TCREUR_Public/041105.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

            Friday, November 5, 2004, Vol. 5, No. 220

                            Headlines

F R A N C E

AIR-BOR: Succumbs to Insolvency
AU PAIN: Commercial Court Names Liquidator
LUSTUCRU RIZ: Panzani Wins Court Backing on Plant Closure


G E R M A N Y

ALPHA TALENT: Creditors Have Until Next Week to File Claims
CAMP MARKT: Under Bankruptcy Administration
CONTINENTAL AG: To Merge Subsidiary with Phoenix
DYNAMIXX SPORTCLUB: Creditors' Claims Due Next Month
E. BAUS: Nurnberg Court Appoints Insolvency Manager

FLOMER HAUSTECHNIK: Sets First Creditors' Meeting Mid-December
GECKO TEC: Deadline for Creditors' Claims Nears
GROTHOFF ZELTBETRIEBE: Succumbs to Bankruptcy
HANNOVER TECHNOLOGY: Administrator's Report Out January
KARSTADTQUELLE AG: Lowers Sales, Earnings Forecast

KARSTADTQUELLE AG: Predicts Deeper Losses
PFLEIDERER AG: Earnings of All Business Centers Up
SBS METALL: Creditors Have Until Next Week to File Claims
SIEGFRIED FABRITZ: Creditors to Meet Later this Month
UNTERNEHMENSBERATUNG POLLHEIDE: Declared Bankrupt
VENTURION AG: Insolvency Knocks at Broker's Door


H U N G A R Y

MALEV HUNGARIAN: Lone Offer Values Firm Way Below HUF3.5 Bln


I R E L A N D

ELAN CORPORATION: Appoints Richard Collier Executive VP, Counsel
ELAN CORPORATION: US$850 Million Debt Offering Rated B3


I T A L Y

ALITALIA SPA: September Financial Position Improves by EUR89 Mln


K Y R G Y Z S T A N

KYRGYZKOMUR: Selling Asset at Public Auction Today


N E T H E R L A N D S

ROYAL SHELL: State Takes over Gasunie's Transportation Business
VERSATEL TELECOM: Third-quarter Net Loss Down to EUR4 Million
VERSATEL TELECOM: Dutch Unit to Trade as Versatel Beginning 2005


P O L A N D

AGORA SA: Increasing Stake in 'Multimedia Plus'


R U S S I A

AQUA-VITA: Appoints Y. Rodionov Insolvency Manager
KIMI-GEO-NEFT: Proofs of Claim Deadline Expires Next Month
KURGAN-PRIBOR-INFORT: Kurgan Court Appoints Insolvency Manager
NALCHINSKIY TINNED: Ordered to Undergo Bankruptcy Supervision
NIZHNETAGILSKAYA: Gives Creditors Until December to File Claims

NIZHNEVARTOVSK-NEFTE-KHIM-MONTAZH: Declared Insolvent
PERELESHINSKIY SUGAR: Under Bankruptcy Supervision
PROM-VENTILATION: Insolvency Manager to Temporarily Oversee Firm
SIB-NEFTE-KOMPLEKT-MONTAZH: Bankruptcy Supervision Begins
WATER CHANNEL: Court Sets Hearing January Next Year

YUKOS OIL: Seizure of Tomskneft-VNK Shares Stands
YUKOS OIL: Calls EGM to Tackle Liquidation of Company
YUKOS OIL: Court to Hear New Tax Debt Suit in Two Weeks
YUKOS OIL: Wants Judge Handling Tax Case Replaced
YUKOS OIL: Court Adjourns Case Against Khodorkovsky


S P A I N

CAJA GRANADA: Individual Rating Affirmed at 'B/C'


U K R A I N E

AGROSINTEZ-PROMINVEST: Proofs of Claim Due this Week
BIRD TULCHINSKIJ: Proofs of Claim Deadline Nears
EURO-METAL: Under Bankruptcy Supervision
FOBOS UNITED: Kyiv Court Appoints Liquidator
KERCH' PROLIV: Insolvency Manager to Temporarily Oversee Firm

KONUS: Harkiv Court Launches Bankruptcy Proceedings
LOZOVA' AUTO 16347: Declared Insolvent
PETRIKIVSKIJ ROZPIS: Under Bankruptcy Supervision
PLEMZAVOD UKRAINA: Bankruptcy Supervision Begins
STAN: Succumbs to Insolvency


U N I T E D   K I N G D O M

AA ELEVEN: Owners Agree to Wind up Business
ADVANCE WINDOWS: In Administrative Receivership
BAE SYSTEMS: Denies Being Investigated by Serious Fraud Office
BARCLAYS AEROSPACE: Calls in Liquidators from Deloitte & Touche
BLUE TOP: Former Director Disqualified for Eight Years

CHESAPEAKE UK: Calls in Liquidator from Numerica
CHESHIRE CLOTHING: Davenham Trade Appoints Receiver
EBLAW LIMITED: Hires KPMG as Liquidator
END OF LIFE: Directors Receive Eight-year Ban
ENERGIS PLC: Requests Anti-trust Probe Against Eircom

FREDORIS LIMITED: Appoints Liquidator from Numerica
HARROGATE MANAGEMENT: Names Kroll Limited Administrator
HSBC HOLDINGS: Brings in Liquidator from Deloitte & Touche
HUMBERSTON PARK: Creditors' Meeting Set Next Week
HYMET SERVICES: Insolvency Service Bans Two Directors

INDUSTRIAL AUTOMATED: Members Opt to Liquidate Company
KEYLINK WOLVERHAMPTON: Director Banned from Holding Exec Post
LODGE FARM: Cattles Invoice Appoints Jacksons Jolliffe Receiver
MCM TEXTILES: Calls Creditors' Meeting
MYTRAVEL GROUP: Considering Scheme of Arrangement as Plan B

MYTRAVEL GROUP: Bondholders Warn of Insolvency
NSA (EUROPE): Hires McTear Williams & Wood as Administrator
OAKWOOD HOMES: Names Kroll Limited Administrator
PANTON FILM: Special Winding up Resolution Passed
PAYCHECK SERVICES: Appoints Begbies Traynor Administrator

PREMIER FOODS: Long-term Rating Withdrawn After Debt Payment
QUADSECT LIMITED: Calls in Administrators from Begbies Traynor
SEDAO TECHNOLOGY: Hires Joint Administrators from Harrisons
RAILFORCE LIMITED: Sets Creditors' Meeting Next Week
SOUTHWOOD DEVELOPMENTS: Hires D. E. Jeal as Liquidator
TURNER & NEWALL: Court Backs Trustees' Stand on Rescue Plan
YORKSHIRE CHEMICALS: HSBC Bank Brings in Receiver from PwC


                            *********


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


AIR-BOR: Succumbs to Insolvency
-------------------------------
The Commercial Court of Dijon placed Air-Bor (B 349 038 158)
into liquidation on October 24, 2004 and appointed Bisseux Jean-
Joachim liquidator.  Creditors are urged to submit their proofs
of claim to the liquidator as soon as possible.  The company is
involved in plane maintenance and rental, training of pilots and
crew.

CONTACT:  AIR-BOR
          Aeroport de Dijon
          21600 Longvic

          Bissieux Jean-Joachim, liquidator
          36 Rue Jeannin
          21000 Dijon


AU PAIN: Commercial Court Names Liquidator
------------------------------------------
The Commercial Court of Dijon placed Au Pain Dore (B 391 600
855) into liquidation on October 19, 2004 and appointed Bissieux
Jean-Joachim liquidator.  Creditors are urged to submit their
proofs of claim to the liquidator as soon as possible.  The
company makes and sells baked products and confectionaries.

CONTACT:  AU PAIN DORE
          8 Rue Bernard-Laureau
          21110 Genlis

          Bissieux Jean-Joachim, liquidator
          36 Rue Jeannin
          21000 Dijon


LUSTUCRU RIZ: Panzani Wins Court Backing on Plant Closure
---------------------------------------------------------
A regional court has allowed food group Panzani to shut down its
subsidiary, Lustucru Riz, Le Figaro says.

Panzani also gained the court's nod to implement a redundancy
plan involving 146 employees of the troubled rice producer.
Lustucru Riz has been out of operation since floods destroyed
its facilities in 2003.  As compensation for the damage, Panzani
received EUR15.5 million, EUR11.6 million of which will be used
to cover redundancy packages and staff relocation.

Panzani said production costs at the plant are too high and
customers are shifting to specialty rice.  Panzani now plans to
outsource its rice production in Belgium and Italy.  Lustucru
Riz employees have been occupying the factory since March, when
its closure was announced.  A number of workers are planning to
start their own operation on the site and are optimistic
authorities would dole out some support.  Lustucru Riz had an
annual turnover of EUR50 million.

CONTACT:  LUSTUCRU RIZ
          4 Rue Boileau
          69006 Lyon 06
          Web site: http://lusturizvivra.free.fr


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


ALPHA TALENT: Creditors Have Until Next Week to File Claims
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Alpha Talent Casting & Promotion GmbH on Oct. 11.
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 Sonke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 10, 2004, 11:10 a.m. at the insolvency court
of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ALPHA TALENT CASTING & PROMOTION GMBH
          Heidenkampsweg 48, 20097 Hamburg
          Contact:
          Peter Raithel, Manager

          Sonke Hansen, Insolvency Manager
          Monckebergstrasse 17, 20095 Hamburg
          Phone: 309694-0


CAMP MARKT: Under Bankruptcy Administration
-------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Camp Markt OHG Schadler & Schneider on Oct. 8, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 2, 2004 to
register their claims with court-appointed provisional
administrator Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 5, 2005, 8:45 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:  CAMP MARKT OHG SCHADLER & SCHNEIDER
          (HRA 322 -- Amtsgericht Chemnitz)
          Stresemannstrasse 20, 08523 Plauen
          Contact:
          Dietmar Schadler, Manager
          Hans-Jurgen Schneider, Manager

          Bernward Widera, Insolvency Manager
          Buttenstrasse 4, 08058 Zwickau


CONTINENTAL AG: To Merge Subsidiary with Phoenix
------------------------------------------------
Continental Aktiengesellschaft plans to enter its 100% group
company, ContiTech Holding GmbH (in future: ContiTech AG) into a
domination and profit and loss absorption agreement with Phoenix
Aktiengesellschaft, and to merge Phoenix and ContiTech.

These structural changes shall be initiated timely after the
closing of the voluntary takeover offer of Continental
Aktiengesellschaft to the shareholders of Phoenix
Aktiengesellschaft, which is expected to occur until 3 November
2004.  After consummation of the takeover offer, Continental
Aktiengesellschaft will hold more than 75% of the voting stock
of Phoenix Aktiengesellschaft.

The structural changes are intended to allow for a combination
of the business activities of Phoenix and ContiTech in order to
realize the advantages of the merger as soon as possible in the
best interest of the shareholders and employees of the companies
concerned.

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


DYNAMIXX SPORTCLUB: Creditors' Claims Due Next Month
----------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Dynamixx Sportsclub 103 GmbH on Oct. 11, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 6, 2004 to
register their claims with court-appointed provisional
administrator Tatjana Gotsch.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 11:00 a.m. Saal 27,
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:  DYNAMIXX SPORTCLUB 103 GMBH
          Gutwasserstrasse 3, 08056 Zwickau

          Frank Ruger, Insolvency Manager
          Rechtsanwaltin Tatjana Gotsch
          Buttenstrasse 4, 08058 Zwickau


E. BAUS: Nurnberg Court Appoints Insolvency Manager
---------------------------------------------------
The district court of Nurnberg opened bankruptcy proceedings
against E. Baus GmbH & Co. KG on Oct. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 15, 2004 to register their
claims with court-appointed provisional administrator Dr.
Steffen Goede.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 11:00 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Jan. 20, 2005, 11:00 a.m. at the
district court of Nurnberg, Flaschenhofstr. 35, Sitzungssaal
152/I.

E. Baus sells steel, aluminum and glass building materials.

CONTACT:  E. BAUS VERWALTUNGS-GMBH
          Contact:
          Elmar Peter Baus, Manager
          Am Keuper 12, 90475 Nurnberg
          HRA 11325

          Dr. Steffen Goede, Insolvency Manager
          Peuntgasse 3, 90402 Nurnberg
          Phone: 0911/27980-0
          Fax: 0911/27980-90


FLOMER HAUSTECHNIK: Sets First Creditors' Meeting Mid-December
--------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Flomer Haustechnik GmbH on Oct. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 25, 2004 to register their
claims with court-appointed provisional administrator Martin
Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:30 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.

Flomer installs electrical, heating and sanitary systems.

CONTACT:  FLOMER HAUSTECHNIK GMBH
          Poststr. 33, 32361 Preussisch Oldendorf
          Contact:
          Nadine Buscher, Manager
          Poststr. 33, 32361 Preussisch Oldendorf

          Martin Kienitz, Insolvency Manager
          Rugenweg 14, 32427 Minden


GECKO TEC: Deadline for Creditors' Claims Nears
-----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Gecko Tec GbR Ten Hovel & Oechelhauser on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 23, 2004
to register their claims with court-appointed provisional
administrator Wolfgang Breuer.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 2004, 11:10 a.m. at the district court
of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 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:  GECKO TEC GBR TEN HOVEL & OECHELHAUSER
          Schanzenstrasse 3, 51063 Koln
          Contact:
          Andreas ten Hovel, Partner
          Bergerfurth 1, 46487 Wesel

          Markus Oechelhauser, Partner
          Augustastr. 9, 51065 Koln

          Wolfgang Breuer, Insolvency Manager
          Sachsenring 75, 50677 Koln
          Phone: 3981180
          Fax: +492213981190


GROTHOFF ZELTBETRIEBE: Succumbs to Bankruptcy
---------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Grothoff Zelthetriebe GmbH on Oct. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 24, 2004 to
register their claims with court-appointed provisional
administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2004, 1:30 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293 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:  GROTHOFF ZELTBETRIEBE GMBH
          Antoniusweg 6, 45721 Haltern
          Contact:
          Dagmar Hildegard Grothoff, Manager
          Antoniusweg 6, 45721 Haltern

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


HANNOVER TECHNOLOGY: Administrator's Report Out January
-------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against HATEC -- Hannover Technology Services GmbH on Oct. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 15, 2004
to register their claims with court-appointed provisional
administrator Reinhard Muhl.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 10:20 a.m. at Saal 226, 2.
Obergeschoss district court of Hannover Dienstgebaude Hamburger
Allee 26, 30161 Hannover 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:  HATEC -- HANNOVER TECHNOLOGY SERVICES GMBH
          Max-Muller-Str. 22, 30179 Hannover
          Contact:
          Dr. Ralf-Otto Hansel, Manager
          Michael Josefus, Manager

          Reinhard Muhl, Insolvency Manager
          Luisenstr. 9, 30159 Hannover
          Phone: 0511/36703-0
          Fax: 0511/36703-133


KARSTADTQUELLE AG: Lowers Sales, Earnings Forecast
--------------------------------------------------
(a) Concept announced for the reorganization and realignment of
    the KarstadtQuelle Group;

(b) Solidarity pact being implemented;

    (i) Cost-cutting program totaling about EUR760 million
        agreed with employees' representatives for 2005 to 2007;

