TCREUR_Public/041104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 4, 2004, Vol. 5, No. 219

                            Headlines

G E R M A N Y

CBS CITY: Real Estate Firm Under Bankruptcy Administration
CONVISION TECHNOLOGY: Creditors' Claims Due Next Week
CVK VERMOGENSKOMPETENZ: Under Bankruptcy Administration
ETCHIKA WERNER: First Creditors' Meeting Set This Month
F.E.S.T. EVENT: Creditors Have Until End of Month to File Claims

INFINEON TECHNOLOGIES: Faces Class Action in California
KONSTRUKT DACH: Creditors' Claims Due This Week
LINNEMANN GESELLSCHAFT: Under Bankruptcy Administration
MG TECHNOLOGIES: Unit Wins EUR40 Million Deal in Russia
PROMETHEUS IMMOBILIEN: Creditors to Meet Later this Month

REIFENRECYCLING GMBH: Claims Deadline Nears
SPEDITION STROBEL: Court Appoints Pluta Insolvency Manager
THOMAS COOK: To Cut Package Rates Next Year


I T A L Y

ALITALIA SPA: Deloitte & Touche Okays First-half Figures
PARMALAT FINANZIARIA: Revenues from Core Business Slightly Down
PARMALAT FINANZIARIA: Spanish Unit Rejects Sale Reports


K Y R G Y Z S T A N

ALA-TOO: Government Privatizes Hotel and Restaurant Operator
BANK BISHKEK: Public Auction Set Third Week of November
KALEM: Moves Creditors' Meeting to November 9
KURS: Sets Public Auction of Assets November 15
SEVERNAYA PMK: Selling KGS8.5 Million Worth of Properties
SREDAZSTALKONSTRUKSIA: Holds Auction of Assets


N E T H E R L A N D S

HEAD N.V.: 3rd-quarter Results Conference Call Set Next Week
NEW SKIES: Blackstone Affiliate Closes Acquisition
VILENZO INTERNATIONAL: Succumbs to Bankruptcy


R U S S I A

AGRO-KHIMIYA: Appoints V. Simkin Insolvency Manager
ASTRAKHANSKIY FISH: Under Bankruptcy Supervision
BOKSITOGORSK-AGRO-PROM-KHIMIYA: Declared Insolvent
CHEGEMSKIY FOOD: Hires B. Kantor as Insolvency Manager
DAIRY PRODUCE: Proofs of Claim Deadline Expires December

FACTORY ENAMEL: Insolvency Manager to Temporarily Oversee Biz
INVAKORP FARMA: Gives Creditors Until Next Month to File Claims
KAPROLAKTAM: Federal Property Fund Selling 20% Stake
MALKINSKIY FACTORY: Court Sets Next Hearing January 25
NORTH RAILWAY: Vologda Court Appoints Insolvency Manager
SOYUZ-NEFTE-EKOLOGIYA: Bankruptcy Proceedings Begin
YUKOS OIL: JP Morgan Values Main Subsidiary US$20 Billion


S W E D E N

SAS GROUP: 3rd-qtr. After-tax Income Negative at SEK1.236 Bln


T U R K E Y

TURK EKONOMI: Individual Rating Affirmed at 'C/D'
TURKIYE SINAI: 'C/D' Individual Rating Affirmed
TURKIYE VAKIFLAR: Individual Rating Raised to 'D' from 'D/E'


U K R A I N E

NOVOGRAD-VOLINSKIJ: Bankruptcy Proceedings Begin
OLEKSANDRIVSKIJ RAJAGROPOSTACH: Court Brings in Liquidator
PODOLYANIN: Insolvency Manager to Temporarily Run Business
PROGRES: Kirovograd Court Brings in Liquidator
SAKTI TOR: Succumbs to Insolvency
UROZHAJ: Files for Bankruptcy
VELBIVKA: Valerij Ishuk Named Liquidator


U N I T E D   K I N G D O M

AORTECH INTERNATIONAL: Finance Director to Resign
ARGONAUT GAMES: Receivers Find Buyers for Two Subsidiaries
ARGONAUT SOFTWARE: Hires David Rubin & Partners as Administrator
BELMONT RECRUITMENT: Extraordinary Winding up Resolutions Passed
B R P LIMITED: Hires Haslers as Liquidator

CAPITAL GLOBAL: Calls in Liquidator from Valentine & Co.
CAPITOL VENTURES: Names P&A Partnership Administrator
CARIAD LIMITED: Sets Members Final Meeting Early December
CONSOLVE LIMITED: Appoints A. Simon as Liquidator
EASTGOLD TRADING: Director Receives Twelve-year Ban

EDUCATION CAPITAL: Liquidator's Final Report Out Next Month
E-MOTION LIMITED: Ex-directors Served 5-year Ban
EUROTUNNEL PLC: Bares Relaunch Details to Works Council
FLEETWAY UNDERWRITING: Hires Joint Liquidators from Mazars
GEMINI UNDERWRITING: Members Agree to Wind up Company

GILMOUR VENTILATION: Meeting of Creditors Set Next Week
GOLDNEY SERVICES: Regulator Disqualifies Former Director
HCG CORPORATE: Members Final Meeting Set First Week of December
HEART OF MIDLOTHIAN: Head Coach Moves to Leicester City
HODGSON OF BISHOPS: General Meeting Set End of Month

JUST ADD: Hires Joint Administrators from David Rubin & Partners
KADEK SYSTEMS: Hires PKF as Liquidator
KWIK SAVE: Managing Director Resigns With Immediate Effect
LEICESTERSHIRE BUSINESS: Sets General Meeting Next Month
MERRETT HOLDINGS: Calls in Liquidator

MORPHEME LIMITED: Names David Rubin & Partners Administrator
NORFAB PRODUCTS: Calls in Liquidators
PREMIER FOODS: Expects to Rehabilitate Razed Site Within Months
PROJECT QUAIL: Final Meeting Set Second Week of December
RHODIA CHEMICALS: Liquidator to Present Final Report December

TELEWEST COMMUNICATIONS: Secures New Debt Facilities
THE HAMPTON: Members Final Meeting Set Next Month
THE JONATHAN: Winding up Resolutions Passed
THORNTON AND PEARSON: Insolvency Service Bans Director
TOM BRANDS: Parent Gives Up; Liquidator Moves in

TUFNOL: Management Buyout Saves More than Half of Jobs
WATERFORD WEDGWOOD: Regulator Invites Comments on Merger
WESTERN FERRIES: Hires Moore Stephens as Liquidator
WHITCOL ENGINEERING: Calls in Baker Tilly Administrator
YAMATO TRANSPORT: Hires Deloitte & Touche as Liquidator


                            *********


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


CBS CITY: Real Estate Firm Under Bankruptcy Administration
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against real estate company CBS City Baubetreuungs- und
Sanierungs-GmbH (HRB 8492 -- AG Chemnitz), on Oct. 8, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 19, 2004
to register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 23, 2004, 10:00 a.m. at Zimmer: 133,
Gerichtsgebaude, Furstenstrasse 21, Chemnitz 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:  CBS CITY BAUBETREUUNGS- UND SANIERUNGS-GMBH
          (HRB 8492 -- AG Chemnitz)
          Hoffmannstrasse 30, 09112 Chemnitz
          Contact:
          Tilo Schilling, Manager

          HWW
          Rudiger Wienberg, Insolvency Manager
          Michaelstrasse 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de


CONVISION TECHNOLOGY: Creditors' Claims Due Next Week
-----------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Convision Technology GmbH on Oct. 5.  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 Volker
Rodemeier.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 17, 2004, 2:00 p.m. at the district court of
Braunschweig An der Martinikirche 8, 38100 Braunschweig, Saal E
01 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. 5, 2005, 9:00 a.m.
at the same venue.

CONTACT:  CONVISION TECHNOLOGY GMBH
          Buchnerstr. 6, 38118 Braunschweig
          (AG BS, HRB 4441)
          Contact:
          Frank Polzl, Manager
          Buchnerstr. 16, 38118 Braunschweig

          Volker Rodemeier, Insolvency Manager
          Bahnhofstrasse 17, 38442 Wolfsburg (Fallersleben)
          Phone: (05362) 505550
          Fax: (05362) 5055511


CVK VERMOGENSKOMPETENZ: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against CVK Vermogenskompetenz GmbH on Oct. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 19, 2004 to
register their claims with court-appointed provisional
administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:30 a.m. at the district court of
Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409 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:  CVK VERMOGENSKOMPETENZ GMBH
          Nordstrasse 2, 40477 Dusseldorf

          Dr. Biner Bahr, Insolvency Manager
          Jagerhofstrasse 29, 40479 Dusseldorf


ETCHIKA WERNER: First Creditors' Meeting Set This Month
-------------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Etchika Werner Einrichtungen GmbH on Oct. 8.
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 Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2004, 10:25 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. 3, 2005, 10:05 a.m. at the
district court of Charlottenburg.

CONTACT:  ETCHIKA WERNER EINRICHTUNGEN GMBH
          Fasanenstr. 68,10719 Berlin

          Rolf Nacke, Insolvency Manager
          Gross-Berliner Damm 73 c, 12487 Berlin


F.E.S.T. EVENT: Creditors Have Until End of Month to File Claims
----------------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against F.E.S.T. Event GmbH on Oct. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 30, 2004
to register their claims with court-appointed provisional
administrator Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 4, 2005, 11:00 p.m. at Logenstrasse 13,
15230 Frankfurt (Oder), Saal 472 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:  F.E.S.T. EVENT GMBH
          Geschwister-Scholl-Strasse 19a
          15537 Neu Zitttau

          Dr. Karsten Forster, Insolvency Manager
          Herbert-Jensch-Str. 111, 15234 Frankfurt (Oder)


INFINEON TECHNOLOGIES: Faces Class Action in California
-------------------------------------------------------
Wechsler Harwood LLP filed a Federal Securities fraud class
action suit on behalf of all purchasers of the common stock of
Infineon Technologies AG (IFX) from March 13, 2000 through
September 15, 2004 inclusive (Class Period).

The action, entitled Vendittis v. Infineon Technologies AG, et
al., Case No. (not yet assigned), is pending in the United
States District Court for the Northern District of California,
and names as defendants, the Company, its Chairman, President
and Chief Executive Officer (until his resignation on March 30,
2004), Ulrich Schumacher, its Executive Vice President of Sales
and Marketing, Peter Bauer, and its Executive Vice President and
Chief Financial Officer, Peter J. Fischl.  A copy of the
complaint can be obtained from the Court or can be viewed on
Wechsler Harwood at: http://www.whesq.com.

The complaint charges defendants with violations of Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
10b-5 promulgated there under.  More specifically, the complaint
alleges that the Company failed to disclose and misrepresented
these material adverse facts, which were known to defendants or
recklessly disregarded by them:

(a) that the Company entered into and engaged in a combination
    and conspiracy in the United States and elsewhere to
    suppress and eliminate competition by fixing the prices of
    Dynamic Random Access Memory (DRAM) to be sold to original
    manufacturers of personal computers and servers;

(b) that as a result of the price fixing, the Company was able
    to maintain higher profit margins;

(c) that as a consequence of the foregoing, the Company's
    announced financial results were in violation of generally
    accepted accounting principles (GAAP); and

(d) that the Company's financial results were materially
    inflated at all relevant times.

On September 15, 2004, Infineon announced that it had reached an
agreement with the United States Department of Justice -
Antitrust Division to plead guilty to a single and limited
charge related to the violation of U.S. antitrust laws in
connection with the pricing in its DRAM business between July 1,
1999 and June 15, 2002.  Under the terms of the agreement,
Infineon had agreed to pay a fine of US$160 million, an amount
fully covered by the Company's recent third quarter accrual.  On
this news, shares of Infineon fell US$.21 per share, or 2.04%,
on September 15, 2004, to close at US$10.07 per share.

If you are a member of the class described above, you may, not
later than November 29, 2004 move the Court to serve as lead
plaintiff of the class, if you so choose.  A lead plaintiff is a
representative party that acts on behalf of other class members
in directing the litigation.  In order to be appointed lead
plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that
the class member will adequately represent the class.  Under
certain circumstances, one or more class members may together
serve as lead plaintiff.  Your ability to share in any recovery
is not, however, affected by the decision whether or not to
serve as a lead plaintiff.  You may retain Wechsler Harwood, or
other counsel of your choice, to serve as your counsel in this
action.

Wechsler Harwood has taken a leading role in many important
actions on behalf of defrauded shareholders.  The Wechsler
Harwood Web site (http://www.whesq.com)has more information
about the firm and detailed information regarding this matter.

