TCREUR_Public/041110.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

          Wednesday, November 10, 2004, Vol. 5, No. 223

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Loss Down to -EUR13.6 Mln in First Nine Months


C Z E C H   R E P U B L I C

JIHOCESKE PAPIRNY: Government Stake Attracts Nine Bidders


F I N L A N D

METSO CORPORATION: Exchanging EUR500 Million Notes


F R A N C E

RHODIA SA: Launches New Products at Dusseldorf Trade Fair
RHODIA SA: Sells Filtration Subsidiary for Undisclosed Sum


G E R M A N Y

ALBERT INGENIEUR: Claims Deadline Nears
BERGNER & WEISER: Magdeburg Court Appoints Administrator
BUCHEXPRESS SERVICEBUCHHANDEL: Under Bankruptcy Administration
E. HEINEMANN: Nuremberg Court Appoints Administrator
E. LAUBE: Consultancy Firm Applies for Bankruptcy Proceedings

FUN-WORKS: Administrator Takes over Food Catering Operations
HAUSTECHNIK WILDAUER: Claims Deadline Expires January
HEIDELBERGER DRUCKMASCHINEN: Back in Black After Six Months
HEINRICH LOHMANN: Walsrode Court Appoints Administrator
HORNBACH HOLDING: Gets 'BB' Corporate Credit Rating from S&P

KAJOCUT SPEZIALSCHNEIDSTOFFE: Declared Bankrupt
KARTING COLOGNE: Under Bankruptcy Administration
KESKIC-BAU: Sets Creditors' Meeting Third Week of December
PHS SIMON: Creditors' Claims Due Next Week
RETTER AUTOINNENAUSSTATTUNG: Sets Creditors' Meeting December

STADT BAHNGLEIS: Public Auction of Assets Set this Week
STUNKEL ENGINEERING: Administrator's Report Out January
WESTLB AG: Partners With NORD/LB in Selling Non-performing Loans

* Collective Bankruptcy Auction Tomorrow


I R E L A N D

ELAN CORPORATION: Anti-multiple Sclerosis Drug Shows Promise


I T A L Y

ALITALIA SPA: Chastised for Failure to File Financial Reports
ALITALIA SPA: To Release Third-quarter Results this Week
PARMALAT FINANZIARIA: Administrator Sues Citigroup in Parma


L U X E M B O U R G

MILLICOM INTERNATIONAL: To Form Joint Venture in Vietnam
TK ALUMINUM: Earns Upgrade Following Positive End to Price Row


N O R W A Y

PETROLEUM GEO-SERVICES: Technical Glitch Hampers Varg Production
STOLT OFFSHORE: Wins US$70 Mln Deal in Africa & Mediterranean


P O L A N D

ELEKTRIM SA: Govt Demands Concrete Financing Program for ZE PAK
KOMPANIA WEGLOWA: Reveals New Plans to Brace Footing


R U S S I A

AERATED CONCRETE: Undergoes Bankruptcy Supervision Procedure
AGRO-KHIM-PARTNER: Altay Court Appoints Insolvency Manager
BIZON: Insolvency Manager to Temporarily Oversee Business
KRUTINSKIY: Omsk Court Sets February Hearing
M-TEKH-SNAB: Altay Court Opens Bankruptcy Proceedings

ONEZHSKIY METALLURGICAL: Under Bankruptcy Supervision
PODZEM-STROY: Bankruptcy Case Pending Before Irkutsk Court
REINFORCED CONCRETE: Appoints V. Ivanov Insolvency Manager
SWEET CARAMEL: Altay Court to Hear Bankruptcy Case January
TROJAN-BEER: Insolvency Manager Takes over Helm


U K R A I N E

AVTOMOBILNA BAZA: Court Appoints Temporary Insolvency Manager
CRYOGENIC TECHNOLOGIES: Bankruptcy Proceedings Begin
DNIPROPETROVSK' TABACCO: Declared Insolvent
EKRAN: Ordered to Undergo Bankruptcy Supervision Procedure
GUSYATINSKIJ ELEVATOR: Under Bankruptcy Supervision