   (ii) Capital increase with an issue volume of EUR500 million;

  (iii) Existing credit lines guaranteed by banks until December
        31, 2004;

   (iv) Subsequent financing via syndicated credit lines of
        about EUR1.75 billion is being negotiated;

(c) Background conditions in the German retail trade remain
    difficult in the third quarter;

(d) Group sales in the third quarter down 5.9 %;

(e) Quarterly operating earnings (EBTA) -EUR31.1 million
    (previous year: EUR31.4 million).  Cost-cutting and
    optimization measures assist minimizing earnings charges
    resulting from decreasing sales;

(f) Special charges resulting from the reorganization and
    realignment already made good in the third quarter with an
    EBTA effect amounting to EUR1.1 billion;

(g) Net financial liabilities remain reduced, working capital
    markedly reduced;

(h) Sales in the core brands at the beginning of the fourth
    quarter affected;

(i) Sales and earnings forecast for the 2004 financial year
    adjusted:

    (1) Sales forecast: -EUR7%

    (2) Earnings forecast (operating EBTA): -EUR280 million
        to -EUR295 million

At a Glance
                          30.09.2004      30.09.2003      Change
                                                            in %

Sales (in EUR million)

Over-the-counter retail      4,459.8         4,801.0       - 7.1

Mail order                   5,431.5         5,747.9       - 5.5

Services                       935.5         1,023.9       - 8.6

Real estate                    433.0           422.5         2.5

Reconciliation account     - 1,174.8       - 1,269.5           -

Group sales                 10,085.0        10,725.8       - 6.0

Earnings (in EUR million)

Earnings from
ordinary activities          - 570.4           505.3           -

EBITA                      - 1,251.8            44.4           -

EBTA                       - 1,569.0         - 128.0           -

EBTA (adjusted/not
including special factors)   - 419.6         - 320.7      - 30.8

Other information

Employees as of 30.09       94,779         100,922         - 6.1

Full-time employees on
average (01.01.-30.09.)     76,019          79,726         - 4.6

Sales space in
Over-the-counter
Retail ('000 sq. m.)         2,621.9         2,620.4         0.1

Branches

   Department stores           179[1]          181*            -

   Sports stores                36              31*            -

   Karstadt Warenhaus AG       215             212             -

   Specialty stores number     301             304             -

   Total number of branches    516             516             -

Investments (in EUR million)   291.1           312.3       - 6.8

KARSTADT QUELLE AG

   Market price on 30.09.       12.55           21.92     - 42.7

Share

   Highest price (01.01-30.09)  21.62           25.90          -

   Lowest price (01.01-30.09)   12.25           10.17          -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* The sports stores have been independent branches since
December 31, 2003.  The 2003 quarters are adjusted.

[1] Not including eight Schaulandt branches.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Report of the Management Board

The third quarter of the 2004 financial year was of particular
importance for the KarstadtQuelle Group.  Mainly because of the
continuing difficult economic position in the German retail
trade our company group with nearly 100,000 staff came under
pressure.

To ensure the future of KarstadtQuelle, the Management Board
drew up a far-reaching package of measures for the
reorganization and realignment of the group and on September 28,
2004, presented it to the public.  The aim is a sustained
improvement in the earnings situation and the strengthening of
the equity capital base and improvement of the group's financing
structure.

The program of measures provides for the toughest and most
radical changes that the KarstadtQuelle Group has ever had to
face.  The measures, although rather painful in the short term,
are aimed at once more creating good future prospects for the
group in the medium to long term.  The core of the realignment
is the refocusing of the group on its strengths and core
competences.  Our core business is being reorganized and
strategically repositioned.  At the same time we want to dispose
of a not inconsiderable part of our portfolio of holdings.

Over-the-Counter Retail

Over-the-counter retail will be clearly focused.  We want to
dispose of the specialty store chains SinnLeffers, Wehmeyer,
Golf House and Runners Point.  Because of their size these
formats do not enjoy the market position that we strategically
expect for the operation of a format, or they enjoy a good
positioning in their market segments, which can be better
developed by specialized purchasers than by us.

We want to rectify the competitive disadvantage of the
department stores and their great heterogeneity and complexity.
We therefore plan to split our department store portfolio into
two groups with differentiated strategies.  In the next few
years we want to use our core portfolio to achieve solid growth,
whilst disposing of our non-core portfolio.

We plan to direct our management capacity and the allocation of
financial means consistently toward the further development of
our core portfolio.  The core portfolio is achieving a sales
volume of EUR4.5 billion and contributing 80 % of total sales at
the department stores.  The portfolio comprises 89 department
stores with more than 8,000 sq. m. of retail space and 1.5
million sq. m. of space overall.

The department stores are located in towns and cities with
catchment areas of more than 100,000 inhabitants and a
purchasing power higher than the German average.  With this core
portfolio we are pursuing a strategy for improving sales and
earnings.  The central elements will be the utilization of all
advantages arising from the focus on a homogeneous department
store group, the increase in sales by professional presentation
and concentration on city-center segments and price ranges.  The
alignment towards the system business is aimed at also enabling
structures and processes to be markedly slimmed down and result
in sustained cost reductions.

In addition, a package of measures for realignment of the
department stores on the basis of a new segment ranking with
greater emphasis on the Fashion, Sports, and Personality
consumption segments (the latter comprises fragrances, jewelry,
leather goods and books).

The non-core portfolio earmarked for disposal is achieving sales
at present totaling EUR0.7 billion.  It comprises 92 mainly
small stores.  We have grouped 77 small stores (under 8,000 sq.
m of retail space) in a "medium-sized town portfolio" under the
name "Karstadt Kompakt."  Although a number of these department
stores are profitable at a branch level, their heterogeneous and
complex structure means that they generate few synergies in the
Karstadt combine.

In our estimation these 77 branches, with their own independent
management and on the basis of their own independent strategy,
their own independent market presentation and their own
independent market positioning, have good chances of success.
For this reason we plan to concentrate these branches in a
single unit, hive them off and initially continue to manage them
along specialized lines.  The disposal is to be completed in the
years 2005 to 2008.  The first priority is outright disposal to
an investor in their entirety.  Alternatively, the stores will
be sold off gradually or closed and their space relet.

Realignment of Mail Order

Our Mail order segment covers virtually the entire spectrum of
universal and specialty mail order, is market leader in Germany
and is having a leading position in many countries of Europe.

Our strategy aims to take account of the recent differentiated
performance of the individual mail order segments.  The
expansion strategy of our Specialty mail order and foreign
growth segments is to continue to be progressed and, above all,
its implementation further accelerated by organic growth.  The
share contributed by our foreign business to mail order sales is
to be even further increased.  At the same time we want to
further expand our strong position in the strategic E-commerce
growth segment.  Because of the sluggish sales performance we
want to realign universal mail order in Germany.

The realignment of universal mail order in Germany is based on
even clearer profiling and differentiation of the two brands
Quelle and Neckermann.  The core is intended to be a clear
target group differentiation.  Quelle is to focus its entire
service range on the "Established family" and "Generation 50+"
target groups.  At Neckermann we plan to focus on the target
group of "young oriented people", who, whatever their age e.g.
in the textile range, prefer a sporty casual look. The - as the
customer perceives it - rather indistinct profile of universal
mail order is to be made much more distinctive.  Quelle and
Neckermann are to become multi-specialists.  They are to
concentrate on distinct profiling product ranges and present
themselves with the same competence as a specialty market.

Quelle is to concentrate on the "Modern to classical fashion",
"Modern to classical living" and "Technology" profiling product
ranges.  Neckermann is to be profiled towards younger oriented
customers mainly through "Young fashion", "Young living" and
"Large sizes".

We also plan to make the advertising campaign chain, i.e.
targeting customers with catalogs, much more contemporary.  To
increase the frequency with which product ranges are changed to
the same level as our competitors in Over-the-counter retail, we
want to discontinue the classical position of our main catalog
in half-yearly cycles and change to shorter seasonal cycles and
streamline the catalogs.

In specialty mail order we want to continue to maintain our
growth course.  The higher margins in this segment by comparison
with universal mail order contribute substantially to increased
added value.  To promote growth, we want to consistently shift
the emphasis of our investments in favor of operations abroad.
As a result, we plan for higher growth abroad than in Germany.
Foreign growth will take priority in mail order.  The share
contributed by foreign business to sales in past years already
rose to 24% - by 2006 and is set to rise further.  In 2005 and
2006, under the brand names Quelle or Neckermann, we plan entry
into markets in 14 countries.

The emphasis of our expansion lies in Central-Eastern Europe.
Today we are No. 1 in mail order in nearly all the countries in
which we are represented and want to consistently utilize the
great growth potential of these fast developing national
economies.  In e-commerce too we plan continued growth. We are
already one of the leading companies in Germany and the European
market.  Over the period 2001 to 2003 we posted average yearly
growth of about 40%.

Online demand today contributes a share of 19 percent to mail
order sales.  We plan further increases yearly on the basis of
the high level already reached.  The share contributed to
overall mail order sales by online demand is set to rise even
further.

Focus of the Services Segment

In the Services segment the large number of operations is to be
drastically reduced by means of divestments and outsourcing. We
shall be focusing on retail-related, high-return services.
Within the framework of our portfolio-streamlining program we
want to dispose of subsidiary processes of the retail business
and the non-core retail business.  Either the companies are to
be sold or we shall outsource the operational business.  We want
to achieve earnings growth through retail-related services.
This is to include also the holding in Thomas Cook.

Thomas Cook after its reorganization achieved a positive result
in its third quarter, although the cumulative result after nine
months (Nov. 1, 2003 to July 31, 2004) is still negative.  We
also want to press ahead with the expansion of our successful
new information, financial and customer relations services and
TV commerce.  This at present relatively small segment is out of
the start-up phase and is growing dynamically.

Focus on Development of 89 Large Department Stores

We have at our disposal retail real estate in top locations in
city centers, complemented by a location and retail environment
with a high customer footfall.  We plan to reorganize our real
estate portfolio and dispose of real estate with no strategic
importance.

At the same time we shall press ahead with the liquidation of
real estate, which does not belong to our core portfolio in the
department store segment.  We shall also further develop the 89
large department stores in the department store core portfolio.
The aim of these measures is to strengthen the market position
of the main lessee, Karstadt.

We are also testing various models for separating the real
estate and retail businesses.

Implications

The strategic realignment will have a number of implications.
Tough consolidation measures are already being taken in the
current financial year.  By the successful conclusion of our
portfolio-streamlining program we plan to do away with outside
group sales amounting to some EUR1.3 billion.  From this we hope
to achieve a considerable inflow of liquidity, spread over 2004
and 2005.

Valuation and restructuring measures necessary in connection
with the strategic realignment result in extraordinary and non-
recurring expenditure amounting to EUR1.3 billion in the profit
and loss account to September 30, 2004, (EBTA charge: 1.15
billion a).

These measures are at the same time aimed at radically reducing
our balance sheet risks.  The profit and loss expenses of
revaluation measures in particular in connection with the
portfolio restructuring program amount to EUR826 million (EBTA
charge: EUR672 million).  Restructuring measures amount to
EUR477 million in total.  It will be directed mainly towards
staff efficiency measures.

Important Preconditions Created for the Implementation of the
Solidarity Pact

The implementation of the reorganization and realignment in the
KarstadtQuelle Group is based on a solidarity pact between
management, workforce, shareholders and banks.  On October 14,
2004, important preconditions were created for the
implementation of this solidarity pact.  Thus our planning is
aimed at laying one of the fundamental bases for the future
viability of the KarstadtQuelle Group.

The workforce will do its share to implement the realignment and
the tough consolidation measures.  In negotiations with
employees' and trade union representatives a cost-cutting
program to save about EUR760 million was resolved for the 2005
to 2007 financial years.

The management and executives will make their contribution to
the reorganization by reductions in their salary packages.
Shareholders' contribution to the solidarity pact will take the
form of a waiver of dividend payment for the 2004 and 2005
financial years.  Furthermore, a capital increase with a
subscription right and a total issue volume of EUR500 million is
planned.

The Management Board and the Supervisory Board at their meeting
on October 14, 2004, resolved to call an extraordinary meeting
of shareholders on November 22, 2004.  The purpose of this
meeting is to pass a resolution for the capital increase.  The
members of the Madeleine Schickedanz voting pool and the
Dresdner Bank AG have stated that under the capital increase
they are principally prepared to subscribe to new shares with a
total value of about EUR280 million.  This capital measure is to
be implemented this year.  KarstadtQuelle is being supported in
this process by Dresdner Bank AG and ABN AMRO, which have
undertaken in a provisional agreement under conditions precedent
to support the capital increase to ensure the highest possible
certainty of the transaction.  The aim of the capital measures
is the strengthening of the equity capital base.  Furthermore,
the group is to be strengthened by this commitment to have a
better platform to implement the strategic realignment.

Discussions regarding our concept for reorganizing the
KarstadtQuelle Group were held with the lending banks.  The
banks are prepared to constructively accompany the process of
reorganization and realignment.  The banks have agreed to an
extension of short-term credit lines until December 31, 2004.
Negotiations for a syndicated financing credit with a volume of
about EUR1.75 billion for the next three years have begun.

Home Demand Remains Sluggish

The economic situation in Germany deteriorated in the third
quarter of 2004.  It is to be expected that the now foreshadowed
slowdown in the rate of growth in the United States of America
will have negative effects on German exports.  This would mean
that the most important drivers behind Germany's economy at
present would lose some of their force.  There is still no
substantial impetus coming from private consumption.  The still
weak situation in the jobs market, the debate about reform of
the jobs market and substantial oil price rises during the
current year continues to inhibit private spending and hinder an
appreciable improvement in the climate of consumer spending.  As
a result, sales in the "true" retail trade decreased by 1.1 %
during the first nine months of 2004.

Group Sales in the Third Quarter Down 5.9 %

The KarstadtQuelle Group posted a decrease in sales by 5.9% to
3.21 billion a over the period from July 1 to September 30 (the
same quarter the previous year: EUR3.41 billion).  Compared with
the second quarter (-EUR7.6 %), the sales decrease lost some of
its momentum in the third quarter of 2004.

The performance remains unsatisfactory, but was within the
bounds of our moderate expectations.  In Over-the-counter
retail, which shows a quarterly decrease by 7.7%, the department
stores, and, now to an increased extent, the specialty stores
also posted falling sales.

In Mail order, where sales decreased by 5%, the picture was
varied.  While the Specialty mail order, Foreign and E-commerce
growth segments continued to grow, sales in Universal mail order
in Germany markedly decreased.

The group achieved sales of EUR10.08 billion (previous year:
EUR10.73 billion) in the first nine months of the 2004 financial
year.  This represents a decrease of 6%.

Earnings Hampered by Reorganization and Realignment

Group income before tax and amortization (EBTA) in the third
quarter, after adjustment for special factors, came to -EUR31.1
million (previous year: -EUR31.4 million).  Weak business in the
two retail segments held down earnings.  The Services segment
markedly improved its earnings, mainly because of reduced losses
at Thomas Cook.  In connection with the reorganization and
realignment of the KarstadtQuelle Group quarterly EBTA during
the current year takes into account special factors (valuation
and reorganizational measures).  This resulted in an
extraordinary impact of EUR1.1 billion on earnings.  Taking into
account these special factors, EBTA stood at -EUR1.13 billion
(previous year: -EUR30.7 million).