If you wish to discuss this action with us, or have any
questions concerning this notice or your rights and interests
with regard to the case, please contact the following:

CONTACT:  WECHSLER HARWOOD LLP
          488 Madison Avenue, 8th Floor
          New York, New York 10022
          Phone: (877) 935-7400

          Craig Lowther
          Shareholder Relations Department
          Web site: clowther@whesq.com

          INFINEON TECHNOLOGIES AG
          St. Martin Str. 53
          81669 Munich
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com


KONSTRUKT DACH: Creditors' Claims Due This Week
-----------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Konstrukt Dach GmbH (HRB 16625) on Oct. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 5, 2004 to
register their claims with court-appointed provisional
administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 9:30 a.m. at Saal 24,
Gerichtsgebaude, Furstenstrasse 21, Chemnitz 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:  KONSTRUKT DACH GMBH
          Glucksberg 14, 09114 Chemnitz
          Contact:
          Jens Haase, Manager

          HWW
          Web site: http://www.hww-kanzlei.de
          Carsten Morgenstern, Insolvency Manager
          Michaelstrasse 71, 09116 Chemnitz


LINNEMANN GESELLSCHAFT: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Linnemann Gesellschaft fur Heizungs-, Klima- und
Sanitartechnik mbH on Oct. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 26, 2004 to register their claims with
court-appointed provisional administrator Cornelia Monert.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 17, 2004, 10:00 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 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:  LINNEMANN GESELLSCHAFT FUR HEIZUNGS-, KLIMA- UND
          SANITARTECHNIK MBH
          Am Metallwerk 14, 33659 Bielefeld
          Contact:
          Hermann Mugge, Manager

          Cornelia Monert, Insolvency Manager
          Lise-Meitner-Str. 13, 33605 Bielefeld


MG TECHNOLOGIES: Unit Wins EUR40 Million Deal in Russia
-------------------------------------------------------
Zimmer AG, a subsidiary of mg technologies AG, has won a
contract to build a polyester plant for the manufacture of chips
for polyester (PET) bottles in Russia.  The order is worth
approximately EUR40 million.

The customer is Petrochemical Holding AG, an internationally
active Austrian investment group based in Vienna.  The plant
will produce 154,000 tons of polyester chips per year and will
be located in Dzerzhinsk, near Nizhny Novgorod.  Zimmer is
supplying the technology, the engineering facilities and the
equipment and is responsible for supervising the plant's
assembly and commissioning, which is scheduled for the second
half of 2006.

"This contract will enable Zimmer to further extend its strong
position in the field of PET plants in the rapidly growing
eastern European market", emphasized Klaus Moll, who is
responsible for plant engineering in the mg management board.

"Once this plant has been completed, over half a million tons of
PET chips per year will be produced with Zimmer's technology in
Eastern Europe."

In November 2003 and March of this year, Zimmer won contracts
from Petrochemical Holding AG to build two PET plants in
Lithuania, each with an annual capacity of 154,000 tons.  These
plants are due to come on stream in 2005.  The first plant built
by Zimmer in eastern Europe -- with the capacity to produce
55,000 tonnes of chips for PET bottles per year -- was recently
brought on stream in Russia.  Petrochemical Holding AG and
Zimmer have already signed a letter of intent to construct a
fifth plant in the region.

Mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and equipment -- and plant engineering.  The
company generated sales of roughly EUR4.1 billion -- excluding
Dynamit Nobel and other discontinued operations -- in 2003.  At
June 30, 2004, the company employed around 17,000 people and is
one of the world's market and technology leaders in 90% of its
businesses.

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


PROMETHEUS IMMOBILIEN: Creditors to Meet Later this Month
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Prometheus Immobilien Verwaltungs GmbH & Co.
Objekt Berlin-Steglitz McNair KG on Oct. 7.  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 Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2004, 10:30 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. 3, 2005, 10:10 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  PROMETHEUS IMMOBILIEN VERWALTUNGS GMBH & CO.
          OBJEKT BERLIN-STEGLITZ MCNAIR KG
          Brandenburgische Str. 78/79,10713 Berlin

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


REIFENRECYCLING GMBH: Claims Deadline Nears
-------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against ABF Entwicklungsbetrieb fur innovatives
Reifenrecycling GmbH on Oct. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 30, 2004 to register their claims with
court-appointed provisional administrator Anja Geske.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 4, 2005, 9:00 a.m. at Logenstrasse 13, 15230
Frankfurt (Oder), Saal 472 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:  REIFENRECYCLING GMBH
          Zur Feuerwache 7, 15890 Eisenhuttenstadt

          Anja Geske, Insolvency Manager
          H.-Jensch-Str. 111, 15234 Frankfurt (Oder)


SPEDITION STROBEL: Court Appoints Pluta Insolvency Manager
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Spedition Strobel Christa & Ralf Strobel GbR on Oct. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 22, 2004
to register their claims with court-appointed provisional
administrator Stefan Kahnt of Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 10:15 a.m., at Saal 28,
Gerichtsgebaude, Furstenstrasse 21, Chemnitz 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:  SPEDITION STROBEL CHRISTA & RALF STROBEL GBR
          Zur Talsperre 4, 08541 Thossfell
          Contact:
          Christa Strobel, Partner
          Ralf Strobel, Partner

          Stefan Kahnt, Insolvency Manager
          Leipziger Str. 62, 09113 Chemnitz
          Web site: http://www.pluta.net


THOMAS COOK: To Cut Package Rates Next Year
-------------------------------------------
Troubled travel group Thomas Cook will cut prices next summer at
its Neckermann to attract more clients.

Thomas Cook board member Peter Fankhauser said the group would
cut its rates for package holidays with flights by three percent
in 2005.  The cut would not apply to long-haul flights.

Mr. Fankhauser, whose announcement came in time with release of
the company's latest summer catalog, said Thomas Cook aims "to
grow at least at the same pace as the market."

The company expects the country's tourism market to grow by
three percent in 2004-2005.  For this summer, which runs from
April to October, Neckermann booked around 2.6 million
travelers, posting a six-percent growth than the same period
last year.  For the current winter season, Neckermann's package-
holiday bookings increased by three percent compared with 2003
figure.

CONTACT:  THOMAS COOK AG
          Corporate Communications
          Phone: +49(0) 61 71 65-1700
          Fax: +49(0) 61 71) 65-1060
          E-mail: konzernkommunikation@thomascookag.com
          Web site: http://www.thomascook.info


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


ALITALIA SPA: Deloitte & Touche Okays First-half Figures
--------------------------------------------------------
Auditors of troubled carrier Alitalia S.p.A., Deloitte & Touche,
have approved its first-half accounts, Associated Press
WorldStream says.

Alitalia said in its first-half report it booked around EUR620
in losses, which includes a budget for its rescue plan.  The
carrier's business plan includes splitting the ailing airline to
two different business units and reducing its workforce by
around 17%.

The Italian Treasury, which owns a 62% stake in Alitalia, would
appoint an adviser for the carrier's privatization, Deloitte &
Touche said in its report.  The government is expected to reduce
its stake in Alitalia to below 50% as one of the provisions set
by the European Commission in approving the carrier's business
plan.  This would be done through a capital increase of around
EUR1.2 billion early 2005.

Concerns had been raised auditors might not approve Alitalia's
accounts.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


PARMALAT FINANZIARIA: Revenues from Core Business Slightly Down
---------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates the financial results of the Parmalat Group as of
September 30, 2004.

A number of the non-Italian operations of the Group identified
in previous months as subject to Special Bankruptcy Proceedings"
(for example, U.S.A. Dairy, Brazil, Chile, EVH) and certain
financial companies (for example, Parmalat Capital Finance) are
currently subject to certain restrictions on their management as
a result of local bankruptcy proceedings, with the result that
these operations are effectively outside the control of Parmalat
Finanziaria Spa in Extraordinary Administration.

For this reason, the Group no longer consolidates these
companies on a line-by-line basis, choosing instead to value
them by the equity method.  This approach will be followed while
the Group reviews and verifies any potential obligations that
Parmalat Finanziaria S.p.A. in Extraordinary Administration may
have based on the laws of the countries where the companies in
question are located, and any guarantees provided to their
lenders.

More specifically: U.S.A. Dairy (Parmalat U.S.A. Corporation,
Farmland Dairies, Milk Products of Alabama), which handles the
Group's milk and dairy products operations in the United States,
has filed for Chapter 11 bankruptcy protection; two Brazilian
companies (Parmalat Brasil and Parmalat Partecipacoes) have
successfully filed under a local proceeding called Concordata,
which applies to their subsidiaries as well; the Chilean
business has also filed for protection locally; EVH, a company
incorporated in Canada, has been granted creditor protection
under the Companies' Creditors Arrangement Act; Parmalat Capital
Finance has been placed in liquidation by the local court.  This
group of companies also includes Eurofood IFSC, currently the
object of a dispute with Irish judicial authorities who allege
that Italian Extraordinary Administration proceedings cannot be
applied to this company.

Consequently, the tables below contain pro forma data for the
previous year, reflecting the current financial composition of
the Group and allowing like-for-like comparisons with the data
in the current fiscal year.

                     Operating Performance

Financial Highlights

Amounts in millions of                    Revenues
euros

                        Previous year   Previous year   Current
                                         pro forma       year

Core Businesses [*]       2,776.4         2,776.4       2,722.2

Noncore Businesses [**]   1,289.3           557.6         433.0

Total                     4,065.7         3,333.9       3,155.2

                                          EBITDA

                         Previous year   Previous year   Current
                                         pro forma       year

Core Businesses [*]         162.1          162.1          192.9

Noncore Businesses [**]     (54.2)         (34.0)          12.8

Total                       107.9          128.1          205.8

                                 EBITDA as a % of revenues

                         Previous year   Previous year   Current
                                         pro forma       year

Core Businesses [*]           5.8            5.8            7.1

Noncore Businesses [**]      (4.2)          (6.1)           3.0

Total                         2.7            3.8            6.5



Third Quarter

Amounts in millions of                    Revenues
euros

                        Previous year   Previous year   Current
                                         pro forma       year

Core Businesses [*]         956.1           956.1         901.8

Noncore Businesses [**]     420.3           125.4         124.7

Total                     1,376.4         1,081.4       1,026.5

                                          EBITDA

                         Previous year   Previous year   Current
                                         pro forma       year

Core Businesses [*]          46.7           46.7           61.1

Noncore Businesses [**]     (12.4)          (6.4)          (1.1)

Total                        34.3           40.3           60.1

                                 EBITDA as a % of revenues

                         Previous year   Previous year   Current
                                         pro forma       year

Core Businesses [*]           4.9            4.9            6.8
Noncore Businesses [**]      (3.0)          (5.1)          (0.9)

Total                         2.5            3.7            5.9

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] The Core Businesses include beverages (milk and fruit
juices) and milk-based products, sold under some 30 brand names
(global and strong local brands) primarily in high-potential
countries where there is sustained demand for healthy lifestyle
products, consumers are willing to pay a premium price for
Parmalat brands, and there is access to leading-edge
technologies.

[**] The Noncore Businesses are those that are located in
countries or engaged in activities that are not strategically
significant and have been earmarked for divestiture.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                        Core Businesses

The Group's Core Businesses had revenues of EUR2,722.2 million
in the first nine months of 2004, down slightly (-2.0%) from the
EUR2,776.4 million booked in the same period last year, but
EBITDA increased to EUR192.9 million, or 19.0% more than the
EUR162.1 million earned in the nine months ended September 30,
2003.

This improved operating performance is largely the result of
successful marketing initiatives and programs implemented to cut
operating costs and overheads, which offset the negative impact
of lower unit sales.

The operating data are before expenses related to the
extraordinary administration proceedings (which represents an
extraordinary event).  The accrued portion attributable to the
first nine months of 2004 amounts to about EUR55.0 million.

Revenues for the third quarter of 2004 amounted to EUR901.8
million, down 5.7% from the same period a year ago (EUR956.1
million).  During the same three months, EBITDA increased by
30.8%, rising from EUR46.7 million to EUR61.1 million.

An analysis of the Group's performance in the main geographic
regions in which it operates is provided below.

                             Italy

In the first nine months of 2004, revenues decreased to
EUR1,029.1 million, or 8.7% less than the EUR1,126.6 million
reported as of September 30, 2003.