KRASNOPAVLIVSKIJ BREAD: Claims Deadline Expires this Week
LUGOVE: Insolvency Manager Takes over Operations
OLHAIVEST: Rivne Court Opens Bankruptcy Proceedings
SARNI' FURNITURE: Sets Public Auction Next Week
TRADE CAPITAL: Proofs of Claim Deadline Expires Tomorrow


U N I T E D   K I N G D O M

240103 LIMITED: Directors Receive Five-year Ban
ABBEY NATIONAL: Court to Review Proposed Capital Reduction
ALEXANDER INNS: Members General Meeting Set Next Month
BISHOPSGATE MARKETING: Calls in KPMG Liquidators
BLACKDOWN WOODLANDS: Members Final Meeting Set

BOND CONNECT: Liquidator to Bare Final Report Later this Month
BRAND ENVIRONMENT: Members General Meeting Set December
CANNING CHEMICALS: Liquidator's Final Report Out December
CSR GYPSUM: Hires Joint Liquidators from PricewaterhouseCoopers
E.B. EDUCATION: Names Oury Clark Liquidator

ENI AOG: Owners Agree to Wind up Company
EURODIS ELECTRON: Partners with ATeG in Promoting Products
GINPEP LIMITED: Names Ernst & Young Liquidator
HGACC LIMITED: Members Opt to Dissolve Firm
HOOPSTER LIMITED: Hires M. H. Linton as Liquidator

HUTCHINTS LIMITED: Calls in Liquidator from Ernst & Young
INVENSYS PLC: Board Member Simon Robertson Stepping down
JARVIS PLC: Expects Project Cost to Overrun by GBP80 Million
JOVE INVESTMENT: Calls in Liquidator
KENT PLASTICS: Hires PricewaterhouseCoopers as Liquidator

LOTUS WATER: Receivers Sell Business as Going Concern
MARCONI CORPORATION: Unveils New Networking Device
MIDLAND BUILDING: Appoints Moore Stephens Liquidator
MINDOR LIMITED: Names Begbies Traynor Liquidator
NORTHERN STAR: Special & Ordinary Winding up Resolutions Passed

NTL INCORPORATED: Closes Virgin.net Buyout
PHARMAIMAGING GROUP: Calls in Administrator from Kroll
R J KILN: Performance Rating Raised to 'B-' Below Average
SILVERDRIVE COMPUTER: Insolvency Service Bans Directors
STARPHARMS GLOBAL: Hires Ian Franses Associates as Administrator

STEWART PLASTICS: Business for Sale
TIMESPAN GROUP: Names Smith and Williamson Limited Administrator
TURNER & NEWALL: Trust Members Welcome Govt's Pension Ruling
UNIQ PLC: Reports GBP14.2 Mln Loss on Ordinary Activities


                            *********


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


VA TECHNOLOGIE: Loss Down to -EUR13.6 Mln in First Nine Months
--------------------------------------------------------------
Third-quarter 2004 result shows record order growth and higher
sales.

Highlights:

(a) Largest order increases in the Metallurgy and Infrastructure
    Divisions,

(b) Operative result (EBITA) excluding one-off effects more than
    doubled,

(c) Resizing on schedule in the transformer production and Water
    Systems areas,

(d) New reporting structure used for the presentation of Group
    results

At a press conference in Vienna, Klaus Sernetz, VA Technologie
AG Chairman, stated, "The exceptionally positive market
developments in the iron and steel industry, as well as the
systematic application of the Group strategy of exploiting the
opportunities provided by international growth markets led to a
15% increase in third quarter order intake to a new record level
of EUR3.6 billion.

"During the period from January to September this year, order
backlog rose by 15% to EUR4.9 billion and sales were up by 6% at
EUR2.8 billion.  The energy sector also demonstrated a growing
readiness to invest, although there were some regional
differences.  Moreover, notable impulses for the capital goods
industry, building systems and business at municipal level have
derived from E.U. expansion, which are of major importance to
our Infrastructure Division."

Mr. Sernetz stressed: "The clear objective of the Managing Board
is the conclusion of reorganization within the Group and the
seizing of the opportunities offered by the international growth
regions, in order that positive Group development can be
nurtured on an independent basis.  The resizing of Water Systems
and the correction of the loss situation in the transformer
production segment will be completed by the end of the year.

