAINMENT: Restructuring Plan Ready to Go
SIEMER + MULLER: Creditors to Meet this Week
SOCIETY EXPEDITIONS: Creditors' Meeting Set Next Week
STUMA STUKKATEUR: Applies for Bankruptcy Proceedings

SYNTEC GESELLSCHAFT: Under Bankruptcy Administration
TENNIS-ANLAGEN: Stuttgart Court Appoints Administrator
WILLCOHAUS AG: Real Estate Firm Files for Bankruptcy


I T A L Y

FARMLAND DAIRIES: Posts US$3.9 Million 3rd-quarter Net Loss
PARMALAT FINANZIARIA: Auditors, Banks Challenging Legal Immunity
PARMALAT FINANZIARIA: Administrator Hands over New Evidences
PARMALAT U.S.A.: Milk Products Registers 3rd-quarter Loss
PARMALAT U.S.A.: Reports Minimal Loss for Third Quarter


N E T H E R L A N D S

HAGEMEYER N.V.: Latest Quarterly Trading Report Encouraging
ROYAL SHELL: Bares Key Features of Results, Reserves Update
ROYAL SHELL: In Advance Stage to Sell LatAm Units, Report Says
ROYAL SHELL: Intends to Centralize Dutch, British Operations
ROYAL SHELL: Needs More than Structural Change to Restore Image


P O L A N D

ELEKTRIM SA: E.U. Anti-trust Regulator Clears PTC Sale


R U S S I A

CERAMIC: Under Bankruptcy Supervision
FOUL RESERVE: Hires E. Korshunova as Insolvency Manager
GOLDEN FLEECE: Creditors Have Until this Month to File Claims
GOLD OF NERYUNGRI: Insolvency Manager to Temporarily Run Firm
KHABAROVSKOYE INDUSTRIAL-MARKETING: Claims Deadline Nears

KUSHEVSKIY FOUNDRY: Bankruptcy Proceedings Begin
PRIM-STROY-INVEST: Undergoes Bankruptcy Supervision Procedure
SHARYPOVSKIY ENTERPRISE: Declared Insolvent
STI-SIGMA: Moscow Court Orders Bankruptcy Supervision
TAMBOVSK-AGRO-PTOM-STROY-2: Declared Insolvent

TEPLO-GAZ-SERVIS: Krasnodar Court Appoints Insolvency Manager
UST-LABINSKIY: Court Sets Next Hearing End of November
VOSKRESENSKIY DAIRY: Moscow Court Hires Insolvency Manager
YUKOS OIL: Faces Suit for Failure to Resume Supply to China
YUKOS OIL: Could Face Additional US$5.56 Billion Tax Bill


S W I T Z E R L A N D

ABB LTD.: Results Continue to Improve in Third Quarter


U K R A I N E

BPF-TERMO: Ordered to Undergo Bankruptcy Supervision Procedure
CHERKASSY' TELEGRAPH: Proofs of Claim Deadline Expires this Week
DNIPROSPETSEKSPORT: Under Bankruptcy Supervision
DRABIVSKE: Court Brings in Temporary Insolvency Manager
KVARTA-CENTRE: Bankruptcy Supervision Begins

MOKOM-ZVYAZKOBUD: Sets Proofs of Claim Deadline
PIVDENNA PALYANITSYA: Proofs of Claim Deadline Thursday
SUMBUD: Undergoes Bankruptcy Supervision Procedure
ZUBR: Donetsk Court Grants Debt Moratorium


U N I T E D   K I N G D O M

ALSOP LIMITED: Lloyds TSB Bank Appoints Stoy Hayward Receiver
ASPEN SPORTS: Members Pass Winding up Resolutions
ASSET MANAGEMENT: KMPG Staff to Liquidate Firm
BAE SYSTEMS: Wins EUR891 Million Contract in Netherlands
BATTERSEA GLASS: Calls in Liquidator from Carter Clark

BEST WOODCRAFT: Hires Liquidator from BN Jackson Norton
BOMAG KENT: Calls in Liquidator from KPMG
BRADFORD UK: Names Liquidator from Rushtons
CALISTA LIMITED: Members Final Meeting Next Month
CELLEX LIMITED: Hires Gerald Irwin as Liquidator

CREST COACH: Members Abandon Business
DARTMOUTH TOURIST: Calls in Liquidator from Bishop Fleming
DELANA LTD: Members Agree to Liquidate Company
EP ELECTRICAL: Creditors Pick Blair Nimmo as Liquidator
EUROWIDE STORAGE: Appoints Carter Clark Liquidator

FEELGOOD SCOTLAND: Files for Liquidation
FIBRELUX FIRES: Workers Buy Firm Out of Receivership
FINEST SEAFOOD: KMPG Accountant Appointed Liquidator
GEODIS OVERSEAS: Hires Deloitte & Touche as Liquidator
GOOD TIDINGS: Names Numerica Liquidator

HLP LIMITED: Liquidator's Final Report Known Later this Month
JAZZ PHOTO: Names Tenon Recovery Administrator
LUKOIL RACING: Appoints Liquidator from KPMG
MARCONI CORPORATION: Adds New Access Hub Feature
MARCONI CORPORATION: Expands Chinese Broadband Service

MARCONI CORPORATION: Unveils New Version of Management Software
MG ROVER: Suffers Fourth Consecutive Annual Loss
MINISTRY OF SOUND: Members General Meeting Set this Month
RHODIA 368: Schedules Members Final Meeting December
ROBERT BARNES: Liquidator to Give Final Report Later this Month

SALT N PEPPER: Hires Liquidator form Baker Tilly
TOTAL FREIGHT: Barclay Bank Appoints Numerica Receiver
TREBLE VISION: Sets Creditors' Meeting Next Week
UNIT CONTRACT: In Administrative Receivership
VALMET CONVERTING: Appoints Stoy Hayward Liquidator
W G EDWARDS: Hires BDO Stoy Hayward as Administrator

* Large Companies with Insolvent Balance Sheets


                            *********


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


BULL SA: Achieves Operational Profitability Objectives
------------------------------------------------------
Bull S.A.'s Board of Directors, headed by Acting Chairman and
Managing Director Gervais Pellissier, met on October 29 and
examined the financial statements for the first half-year 2004.

First-half 2004 Results

The revenue in line with March 31, 2004 forecasts, taking into
account Bull's still difficult economic environment during this
period, reached EUR565.7 million against EUR642.4 million in the
first half of 2003.  The gross margin amounts to EUR158.7
million, i.e. 28% of the revenue against 26.6% in the first half
of 2003.

Bull has maintained its R&D investments, which represent EUR28.5
million, i.e. 11.4% of product revenue and 5% of the total
revenue.  Drastic efforts applied to SG&A expenses have been
ongoing, reducing them from EUR122 million to EUR108 million.
Earnings before tax, financial expenses, goodwill amortization
and exceptional items (EBIT) amounts to EUR20.1 million, i.e.
3.6% of the revenue, to be compared to EUR20 million (3.1% of
revenue) in the first half of 2003.  With results superior to
forecasts given on the occasion of the publication of its 2003
full year results, Bull achieves its fourth profitable semester
in a row, since the 2nd half 2002, and confirms its
profitability capacity.  Financial expenses amount to EUR16.1
million, EUR12.9 million of which are related to interest
expenses on the French State loan.  The Group net result is a
profit of EUR2.2 million showing an increase of EUR0.9 million
compared to the first half of 2003.  The free cash flow
generated by Bull in the first half of 2004 amounts to EUR17.6
million, EUR21 million of which result from operations.

Recapitalization

Bull has successfully carried out the two market operations
relative to its recapitalization, respectively closed on June 30
and July 2.  The capital increase of EUR44.3 million received a
100% subscription from investors that committed to guarantee the
capital increase in November 2003, as well as from the
Public[*].

The Public Exchange Offer of the 11.495.396 Oceane bonds in
shares was subscribed at a level of 95.46%. 98% of the exchanged
bonds were brought to the 2nd branch (1 bond in exchange for 16
new shares with warrants attached - ABSA) and will give rise to
the issue of 172.361.376 shares with warrants - ABSA.  The
warrants (BSA) will be detached and quoted, giving rights from
July 15 until December 15 2004 to subscribe to one Bull share at
the price of EUR0.10 per share. They can generate an additional
17.2 million to the capital.

Regarding the restructuring aid notified by the French State to
the European Commission, Bull expects a rapid decision.  After
the European Commission approval, and once Bull has reimbursed
the subordinated loan granted by the French State in March 2004,
the French State will proceed, beginning of 2005, to the payment
of the restructuring aid.

Upon the market operations, Bull's capital has changed and will
be modified once the warrants are exercised:

                       Simulation with 100% warrants
        As of July 22, 2004 exercised  prior to
                              December 15, 2004
               % of Capital % of Capital

France Telecom      12.4%          10.1%
Nec                  12.4%          10.1%
AXA Private Equity + Artemis
                       10.4%         8.6%
Debeka             3.5%            2.9%
Management             6.2%           5.1%
Motorola              3.6%           3.0%
French State       3.5%           2.9%
Public and others      48.0%          57.3%
Total 100 % 100 %

Operations

Bull has further deployed its strategy by accompanying its
customers in the modernization of their networked IT systems
through an enhanced product and services offer.

Bull has extended it GCOS customer base with the announcement of
the fully open and partitionable NovaScale 6000 and 9000
servers, and with the launch of the latest version of GCOS 8,
its own operating system.

The Intel(R) Itanium(R) based NovaScale servers have gained
worldwide recognition in High Performance Computing and in
business environments.  Bull has also signed OEM agreements, in
particular in Russia and China and developed an application
portfolio, in partnership with leading ISVs.

More recently, the two contracts signed by Bull, represented by
Gervais Pellissier, during the State visit of France's President
in China, have opened up new perspectives for the future:

(a) the first one with Lenovo, a leading IT player in China, for
    the sale of Bull's range of NovaScale servers; and

(b) the second one with CEA, STMicroelectronics and the MOST,
    the Chinese Ministry of Science and Technology, in the field
    of research for the development of an open IT platform.

The Escala AIX(TM) range of servers has experienced a
significant growth and this offer has been enhanced with the
introduction of the Power5(R) processor.

With regards to systems administration and security, Bull has
announced new versions of OpenMaster and AccessMaster software
suites, addressing in particular identity and access management.
Among its new and recent successes, Bull has secured Dassault-
Aviation's virtual platform for the design of the Falcon 7X
business jet, deployed T-Com 's secured infrastructure (SSO).

Bull has also launched new hardware and software cryptography
solutions, based on Trustway, its own offer, and taken a stake
in the capital of Keynectis, the new French certification
operator.

With regards to services activity in France, beside a
significant growth in the field of business intelligence and
outsourcing, Bull has maintained its efforts to improve
productivity.

At a geography level, the good performance of Spain is to be
noticed with, in particular, the modernization and the security
of Banco Sabadell's IT infrastructure and the servers provided
to host the scientific applications of Castilla-La Mancha
University research center.

It is also important to note the recovery of Bull's operations
in Latin America and the development of solutions for customs in
Eastern Europe where Bull contributed to the modernization
projects of six of the ten European Community entrant countries
in May 2004.

2004 3rd Quarter Revenue and 2004 Perspectives

The revenue of 2004 3rd quarter, in line with objectives defined
by Bull, amounts to EUR254.4 million to be compared to EUR286.4
million in the third quarter of 2003.

Taking into account the perspectives of the commercial
activities uptake, Bull forecasts, for the second semester of
2004, an improvement of its backlog and a turnover similar to
the one of the first semester 2004, while maintaining
profitability level.

Conclusion

The return to profitability for four semesters in a row, the
backlog growth perspectives for the second 2004 semester and the
success of its recapitalization plan give Bull confidence in its
return to growth as well as in its future development.

These results confirm the relevance of Bull's strategic options
as defined in 2002.
Financial statements are available free of charge at:
http://bankrupt.com/misc/Bull_3Q2004.pdf

CONTACT:  BULL S.A.
          Media
          Marie-Claude Bessis
          Phone: + 33 (0) 1 39 66 70 55
            Or   + 33 (0) 6 80 64 18 81
          E-mail: marie-claude.bessis@bull.net


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


ABT ANLAGENBAU: Administrator's Report Out Within Weeks
-------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against ABT Anlagenbau Terlinden GmbH on August Oct.
4.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 7,
2005 to register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 24, 2004, 10:55 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Mar. 2, 2005, 10:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  ABT ANLAGENBAU TERLINDEN GMBH
          Benekendorffstr. 180A, 13469 Berlin
          Phone: +49 (0) 30 / 41 78 31 40
          Fax: +49 (0) 30 / 41 78 31 60
          E-mail: abt@abt-terlinden.de
          Web site: http://www.abt-terlinden.de

          Dr. Wolfgang Schroder, Insolvency Manager
          Genthiner Str. 48, 10785 Berlin


CINEMAXX AG: Anticipates Growth in Visitors Number
--------------------------------------------------
Troubled cinema chain Cinemaxx AG sees better times ahead, as it
expects the number of visitors to increase by five percent this
year, Frankfurter Allgemeine Zeitung says.

Cinemaxx posted a 4.3% rise in number of guests for the first
six months of 2004 compared to the first half of 2003.  The
company saw its first-half aggregate operating performance fell
from EUR92.3 million in 2003 to EUR89.9 million, as post-tax
loss declined from EUR9.8 million in 2003 to EUR4.2 million this
year.  The figures do not include the sale of some of the
company's cinema.

The company, which operates around 47 cinemas in the country, is
also optimistic of growth after three troublesome years.
Cinemaxx is reportedly mulling acquisitions and renovation of
cinemas.  The company recently held a general meeting in
Hamburg, in which the discussion focused on the offer of film
rights trader Herbert Koiber to acquire a 49.7% stake in the
company.

CONTACT:  CINEMAXX AG
          Friedrich-Ebert-Damm 111
          22047 Hamburg, Germany
          Phone: +49-40-450-68-0
          Fax: +49-40-450-68-201
          Web site: http://www.cinemaxx.com


CONTINENTAL AG: E.U. Commission Clears Phoenix Buyout
-----------------------------------------------------
The European Union Commission has approved the acquisition of
Phoenix AG by the German undertaking Continental AG subject to
divestiture commitments.  With a view to the parties' dominant
position in the markets for air springs for commercial vehicles
and for heavy steel cord conveyor belts, the approval was only
possible after the Commission had received commitments that
could eliminate the identified competition problems.

By the proposed transaction Continental, a German based producer
of tires, brake systems and technical rubber products will
acquire sole control over Phoenix AG, also active in the
production of technical rubber products (e.g. suspension
systems, anti-vibration systems, hoses and conveyor belts).
Phoenix jointly controls Vibracoustic GmbH & Co KG, Germany,
through which it distributes air springs for trucks and cars.

The acquisition leads to significant overlaps in various markets
of technical rubber products, in particular in the markets for
air springs and for steel cord conveyor belts.  Air springs are
used as suspension parts in commercial vehicles, cars and rail
vehicles.  Heavy steel cord conveyor belts are used for the
transport of heavy goods over long distances, in particular in
the field of lignite mining.

The merger was notified to the Commission by Continental in May
2004.  Having identified potential competition concerns in the
markets for air springs for commercial vehicles, cars and rail
vehicles as well as for heavy steel cord conveyor belts and for
filter belts, the Commission started an in-depth investigation
on 29 June 2004.

The Commission's extensive market investigation confirmed its
concerns in the markets for air springs for commercial vehicles
(sold to original equipment manufacturers and suppliers --
OEM/OES) and for heavy steel cord conveyor belts.  Indeed, the
acquisition combines the two leading players in these two
markets and would lead to a combined market share in both
markets of well above 60%, with only a few smaller remaining
competitors.  Furthermore, the Commission has found evidence
that there are significant barriers to enter both markets.  This
is mainly because the production and distribution of air springs
and conveyor belts involves specific production and customer
know-how.  Accordingly, new suppliers have to undergo a lengthy
qualification procedure before they can even be considered as
potential suppliers.