As explained in last month's press release, revenue shortfalls
are being accompanied by increases in EBITDA, which grew from
EUR65.7 million in the first nine months of 2003 to EUR66.6
million this year.  The ratio of EBITDA to net revenues also
improved, rising from 5.8% to 6.5%.

In the third quarter of 2004, net revenues and EBITDA totaled
EUR337.1 million and EUR17.1 million (5.1% of revenues),
respectively, compared with EUR383.9 million and EUR23.2 million
(6.0% of revenues), respectively.

The milk and fresh dairy products operations (yogurt especially)
posted the best cumulative results, confirming that the positive
trend of previous months is continuing.  Compared with other
areas of business, these operations have experienced a smaller
decrease in unit sales and benefited from deep cuts in
promotional and advertising expenses, and overheads.

On a less positive note, the results reported by the fruit juice
operations for the third quarter of 2004 were lower than in the
same period last year, due to the negative impact of less
favorable weather conditions.  Other negative factors were the
increase in raw materials costs, attributable in part to higher
oil prices, and the greater relative weight of fixed
manufacturing costs, which were unchanged in absolute terms
compared with a year ago.  The Group is implementing
streamlining programs to address this issue.

During the latter part of the third quarter, the Group resumed
its advertising programs (Kyr and Zymil campaigns) and
promotional initiatives (Eurolat products), which are expected
to have a positive impact and provide fresh momentum to customer
demand in the fourth quarter of 2004.

                             Spain

Revenues for the first nine months of 2004 totaled EUR172.9
million, or 2.5% less than the EUR177.4 million reported a year
earlier.  EBITDA were also down, decreasing from EUR17.7 million
to EUR12.3 million.

In the third quarter of 2004, revenues and EBITDA amounted to
EUR58.6 million (EUR61.9 million in 2003) and EUR4.4 million
(EUR6.4 million in 2003), respectively.

A steady increase in the cost of milk, which has been rising
since the beginning of the year and could not be passed on fully
to customers, and higher prices paid for plastics, especially in
the third quarter, are the main reasons for the decrease in
EBITDA, compared with the first nine months of 2003.  A reduced
contribution from sales of seasonal products (Royne-branded ice-
cream, milk shakes and almond-flavored beverages), which were
severely affected by cooler summer weather (compared with 2003)
and a sharp drop in tourist flows, was also a contributing
factor.

Lastly, price competition was especially strong, yogurt sales
were affected by aggressive promotions from competitors with a
global reach, and intense television advertising by competitors
had an impact on the flavored milk segment.

In the flavored milk business, the Spanish operations increased
production for private labels, a business that, while less
profitable, provides these operations with coverage for their
fixed costs and enables them to maintain high sales volumes.

                          South Africa

Revenues for the first nine months of 2004 grew to EUR178.3
million, up 29.8% compared with the EUR137.4 million reported in
the same period a year ago.  EBITDA followed a similar trend,
rising from EUR11.9 million to EUR14.2 million (+19.2%).

The improvement in cumulative revenues and EBITDA, compared with
the first nine months of 2003, was made possible by several
factors: the acquisition of new brands (Simonsberg), the growing
strength of the Parmalat brand in the yogurt and cheese
segments, sharply higher unit sales of UHT milk and the positive
impact of the appreciation of the South African rand versus the
euro (+7.2%).  In addition, less profitable products such as
bulk cheese helped boost unit sales.

In the third quarter of 2004, revenues increased to EUR65.2
million (EUR51.0 million in 2003), but EBITDA declined to EUR4.9
million (EUR5.2 million in 2003), due mainly to a less favorable
product mix (increased shipments of bulk cheese and pasteurized
milk) and higher prices paid for raw materials.

                            Venezuela

The devaluation of the bolivar versus the euro continued during
the month of September (-26.5% compared with September 2003),
despite the fact that the outcome of the August referendum
helped to reduce the political and social instability that has
characterized this country.

Cumulative revenues for the first nine months of 2004 declined
to EUR110.7 million, or 26.1% less than the EUR149.7 million
booked in the first three quarters of 2003.  The same was true
for EBITDA, which were down both in absolute terms (from EUR18.3
million to EUR3.8 million) and as a percentage of revenues (from
12.2% to 3.4%).

The failure to renew credit lines for importation powdered milk,
the social policies pursued by the Venezuelan government
(establishment of a Ministry of Nutrition responsible for
importing and distributing essential staples, which include
"basic" powdered milk), increases in the prices paid
domestically for raw materials that could not be passed on to
consumers, and lower unit sales of fruit juices are the reasons
for the drastic decrease in revenues and EBITDA.

The Group responded to this development by implementing a
process designed to refocus the Venezuelan operations, beginning
with the restructuring of the local operating unit.

Revenues for the third quarter of 2004 totaled EUR35.9 million
(EUR53.2 million in 2003) and EBITDA fell to EUR1.7 million
(EUR4.8 million in 2003).

                             Canada

Cumulative revenues increased to EUR849.3 million, compared with
EUR841.7 million in the first nine months of 2003.

The improvement in net revenues produced impressive gains in
EBITDA, which rose 15.5% in absolute terms (EUR55.9 million,
compared with EUR48.4 million for the nine months ended
September 30, 2003) and 0.8 point as a percentage of revenues
(from 5.8% to 6.6%).  A strong performance in basic ingredients
and cheese, a reduction in promotional and advertising expenses
and overheads, a reorganization of manufacturing processes, and
a streamlining of the product portfolio (about 300 items have
thus far been eliminated) account for this positive performance.

In the third quarter of 2004, the Canadian operations had
revenues of EUR291.7 million (EUR295.5 million in 2003),
generating EBITDA of EUR20.3 million (EUR12.7 million last
year).

                           Australia

Owing in part to the appreciation of the Australian dollar
versus the euro (+4.7% compared with the average rate as of
September 2003), revenues grew to EUR277.6 million, up from
EUR269.5 million in the first nine months of 2003.  Over the
same period, EBITDA increased from EUR19.2 million to EUR22.6
million (+17.7%).

Other factors that contributed to these improved results
include: higher unit sales of milk (especially pasteurized milk)
and yogurt, a reduction in overhead and promotional expenses, a
more effective raw materials procurement policy and the
implementation of streamlining programs.

In the third quarter of 2004, revenues totaled EUR95.0 million
(EUR94.2 million in 2003) and EBITDA increased to EUR8.8 million
(EUR6.5 million in 2003).

                       Noncore Businesses

The Group's Non-core Businesses reported revenues of EUR433.0
million, or 22.3% less than the EUR557.6 million booked in the
first nine months of 2003.

After the restatement of the result reported at June 30, 2004
stemming from a change in the treatment of certain items
attributed to Parma F.C. (which totaled EUR26.4 million), EBITDA
were positive by EUR12.8 million, compared with a loss of
EUR34.0 million in the first nine months of 2003.

In the first quarter of 2004, revenues totaled EUR124.7 million
(EUR125.4 million in 2003) and EBITDA were negative by EUR1.1
million (negative EBITDA of EUR6.4 million in 2003).

The main reasons for the year-over-year improvement in
cumulative EBITDA are the restatement referred to above and
programs implemented by certain Italian businesses and the U.S.
baked goods operations (U.S.A. Bakery).

                              Italy

The Divisions of Parmalat S.p.A. that have been designated as
Noncore Businesses had lower revenues than in the first nine
months of 2003, but EBITDA improved (loss narrowed to EUR4.3
million as of September 30, 2004, compared with a loss of
EUR11.6 million a year earlier).  The decision to discontinue
the water business and drastic cuts in advertising and promotion
for baked goods and fruit juices account for this improvement.

                          U.S.A. Bakery

The baked goods operations had revenues of EUR210.8 million, or
17.6% less than the EUR255.8 million reported for the nine
months ended September 30, 2003, owing in part to a sharp
decline in the value of the U.S. dollar, which fell by 10.3%
over the same period of time.

Overall, the negative impact of lower unit sales and higher raw
materials prices was offset by targeting promotional investments
more effectively, reorganizing the manufacturing operations (the
Bollingbrook facility was closed in July) and cutting overheads.
As a result, EBITDA, while still negative (-EUR7.0 million)
showed a dramatic improvement over the figure as of September
30, 2003 (-EUR13.7 million).

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

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: Spanish Unit Rejects Sale Reports
-------------------------------------------------------
Dairy company Clesa denied parent Parmalat Finanziaria has plans
of selling it to a local investment family, according to just-
food.com.

An insider dismissed a report by financial daily Expansion that
it is to be sold to Ruiz Mateos as "completely false."

According to her, the firm remained unaffected by Parmalat's
legal woes as it always maintained separate accounts and
commercial channels.

Clesa is a 100% subsidiary of Parmalat.  It makes milk,
chocolate drink Cacaolat and other dairy staples.  It has
factories in Leon and Burgos, Northern Spain.


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


ALA-TOO: Government Privatizes Hotel and Restaurant Operator
------------------------------------------------------------
The State Committee of the Kyrgyz Republic on state property
will sell the government's 100% stake in JSC Hotel and
Restaurant Complex Ala-Too on November 26, 2004, 3:00 p.m. at
Bishkek, Moskovskaya Str. 151.

The company as of October 10, 2004:

(a) Location: Bishkek, Erkindik Avenue, 1

(b) Activity: hotel and restaurant services

(c) Total shares: 234,447

(d) Type of shares: simple nominal

(e) Authorized capital stock: KGS23,444,695

(f) Assets: KGS23,420,360

(g) Liabilities: KGS7,510,860

(h) Account receivables: KGS3,530,600

(i) Land area: 9,200 square meters

Auction conditions:

(a) Larger bidding price;

(b) Complete the construction of the hotel and start its
    operation before December 2005; and

(c) Clear the company's liabilities (EUR5,532,345) to The
    Ministry of Finance of Kyrgyz Republic.

Participants must submit all necessary documents on or before
November 26, 2004, 12:00 noon at Bishkek, Moskovskaya Str. 151,
Room 223.  The auction winner must pay a commission equivalent
to seven percent of the final price.  For more information, call
(0-312) 21-65-38 or 21-66-97.


BANK BISHKEK: Public Auction Set Third Week of November
-------------------------------------------------------
The bidding organizer and insolvency manager of Joint Stock City
Bank Bishkek will sell its properties on November 16, 2004,
10:00 a.m. at Bishkek, Toktogul Str. 187, Apt. 3.

For sale are:

(a) Lot 1: one-hectare land located at Vostok, Lebedinovskiy
    Ayil Okmotu; and

(b) Lot 2: Fiat-Ducat car

For more information, call (0-312) 24-43-24.


KALEM: Moves Creditors' Meeting to November 9
---------------------------------------------
The temporary insolvency manager of JSC Kalem reset the
creditors' meeting from November 3, 2004 to November 9, 2004,
1:00 p.m. at Balykchy, Narynskoye Shosse Str. 17.  For more
information, call (0-3944) 2-49-73 or 2-04-85.


KURS: Sets Public Auction of Assets November 15
-----------------------------------------------
The bidding organizer and insolvency manager of Kurs will sell
its properties on November 15, 2004, 2:00 p.m. at Kyrgyzstan,
Alamudun, Leninskoye, Selpovskaya Str. Ayil Okmotu Building.  Up
for sale is a lot suitable for apartment construction.  Starting
price is KGS176,816.

Bids and necessary documents must be submitted on or before
November 15, 2004 to Bishkek, Sovetskaya Str. 220.  Participants
should deposit an amount equivalent to 10% of the starting price
to the company cashier.  For more information, call (0-312) 62-
39-69.


SEVERNAYA PMK: Selling KGS8.5 Million Worth of Properties
---------------------------------------------------------
The bidding organizer and insolvency manager of JSC Severnaya
PMK will sell its properties on November 12, 2004, 9:00 a.m. at
Kyrgyzstan, Bishkek, Fatianov Str. 1.

For sale are:

(a) Lot 1: Apartment with lot area of 31 square meters and floor
    area of 16 square meters.  The property is located at
    Bishkek, Fatianov Str. 1, Apt. 30.  Starting price is
    KGS14,982 (inclusive of VAT);

(b) Lots 2-8: Used computers, copying machine, printer and
    telephone; and

(c) Lot 9: Manufacturing base of JSC Severnaya PMK in Tash-Dube,
    Alamudun, with an area of 6.5 hectares, including 15
    manufacturing and storage buildings.  Starting price is
    KGS8,500,000 (inclusive of VAT).

Participants must submit all necessary documents and deposit an
amount equivalent to 10% of the starting price on or before
November 11, 2004, 12:00 noon.  For more information, call (0-
312) 42-39-68.