In the first nine months of the 2004 financial year group EBTA,
after adjustment for special factors, stood at -EUR419.6 million
(the same period in the previous year: -EUR320.7 million).  The
decrease in earnings thus comes to EUR98.9 million.  Because of
the sales decrease of EUR640.8 million and the loss in gross
income linked to it earnings decreased at a disproportionately
much lower rate.  The decisive factors are the cost cutting
programs the implementation of which has considerably
progressed.

Report of the Management Board

Taking into account these special factors, EBTA stood at -
EUR1.57 billion (previous year: -EUR128 million).  While the
current year is extraordinarily burdened by the reorganization
and realignment measures, the reorganization of the old-age
pension provision in the previous year had a positive effect on
earnings.

Earnings per share at September 30, 2004 stood at -EUR14.35
(previous year: -EUR0.85).  After adjustment for special factors
earnings per share stood at -EUR2.09 (previous year: -EUR2.65).

Net Financial Liabilities Slightly Reduced

The reduction of net financial liabilities (not taking into
account pension provisions including the liabilities from the
companies held for sale) was successfully continued.  Net
financial liabilities reach their highest level at the end of
September of every financial year because of the increased
volume of orders for the Christmas period.  Despite the still
difficult retail business they were reduced by EUR85 million to
EUR4.08 billion (previous year: EUR4.16 billion) for the period
to the key date.

Working Capital Markedly Reduced

A positive contribution to the easing of the indebtedness
position was made by significantly reducing working capital by
EUR1.13 billion to EUR1.93 billion.  The decrease of 36.8% was
achieved mainly by the targeted reduction of the inventory.
Trade receivables were also reduced as a result of, amongst
other things, the expansion of the ABS program in the fourth
quarter of 2003.  Furthermore, trade payables were optimized.
They rose by 16.3 % over the period to the review date, taking
into account changes to balance sheet postings.

The decisive factor here was the successful implementation of a
program for extending payment targets in the retail segments.

New Finance Director at KarstadtQuelle AG

KarstadtQuelle AG is to have a new finance director.  Harald
Pinger, 44, until recently finance director at Messer Griesheim
GmbH, based in Frankfurt/Main, has taken over this
responsibility with effect from October 1, 2004.

Sales Performance by the Core Brands Currently Impaired: Whole-
year Forecast Adjusted

With, as our experience shows, a contribution of 30% to yearly
sales, the fourth quarter of the financial year is of great
importance for the KarstadtQuelle Group.  In this period we plan
to boost sales by selective marketing campaigns both in Mail
order and Over-the-counter retail.  The Karstadt department
stores will also mount a customer service offensive and an image
campaign.  We expect limited support from the market and assume
that the retail business will continue to be difficult and
competition in the home market will remain intense.

The KarstadtQuelle Group has in the past few weeks begun a
comprehensive reorganization program.  The implementation of the
program is also linked with substantial measures on the
personnel side.  For a number of weeks this attracted widespread
attention from the general public.  We noted as a negative side
effect a reluctance to buy due to customer unease.  Particularly
affected by this was, as already mentioned, the domestic
business performance by universal mail order at Germany's
leading mail order company, Quelle.

The sales forecast is therefore being adjusted to -7% and the
forecast for adjusted EBTA from -EUR280 million to -EUR295
million.  In the management's estimation the sales decrease at
the beginning of the fourth quarter was an understandable, but
temporary reaction by customers.

The Management assumes that the scope of the currently planned
program of reorganization will not need to be adjusted to take
account of this temporary effect.

Essen, November 2004
The Management Board

Full copy of KarstadtQuelle's third-quarter results is available
free of charge at:
http://bankrupt.com/misc/karstadtquelle_3q2004.pdf.

CONTACT:  KARSTADTQUELLE A.G.
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          Investor Relations
          Phone: +49 (0) 2 01 7 27 - 9816
          Fax: +49 (0) 2 01 7 27 - 9854
          E-mail: investors@karstadtquelle.com

          Corporate Communications
          Phone: +49 (0) 2 01 7 27 - 2031
          Fax: +49 (0) 2 01 7 27 - 9853
          E-mail: konzernkommunikation@karstadtquelle.com


KARSTADTQUELLE AG: Predicts Deeper Losses
-----------------------------------------
The implementation of the program for restructuring and
realignment of the KarstadtQuelle Group presented on September
28, 2004 is showing initial progress.  A cost-cutting program
aimed at saving about EUR760 million was agreed with employees'
representatives for 2005 to 2007.  Furthermore, a capital
increase with a pre-emptive subscription right and a total issue
volume of EUR500 million has been initiated.  This is to be
resolved at an extraordinary meeting of shareholders on November
22, 2004.

The major KarstadtQuelle AG shareholders, the members of the
Madeleine Schickedanz voting pool and the Dresdner Bank AG have
stated that they are in principle prepared to subscribe to new
shares in the capital increase with a total value of about
EUR280 million.  It is envisaged to complete the rights issue
prior to year-end.  The aim is to strengthen the equity capital
base and form a better platform for implementation of the
strategic realignment.  The lending banks have agreed to an
extension of short-term credit lines until December 31, 2004.
Negotiations for a syndicated financing credit are currently
being held.

The KarstadtQuelle Group posted a decrease in sales by 5.9% to
EUR3.2 billion over the period from July 1 to September 30.  The
performance remains unsatisfactory, but was within our moderate
expectations.  The group achieved sales of EUR10.1 billion in
the first nine months of the 2004 financial year.  This
represents a decrease of 6%.

Compared with the same period the previous year, group earnings
(EBTA) before tax and amortization of goodwill and after
adjustment for special factors remained at -EUR31 million in the
third quarter.  The adverse impact on earnings through the sales
decrease was set off by the well-advanced cost-cutting programs.
Quarterly EBTA in the current year includes one-off factors
(valuation and restructuring measures) amounting to EUR1.1
billion resulting from the restructuring and realignment of the
KarstadtQuelle Group.

Taking into account this extraordinary impact on earnings, EBTA
stood at -EUR1.1 billion (previous year: -EUR31 million).  Group
EBTA after adjustment for special factors came to -EUR420
million in the first nine months of the 2004 financial year (
-EUR321 million in the previous year).  Including the negative
special factors in the current year EBTA was -EUR1.57 billion
compared with the previous year of -EUR128 million, which
benefited from positive special factors.

The comprehensive restructuring program is also linked with
wide-ranging measures on the personnel side.  For a number of
weeks this attracted widespread attention from the general
public.  We noted as a negative side effect a reluctance to buy
due to customer unease.  Particularly affected by this was the
domestic business performance of universal mail order at
Germany's leading mail-order company, Quelle.  The sales
forecast is therefore being adjusted to approximately -7% and
the forecast for adjusted EBTA to between -EUR280 million to
-EUR295 million.  In the management's estimation the sales
decrease at the beginning of the fourth quarter was an
understandable, but temporary reaction by customers.

Essen, Nov. 3, 2004
The management board

                            *   *   *

NOT FOR DISTRIBUTION IN THE UNITED STATES

CONTACT:  KARSTADTQUELLE A.G.
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          Investor Relations
          Phone: +49 (0) 2 01 7 27 - 9816
          Fax: +49 (0) 2 01 7 27 - 9854
          E-mail: investors@karstadtquelle.com

          Corporate Communications
          Phone: +49 (0) 2 01 7 27 - 2031
          Fax: +49 (0) 2 01 7 27 - 9853
          E-mail: konzernkommunikation@karstadtquelle.com


PFLEIDERER AG: Earnings of All Business Centers Up
--------------------------------------------------
SDAX-listed Pfleiderer AG (ISIN DE0006764749) improved its sales
figures in the first nine months of 2004 by 7.7% to EUR727.7
million (2003: EUR675.6 million).  The Business Center
Engineered Wood reported sales revenues of EUR566.1 million, the
Business Center Infrastructure Technology EUR161.5 million.
Earnings before interest, tax, depreciation and amortization
(EBITDA) improved as of September 30, 2004 by 26.0% to EUR66.8
million (2003: EUR53.0 million), Earnings before interest and
tax (EBIT) rose to EUR39.9 million (2003: EUR22.8 million).

Higher profit margins reflect the improvements to cost
structures introduced in the previous year, as well as more
acceptable price levels for engineered wood operations in
Germany and Poland: the EDITDA margin rose to 9.2%, while the
EBIT margin now stands at 5.5%.  Earnings before taxes (EBT)
came to EUR28.1 million as of September 30, 2004, nearly
trebling (2003: EUR10.7 million).  The pre-tax profit margin
also improved, rising from 1.6 to 3.9%.  Discontinued operations
contributed a pre-tax result of EUR26.0 million (2003: -EUR7.1
million).  Overall, the Pfleiderer Group reported pre-tax
earnings of EUR54.1 million for the first nine months of 2004
(2003: EUR3.6 million).  Earnings per share at the cut-off date
were EUR0.69 (2003:-EUR0.18).  The equity ratio rose from 17.9%
(December 31, 2003) to 27.4% as of September 30, 2004.

Issuer's information/explanatory remarks concerning this ad-hoc-
announcement:

Pfleiderer AG: Group Key Figures as of September 30, 2004:

Group (EUR million)            Sept. 30, 2004    Sept. 30, 2003
Sales                               727.7         675.6
EBITDA                               66.8          53.0
EBIT                                 39.9          22.8
EBT continued operations             28.1          10.7
EBT discontinued operations          26.0          -7.1
EBT total                            54.1           3.6
EPS in EUR                           0.69         -0.18
Employees (persons) [1]             4,890         5,952

                               Sept. 30, 2004    Sept. 30, 2003
Balance sheet total                 816.2         779.3
Shareholders equity [2]             223.5         139.2
Equity ratio [2]                    27.4%         17.9%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Including employees of discontinued operations, excluding
    trainees
[2] Including minority interests
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Pfleiderer AG: Group Key Figures for Q1, Q2 and Q3 2004

EUR               Q1 - Q3           Q3         Q2             Q1
million             2004          2004       2004           2004

Sales              727.7         248.3      236.8          242.6
EBITDA              66.8          22.5       25.3           19.0
EBIT                39.9          12.9       16.6           10.4
EBT continued operations
                    28.1           9.4       13.1            5.6
EBT discontinued    26.0           0.0       25.9            0.1
operations
EBT                 54.1           9.4       39.0            5.7
EPS in EUR          0.69         -0.08       0.74           0.03

Pfleiderer AG in Brief

Now focused on its Engineered Wood and Infrastructure Technology
Business Segments, SDAX listed Pfleiderer AG (ISIN DE0006764749)
is one of Europe's leading system suppliers of engineered woods,
surface finished panels, rail sleeper technology and a vast
range of poles and towers.  The Company employs 5,000 people at
17 sites spread over six countries, and has sales in excess
EUR920 million.

A detailed Nine-Month Report for Pfleiderer AG as of September
30, 2004 is available at http://www.pfleiderer.com.

                            *   *   *

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

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

CONTACT:  PFLEIDERER AG
          Neumarkt
          Corporate Communication
          Alexandra Klemme
          Phone: +49(0)9181/28-8044
          Fax: +49(0)9181/28-606
          E-mail: alexandra.klemme@pfleiderer.com


SBS METALL: Creditors Have Until Next Week to File Claims
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against SBS Metall- und Kunststoffverarbeitung GmbH on Oct. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 12, 2004
to register their claims with court-appointed provisional
administrator Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 2004, 9:15 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.

SBS is involved in metal and plastic processing.

CONTACT:  SBS METALL- UND KUNSTSTOFFVERARBEITUNG GMBH
          Hirschstein 1, 08359 Breitenbrunn
          Contact:
          Klaus Blechschmidt, Manager

          Bernward Widera, Insolvency Manager
          Buttenstrasse 4, 08058 Zwickau


SIEGFRIED FABRITZ: Creditors to Meet Later this Month
-----------------------------------------------------
The district court of Lubeck opened bankruptcy proceedings
against Siegfried Fabritz Bedachungen GmbH on Oct. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 15, 2004
to register their claims with court-appointed provisional
administrator Sven Kruger.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 29, 2004, 9:15 a.m. at the district court of
Lubeck, Am Burgfeld 7 , 23568 Lubeck, Saal: 256 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:  SIEGFRIED FABRITZ BEDACHUNGEN GMBH
          Westhoffstr. 11, 23554 Lubeck

          Sven Kruger, Insolvency Manager
          Roeckstr. 40, 23568 Lubeck


UNTERNEHMENSBERATUNG POLLHEIDE: Declared Bankrupt
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Unternehmensberatung Pollheide GmbH on Oct. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 16, 2004
to register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 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:  UNTERNEHMENSBERATUNG POLLHEIDE GMBH
          Bischof-Hermann-Kunst-Platz 6, 32339 Espelkamp

          Contact:
          Stefan Meyer, Insolvency Manager
          Ostertorstr. 7, 32312 Lubbecke


VENTURION AG: Insolvency Knocks at Broker's Door
------------------------------------------------
Insurance dealer and finance broker Venturion AG reportedly has
filed for insolvency, Suddeutsche Zeitung says.

The company had consulted outside opinions regarding its
business situation, particularly on its liquidity.  The company
reportedly deemed it necessary to enter into insolvency
proceedings.

Venturion, which has yet to present its certified 2003 accounts,
suffered losses this year.  The company recently postponed plans
for a stock market flotation, originally set at the end of the
month, saying it intended to "make a fresh start."  Venturion
agents had sold company shares for EUR3.5 each as part of a pre-
market capital increase and promised buyers high profits after
the flotation.

The company reportedly briefed employees Tuesday about the
situation.  Around 13,000 small shareholders hold a stake in
Venturion.

CONTACT:  VENTURION AG
          Caldenhoferweg 192
          59065 Hamm
          Phone: 01805-692423
          Fax: 02381-913528
          E-mail: ir@venturion-ag.de
          Web site: http://www.venturion-ag.de


=============
H U N G A R Y
=============


MALEV HUNGARIAN: Lone Offer Values Firm Way Below HUF3.5 Bln
------------------------------------------------------------
The sole bid for Malev Hungarian may still stand a chance
despite reports it is unrealistic, daily Nepszabadsag said,
according to ceebiz.com.

Local Aviation Solution International Kft last week made an
offer to buy the 99.95% share in the airline offered by the
State Privatization and Holding Rt (APV).  Rumors say the bid
values the firm at only HUF150 million, a far cry from the
HUF3.5 billion the agency is asking for the face value of its
shares.  Potential buyers are required to take over debts, and
increase capital.

Yet, Nepszabadsag theorized, the bid might still get a chance,
given the weathered balance sheet of Malev.  The airline has
HUF36.2 billion in liabilities, of which HUF33 million is
guaranteed by the state.

Krisztina Nemeth, head of communications at Malev admitted
Malev's own capital fell below two-thirds of its subscribed
capital [currently HUF11.7 billion].  But she added the company
expects the state to honor an agreement on refinancing entered
last year.