Capital Increase Approved

At an Extraordinary Shareholders' Meeting held on September 21,
2004, a proposal for a capital increase was approved with a
majority of 95% of the voting rights present.  The VA TECH
Managing Board is thus empowered to increase Group share capital
through the issue of up to 3,829,760 shares (max. 25% of share
capital).

VA TECH Managing Board Complete

During the current year, the VA TECH Managing Board has
undergone changes, but has now attained its definitive
constellation.  Klaus Sernetz took over the chairmanship on July
1 and Gerhard Falch was appointed as his deputy, while still
retaining his responsibilities for the Metallurgy Division.
Other Board members are: Christian Habegger, who is now in
charge of the Power Generation and Power Transmission and
Distribution Divisions; CFO Hanno M. Bastlein (since October 1)
and Jurgen Wild, who took over the Infrastructure Division on
November 2.

Changes to the Reporting Structure

In order to achieve a simpler and clearer presentation of Group
results, notional interest from the balance of advance payments
made and received has no longer been allocated to sales.

Consequently, results in the operating area (EBIT and EBITA) are
lower, while the financial result is up by a corresponding
amount.  Earnings before taxes (EBT) and the net result are
unaffected by this alteration.

Marked Rise in Order Intake, Order Backlog and Sales

During the first nine months of 2004, VA TECH Group order intake
rose by 15% to EUR3,574 million.  This positive development was
due largely to the exceptionally positive market situation in
the iron and steel and industry.  The largest increases in new
orders came from Metallurgy (+73%) and Infrastructure (+12%).

In regional terms, orders from Europe predominated with 56% of
which CEE states provided 8% and the CIS 6%.  Asia followed with
18% of which China furnished 11% and the Near/Middle East,
Africa came next with 11%.  The situation in both North America
with 9% and South America with 6% improved over the preceding
year and there was an increase in the propensity to invest.
This regional distribution reflects the clear Group focus on
growth markets.

Order backlog as at September 30, 2004, stood at the record
level of EUR4,867 million, which was 15% up on the comparable
figure for 2003.

VA TECH sales in the first nine months of 2004 were raised by 6%
to EUR2,847 million.  Here, too, Metallurgy (+23%) and
Infrastructure (+25%) showed the strongest growth rates.  Power
Generation sales were constant (+1%).  The Transmission and
Distribution figure was down (minus 8%) due to the sales of
operative units not belonging to core business activities and
Water Systems sales were also lower (minus 16% due to continuing
resizing measures).

Operating Result (EBITA) More Than Doubled

If one-off effects (resizing expenses and book gains/losses from
the sale of assets and investments amounted to -EUR50.5 million)
are included, the operating result (EBITA) for the first nine
months of 2004 totaled -EUR21.8 million (Q1-3 2003: EUR16.6
million).  However, if the one-off effects are omitted, EBITA
amounted to EUR28.7 million, which was more than double the
figure for the same quarter of 2003.

Earnings before interest and taxes (EBIT) in the period under
review amounted to -EUR50.1 million (Q 1-3, 2003: -EUR13.5
million).

The VA TECH Group's financial result for the first nine months
of the year shifted from -EUR11.7 million to -EUR13.6 million.

Earnings before taxes (EBT) stood at -EUR63.7 million following
-EUR25.2 million in the same period of the preceding year.

Following the deduction of taxes and minority interests, the
result for the period amounted to -EUR59.2 million, following
-EUR22.2 million in the first nine months of 2003.  This fall
was largely the result of the increase in one-off effects
derived from resizing and the amortization of goodwill.

Net Liquidity Higher

Active payment management for the securing of sufficient
liquidity is a top Group priority.  VA TECH gross liquidity, the
sum of liquid assets, fell to EUR680 million.  Interest-bearing
liabilities were reduced to EUR512 million.  Accordingly, net
liquidity on September 30, 2004, improved to EUR168 million.
Group free cash flow of -EUR78 million resulted for the first
nine months of the year (Q1-3, 2003: -EUR5 million).