SREDAZSTALKONSTRUKSIA: Holds Auction of Assets
----------------------------------------------
The bidding organizer and insolvency manager of JSC
Sredazstalkonstruksia will sell its properties on November 15,
2004 at Kyrgyzstan, Bishkek, East Industrial Zone.  For sale is
a MKT-70 crane.  Starting price is KGS50,000.

Bids and necessary documents must be submitted on or before
November 12, 2004, 2:30 p.m. to Bishkek, East Industrial Zone.
Participants should deposit an amount equivalent to 10% of the
starting price to the temporary insolvency manager.

For more information, call: (0-312) 23-78-55 or (0-3134) 33-8-
25.


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


HEAD N.V.: 3rd-quarter Results Conference Call Set Next Week
------------------------------------------------------------
Head N.V. Chairman and CEO Johan Eliasch will host a conference
call on Thursday November 11, 2004 at 3:00 p.m. London time
(10:00 a.m. New York).  He will be joined by Ralf Bernhart,
Chief Financial Officer and Clare Vincent, Head of Investor
Relations.  They will discuss Head's results for the three and
nine month periods ending 30 September 2004.

A presentation, which will be discussed during the conference
call, will be available on the Investor Relations section at
http://www.head.comprior to the conference call.

You can join the conference call using these phone numbers:

Country        Phone Number
U.K.           0800 953 0936
Europe         +44 (0) 1452 568 061
U.S.A.         1866 224 2972

Please note that there will not be an audio link on the Web
site.  A transcript of the conference call will be posted to the
investor relations section of our Web site.

A Replay Service is also available until November 21 2004, the
dial in numbers are:

U.K.           0845 245 5205
Europe         +44 (0) 1452 550 000
U.S.A.         1866 247 4222
Access Code    2087689#

About Head

Head N.V. is a leading global manufacturer and marketer of
premium sports equipment.  Its ordinary shares are listed on the
New York Stock Exchange (HED) and the Vienna Stock Exchange
(HEAD).

Its business is organized into four divisions: Winter Sports,
Racquet Sports, Diving and Licensing.  It sells products under
the Head (tennis, squash and racquetball racquets, alpine skis
and ski boots, snowboards, bindings and boots), Penn (tennis and
racquetball balls), Tyrolia (ski bindings), and Mares/Dacor
(diving equipment) brands.

Head holds leading positions in all of our product markets and
our products are endorsed by some of the world's top athletes
including Andre Agassi, Marat Safin, Rainer Schuttler, Juan
Carlos Ferrero and Maria Riesch.

                            *   *   *

Head N.V. reported in August its results for three months ended
30 June 2004 (compared to the three months ended 30 June 2003):
net revenues increased by 5% to US$83.2 million; operating loss
before restructuring costs decreased by US$3.4 million to a
US$5.7 million loss; and operating loss after restructuring
costs decreased by US$2.4 million to a US$6.7 million loss.

For the six months ended 30 June 2004 compared to the six months
ended 30 June 2003: net revenues increased by 16% to US$177.6
million; operating loss before restructuring costs decreased by
US$7.4 million to US$10.1 million loss; and operating loss after
restructuring costs decreased by US$6.6 million to a US$11.4
million loss.

CONTACT:  HEAD N.V.
          Clare Vincent, Investor Relations
          Phone: +44 207 499 7800
          Fax: +44 207 629 4399
          E-mail: htmcv@aol.com

          Ralf Bernhart, Chief Financial Officer
          Phone: +43 1 70 179 354
          Fax: +43 1 707 8940

          Web site: http://www.head.com


NEW SKIES: Blackstone Affiliate Closes Acquisition
--------------------------------------------------
New Skies Satellites N.V., the global satellite communications
company, announced the completion of its sale to affiliates of
The Blackstone Group, a leading private investment firm.

Dan Goldberg, New Skies' chief executive officer, said: "[W]e
begin a new chapter in the growth and development of New Skies
Satellites.  With the solid financial backing and strong
commercial focus of The Blackstone Group, we are well positioned
to expand our business going forward and to continue to deliver
the reliable, secure, state-of-the-art satellite services on
which we have built our reputation."

Trading in New Skies' shares on Euronext Amsterdam and American
Depository Shares on the New York Stock Exchange was suspended
at the close of trading on November 2, 2004.  Holders of New
Skies' ordinary shares in registered or book-entry form and
holders of American Depository Shares as of the close of trading
Tuesday will be entitled to payment of two sale distributions,
amounting to US$7.96 per fully diluted share.

The corporate entity that previously held the company's assets
has gone into liquidation and the company's business and
operations will be continued by the acquiring company, New Skies
Satellites B.V.  Subject to final determination by the
liquidator, in accordance with Dutch law, New Skies expects to
make the initial distribution, constituting approximately 95% of
the sale proceeds, to its shareholders of record within two
weeks.  The final distribution will constitute the remaining
sale proceeds and will be made following the expiration of the
statutory two-month opposition period in connection with the
liquidation and provided that any potential opposition has been
taken into account.

Further information on the two distributions to shareholders
will be provided when the relevant dates have been determined.

About New Skies Satellites

New Skies Satellites is one of only four fixed satellite
communications companies with truly global satellite coverage,
offering video, data, voice and Internet communications services
to a range of telecommunications carriers, broadcasters, large
corporations, Internet service providers and government entities
around the world.  New Skies has five satellites in orbit and
ground facilities around the world.  The company also has
secured certain rights to make use of additional orbital
positions for future growth.  New Skies is headquartered in The
Hague, The Netherlands, and has offices in Beijing, Hong Kong,
New Delhi, Sao Paulo, Singapore, Sydney and Washington, D.C.

CONTACT:  NEW SKIES SATELLITES N.V.
          Rooseveltplantsoen 4
          2517 KR The Hague
          Phone: +31-70-306-4100
          Fax: +31-70-306-4101
          Web site: http://www.newskies.com

          Jeff Bothwell
          Phone: +31 70 306 4239
                 +31 6 1131 0183
          E-mail: Jbothwell@newskies.com

          Investor Relations:
          Boris Djordjevic
          Phone: +31 70 306 4183
          E-mail: bdjordjevic@newskies.com


VILENZO INTERNATIONAL: Succumbs to Bankruptcy
---------------------------------------------
Dutch clothing maker Vilenzo International N.V. has filed for
Chapter 11 bankruptcy protection with a Dutch court.

The company failed to obtain refinancing from banks and secure
shareholders' support for a capital increase. It previously
asked for suspension of payments.  Several potential investors
have reportedly expressed interest in parts of the Tilburg-based
company should it go bankrupt.  Various Benelux companies are
among the potential buyers.

Vilenzo is expecting a significant full-year loss after losing
EUR14.3 million in the first half.  It made a net loss of
EUR17.1 million in 2003 on a turnover of EUR160.2 million.  The
firm blamed difficult overall market conditions, fierce
competition and management disputes for its troubles.  It has
already sold parts of its children's wear business, discontinued
women's knitwear production and ended its licensing agreement
with French fashion company Georges Rech.

CONTACT:  VILENZO INTERNATIONAL N.V.
          Kraaivenstraat 21 AB Tilburg
          Postbus 716 5000 AS Tilburg
          Phone: 013 - 5946 800
          Fax: 013 - 5946 801
          E-mail: vilenzo@vilenzo.nl
          Web site: http://www.vilenzo.nl


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


AGRO-KHIMIYA: Appoints V. Simkin Insolvency Manager
---------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
proceedings against Agro-Khimiya after finding the open joint
stock company insolvent.  The case is docketed as A49-111/04-
15B/10.  Mr. V. Simkin has been appointed insolvency manager.
Creditors may submit their proofs of claim to 442370, Russia,
Penza region, Mokshan, Kirova Str. 17, Apartment 1.

CONTACT:  AGRO-KHIMIYA
          Russia, Penza region, Belinskiy,
          Stroiteley Str. 116

          Mr. V. Simkin
          Insolvency Manager
          442370, Russia, Penza region,
          Mokshan, Kirova Str. 17, Apartment 1


ASTRAKHANSKIY FISH: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on open joint stock company
Astrakhanskiy Fish Combine.  The case is docketed as A06-
2790b/3-18k/2004.  Mr. V. Kozlov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 414052, Russia, Astrakhan, Avgustovskaya Str. 1.  A hearing
will take place on January 26, 2005.

CONTACT:   ASTRAKHANSKIY FISH COMBINE
           414052, Russia, Astrakhan,
           Avgustovskaya Str. 1

           Mr. V. Kozlov
           Temporary Insolvency Manager
           414052, Russia, Astrakhan,
           Avgustovskaya Str. 1


BOKSITOGORSK-AGRO-PROM-KHIMIYA: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Saint Petersburg and the Leningrad
region has commenced bankruptcy proceedings against
Boksitogorsk-Agro-Prom-Khimiya after finding the open joint
stock company insolvent.  The case is docketed as A56-5026/04.
Mr. V. Ivanov has been appointed insolvency manager.  Creditors
have until December 1, 2004 to submit their proofs of claim to
191015, Russia, Saint Petersburg, Kavalergardskaya Str. 6,
office 31.

CONTACT:  BOKSITOGORSK-AGRO-PROM-KHIMIYA
          187633, Russia, Leningrad region,
          Boksitogorskiy region, Salmino

          Mr. V. Ivanov
          Insolvency Manager
          191015, Russia, Saint Petersburg,
          Kavalergardskaya Str. 6, Office 31


CHEGEMSKIY FOOD: Hires B. Kantor as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy proceedings against Chegemskiy Food Combine
after finding the open joint stock company insolvent.  The case
is docketed as A20-132/1.  Mr. B. Kantor has been appointed
insolvency manager.

CONTACT:  CHEGEMSKIY FOOD COMBINE
          Russia, Kabardino Balkariya republic,
          Chegem, Naberezhnaya Str. 20

          Mr. B. Kantor
          Temporary Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54, Room 203


DAIRY PRODUCE: Proofs of Claim Deadline Expires December
--------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
proceedings against Dairy Produce after finding the limited
liability company insolvent.  The case is docketed as K/E-2/04.
Ms. O. Kuzmina has been appointed insolvency manager.  Creditors
have until December 1, 2004 to submit their proofs of claim to
644076, Russia, Omsk, 50 Let VLKSM Str. 8A, Apartment 85.

CONTACT:  DAIRY PRODUCE
          644541, Russia, Omsk region,
          Omskiy region, Petrovka

          Ms. O. Kuzmina
          Insolvency Manager
          644076, Russia, Omsk,
          50 Let VLKSM Str. 8A, Apartment 85
          Phone: (3812) 44-35-68


FACTORY ENAMEL: Insolvency Manager to Temporarily Oversee Biz
-------------------------------------------------------------
The Arbitration Court of Buryatiya republic has commenced
bankruptcy proceedings against Factory Enamel Ware after finding
the open joint stock company insolvent.  The case is docketed as
A10-821/04.  Mr. A. Kapustin has been appointed insolvency
manager.  Creditors have until December 1, 2004 to submit their
proofs of claim to 670042, Russia, Buryatiya republic, Ulan-Ude,
Tobolskaya Str. 47, Apartment 103.

CONTACT:  FACTORY ENAMEL WARE
          670000, Russia, Buryatiya republic,
          Ulan-Ude, Borsoeva Str. 97

          Mr. A. Kapustin
          Temporary Insolvency Manager
          670042, Russia, Buryatiya republic,
          Ulan-Ude, Tobolskaya Str. 47, Apartment 103


INVAKORP FARMA: Gives Creditors Until Next Month to File Claims
---------------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
proceedings against Invakorp Farma (TIN 7722012791, OKPO
29259552) after finding the close joint stock company insolvent.
The case is docketed as A40-50798/03-36B.  Mr. V. Akimov has
been appointed insolvency manager.   Creditors have until
December 1, 2004 to submit their proofs of claim to 111250,
Russia, Moscow, Krasnokazarmennaya Str. 9.

CONTACT:  INVAKORP FARMA
          Russia, Moscow,
          Perovskiy Pr. 35, Building 2

          Mr. V. Akimov
          Insolvency Manager
          111250, Russia, Moscow,
          Krasnokazarmennaya Str. 9


KAPROLAKTAM: Federal Property Fund Selling 20% Stake
----------------------------------------------------
The Volga branch of the Russian Federal Property Fund will sell
20% of chemical manufacturer Kaprolaktam, which is undergoing
bankruptcy procedure, on December 14, 2004, Interfax says.