In order to eliminate the Commission's competition concerns,
Continental commits to divest Phoenix' 50% co-controlling stake
in the joint venture Vibracoustic to the only other shareholder,
Freudenberg (Germany).

In addition, Continental will cause Phoenix to completely divest
its production of air springs for commercial vehicles (OEM/OES),
located in a plant in Hungary.  These two commitments remove
entirely the overlap of the parties' activities in the field of
air springs for commercial vehicles (OEM/OES).

Continental also committed to sell a production line for wide
steel cord conveyor belts to its competitor, Sempertrans.  This
divesture will enable Sempertrans to compete over the full range
of steel cord conveyor belts with the merged entity, thereby
eliminating the competition concerns in the field of steel cord
conveyor belts.

CONTACT:  CONTINENTAL AKTIENGESELLSCHAFT
          Vahrenwalder Strasse 9
          D-30165 Hannover
          Phone: +49 (0) 511 938 01
          Fax:   +49 (0) 511 938 81770
          Web site: http://www.conti-online.com


FILM ART: Gives Creditors Until End of November to File Claims
--------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Film Art GmbH on Oct. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 30 to register their claims with
court-appointed provisional administrator Jens-Soren Schoder.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 22, 2004, 1:00 p.m. at the district court of
Hamburg Amtsgerichts Hamburg, Insolvenzgericht, Weidestrasse
122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  FILM ART GMBH
          Industriestrasse 18, 82110 Germering
          Contact:
          Christof Bergmann, Manager

          Jens-Soren Schroder, Insolvency Manager
          Raboisen 38, 20095 Hamburg
          Phone: 334460
          Fax: 33446111


GEERDS PRODUKTIONS: Engineering Firm Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Geerds Produktions- und Montage GmbH on Oct. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 8, 2004 to
register their claims with court-appointed provisional
administrator Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 4, 2005, 10:00 a.m. at the district court of
Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene 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.

Geerds fabricates and sells steel, sheet metals constructions
and easy metal constructions.

CONTACT:  GEERDS PRODUKTIONS- UND MONTAGE GMBH
          Poppenbutteler Bogen 62 + 64, 22399 Hamburg
          Contact:
          Oliver Geerds, Manager
          Patric Geerds, Manager

          Dr. Sven-Holger Undritz, Insolvency Manager
          Jungfernstieg 51, 20354 Hamburg
          Phone: 808136-212


HSL HAMBURG: Creditors Have Until Next Week to File Claims
----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against HSL Hamburg-Schweriner-Lokfuhrerservice GmbH on Oct. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 10, 2004
to register their claims with court-appointed provisional
administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend

the meeting on Dec. 8, 2004, 12:35 a.m. at the district court of
Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HSL HAMBURG-SCHWERINER-LOKFUHRERSERVICE GMBH
          Vogelhuttendeich 174, 21107 Hamburg
          Contact:
          Rudolf Flottmann, Manager
          Hans-Jurgen Szurrat, Manager

          Stefan Hinrichs, Insolvency Manager
          Osterbekstrasse 90A, 22083 Hamburg
          Phone: 040/41004040
          Fax: 040/41004059


SENATOR ENTERTAINMENT: Restructuring Plan Ready to Go
-----------------------------------------------------
Creditors of Senator Entertainment approved Wednesday a
restructuring plan aimed at reviving the insolvent film group,
Daily Variety says.

Creditors also agreed to waive up to 90% of the group's almost
US$220 million debt.  Deutsche Bank London took over Senator's
US$204 million debt for US$30 million, and became the group's
main creditor.

Under the restructuring plan, a debt-to-equity swap will take
place, making Deutsche Bank a majority stakeholder.  Deutsche
Bank intends to inject fresh capital into the group.  The plan
also entails one-for-ten reverse stock split; cutting down the
share capital form US$41 million to US$4.1 million, aimed at
increasing share price tenfold.  The plan also includes a
capital increase, which would allow the film group to sell more
shares.

Senator Entertainment, the country's second-largest film
producer and distributor, applied for insolvency protection in
April after suffering massive write-downs.

CONTACT:  SENATOR ENTERTAINMENT A.G.
          Ransketrasse 3
          D-10789 Berlin
          E-mail: info@senator.de
          Web site: http://www.senator.de

          Karl W. Homburg
          Investor Relations
          Phone: +49 30 88091-612
          Fax: +49 30 88091-616
          E-mail: investor@senator.de

          DEUTSCHE BANK A.G. LONDON
          6th Floor
          Winchester House
          Great Winchester Street
          London EC2N 2DB
          Phone: (020) 7545 8000
          Fax: (020) 7547 4577
          Web site: http://www.deutsche-bank.de


SIEMER + MULLER: Creditors to Meet this Week
--------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Siemer + Muller GmbH & Co. Kommanditgesellschaft 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 Detlef-Helmut Sturmann.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 4, 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, 9:00 a.m. at
the same venue.

CONTACT:  SIEMER + MsLLER GMBH & CO. KOMMANDITGESELLSCHAFT
          Parkallee 48, 28209 Bremen (HRA 10652, AG Bremen)
          Phone: 0221/585025
          Fax: 0221/583927

          Branches:
          Muhlenweg 2, 26384 Wilhelmshaven
          (AG Wilhelmshaven, HRA 577)

          Neufelder Weg 7, 27619 Schiffdorf-Sp.
          (AG Langen, HRA 805)
          Am Liepengraben 6, 18146 Rostock
          (AG Rostock, HRA 323)

          Kirchroder Strasse 87, 30625 Hannover
          (AG Hannover, HRA 26251)

          MULLER & SOHN BETEILIGUNGSGESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Parkallee 48, 28209 Bremen
          Contact:
          Friedrich Karl Muller, Manager
          Eekenhoge 18, 28355 Bremen

          Egon Evers
          Borgfelder Deich 6A
          28357 Bremen

          Detlef-Helmut Sturmann, Insolvency Manager
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


SOCIETY EXPEDITIONS: Creditors' Meeting Set Next Week
-----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Society Expeditions 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:  SOCIETY EXPEDITIONS GMBH
          Marcusallee 9, 28359 Bremen (AG Bremen, HRB 11204)
          Phone: 0421 - 238 03 25
          Fax: 0421 - 238 03 33
          Web site: http://www.societyexpeditions.de

          Contact:
          Heiko Klein, Manager

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


STUMA STUKKATEUR: Applies for Bankruptcy Proceedings
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against STUMA Stukkateur Meister Betrieb GmbH on
Oct. 6.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 29, 2004 o register their claims with court-appointed
provisional administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 9:40 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Feb. 23, 2005, 9:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.


SYNTEC GESELLSCHAFT: Under Bankruptcy Administration
----------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Syntec Gesellschaft fur berufliche
Fortbildung und Umschulung mbH on Oct. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 29, 2004 to register their
claims with court-appointed provisional administrator Hartwig
Albers.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 9:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Feb. 23, 2005, 9:40 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  SYNTEC GESELLSCHAFT FUR BERUFLICHE FORTBILDUNG UND
          UMSCHULUNG MBH
          Grosskopfstr. 8,13403 Berlin

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100, 10785 Berlin


TENNIS-ANLAGEN: Stuttgart Court Appoints Administrator
------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Tennis-Anlagen GmbH & Co. "Emerholz" KG on Sept. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 12, 2004
to register their claims with court-appointed provisional
administrator Dr. Reinhard Th. Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2004, 10:00 a.m. at AG Stuttgart,
Hauffstr. 5, EG, Zimmer 13 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:  TENNIS-ANLAGEN GMBH & CO. "Emerholz" KG
          Contact:
          Sven Gurtler, Manager
          Emerholzweg 73, 70439 Stuttgart-Stammheim

          Dr. Reinhard Th. Schmid, Insolvency Manager
          Hasenbergsteige 5, 70178 Stuttgart
          Phone: 0711/6690791


WILLCOHAUS AG: Real Estate Firm Files for Bankruptcy
----------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against real estate company WILLCOHaus AG on Oct. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 15, 2004
to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 24, 2004, 9:30 a.m. at the district court of
Dortmund Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on Feb.
2, 2005, 1:00 p.m. at the same venue.

CONTACT:  WILLCOHAUS AG
          Zur Mergelkuhle 17, 59192 Bergkamen

          Dr. Petra Mork, Insolvency Manager
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


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


FARMLAND DAIRIES: Posts US$3.9 Million 3rd-quarter Net Loss
-----------------------------------------------------------
                        Farmland Dairies, LLC
                            Balance Sheet
                      As of September 18, 2004

Assets

Cash & Cash Equivalents                              $7,686,247
Accounts Receivable-Trade                            39,618,377
Accounts Rec.-Securitization                        (37,068,087)
Notes Receivable                                        257,761
Inventory                                            16,128,470
Prepaid Expenses                                     15,039,416
Other Current Assets                                    887,380
                                                 --------------
Total Current Assets                                 42,549,564

Fixed Assets                                        210,167,089
Accumulated Depreciation                            115,524,248
                                                 --------------
Net Fixed Assets                                     94,642,841

Other Assets                                         43,957,067
Intercompany Receivables                             80,314,080
                                                 --------------
Total Assets                                       $261,463,552
                                                 ==============

Liabilities Subject to Compromise:
    Accounts Payable                                 14,612,357
    Accrued Expenses                                  3,296,589
    Intercompany Payables                            25,318,781
    Capital Lease                                    95,000,000
                                                 --------------
Total Liabilities Subject to Compromise             138,227,727

Liabilities:
    Notes & Loans Payable                                     0
    Capital Leases - Short Term                               0
    Accounts Payable                                 14,708,115
    Accrued Expenses                                 24,139,970
                                                 --------------
Total Current Liabilities                            38,848,085
Notes & Loans Payable                                31,877,585
Capital Leases - Long Term                               43,391
Other                                                 8,389,235
                                                 --------------
Total Long Term Liabilities                          40,310,211

Intercompany Payables                               (82,068,989)
                                                 --------------
Total Liabilities                                   135,317,034

Equity
Paid In Capital                                     161,506,590
Accum Comprehensive Income                           (7,013,988)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                               (39,669,777)
                                                 --------------
Total Equity                                        126,146,518
                                                 --------------
Total Liabilities & Owners' Equity                 $261,463,552
                                                 ==============


                        Farmland Dairies, LLC
                          Income Statement
             From August 22, 2004 to September 18, 2004

Revenues
    Gross sales                                     $33,820,700
    Less: Returns & discounts                           814,650
                                                 --------------
    Net sales                                        33,006,050

Expenses
    Raw Materials & Ingredients                      20,790,615
    Packaging                                         2,423,520
    Direct Labor                                        955,516
    Power                                               477,228
    Freight                                             416,924
    Distribution                                      2,558,674
    Industrial Depreciation                             388,326
    Production Overhead                               2,131,317
    Warehouse (Cooler)                                1,676,282
    Marketing Costs                                     650,627
    Sales Admin Expenses                                421,396
    General Expenses                                  1,073,162
    Financial Costs                                     855,416
    Goodwill/trademarks                                   6,756
    Extraordinary                                        74,152
    Corporate Allocation                                      0
    Provision for Income Taxes                                0
                                                 --------------
    Total Expenses                                   34,899,911

Reorganization Expenses                               2,023,249
                                                 --------------
Net Profit (Loss)                                   ($3,917,110)
                                                 ==============

                        Farmland Dairies, LLC
                   Cash Receipts and Disbursements
             From August 21, 2004 to September 18, 2004

Cash - Beginning of Month                           $13,998,799

Receipts From Operations
    Cash Sales                                                0

Collection of Accounts Receivable
    Prepetition                                               -
    Postpetition                                              -
                                                 --------------
    Total Operating Receipts                         32,594,955

Non - Operating Receipts
    Payments from/(to) GE Capital                     1,800,000
    Voided Checks (Prepetition)                               -
    Adjustments                                         (20,687)
    Deposits -- Other                                   349,243
    Transfers                                         5,500,000
                                                 --------------
    Total Non-Operating Receipts                      7,628,556
                                                 --------------
    Total Receipts                                   40,223,511
                                                 --------------
Total Cash Available                                 54,222,310

Operating Disbursements
    Chemicals                                           413,318
    Commissions                                           8,590
    Consulting/Legal                                     67,697
    Co-packing                                          575,731
    Employee & Employee-related expenses              2,542,190
    Equipment Leases                                    406,252
    Freight & Postage                                   314,562
    Fuel                                                 85,331
    Transportation                                      589,549
    Ingredients                                       1,433,324
    Insurance                                         1,140,417
    Lab Fees                                             23,240
    Licenses & Taxes                                    231,428
    Marketing                                            32,236
    Other                                               660,886
    Packaging                                         2,323,000
    Pallets/Cases/Bossies                               200,533
    Milk Producers                                   19,264,613
    Marketing Administrator                             809,167
    Purchased Products                                  766,250
    R & M, Parts, Supplies                            1,000,847
    Raw Milk                                            764,381
    Rebates                                              39,211
    Rent                                                200,560
    Security                                             79,520
    Temporary Labor                                      50,023
    Travel & Entertainment                               36,249
    Utilities                                           862,006
    Securitization Payments                           5,722,021
    Payroll                                           3,473,849
    Payroll Taxes                                       335,896
    Voided Checks (Postpetition)                       (190,089)
                                                 --------------
    Total expenses                                   44,262,788

Reorganization Expenses
    Professional Fees                                 2,558,981
    U.S. Trustee Fees                                         -
    DIP Interest & Fees                                 183,722
                                                 --------------
    Total Reorganization Expenses                     2,742,703
                                                 --------------
Total Disbursements                                  47,005,491
                                                 --------------
Net Cash Flow                                        (6,781,981)
                                                 --------------
Cash - End of Month                                  $7,216,818
                                                 ==============

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts.  (Parmalat Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  FARMLAND DAIRIES LLC
          520 Main Avenue
          Wallington, NJ 07057
          Toll free: 1 888 727 6252
          E-mail: jobs@farmlanddairies.com
          Web site: http://www.farmlanddairies.com


PARMALAT FINANZIARIA: Auditors, Banks Challenging Legal Immunity
----------------------------------------------------------------
Grant Thornton and Bank of America on Thursday filed motions in
the New York Court seeking to remove a U.S. injunction
protecting Parmalat from counter-suits, Reuters reports.

Parmalat has lodged two separate US$10 billion cases in the U.S.
against former auditors, Grant Thornton and Deloitte, and
against debt arrangers Bank of America, and Citigroup Inc.  It
filed the suit against Bank of America in October, claiming the
bank had played a central role in the scandal.  Bank of America
denies the accusations.  Now, together with Grant Thornton, it
wants to counter-sue, and demand increase access to company's
files for defenses.

"We want the (New York) legal barrier removed so we have the
ability to counter-claim and seek discovery against Parmalat," a
Grant Thornton International spokeswoman said on Friday.

The bank said in a statement: "[The motion] argues that Bank of
America should be allowed to assert a vigorous defense against
[Enrico] Bondi's transparent effort to shift attention away from
Parmalat's extensive fraud."

In filing its motion, the bank argued that Parmalat is "hiding"
behind a court order that prevents BofA and Grant Thornton from
participating in the bankruptcy court process.

In response, Brian Timmons, a Los Angeles-based lawyer for
Parmalat said: "This has nothing to do with hiding behind an
injunction . . . We would have agreed to amend the injunction if
they had only bothered to pick up the phone and ask."