Developments in the Divisions

Due to the extremely positive developments in the iron and steel
industry, order intake in the Metallurgy Division (VAI) during
the period from this January to September has already exceeded
that for the whole of 2003.  A record increase of 73% in order
intake (to EUR1,348 million) also led to an all-time order
backlog high of EUR1,667 million (plus 62% as compared to Q1-3,
2003).  As a result of order receipts in the areas of new plants
and plant modernization, the Automation Business Area also
continued to demonstrate a highly satisfactory trend and like
Metallurgical Services maintained its steady growth.  The
strategic importance of both these areas was reaffirmed by a
roughly 25% share of total order intake.

As compared to the preceding year, VAI sales were 23% higher at
EUR803 million, whereby EBITA was also clearly up at EUR22.7
million (2003: EUR11.5 million).

The steady increase in electricity demand and the growing need
for investment in the replacement or modernization of existing
capacity led to a positive investment climate and stable
business development in the Power Generation Division (VA TECH
HYDRO).

In the hydropower sector, particularly in Europe, there was
special and growing market interest in pumped storage power
plants for the securing of network stability and coverage of
demand peaks.  At present, investment in the gas fuelled,
combined cycle power plant sector continues to be hesitant, as
increases in electricity prices have not kept pace with those
for natural gas and oil.

The large order intake of the first nine months of the preceding
year (EUR743 million), which was influenced by a number of major
contracts for gas fuelled combined cycle power plants to the
value of EUR349 million, was not repeated during the current
year (EUR569 million).  The somewhat more stable order successes
in the hydropower sector exceeded budget targets.  At EUR1,508
million, order backlog continued to guarantee very high, long-
term use of capacity.

Sales in the first nine months of 2004 were also stable,
although due to the business mix, at EUR18 million the operating
result (EBITA) for the first nine months was down on that of the
preceding year (EUR22 million).

The first three quarters in the Transmission and Distribution
Division (VA TECH T&D) were characterized by increased order
intake, the resizing of transformer production and an
improvement in the result from switchgear.

In general, levels of investment in products and services in the
high-voltage power transmission and distribution sector were
satisfactory, although there were regional variations.  By
contrast, the European transformer market continued to be
subject to muted demand and overcapacity in the production area.

Europe, the main market for switchgear and automation, remained
stable.  Following E.U. enlargement, increased investment is not
only evident in the new member states, but also throughout the
entire CEE region.

Order intake in the Transmission and Distribution Division
during the first nine months of the year was raised by 10% to
EUR946 million.  At EUR776 million, sales in the first nine
months of 2004 were 8% down on the preceding year.  This was due
almost entirely to the divestment of various companies, which
did not belong to Division core business (Egic and Coelme,
Reyrolle Pacific and Asta).

The operating result (EBITA) for the first nine months of the
year amounted to -EUR33.6 million (Q 1-3, 2003: EUR1.7 million).
This figure included a loss of EUR26.6 million derived from one-
off effects.

The implementation of the planned resizing of transformer
production capacity to match market needs is the most important
target in the current year.  In parts of the transformer
segment, the use of capacity and earnings situation remained
unsatisfactory and therefore an additional restructuring program
was prepared, which led to total costs of EUR65-70 million
(around 50% of which are cash effective).

A major step in this resizing process was the decision to close
the transformer plant in Edinburgh at the end of September.
This operation was confronted with a significant under use of
capacity and therefore, a critical result situation.  Despite
the resizing measures adopted, the generally tense situation in
the European and North American transformer markets meant that a
correction proved impossible.  The cost of closure amounts to
EUR35 million and 225 employees are affected.

The "T&D 2004+" program had been already introduced during the
first half-year and measures for cost cuts and increased
efficiency were implemented at twenty locations, which also led
to a reduction in work force numbers of around 800 due to
divestments and capacity adjustments.

The improved economic conditions in Western Europe and the
positive impetus generated by the new E.U. member countries were
the main factors in the satisfactory development of the
Infrastructure Division (VA TECH ELIN EBG, aii).  In particular,
there was a favorable investment climate in the Austrian, German
and neighboring CEE markets, which are of relevance to VA TECH.

A major strategic benchmark was established in the frequency
inverter segment during September with the launch of a joint
venture with the global market leader, Schneider Toshiba.  The
agreement between the two companies is to be regarded as a long-
term co-operation, which will cover the specification,
development and production of frequency inverters in the upper
performance range.  VA TECH has a 40% holding in the new
company.