Up for grabs in the auction are 102.2 million common shares with
a par value of one ruble.  The share will be sold in one
package, having a starting price of RUB146.8 million,
decrements of EUB1.488 million and a floor price of EUR73.4
million.  The Property Fund will accept bids until December 14,
2004.

Kaprolaktam, controlled by Siberian Urals Petrochemical and Gas
Company (Sibur), has six independent plants that manufacture
various types of products, including ethylene and chloride.

CONTACT:  AOOT KAPROLAKTAM
          Dzerzhinsk
          Nizhny Novgorod Oblast
          603000 Russia
          Phone: 8313 593715
          Fax: 8313 545075


MALKINSKIY FACTORY: Court Sets Next Hearing January 25
------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Malkinskiy Factory of Metal Goods.  The case is docketed
as A20-2002/04.  Mr. B. Kantor has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 360000, Russia,
Kabardino Balkariya republic, Nalchik, Lermontova Str. 54, room
203.  A hearing will take place on January 24, 2005.

CONTACT:  MALKINSKIY FACTORY OF METAL GOODS
          Russia, Kabardino Balkariya republic,
          Zolskiy region, Malka, Lenina Str. 186

          Mr. B. Kantor
          Temporary Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54, room 203


NORTH RAILWAY: Vologda Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
proceedings against North Railway after finding the state-owned
forestry enterprise insolvent.  The case is docketed as A13-
3382/04-22.  Mr. D. Morozov has been appointed insolvency
manager.  Creditors have until December 2, 2004 to submit their
proofs of claim to 160012, Russia, Vologda, Post User Box 31.

CONTACT:  NORTH RAILWAY
          Russia, Vologda, Dvizhencheskiy Per. 12

          Mr. D. Morozov
          Insolvency Manager
          160012, Russia, Vologda, Post User Box 31


SOYUZ-NEFTE-EKOLOGIYA: Bankruptcy Proceedings Begin
---------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on open joint stock company Soyuz-Nefte-
Ekologiya (TIN 7704133932, OGRN 103770022723).  The case is
docketed as A40-16883/04-95-15B.  Ms. E. Fyedorova has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 125009, Russia, Moscow.

CONTACT:  SOYUZ-NEFTE-EKOLOGIYA
          119992, Russia, Moscow,
          L. Tolstogo Str. 5/1

          Ms. E. Fyedorova
          Temporary Insolvency Manager
          125009, Russia, Moscow


YUKOS OIL: JP Morgan Values Main Subsidiary US$20 Billion
---------------------------------------------------------
An independent assessment of Yuganskneftegaz showed a higher
valuation for the main production subsidiary of Yukos Oil than
that conducted by the Justice Ministry.

JP Morgan, the international investment bank, which was
commissioned by management to evaluate the main asset, said
Yugansk is worth US$16 billion to US$20 billion, according to
the Financial Times.  The valuation might convince the Russian
government to reconsider plans to sell the unit to cover Yukos'
outstanding debts, report said.  Authorities have been prevented
to issue a firm decision by international pressures to sell the
asset for a fair price.

Investment bank Dresdner Kleinwort Wasserstein previously put
the value of Yugansk at between US$15 billion and US$17 billion.
A conservative valuation puts it at US$10 billion.  Government
officials even indicated the sale of Yuganskneftegaz could take
place for less than US$4 billion considering risks.  A low
valuation would allow the government to sell all or majority of
its stakes.  It would also make the unit more affordable to a
Russia-friendly oil group.  Gazprom, which is currently in the
process of merging with state-owned Rosneft Oil Company, is
believed to be the most likely candidate to buy it.

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 E D E N
===========


SAS GROUP: 3rd-qtr. After-tax Income Negative at SEK1.236 Bln
-------------------------------------------------------------
Highlights:

(a) Operating revenue for the nine-month period amounted to
    SEK43,133 million (2003: SEK43,930 million), a decrease of
    1.8%.  Operating revenue for the third quarter amounted to
    SEK15,423 million (SEK14,920 million), an increase of 3.4%.
    For comparable units, operating revenue for the nine-month
    period rose 1.5% or SEK639 million;

(b) Traffic growth was good but slightly weaker in the third
    quarter.  The SAS Group's total passenger traffic (RPK)
    increased by 9.1% for the whole period and by 5.8% for the
    third quarter;

(c) Income before depreciation and leasing costs for aircraft
    (EBITDAR) amounted to SEK3,202 million (SEK2,947 million) in
    January-September.  EBITDAR for the third quarter was
    SEK1,753 million (SEK1,737 million);

(d) Income before capital gains and nonrecurring items improved
    by SEK337 compared with 2003 and amounted to -SEK1,469
    million (-SEK1,806 million) for the nine-month period.  The
    result for the third quarter was positive at SEK153 million
    (SEK116 million);

(e) Income after financial items amounted to -SEK1,526 million
    (-SEK1,225 million), and to SEK57 million (SEK564 million)
    for the third  quarter.  In 2003 the third quarter result
    included capital gains of SEK559 million;

(f) Income after tax amounted to -SEK1,236 million (-SEK834
    million), and SEK68 million (SEK699 million) for the third
    quarter;

(g) CFROI for the 12-month period October 2003 to September 2004
    was 8% (7%);

(h) Earnings per share for the SAS Group for the nine-month
    period amounted to -SEK7.51 (-SEK5.07).  Equity per share
    amounted to SEK72.60 (SEK83.88);

(i) Income after financial items for the Group's largest units
    for the third quarter amounted to -SEK353 million (-SEK178
    million) for Scandinavian Airlines, SEK280 million (SEK238
    million) for Spanair and -SEK36 million (SEK120 million) for
    Braathens;

(h) Currency-adjusted unit cost for Scandinavian Airlines
    decreased by 12% in the period January-September and by 7%
    for the third quarter;

(i) Adjusted for increased jet fuel prices, the unit cost
    decreased by 12% in the third quarter.  Since the beginning
    of 2003 unit cost (adjusted for currency effects and higher
    jet fuel costs) has decreased by 26%;

(j) The SAS Group's Board and Management expect negative
    earnings before tax and nonrecurring items for the full-year
    2004.

All reports are available in English and Swedish and can be
ordered from SAS, SE-195 87 Stockholm, telephone +46 8 797 00
00, fax +46 8 797 51 10.  The reports can be accessed and
ordered via the Internet: http://www.sasgroup.net.

The SAS Group's monthly traffic and capacity statistics are
normally published on the fifth working day of each month.  An
updated financial calendar is available from
http://www.sasgroup.net

CONTACT:  SAS GROUP
          Investor Relations
          Sture Stolen
          Phone: +46 8 797 14 51
          E-mail: investor.relations@sas.se


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


TURK EKONOMI: Individual Rating Affirmed at 'C/D'
-------------------------------------------------
Fitch Ratings affirmed Turk Ekonomi Bankasi a.s.' long-term
foreign and local currency ratings at 'B+' with Positive
Outlook.  At the same time, the bank's ratings are affirmed at
Short-term 'B', Individual 'C/D', National Long-term 'A(tur)'
and Support '5'.  The rating Outlook on the National rating is
Stable.

The ratings of TEB reflect its good asset quality, strong
liquidity, sound capitalization and improved profitability and
efficiency.  These positive factors are balanced by concerns
over its growing but still relatively small franchise and the
potentially volatile operating environment.

TEB's profitability was mainly driven by its increased net
trading gains, higher net fee and commission income, lower loan
loss provisions in 2003.  Further net trading gains and net fee
and commission income in H104 led profits higher, despite larger
loan loss provisions and higher taxes.  TEB has been enjoying
one of the lowest non-performing loan (NPL) ratios in the
Turkish banking sector.  Its NPL ratio improved further to 0.91%
at end-H104 with reserve coverage of 93%. TEB's free capital is
sound because of a relatively low level of fixed assets and
participations, and a negligible level of unreserved NPLs,
equating to 6% of end-H104 assets.  The bank's consolidated
regulatory capital adequacy ratio was 14.99% at end-H104, which,
given its risk profile, is considered sound by Fitch.

TEB is 84.23%-owned by TEB Financial Investment Company.  The
parent agreed in July 2004 to start negotiations to sell 50% of
itself to BNP Paribas of France.  TEB provides a full range of
corporate, commercial, retail and private banking services.

A detailed report on TEB will be available at
http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Gulcin Orgun, Istanbul
          Phone: +90 212 279 1065

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

          Banu Saracci, London
          Phone: +44 207 417 4222

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


TURKIYE SINAI: 'C/D' Individual Rating Affirmed
-----------------------------------------------
Fitch Ratings upgraded Turkiye Sinai Kalkinma Bankasi a.s.'
ratings to Individual 'C/D' from 'D' and to National Long-term
'A-(tur)' from 'BBB+(tur)'.  The bank's other ratings are
affirmed at Long-term foreign and local currency 'B+' with
Positive Outlook, Short-term foreign and local currency 'B' and
Support '4'.  The Outlook on the National rating is Stable.

The upgrades reflect improvements in TSKB's strong
capitalization, asset quality and profitability, and further
efficiency gains.  The Long-term, Short-term and Individual
ratings also reflect stable and diversified funding, and the
bank's niche position as Turkey's largest private development
and investment bank.  These factors are balanced by TSKB's low
fee and commission income, and the potentially volatile
operating environment.

TSKB recorded higher profitability in H104 and 2003 compared to
2002, mainly due to stronger trading gains and reduced costs.
The bank's efficiency improved further, driven by both increased
income and reduced expenses.  Its asset quality has
significantly improved, mainly because of cash collections and
higher reserves.  The capitalization was strong with free
capital equating to 14% of end-H104 assets, and a solid 35.58%
regulatory capital adequacy ratio.

TSKB is principally owned by the leading commercial banks in
Turkey and its shares are listed on the Istanbul Stock Exchange.
Some 8% of its shares were sold to five foreign funds in 2004.

CONTACT:  FITCH RATINGS
          Gulcin Orgun, Istanbul
          Phone: +90 212 279 1065

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

          Banu Saracci, London
          Phone: +44 207 417 4222

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


TURKIYE VAKIFLAR: Individual Rating Raised to 'D' from 'D/E'
------------------------------------------------------------
Fitch Ratings upgraded Turkiye Vakiflar Bankasi's ratings to
Individual 'D' from 'D/E', and to National Long-term 'A-(A
minus)(tur)' from 'BBB(tur)'.  At the same time, the agency has
changed the Outlook on the bank's Long-term foreign and local
currency ratings to Positive from Stable.  Vakifbank's other
ratings are affirmed at Short-term foreign and local currency
'B' and Support '4'.  The Outlook on its National rating is
Stable.

The upgrades reflect Vakifbank's improved capital levels, as a
result of enhanced recurring earnings and one-off proceeds of
equity and foreclosed property sales.  The bank intends to
continue to sell its remaining assets as the market improves,
for further efficiency and profitability gains.  Although
Vakifbank received a TRL213.3 trillion subordinated loan from
the Saving Deposit Insurance Fund in August 2002, when its
capital adequacy ratio approximated 5%, it managed to have free
capital amounting to 0.5% of its total assets at end-2003. Its
Basle/G10 total capital ratio equaled 14.23% and 12.56%
excluding the subordinated loans.

During H104, core profitability continued to improve with
stronger net fee and commission income, while its cost-to-income
ratio compared well with most of its peers'.  It continued to
increase its already strong and well-diversified customer base
alongside its market shares.  However, these positive factors
are balanced by still high, albeit improving, non-performing
loans at 12.5% of end-H104 gross loans with reserve coverage
that was increased to 100%, and a potentially volatile operating
environment.

Vakifbank is the seventh largest bank in Turkey.  Its main
shareholder is a non-profit making state-owned institution, the
General Directorate of Foundations (GDF), with 75% direct and
indirect stakes. It manages many of Turkey's charitable
foundations.  An IPO for Vakifbank is planned in H105.
Vakifbank provides treasury, commercial, retail and investment
banking services to its wide customer base and has various
foreign branches and subsidiaries.

A detailed report on Vakifbank will shortly be available on the
agency's subscriber Web site at http://www.fitchresearch.com.

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

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

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

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


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


NOVOGRAD-VOLINSKIJ: Bankruptcy Proceedings Begin
------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Novograd-Volinskij Rajagrohim (code EDRPOU
05488549) on September 14, 2004 after finding the open joint
stock company insolvent.  The case is docketed as 4/43 B.
Arbitral manager Mr. Yurij Dunayevskij (License Number AA
250042) has been appointed liquidator/insolvency manager.