Grant Thornton International is also seeking to dismiss a case
Parmalat filed in an Illinois court in August seeking US$10
billion in compensation.  A Grant Thornton spokeswoman said the
argument would be that Grant Thornton LLP is separate from its
Italian unit.  Grant Thornton S.p.A. is now called Italaudit
S.p.A. after its parent disowned it earlier this year.

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

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


PARMALAT FINANZIARIA: Administrator Hands over New Evidences
------------------------------------------------------------
Enrico Bondi, Parmalat Finanziaria's administrator, has
furnished prosecutors fresh proof that certain foreign bank
played a major part in it demise, reports Reuters.

Mr. Bondi handed over a file of documents that might aid
prosecutors in determining whether the banks can be charged with
conspiracy to commit bankruptcy, considered a crime in the
country.  The documents reportedly include Bank of America,
which faces a separate probe in Milan regarding the food group's
collapse.

Parmalat has filed a U.S. court action against Bank of America,
claiming around US$10 billion in damages.  The multinational
group has been filing a number of court actions, seeking to
recover billion of Euros in loss cash.

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

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


PARMALAT U.S.A.: Milk Products Registers 3rd-quarter Loss
---------------------------------------------------------
                    Milk Products of Alabama, LLC
                            Balance Sheet
                      As of September 18, 2004

Assets

Cash & Cash Equivalents                                $278,836
Accounts Receivable-Net                               3,417,654
Inventory                                             1,192,550
Prepaid Expenses                                        200,641
Other Current Assets                                      4,521
                                                 --------------
Total Current Assets                                  5,094,202

Fixed Assets                                         10,926,223
Accumulated Depreciation                              6,723,074
                                                 --------------
Net Fixed Assets                                      4,203,149

Other Assets                                            885,023
Intercompany Receivables                                      0
                                                 --------------
Total Assets                                        $10,182,374
                                                 ==============

Liabilities Subject to Compromise
    Accrued Expenses                                    $45,227
    Intercompany payables                             8,338,493
                                                 --------------
Total Liabilities Subject to Compromise               8,383,720

Liabilities
    Accounts Payable                                    192,367
    Accrued Expenses                                    214,532
                                                 --------------
Total Current Liabilities                               406,899

Long Term Notes Payable -- Intercompany                       -
Other                                                   271,327
                                                 --------------
Total Long Term Liabilities                             271,327

Intercompany Payables                                 1,495,391
                                                 --------------
Total Liabilities                                    10,557,337

Equity
Retained Earnings                                        18,414
YTD Net Income/(Loss)                                  (393,377)
                                                 --------------
Total Equity                                           (374,963)
                                                 --------------
Total Liabilities & Owners' Equity                  $10,182,374
                                                 ==============


                    Milk Products of Alabama, LLC
                          Income Statement
             From August 22, 2004 to September 18, 2004

Revenues
    Gross sales                                       $3,651,042
    Less: Returns & discounts                              5,063
                                                  --------------
    Net sales                                          3,645,979

Expenses
    Raw Materials & Ingredients                        2,450,540
    Packaging                                            327,586
    Direct Labor                                          80,712
    Power                                                 88,479
    Freight                                              154,427
    Industrial Depreciation                               30,093
    Production Overhead                                  187,649
    Warehouse (Cooler)                                    10,503
    Marketing Costs                                            0
    Sales Admin Expenses                                  45,116
    General Expenses                                      60,408
    Financial Costs                                       23,013
    Other (Income) Expense
(400)
    Extraordinary
(39,527)
    Corporate Allocation                                       0
    Income Taxes                                               0
                                                  --------------
    Total Expenses                                     3,418,599

Reorganization Expenses
    Professional Fees                                          -
    U.S. Trustee Fees                                    385,487
    Other                                                      -
                                                  --------------
    Total Reorganization Expenses                        385,487
                                                  --------------
Net Profit (Loss)                                     ($158,107)
                                                  ==============


                    Milk Products of Alabama, LLC
                   Cash Receipts and Disbursements
             From August 22, 2004 to September 18, 2004

Cash - Beginning of Month                             $2,300,010

Receipts From Operations
    Cash Sales                                                 -

Collection of Accounts Receivable
    Prepetition                                                0
    Postpetition                                       3,480,187
                                                  --------------
    Total Operating Receipts                           3,480,187

Non - Operating Receipts
    Transfers
(5,500,000)
    Other
(124)
                                                  --------------
    Total Non-Operating Receipts
(5,500,124)
                                                  --------------
    Total Receipts
(2,019,937)
                                                  --------------
Total Cash Available                                     280,073

Operating Disbursements
    Bank Charges                                               -
    Freight                                                    -
    Ingredients                                                -
    Licenses & Taxes                                           -
    Packaging                                                  -
    Raw Milk                                                   -
    R & M, Parts, Supplies                                     -
    Other                                                     13
    Warehouse (Cooler)                                         -
    Marketing Costs                                            -
    Sales Admin Expenses                                       -
    General Expenses                                       1,224
    Financial Costs                                            -
    Goodwill/trademarks                                        -
    Extraordinary                                              -
    Corporate Allocation                                       -
    Income Taxes                                               -
                                                  --------------
    Total expenses                                         1,237

Reorganization Expenses
    Professional Fees                                          -
    U.S. Trustee Fees                                          -
    Other                                                      -
                                                  --------------
    Total Reorganization Expenses                              -
                                                  --------------
Total Disbursements                                        1,237
                                                  --------------
Net Cash Flow
(2,021,174)
                                                  --------------
Cash - End of Month                                     $278,837
                                                  ==============

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


PARMALAT U.S.A.: Reports Minimal Loss for Third Quarter
-------------------------------------------------------
                   Parmalat U.S.A. Corporation
                            Balance Sheet
                      As of September 18, 2004

Assets

Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                 --------------
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                 --------------
Net Fixed Assets                                              0

Other Assets                                        326,271,339
Intercompany Receivables                             24,965,787
                                                 --------------
Total Assets                                       $351,237,126
                                                 ==============

Liabilities Subject to Compromise
    Long Term Debt & Interest                       $19,836,909
    Intercompany payables                           212,783,632
                                                 --------------
Total Liabilities Subject to Compromise             232,620,541

Liabilities
    Accounts Payable                                          0
    Notes & Loans Payable                                     0
    Accrued Expenses                                    749,778
    Intercompany Payables                                     0
                                                 --------------
Total Liabilities                                   233,730,319

Equity
Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                                  (840,362)
                                                 --------------
Total Equity                                        117,866,807
                                                 --------------
Total Liabilities & Owners' Equity                 $351,237,126
                                                 ==============


                    Parmalat U.S.A. Corporation
                          Income Statement
             From August 22, 2004 to September 18, 2004

Revenues
    Gross sales                                               -
    Less: Returns & discounts                                 -
                                                 --------------
    Net sales                                                $0

Expenses
    Raw Materials & Ingredients                               -
    Packaging                                                 -
    Direct Labor                                              -
    Power                                                     -
    Freight                                                   -
    Distribution                                              -
    Industrial Depreciation                                   -
    Production Overhead                                       -
    Warehouse (Cooler)                                        -
    Marketing Costs                                           -
    Sales Admin Expenses                                      -
    General Expenses                                          -
    Financial Costs                                      78,692
    Goodwill/trademarks                                  18,226
    Extraordinary                                             -
    Corporate Allocation                                      -
    Depreciation                                              -
    Amortization                                              -
    Income Taxes                                              -
                                                 --------------
    Total Expenses                                       96,918

Reorganization Expenses
    Professional Fees                                         -
    U.S. Trustee Fees                                         0
    Other                                                     -
                                                 --------------
    Total Reorganization Expenses                             0
                                                 --------------
Net Profit (Loss)                                      ($96,918)
                                                 ==============

Parmalat U.S.A. Corporation received no cash nor made
disbursements from August 22, 2004, to Sept. 18, 2004.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


HAGEMEYER N.V.: Latest Quarterly Trading Report Encouraging
-----------------------------------------------------------
Highlights

(a) Hagemeyer N.V. continues to grow in every division and
    region, except Germany;

(b) Group organic sales growth 3.8% in third quarter 2004 (HY1
    2004: 3.2%);

(c) Organic sales growth for the core PPS division 3.5% on a
    same number of working days basis in third quarter 2004 (HY1
    2004: 2.1%); and

(d) Outlook HY2 2004 confirmed.

Organic Sales Growth[1]

              9 mths     Q3    HY1     Q2     Q1  9 mths     Q3
                2004   2004   2004   2004   2004    2004   2003

PPS             3.3%   3.8%   3.1%   4.9%   1.3%   -7.9%  -7.8%

ITPS              -      -      -      -      -    13.9%     -

Agencies/CE     4.0%   4.3%   3.9%   8.6%  -1.0%   -0.6%  -5.8%

Total Group     3.4%   3.8%   3.2%   5.2%   1.1%   -4.8%  -7.6%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Organic growth not adjusted for number of working days
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CEO Rudi de Becker said: "Hagemeyer's turnaround remains on
track.  After the first positive signs in the second quarter,
our Group sales growth continued at a healthy pace in the third
quarter.  This is indeed an encouraging trend given the fact
that we are still in the early stages of our turnaround process.
Step by step we are regaining our strength.  The small increase
of our net debt during the third quarter is mainly due to a
seasonal increase in working capital.  The third quarter also
marked the successful sale of our remaining share in Tech
Pacific.  Once the transaction is closed, the proceeds of this
sale will be used to pay off part of our debt.  Based on our
performance in this quarter, we confirm the outlook we gave for
the second half of the year."

Group Review

EUR million   9 mths     Q3    HY1     Q2     Q1  9 mths     Q3
                2004   2004   2004   2004   2004    2004 2003[1]

Total
Net Sales      4,030  1,385  2,645  4,874  1,445   4,104  1,426

PPS Net Sales  3,707  1,278  2,429  3,774  1,292   3,716  1,274

Net interest
bearing debt[2]  669    669    639    986    986    n.a.   n.a.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted for the impact of the 2003 divestments and/or
    transfer of Tech Pacific, Stokvis Tapes Group and Puma

[2] Net interest bearing debt at the end of the reporting period
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sales Development

In the third quarter of 2004, net sales for the Group were
EUR1,385 million (Q3 2003: EUR1,445 million).  Organic sales
growth for the Group as a whole was 3.8% or EUR51 million (HY1
2004: 3.2%).  The decrease in sales in the third quarter is for
EUR87 million due to the net effect of acquisitions and
divestments in 2003 and this year (mainly the divestments of
Tech Pacific, Stokvis Tapes Group, GPX and the retail activities
in Germany, as well as the termination of the contract with
Puma).

The effect of foreign exchange rate movements compared to the
same period last year was -EUR24 million.  Except for Germany,
all of the PPS regions showed ongoing positive organic growth in
Q3 2004.  Organic growth for the PPS division was 3.8% positive
(HY1 2004: 3.1%).

Techpac Holdings Limited

On September 27, 2004 CVC Asia-Pacific and Hagemeyer announced
the sale of their respective stakes in Tech Pacific to U.S.
based Ingram Micro.  Hagemeyer had a 31.5% participation in Tech
Pacific, with a book value of EUR25.8 million as per June 30,
2004.  As a result of the sale, Hagemeyer is expected to realize
a book gain of approximately EUR60 million.  Hagemeyer's net
proceeds of the sale of Tech Pacific are expected to be
approximately EUR85 million, of which a small part will be kept
in escrow.  The final amount is subject to various adjustments
upon completion of the transaction, which is expected prior to
December 31, 2004.

The cash proceeds will be used to pay off part of Hagemeyer's
senior debt.  The financing facilities available to Hagemeyer
will be reduced accordingly.

Financial Position

The Group's net interest bearing debt increased from EUR639
million at June 30, 2004 to EUR669 million as at September 30,
2004.

The increase in third-quarter is mainly due to a seasonal
increase in working capital, which is in line with our financial
restructuring plan.

Outlook HY2 2004

Hagemeyer confirms its outlook for the second half of the year,
as stated in our 2004 first half-year results press release (all
outlook elements are excluding the book gain of approximately
EUR60 million on the divestment of our participation in
Tech Pacific):

(a) We expect Group EBITDA before exceptional items to improve
    in the second half of 2004 (compared to the 2003 second half
    like-for-like basis of EUR17 million positive);

(b) For the second half of 2004, net exceptional charges up to
    EUR25 million are expected;

(c) We expect net financial expenses of around EUR35 million for
    the second half of 2004;

(d) The net result in HY2 2004 is expected to show a substantial
    improvement compared to last year's loss in the second half,
    but will still be negative; and

(e) Free cash flow (before divestments) is expected to be
    positive in the second half of 2004, but is still expected
    to be negative for the full year.

Professional Products and Services (PPS)

Organic
Growth[1]     9 mths     Q3    HY1     Q2     Q1  9 mths     Q3
                2004   2004   2004   2004   2004    2004   2003

PPS Europe      2.9%   2.9%   2.9%   4.9%   0.9%   -9.1%   -7.7%

PPS Germany    -9.7% -10.0%  -9.6% -13.1%  -6.2%   -9.7%   -9.5%

PPS U.K.        5.4%   4.9%   5.6%   9.4%   2.1%  -16.6%  -11.1%

PPS Other
    Europe      9.2%   9.6%   9.0%  13.1%   4.8%   -2.8%   -3.9%

PPS North
    America     2.9%   5.9%   1.6%   2.2%   1.0%   -7.6%   -9.1%

PPS U.S.A.      4.0%   8.2%   1.9%   3.1%   0.6%  -10.3%  -15.3%

PPS Asia-
    Pacific    -0.7%   2.4%  -2.3%   1.6%  -6.3%    3.7%    1.3%

PPS Total       2.6%   3.5%   2.1%   3.9%   0.2%   -7.7%   -7.3%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Organic growth on same number of working days basis/currency
    effects have no impact.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net sales in the third quarter for the PPS division amounted to
EUR1,278 million (Q3 2003: EUR1,292 million).  Organic growth
was 3.8% positive (EUR46 million).  On a same number of working
days basis, organic growth was 3.5% (HY1 2004: 2.1%; Q3 2003:
7.3% negative).  The net effect of acquisitions and divestments
(in particular Stokvis Tapes Group and the German retail
activities), led to a decrease in third quarter sales of EUR42
million.  Foreign exchange rate movements had a negative impact
of EUR18 million.

The development by region is as follows (all sales developments
mentioned below represent organic growth on a same number of
working days basis):

(a) Europe - Organic growth for the third quarter was 2.9%
    (HY1 2004: 2.9%).  In Q3 2003 sales decreased by 7.7%;

(b) Germany - Although there are some signs that the decline
    is bottoming out, the German construction market remains
    depressed.  Our sales in the third quarter decreased by
    10.0%, a slight improvement versus the 13.1% decline of the
    second quarter.  This positive evolution is mainly caused by
    increasing sales in the industrial segment.  In addition,
    measures to strengthen the sales force and marketing
    initiatives to restore sales growth are starting to
    have an effect;

(c) U.K. - Although sales in the U.K. increased in the third
    quarter by 4.9% (HY1 2004: 5.6%) the performance of our
    National Distribution Center (NDC) in Runcorn does not meet
    our expectations.  As indicated before, the original plan
    for a new logistic network has been revised.  Regional
    logistic hubs will take over several functions of the
    Runcorn NDC.  This will result in a simpler and more stable
    supply chain, improved customer service and more efficient
    and lower cost logistics;

(d) Other Europe - In our very successful Nordics region, the
    continuing strong growth of 13.5% in Q3 (HY1 2004: 12.0%)
    was mainly caused by increased sales in the
    telecommunication and utility segments.  Our Nordics
    operations also succeeded in increasing their share of the
    construction and installation market.  In Spain, our sales
    in Q3 increased by 4.3% (HY1 2004: 4.7%);

(e) North America - In the U.S.A., Q3 organic growth was 8.2%
    (HY1 2004: 1.9%).  In Q3 2003, sales decreased by 15.3%.
    Sales growth in the U.S.A. was supported by a strengthening
    economy, a continuing improvement of our service levels and
    several new industrial contracts;

(f) Asia-Pacific - Q3 sales growth in Asia-Pacific was 2.4%
    positive (HY1 2004: 2.3% negative).  In Australia, customer
    service levels have been restored and the sales force has
    been brought back to strength.