"[W]e expect a HUF3 billion subsidy from the state to improve
our balance sheet," she said.

Under the agreement, Malev is entitled to HUF10 billion worth of
fresh capital in installments of HUF7 billion and HUF3 billion.
It is still to receive the remaining HUF3 billion, and it is
unclear when the rest will be available, according to Ms.
Nemeth.

The APV has to decide about the fate of ASI's bid before Nov.
20.


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


ELAN CORPORATION: Appoints Richard Collier Executive VP, Counsel
----------------------------------------------------------------
Elan Corporation, plc announced that Richard C. Collier would be
joining the company as executive vice president and general
counsel at the end of the month.  Mr. Collier will have overall
responsibility for Elan's legal organization and become an
integral part of the company's leadership team.

Mr. Collier is currently senior counsel, Life Sciences
Interdisciplinary Group, at Morgan, Lewis & Bockius LLP, where
he focuses on legal issues regarding pharmaceutical discovery,
development, manufacture, marketing and sales.  Prior to joining
Morgan Lewis, he was senior vice president and general counsel
at Pharmacia Corporation, after serving in the same position at
Pharmacia & Upjohn.  Prior to his experience at Pharmacia, Mr.
Collier spent 11 years at Rhone-Poulenc Rorer, Inc.  Previously,
he was in private practice after having served with the U.S.
Federal Trade Commission and U.S. Department of Justice.

Elan President and CEO Kelly Martin said: "This announcement
exemplifies our commitment to adding significant talent and
building a superior organization.  We look forward to Rick
joining our team at this time, and we are confident that
Elan will benefit from his experience and leadership."

About Elan

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

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353-1-709-4000
          Fax: +353-1-662-4949
          Web site: http://www.elan.com

          Investor Relations
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526

          Media Relations
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


ELAN CORPORATION: US$850 Million Debt Offering Rated B3
-------------------------------------------------------
The proposed new senior unsecured debt offering of Elan plc, an
indirect subsidiary of Elan Corporation plc, got a B3 rating
from Moody's Investors Service.  Elan's existing ratings remain
under review for possible upgrade.  The rating outlook is
stable.

Elan is also launching a tender offer for 90% of its EPIL III
notes.  The upgrade of its existing ratings depends upon the new
debt offering and tender offer for 90% of the EPIL III notes.

The rating reflects improvement in liquidity assuming the debt
offering and EPIL III tender are successful.  Moody's said the
successful EPIL III refinancing removes concern of near-term
default.

It also recognizes the potentially significant opportunities
provided by its product Antegrene.  Despite these, Moody's
remains concerned about Elan's high debt levels, the significant
rate of cash use, and the extremely high reliance upon Antegren
to eventually reverse the cash flow deficits.

(a) Ratings assigned:

Elan Finance plc

B3 fixed-rate senior notes and floating rate senior notes
totaling US$850 million due 2011 (guaranteed by Elan Corporation
plc and subsidiaries)

(b) Ratings remaining under review for possible upgrade:

      (i) Elan Corporation plc

          Caa2 senior implied, would likely move to B3

          Caa2 issuer rating, would likely move to Caa1

     (ii) Athena Neurosciences Finance, LLC
          Caa2 senior notes of US$650 million due 2008
          (guaranteed by Elan Corporation plc), would likely
          move to B3 assuming
          subsidiary guarantees

    (iii) Elan Pharmaceutical Investments III Ltd. (EPIL III)
          Caa2 senior notes of $390 million due 2005 (guaranteed
          by Elan Corporation plc), would likely move to B3

Elan's ratings were in Caa category since November 2002.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353-1-709-4000
          Fax: +353-1-662-4949
          Web site: http://www.elan.com

          Investor Relations
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526

          Media Relations
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


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


ALITALIA SPA: September Financial Position Improves by EUR89 Mln
----------------------------------------------------------------
To comply with instructions from Italy's Securities and Exchange
Commission (CONSOB), this document contains information relating
to the net financial position, as of September 30, 2004, as well
as any debts falling due, for Alitalia and the Group.  This
report is published via press releases issued by the end of each
month, referring to the previous month.

It should be pointed out that, in line with CONSOB
recommendations, and as already reported in the previous press
release (published on August 30 relating to the Group's
financial situation as of July 31, 2004), data regarding current
portions of amounts falling due within twelve months are no
longer classified under medium-/long-term indebtedness, but now
form part of data relating to short-term financial debt.

                                     AUGUST 31, 2004
                                    MANAGEMENT FIGURES

                                   GROUP         ALITALIA
                            (all figures in millions of euros)

Cash in hand and short-            (188)           (224)
term financial credits

Short-term                          234             310
financial indebtedness              [*]             [*]

Net financial
indebtedness                        46               86
(short-term)

Financial indebtedness             1,586           1,578
(medium/long-term)

Net
financial                          1,632           1,664
position

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] of which current installments of
medium/long-term financial
debts falling due within
twelve months                         231            230
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                                     SEPTEMBER 30, 2004
                                     MANAGEMENT FIGURES

                                   GROUP         ALITALIA

Cash in hand and short-             (83)           (110)
term financial credits

Short-term                          233             312
financial indebtedness              [*]             [*]

Net financial
indebtedness                        150              202
(short-term)

Financial indebtedness            1,571            1,562
(medium/long-term)

Net
financial                          1,721           1,764
position

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] of which current installments of
medium/long-term financial
debts falling due within
twelve months                         230            229
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The Group's net financial position on September 30, 2004,
amounted to EUR1,721 million with an improvement of EUR89
million compared to the same situation on August 31, 2004,
announced on September 30, 2004.

The net financial position of the parent company Alitalia on
September 30, 2004, amounted to EUR1,764 million with an
improvement of EUR100 million compared to the same situation on
August 31, 2004, in line with the Group's performance.

The following observations on the most important changes that
have taken place during the two periods in question refer to the
situation for the Group.  However, considering the preponderance
of Alitalia within the whole Group, these observations are in
fact representative of the parent company's performance alone;
specific facts and figures referring only to Alitalia are
glossed by notes.

It should also be pointed out that the figures in the above
table reflect the outcome of management analysis and include
several estimated items, which, however, do not affect the
overall significance of the information.

Furthermore, it should be pointed out that on September 30,
2004, there were several leasing contracts at the Group level
(referring almost entirely to fleet aircraft mostly held by the
parent company amounting to EUR315 million) whose capital share,
including lease closure value, amounted to EUR354 million (of
which EUR65 million represent the current capital share falling
due within twelve months of the reference date, with EUR60
million held by the parent company).  On the other hand, the
same figure on August 31, 2004, amounted to EUR357 million (of
which EUR66 million falling due in the twelve months from the
reference date); the corresponding figures for the parent
company on August 31, 2004, amounted to EUR318 million and EUR61
million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

As already mentioned, it can be seen from the figures in the
table above that the net financial position of the Group on
September 30, 2004, showed an improvement of EUR89 million
compared to August 31, 2004.

With regard to the most significant changes that have taken
place during the period, it should be noted that the above-
mentioned improvement is mainly due to increased revenues,
reflecting seasonal fluctuations in revenues and payments during
the month in question.  In this context, it should be pointed
out that:

(a) air ticket revenues (paid to the Company by travel agents
    the following month, as is the rule), were badly affected in
    September by the general reduction in domestic activity in
    August;

(b) At the same time, and for the same reasons, September
    payments reflected not only the cash outlays related to the
    month in question, but also a figure arising from the
    previous month and relating to the fact that billing from
    the main suppliers usually slows down in August.

Finally, during the period in question, there were repayments of
medium/long-term financing (amounting to EUR15 million), but at
the same time no further contracts were stipulated.

Regarding debts of a financial, fiscal and welfare nature, there
were no outstanding sums or payment irregularities on September
30, 2004, both for the parent company and for the other
companies in the Group.

Regarding debts of a commercial nature, except for normal
payments concerning contractual deadlines, determined by the
process of checking services and products provided and the
established practice of concentrating payments on certain days
of the month, there were no outstanding sums or payment
irregularities on September 30, 2004, both for the parent
company and for other Group companies, except for those relating
to disputed situations.

Regarding the latter, there were outstanding payments to be made
to some airport management companies for disputed debts
amounting to a total of EUR38 million on September 30, 2004,
against which injunction decrees for EUR4.4 million have been
issued.

Except for the above, there are no other injunctions or
executive actions undertaken by creditors notified as of
September 30 2004, nor are there any threats by suppliers to
suspend operations.

October 29, 2004

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


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


KYRGYZKOMUR: Selling Asset at Public Auction Today
--------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Kyrgyzkomur will sell its accounts receivable today,
10:00 p.m. at Bishkek, Chui Avenue 106, Room 102.  Priced at
KGS1,078,099, this receivable currently secures the company's
debt to Kemin Regional Financial Department.

To participate, bidders are required to deposit an amount
equivalent to 5% of the starting price to the cashier of
Kyrgyzkomur on or before November 5, 2004 at Bishkek, Chui
Avenue 106, Room 102.  For more information, call (0-312) 62-52-
42.


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


ROYAL SHELL: State Takes over Gasunie's Transportation Business
---------------------------------------------------------------
The Minister of Economic Affairs Brinkhorst, in a letter to the
Dutch Parliament, announced that the Dutch State, Shell
Nederland B.V. and Esso Nederland B.V. have agreed in principle
on a split of Gasunie, the Dutch gas company, resulting in a
transfer of ownership in the transportation business.

Under the envisaged arrangement, the Dutch State will assume
full ownership of the transportation business, including all
assets, operations and participations held by that part of the
business.  The merchant business will remain a joint venture
between the Dutch State (50%), Shell (25%) and ExxonMobil (25%).
Related changes to the venture agreements will be effected and
the new, state-owned transport business would operate
independently from production, trade and supply of natural gas.

As specified in the heads of agreement, the Dutch State will
upon implementation make a total net payment of EUR2.78 billion.
It is expected that the transaction will be fully implemented by
mid-2005.

Michael O'Callaghan, CEO of Shell Energy Europe, welcomed the
transaction: "The envisaged agreement is a further milestone in
delivering on our strategy of active portfolio management."

Rein Willems, President of Shell Nederland and Country Chairman
of Shell in the Netherlands, added: "I am pleased that the
parties involved have agreed on this transaction.  I would like
to re-emphasize that Shell is committed to the Dutch gas
business, which is a cornerstone of our European gas strategy."

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


VERSATEL TELECOM: Third-quarter Net Loss Down to EUR4 Million
-------------------------------------------------------------
Third-quarter 2004 Financial Results

(EUR millions) Q3 2004 Q3 2003 Growth Q3 2004 Q2 2004 Growth
Revenue        150.0    122.9    22%   150.0   144.0    4%
Gross Margin %  51.9%    53.8%   N/m    51.9%   52.7%   N/m
EBITDA          30.2     20.5    47%    30.2    27.3    11%
Net Loss        (4.4)   (11.9)   N/m    (4.4)   (4.1)   N/m
Capex          (32.1)   (21.7)   48%   (32.1)  (25.3)   27%
EBITDA - Capex  (2.0)    (1.3)   N/m    (2.0)    2.0    N/m
Cash           150.8    150.5     0%   150.8   143.7     5%

Financial Highlights

(a) Third quarter 2004 revenues increased by 22% to EUR150
    million compared with 3Q03 revenues of EUR123 million and by
    4% compared with 2Q04 revenues of EUR144 million.  On-net
    revenues were EUR110 million for 3Q04 compared with EUR89
    million for 3Q03 and EUR109 million for 2Q04;

(b) Gross Margin as a percentage of revenues in 3Q04 was 52%,
    compared with 54% in 3Q03 and 53% in 2Q04;

(c) EBITDA was EUR30 million in 3Q04 compared with EUR20 million
    in 3Q03 and EUR27 million in 2Q04;

(d) Versatel's net loss was EUR4 million for 3Q04 compared with
    a net loss of EUR12 million in 3Q03 and a net loss of EUR4
    million in 2Q04;

(e) Capital expenditures (Capex) in 3Q04 were EUR32 million
    compared with EUR22 million in the 3Q03 and EUR25 million in
    2Q04;

(f) Versatel had approximately EUR151 million in cash on its
    balance sheet at the end of 3Q04, compared with EUR150
    million at the end of 3Q03 and EUR144 million at the end of
    2Q04.

Other Highlights:

(a) On August 16, 2004, Versatel purchased Telco Executives'
    outstanding 10.5% minority interest in its German subsidiary
    Versatel Deutschland Holding GmbH (VDH).  The purchase price
    was satisfied by the issue of 15 million new Versatel
    shares;

(b) On September 1, 2004, Versatel completed the acquisition of
    BerliKomm (which was subsequently renamed Versatel Berlin
    GmbH) for EUR34.6 million.  The purchase price was satisfied
    by the issue of approximately 24 million new Versatel
    shares;

(c) On October 14, 2004, approximately 66.6 million of the
    warrants issued as part of Versatel's debt restructuring in
    2002 were converted into approximately 13.9 million new
    Versatel shares, resulting in approximately EUR21 million of
    net proceeds for Versatel;

(d) On September 17, 2004, Versatel launched an offering of
    EUR125 million in principal amount of Convertible Bonds due
    2011, which closed on October 28, 2004;

(e) During 3Q04 Versatel connected approximately 33,600 DSL and
    ISDN on-net copper lines including approximately 8,700
    customers at its Internet subsidiary Zon, approximately
    5,300 customers in Belgium and approximately 19,600
    customers in Germany, excluding the consolidation of
    BerliKomm.

Versatel Telecom International N.V. on Wednesday reported third
quarter 2004 financial and operating results.  For the quarter
ended September 30, 2004 revenues were EUR150.0 million, up
22.1% compared with 3Q03 revenues of EUR122.9 million and up
4.1% compared with 2Q04 revenues of EUR144.0 million.  This top-
line growth is primarily due to a growth in corporate customer
revenue, an increase in residential DSL customers and the
consolidation of EUR4.0 million, being one month of revenue from
the acquisition of BerliKomm.

In total, on-net revenues for Versatel were EUR110.5 million for
3Q04 compared with EUR89.4 million in 3Q03 and EUR108.9 million
in 2Q04.  For the quarter ended September 30, 2004, gross margin
as a percentage of total revenues was 51.9% compared with 53.8%
in 3Q03 and 52.7% in 2Q04.  During 3Q04, gross margin as a
percentage of revenue declined slightly, primarily due to the
churn of narrowband dial-in revenue.  The continuing replacement
of low Average Revenue Per User (ARPU), high gross margin
percentage narrowband dial-in revenue with higher ARPU, lower
gross margin percentage, but more profitable broadband revenue
is expected and encouraged by Versatel, but it will continue to
have an impact on gross margin percentage as has been
highlighted in Versatel's previous forecasts.  This churn of
dial-in revenue in The Netherlands had an impact of
approximately EUR1.2 million on both a revenue and EBITDA basis
during 3Q04.

Raj Raithatha, Chief Executive Officer, on Wednesday said: "We
are pleased with the steady evolution of our business, which has
experienced continued top line growth amid the traditionally
slow holiday season of the third quarter.  We have been able to
compensate for the continued migration of narrowband customers
to broadband services through the diversity of our target
markets and revenue streams although we have deliberately held
off our marketing initiatives in Holland during the third
quarter to coincide with today's announcement of the rebranding
of Zon to Versatel."