In the first nine months of 2004, order intake in the
Infrastructure Division rose by 12% to EUR675 million, while
order backlog remained at a constantly high EUR596 million.

Sales improved considerably in the first three quarters of the
year, rising 25% to EUR613 million.  The operating result
(EBITA) was somewhat down on the comparable figure of the
preceding year (EUR11.9 million) at EUR10.3 million.  This was
due to a negative contribution from the IT sector (aii) in the
course of this year.

The upward trend in the defined target markets of Water Systems
(VA TECH WABAG) was maintained in the third quarter of 2004.  In
particular, demand from China, Algeria and new E.U. states
developed positively.

Due to the initiation of resizing, Water Systems order intake
during the first nine months of 2004 was lower than the
comparable figure for 2003 at EUR122 million, while order
backlog stood at EUR241 million.

At EUR110 million, sales were also below the level of the
preceding year, while the operating result (EBITA) totaled
-EUR43.0 million (Q 1-3, 2004: -EUR32.8 million) due mainly to
the one-off effects derived from reorganization measures, which
negatively affected the result to an amount of -EUR20.5 million.

Water Systems area restructuring is proceeding according to
plan.  The first step in this process was the sale of the
business units in Germany and France with a total of five
locations, 157 employees and a sales volume of EUR70 million to
Veolia Water Systems.  In addition, the Ravensburg location,
which focuses on fluidized bed technology, was sold to the
Austrian group, Andritz (closing expected in November).  In
2003, the Ravensburg operation had sales of some EUR13 million
and a work force of 50.

In future, business activities will be concentrated at two
locations (Vienna, Winterthur/ Switzerland) and the strategic
approach will involve a focus on key markets (Austria,
Switzerland, the new E.U. applicant countries, the Near and
Middle East, North Africa and China) and technologies.

The business volume target for 2005 is EUR120-130 million, which
is to be achieved with a work force of around 150.

Key Figures

EUR m      Q1-3/2003  Q1-3/2004   Change Q3/2003  Q3/2004  Total
                                                            2003

Order
intake         3,099      3,574     +15%     888    1,111  4,336

Order
Backlog[2]     4,228      4,867     +15%   4,228    4,867  4,314

Sales          2,676      2,847      +6%     998      960  3,828

EBITA
excluding
one-off
effects         13.1       28.7    +119%    23.6     17.5     62

One-off
Effects[1]      +3.5      -50.5             -4.2    -50.2     -5

EBIT             -13.5      -50.1  -271%       9.0    -40.2    5

Financial
Result           -11.7      -13.6   -16%      -8.8     -3.7  -24

EBT              -25.2      -63.7  -153%       0.2    -43.9  -19

Profit/loss
for the period   -22.2      -59.2  -167%       1.2    -40.6  -15

Employees[2]    17,746     16,779    -5%  17,746   16,779 17,478

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Resizing expenses and book gains/losses derived from the
    sale of assets and investments

[2] Closing date
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Outlook 2004/2005

The basic improvement in the climate of investment within the
capital goods industry is expected to continue for the remainder
of the current year.  Positive impetus is evident in both the
metallurgical and energy sectors, as well as from industry.

The main operative goal is the completion of reorganization
within the Group and the exploitation of the opportunities
offered by the international growth regions.  Water Systems
resizing will be concluded by the end of the year, together with
the correction of the loss-making situation in the transformer
segment.

A sum of EUR65 million to EUR70 million, of which around 50% is
cash effective, has been required for the adjustments in
capacity needed in the course of transformer production plant
resizing.

The published result forecasts for 2004 and 2005 remain
unchanged.  Further guidance will be provided in due time.

Overview of the Most Important Orders in the 3rd Quarter of 2004

Metallurgy (VAI)

In regional terms, 38% of Metallurgy Division orders in the
first nine months of 2004 came from Europe (including 13% CIS)
and 32% from Asia (including 24% China).

Order intake from China in the first three quarters of 2004
continued to rise strongly, increasing to EUR323 million.  This
order volume included stainless steel plants for both Lisco and
ZPSS, a continuous caster for Tianjin, two hot dip zinc coating
plants for Benxi, a hot dip coating plant and strip pickling
mill for Tangshan, an aluminium plant for Shenhou, as well as
orders from more than ten other customers.  The signing of a
contract for a further stainless steel plant for Taiyuan Iron &
Steel represented the capture of five out of the six orders
allocated worldwide in this segment since 2003.