CONTACT:  NOVOGRAD-VOLINSKIJ RAJAGROHIM
          Ukraine, Zhitomir region,
          Novograd-Volinskij

          Mr. Yurij Dunayevskij
          Liquidator/Insolvency Manager
          10009, Ukraine, Zhitomir region,
          a/b 62


OLEKSANDRIVSKIJ RAJAGROPOSTACH: Court Brings in Liquidator
----------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Oleksandrivskij Rajagropostach (code EDRPOU
00904813) on September 8, 2004 after finding the open joint
stock company insolvent.  The case is docketed as 10/44.
Mrs. Inna Biluga (License Number AA 249645) has been appointed
liquidator/insolvency manager.

CONTACT:  OLEKSANDRIVSKIJ RAJAGROPOSTACH
          27300, Ukraine, Kirovograd region,
          Oleksandrivka, Radyanska Str. 16

          Mrs. Inna Biluga, Liquidator/Insolvency Manager
          25030, Ukraine, Kirovograd region,
          Pravdi Avenue, 7, Body 5, Room 4
          Phone: 56-83-17

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25006, Ukraine, Kirovograd region,
          Lunacharski Str. 29


PODOLYANIN: Insolvency Manager to Temporarily Run Business
----------------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
proceedings against Podolyanin (code EDRPOU 30804407) after
finding the limited liability company insolvent.  The case is
docketed as 5/431-04.  Mr. V. Chornij has been appointed
liquidator/insolvency manager.

CONTACT:  Mr. V. Chornij
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Barskij district, Bilichin

          ECONOMIC COURT OF VINNITSYA REGION
          Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


PROGRES: Kirovograd Court Brings in Liquidator
----------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Progres (code EDRPOU 03757324) on September
7, 2004 after finding the limited liability company insolvent.
The case is docketed as 14/30.  Mrs. Inna Biluga (License Number
AA 249645) has been appointed liquidator/insolvency manager.

CONTACT:  PROGRES
          27300, Ukraine, Kirovograd region,
          Oleksandrivskij district, Ivangorod

          Mrs. Inna Biluga
          Liquidator/Insolvency Manager
          25030, Ukraine, Kirovograd region,
          Pravdi Avenue, 7, body 5, Room 4
          Phone: 56-83-17

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25006, Ukraine, Kirovograd region,
          Lunacharski Str. 29


SAKTI TOR: Succumbs to Insolvency
---------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Production-Commercial Enterprise Sakti Tor
(code EDRPOU 23071304) on September 7, 2004 after finding the
limited liability company insolvent.   The case is docketed as
B40/40/04.  Arbitral manager Mr. Denis Lihopyok (License Number
AA 249601) has been appointed liquidator/insolvency manager.

The company holds account number 26009001659001 at OJSC CB
Prichornomorya, Dnipropetrovsk branch, MFO 306759.

CONTACT:  PRODUCTION-COMMERCIAL ENTERPRISE SAKTI TOR
          49054, Ukraine, Dnipropetrovsk region,
          Kirov Avenue, 46

          Mr. Denis Lihopyok
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          a/b 37
          Phone: (0562) 34-20-68

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


UROZHAJ: Files for Bankruptcy
-----------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Urozhaj (code EDRPOU 03754981) on September
2, 2004 after finding the limited liability company insolvent.
The case is docketed as 60/11b-2004.  Arbitral manager Mr. I.
Gusar (License Number AA 719858) has been appointed
liquidator/insolvency manager.   The company holds account
number 260044561 at JSPPB Aval, Bila Tserkva branch, MFO 321121.

CONTACT:  UROZHAJ
          Ukraine, Kyiv region,
          Skvirskij district, Dulitske

          Mr. I. Gusar
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region,
          a/b 29
          Phone: (044) 236-11-17
          Fax: (044) 236-11-17

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska Str. 58 b


VELBIVKA: Valerij Ishuk Named Liquidator
----------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Velbivka (code EDRPOU 03771436) on September
7, 2004 after finding the limited liability company insolvent.
The case is docketed as 7/291.  Mr. Valerij Ishuk (License
Number AA 779251) has been appointed liquidator/insolvency
manager.

CONTACT:  VELBIVKA
          Ukraine, Poltava region,
          Gadyatskij district, Velbivka

          Mr. Valerij Ishuk
          Liquidator/Insolvency Manager
          36000, Ukraine, Poltava region,
          Frunze Str. 10/5
          Phone: 7-54-47

          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


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


AORTECH INTERNATIONAL: Finance Director to Resign
-------------------------------------------------
AorTech International plc announces changes to its Board
Structure, as it completes its review of operations.

On 1 November 2004, Ian Cameron will step down as Finance
Director but, in the short term, he will remain on the Board as
a Non-executive Director and Company Secretary.  As AorTech is
now an early stage biomaterials company, there is no longer a
demand for a full time Executive Finance Director, and the Board
unanimously agrees that the Company structure should reflect
this.

Most of the day-to-day financial controls will continue to be
carried out by the Financial Controller of the Australian
subsidiary, AorTech Biomaterials Pty Limited.

The appointment of a new part time Company Secretary and Chief
Financial Officer will be announced in the near future.

Ian Cameron, on leaving his full time position at AorTech, will
assume the role of Finance Director at i-mate plc, which designs
and sells Windows Mobile Pocket PCs and Smartphone devices.

Laurie Rostron, Chairman of AorTech International, commented:
"As an Australian based early stage biomaterials business,
AorTech is now entirely focused on developing its Elast-Eon
technology and on a range of new medical devices based on this
new material.

"Ian's contribution has been very valuable during the
restructuring of the Company and we certainly wish him well in
his new role at i-mate."

CONTACT:  AORTECH INTERNATIONAL PLC
          Phone: 01698 746699
          Laurie Rostron, Chairman

          BUCHANAN COMMUNICATIONS
          Phone: 020 7466 5000
          Ben Willey/Rebecca Skye Dietrich/Lisa Baderoon


ARGONAUT GAMES: Receivers Find Buyers for Two Subsidiaries
----------------------------------------------------------
Asher Miller and David Rubin of David Rubin & Partners, the
Joint Administrators appointed to the three trading subsidiaries
of Argonaut Games plc, announced that sales have been completed
of the businesses and assets of Just Add Monsters Limited, the
Cambridge based games studio and Morpheme Limited, the Kentish
Town subsidiary in North London.  The businesses have been sold
to new trading entities controlled by Jez San, the former CEO of
Argonaut.

Mr. Miller said, "We are pleased to announce the sale of these
two businesses as going concerns.  This has saved over 40 jobs
as well as the substantial employment claims that would have
arisen had the sales not been achieved."

Mr. Miller went on to praise the efforts of all concerned and
commended the employees of the two companies for their patience
and dedication during the Administration.

The Administrators are still in negotiations with a number of
different parties for a sale of the Argonaut Software Limited
business in Edgware.  Mr. Miller said: "We are still hopeful of
achieving a sale at Edgware.  This is a very difficult time for
all the employees there, but I salute their commitment to the
business while we work towards a solution"

Further information may be obtained from Asher Miller or David
Rubin at David Rubin & Partners on 020 8343 5900 or 020 7400
7900 or by e-mail from asher@drpartners.com or
davdr@drpartners.com.

                            *   *   *

Administration is a formal procedure, which protects a company,
which either is or is about to become insolvent from precipitous
action by its creditors so that a rescue plan can be
implemented.  As such it is a rescue process and not a winding
up.  Further information on the process of Administration may be
found at http://www.r3.org.uk/financialcrisis/?p=65&s=221#Admin
on the Web site operated by R3, the Association of Business
Recovery Professionals.

CONTACT:  DAVID RUBIN & PARTNERS
          Web site: http://www.drpartners.com


ARGONAUT SOFTWARE: Hires David Rubin & Partners as Administrator
----------------------------------------------------------------
David Rubin and Asher Miller (IP Nos 2591, 9251) have been
appointed joint administrators for Argonaut Software Limited.
The appointment was made October 22, 2004.  The company develops
software.

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


BELMONT RECRUITMENT: Extraordinary Winding up Resolutions Passed
----------------------------------------------------------------
At the extraordinary general meeting of the Belmont Recruitment
Limited on October 27, 2004 held at Quality Hotel, 20
Wolverhampton Road, West Bentley, Walsall, West Midlands WS2
0BS, the subjoined extraordinary resolution to wind up the
company was passed.  Harjinder Johal of Ashcrofts, 33-33A Higham
Hill Road, London E17 6EA has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  ASHCROFTS
          33-33A Higham Hill Road,
          London E17 6EA


B R P LIMITED: Hires Haslers as Liquidator
------------------------------------------
At the extraordinary general meeting of the B R P Limited on
October 15, 2004 held at 86-88 South Ealing Road, Ealing, London
E5 4QB, the extraordinary and ordinary resolutions to wind up
the company were passed.  Roger L. Cain of Haslers, Johnston
House, 8 Johnston Road, Woodford Green, Essex IG8 0XA has been
appointed liquidator of the company.

CONTACT:  HASLERS
          Johnston House, 8 Johnston Road,
          Woodford Green, Essex IG8 0XA
          Phone: 020 8504 3344
          Fax: 020 8506 5100
          E-mail: enquiry@haslers.com
          Web site: http://www.haslers.com


CAPITAL GLOBAL: Calls in Liquidator from Valentine & Co.
--------------------------------------------------------
At the extraordinary general meeting of the Capital Global
Services Limited on October 19, 2004 held at the offices of
Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, the extraordinary and ordinary resolutions to wind up the
company were passed.  Mark S. Reynolds of 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


CAPITOL VENTURES: Names P&A Partnership Administrator
-----------------------------------------------------
Philip Andrew Revill and Brian Stanley Creber (IP Nos 6421,
1062) have been appointed joint administrators for Capitol
Ventures Limited (t/a Rotherham Kia).  The appointment was made
October 20, 2004.  The company sells cars.  Its registered
office is located at 93 Queen Street, Sheffield S1 1WF.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street
          Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


CARIAD LIMITED: Sets Members Final Meeting Early December
---------------------------------------------------------
The final meeting of the members of Cariad Limited will be on
December 3, 2004 commencing at 11:00 a.m.  It will be held at
186 City Road, London EC1V 2NU.

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 RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not
later than 12:00 noon, December 2, 2004.

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


CONSOLVE LIMITED: Appoints A. Simon as Liquidator
-------------------------------------------------
At the extraordinary general meeting of the members of the
Consolve Limited on October 22, 2004 held at Langley House, Park
Road, London N2 8EX, the extraordinary and ordinary resolutions
to wind up the company were passed.  Alan Simon has been
appointed liquidator for the purpose of such winding-up.


EASTGOLD TRADING: Director Receives Twelve-year Ban
---------------------------------------------------
A director of a retail furniture import business that failed
with debts of more than GBP2.3 million has been disqualified in
the Companies Court from acting as a company director for 12
years.

Stephen George Ward, 49, of Yeading Fork, Hayes, Middlesex, was
a director of Eastgold Trading Ltd., which carried on business
from premises at Unit 3, Colne Centre, Arundel Road, Uxbridge
Trading Estate, Uxbridge, Middlesex.

Eastgold was placed into liquidation on May 31, 2002 with
estimated debts of GBP2,302,903.

The Disqualification Order, made on October 12, 2004, prevents
Mr. Ward from being a director of a company or in any way,
directly or indirectly being concerned or taking part in the
promotion, formation or management of a company for the above
period.

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

Matters of unfit conduct found by the court and not disputed by
Mr. Ward were that:

(a) he caused or allowed Eastgold to accept pre-payments from
    customers when he knew or ought to have known that the
    company was insolvent, therefore there was no reasonable
    prospect of its being able to supply the goods for which the
    pre-payments had been taken; and

(b) he caused or allowed Eastgold to effect transactions
    amounting to GBP1,182,517 at a time when he knew, or ought
    to have known, that the company was insolvent.  This was
    detrimental to the interests of both customers who had made
    pre-payments and creditors.

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

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

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


EDUCATION CAPITAL: Liquidator's Final Report Out Next Month
-----------------------------------------------------------
Name of companies:
Education Capital Finance Holdings Limited
Education Capital Finance Plc

The final meeting of the members of these companies will be on
December 3, 2004 commencing at 10:00 a.m. and 10:15 a.m.
respectively.  It will be held at 186 City Road, London EC1V
2NU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties 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 RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not
later than 12:00 noon, December 2, 2004.