Selling, general and administrative expenses (SG&A) for 3Q04 was
EUR47.7 million, up from EUR45.6 million in 3Q03 and compared
with EUR48.6 million in 2Q04.  Marketing expenditures for 3Q04
were EUR2.4 million compared with EUR2.3 million and EUR3.6
million in 3Q03 and 2Q04, respectively.  For the quarter ended
September 30, 2004, Versatel's result before interest, tax,
depreciation and amortization (EBITDA) was positive EUR30.2
million compared with positive EUR20.5 million in 3Q03 and
positive EUR27.3 million in 2Q04.  During the quarter, Versatel
recognized EUR0.5 million of EBITDA as a result of the
consolidation of BerliKomm.

Mark Lazar, Chief Financial Officer, commented: "Although this
is a historically weak quarter due to the holiday period and we
have seen a significant churn in our high margin dial-in
Internet revenue base, we have been able to continue our growth
trend in EBITDA on both an annual and sequential basis.  I think
this speaks to the value of our diversified customer focus and
validates the full service strategy in our markets.  We expect
to see a continuation of this EBITDA growth in the fourth
quarter, even though we will embark upon a more intensive
marketing effort in each of our markets than we did in this
quarter."

Versatel's net loss for the quarter ended September 30, 2004 was
EUR4.4 million compared with a net loss of EUR11.9 million in
3Q03 and a net loss of EUR4.1 million in 2Q04.

Versatel's capital expenditures (capex) for the third quarter of
2004 capex were EUR32.1 million compared with EUR21.7 million in
3Q03 and EUR25.3 million in 2Q04.

As of September 30, 2004, Versatel had EUR150.8 million in cash
on its balance sheet compared with EUR150.5 million at September
30, 2003 and EUR143.7 million at June 30, 2004.  This cash
balance does not reflect the impact of the issuance of the
convertible bond offering or the exercise of the warrants, which
both took place in October 2004 and resulted in approximately
EUR142 million of net proceeds for Versatel.

The company had a positive shareholders' equity position of
EUR523.5 million as of September 30, 2004, continues to reflect
the strength of its balance sheet.

As of 3Q04, Versatel had a deferred tax liability of EUR123.2
million on its balance sheet in respect of the gain related to
the completion of its 2002 financial restructuring, whereby any
subsequent losses in The Netherlands are recognized and taken
against this deferred tax liability.

Given our significant cash position, we continue to believe that
our organic business plan is fully funded without a need for
third party financing and that we have significant over-funded
cash resources to explore potential organic and acquisition
growth opportunities in our core markets.

Operational Highlights by Country:

The Netherlands:

Revenues in The Netherlands were EUR66.1 million in 3Q04
compared with revenues of EUR57.3 million in 3Q03 and EUR66.3
million in 2Q04.  EBITDA was positive EUR17.8 million in 3Q04
compared with positive EUR15.0 million in 3Q03 and positive
EUR16.9 million 2Q04.  Capital expenditures for the third
quarter 2004 were EUR13.3 million compared to EUR13.4 million in
3Q03 and EUR13.4 million in 2Q04.

The slight decline in revenue for the quarter was a direct
result of the continued churn of narrowband customers and the
seasonally impacted holiday period in 3Q04.  As stated earlier,
the churn of narrowband customers in The Netherlands had an
impact of approximately EUR1.2 million on revenue and EBITDA
during the third quarter 2004.  Excluding the effect of this
churn, our on-net revenue base in The Netherlands continued to
grow.  This growth was primarily driven by the provisioning of
corporate contracts that were signed earlier in 2004 and by the
continued expansion of our DSL customer base.  We also
experienced acceleration in the growth of our on-net revenue
base in the small and medium sized enterprise (SME) market.

As mentioned, during the quarter we experienced growth in our
residential DSL client base, which Versatel serves through its
Zon subsidiary.  During 3Q04 Zon added approximately 8,700 DSL
customers for a total of over 153,000 ADSL customers at the end
of the quarter.  Although these additions were less than
experienced in the previous quarters of 2004, this can largely
be explained by the seasonality of 3Q04 and our decision to
rebrand Zon into Versatel starting in 4Q04, which resulted in a
corresponding lack of marketing efforts during the quarter.  In
the coming quarters, we expect to launch further marketing and
sales efforts to continue to grow our business.

Raj Raithatha commented: "We continue to build upon our leading
alternative position in The Netherlands through a diverse
revenue mix.  During the quarter, we experienced continued
growth in our established corporate and residential revenue
streams, but we also experienced strong demand for our on-net
products, including ISDN-30 voice services following the
implementation of new sales initiatives targeting the SME
market, which we see as a positive development in the further
diversification of our business."

Germany:

Revenues in Germany were EUR68.6 million in 3Q04, up from
EUR54.9 million in 3Q03 and EUR62.9 million in 2Q04.  3Q04
EBITDA in Germany was positive EUR10.7 million compared with
positive EUR5.5 million in 3Q03 and positive EUR10.2 million in
2Q04.  Capital expenditures for the third quarter 2004 were
EUR17.2 million compared to EUR7.5 million in 3Q03 and EUR10.0
million in 2Q04.

During the quarter, BerliKomm was consolidated as of September
1, 2004, which resulted in EUR4.0 million of new revenue and
EUR0.5 million of new EBITDA for 3Q04.

Revenue growth during the quarter was primarily due to the
growth of our residential broadband service offering, as many of
the Central Offices that were announced earlier in the year
became operational and we were able to sell in new areas.
During the third quarter 2004, we added approximately 19,600 DSL
and ISDN on-net copper lines for a total of over 154,000 at the
end of the quarter.

Raj Raithatha commented: "I am pleased with the development of
our German business.  We believe we are well positioned to take
advantage of the rapidly growing demand for DSL services in
Germany.  In the coming months, we are planning to launch
targeted marketing campaigns in our regions targeting new
customers in order to best take advantage of the Christmas
buying season as well as launching an aggressive customer
retention policy targeted at converting our legacy on-net ISDN
voice customers to our broadband service offering.  We also plan
to develop our position in the Berlin market into new sales
through DSL network upgrades and a new marketing campaign."

Belgium:

Belgian revenues increased to EUR15.3 million in 3Q04 compared
with 3Q03 revenues of EUR10.7 million and 2Q04 revenues of
EUR14.8 million.  EBITDA in Belgium was positive EUR1.7 million
in 3Q04 compared to breakeven in 3Q03 and positive EUR0.2
million in 2Q04.  Capital expenditures for the third quarter
2004 were EUR1.6 million compared to EUR0.8 million in 3Q03 and
EUR1.9 million in 2Q04.

During the quarter, Versatel added approximately 5,300 DSL
customers in Belgium for a total of over 31,700 at the end of
the quarter.

Raj Raithatha commented: "Although our competition has responded
with budget ADSL offerings of their own, we believe in the
strength of the value proposition we are offering customers in
the Belgian market.

Revenue and EBITDA growth continues to be driven by the
increased number of DSL subscribers and we would like to
accelerate this growth through the launch of new services to
address untapped market demand.  Therefore, in the fourth
quarter of 2004 we expect EBITDA to decline compared to this
quarter as we market new products and sign up additional
customers."

2004 Financial Guidance Update:

For 2004, Versatel would like to update its guidance regarding
its revenue and EBITDA development as a result of the
consolidation of BerliKomm as of September 1, 2004.  The
following statements are based on Versatel's current
expectations.  These statements are forward-looking and actual
results may differ materially.

The positive impact of the consolidation of BerliKomm on our
2004 revenue guidance is EUR15.0 million, which reflects 4
months of consolidation into our financials.  Our EBITDA
guidance has also been updated to reflect the consolidation of
BerliKomm, but as we have decided to embark on a rebranding and
marketing initiative in Berlin, we expect EBITDA for the rest of
2004 from BerliKomm to be roughly breakeven.  However, excluding
these additional marketing and rebranding costs that will be
incurred in 4Q04, BerliKomm would generate at least EUR7.0
million of annualized EBITDA.

Capital expenditures as a result of the integration and stock
build up for our DSL roll out in Berlin associated with
BerliKomm will be approximately EUR5.0 million in 4Q04.  As we
do not believe this will have a material impact on the overall
capital expenditures for the group we have left our Free Cash
Flow guidance for 2004 unchanged, but this could result in a
variance in actual versus forecasted Free Cash Flow depending on
the timing of certain investments in Berlin.

We expect to see an increase in 4Q04 EBITDA for the group
compared to 3Q04 EBITDA, but we have not adjusted our guidance
range because we only do so in case of material changes in the
performance of the business compared to initial guidance.

Therefore, Versatel's current financial expectations for 2004
are:

(EUR millions)  2004  Old  2004  New
Revenue          570 -590  585  -595
EBITDA           110 -120  110  -120
Free Cash Flow
(EBITDA less Capex)
(20) - (10) (20) - (10)

Versatel Telecom International N.V. (Euronext: VRSA). Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of The
Netherlands, Belgium and Germany.  Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,900 employees.  Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services.  Versatel is a
publicly traded company on Euronext Amsterdam under the symbol
VRSA.  News and information are available at
http://www.versatel.com.

Financial reports are available free of charge at:
http://bankrupt.com/misc/Versatel_3Q2004.pdf

CONTACT:  VERSATEL N.V.
          AJ Sauer
          Corporate Finance & Investor Relations Manager
          Phone: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          E-mail: anoeska.vanleeuwen@versatel.nl


VERSATEL TELECOM: Dutch Unit to Trade as Versatel Beginning 2005
----------------------------------------------------------------
Versatel Telecom International N.V. announces that as of January
1, 2005, its wholly owned Dutch ISP subsidiary Zon will continue
its operations under the Versatel brand.  This re-branding
follows the company's group branding strategy to operate in all
countries under the same trademark -- Versatel.

The re-branding is the next step in creating a strong and
transparent structure for Versatel's Dutch operation in order to
take advantage of opportunities in both the business as well the
residential market.  Additionally, this process will make a one-
stop shopping model possible for both existing as well as
prospective customers.

Raj Raithatha, CEO of Versatel Telecom International N.V.,
comments: "With a uniform brand strategy we believe to be in a
better position to seize the sales opportunities in the Dutch
market.  By leveraging the knowledge and expertise within our
business and consumer units, we are building a strong brand and
a powerful company that is well on its way to reach a
significant scope and scale in The Netherlands."

Zon has been instrumental in offering innovative Internet
products.  By re-branding Zon to Versatel, the organization will
be able to offer a full suite of telecom products to consumers,
including telephony, mobile and broadband Internet services.
There will be no changes for existing Zon customers, other than
that they will receive their invoice from Versatel per January
1st onwards.  They will keep their Zonnet e-mail addresses, will
keep the same product benefits and customer service.

About Versatel Telecom International N.V.

Versatel (Euronext: VRSA), based in Amsterdam, is a competitive
communications network operator and a leading alternative to the
former monopoly telecommunications carriers in its target market
of the Netherlands, Belgium and Germany.  Founded in October
1995, the Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,900 employees.  Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services.  Versatel is a
publicly traded company on Euronext Amsterdam under the symbol
VRSA.

CONTACT:  VERSATEL N.V.
          AJ Sauer
          Corporate Finance & Investor Relations Manager
          Phone: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          E-mail: anoeska.vanleeuwen@versatel.nl


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


AGORA SA: Increasing Stake in 'Multimedia Plus'
-----------------------------------------------
Agora S.A. has entered into a conditional agreement to buy 52%
of the share capital of 'Multimedia Plus' Sp. z o.o. based in
Srem.  Multimedia broadcasts 'Rock Radio Wielkopolska'.

As a result of acquisition, Agora's stake in 'Multimedia' share
capital now totals 76%.  The shareholding entitles Agora to 76%
voting rights at the General Meeting of Shareholders.

Additional information:

(a) The investment is of a long-term nature and was financed
    from Agora's equity;

(b) Agora acquired 1,166 shares in the company's share capital
    of a total nominal value of PLN583,000 at the price totaling
    PLN800,000.  The book value of acquired shares in the
    issuer's books is PLN808,000;

(c) The condition of transfer of shares was fulfilled on 30 June
    2004;

(d) The vendors (two natural persons) were shareholders in
    'Multimedia' where -- prior to the acquisition of the above-
    mentioned shares -- Agora held 24% of shares entitling to
    exercising 24% of voting rights at the company's General
    Meeting of Shareholders.

                            *   *   *

On August 10, 2004, TCR-Europe reported that the magazine, radio
and outdoor advertising subsidiaries of Poland's leading media
group, Agora S.A., have continued to absorb mounting losses.
The company's remaining profitable business is its Gazet
Wyborcza, Poland's largest newspaper.

Agora reported year-on-year increase in consolidated revenues in
first half of this year.  For the second quarter, the company
recorded a net profit of PLN21.1 million, a 62.3% increase over
the previous year.


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


AQUA-VITA: Appoints Y. Rodionov Insolvency Manager
--------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on close joint stock company Aqua-Vita.
The case is docketed as A03-11016/04-B.  Mr. Y. Rodionov has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 656037, Russia, Altay region,
Barnaul, Post User Box 21/53.  A hearing will take place on
March 21, 2005, 9:00 a.m.

CONTACT:  AQUA-VITA
          659306, Russia, Altay region,
          Biysk, Smolniy p. 5

          Mr. Y. Rodionov
          Temporary Insolvency Manager
          656037, Russia, Altay region,
          Barnaul, Post User Box 21/53


KIMI-GEO-NEFT: Proofs of Claim Deadline Expires Next Month
----------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
proceedings against Kimi-Geo-Neft after finding the limited
liability company insolvent.  The case is docketed as A29-
346/04-3B.  Mr. V. Timashkov has been appointed insolvency
manager.  Creditors have until December 1, 2004 to submit their
proofs of claim to 169600, Russia, Komi republic, Pechora,
Pechorskiy Pr. 110.

CONTACT:  KIMI-GEO-NEFT
          169600, Russia, Komi republic, Pechora,
          Zheleznodorozhnaya Str. 59

          Mr. V. Timashkov
          Insolvency Manager
          169600, Russia, Komi republic,
          Pechora, Pechorskiy Pr. 110
          Phone/Fax: 8 (82142) 3-31-11


KURGAN-PRIBOR-INFORT: Kurgan Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
proceedings against Kurgan-Pribor-Infort after finding the
state-owned enterprise insolvent.  The case is docketed as A34-
4364/04-s26.  Mr. S. Muratov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 640000,
Russia, Kurgan, Yastrzhemskogo Str. 41.

CONTACT:  KURGAN-PRIBOR-INFORT
          640000, Russia, Kurgan,
          Yastrzhemskogo Str. 41

          Mr. S. Muratov
          Insolvency Manager
          640000, Russia, Kurgan,
          Yastrzhemskogo Str. 41


NALCHINSKIY TINNED: Ordered to Undergo Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Nalchinskiy Tinned Food Factory.  The case is docketed
as A20-2727/04.  Mr. E. Katyukha 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.