Agencies/Consumer Electronics

Organic
Growth[1]     9 mths     Q3    HY1     Q2     Q1  9 mths     Q3
                2004   2004   2004   2004   2004    2004   2003

Agencies/CE     4.0%   4.3%   3.9%   8.6%   -1.0%   -0.6% -5.8%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Organic growth not adjusted for number of working
    days/currency effects have no impact.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sales of the Agencies/Consumer Electronics division in the third
quarter were EUR107 million (Q3 2003: EUR153 million).  Organic
growth was EUR4 million or 4.3% positive (Q3 2003: 5.8%
negative).  Foreign exchange rate movements had a negative
impact on sales of EUR5 million, whilst the net effect of
acquisitions and divestments (specifically the Puma activities)
had a negative effect of EUR45 million.

Naarden, October 27, 2004
HAGEMEYER N.V.
Board of Management

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          P.O. BOX 5111
          1410 AC Naarden
          Phone: + 31 (0)35 6957676
          Fax: + 31 (0)35 6944396
          Web site: http://www.hagemeyer.com

          Emilie de Wolf
          Phone: +31 (0)35 6957676
          E-mail: press@hagemeyer.com


ROYAL SHELL: Bares Key Features of Results, Reserves Update
-----------------------------------------------------------
Record net income and strong earnings and cash generation
reflect high hydrocarbon price realizations and strong margins
and asset utilization in Oil Products and Chemicals.  Oil and
gas prices increased but the quarter saw crude differentials
widening.  Hydrocarbon production year on year was unchanged
after taking into account divestments, and LNG volumes continued
to grow.  Gross divestment proceeds for 2004 are expected to
exceed US$4.8 billion.

The outlook for 2004 production (3.7-3.8 million boe/d) and
2004-2006 gross divestment proceeds (US$10 - US$12 billion) is
unchanged.  Capital investment expectation for 2004 is lowered
to around US$14 billion.

The company has also provided an update on reserves.

Jeroen van der Veer, Chief Executive, said: "These are again
satisfactory results, and I am pleased with the progress we're
making.  I am of course disappointed that the more rigorous
review and audit process we have put in place has identified
potential proved reserves reductions.  In the face of
significant changes, I am committed to delivering competitive
performance, and our executive committee is clearly focused on
the many challenges ahead."

Reported net income of US$5,397 million was more than double the
earnings in the same period last year.

The Group's CCS earnings (i.e. on an estimated current cost of
supplies basis for the Oil Products segment earnings) for the
quarter of US$4,407 million were 70% higher than the same period
last year.  Earnings reflected higher hydrocarbon realizations,
strong LNG and Gas-to-Liquids earnings offset by lower other
income in Gas & Power, and higher Downstream earnings in Oil
Products and Chemicals.

Exploration and Production segment earnings of US$2,405 million
were 18% higher than a year ago.  Earnings included a $183
million charge related to the mark-to-market valuation of
certain long-term U.K. gas supply contracts.  Higher oil
realizations (39%) and gas realizations (7%) were partly offset
by the impact of hurricanes in the Gulf of Mexico and higher
costs.

Hydrocarbon production was 3,608 thousand barrels oil equivalent
(boe) per day.  Excluding the impact of divestments of 63
thousand boe per day, total production was unchanged versus the
same quarter last year.  Production for 2004 is expected to be
3.7 to 3.8 million boe per day subject to price effects on
production entitlements and the restart of shut-in Gulf of
Mexico production.

The Group remains reasonably confident of achieving 100% SEC
proved reserves replacement over the next 5 years (2004 to 2008
averaged).  Since completion of the 2003 Annual Reports and
Accounts and as previously announced, the Group has followed
through on its plans to launch an extensive and detailed program
of audit and assurance related to SEC proved reserves.  This
includes professional staff retraining (involving some 3000
Shell and joint venture staff) and use of external reserves
experts in the reserves auditing process.

The Group also has greatly increased its proved reserve audit
resource and the depth of reserve audits.  Implementation of
these enhanced reserves audit procedures is underway in
preparation for publication of its 2004 Annual Reports and
Accounts and the Group has now conducted audits of approximately
8 billion barrels of oil equivalent (boe) of the Group's
reported proved reserves of 14.35 billion boe at 31 December
2003.

Preliminary reports from the field and audit teams suggest that
reductions to Shell's 31 December 2003 proved reserves are
likely to be appropriate.  At this point, the amounts and
timings of the adjustments are part of the ongoing review
process, which includes further assessment and challenge by
relevant operational teams, the reserves committee, the
executive committee and the Group Audit Committee to arrive at a
conclusion.  The volume adjustment currently under consideration
is approximately 900 million boe.  The definitive figures,
including the related impact on reserve replacement ratios,
standardized measure of discounted cash flows and financial
statements, will be provided upon completion of the annual
process in early 2005.

Gas & Power segment earnings were US$272 million compared to
US$65 million a year ago, which included net charges of some
US$230 million.  Earnings reflected LNG volume growth and higher
prices, and higher Gas-to-Liquids performance, offset by lower
Marketing and Trading earnings.

Oil Products CCS segment earnings were US$1,555 million compared
to US$880 million a year ago.  Earnings reflected increased
refining intake and higher global refining margins partly offset
by lower marketing earnings mainly due to weaker market
conditions in the U.S.A.

Chemicals segment earnings were US$577 million compared to US$30
million the same quarter last year.  Earnings benefited from
volume growth, improved operating rates and higher margins.

For the quarter cash flow from operating activities was US$6.2
billion inclusive of a working capital increase of almost US$1.3
billion.  This cash, together with divestment proceeds (US$0.8
billion), was mainly used for capital expenditure of US$3.0
billion and distributions to Parent Companies of US$3.9 billion
to fund dividends and share buy backs.  Cash and cash
equivalents rose by US$0.2 billion and debt increased by US$0.3
billion.

At the end of the quarter the debt ratio was 16.3% compared to
22.1% a year ago; cash and cash equivalents amounted to US$2.6
billion.

Capital investment for the quarter was SU$3.1 billion, excluding
the minority share in Sakhalin of US$0.4 billion, versus US$3.4
billion a year ago.  Year to date capital investment was US$8.7
billion excluding the minority share of Sakhalin of US$1.1
billion.

Gross proceeds from divestments for the quarter were US$0.8
billion and comprised various items including the divestment of
downstream assets in Japan and Malaysia.  Year to date proceeds
total US$2.8 billion.  Further proceeds of some US$2 billion,
are expected to be received later this year depending on the
timing of regulatory approvals.

US$3.0 billion dividends were paid to shareholders during the
quarter.  Royal Dutch and Shell Transport continued their share
buy back programs for the year.  Shares purchases for
cancellation and to underpin the employee share option schemes
were made for a combined total of US$1.0 billion in the quarter,
bringing the year to date total to US$1.7 billion.

A full copy of its financial results is available free of charge
at http://bankrupt.com/misc/financial_results.pdf.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague, The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com


ROYAL SHELL: In Advance Stage to Sell LatAm Units, Report Says
--------------------------------------------------------------
Anglo-Dutch oil company Royal Dutch/Shell could announce the
sale of two of its Latin American businesses to local buyers
this week, a source told Reuters.

The operations are downstream units that are both part of Shell
Oil Products Latin America.  They are worth between US$500
million to EUR600 million each, according to a banker familiar
with the assets.

Analysts had expected Shell to dispose of the assets, some of
which are underperforming.  In July, it reached agreement to
sell its Peruvian downstream unit.  Rumors then circulated its
Argentine and Chilean fuel distribution businesses might be sold
off.  In September, the company said it planned to sell US$10
billion to US$12 billion in non-core assets by 2006.  It
declined to comment on recent disposal reports.

Venezuela's state oil company PDVSA has expressed interest in
Shell's Argentine business.  Brazil's state oil company
Petrobras held talks to acquire its Chilean fuel distribution
unit in August.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague, The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com

          Media
          Stuart Bruseth
          Phone: +44 20 7934 6238

          Andy Corrigan
          Phone: +44 20 7934 5963

          Simon Buerk
          Phone: +44 20 7934 3453

          Lisa Givert
          Phone: +44 20 7934 2914

          Herman Kievits
          Phone: +31 70 377 8750

          Investor Relations
          UK: David Lawrence
          Phone: +44 20 7934 3855

          Gerard Paulides
          Phone: +44 20 7934 6287

          Europe: Bart van der Steenstraten
          Phone: +31 70 377 3996

          USA: Harold Hatchett
          Phone: +1 212 218 3112


ROYAL SHELL: Intends to Centralize Dutch, British Operations
------------------------------------------------------------
The Boards of N.V. Koninklijke Nederlandsche Petroleum
Maatschappij (RD) and the Shell Transport and Trading Company,
Public Limited Company (ST&T) have unanimously agreed to propose
to their shareholders the unification of the Royal Dutch/Shell
Group of Companies under a single parent company, Royal Dutch
Shell plc.  Real reforms in management and governance structure
are also planned.

The Boards believe that implementation of these proposals will
strengthen the Group and deliver significant benefits:

(a) Clarity and Simplicity: one listed company, one Board, one
    Chairman and one Chief Executive;

(b) Efficiency: streamlined decision-making with clear lines of
    authority and an empowered Chief Executive; and

(c) Accountability: clarity in governance, reporting
    relationships and responsibilities.

                          Key Proposals

The proposals include these features:

RD and ST&T will unify under one new parent company, Royal Dutch
Shell plc (the Transaction).  The new single parent company will
be incorporated in the U.K. and headquartered and tax resident
in The Netherlands.

Reflecting the current '60:40' ownership of the Royal
Dutch/Shell Group of Companies by RD and ST&T, RD shareholders
will be offered 60% of the issued share capital of Royal Dutch
Shell and ST&T shareholders will be offered 40%.

Royal Dutch Shell will have a single tier Board of Directors
chaired by a non-executive Chairman.

With immediate effect, Mr. Jeroen van der Veer will become the
first Chief Executive of the Group.  He will have full executive
authority and be empowered to drive strategy implementation,
operational delivery and cultural change.

Mr. Aad Jacobs will be the non-executive Chairman until his
previously planned retirement at the Annual General Meeting
(AGM) in 2006 when it is envisaged that he will be succeeded by
an external appointee.  The search for his successor will start
immediately.  Lord Kerr will be the Deputy Chairman of the Board
and senior independent non-executive Director.

Royal Dutch Shell's Board will have a majority of independent
non-executive Directors and will initially consist of ten non-
executive and five executive Directors.  The ten non-executives
will initially be drawn from the seven members of the RD
Supervisory Board and the nine non-executive members of the ST&T
Board.  Of these ten non-executives, five are expected to be
replaced by 2008, namely the Chairman in 2006 and two more in
each of 2007 and 2008.

Reporting to the Chief Executive will be: Mr. Peter Voser, Chief
Financial Officer; Mr. Malcolm Brinded, Executive Director of
Exploration and Production; Ms. Linda Cook, Executive Director
of Gas and Power; and Mr. Rob Routs, Executive Director of Oil
Products and Chemicals.  The Committee of Managing Directors
will be abolished.

The current split central offices will be consolidated into a
single headquarters in The Netherlands, where the Board and
substantially all of the senior management will be based.  A
substantial presence will be maintained in the U.K., which will
remain the base of the global Downstream (Oil Products and
Chemicals) and Trading businesses.

Royal Dutch Shell will apply for its shares to be listed and
admitted to trading in London, Amsterdam and, in the form of
American Depositary Receipts, New York.

Following consultation with FTSE International, the Boards are
confident that Royal Dutch Shell will be included in the FTSE
All-Share and FTSE 100 indices with a weighting reflecting its
full market capitalization.

To preserve the current tax treatment of dividends for all
shareholders, Royal Dutch Shell will have 'A' and 'B' shares.
It is envisaged that RD shareholders will receive 'A' shares and
Dutch-sourced dividends while ST&T shareholders will receive 'B'
shares and U.K.-sourced dividends.  These 'A' and 'B' shares
will otherwise be identical and will vote together as a single
class on all matters and have dividends of the same amount
declared.

Dividends will be paid quarterly (as opposed to semi-annually
currently) starting with the dividend for the first quarter of
2005.  Dividends will be declared in Euros but the holders of
'B' shares will receive dividend payments in Pounds Sterling and
holders of ADRs in U.S. Dollars.  Royal Dutch Shell will
continue to seek to increase dividends at least in line with
inflation over time.

                         Implementation

The proposals are expected to be implemented through (i) a
public exchange offer by Royal Dutch Shell for the RD ordinary
shares (the Tender Offer) and (ii) the acquisition of ST&T by
Royal Dutch Shell pursuant to a Scheme of Arrangement of ST&T
under section 425 of the U.K. Companies Act 1985 (the Scheme).
Implementation of the Transaction will be the subject of
appropriate consultation with relevant employee representative
bodies as required.

The terms of the Transaction will provide that RD shareholders
will be offered 60% of the issued ordinary shares in Royal Dutch
Shell and ST&T shareholders will be offered 40% of the issued
ordinary shares in Royal Dutch Shell.  There are currently
2,074,400,000 RD ordinary shares and 9,624,900,000 ST&T ordinary
shares in issue and therefore the exchange terms are expected to
be that:

RD ordinary shareholders will be offered two 'A' shares in Royal
Dutch Shell for every one RD share currently owned; and
ST&T ordinary shareholders will be offered approximately 0.2874
'B' shares in Royal Dutch Shell for every one ST&T share
currently owned.

U.S. and other shareholders of RD and ST&T will have the option
of receiving ADRs (which will represent two Royal Dutch Shell
shares).

The conditions to both the Tender Offer and the Scheme must be
satisfied for the proposals to be implemented.  Implementation
of the proposed Transaction will be subject to votes of the
shareholders of RD and ST&T that are expected to take place on
22 April 2005, the same day as their respective AGMs.  It is
expected that the Transaction will complete in May 2005 and that
Royal Dutch Shell will report its first set of full financial
results for the six months to 30 June 2005.

Aad Jacobs, Chairman of RD, said:  "[The] announcement is an
historic step forward for the Royal Dutch/Shell Group and has
the unanimous support of the Boards.  The proposals build on the
best characteristics of the Group and promise significant
benefits for our global business."

Lord Oxburgh, Chairman of ST&T, said: "The Boards appreciate the
support of shareholders and the feedback we have received
throughout what has been an extensive process.  The proposals
are far reaching and we believe that they offer great benefits
to shareholders and everyone with an interest in the Group."

Jeroen van der Veer, Chief Executive, said: "I am honored to be
the first Chief Executive of Royal Dutch Shell.  There is much
to be done to deliver our strategy and priorities but I believe
that these proposals will help propel this Group forward and
they provide the necessary platform for me and my executive team
to deliver improved performance and results across all our
businesses."