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


E-MOTION LIMITED: Ex-directors Served 5-year Ban
------------------------------------------------
The directors of computer design services and software
development businesses that failed with combined debts estimated
at around GBP560,000 have given Undertaking not to hold
directorships or take any part in company management for five
years each.

The Undertakings by Peter Brendan Cronin, 42, of London Road,
Mitcham, Surrey, CR4 and Timothy Arther Chitty, 51, of St Marys
Way, Guildford, Surrey, were given in respect of their conduct
as directors of E-Motion Limited and Union Technologies Limited,
both of which carried out business from premises at 9 The Coda
Centre, 189 Munster Road, London SW6 6AW.

Acceptance of the Undertakings on October 26, 2004 prevents Mr.
Cronin and Mr. Chitty from being directors of any company or in
any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for five years each.

E-Motion Limited was placed into voluntary liquidation on June
26, 2001 with estimated debts of GBP425,000 owed to creditors.

Union Technologies Limited was placed into voluntary liquidation
on 28 October 2002 with estimated debts of GBP135,000 owed to
creditors.

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

Matters of unfit conduct, not disputed by Mr. Cronin and Mr.
Chitty:

(a) they failed to ensure that monies due by E-Motion were
    paid when due to the Crown in respect of PAYE and NIC,
    resulting in an outstanding debt of GBP245,989 to the Inland
    Revenue at the date of liquidation; and

(b) they caused Union to retain monies due to the crown in
    respect of PAYE and NIC resulting in an outstanding debt of
    GBP205,084 to the Inland Revenue at the date of liquidation.

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

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

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


EUROTUNNEL PLC: Bares Relaunch Details to Works Council
-------------------------------------------------------
Debt-ridden Anglo-French Channel Tunnel operator Eurotunnel
presented Thursday details of its relaunch plan to its work
council, Le Monde says.

Called "Dare", the plan intends to increase turnover and
productivity through a new business strategy.  The strategy
entails complementing the number of its lorries and passenger
shuttles with market demand and differ tariffs depending on
reservation date.

Eurotunnel also plans to set a freight subsidiary, Europorte 2,
to expand into Europe's liberalized international rail freight
sector.  The French transport ministry approved the venture
Thursday.

Eurotunnel's third-quarter turnover dropped by four percent to
EUR203.9 million.  The group first-half turnover fell by three
percent to EUR390 million.  The company is struggling with its
EUR9 billion debt.

CONTACT:  EUROTUNNEL PLC
          Media Inquiries:
          Kevin Charles
          Phone: + 44 (0) 1303 288728
              or + 44 (0)1303 288737

          Investor & Analyst Inquiries:
          Xavier Clement
          Phone: + 33 1 55 27 36 27


FLEETWAY UNDERWRITING: Hires Joint Liquidators from Mazars
----------------------------------------------------------
At the extraordinary general meeting of the Fleetway
Underwriting Agency Limited on October 21, 2004 held at 24 Bevis
Marks, London EC3A 7NR, the subjoined special resolution to wind
up the company was passed.  David Richard Thorniley and Roderick
John Weston of Mazars LLP, 24 Bevis Marks, London EC3A 7NR have
been appointed joint liquidators for the purpose of such
winding-up.

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


GEMINI UNDERWRITING: Members Agree to Wind up Company
-----------------------------------------------------
At the extraordinary general meeting of the Gemini Underwriting
Agencies Limited on October 21, 2004 held at 24 Bevis Marks,
London EC3A 7NR, the subjoined special resolution to wind up the
company was passed.  David Richard Thorniley and Roderick John
Weston of Mazars LLP, 24 Bevis Marks, London EC3A 7NR have been
appointed joint liquidators for the purpose of such winding-up.

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


GILMOUR VENTILATION: Meeting of Creditors Set Next Week
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Gilmour Ventilation Services Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Gilmour Ventilation
Services Limited will be held within Ballantine House, 168 West
George Street, Glasgow on November 9, 2004 at 11:00 a.m. for the
purposes specified in Sections 99 to 101 of the said Act.

A list of the names and addresses of the company's creditors
will be available for inspection, free of charge, within the
offices of BDO Stoy Hayward, Ballantine House, 168 West George
Street, Glasgow, G2 2PT during normal business hours two
business days prior to the meeting.

By Order of the Board.

H. Gilmour, Director
October 22, 2004

CONTACT:  BDO STOY HAYWARD
          Ballantine House
          168 West George Street
          Glasgow, G2 2PT
          Phone: 0141 248 3761
          Fax: 0141 332 5467
          E-mail: glasgow@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


GOLDNEY SERVICES: Regulator Disqualifies Former Director
--------------------------------------------------------
The director of a building contracting business that failed with
total debts estimated at around GBP609,000 has given an
Undertaking not to hold directorships or take any part in
company management for four years.

The Undertaking by Jeremy David Goldney, 45, of Kensington High
Street, London W14, was given in respect of his conduct as a
director of Goldney Services Limited, which carried out business
from premises at 31 Parkside, East Acton Lane, London W3 7LB.

Acceptance of the Undertaking on October 2, 2004 prevents Mr.
Goldney from being a director of a company or in any way,
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for the above
period.

Goldney Services Limited was placed into Voluntary Liquidation
on October 29, 2002 with estimated debts of GBP609,000 owed to
creditors.

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

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

(a) caused the company to trade at the risk and to the detriment
    of the Crown; and

(b) failed to ensure that the company submitted proper returns
    or made remittances when due to Government departments.

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

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

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


HCG CORPORATE: Members Final Meeting Set First Week of December
---------------------------------------------------------------
Names of companies:
HCG Corporate Advisors Limited
J O Hambro Conning Grimston Limited

The final meeting of the members of these companies will be in
December 3, 2004 commencing at 10:30 a.m. and 10:45 a.m.
respectively.  It will be held at 186 City Road, London EC1V
2NU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties 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 RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not
later than 12:00 noon, December 2, 2004.

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


HEART OF MIDLOTHIAN: Head Coach Moves to Leicester City
-------------------------------------------------------
The Directors of Hearts of Midlothian confirm they have given
permission to Leicester City Football Club to approach Head
Coach Craig Levein.  This follows satisfactory compensation
terms agreed by Leicester City to facilitate the release of
Craig Levein from his contract.

The decision was taken with great reluctance following contract
from Leicester and discussions with Mr. Levein himself.  He has
been an unfailingly loyal and dedicated servant of Hearts both
as a player and a manager.

In giving permission to Leicester City, the Board recognizes
Mr. Levein's service to Hearts and his ambitions in football.

                            *   *   *

In August, Hearts of Midlothian entered into a conditional
agreement to sell Tynecastle to Cala Management Limited for
GBP22 million in cash, subject to possible adjustment based on
the ultimate terms of the planning permission (subject to a
minimum price of GBP20.5 million).

Tynecastle was valued by property consultants at GBP16 million
based on market value at 30 July 2004.  Proceeds from the
Disposal will be used to reduce the Company's outstanding debts
due to the Bank and SMG under the terms of its Loan Stock.
The Clubs unaudited borrowings at 18 August 2004 stood at
GBP13.7 million together with SMG's Loan Stock of GBP5.4
million.

CONTACT:  HEART OF MIDLOTHIAN PLC
          Chris Robinson
          Phone: 0131 200 7245


HODGSON OF BISHOPS: General Meeting Set End of Month
----------------------------------------------------
The final general meeting of the members of Hodgson Of Bishops
Stortford Ltd. will be on November 30, 2004 commencing at 10:30
a.m.  It will be held at the offices of BDO Stoy Hayward LLP,
Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9
5BS.

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, Prospect Place, 85 Great North Road,
Hatfield, Hertfordshire AL9 5BS not later than 12:00 noon,
November 29, 2004.

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


JUST ADD: Hires Joint Administrators from David Rubin & Partners
----------------------------------------------------------------
David Rubin and Asher Miller (IP Nos 2591, 9251) have been
appointed joint administrators for Just Add Monsters Limited.
The appointment was made October 22, 2004.  The company develops
software.

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


KADEK SYSTEMS: Hires PKF as Liquidator
--------------------------------------
At the extraordinary general meeting of the members of the Kadek
Systems Limited on October 22, 2004 held at PKF, Sovereign
House, Queen Street, Manchester M2 5HR, the extraordinary and
ordinary resolutions to wind up the company were passed.  Kerry
Bailey and Jonathan D. Newell of PKF, Sovereign House, Queen
Street, Manchester M2 5HR have been appointed joint liquidators
for the purpose of such winding-up.

CONTACT:  PKF
          Sovereign House,
          Queen Street,
          Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


KWIK SAVE: Managing Director Resigns With Immediate Effect
----------------------------------------------------------
Kwik Save managing director, Robin Whitbread, last week
surprised the City with his immediate resignation in the wake of
the chain's reorganization.

Mr. Whitbread is also group buying and marketing director of
U.K. grocery retail group Somerfield.  The Bristol-based group
said the departure was with "mutual agreement."

Somerfield is half way through a five-year recovery plan
launched in 2001.  Mr. Whitbread was hired two years ago to turn
around the Kwik Save arm.  This year, the group axed the Kwik
Save brand in Scotland to focus on convenience stores north of
the border.

There has been dissatisfaction on the progress Kwik Save stores'
revamp.  It is thought the process had been too slow, according
to Europe Intelligence Wire.  There are also rumors Somerfield
might even sell the chain.  After the departure, the group
assured it is holding on to the business.

A spokesman said: "We are firmly committed to the Kwik Save
brand -- any talk that we are selling is untrue."

Mr. Whitbread's departure was unexpected, said City analyst Paul
Smiddy of Baird: "It is surprising, but his roles were plenty
for two people."

His roles will mainly be shared between Somerfield stores boss
Katie Bickerstaffe, who will be group retail director in charge
of Kwik Save; and finance director David Cheyne, who will
temporarily take on the buying role.


LEICESTERSHIRE BUSINESS: Sets General Meeting Next Month
--------------------------------------------------------
The final general meeting of the Leicestershire Business Point
Limited will be on December 3, 2004 commencing at 3:00 p.m.  It
will be held at the offices of Elwell Watchorn & Saxton, 109
Swan Street, Sileby, Leicestershire LE12 7NN.

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.

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


MERRETT HOLDINGS: Calls in Liquidator
-------------------------------------
At the extraordinary meeting of the members of the Merrett
Holdings Plc on October 22, 2004 held at the offices of David
Rubin & Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Paul Appleton of David Rubin & Partners,
1st Floor, 26-28 Bedford Row, London WC1R 4HE has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  DAVID RUBIN & PARTNERS
          1st Floor, 26-28 Bedford Row,
          London WC1R 4HE


MORPHEME LIMITED: Names David Rubin & Partners Administrator
------------------------------------------------------------
David Rubin and Asher Miller (IP Nos 2591, 9251) have been
appointed joint administrators for Morpheme Limited.  The
appointment was made October 22, 2004.  The company develops
software.

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


NORFAB PRODUCTS: Calls in Liquidators
-------------------------------------
Aquaculture equipment manufacturer Norfab Products Ltd. has gone
into voluntary liquidation after losing most of its customers to
consolidation.  The firm ceased trading at the end of October,
Fish Update.com.

The Fort William-based specialist serves both the U.K. and the
worldwide aquaculture industry.  Its owners Chris and Pat Jones,
who established the business in England in 1986, blamed the
merger of most of its clients for the collapse.

"Most of our business traditionally came from dealing one-to-one
with smaller producers and since they've all but disappeared,
our customer base has gone with them and left us with a small
number of very large companies to deal with," they said.

Norfab are carrying on supplying spare parts and advice to keep
Norfab's machinery running.


PREMIER FOODS: Expects to Rehabilitate Razed Site Within Months
---------------------------------------------------------------
Following events in the early hours of Wednesday 27 October,
when there was a fire at our Bury St. Edmunds factory, the
company made a preliminary announcement in which we stated that
there was a dedicated team on site assessing the situation and
that we would update the market again when further information
was known.  The purpose of this announcement is to provide
update following the conclusion of our initial assessment.

Aside from smoke and water damage, the majority of damage to the
factory is concentrated in three areas:

(a) The roof is damaged in places and will need to be replaced
    although we will erect temporary cover to permit production
    where we need to.

(b) Some site services are currently affected, in particular,
    only one of the boilers out of three is still in full
    working order and there is some damage to electrical supply
    lines and the effluent plant.  All site services should be
    operational within three weeks.

(c) There is some damage to machinery in the cooking and table
    sauces building but the pickles building is mainly intact.