CONTACT:  NALCHINSKIY TINNED FOOD FACTORY
          Russia, Kabardino Balkariya republic,
          Nalchik, Studencheskaya Str. 48.

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


NIZHNETAGILSKAYA: Gives Creditors Until December to File Claims
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy proceedings against Nizhnetagilskaya (TIN 6648000266,
OGRN 1026602091119) after finding the poultry farm insolvent.
The case is docketed as A60-19713/2003-S3.  Ms. L. Yakimidi has
been appointed insolvency manager.  Creditors have until
December 1, 2004 to submit their proofs of claim to 620028,
Russia, Yekaterinburg, Post User Box 308.

CONTACT:  NIZHNETAGILSKAYA
          622936, Russia, Sverdlovsk region,
          Prigorodniy region, Pokrovskoye

          Ms. L. Yakimidi
          Insolvency Manager
          620028, Russia,
          Yekaterinburg, Post User Box 308
          Phone: (343) 373-43-86


NIZHNEVARTOVSK-NEFTE-KHIM-MONTAZH: Declared Insolvent
-----------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy proceedings against Nizhnevartovsk-Nefte-
Khim-Montazh after finding the close joint stock company
insolvent.  The case is docketed as A75-214-B/04.  Mr. M.
Galimov has been appointed insolvency manager.  Creditors have
until December 1, 2004 to submit their proofs of claim to
628616, Russia, Khanty-Mansiyskiy autonomous region,
Nizhnevartovsk-16, Post User Box 1266.

CONTACT:  NIZHNEVARTOVSK-NEFTE-KHIM-MONTAZH
          628616, Russia,
          Tyumen region, Nizhnevartovsk, 16

          Mr. M. Galimov
          Insolvency Manager
          628616, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk-16, Post User Box 1266
          Phone/Fax: (8-3466) 24-97-94


PERELESHINSKIY SUGAR: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on close joint stock company
Pereleshinskiy Sugar Refinery.  The case is docketed as A14-
8774/2004/62/16b.  Mr. S. Evtushenko has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 394000, Russia, Voronezhm Mira Str. 6, Room 39.

CONTACT:  PERELESHINSKIY SUGAR REFINERY
          Russia, Voronezh region,
          Paninskiy region, Pereleshinskiy

          Mr. S. Evtushenko
          Temporary Insolvency Manager
          394000, Russia,
          Voronezhm Mira Str. 6, Room 39


PROM-VENTILATION: Insolvency Manager to Temporarily Oversee Firm
----------------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on close joint stock company Prom-
Ventilation.  The case is docketed as A40-35026/04-95-24b.  Ms.
Y. Mironova has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 117556, Russia,
Moscow, Post User Box 39.  A hearing will take place on February
10, 2005, 10:00 a.m. at Russia, Moscow, N. Basmannaya Str. 10
(hall 709).

CONTACT:  PROM-VENTILATION
          105120, Russia, Moscow,
          Nastavnicheskiy Per. 11, Building 1

          Ms. Y. Mironova
          Temporary Insolvency Manager
          117556, Russia, Moscow,
          Post User Box 39


SIB-NEFTE-KOMPLEKT-MONTAZH: Bankruptcy Supervision Begins
---------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock
company Sib-Nefte-Komplekt-Montazh.  The case is docketed as
A75-287-B/04.  Mr. Y. Dadyko has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 628400, Russia,
Khanty-Mansiyskiy autonomous region, Surgut, East Prom. region,
Proezd 1PR.  A hearing will take place at 628012, Russia, Tyumen
region, Khanty-Mansiyskiy autonomous region, Khanty-Mansiysk,
Lenina Str. 54/1, Room 311 on December 20, 2004, 9:30 a.m.

CONTACT:  Mr. Y. Dadyko
          Temporary Insolvency Manager
          628400, Russia, Khanty-Mansiyskiy autonomous region,
          Surgut, East Prom. region, Proezd 1PR


WATER CHANNEL: Court Sets Hearing January Next Year
---------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Water Channel of Barnaul after finding the
close joint stock company insolvent.  The case is docketed as
A03-15344/03-B.  Mr. S. Pupkov has been appointed insolvency
manager.

Creditors have until December 1, 2004 to submit their proofs of
claim to 656002, Russia, Altay region, Vorovskogo Str. 140, Post
User Box 130.  A hearing will take place on January 24, 2005.

CONTACT:  WATER CHANNEL OF BARNAUL
          656016, Russia, Altay region, Barnaul,
          Vlasikhinskaya Str. 49/1

          Mr. S. Pupkov
          Insolvency Manager
          656002, Russia, Altay region,
          Vorovskogo Str. 140, Post User Box 130


YUKOS OIL: Seizure of Tomskneft-VNK Shares Stands
-------------------------------------------------
The Federal Arbitration Court of Moscow on Wednesday upheld the
seizure of Tomskneft-VNK's shares, Itar-tass reports.

The shares were among those seized in July together with those
of Yuganskneftegaz and Samaraneftegaz under the motion of the
court bailiff, seeking to extract payment for tax debts owed by
Yukos.  At the time, Yukos owed the government RUB99.3 billion
in taxes for 2000.  It cleared the debt after paying US$3.5
billion, but faces additional claims of RUB119 billion for 2001
and RUB193 billion for 2002.  Its total tax liability now stands
to RUB412.2 billion.

Yukos appealed the seizures, but failed to win favorable ruling.
In August, the Arbitration Court lifted its arrest order on
Yuganskneftegaz, but the victory was short-lived -- the same
court reversed its decision weeks later.  In September, the
Arbitration Court also rejected its appeal on the seizure of
Samaraneftegaz's shares.

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


YUKOS OIL: Calls EGM to Tackle Liquidation of Company
-----------------------------------------------------
The Board of Directors of Yukos Oil Company is calling an
Extraordinary General Meeting of shareholders on December 20,
2004 with the agenda including these issues:

(a) Approval of company's anti-crisis plan,

(b) Liquidation of the company, and

(c) Bankruptcy of the company.

Also the Board has decided to convene an Extraordinary General
Meeting of shareholders on January 13, 2005, the agenda of which
includes the issue of early discontinuation of the powers of
current Board of Directors members and election of a new Board.

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

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

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


YUKOS OIL: Court to Hear New Tax Debt Suit in Two Weeks
-------------------------------------------------------
The Moscow Arbitration Court will review on November 16 the
legality of an order by the Tax Ministry to collect RUB79
billion in tax debts from Yukos Oil.  The bill includes RUB50.76
billion in back taxes and RUB28.7 billion in penalties imposed
after tax checks for 2001.

The Ministry ordered in September to collect RUB119 billion in
taxes, penalties and fines, from Yukos, with the amount to be
automatically deducted from the company's accounts.  RUB40.6
billion is to be extracted as fines through the court.  Earlier
this month, the court okayed the claim, but reduced the amount
to RUB39.1 billion.

During the preliminary hearing Yukos asked for the replacement
of the judge handling the case on doubts regarding objectivity
and impartially.  The same judge rejected an appeal by Yukos
against a RUB99 billion tax demand for 2000.

The court decided that the appeal about disqualification of the
judge would be reviewed before the beginning of substantive
hearings.

During the same hearing, the court rejected an appeal on
engaging eight companies alleged to have helped Yukos evade
taxes in the capacity of third parties.  But it accepted
documents that Yukos believes might help prove the Tax
Ministry's claims are unlawful.

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


YUKOS OIL: Wants Judge Handling Tax Case Replaced
-------------------------------------------------
Yukos Oil has demanded the replacement of the judge presiding
over its tax debt cases, Interfax says.

The oil giant made the demand Tuesday at a preliminary court
hearing against a claim of the Tax Ministry Inspectorate for
Major Taxpayers.  The tax inspectorate is trying to recover from
Yukos around RUB50.76 billion in tax arrears and RUB28.5 billion
in penalties incurred in 2001.

Yukos is questioning the objectivity and impartiality of the
presiding judge, who chaired a judicial collegium that rejected
a recent appeal of the oil company.  The appeal was on a ruling
that allowed the Tax Ministry to recover RUB99 billion in tax
arrears for 2000.

The Tax Ministry decided to recover around US$2.7 billion in tax
arrears and penalties after a second review of Yukos tax
payments for 2001.

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


YUKOS OIL: Court Adjourns Case Against Khodorkovsky
---------------------------------------------------
The Meshchansky Court adjourned Tuesday proceedings in the trial
of former Yukos chief Mikhail Khodorkovsky, Reuters says.

The hearings will resume on November 9.  To date, the court has
called around 80 witnesses to the stand.  Mr. Khodorkovsky, who
was arrested October 25, 2003, is facing charges of fraud and
tax evasion.  Various public figures and human rights groups
coming from the country and abroad criticize his arrest,
claiming the cases are politically motivated.

The court have rejected several requests for bail.  The court
likewise granted state prosecutor Dmitry Shokhim's request to
extended Mr. Khodorkovsky's custody term for another three
months until February 14, 2005.

Authorities charged Yukos with another US$10 billion in unpaid
taxes Monday.  The oil giant now has accumulated debts of more
than US$17 billion.

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

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

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33


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


CAJA GRANADA: Individual Rating Affirmed at 'B/C'
-------------------------------------------------
Fitch Ratings affirmed Caja General de Ahorros de Granada's
ratings at Long-term 'A-', Short-term 'F2', Individual 'B/C' and
Support '3'.  The rating Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect Caja
Granada's strong local franchise and good asset quality and
profitability.  They also consider its regional concentration,
the challenge of increasing revenues and improving cost
efficiency in a competitive environment, and some appetite for
equity investments.

The caja's (savings bank) profitability is sound, supported by a
wider-than-average net interest margin (NIM).  This is primarily
due to 81% of assets being devoted to lending, funded mainly by
a large and relatively low cost deposit base.  However, NIM has
declined due to stiff competition and low interest rates.
Commission income has been increasing, albeit from a low base of
0.4% of average total assets at end-June 2004.  The
deterioration of its cost-to-income ratio (excluding financial
operations) to 66.8% at end-June 2004 from 63.4% at end-2002 is
largely explained by increased personnel and infrastructure
expenses, owing to expansion and rising depreciation costs.  In
the current complex operating environment, cost control,
diversifying revenue generation and preserving asset quality are
likely to remain important factors in supporting the caja's
profitability levels.

Caja Granada's asset quality has been improving in the last 18
months.  At end-June 2004, impaired-to-total loans ratio fell to
1.3% and loan loss reserve coverage reached 190%.  Liquidity has
tightened and the caja has accessed alternative funding sources
to fund its strong lending growth.  The caja's equity
investments represented 54% of end-June 2004 equity, which Fitch
considers high, though these are mainly long-term investments.
At end-June 2004, Caja Granada's total capital-to-weighted risk
ratio was 9.6%, aided by the issuance of subordinated debt, and
its Tier 1 ratio stood at 6.3%.

Caja Granada was the 20th largest caja (31st largest Spanish
banking group) by total assets at end-2003.  It is based in the
province of Granada, where 67% of its 458 branches were located
at end-June 2004.  Its main activities are mortgage lending to
individuals and to small- and medium-sized companies, funded by
customer deposits.

The credit research on Caja Granada is available on Fitch's
subscription Web site http://www.fitchresearch.comor call
Fitch's Ratings Desk in London on +44 20 7417 6300.

CONTACT:  FITCH RATINGS
          Roger Turro, Barcelona
          Phone: +34 93 323 8406

          Carmen Munoz
          Phone: +34 93 323 8408

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


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


AGROSINTEZ-PROMINVEST: Proofs of Claim Due this Week
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Agrosintez-Prominvest (code EDRPOU
31831363).  The case is docketed as 21/206.  Arbitral manager
Mr. Oleksij Zavgorodnij (License Number AA 630113) has been
appointed temporary insolvency manager.  The company holds
account number 26009320115421 at JSCB Ukrsocbank, Zaporizhya
branch, MFO 313010.

Creditors have until November 6, 2004 to submit their proofs of
claim to:

(a) AGROSINTEZ-PROMINVEST
    70033, Ukraine, Zaporizhya region,
    Vilnyanskij district,
    Lubimivka, Dzerzhinskij Str. 80 b

(b) Mr. Zavgorodnij Oleksi
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Centralnij Boulevard, 17/16
    Phone: 8 (0612) 49-08-51

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


BIRD TULCHINSKIJ: Proofs of Claim Deadline Nears
------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on Agricultural LLC Bird Combine
Tulchinskij (code EDRPOU 05413994).  The case is docketed as
10/139-04.  Arbitral manager Mr. Igor Golubij (License Number AA
783013) has been appointed temporary insolvency manager.  The
company holds account number 260018000006 at CB Praveksbank,
Vinnitsya branch, MFO 302742.

Creditors have until November 6, 2004 to submit their proofs of
claim to:

(a) BIRD COMBINE TULCHINSKIJ
    23652, Ukraine, Vinnitsya region,
    Tulchinskij district, Kirnasivka

(b) Mr. Igor Golubij
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    O. Teliga Str. 25-B/24
    Phone: (044) 211-45-02

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


EURO-METAL: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Rivne region has commenced bankruptcy
supervision procedure on LLC Euro-Metal-System-Ukraine.  The
case is docketed as 8/36.  Arbitral manager Mrs. Tamara Bokij
(License Number AA 250371) has been appointed temporary
insolvency manager.

CONTACT:  EURO-METAL-SYSTEM-UKRAINE
          35331, Ukraine, Rivne region,
          Rivne district, Gorodok,
          Shtejngel Str. 3a

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


FOBOS UNITED: Kyiv Court Appoints Liquidator
--------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
proceedings against Fobos United Development (code EDRPOU
24253361) after finding the close joint stock company insolvent.
The case is docketed as 43/135.  Arbitral manager Mr. I. Mihno
(License Number AA 668303) has been appointed
liquidator/insolvency manager.

The company holds account number 260063010111/980 at CJSC Prime-
Bank, MFO 30066 and account number
26004300100716/980/810/840/978 at JSCB South-European Bank, Kyiv
branch, MFO 322658.

CONTACT:  FOBOS UNITED DEVELOPMENT
          01010, Ukraine, Kyiv region,
          Moskovska Str. 7/47

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


KERCH' PROLIV: Insolvency Manager to Temporarily Oversee Firm
-------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Kerch' Fish Tin Plant Proliv (code EDRPOU
05773155) on September 16, 2004 after finding the open joint
stock company insolvent.  The case is docketed as 2-6/11851-1-
2004.  Arbitral manager Mr. Sergij Yushkevich (License Number AA
783063) has been appointed liquidator/insolvency manager.

CONTACT:  KERCH' FISH TIN PLANT PROLIV
          Ukraine, AR Krym region,
          Kerch, Kirov Str. 41

          Mr. Sergij Yushkevich
          Liquidator/Insolvency Manager
          Ukraine, AR Krym region,
          Simferopol, Zhukov Str. 4/b 1844

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


KONUS: Harkiv Court Launches Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Scientific-Technical Company Konus (code
EDRPOU 30291614) on September 9, 2004 after finding the limited
liability company insolvent.  The case is docketed as B-25/70-
04.  Mr. G. Babas (License Number AA 717975) has been appointed
liquidator/insolvency manager.