Among the most important orders received from outside China,
were a new blast furnace for CST in Brazil, steel plant updates
for customers in the CIS and USS Kosice in Slovakia, continuous
casters for customers in the CIS, Korea and Sweden, as well as a
hot rolling mill for Hadeed in Saudi Arabia and two hot rolling
mills for Erdemir in Turkey.  For the Posco steel concern
(Korea), the Finex process -- which is a further development of
the Corex-technology -- is to be installed on a large industrial
scale for the first time.

Power Generation (VA TECH HYDRO)

The regional distribution of orders in the Power Generation
Division showed Europe as the dominant market region with 68%,
followed by North America with 16%.

The largest order received in the first nine months of the year
was for the Kops II pumped storage power plant in Vorarlberg,
Austria.  With this new pumped storage plant, the customer, the
Vorarlberg Illwerke, will optimize the Energie Baden Wurttemberg
grid.

The design of another important hydropower project (Tsankov
Kamak in Bulgaria) also took into account an extensive range of
social and environmental factors.  This contract represents an
important contribution to Austrian climate protection strategy,
as it is the country's first project based on the Kyoto protocol
mechanisms.

Further examples of the promotion of hydropower as a renewable
energy source are the Nussdorf small-scale power station near
Vienna (Hydromatrix technology) and the launch of the global
innovation, Straflo Matrix with the opening of Austria's very
latest small-scale hydropower plant at Agonitz (Upper Austria).
In India, VA TECH HYDRO secured a EUR40 million order for the
large-scale "Teesta Low Dam Stage III" hydropower plant, which
represented a continuation of the dynamic growth of the VA TECH
Group in growth markets outside Europe.

Transmission and Distribution (VA TECH T&D)

Europe was the strongest region in this Division with a 50%
market share, followed by Near/Middle East, Africa with 23%.
Among the most important orders received in the third quarter
was a major contract worth some EUR40 million from the Romanian
grid company, Transelectrica, for the renewal of two high-
voltage switchgear stations.  With this order, VA TECH T&D has
not only secured a solid foothold in an important market of the
future, but also succeeded in the face of leading international
competitors.

Infrastructure (VA TECH ELIN EBG, aii)

New orders in this Division derived largely from Austria (53%),
Germany (18%) and the Czech Republic (6%).  The largest order of
the first nine months of the year was received from HYPO Alpe
Adria within the framework of the utilities systems for a new
business complex in Zagreb/Croatia.

In addition, the success of the strategic orientation as a
technical general contractor was demonstrated by major orders
from Germany and Bulgaria.  The Eastgate Berlin Shopping Center
and the Philips location in Hamburg are to be built in Germany
and the S-Center Sofia in Bulgaria.

Order successes were registered in the tram sector in
Seville/Spain and Phoenix and Seattle/U.S.A.  A general order
was signed by the Vienna Public Transport Authority (Wiener
Linien) for the supply of another 150 ULF (Ultra Low Floor)
trams worth over EUR100 million.

Vienna, November 8, 2004

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


===========================
C Z E C H   R E P U B L I C
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JIHOCESKE PAPIRNY: Government Stake Attracts Nine Bidders
---------------------------------------------------------
Bailout agency Ceska Konsolidacni Agentura (CKA) has received
nine bids for the government's 40% holding in loss-making
Jihoceske Papirny Vetrni (JIP), Financni Noviny says.

CKA spokesman Jiri Pekarek said the winner of the CZK194 million
tender would be known in February.  The bailout agency is also
selling JIP's claims.

Jihoceske Papirny Vetrni booked around CZK14 million in net loss
for the first half and has been incurring losses in recent
years.  Based in South Bohemia, the company is considered one of
the largest paper producers in the Czech Republic.  It has won
prestigious awards, including an EN ISO 9002 testimonial from
auditors BVQI.