                            *   *    *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
INTO CANADA OR JAPAN

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague, The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com

          Media
          Stuart Bruseth
          Phone: +44 20 7934 6238

          Andy Corrigan
          Phone: +44 20 7934 5963

          Simon Buerk
          Phone: +44 20 7934 3453

          Lisa Givert
          Phone: +44 20 7934 2914

          Herman Kievits
          Phone: +31 70 377 8750

          Investor Relations
          UK: David Lawrence
          Phone: +44 20 7934 3855

          Gerard Paulides
          Phone: +44 20 7934 6287

          Europe: Bart van der Steenstraten
          Phone: +31 70 377 3996

          USA: Harold Hatchett
          Phone: +1 212 218 3112


ROYAL SHELL: Needs More than Structural Change to Restore Image
---------------------------------------------------------------
Now that Royal Dutch/Shell Group is about to abandon its complex
dual ownership, the company must next address the most important
problem: where to find new reserves.

The structural change is a "very sensible move, but they aren't
going to get any more oil out of it," Andrew Green, who manages
the equivalent of US$900 million in U.K. stocks at SG Asset
Management in London, told Bloomberg News in a recent interview.
"They need real operational and strategic improvements."

And that's exactly what Shell is promising.  In September, the
company announced it would invest about US$15 billion a year on
capital spending, including about US$1.5 billion to step up the
search for new deposits.  Many view this as significant since
the company has only spent less than US$10 billion a year on
capital projects since the late 1990s.  The company also plans
to sell as much as US$12 billion in assets, including that of
its InterGen joint venture with Bechtel Inc., Bloomberg says.

In an industry where oil reserves is used as a yardstick of a
company's profitability, Shell is writing down another 900
million barrels or 6.3 percent of its holdings.  This is the
fifth cut this year, according to the newswire.  Worse, Shell's
third-quarter production fell to 3.61 million barrels a day from
3.67 million a year earlier.

"BP in the period produced 3.91 million barrels of oil and gas a
day, up from 3.5 million a year ago, and is targeting an average
of more than 4 million barrels a day in 2004, an 11 percent
increase from 2003," Bloomberg notes.

"There needs to be some sort of volume growth, and Shell's
reserve ratio needs to go up," the newswire further quoted Mr.
Green.

No less than Jeroen van der Veer, the man who will head the new
Royal Dutch Shell Plc, agrees with Mr. Green.  "We are going for
big finds.  We have already increased our exploration
expenditure.  It's important to find new reserves so we can
start additional production," Bloomberg quoted Mr. van der Veer
in London.

The new Shell will be registered in the U.K. and based in The
Hague.  The new company structure is an upshot of the review
into the firm's corporate set up and governance and is intended
to simplify the board and management and improve accountability.
About 200 personnel will be transferred from London to The Hague
in the coming months, the newswire says.

Will this be enough to restore Shell's fortune?  Alan Beaney, a
fund manager at Principal Investment Management in Sevenoaks,
England, is crossing his fingers.

"It's another move in the right direction, but is it another
false dawn?  We were told about four or five years ago they
would become more efficient, but that didn't happen," Bloomberg
quoted him saying.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague, The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com


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


ELEKTRIM SA: E.U. Anti-trust Regulator Clears PTC Sale
------------------------------------------------------
The European Commission has given the go-ahead signal for the
takeover of Polska Telefonia Cyfrowa by Deutsche Telekom, though
negotiations are yet to be completed, Associated Press reports.

The German company is buying the remaining 51% it does not own
in the Polish wireless operator for EUR1.3 billion (US$1.7
billion) from Vivendi Universal S.A., Elektrim S.A. and Ymer.
It is doing the transaction through its mobile arm T-Mobile
International AG.  Negotiations are yet to be completed between
the parties, but it is not unusual for companies to seek
antitrust approval before negotiations are finished, the report
said.

The E.U. regulator used its simplified antitrust procedure to
examine the deal.  It invited objections from third parties,
clearing the transaction if none is raised.

PTC is Poland's largest mobile provider.  Earlier this month, it
reported a 13% increase in third-quarter sales to PLN1.7 billion
(US$500 million, EUR392 million).

CONTACT:  Elektrim S.A.
          Panska 77/79
          00-834 Warszawa
          Phone: (+48 22) 432 89 55
          Fax: (+48 22) 432 87 99
          E-mail: inf@elektrim.pl
          Web site: http://www.elektrim.pl


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


CERAMIC: Under Bankruptcy Supervision
-------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Ceramic.  The case is docketed as A-32-32-22282/2003-43/179-B.
Mr. F. Abdullin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Krasnodar,
Rashpilevskaya Str. 321.

CONTACT:  CERAMIC
          Russia, Krasnodar region,
          Leningradskaya Station, Prom.Zone

          Mr. F. Abdullin
          Temporary Insolvency Manager
          Russia, Krasnodar,
          Rashpilevskaya Str. 321


FOUL RESERVE: Hires E. Korshunova as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Khabarovsk region has launched
bankruptcy proceedings against Foul Reserve after finding the
limited liability company insolvent.  The case is docketed as
A73-3438/2004-39.  Ms. E. Korshunova has been appointed
insolvency manager.  Creditors have until November 24, 2004 to
submit their proofs of claim to 680000, Russia, Khabarovsk,
Gogolya Str. 27, Office 503.

CONTACT:  Ms. E. Korshunova
          Insolvency Manager
          680000, Russia, Khabarovsk,
          Gogolya Str. 27, Office 503
          Phone: 79-43-96


GOLDEN FLEECE: Creditors Have Until this Month to File Claims
-------------------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy proceedings against Golden Fleece after finding the
open joint stock company insolvent.  The case is docketed as
A58-2401/2003.  Ms. A. Borisova has been appointed insolvency
manager.  Creditors have until November 24, 2004 to submit their
proofs of claim to 677007, Russia, Sakha republic (Yakutiya),
Yakutsk, Krupskoy Str. 35

CONTACT:  GOLDEN FLEECE
          Russia, Sakha republic (Yakutiya),
          Yakutsk, Gubina Str. 35/1,
          Apartment 26

          Ms. A. Borisova
          Insolvency Manager
          677007, Russia,
          Sakha republic (Yakutiya),
          Yakutsk, Krupskoy Str. 35


GOLD OF NERYUNGRI: Insolvency Manager to Temporarily Run Firm
-------------------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy supervision procedure on open joint stock company
Gold of Neryungri.  The case is docketed as A58-2332/2004.  Mr.
S. Sokolov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 678962, Russia,
Sakha republic (Yakutiya), Neryngri, Aldanskaya Str. 2.

CONTACT:  GOLD OF NERYUNGRI
          678962, Russia,
          Sakha republic (Yakutiya),
          Neryungri, Aldanskaya Str. 2

          Mr. S. Sokolov
          Temporary Insolvency Manager
          678962, Russia,
          Sakha republic (Yakutiya),
          Neryngri, Aldanskaya Str. 2


KHABAROVSKOYE INDUSTRIAL-MARKETING: Claims Deadline Nears
---------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy proceedings against Khabarovskoye Industrial-
Marketing Enterprise Fish Complex after finding the limited
liability company insolvent.  The case is docketed as A73-
8060/2004-39.  Ms. T. Semyenova has been appointed insolvency
manager.  Creditors have until November 24, 2004 to submit their
proofs of claim to 680013, Russia, Khabarovsk, Post User Box
4227.

CONTACT:  Ms. T. Semyenova
          Insolvency Manager
          680013, Russia, Khabarovsk,
          Post User Box 4227


KUSHEVSKIY FOUNDRY: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy proceedings against Kushevskiy Foundry Mechanical
Plant after finding the open joint stock company insolvent.  The
case is docketed as A-32-5100/2004-38/26B.  Mr. G. Sazonov has
been appointed insolvency manager.  Creditors have until
November 24, 2004 to submit their proofs of claim to 352000,
Russia, Krasnodar region, Kushevskaya Station, Lenina Str. 25.

CONTACT:  KUSHEVSKIY FOUNDRY MECHANICAL PLANT
          352000, Russia, Krasnodar region,
          Kushevskaya Station, Lenina Str. 25

          Mr. G. Sazonov
          Insolvency Manager
          352000, Russia, Krasnodar region,
          Kushevskaya Station, Lenina Str. 25


PRIM-STROY-INVEST: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Primorskiy region has commenced
bankruptcy supervision procedure on limited liability company
Prim-Stroy-Invest.  The case is docketed as A51-12146/2004 21-
126.  Mr. I. Simontsev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 692525, Russia,
Primorskiy region, Ussuriysk, Post User Box 117.  A hearing will
take place at Russia, Vladivostok, Svetlanskaya Str. 54, Room
110 on March 1, 2005, 10:00 a.m.

CONTACT:  PRIM-STROY-INVEST
          690002, Russia, Primorskiy region,
          Vladivostok, Komsomolskaya Str. 1

          Mr. I. Simontsev
          Temporary Insolvency Manager
          692525, Russia, Primorskiy region,
          Ussuriysk, Post User Box 117


SHARYPOVSKIY ENTERPRISE: Declared Insolvent
-------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy proceedings against Sharypovskiy Enterprise of
Railway Transport (TIN 2459000859, OGRN 10224001741560) after
finding the state-owned enterprise insolvent.  The case is
docketed as A33-4389/04-s4.  Mr. A. Gafarov has been appointed
insolvency manager.  Creditors have until November 24, 2004 to
submit their proofs of claim to 660017, Russia, Krasnoyarsk,
Post User Box 20647.

CONTACT:  SHARYPOVSKIY ENTERPRISE OF RAILWAY TRANSPORT
          662320, Russia, Krasnoyarsk region,
          Sharypovo, Ashpyl, locomotive depot

          Mr. A. Gafarov
          Insolvency Manager
          660017, Russia, Krasnoyarsk,
          Post User Box 20647


STI-SIGMA: Moscow Court Orders Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on close stock joint company Sti-Sigma.
The case is docketed as A40-40351/04-95-28 B.  Mr. N. Adamov has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 121457, Russia, Moscow,
Molodogvardeyskaya Str. 9, Building 1.

CONTACT:  STI-SIGMA
          119121, Russia, Moscow,
          1st Tuzhennikov Per. 16-18,
          Building 17

          Mr. N. Adamov
          Temporary Insolvency Manager
          121457, Russia, Moscow,
          Molodogvardeyskaya Str. 9,
          Building 1


TAMBOVSK-AGRO-PTOM-STROY-2: Declared Insolvent
----------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
proceedings against Tambovsk-Agro-Ptom-Stroy-2 after finding the
open joint stock company insolvent.  The case is docketed as
AO4-1189/04-15/55 B.  Mr. Y. Babinets has been appointed
insolvency manager.  Creditors have until November 24, 2004 to
submit their proofs of claim to 675000, Russia, Amur region,
Blagoveshensk, Post User Box 233.

CONTACT:  TAMBOVSK-AGRO-PTOM-STROY-2
          676950, Russia, Amur region,
          Tambovka, Konnaya Str. 2

          Mr. Y. Babinets
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Post User Box 233


TEPLO-GAZ-SERVIS: Krasnodar Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy proceedings against Teplo-Gaz-Servis after finding
the state-owned enterprise insolvent.  The case is docketed as
A-32-21758/2004-38/165-B.  Mr. E. Litvinov has been appointed
insolvency manager.  Creditors have until November 24, 2004 to
submit their proofs of claim to 353810, Russia, Krasnodar
region, Krasnoarmeyskiy region, Poltavskaya Station,
K. Marksa Str. 157.

CONTACT:  TEPLO-GAZ-SERVIS
          353810, Russia,
          Krasnodar region, Krasnoarmeyskiy region,
          Staronizhestiblievskaya Station,
          Kooperativnaya Str. 60

          Mr. E. Litvinov
          Insolvency Manager
          353810, Russia, Krasnodar region,
          Krasnoarmeyskiy region, Poltavskaya Station,
          K. Marksa Str. 157


UST-LABINSKIY: Court Sets Next Hearing End of November
------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
meat combine Ust-Labinskiy.  The case is docketed as A-32-
10728/2004-1/80 B.  Mr. A. Korovko has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 350000, Russia,
Krasnodar, Karasunskaya Str., 68, Post User Box 3766.  A hearing
will take place on November 23, 2004, 11:00 a.m.

CONTACT:  UST-LABINSKIY
          Russia, Krasnodar region,
          Ust-Labinsk, Zapolornyanaya Str. 1

          Mr. A. Korovko
          Temporary Insolvency Manager
          350000, Russia, Krasnodar,
          Karasunskaya Str. 68,
          Post User Box 3766
          Phone/Fax: (8 8617) 70-59-09


VOSKRESENSKIY DAIRY: Moscow Court Hires Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
proceedings against Voskresenskiy Dairy (TIN 5005000532, OGRN
1025000929964) after finding the open joint stock company
insolvent.  The case is docketed as A41-K2-14812/03.  Mr. S.
Krasilnikov has been appointed insolvency manager.  Creditors
have until November 24, 2004 to submit their proofs of claim to
140200, Russia, Moscow region, Voskresensk, Novlyanskoye, 1A.

CONTACT:  VOSKRESENSKIY DAIRY
          140200, Russia, Moscow region,
          Voskresensk, Novlyanskoye, 1A

          Mr. S. Krasilnikov
          Insolvency Manager
          140200, Russia, Moscow region,
          Voskresensk, Novlyanskoye, 1A


YUKOS OIL: Faces Suit for Failure to Resume Supply to China
-----------------------------------------------------------
The China National Petroleum Corporation has gone to court to
seek compensation from Yukos Oil for unfulfilled export
contracts, Beijing Youth Daily reports.

The state-owned oil conglomerate is suing the Russian firm after
previous attempts to restore oil delivery to China went
unnoticed.  Yukos failed to assure CNPC that it intends to honor
the agreement; it promised to resume oil shipments by Oct. 20
after a suspension in September, but wasn't able to.  Yukos
halted shipments for lack of cash to finance transport and other
export costs.

CNPC said Yukos agreed to export 3.86 million tons of crude oil
to CNPC this year, but it has so far only supplied 2.85 million
tons.  Yukos' oil represents roughly 7% of Chinese consumption.
Russia also previously promised to have other Russian companies
fill the gap, but failed.

"The lawsuit against Yukos completely conforms with commercial
procedures because Yukos breached the contract, so the CNPC's
filing of a lawsuit and its request for compensation are
reasonable," an unidentified CNPC official said.

The report did not reveal the amount of compensation sought or
when and where the lawsuit was filed.

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


YUKOS OIL: Could Face Additional US$5.56 Billion Tax Bill
---------------------------------------------------------
Yukos Oil's total tax debt could balloon to more than US$13
billion once a new report on a tax probe done against it is
officially released.

Moscow Times, citing Kommersant, reports that the Federal Tax
Service concluded its probe on the company's 2002 accounts on
Thursday.  It is about to issue Yukos with a new tax bill of
RUB160 billion (US$5.564 billion).  The firm already faces
US$7.5 billion in back taxes and fines for 2000 and 2001.  The
tax service and Yukos both refused to comment.

Analysts expect the additional tax claims to affect the value of
Yukos' main production unit, Yuganskneftegaz, which is being
evaluated for a possible sale to cover tax debts.  There were
speculations it could be sold for as little as US$4 billion.

"If it is true, then it means that the authorities won't sell
off Yugansk for US$4 billion and that this unit may be sold at a
higher price," said Sergei Suverov, head of equity research at
Bank Zenit.

Dresdner Kleinwort Wasserstein, which was hired by the Justice
Ministry in August, valued the unit at US$14.7 billion to
US$17.3 billion after a US$951 million tax claim and other
liabilities.  J.P. Morgan, an independent assessor hired later,
valued it at between US$16 billion to US$19 billion.