CONTACT:  Mr. G. Babas
          Liquidator/Insolvency Manager
          61157, Ukraine, Harkiv region,
          Selyanska Str. 76

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom,
          8th entrance


LOZOVA' AUTO 16347: Declared Insolvent
--------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LOZOVA' AUTO TRANSPORT ENTERPRISE 16347
(code EDRPOU 03115198) on September 21, 2004 after finding the
open joint stock company insolvent.  The case is docketed as B-
48/63-04.  Arbitral manager Mr. D. Zadruzhnij (License Number AA
249706) has been appointed liquidator/insolvency manager.  The
company holds account number 26002301770044 at Prominvestbank,
Lozova branch, MFO 351522

CONTACT:  LOZOVA' AUTO TRANSPORT ENTERPRISE 16347
          64600, Ukraine, Harkiv region,
          Lozova, Sevastopolskij lane, 26

          Mr. D. Zadruzhnij
          Liquidator/Insolvency Manager
          61157, Ukraine, Harkiv region,
          Pushkinska Str. 5/408

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom,
          8th entrance


PETRIKIVSKIJ ROZPIS: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on Petrikivskij Rozpis (code
EDRPOU 02968349).  The case is docketed as B 15/98/04.  Mrs. N.
Chesnova (License Number AA 047981) has been appointed temporary
insolvency manager.  The company holds account number
26003280005001 at JSPPB Aval, Dniprodzerzhinsk branch, MFO
305653.

CONTACT:  PETRIKIVSKIJ ROZPIS
          51800, Ukraine, Dnipropetrovsk region,
          Petrikivka, Levanevskij Str. 5

          Mrs. N. Chesnova
          Temporary Insolvency Manager
          Ukraine, Dnipropetrovsk region,
          Kirov Avenue, 28a/201
          Phone: (0562) 42-80-95

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


PLEMZAVOD UKRAINA: Bankruptcy Supervision Begins
------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Plemzavod Ukraina (code
EDRPOU 30508207).  The case is docketed as B 24/103/04.  Mr. V.
Gulyayev (License Number AA 719887) has been appointed temporary
insolvency manager.

The company holds account number 26000106877022 at CB
Privatbank, Dnipropetrovsk branch, MFO 305299.

CONTACT:  PLEMZAVOD UKRAINA
          51281, Ukraine, Dnipropetrovsk region,
          Novomoskovskij district,
          Znamenivka, Zhukov Str. 1

          Mr. V. Gulyayev
          Temporary Insolvency Manager
          Ukraine, Dnipropetrovsk region,
          Dniprodzerzhinsk, Skalika Str. 15/49

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


STAN: Succumbs to Insolvency
----------------------------
The Economic Court of Kyiv region has commenced bankruptcy
proceedings against Stan (code EDRPOU 30305045) after finding
the limited liability company insolvent.  The case is docketed
as 15/251-b.  Arbitral manager Mr. V. Krikun (License Number AA
669678) has been appointed liquidator/insolvency manager.  The
company holds account number 26002303155001/980 at JSCB TAS-
Komertsbank, MFO 300164.

CONTACT:  STAN
          01021, Ukraine, Kyiv region,
          Institutska Str. 29-a

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


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


AA ELEVEN: Owners Agree to Wind up Business
-------------------------------------------
Name of companies:
AA Eleven Ltd.
AA Six Ltd.
AA Ten Ltd.
Autoslave Ltd.
BTR Insurance Services Ltd.
Capecraft Ltd.
Crompton Parkinson Motors (Doncaster) Ltd.
Hawker Aircraft Ltd.
Henry Watson & Sons (Cylinders) Ltd.
Sorbo Forty-Five ltd.

At the extraordinary general meeting of the members of these
companies on October 22, 2004 held at Invensys House, Carlisle
Place, London SW1P 1BX, the special resolutions to wind up the
company were passed.  Robin Arthur Ellis of 2 The Elms, Church
Road, Claygate, Surrey KT10 0JT has been appointed liquidator
for the purposes of such windings-up.


ADVANCE WINDOWS: In Administrative Receivership
-----------------------------------------------
Nigel Howard and Stella Mary Howard called in Barry P. Knights
(Office Holder No 7503) administrative receiver for Advance
Windows And Conservatories Limited (Reg No 04043704, Trading
Name: Life Cover Direct.Co.UK Limited).  The application was
filed October 28, 2004.  The company deals insurance/reinsurance
policies.

CONTACT:  KNIGHTS & COMPANY
          Milford House, 43-55 Milford Street,
          Salisbury, Wiltshire SP1 2BP


BAE SYSTEMS: Denies Being Investigated by Serious Fraud Office
--------------------------------------------------------------
BAE Systems noted the announcement made by the Serious Fraud
Office.  Subsequent commentary has suggested that BAE Systems is
itself currently the target of the investigation.  BAE Systems
believes that this is not correct and there is a possibility
that BAE Systems may itself have been the victim of a fraud.
The SFO has confirmed that none of the eight locations searched
by it are BAE Systems' premises.

Issued by
BAE Systems plc
London

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


BARCLAYS AEROSPACE: Calls in Liquidators from Deloitte & Touche
---------------------------------------------------------------
Name of companies:
Barclays Aerospace Investment Management Limited
IMD Securities Limited
IMRY Properties Developments Limited
West central estate & property co. Limited
West Wickham Properties Limited

At the general meetings of these companies, the special,
ordinary and extraordinary resolutions to wind up the companies
were passed.  J. R. D. Smith and N. J. Dargan of Deloitte &
Touche, Athene Place, PO Box 810, 66 Shoe Lane, London EC4A 3WA
have been appointed joint liquidators of the companies.

CONTACT:  DELOITTE AND 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


BLUE TOP: Former Director Disqualified for Eight Years
------------------------------------------------------
The director of three IT businesses that failed with a combined
total deficiency estimated at around GBP716,000 has given an
Undertaking not to hold directorships or take any part in
company management for eight years.

The Undertaking by Pauline Wheeler-Reid, 51, of Church Street,
Theale, Reading, Berkshire was given in respect of her conduct
as a director of Blue Top Training Limited, Reidonly Limited and
Blue Top Communications Limited.  All operated from premises at
Church Street, Theale, Reading, Berkshire.

Acceptance of the Undertaking on October 8, 2004 prevents
Pauline Wheeler-Reid from being a director of a company or, in
any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for eight years.

Blue Top Training Limited (Training) & Blue Top Communications
Limited (Communications) were placed into voluntary liquidation
on October 22, 2002 with an estimated GBP345,000 owed to
creditors by Training and GBP164,000 by Communications.
Reidonly Limited was placed into voluntary liquidation on
November 19, 1999 with an estimated GBP207,000 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 Pauline Wheeler-Reid
were that she:

(a) Reidonly

    (i) failed to make payments to Her Majestys Customs &
        Excise.  At time of liquidation the total outstanding
        was GBP33,702;

   (ii) failed to take Pay As You Earn (PAYE) or National
        Insurance Contributions (NIC) from employees and failed
        to make any PAYE or NIC payments;

  (iii) failed to maintain, preserve and/or hand-over necessary
        wage records to either the Liquidator or the Inland
        Revenue; and

   (iv) continued trading to the detriment of the creditors left
        outstanding at the time of liquidation in particular the
        Inland Revenue and HMCE.

(b) Communications

    (i) continued trading to the detriment of creditors left
        outstanding at the time of liquidation in particular the
        Inland Revenue;

   (ii) failed to take PAYE and NIC contributions from employees
        or make any PAYE or NIC payments to the Inland Revenue;
        and

  (iii) failed to inform creditors that the company had stopped
        trading and continued to accept goods or services
        supplied to the business.

(c) Training

    (i) failed to maintain, preserve and/or hand-over sufficient
        wage records to calculate tax due for the financial
        years 2001/2002 and 2002/2003;

   (ii) transferred GBP56,432 from the company's bank account to
        herself and her daughter to the detriment of creditors
        between January 2001 and June 2002;

  (iii) continued trading when the company couldn't meet its
        liabilities, to the detriment of creditors, in
        particular the Crown; and

   (iv) caused Training to make loans to Communications, a
        company of which she was also the sole and managing
        director, at a time when Communications was making
        losses and not paying its debts as they fell due without
        taking any security or otherwise ensuring that the loans
        to Communications would be repaid.

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


CHESAPEAKE UK: Calls in Liquidator from Numerica
------------------------------------------------
At the extraordinary general meeting of the Chesapeake UK
Acquisitions II Plc on October 22, 2004 held at 1021 East Cary
Street, Richmond, Virginia, USA, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Colin Ian Vickers of Licensed Insolvency Practitioner, of
Numerica, 4th Floor, Southfield House, 11 Liverpool Gardens,
Worthing, West Sussex has been appointed liquidator for the
purpose of the voluntary winding-up.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


CHESHIRE CLOTHING: Davenham Trade Appoints Receiver
---------------------------------------------------
Davenham Trade Finance Limited called in David John Whitehouse
and Adrian John Wolstenholme (Office Holder Nos 8699, 8995)
joint administrative receivers for Cheshire Clothing Company
Limited (Reg No 4382267, Trade Classification: 08 Textiles and
Clothing Manufacturer).  The application was filed October 28,
2004.

CONTACT:  KROLL LIMITED
          1 Oxford Court,
          Bishopsgate, Manchester M2 3WR


EBLAW LIMITED: Hires KPMG as Liquidator
---------------------------------------
Name of companies:
Eblaw Limited
Caflaw Limited
Rechargeable Products UK Limited

At the extraordinary general meetings of these companies on
October 20, 2004 held at 1 Blagdon Road, New Malden, Surrey KT3
4TB, the special and ordinary resolutions to wind up the
companies were passed.  Stephen Treharne and Jeremy Simon Spratt
of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators for the purpose of such windings-up.

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


END OF LIFE: Directors Receive Eight-year Ban
---------------------------------------------
Two directors of a Liverpool scrap metal business that failed
with debts of more than GBP288,000 have both been disqualified
from acting as company directors for eight years.

Brian Till of Fairhurst Drive, Parbold, Wigan, and Anthony Close
of Strawberry Fields, Chorley, were both directors of End of
Life Vehicle Services Limited, which carried on business from
premises at Unit 3, Simonswood Industrial Estate, Stopgate Lane,
Kirkby, Merseyside.

The company was placed into voluntary liquidation on July 15,
2002 with estimated debts of GBP288,560 owed to its creditors.

The Disqualification Order, made on October 27, 2004 in the
Manchester County Court, prevents Brian Till and Anthony Close
from being directors 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.

In his judgment, District Judge Gosnall said that Mr. Till and
Mr. Close's conduct as directors "showed a callous disregard for
the rights of members of the public" and "showed a lack of
commercial probity if not dishonesty".

The matters of unfit conduct, found by the court, were that both
Brian Till and Anthony Close:

(a) Caused or allowed End of Life to trade when they knew or
    should have known that the company was insolvent and that
    trading thereafter was at the risk and ultimate expense of
    creditors; and

(b) Caused or allowed the company to trade to the detriment of
    the crown in that no payments were made in respect of the
    PAYE/NIC throughout End of Life's trading.

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

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

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

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


ENERGIS PLC: Requests Anti-trust Probe Against Eircom
-----------------------------------------------------
Energis plc, Ireland's leading independent telecoms company
called on Minister Dempsey to address Eircom's cynical
manipulation of the market and the regulator.

Reflecting on the lack of progress to date in generating
competition and competitiveness in the telecoms market, Conal
Henry, MD of Energis Ireland said: "This minister must now judge
Eircom by its actions and not its words.  We're constantly being
told what a great asset Eircom is for the Irish economy, its
actions would suggest otherwise."

Eircom is:

(a) Fleecing businesses and consumers by increasing compulsory
    line rental charges by 25% in twelve months

(b) Driving competition out of the market by charging TEN times
    more than BT for interconnect charges for competitors

(c) Throttling regional expansion by taking two years to
    implement ComReg's directive on PPC's and then offering
    reduced service standards to competitors

(d) Smothering Ireland's international competitiveness by making
    the Celtic Tiger the SECOND WORST country in the E.U. for
    broadband availability.

Investment in a Regional MAN infrastructure shows that this
government is committed to a competitive telecoms market.  Now
is the time to take on the biggest barrier to government policy
-- Eircom.

Henry continues: "We call on the minister and ComReg to take
immediate action to reduce Eircom's wholesale line rental and
interconnect charges and regulate the service standards it
provides.

"Most importantly the Minister must now reject Eircom's bona
fides and the assumption that it supports the policy of this
government - it does not."

                            *   *   *

Energis is a technology-driven communications company.  Its aim
is to help the largest and most successful organizations and
public institutions in the U.K. and Ireland achieve their
business goals using technology.  Its range of solutions include
data, voice, call centre and Internet and hosting services.
Major customers include the BBC, Boots, Centrica, Royal &
SunAlliance, Tesco, Wanadoo and the U.K. Government.

CONTACT:  ENERGIS PLC
          Media Centre
          Direct Dial: +44 (0)118 919 3499
          Switchboard: +44 (0) 20 7206 5555
          Web site: http://www.energis.com


FREDORIS LIMITED: Appoints Liquidator from Numerica
---------------------------------------------------
At the extraordinary general meeting of the Fredoris Limited
(formerly F R Jones Limited) on October 22, 2004 held at 1 The
Avenue, Eastbourne, East Sussex BN21 3YA, the special, ordinary
and extraordinary resolutions to wind up the company were
passed.  Colin Ian Vickers of Numerica, Southfield House, 11
Liverpool Gardens, Worthing BN11 1RY has been appointed
liquidator for the purpose of the voluntary winding-up.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


HARROGATE MANAGEMENT: Names Kroll Limited Administrator
-------------------------------------------------------
Stuart Charles Edward Mackellar and Charles Peter Holder (IP Nos
6883 and 9093) have been appointed administrators for Harrogate
Management Centre Limited.  The appointment was made October 26,
2004.  The company offers management services.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 Albion Street, Leeds LS1 5AP


HSBC HOLDINGS: Brings in Liquidator from Deloitte & Touche
----------------------------------------------------------
At the general meetings of the HSBC Holdings U.K. Limited, the
special and ordinary resolutions to wind up the company were
passed.  J. R. D. Smith and N. J. Dargan of Deloitte & Touche,
Athene Place, 66 Shoe Lane, London EC4A 3WA have been appointed
liquidators of the company.

CONTACT:  DELOITTE AND 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


HUMBERSTON PARK: Creditors' Meeting Set Next Week
-------------------------------------------------
The creditors of Humberston Park Golf Club Limited will meet on
November 12, 2004 commencing at 11:00 a.m.  It will be held at
Alexandra Dock Business Centre, Fisherman's Wharf, Grimsby,
North East Lincolnshire DN31 1UL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to CRG Insolvency and Financial Recovery, Alexandra
Dock Business Centre, Fisherman's Wharf, Grimsby, North East
Lincolnshire DN31 1UL.

CONTACT:  CRG INSOLVENCY AND FINANCIAL RECOVERY
          Alexandra Dock Business Centre, Fisherman's Wharf,
          Grimsby, North East Lincolnshire DN31 1UL


HYMET SERVICES: Insolvency Service Bans Two Directors
-----------------------------------------------------
Two directors of a consultancy business for the detection of
underground cables and pipe work that failed with total debts
estimated at around GBP520,000, have given Undertakings not to
hold directorships or take any part in company management for
five years.