CONTACT:  Jihoceske Papirny Vetrni a.s.
          CZ - 382 11 Vetrni cp. 2
          Phone: +420 380 909 111
          Fax +420 380 909 234
          Web site: http://www.jip.cz


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F I N L A N D
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METSO CORPORATION: Exchanging EUR500 Million Notes
--------------------------------------------------
Metso Corporation announces the final Exchange Spread and the
final New Issue Spread in its offer to exchange any and all of
its EUR500 million 6.25% Notes due 2006 (the Existing Notes),
for Euro denominated Fixed Rate Notes due 2011 (the New Notes)
(the Exchange Offer).  The New Notes will be issued off the
Company's Euro Medium Term Note Program.

Existing Notes        Reference Rate       Final Exchange Spread
EUR500 million 6.25%  OBL 4.5% due 18          0.55%
due 11 Dec. 2006      August 2006
(of which EUR412      (ISIN: DE0001141380)
million is
outstanding)


New Notes             Reference Rate      Final New Issue Spread
EUR denominated       7-year Mid-Swap          1.65%
Fixed Rate Notes        Rate
due 2011

The Exchange Offer is conditional on valid acceptances being
received from holders of Existing Notes representing, in
aggregate, a minimum of EUR175 million of the aggregate
principal amount of the Existing Notes.  Metso may issue on the
Settlement Date additional notes off the Programme, which shall
be fungible with the New Notes and for which an application will
be made for listing on the Luxembourg Stock Exchange.  The sum
of the Additional Notes and the New Notes will be targeted to a
size of EUR250 million.  The Exchange Offer will remain open
until 3:00 p.m. (CET), 11 November 2004 and will be priced at
1:00 p.m. (CET), 12 November 2004.  The settlement date is
expected on 19 November 2004.

All information, as well as a full description of the conditions
of the Exchange Offer is more fully described in the Exchange
Offer Memorandum, which is available from any of the Dealer
Managers, Exchange Agent or the Luxembourg Exchange Agent.
Deutsche Bank and Merrill Lynch are acting as Dealer Managers in
relation to the Exchange Offer.  Citibank, Nordea and
Skandinaviska Enskilda Banken are acting as Co-Dealer Managers.
Citibank is acting as Exchange Agent and Dexia Banque is acting
as Luxembourg Exchange Agent.

Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion.  Metso has approximately 23,000 employees in
over 50 countries.  Metso Corporation is listed on the Helsinki
and New York Stock Exchanges.

                            *   *   *

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION IN THE U.S., ITALY,
SPAIN, CANADA, AUSTRALIA OR JAPAN.

CONTACT:  METSO CORPORATION
          Pekka Holtta
          Senior Vice President, Corporate Treasurer
          Phone: +358 204 84 3195

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

          Further details on the transactions
          can be obtained from:

          DEUTSCHE BANK AG LONDON
          Dealer Managers:
          Liability Management Group
          Phone: +44 (0) 20 7545 8011

          MERRILL LYNCH INTERNATIONAL
          Liability Management Group
          Phone: +44 (0) 20 7995 3715

          Exchange Agent:
          Citibank, N.A.
          Exchange Agent
          Phone: +44 (0) 20 7508 3867
          E-mail: exchange.gats@citigroup.com

          Luxembourg Exchange Agent
          Dexia Banque Internationale a Luxembourg
          Phone: +352 4590 1


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


RHODIA SA: Launches New Products at Dusseldorf Trade Fair
---------------------------------------------------------
A new production unit in Shanghai and several new product
launches were among the new developments unveiled by Rhodia
Polyamide at the recent K2004 international engineering plastics
trade fair in Dusseldorf.

The new engineering plastics production unit in China will
produce the full range of Rhodia's Technyl(R) PA6, 66 and 66/6
polyamides in addition to the Technyl Star(TM) and Technyl(R)
Alloy ranges and other thermoplastics.  It will enable the Group
to substantially reinforce its positions in Asia and, in
particular, China.

Designed to anticipate the production requirements of the
Chinese polyamides market, projected to grow more than 20% per
year, the new factory will ultimately manufacture 40,000 metric
tons when fully operational enabling Rhodia to extend its
leadership in the engineering plastics market.  The new unit is
based at Rhodia's existing site in Shanghai, which includes a
major Research & Development center and sales teams.