Notwithstanding the above and subject to Health and Safety
regulations, our current view is that we will achieve a partial
start up of production of Branston Pickle within three weeks.
Over December and January we foresee a gradual move back to full
production of all products.

In addition, we are in discussions with a number of other
manufacturing companies to cover production of certain product
lines until we have the plant fully operational again, and in
this regard we have had an excellent response.  We foresee
production from these manufacturers beginning during November.

Our current stock levels of the lines produced at Bury St
Edmunds are sufficient to cover approximately two weeks of
sales, but these stock levels vary by product line.  In
addition, following publicity regarding the fire and potential
lack of availability of some of the product lines, we anticipate
we may experience significant short term customer demand which
may result in the current stock being sold through much quicker
than would be normal.  We will be targeting to resume production
of those products with the lowest stock levels first.

As stated in our previous release, we have comprehensive
insurance cover in place to cover material damage and the loss
of profits suffered, subject to an excess of GBP1 million.

We are in constant touch with our customers who continue to be
very supportive and we are keeping them advised of the current
situation as it develops.

In summary, we have had a fire at our Bury St. Edmunds factory,
which has resulted in significant damage.  We anticipate that
the resulting production problem will be largely resolved over a
three-month period.  We have comprehensive cover with our
insurers who are helping greatly in our efforts to restore our
brands and products to the market place.

Lastly, we would also like to take this opportunity to thank the
fire brigade for their swift action and the employees at Bury
St. Edmunds for their response.

CONTACT:  PREMIER FOODS PLC (London: PFD)
          28 The Green, Kings Norton
          Birmingham B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.pifoods.com


PROJECT QUAIL: Final Meeting Set Second Week of December
--------------------------------------------------------
The final meeting of the members of Project Quail Limited will
be held on December 10, 2004 commencing at 11:00 a.m.  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
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 PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, December 9, 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


RHODIA CHEMICALS: Liquidator to Present Final Report December
-------------------------------------------------------------
The final meeting of the creditors of Rhodia Chemicals Limited
will be on December 2, 2004 commencing at 12:30 p.m.  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
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, 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


TELEWEST COMMUNICATIONS: Secures New Debt Facilities
----------------------------------------------------
Telewest Global, Inc. (Nasdaq: TLWT) executed a commitment
letter for new GBP1.8 billion credit facilities that will be
used to replace outstanding borrowings under the Telewest
group's existing GBP2.03 billion senior credit facilities.

Barclays Bank PLC, BNP Paribas, Citigroup Global Markets
Limited, Credit Suisse First Boston, Deutsche Bank and Royal
Bank of Scotland will underwrite the new facilities.   As a
result of the planned transaction, currently will be completed
by January 2005, Telewest will have significantly extended the
maturity profile of its senior credit facilities, the majority
of which currently mature in December 2005, and reduced its
overall long-term cost of borrowing.

The new senior credit facility is expected to comprise five
tranche:

(a) Tranche A: a seven-year, amortizing term facility of GBP700
    million bearing interest of LIBOR plus 2.25%;

(b) Tranche B: an eight-year term facility of GBP425 million
    equivalent bearing interest of LIBOR plus 2.75%;

(c) Tranche C: a nine-year term facility of a GBP325 million
    equivalent bearing interest of LIBOR plus 3.25%;

(d) A seven-year revolving loan facility of GBP100 million
    bearing interest of LIBOR plus 2.25%; and

(e) a nine-and-a-half-year second lien term facility of GBP250
    million equivalent bearing interest at a rate to be
    determined.

Interest rates on each of tranche A, tranche B and the revolving
loan facility are subject to reduction based on the Company's
ability to meet specified leverage ratios.  The revolving loan
facility is expected to remain not drawn at funding of the new
facility.

The closing of the new credit facilities is subject to the
satisfaction of documentation and other customary closing
conditions.

Cob Stenham, Chairman of Telewest Global, Inc., said: "We are
extremely pleased to be announcing the early refinancing of our
senior secured credit facilities on preferential terms.  The new
facilities that we are announcing will give us an appropriate
capital structure and provide us with a strong platform for
future growth."

About Telewest

Telewest, the broadband communications and media group,
currently passes and markets to 4.7 million homes and provides
multi-channel television, telephone and Internet services to
1.75 million residential customers.  Telewest Business, the
company's business division, supplies broadband communications
to the public and private sector markets.  Its content division,
Flextech, is the BBC's partner in UKTV.  Together they are the
largest supplier of basic channels to the U.K. pay-TV market
with a portfolio that combines wholly owned and managed
channels, including the nine joint venture channels with the
BBC.  For more information, visit
http://mediacentre.telewest.co.uk.

CONTACT:  TELEWEST GLOBAL INC.
          160 Great Portland St.
          London W1W 5QA
          Phone: +44-20-7299-5000
          Fax: +44-20-7299-5495
          Web site: http://www.telewest.co.uk

          David Buckingham
          Phone: +44-(0)-20-7299-5667

          Nick Claydon
          Phone: +44-(0)-20-7404-5959

          Vani Gupta
          Investor Relations
          Phone: +44-(0)-20-7299-5353

          Mary O'Reilly
          Media Relations
          Phone: +44-(0)-20-7299-5115


THE HAMPTON: Members Final Meeting Set Next Month
-------------------------------------------------
The final meeting of the members of The Hampton Property Company
Limited will be on December 7, 2004 commencing at 10:00 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT.

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 PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall
Street, Birmingham B3 2DT not later than 12:00 noon, December 6,
2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court,
          19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


THE JONATHAN: Winding up Resolutions Passed
-------------------------------------------
At the extraordinary general meeting of The Jonathan Barlow
Partnership Limited on October 22, 2004 held at the offices of
MBI Equity Ltd, Tunsgate Square, 98-110 High Street, Guildford,
Surrey, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  Michael Bowell of Tunsgate
Square, 98-110 High Street, Guildford, Surrey GU1 3HE has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  MBI EQUITY LTD.
          Tunsgate Square, 98-110 High Street,
          Guildford, Surrey GU1 3HE


THORNTON AND PEARSON: Insolvency Service Bans Director
------------------------------------------------------
A director of a printing business that failed with total debts
estimated at around GBP368,000 has given an Undertaking not to
hold directorships or take any part in company management for
four years.

The Undertaking by John Haigh 51, of Green Lane, Wyke, Bradford,
West Yorkshire, was given in respect of his conduct as a
director of Thornton and Pearson Limited, which carried out
business from premises at Church Lane, Brighouse, West
Yorkshire.

Acceptance of the Undertaking on October 15, 2004 prevents John
Haigh from being a director of a company or, in any way, whether
directly or indirectly, being concerned in or taking part in the
promotion, formation or management of a company for the above
period.

Thornton and Pearson Limited was placed into voluntary
liquidation on August 9, 2002 with estimated debts of GBP368,000
owed to its creditors.

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

The matter of unfit conduct, not disputed by John Haigh was that
he caused the continued trading of Thornton and Pearson Limited,
from July 19, 2001 to cessation of trading on July 30, 2002, to
be financed by the retention of monies due to the Inland Revenue
amounting to GBP104,303 in respect of PAYE tax and NIC deducted
from wage payments to employees.

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

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

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


TOM BRANDS: Parent Gives Up; Liquidator Moves in
------------------------------------------------
In the interim statement released on 1 September 2004, the Board
of Macfarlane Group PLC indicated it could not continue to
sustain the current level of loss in its subsidiary Tom Brands
Electrical Services Limited and was reviewing a range of options
to exit from the Brands' business.  Despite considerable effort,
discussions with various stakeholders in Brands, in particular
its major property creditor, have not progressed to a
satisfactory conclusion.  Therefore the Macfarlane Board has
reluctantly concluded that the Group should withdraw financial
support from the Brands business.

A provisional liquidator has now been appointed to realize the
assets of Tom Brands Electrical Services Ltd.  The Macfarlane
Board anticipates that an exceptional cost of GBP1.4 million
will be incurred in the second half of 2004 as a result of
Macfarlane Group's exit from the Brands business.  As shown in
unaudited management accounts the Brands business incurred
losses before taxation of GBP1.4 million in the period from 1
January to 30 September 2004.

There is no impact on the other businesses in Macfarlane Group
PLC, which are trading in line with expectations and the Group
recovery continues to progress to plan.


TUFNOL: Management Buyout Saves More than Half of Jobs
------------------------------------------------------
The managers of U.K. manufacturer and distributor of laminated
plastics, Tufnol, has bought the firm from receivership, PRW.com
reports.

The company is now known as Tufnol Composites and is headed by
the management team of Richard Godwin, Roy Thompson and Andrew
Markham.  Peter Jackson, a non-executive director of Tufnol
Holdings was brought in to become the fourth member.  The buyers
obtained financing for their bid from GE Commercial Finance,
which has provided a cash flow loan and invoice discounting
package.  The deal saved more than 70 of 110 jobs.

Kroll Corporate Finance director Chris Gregory, who spearheaded
the deal, said: "We expect that initially the company will be
able to maintain its pre-receivership level of turnover, which
was around GBP5 million (EUR7 million), and progress from
there."

Tufnol Composites' Roy Thomason said: "Despite the recent
difficulties, Tufnol is a world renowned brand, and we intend to
continue supplying a wide range of industries with our
products."

The Birmingham-based company is a major supplier of machined
parts for technical plastics and insulating materials.


WATERFORD WEDGWOOD: Regulator Invites Comments on Merger
--------------------------------------------------------
The Office of Fair Trading is considering whether arrangements
are in progress or in contemplation which, if carried into
effect, will result in the creation of a relevant merger
situation under the merger provisions of the Enterprise Act
2002.  Should it be found to be a relevant merger situation, the
OFT will further consider whether the creation of that situation
may be expected to result in a substantial lessening of
competition within any market or markets in the United Kingdom
for goods or services that warrants reference to the Competition
Commission for investigation and report.

Affected Sector: Ceramic tableware

Please send written representations about any competition or
public interest issues to:

Mr. D Blocksidge
Office of Fair Trading
Fleetbank House
2-6 Salisbury Square
London EC4Y 8JX
Fax: 020-7211-8916

to arrive by 11 November 2004.

                            *   *   *

The company previously said its board and Royal Doulton are in
advanced discussions regarding a possible recommended offer for
Royal Doulton by Waterford Wedgwood.  Due diligence has been
completed to the satisfaction of Waterford Wedgwood, but certain
other matters remain to be resolved and consequently there can
be no certainty that a formal offer will be made.

Any formal offer is expected to be 12 pence in cash per Royal
Doulton share and, subject to the resolution of these matters,
the Board of Royal Doulton intends to recommend such an offer.

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


WESTERN FERRIES: Hires Moore Stephens as Liquidator
---------------------------------------------------
NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of
the Members of the Western Ferries (Guernsey) Limited was held
at Frances House, Sir William Place, St Peter Port, Guernsey,
Channel Islands, GY1 4HQ on 22nd October, 2004.  The purpose of
the meeting was to consider and if thought fit, to pass the
following Resolution which was proposed as a SPECIAL RESOLUTION:
SPECIAL RESOLUTION That the Company be wound up voluntarily and
THAT Mr. Lance Spurrier of Moore Stephens International Limited,
P.O. Box 146, Town Mills South, La Rue du Pre, St Peter Port,
Guernsey be and is hereby appointed Liquidator for the purposes
of such winding up. All Persons having claims against or
indebted to the above Company are requested to send details
thereof to the address below before 10th November 2004.  By
Order of the Board RHONA MARY MUNRO Authorised Signatory Fidsec
Limited - Company Secretary Registered Office: Frances House,
Sir William Place, St Peter Port, Guernsey, GY1 4HQ. 20th
October, 2004 (JS547081/10/29

CONTACT:  MOORE STEPHENS INTERNATIONAL LIMITED
          P.O. Box 146, Town Mills South,
          La Rue du Pre, St Peter Port, Guernsey
          Phone: 01481 721769
          Fax: 01481 724657
          Web site: http://www.moorestephens.co.uk


WHITCOL ENGINEERING: Calls in Baker Tilly Administrator
-------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly
(IP Nos 9300, 8602) have been appointed joint administrators for
Whitcol Engineering Limited.  The appointment was made October
25, 2004.  The company is engaged in precision engineering.

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


YAMATO TRANSPORT: Hires Deloitte & Touche as Liquidator
-------------------------------------------------------
At the general meeting of Yamato Transport (U.K.) 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


                            *********


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
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