The Undertakings by Paul Salisbury, 37, of Fambridge Road,
Dagenham, Essex, and David John Brown, 38, of Willow Street,
Romford, Essex, were given in respect of their conduct as
directors of Hymet Services Limited (Hymet), Detectaplant
Planning and Design Limited (Planning and Design), Detectaplant
Surveying Limited (Surveying) and Detectaplant Curo Limited
(Curo), that carried out business from premises at Suite 11,
First Floor, South Park Business Centre, 310 Green Lane, Ilford,
Essex.

Acceptance of the Undertakings on October 26, 2004 in respect of
Mr. Salisbury and October 15, 2004 in respect of Mr. Brown
prevents them from being directors of a company, or in any way
being concerned or taking part in the promotion, formation or
management of a company for the five years.

Hymet was placed into liquidation on August 8, 2002 with
estimated debts of GBP359,000 owed to creditors.  Planning and
Design, Surveying and Curo were placed into liquidation on July
16, 2003 with estimated debts of GBP65,000, GBP53,240 and
GBP43,000 owed to creditors respectively.

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 either by Mr. Salisbury
and Mr. Brown, were that:

(a) they caused Hymet Services Limited to fail to account
    properly to Crown Departments in that they failed to make
    any payments in respect of Corporation Tax, PAYE and NIC;
    the result was a deficit to the Crown of GBP357,216;

(b) they caused Detecta Planing and Design Limited to fail to
    account properly to Crown Departments in that they failed to
    make any payments in respect of VAT, PAYE and NIC; the
    result was a deficit to the Crown of GBP54,823;

(c) they caused Detecta Surveying Limited to fail to account
    properly to Crown authorities in that they failed to make
    any payments in respect of VAT, PAYE and NIC; the result was
    a deficit to the Crown of GBP53,063; and

(d) they caused Detectaplant Curo Limited to fail to account
    properly to Crown authorities in that they failed to make
    any payments in respect of VAT, PAYE and NIC; the result was
    a deficit to the Crown of GBP36,242.

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


INDUSTRIAL AUTOMATED: Members Opt to Liquidate Company
------------------------------------------------------
Name of companies:
Industrial Automated Systems Ltd.
West Gate Industrial Ltd.

At the extraordinary general meeting of the members of these
companies on October 22, 2004 held at Invensys House, Carlisle
Place, London SW1P 1BX, the special resolutions to wind up the
companies were passed.  Robin Arthur Ellis of 2 The Elms, Church
Road, Claygate, Surrey KT10 0JT has been appointed liquidator
for the purpose of such windings-up.


KEYLINK WOLVERHAMPTON: Director Banned from Holding Exec Post
-------------------------------------------------------------
The director of a Recruitment Agency business that failed with
total debts estimated at around GBP213,000 have given an
Undertaking not to hold a directorship or take any part in
company management for seven years.

The Undertaking by Gavin Lloyd Broome, 37, of Bracken Way,
Rugeley, Staffordshire, was given in respect of his conduct as a
director of Keylink Wolverhampton Limited, which carried out
business from premises at Office 119, Sunbeam Studios,
Wolverhampton, West Midlands.

Acceptance of the Undertaking on October 20, 2004 prevents Gavin
Lloyd Broome from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.

Keylink Wolverhampton Limited was placed into liquidation on
September 25, 2002 with estimated debts of GBP213,000 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 Gain Lloyd Broome,
were:

(a) He acted in contravention of the Insolvency Act 1986 by
    reusing the Keylink name when it had been prohibited for him
    to do so; this was the direct result of having been a
    director of Keylink Recruitment Limited, which entered
    liquidation on October 19, 2001; and

(b) He caused the company to enter into transactions to the
    detriment of creditors, particularly the Crown.

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

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

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


LODGE FARM: Cattles Invoice Appoints Jacksons Jolliffe Receiver
---------------------------------------------------------------
Cattles Invoice Finance Limited called in Matthew Colin Bowker
and David Antony Willis (Office Holder Nos 8106, 9180) joint
administrative receivers for Lodge Farm Eggs Limited (Reg No
01612158, Trade Classification: 5117).  The application was
filed October 20, 2004.  Formerly named Lincolnshire Farm Eggs
Limited, the company sells food, drink and tobacco.

CONTACT:  JACKSONS JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Web site: http://www.jjcork.co.uk


MCM TEXTILES: Calls Creditors' Meeting
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF MCM Textiles Limited
                         (In Liquidation)

Notice is hereby given that by an Interlocutor of Ayr Sheriff
Court dated September 28, 2004, I was appointed Interim
Liquidator of MCM Textiles Limited.

Pursuant to Section 138(4) of the Insolvency Act 1986, the First
Meeting of Creditors of MCM Textiles Limited will be held within
the offices of BDO Stoy Hayward, Chartered Accountants,
Ballantine House, 168 West George Street, Glasgow G2 2PT on
Tuesday November 9, 2004 at 3:00 p.m. for the purpose of
choosing a Liquidator who may either be the Interim Liquidator
or any other such person qualified to act as Liquidator;
appointing a Liquidation Committee and considering the other
Resolutions specified in Rule 4.12(3) Insolvency (Scotland)
Rules 1986.

To be entitled to vote at the meeting, creditors must have
lodged their claims with me at or before the meeting.  Voting
may either be in person by the creditor or by form of Proxy,
which, to be valid, must be lodged with me at the address below
before or at the meeting.

David J. Hill, CA, Interim Liquidator
October 25, 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


MYTRAVEL GROUP: Considering Scheme of Arrangement as Plan B
-----------------------------------------------------------
The Board of MyTravel is continuing to pursue a consensual
restructuring which requires the agreement of the company's
lending banks and facility providers and the approval of the
company's convertible bondholders and ordinary shareholders.
Indications of agreement have already been received from lending
banks and facility providers holding a majority of the
commitments involved.  Circulars will be sent to the
shareholders and the convertible bondholders in due course.

While the Board would prefer to implement the restructuring on a
consensual basis, it believes it is appropriate to prepare a
contingency plan in case agreement is not reached.  Accordingly,
MyTravel is beginning a parallel process to implement the
restructuring using a scheme of arrangement under section 425 of
the Companies Act 1985.  The company has commenced the process
of seeking the directions of the court to convene the meetings
of shareholders and creditors required to approve the scheme.
The initial hearing at which the court will be asked to give
directions to convene these meetings is expected to take place
on 18 November.

A scheme of this kind requires the approval of the creditors of
the MyTravel Group plc, primarily the lending banks and facility
providers, and its shareholders, but does not require the
approval of the bondholders.  The scheme involves the creation
by the company of a new holding company and transferring to that
new holding company all the assets of the company.  The new
holding company issues shares to existing ordinary shareholders
and to the converting creditors, as in the consensual
restructuring proposal.  The new holding company assumes all
responsibility for payment of all liabilities of the company,
including trade creditors, other than liabilities such as the
obligations to bondholders that are subordinated in a winding up
of the company.  This allows the new holding company to carry on
as holding company of the MyTravel Group free of claims by the
bondholders.  The scheme will not affect creditors of
subsidiaries.

Under the consensual restructuring proposal, bondholders will be
offered conversion into shares representing 8% of the enlarged
share capital of the company.  Unless by 17 November 2004 a
sufficient majority of bondholders has entered into voting
agreements undertaking to support the consensual restructuring
proposal, the bondholders' share will be reduced to 4%.  If the
scheme is implemented instead of the consensual process, the
offer to bondholders will be reduced to 2%.  Shareholders will
retain 4% of the enlarged share capital whether the
restructuring is implemented on the consensual basis or under
the scheme of arrangement.

CONTACT:  BRUNSWICK GROUP LLP
          Fiona Antcliffe
          Sophie Fitton
          William Cullum
          Phone: 020 7404 5959


MYTRAVEL GROUP: Bondholders Warn of Insolvency
----------------------------------------------
The ad hoc convertible bondholder committee of holders of
MyTravel Group plc's GBP216 million 7% Convertible Bonds due
2007, represented by Cadwalader, Wickersham & Taft LLP and
Houlihan, Lokey, Howard & Zukin (Europe) Limited, has seen the
Company's restructuring announcement and authorized this
statement on the Committee's behalf:

"The Committee is disappointed that the Company has taken
precipitative action to file a scheme of arrangement without
first negotiating with convertible bondholders.  The Committee
is concerned that the Company's conduct may make insolvency
proceedings more likely.  The proposal does not have the
Committee's support.  The Committee's preference remains a
consensual deal but it must be a fair deal."

CONTACT:  CADWALADER, WICKERSHAM & TAFT LLP
          Andrew Wilkinson
          Phone: +44-0-20-7170-8740
          E-mail: andrew.wilkinson@cwt-uk.com
          or
          HOULIHAN, LOKEY, HOWARD & ZUKIN (EUROPE) LIMITED
          Peter Marshall
          Phone: +44-0-20-7747-2724
          E-mail: pmarshall@hlhz.com


NSA (EUROPE): Hires McTear Williams & Wood as Administrator
-----------------------------------------------------------
Andrew McTear and Chris Williams (IP Nos 007242, 008772) have
been appointed administrators for NSA (Europe) Limited.  The
appointment was made October 22, 2004.  The company manufactures
machine tools.

CONTACT:  MCTEAR WILLIAMS & WOOD
          90 St Faiths Lane,
          Norwich NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: mail@mw-w.com
          Web site: http://www.mw-w.com


OAKWOOD HOMES: Names Kroll Limited Administrator
------------------------------------------------
David John Whitehouse and Simon Wilson (IP Nos 8699, 8963) have
been appointed administrators for Oakwood Homes Limited.  The
appointment was made October 28, 2004.  The company purchases
and develops land.

CONTACT:  KROLL LIMITED
          1 Oxford Court,
          Bishopsgate, Manchester M2 3WR


PANTON FILM: Special Winding up Resolution Passed
-------------------------------------------------
At the extraordinary general meeting of the members of the
Panton Film Distributors Limited on October 25, 2004 held at
Bridge House, London Bridge, London SE1 9QR, the special
resolution to wind up the company passed.


PAYCHECK SERVICES: Appoints Begbies Traynor Administrator
---------------------------------------------------------
Name of companies:
Paycheck Services 44 Limited
PC 45 Limited

Paul Stanley and Stephen L. Conn (IP Nos 1065, 1762) have been
appointed administrators for these companies.  The appointment
was made October 19, 2004.  Its registered office is located at
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP.

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


PREMIER FOODS: Long-term Rating Withdrawn After Debt Payment
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit rating on U.K.-based food manufacturer Premier
Foods PLC.  The ratings on related entity Premier Financing Ltd.
were also withdrawn.

The company, following the redemption of its subordinated notes
in September 2004, requested the withdrawal of all ratings.

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

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


QUADSECT LIMITED: Calls in Administrators from Begbies Traynor
--------------------------------------------------------------
P. M. Davis and T. J. E. Dolder (IP Nos 9008, 7805) have been
appointed joint administrators for Quadsect Limited.  The
appointment was made October 22, 2004.

The company offers printing services.  Its registered office is
located at Unit 17, Deptford Trading Estate, Black Horse Road,
Deptford, London SE8 5HY.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill,
          London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


SEDAO TECHNOLOGY: Hires Joint Administrators from Harrisons
-----------------------------------------------------------
Paul Robert Boyle and John Christopher Sallabank (IP Nos 008897,
008099) have been appointed joint administrators for Sedao
Technology Limited.  The appointment was made October 22, 2004.
Its registered office is located at The Cavendish Centre,
Winnall Close, Winnall Manor Road, Winchester, Hampshire SO23
0LB.

CONTACT:  HARRISONS
          4 St Giles Court,
          Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


RAILFORCE LIMITED: Sets Creditors' Meeting Next Week
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Railforce Limited
                        (In Liquidation)

I, Ian W Wright, hereby give notice that I was appointed Interim
Liquidator of Railforce Limited on October 5, 2004, by
Interlocutor of the Sheriff of Glasgow and Strathkelvin at
Glasgow.

Notice is also given that the First Meeting of Creditors of
Railforce Limited will be held at the offices of Haines Watts,
James Miller House, 98 West George Street, Glasgow, G2 1PJ, on
November 12, 2004 at 10:30 a.m. for the purposes of choosing a
Liquidator and of determining whether to establish a Liquidation
Committee.

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

A resolution will be passed when a majority of those voting have
voted in favor of it.  For the purpose of formulating claims,
creditors should note that the date of commencement of the
Liquidation is March 21, 2003.

Ian W Wright, Interim Liquidator

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


SOUTHWOOD DEVELOPMENTS: Hires D. E. Jeal as Liquidator
------------------------------------------------------
At the extraordinary general meeting of the members of the
Southwood Developments Limited on October 18, 2004 held at 9
Alexandra Court, Newquay, Cornwall TR7 3NJ, the special
resolution to wind up the company was passed.  Derek Anthony
Jeal of Parkway House, 1 Pityme Business Centre, St Minver,
Wadebridge, Cornwall PL27 6NU has been appointed liquidator for
the purpose of such winding-up.


TURNER & NEWALL: Court Backs Trustees' Stand on Rescue Plan
-----------------------------------------------------------
Trustees of Turner & Newall's pension fund were pleased the High
Court gave them assurance they are entitled to reject a U.S.-
devised restructuring plan for the trust.

Justice Patten said the trustees may vote against the plan
without breaching fiduciary duty to members, according to The
Telegraph.  They have until November 17 to vote on the rescue.
The trustees have rejected an offer from creditors of U.S.
parent company Federal Mogul of a one-off GBP130 million payment
into the fund, which is feared to face a GBP875 million gap.
They said the restructuring plan, dubbed 'Let it Run', is
structurally unfair.  The creditors are now offering US$25
million a year for the first three years, plus a promise of
ensuring the scheme is fully funded within a decade.

Alexander Forbes, spokesman for the independent trustees, is
pleased the court confirmed their earlier arguments regarding
the proposal: "We informed Federal from the outset that the 'Let
It Run' proposal for the pension scheme was not workable.  The
court has confirmed this.  We continue to discuss and analyze an
alternative proposal made by Federal and its creditors though
there are significant concerns that this alternative may,
likewise, turn out to be unworkable."

Mr. Justice Patten said: "It seems to me that the trustees would
be open to attack, were they now to seek to implement 'Let it
Run' in the face of the actuarial and investment advice they
have received."

The trustees are asking assurances that the T&N companies are
strong enough to support the new pension scheme offer before
they can approve the rescue deal.


YORKSHIRE CHEMICALS: HSBC Bank Brings in Receiver from PwC
----------------------------------------------------------
Name of companies:
Yorkshire Chemicals Plc
Yorkshire Industries Limited
Yorkshire Group Plc

HSBC Bank Plc called in Stephen Andrew Ellis, Roger Marsh and
David Costley-Wood (Office Holder Nos 8843, 5925, 9336) joint
administrative receivers for these companies.  The  application
was filed October 25, 2004.

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


                            *********


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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