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


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


ABB LTD.: Results Continue to Improve in Third Quarter
------------------------------------------------------
Highlights of third-quarter results:

(a) Double-digit growth continues in core division orders and
    revenues,

(b) Higher EBIT led by 54% increase in Automation Technologies,

(c) Power Technologies EBIT lowered by parts of systems
    business, and

(d) Total debt reduced to US$5.2 billion, gearing at 61%

Third-quarter 2004 Key Figures

(US$ in millions)             Q3 04      Q3 03[1,2]  Change

Orders Group             4,782        4,373       9%

          Power
          Technologies       2,103        1,853      13%
          Automation
          Technologies       2,750        2,312      19%

Revenue   Group               4,796        4,553       5%
     Power
          Technologies       2,142        1,877      14%
     Automation
          Technologies        2,684        2,392      12%

EBIT3     Group                 255          230      11%
     Power
          Technologies         110          127     (13%)
     Automation
          Technologies          266          173      54%
     Non-core activities   (10)           6
     Corporate        (111)         (76)

EBIT      Group                 5.3%         5.1%
Margin

     Power
          Technologies          5.1%         6.8%
     Automation
          Technologies          9.9%         7.2%

Loss from
discontinued operations         (24)         (325)

Net income (loss)                98          (283)

Basic net income
(loss) per share                0.05         (0.24)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Figures for the Group and Power Technologies division have
been restated to correct a previously disclosed overstatement of
earnings.

[2] Includes reclassification of activities to Discontinued
operations in 2003. 3 Earnings before interest and taxes.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

ABB Ltd., the leading power and automation technology group,
reported a steady improvement in orders and revenues, earnings
before interest and taxes (EBIT) as well as cash flow from
operations in the third quarter of 2004.

Net income amounted to US$98 million in the third quarter and
US$188 million for the first nine months of 2004, compared to
losses of US$283 million and US$388 million, respectively, in
the same periods of 2003.  Cash flow from operating activities
increased to US$322 million, up US$205 million from the same
quarter last year.

"We continue to strengthen our performance," said Jurgen
Dormann, ABB chairman and CEO.  "We are on track to deliver a
positive net income for 2004 and are confident that we will
reach a Group EBIT margin of eight percent in 2005, even though
the Power Technologies division faces challenges to achieve its
2005 margin target."

The Automation Technologies division turned in a strong
performance, reporting a 54-percent increase in EBIT.  Power
Technologies division EBIT was lower, mainly due to the
remaining underutilization in the power lines business and in
other parts of the systems business.

Summary of Third-quarter Results

Orders received in the core divisions amounted to US$4,853
million, up 17% (11% in local currencies) in the third quarter
of 2004 compared to the same quarter last year.  The improvement
was driven by continued growth in base orders (less than US$15
million) in both divisions and a significant increase in large
orders (more than US$15 million) in the Automation Technologies
division.

Both divisions saw strong order growth in both U.S. dollar and
local currency terms in China, the U.S., Latin America and
Eastern Europe.  Local currency orders from Western Europe were
slightly higher in Automation Technologies and lower in Power
Technologies.

Group orders grew 9 percent to US$4,782 million compared to the
same quarter in 2003 (5% higher in local currencies).  Orders
were sharply lower in Non-core activities as a result of the
divestment of most of the Building Systems businesses in the
third quarter of last year.  Excluding the difference in orders
resulting from the Buildings Systems divestment, Group orders
were 16% higher (12% in local currencies).

Base orders (less than US$15 million) in the core divisions were
up 15% (9% in local currencies), with increases seen in all
regions, led by the Americas and Asia.

Large orders (more than US$15 million) were up by more than a
third in the quarter, led by more than 50% growth in the
Automation Technologies division.  Large orders in the Power
Technologies division were down in the quarter.  Large orders in
the core divisions amounted to 10% of total core division orders
in the third quarter, compared to 8% in the same quarter in
2003.

The combined order backlog for the core divisions at the end of
the third quarter amounted to US$11,322 million, 14% higher than
at the end of the same quarter in 2003 (10% higher in local
currencies).  The order backlog was up 13 percent in the Power
Technologies division (8% in local currencies) and 16% (11% in
local currencies) in the Automation Technologies division.  The
Group order backlog at the end of the third quarter was
US$11,242 million.

Revenues in the core divisions grew a combined 13%; 14% for the
Power Technologies division (9% in local currencies) and 12% in
Automation Technologies (6% in local currencies) compared to the
same quarter in 2003.  The improvement reflects the strong
growth in base orders in recent quarters.  Strong double-digit
revenue growth was reported by the core divisions in China,
India and Eastern Europe.

Group revenues in the third quarter grew 5% (flat in local
currencies) to US$4,796 million, as higher revenues in the core
divisions offset the 70% drop in Non-core revenues resulting
from the divestment of most of the Building Systems business in
the third quarter of 2003.  Building Systems reported revenues
of US$118 million in the third quarter of 2004 compared to
US$425 million in the same period in 2003.

Group EBIT in the third quarter increased 11% to US$255 million
from US$230 million in the same quarter in 2003.  The
improvement was driven by a 54% earnings increase in the
Automation Technologies division, which more than offset a 13-
percent EBIT decrease in the Power Technologies division.  Non-
core activities reduced EBIT by US$10 million, while the
Corporate result amounted to an EBIT loss of US$111 million in
the third quarter.

The Group EBIT margin in the quarter was 5.3% compared to 5.1%
in the same quarter of 2003.  The Power Technologies EBIT margin
decreased to 5.1% in the quarter from 6.8% in the third quarter
of 2003, while the Automation Technologies EBIT margin rose from
7.2% to 9.9%.

Employees in ABB numbered approximately 103,000 on September 30,
2004 -- about 10,000 fewer than at the end of the second quarter
of 2004.  The reduction was primarily due to the divestment in
July of ABB's upstream oil and gas business, which employed
about 8,000 people, as well as the customary seasonal reduction
in the number of temporary employees.

Finance net[1] was negative US$25 million compared to negative
US$122 million in the third quarter of 2003.  The improvement
reflects higher interest income (resulting from the increase in
cash and marketable securities), a decrease in interest expense
(due to the lower debt levels) and the non-recurrence of the
US$43-million expense taken in the corresponding 2003 quarter
related to the mark-to-market accounting treatment of the equity
option embedded in the US$968 million of convertible bonds
issued in 2002.

The need for this accounting treatment was eliminated following
a meeting of bondholders in May 2004, who agreed to a change in
the terms of the bonds allowing them to be converted into
American Depositary Shares instead of ordinary shares
denominated in Swiss francs.  Included in the line Interest and
other finance expense in the third quarter of 2004 was an
amortization expense for the discount on the bonds of US$7
million.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Finance net is the difference between interest and dividend
income and interest and other finance expense
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The net loss in Discontinued operations amounted to US$24
million, compared to a net loss of US$325 million in the third
quarter of 2003.  The improvement was mainly the result of
sharply lower losses in the downstream oil and gas business
compared to the same quarter in 2003, when the business reported
significant project write-downs.  A further contribution to the
improvement in the quarter was a decrease of US$97 million in
expenses related to asbestos, including a -US$48 million
reduction in the expense on the mark-to-market treatment of the
approximately 30 million ABB shares reserved to cover part of
the company's asbestos liabilities, as well as the non-
recurrence of a
-US$41million provision taken in the third quarter last year to
cover future asbestos payments.

ABB's net income for the third quarter amounted to US$98
million, compared to a net loss of US$283 million for the same
period in 2003.

Balance sheet

Cash and marketable securities at the end of September 2004
amounted to US$3.6 billion (excluding Discontinued operations),
up from US$3.4 billion at the end of June 2004.  A cash increase
resulting from the approximately US$800 million net cash
proceeds on the closure of the sale of the upstream oil and gas
business, plus improved cash flow from operations in the third
quarter, were partly offset by cash outflows to complete the
announced tender offer and call of the outstanding EUR300
million 5.375% bonds (due in June 2005) and the EUR475 million
5.125% bonds (due in January 2006), amounting to approximately
EUR275 million and EUR368 million, respectively.

At the end of September 2004, total debt (defined as total short
and long-term borrowings) was US$5.2 billion, compared to $6.1
billion at June 30, 2004, and US$7.9 billion at the end of
December 2003.

Gearing, defined as total debt divided by total debt plus
shareholders' equity (including minority interest), amounted to
61% at the end of September compared to 66% at the end of June
2004 and 71% at the end of December 2003.

Stockholders' equity at September 30, 2004, was US$3,121 million
compared to US$2,922 million at the end of June 2004.

Cash flow from operating activities
$ in millions        Q3 2004     Q3 2003[1]   Change

Power Technologies    67           81        (14)

Automation Technologies   239          219         20

Non-core activities   (24)           9        (33)

Corporate                62            2         60

Oil, Gas and
Petrochemicals businesses  (22)        (194)       172

Total net cash from
operating activities    322          117        205

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Figures for the Group and Power Technologies division have
been restated to correct a previously disclosed overstatement of
earnings.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net cash from operating activities for the Group in the third
quarter of 2004 improved by US$205 million compared to the year-
earlier period, mainly the result of higher earnings, as well as
the impact of the change from lump-sum large project orders to
lower-risk reimbursable orders in the downstream oil and gas
business, which has stabilized the cash flow cycle in that
business.

Cash flow from operations in the core divisions developed in
line with their earnings in the quarter -- higher in the
Automation Technologies division and lower in the Power
Technologies division.

Cash used in Non-core activities amounted to US$24 million,
related primarily to the loss in the Building Systems
businesses. Corporate generated cash flow of US$62 million in
the quarter, mainly from treasury-related operations.  Total
asbestos cash outflows amounted to US$1 million in the quarter
(US$56 million in the same quarter of 2003).

Divestments

As already announced, ABB closed the sale of its upstream oil
and gas business on July 12, 2004, which resulted in net cash
proceeds of approximately US$800 million (included in Cash from
investing activities in the cash flow statement) and a breakeven
result on the transaction.  ABB and the buyers of the business
are currently in the process of determining the final sales
price, based on the final adjusted accounts as of the closing
date.  This is part of a customary process in such
transactions[2].

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[2] Please refer to Note 3 - Significant Divestitures, in the
notes to the summary consolidated financial statements attached
to this press release.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Asbestos

ABB is awaiting the results of a hearing held on June 3, 2004,
before the U.S. 3rd Circuit Court of Appeals to review a pre-
packaged Chapter 11 protection plan that was filed in 2003 by a
U.S. subsidiary of ABB, Combustion Engineering Inc.  The plan
has already been approved by both a federal bankruptcy court and
a U.S. district court and ABB remains confident that the Circuit
Court will also approve the plan.

Board of Directors and Group management

Louis R. Hughes, a member of ABB's Board of Directors, has taken
a temporary leave of absence from the Board to serve the United
States government in Afghanistan.  In addition, the company is
in the final stages of appointing a new chief financial officer
and plans to make an announcement shortly.

Group Outlook

From 2002 through to the end of 2005, ABB expects compound
average annual revenue growth of 4 percent in local currencies.
The Power Technologies division expects compound average annual
revenue growth of 5.3 percent in local currencies.  The
Automation Technologies division expects compound average annual
revenue growth of 3.3% in local currencies.

For 2005, the EBIT margin targets remain unchanged at 8% for the
Group and 10.7% for the Automation Technologies division.
Achieving the 10% EBIT margin target in the Power Technologies
division depends partly on the timely resolution of the
remaining underutilization in the power lines business.

The company intends to further reduce total debt to about $4
billion and gearing to approximately 50% by the end of 2005.

Revenue and margin targets exclude major acquisitions,
divestitures and business closures.

A full copy of its financial results is available free of charge
at http://bankrupt.com/misc/Q3_results.pdf.

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41 43 317 7111
          Fax:   +41 43 317 4420
          Web site: http://www.abb.com


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


BPF-TERMO: Ordered to Undergo Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure against LLC BPF-Termo (code
EDRPOU 31943103) on September 7, 2004.  The case is docketed as
B-7/119.  Mr. Gumenuk Vitalij (License Number AA 047774) has
been appointed temporary insolvency manager.  The company holds
account number 260003011616 at OJSC State Savings Bank, Dolina
branch, MFO 336536.

CONTACT:  BPF-TERMO
          Ukraine, Ivano-Frankivsk region,
          Dolina, Obliski Str. 36

          Mr. Gumenuk Vitalij
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Privokzalna Str. 9/81

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16


CHERKASSY' TELEGRAPH: Proofs of Claim Deadline Expires this Week
----------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure against OJSC Cherkassy' Plant of Telegraph
Equipment (code EDRPOU 14310069) on August 21, 2004.  The case
is docketed as 01/2759.  Arbitral manager Mr. Vasil Levchenko
(License Number AA 249582) has been appointed temporary
insolvency manager.  The company holds account number
26006301786679 at Prominvestbank, central branch, MFO 354091.

Creditors have until November 4, 2004 to submit their proofs of
claim to:

(a) CHERKASSY' PLANT OF TELEGRAPH EQUIPMENT
    18000, Ukraine, Cherkassy region,
    Odesska Str. 8

(b) Mr. Vasil Levchenko
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Patsayev Str. 16/40
    Phone: 65-33-06

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


DNIPROSPETSEKSPORT: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure against LLC Dniprospetseksport (code
EDRPOU 32130834).  The case is docketed as B 29/154/04.  Mr.
Bajduk Roman (License Number AA 669654) has been appointed
temporary insolvency manager.  The company holds account number
2600298067020 at OJSC CB Promeconombank, Donetsk branch, MFO
306481.

Creditors have until November 4, 2004 to submit their proofs of
claim to:

(a) DNIPROSPETSEKSPORT
    49000, Ukraine, Dnipropetrovsk region,
    Gagarin Avenue, 13/5

(b) Mr. Bajduk Roman
    Temporary Insolvency Manager
    49125, Ukraine, Dnipropetrovsk region,
    Chervonogo kozatstva Str. 27/46
    Phone: (0562) 24-16-56

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


DRABIVSKE: Court Brings in Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure against Agricultural LLC Drabivske (code
EDRPOU 03790793).  The case is docketed as 01/2779.  Arbitral
manager Mr. Viktor Lagutin has been appointed temporary
insolvency manager.  The company holds account number
26000457299001 at CB Privatbank, Drabiv branch, MFO 354347.

CONTACT:  DRABIVSKE
          19800, Ukraine, Cherkassy region,
          Drabiv, Molodizhna Str. 1

          Mr. Viktor Lagutin
          Temporary Insolvency Manager
          Ukraine, Cherkassy region,
          Gajdar Str. 14/121

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


KVARTA-CENTRE: Bankruptcy Supervision Begins
--------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure against LLC Kvarta-Centre (code
EDRPOU 30609464) on July 2, 2004.  The case is docketed as B-
7/102.  Mr. Siuhin Mikola (License Number AA 249920) has been
appointed temporary insolvency manager.

CONTACT:  KVARTA-CENTRE
          Ukraine, Ivano-Frankivsk region,
          V. Internatsionalistiv Str. 6
          Mr. Siuhin Mikola
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Stus Str. 9/48

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


MOKOM-ZVYAZKOBUD: Sets Proofs of Claim Deadline
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure against LLC Commercial Company Mokom-
Zvyazkobud (code EDRPOU 19307149) on August 26, 2004.  The case
is docketed as B24/112/04.  Arbitral manager Mr. Igor Morozov
(License Number AA 419481) has been appointed temporary
insolvency manager.  The company holds account number
26004050470100 at JSPPB Aval, Donetsk regional branch, MFO
305653.

Creditors have until November 4, 2004 to submit their proofs of
claim to:

(a) MOKOM-ZVYAZKOBUD
    49000, Ukraine, Dnipropetrovsk region,
    Kalinin Str. 12

(b) Mr. Igor Morozov
    Temporary Insolvency Manager
    49044, Ukraine, Dnipropetrovsk region,
    a/b 2734
    Phone: (0562) 92-53-18

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


PIVDENNA PALYANITSYA: Proofs of Claim Deadline Thursday
-------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure against OJSC Pivdenna Palyanitsya (code
EDRPOU 25032254).  The case is docketed as 32/126-04-5576.
Arbitral manager Mr. Volodimir Shnyakin (License Number AA
783105) has been appointed temporary insolvency manager.

Creditors have until November 4, 2004 to submit their proofs of
claim to:

(a) PIVDENNA PALYANITSYA
    65005, Ukraine, Odesa region,
    Prohorivska Str. 47

(b) Mr. Volodimir Shnyakin
    Temporary Insolvency Manager
    65013, Ukraine, Odesa region,
    Chornomorskogo Kozatstva Str. 80

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


SUMBUD: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure against OJSC Sumbud, a subsidiary of civil
engineering company, Himmashbud (code EDRPOU 01271008) on August
17, 2004.  The case is docketed as 6/97-04.  Mr. Artem Oskorbin
(License Number AA 249704) has been appointed temporary
insolvency manager.  The company holds account number
26002302702567 at Prominvestbank, Central Sumi branch, MFO
337278.

CONTACT:  SUMBUD
          40000, Ukraine, Sumi region,
          Mashinobudivelnikiv Str. 2

          Mr. Artem Oskorbin
          Temporary Insolvency Manager
          40011, Ukraine, Sumi region,
          Suprun Str. 7/12
          Phone: (0542) 21-09-29

          ECONOMIC COURT OF SUMI REGION
          40011, Ukraine, Sumi region,
          Ribalka Str. 2


ZUBR: Donetsk Court Grants Debt Moratorium
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure against LLC Zubr (code EDRPOU 24549774) on
September 13, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 27/71 B.  Arbitral
manager Mr. Paterilov Vitalij (License Number AA 783055) has
been appointed temporary insolvency manager.  The company holds
account number 26005190035001 at CB Privatbank, Kramatorsk
branch, MFO 335548.

Creditors have until November 4, 2004 to submit their proofs of
claim to:

(a) ZUBR
    84333, Ukraine, Donetsk region,
    Kramatorsk, Transportna Str. 20

(b) Mr. Paterilov Vitalij
    Temporary Insolvency Manager
    83050, Ukraine, Donetsk region, a/b 6915
    Phone: 8 (050) 360-80-66

(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
===========================


ALSOP LIMITED: Lloyds TSB Bank Appoints Stoy Hayward Receiver
-------------------------------------------------------------
Lloyds TSB Bank Plc called in Geoffrey Stuart Kinlan and Shay
Bannon (Office Holder Nos 8268/01, 8777) joint administrative
receivers for Alsop Limited (Reg No 03055181, Trade
Classification: 23).  The application was filed October 14,
2004.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place,
          85 Great North Road,
          Hatfield, Herfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


ASPEN SPORTS: Members Pass Winding up Resolutions
-------------------------------------------------
At the extraordinary general meeting of the Aspen Sports Limited
on October 14, 2004 held at Priest House, 1624-1628 High Street,
Knowle, Solihull, West Midlands B93 0JU, the extraordinary and
ordinary resolutions to wind up the company were passed.
Stephen Anthony John Ramsbottom and Jeremiah Anthony O'Sullivan,
of Bishop Fleming, Priest House, 1624-1628 High Street, Knowle,
Solihull, West Midlands B93 0JU have been appointed joint
liquidators of the company for the purpose of the voluntary
winding-up.

CONTACT:  BISHOP FLEMING
          Priest House,
          1624-1628 High Street, Knowle,
          Solihull, West Midlands B93 0JU
          Web site: http://www.bishopfleming.co.uk


ASSET MANAGEMENT: KMPG Staff to Liquidate Firm
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

   IN THE MATTER OF Asset Management Recovery (U.K.) Limited
                   (In Compulsory Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate
Recovery, 191 West George Street, Glasgow, G2 2LJ, United
Kingdom, hereby give notice, that on September 29, 2004, I was
appointed liquidator of Asset Management Recovery (U.K.) Limited
by Resolution of the first Meeting of Creditors.  No Liquidation
Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

/s/ Blair C. Nimmo, Liquidator
October 15, 2004

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


BAE SYSTEMS: Wins EUR891 Million Contract in Netherlands
--------------------------------------------------------
The Dutch government has awarded BAE Systems Plc, Europe's
defense contracting giant, a EUR891 million combat-vehicle
contract, Bloomberg News Service says.

The country's defense ministry approved the award of order for
more than CV-90 tracked vehicles.  CV-90 is a range of armored
vehicle designed for high mobility and can be utilized for air-
defense and anti-tank movements.  Defense Undersecretary Cees
van der Knaap sent a letter regarding the approval to the
parliament, which has yet to sign the contract.

Richard Coltart, spokesman for BAE, was not able to confirm the
awarding of the contract but said in an interview with Bloomberg
News Service, "It would clearly be good news."

"We hope to receive the formal notification shortly but we
cannot formally confirm the order at this stage," Mr. Coltart
further said.

Meanwhile, BAE increased its stake in Alvis Plc through an
investment of around GBP355 million.  In effect, BAE acquired
Alvis' Swedish Land Systems Haegglunds AB.  The acquisition,
which the European Union approved in August, was part of BAE's
plan to gain foot on more combat-vehicle orders in Europe.

CONTACT:  BAE SYSTEMS PLC
          Warwick House
          PO Box 87
          Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU
          Phone: +44-1252 373232
          Fax: +44-1252 383000
          Web site: http://www.baesystems.com


BATTERSEA GLASS: Calls in Liquidator from Carter Clark
------------------------------------------------------
At the extraordinary general meeting of the members of the
Battersea Glass Limited on October 21, 2004 held at Meridian
House, 62 Station Road, North Chingford, London E4 7BA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  A. J. Clark of Carter Clark, Meridian House, 62
Station Road, North Chingford, London E4 7BA has been appointed
liquidator for the purpose of the voluntary winding-up.

CONTACT:  CARTER CLARK
          Meridian House, 62 Station Road,
          North Chingford, London E4 7BA


BEST WOODCRAFT: Hires Liquidator from BN Jackson Norton
-------------------------------------------------------
At the extraordinary general meeting of the Best Woodcraft
Limited on October 22, 2004 held at The Marks Tey Hotel, London
Road, Marks Tey, Colchester, Essex CO6 1DU, the extraordinary
and ordinary resolutions to wind up the company were passed.
Michael Collin John Sanders of BN Jackson Norton, 1 Gray's Inn
Square, Gray's Inn, London WC1R 5AA has been appointed
liquidator of the company for the purpose of such winding-up.

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


BOMAG KENT: Calls in Liquidator from KPMG
-----------------------------------------
At the general meeting of the Bomag Kent (UK) Limited on October
19, 2004, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  John Paul Bateman and Brian
Green of KPMG LLP Corporate Recovery, 8 Princes Parade,
Liverpool L3 1QH have been appointed joint liquidators for the
company.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk


BRADFORD UK: Names Liquidator from Rushtons
-------------------------------------------
At the extraordinary general meeting of the members of the
Bradford UK Distribution Ltd. on October 22, 2004 held at
Merchant's Quay, Ashley Lane, Shipley BD17 7DB, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Raymond Stuart Claughton of Rushtons, Merchant's
Quay, Ashley Lane, Shipley BD17 7DB has been appointed
liquidator for the purpose of the winding-up.

CONTACT:  RUSHTONS
          Merchant's Quay,
          Ashley Lane, Shipley BD17 7DB


CALISTA LIMITED: Members Final Meeting Next Month
-------------------------------------------------
Name of companies:
Calista Limited
Stratacom Limited

The final meeting of the members of these companies will be on
December 8, 2004 commencing at 10:30 a.m. and 11:00 a.m.
respectively.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, December 7, 2004.

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


CELLEX LIMITED: Hires Gerald Irwin as Liquidator
------------------------------------------------
At the extraordinary general meeting of the members of the
Cellex Limited on October 18, 2004 held at Station House,
Midland Drive, Sutton Coldfield, West Midlands B72 1TU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Gerald Irwin has been appointed liquidator for the
purpose of such winding-up.


CREST COACH: Members Abandon Business
-------------------------------------
At the extraordinary general meeting of the members of the Crest
Coach Conversions Ltd. on October 25, 2004 held at O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley, West
Yorkshire WF17 9EJ, the extraordinary and ordinary resolutions
to wind up the company were passed.  Peter O'Hara of O'Hara &
Co, Wesley House, Huddersfield Road, Birstall, Batley, West
Yorkshire WF17 9EJ has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  O'HARA & CO
          Wesley House, Huddersfield Road,
          Birstall, Batley,
          West Yorkshire WF17 9EJ


DARTMOUTH TOURIST: Calls in Liquidator from Bishop Fleming
----------------------------------------------------------
At the extraordinary general meeting of the Dartmouth Tourist
Information Limited on October 18, 2004 held at 1 Barnfield
Crescent, Exeter, Devon EX1 1QY, the extraordinary and ordinary
resolutions to wind up the company were passed.  Jeremiah
Anthony O'Sullivan of Bishop Fleming, 1 Barnfield Crescent,
Exeter, Devon EX1 1QY has been appointed liquidator of the
company for the purpose of the voluntary winding-up.

CONTACT:  BISHOP FLEMING
          1 Barnfield Crescent,
          Exeter, Devon EX1 1QY
          Phone: 01392 278436
          Fax: 01392 413617
          E-mail: exeter@bishopfleming.co.uk
          Web site: http://www.bishopfleming.co.uk


DELANA LTD: Members Agree to Liquidate Company
----------------------------------------------
At the extraordinary general meeting of the members of the
Delana Ltd. (t/a PDC Norwood) on October 21, 2004 held at Gable
House, 239 Regents Park Road, London N3 3LF, the extraordinary
and ordinary resolutions to wind up the company were passed.  M.
S. E. Solomons has been appointed liquidator for the purpose of
such winding-up.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House, 239 Regents Park Road,
          London N3 3LF


EP ELECTRICAL: Creditors Pick Blair Nimmo as Liquidator
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF EP Electrical Services (Glasgow) Limited
                  (In Compulsory Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate
Recovery, 191 West George Street, Glasgow, G2 2LJ, United
Kingdom, hereby give notice, that on October 7, 2004, I was
appointed liquidator of EP Electrical Services (Glasgow) Limited
by Resolution of the first Meeting of Creditors.  No Liquidation
Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

Blair C. Nimmo, Liquidator
October 15, 2004

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


EUROWIDE STORAGE: Appoints Carter Clark Liquidator
--------------------------------------------------
At the extraordinary general meeting of the members of the
Eurowide Storage Limited on October 19, 2004 held at Meridian
House, 62 Station Road, North Chingford, London E4 7BA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  A. J. Clark of Carter Clark, Meridian House, 62
Station Road, North Chingford, London E4 7BA has been appointed
liquidator for the purpose of the voluntary winding-up.

CONTACT:  CARTER CLARK
          Meridian House, 62 Station Road,
          North Chingford, London E4 7BA


FEELGOOD SCOTLAND: Files for Liquidation
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Feelgood Scotland Ltd.
                         (In Liquidation)

I, Graham Cameron Tough, CA, Martin Aitken & Co., Caledonia
House, 89 Seaward Street, Glasgow hereby give notice that on 6th
October 2003, I was appointed liquidator of Feelgood Scotland
Ltd. by a Resolution of the First Meeting of Creditors held in
terms of Section 138(3) of the Insolvency Act 1986.  No
liquidation Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-tenth
in value of the creditors require it in terms of Section 142(3)
of the Insolvency Act 1986.

Graham Cameron Tough, CA, Liquidator

CONTACT:  MARTIN AITKEN & CO
          Caledonia House
          89 Seaward Street
          Glasgow G41 1HJ
          Phone: 0141 332 0488
          Fax: 0141 272 0011
          E-mail: ca@maco.co.uk
          Web site: http://www.maco.co.uk


FIBRELUX FIRES: Workers Buy Firm Out of Receivership
----------------------------------------------------
Workers of North Wales gas fire business, Fibrelux Fires, have
rescued their company from receivership, IC Wales reports.

The buyout is supported by the Wales Cooperative, Finance Wales
and Industrial Common Ownership Finance.  It was secured with a
regional selective assistance grant from the Welsh Assembly
Government.

The Holywell company, which traded as Eurotech Fires, makes
living-flame gas fires and surrounds.  It went into receivership
in September, leading to the redundancy of all but three of its
staff.  Twenty-two employees have now restarted production.  The
number of jobs saved represents the majority of the firm's
workforce.  The company is renamed Solar Fires.

Eurotech staff Linda Brierley and Roy Garrard, which led the
acquisition, both said Solar Fires is a profitable business.


FINEST SEAFOOD: KMPG Accountant Appointed Liquidator
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Finest Seafood (Scotland) Limited
                         (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate
Recovery, 191 West George Street, Glasgow, G2 2LJ, hereby give
notice, that on October 18, 2004, I was appointed liquidator of
Finest Seafood (Scotland) Limited by Resolution of the first
Meeting of Creditors.  No Liquidation Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

B. C. Nimmo, Liquidator
October 18, 2004

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


GEODIS OVERSEAS: Hires Deloitte & Touche as Liquidator
------------------------------------------------------
At the general meeting of the members of Geodis Overseas UK
Limited, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  J. R. D. Smith and N. J.
Dargan of Deloitte & Touche, 66 Shoe Lane, London EC4A 3WA have
been appointed joint liquidators of the company.

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


GOOD TIDINGS: Names Numerica Liquidator
---------------------------------------
At the extraordinary general meeting of the Good Tidings Limited
on October 19, 2004 held at 81 Station Road, Marlow,
Buckinghamshire SL7 1SX, the extraordinary and ordinary
resolutions to wind up the company were passed.  Peter James
Hughes-Holland and Frank Wessely of Numerica have been appointed
joint liquidators for the purpose of such winding-up.

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


HLP LIMITED: Liquidator's Final Report Known Later this Month
-------------------------------------------------------------
The final meeting of the HLP Limited will be on November 30,
2004 commencing at 10:00 a.m.  It will be held at 69-71 Queen
Square, Bristol BS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Deloitte & Touche LLP, 69-71 Queen Square, Bristol BS1 4JP
not later than 12:00 noon, November 29, 2004

CONTACT:  DELOITTE & TOUCHE LLP
          69-71 Queen Square,
          Bristol BS1 4JP
          Phone: 0117 921 1622
          Fax: 0117 929 2801
          Web site: http://www.deloitte.com


JAZZ PHOTO: Names Tenon Recovery Administrator
----------------------------------------------
Andrew James Pear and Simon Robert Thomas (IP Nos 9106, 8920)
have been appointed administrators for Jazz Photo Limited.  The
appointment was made October 22, 2004.

The company distributes photo cameras.  Its registered office is
located at Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD.

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


LUKOIL RACING: Appoints Liquidator from KPMG
--------------------------------------------
At the general meeting of the Lukoil Racing Limited on October
20, 2004, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  Richard John Hill of KPMG
Corporate Recovery, Arlington Business Park, Theale, Reading RG7
4SD has been appointed as the liquidator of the company for the
purpose of such winding-up.

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


MARCONI CORPORATION: Adds New Access Hub Feature
------------------------------------------------
Marconi Corporation Plc announced at the PT EXPO COMM show in
Beijing the latest enhancement to its Access Hub platform, its
next-generation Multiservice Access Node (MSAN).

The new agnostic switching card will enable Marconi to offer
operators further savings in both time and money, whilst at the
same time extending their ability to differentiate services,
accelerate service creation as well as roll out and generate
increased revenues.

The introduction of the agnostic switching card to the Access
Hub will allow Marconi to meet the increasing demands of
operators planning to migrate from Asynchronous Transfer Mode
(ATM)/hybrid networks to distributed Internet Protocol (IP)
environments.  The new card extends the handling capacity of the
Access Hub from traditional ATM, Ethernet and time-division
multiplexing to IP and Multi-Protocol Label Switching (MPLS),
all simultaneously.

Operators will benefit from the Access Hub's inherent IP Digital
Subscriber Line Access Multiplexer (DSLAM) capability and its
embedded MPLS intelligence immediately on deployment.  Both
features are necessary to support operators' triple-play
services and true carrier-class Voice-over-IP (VoIP) services.
By supporting multiple protocols, Marconi guarantees operators
can change their access strategies without redesigning their
access network.  This capability makes the Access Hub the most
flexible and future-proof device in this segment, going beyond
traditional Ethernet-DSLAM functionality on the market today and
providing a true enabler for next-generation voice, date and
video service delivery.

"The latest developments to the Access Hub are part of our
ongoing program to continually develop our products to meet the
ever-changing needs of operators," said Martin Harriman, chief
marketing officer, Marconi Corporation Plc.

"The agnostic switching card illustrates our determination to
provide a real migration path to multi-service environments,
without quality trade-offs.  Through this agnostic approach,
operators will be able to reduce service-provisioning costs,
increase revenues, and protect their existing investments."

Combined with Marconi's ADSL2+/ADSL2++ card launched earlier his
year, which enables operators to deliver more bandwidth (up to
50Mbit/sec) and reach more customers without the need for
additional space or power, the agnostic switch will allow
Marconi to better competitively expand the geographical market
capability of the Access Hub into areas of rapid broadband
growth.

About Marconi Corporation Plc

Marconi Corporation Plc (London: MONI and NASDAQ: MRCIY) is a
global telecommunications equipment, services and solutions
company. The company's core business is the provision of
innovative and reliable optical networks, broadband routing and
switching and broadband access technologies and services.

The company's customer base includes many of the world's largest
telecommunications operators.  The company is listed on the
London Stock Exchange under the symbol MONI and on NASDAQ under
the ticker MRCIY.

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

          Press Enquiries
          Patrick Murphy
          Phone: +44 115 906 4151
          E-mail: patrick.murphy@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Industry Analyst Enquiries
          Skip MacAskill
          Phone: +44 2476 56 3705
          E-mail: skip.macaskill@marconi.com


MARCONI CORPORATION: Expands Chinese Broadband Service
------------------------------------------------------
Marconi Corporation Plc underlined the company's ongoing
commitment to helping regional operators generate more revenue
and achieve customer targets at this year's PT EXPO COMM.

Through its participation in the conference program and
exhibition, Marconi demonstrated its understanding of the local
and regional service providers' realities and its knowledge of
an ever-changing marketplace as well as show how it is
developing and designing next-generation multi-service networks
to help operators stay competitive and generate new revenue
streams.

Additionally, the company announced it has chosen Shanghai as
the location for its first Next-Generation Multi-service
Networks Center in China.

At PT EXPO COMM, the company exhibited a comprehensive family of
networking products that make up a next-generation multi-service
network, including Marconi's multi-service access node (MSAN) --
the Access Hub -- its next-generation SoftSwitch platform as
well as its award-winning multi-service transport platforms
(MSTP) showing Automatic Switched Optical Network (ASON)
functionality.

These products will enable Chinese operators to build and
maintain next-generation networks and rationalize differentiated
and value-added services such as triple play onto a single,
integrated network infrastructure.

Both the multi-service Access Hub and SoftSwitch will be
distributed by SIDTEC (newly renamed as Shanghai Marconi
Networks), the Shanghai-based joint venture formed by Marconi
and China Putian.

"China is moving swiftly towards next-generation infrastructures
as the rising demand for new and better services coincides with
the availability of important products from edge to core, such
as the AccessHub, SoftSwitch, MSTP-OMS1664 and Core-OMS3250,"
said Mike Burgess, executive vice president of Marconi
Communications China.

"The extension of our agreement with China Putian through
SIDTEC, together with the long-standing partnership with the
Guilin Institute of Optical Communications (GIOC), mean we can
increase our presence in China and move rapidly to take
advantage of the current trend to offer higher quality and
value-added services to customers, while focusing on reduction
in operating costs."

Another recently announced partnership with NewHeights, a
leading provider of communication management solutions, enables
Marconi and its service providers to offer softphone
capabilities to customers.  By integrating NewHeight's Desktop
Assistant with Marconi's SoftSwitch specifically for this event,
Marconi shows how the Personal Communications Manager transforms
a normal PC into a full-featured, converged platform for voice,
data and video communications, which offers major cost savings
for service providers and their customers.

In other news, the company has also announced a new agnostic
switching card for its multi-service Access Hub as well as full
ASON support for its optical transport platforms and a new metro
multi-service node.

"Our focus is helping our customers efficiently evolve their
networks to next-generation, packet-based networks, while fully
supporting their legacy services and revenues," said Devid
Gubiani, vice president and chief technology officer of Marconi
Communications Asia Pacific.

"We have provided our expertise in delivering the quality of
service inherent in switched voice services to next-generation
packet networks all over the world and have already worked with
major operators such as BT, Telecom Italia, Telekom Malaysia and
Telstra in actively pursuing opportunities with service
providers in China."

About Marconi Corporation Plc

Marconi Corporation plc (London: MONI and NASDAQ: MRCIY) is a
global telecommunications equipment, services and solutions
company.  The company's core business is the provision of
innovative and reliable optical networks, broadband routing and
switching and broadband access technologies and services.

The company's customer base includes many of the world's largest
telecommunications operators.  The company is listed on the
London Stock Exchange under the symbol MONI and on NASDAQ under
the ticker MRCIY.

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

          Press Enquiries
          Joanna Scott
          Phone: +61 2 9455 3921
          E-mail: joanna.scott@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Industry Analyst Enquiries
          Skip MacAskill
          Phone: +44 2476 56 3705
          E-mail: skip.macaskill@marconi.com


MARCONI CORPORATION: Unveils New Version of Management Software
---------------------------------------------------------------
Marconi Corporation Plc at the PT EXPO COMM show released a new
version of its Core Transport Node's management software that
will allow operators to improve network resiliency, automate and
simplify the provisioning of new customer services whilst
reducing network operating and capital costs.

The new software release, based on the Automated Switched
Optical Network (ASON) standard, gives operators the ability to
generate new revenue streams by securing higher protection to
failure and by enabling the allocation of differentiated service
levels to each customer.  The release follows Marconi's
successful demonstration of ASON technology at the Optical
Internetworking Forum event earlier this year at SuperComm and
the completion of trials in Deutsche Telekom's Global Seamless
Network.

ASON enables operators to make considerable savings in capex and
opex by improving bandwidth use in the core network.  This
capability enables service providers to reduce the amount of
extra network capacity needed in reserve to guarantee contracted
levels of service delivery to their customers in the event of
faults or other disruptions.  ASON significantly removes
operating costs by supporting auto-discovery of paths and
automatic provisioning of new customer services across networks,

eliminating manual intervention.

"ASON provides the intelligence needed by the core network if it
is to deliver the promise of the true multi-service provision,"
said Devid Gubiani, vice president and chief technology officer
of Marconi Communications Asia Pacific.

"Our successful demonstrations show how effective the
intelligent optical core is in maximizing new revenue generation
and eliminating costs from operators' networks."

About ASON/ASTN

The rapid growth in high bandwidth data applications has caused
many carriers to re-evaluate their established operational and
provisioning practices for transporting data and other services
over optical networks.  One such approach has seen the
introduction of the ASON -- also known as Automatic Switched
Transport Network (ASTN) -- standards within the ITU-T.

ASON/ASTN provides for the dynamic provisioning and restoration
of services, using similar intelligent control-plane mechanisms
already used for dynamic provisioning within data networks,
including automatic topology and resource discovery and
signaling protocols.

About Marconi's Core Solution

Marconi's field-proven core solution is based on a range of
optical core switches, the OMS3200 and MSH families, offering
unprecedented scalability and flexibility in a compact
footprint, and the new Multihaul 3000 Dense Wavelength Division
Multiplexing (DWDM) system that is a single platform for spans
up to 4000km.

Both are supported by Marconi's ASON/ASTN management system for
fast restoration and protection and Optical Transport Network
(OTN) standards technology for transparent networking.

About Marconi Corporation Plc

Marconi Corporation Plc (London: MONI and NASDAQ: MRCIY) is a
global telecommunications equipment, services and solutions
company.  The company's core business is the provision of
innovative and reliable optical networks, broadband routing and
switching and broadband access technologies and services.

The company's customer base includes many of the world's largest
telecommunications operators.  The company is listed on the
London Stock Exchange under the symbol MONI and on NASDAQ under
the ticker MRCIY.

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

          Press Enquiries
          Patrick Murphy
          Phone: + 44 115 906 4151
          E-mail: patrick.murphy@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Industry Analyst Enquiries
          Skip MacAskill
          Phone: +44 2476 56 3705
          E-mail: skip.macaskill@marconi.com


MG ROVER: Suffers Fourth Consecutive Annual Loss
------------------------------------------------
MG Rover successfully reined in losses for the fourth
consecutive year, but many observers are beginning to wonder
whether the company will ever be back in black.

The Midlands-based carmaker reported a GBP77 million loss for
2003, an improvement of sorts from the GBP95 million loss booked
in 2002.  But this huge jump was offset by a 2.4% drop in
worldwide vehicle sales, corresponding to a 4% fall in turnover,
http://icliverpool.icnetwork.co.uksays.

Leading the decline were the figures for the Rover 45 and MG ZS,
which offset the marked increase in the sales of large platform
models and the TF sports car.  Phoenix Venture Holdings, which
took over the company from BMW in 2000, said only 144,900
vehicles were sold in 2003.

Meanwhile, Phoenix Chairman John Towers said contribution to the
pensions trust fund for directors and senior staff was down to
GBP3.58 million last year from GBP12.95 million in 2002.  This
trust fund drew harsh criticisms in the past for being
inappropriate at a time when the company was turning up yearly
losses.

Mr. Towers adds the highest-paid director last year received
GBP1.55 million, compared with GBP3.24 million the previous
year.  Overall, however, directors' salaries including benefits
increased by 1.6% to GBP2.2 million in 2003, the report notes.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham B31 2TB
          United Kingdom
          Phone: +44 121 475 2101
          Fax:   +44 121 482 2403
          Web site: http://www1.mg-rover.com


MINISTRY OF SOUND: Members General Meeting Set this Month
---------------------------------------------------------
The general meeting of the members of Ministry Of Sound Bars
Limited will be on November 28, 2004 commencing at 10:00 a.m.
It will be held at Banker Tilly, Spectrum House, 20-26 Cursitor
Street, London EC4A 1HY.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, Spectrum House, 20-26 Cursitor Street, London
EC4A 1HY not later than 12:00 noon, November 27, 2004.

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


RHODIA 368: Schedules Members Final Meeting December
----------------------------------------------------
Name of companies:
Rhodia 368 Limited (Formerly Rhodia UK Limited)
Rhodia Investments Limited
Rhodia No 1 Limited

The final meeting of the members of these companies will be on
December 2, 2004 commencing at 10:30 a.m., 11:00 a.m. and 11:30
a.m. respectively.  It will be held at the offices of Baker
Tilly, 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD17
1JJ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ not later than 12:00 noon, December 1,
2004.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


ROBERT BARNES: Liquidator to Give Final Report Later this Month
---------------------------------------------------------------
The final general meeting of the members of Robert Barnes And
Company Limited will be on November 30, 2004 commencing at 10:00
a.m.  It will be held at the offices of BDO Stoy Hayward LLP,
125 Colmore Row, Birmingham B3 3SD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD
not later than 12:00 noon, November 29, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Phone: 0121 200 4600
          Fax:   0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


SALT N PEPPER: Hires Liquidator form Baker Tilly
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Salt N Pepper Limited
                        (In Liquidation)

I, George Stewart Paten, Insolvency Practitioner of Baker Tilly,
Breckenridge House, 274 Sauchiehall Street, Glasgow, hereby give
notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules
1986 that I was appointed Liquidator of Salt N Pepper Limited by
resolution of the First Meeting of Creditors held on October 15,
2004.  A liquidation committee was not established.

Accordingly, 1 hereby give notice that I do not intend to summon
a further meeting for the purpose of establishing a Liquidation
Committee unless one tenth in value of the creditors require me
to do so in terms of Section 142(3) of the Insolvency Act 1986.

George Stewart Paton, Liquidator
October 19, 2004

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


TOTAL FREIGHT: Barclay Bank Appoints Numerica Receiver
------------------------------------------------------
Barclays Bank plc called in (Reg No 3215863, Trade
Classification: 6311) Nicholas Hugh O'Reilly and Sarah Megan
Rayment (Office Holder Nos 008309 and 009162) joint
administrative receivers for Total Freight Management Limited.
The application was filed October 22, 2004.  The company is
engaged in handling cargo.

CONTACT:  NUMERICA
          PO Box 2653,
          66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


TREBLE VISION: Sets Creditors' Meeting Next Week
------------------------------------------------
The creditors of Treble Vision Limited will meet on November 8,
2004 commencing at 10:30 a.m.  It will be held at The Ivy House
Inn, Shay Lane, Holmfield, Halifax HX2 9UN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to MPH Recovery, Campus House, 10 Hey Street,
Bradford BD7 1DQ not later than 12:00 noon, November 5, 2004.

CONTACT:  MPH RECOVERY
          Campus House,
          10 Hey Street,
          Bradford BD7 1DQ


UNIT CONTRACT: In Administrative Receivership
---------------------------------------------
National Westminster Bank plc called in Peter A. Blair and
Richard A. B. Saville (Office Holder Nos 8886 and 7829) joint
administrative receivers for Unit Contract Developments Limited
(Reg No 01955311, Trade Classification: 4521).  The appointment
was made October 22, 2004.  The company is engaged in general
construction and civil engineers.

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


VALMET CONVERTING: Appoints Stoy Hayward Liquidator
---------------------------------------------------
At the Extraordinary General Meeting of the Valmet Converting
Plc on October 19, 2004 held at Metso Corporation Headquarters,
Fablaninkatu 9 A, Helsinki, Finland, the special 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 for the purpose of such
winding-up.

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


W G EDWARDS: Hires BDO Stoy Hayward as Administrator
----------------------------------------------------
Shay Bannon and Antony David Nygate (IP Nos 8777/01, 9237) have
been appointed administrators for W G Edwards And Partners
Limited.  The appointment was made October 19, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


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

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


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


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


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


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


GERMANY
-------
Agor A.G.                 DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Son A.G.  GUSG        (8)         111      N.A.
Glunz A.G.                GLUG        (0)         428      (17)
Kamps A.G.                KMPSF.PK   (93)       1,075      (61)
Kaufring A.G.             KAUG       (19)         151      (51)
Marbert A.G.              MTBG       (13)         144      (50)
Nordsee A.G.                          (8)         195      (31)
Primacom A.G.             PRIG      (106)       1,264      (50)
Rinol A.G.                RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    A.G.                  SENGk.BE  (153)         126     (148)
Sinn Leffers A.G.         WHGG        (4)         454     (145)
Spar Handels- A.G.        SPAG      (442)       1,433     (234)
VBH Holding A.G.          VBHG       (54)         337      (80)


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


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


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


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


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


POLAND
------
Gruppo Media
   Capital SGPS S.A.      GMPTF.PK   (21)         399      (85)
Mostostal Zabrze          MECOF.PK    (6)         227      366


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


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         136      (34)


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326     (977)
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Dawson Holdings           DWN.L      (29)         142      (29)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (122)         167       (2)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


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