New Product Launches

The new products launched by the Engineering Plastics business
during the K2004 trade fair underscore Rhodia's ability to
develop innovative solutions designed to satisfy the specific
needs expressed by its customers.  These solutions include:

(a) The new Technyl(R) solution, the first polyamide that allows
    manufacturers to produce parts for car bodies and to paint
    them directly on-line using the e-coat process, the new
    Technyl(R) solution offers a major advantage over other
    widely used thermoplastic materials and responds to the
    continuing efforts by automotive market players seeking
    greater competitive advantage.

(b) Technyl(R) Force, a new long-fiber engineering plastic,
    based on the unique high fluidity technology of Technyl
    Star(TM) and particularly well-suited to satisfying energy
    absorption requirements in the event of an impact on the
    front body panels.  This new product range makes it possible
    to optimize design and reduce the weight of structural parts
    without compromising their performance.

(c) Further innovative developments of Technyl Star(TM),
    designed to offer a high level of acoustic insulation,
    enable car designers to eliminate the use of expensive
    acoustic components such as foam or high-density films,
    while simultaneously improving the acoustic performance of
    their systems.  These solutions open the way for significant
    cost savings, improved recycling potential by eliminating
    multi-material solutions, and greater design freedom.

(d) Technyl(R) SI, a new polyamide offering increased stiffness
    and an unrivaled resistance to impact up to 20% greater than
    other listed products available in the market.  These
    materials have been designed to create new opportunities for
    polyamide in applications such as machine components, power
    tools, sports equipment, and others.

Rhodia Polyamide, headquartered in Lyon, France, is the
worldwide specialist in polyamide engineering thermoplastic
materials.  The company has a sales network that spans the
world, with manufacturing plants and technical development
centers in Europe, North America, South America and Asia.  For
further details about Rhodia Polyamide's engineering plastics
business, visit http://www.rhodia-ep.com.

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

Rhodia reported earnings before interest, taxes, depreciation
and amortization (EBITDA) before restructuring of EUR78 million
for the third quarter of 2004.

On a comparable basis (constant structure and exchange rates),
EBITDA increased 50 % compared with the same period in 2003.  On
the same basis of comparison, the EBITDA margin before
restructuring rose to 6% in the third quarter of 2004, compared
with 4.6% in the third quarter of 2003.

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

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

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48

          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Sells Filtration Subsidiary for Undisclosed Sum
----------------------------------------------------------
Rhodia S.A. on November 2, 2004 sold its Orelis subsidiary,
specializing in membrane filtration technologies, to the French
Novasep group.

A manufacturer of organic and inorganic membranes, Orelis also
provides services for the design and installation of
comprehensive membrane-based filtration systems and equipment.
The company-which generated net sales of EUR20 million in 2003
and employs a staff of 90 people- mainly serves customers active
in the pharmaceutical, biotech, agro-food, automotive, and
environmental protection markets.

This operation is part of the divesture of non-strategic
activities pursued by the Rhodia Group with a view to
consolidating its business portfolio.

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

The NOVASEP Group is a global supplier of purification
solutions, ranging from the development and optimization of
processes to the creation of turnkey installations and the
purification or production of pharmaceutical ingredients.  The
NOVASEP Group employs a total of 1,500 people around the world
and will generate pro forma net sales worth EUR300 million in
2004.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48

          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: + 33 1 55 38 43 08


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


ALBERT INGENIEUR: Claims Deadline Nears
---------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Albert Ingenieur- und Technik-Gesellschaft on Oct. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 18, 2004
to register their claims with court-appointed provisional
administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:00 a.m. at Zimmer 109, Gebaude
E, Landwehrstrasse 48, 64293 Darmstadt 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:  ALBERT INGENIEUR- UND TECHNIK- GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Huttenfelder Str. 19, 64653 Lorsch
          Contact:
          Hermann Werner Albert, Manager
          Huttenfelder Str. 19, 64653 Lorsch

          Armin Albert, Manager
          Tamariskenweg 4, 64653 Lorsch

          Tobias Hoefer, Insolvency Manager
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


BERGNER & WEISER: Magdeburg Court Appoints Administrator
--------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Bergner & Weiser Possnecker Leuchten- und Metallbau GmbH
on Oct. 12.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 22, 2004 to register their claims with court-appointed
provisional administrator Arne Brumm.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 9:20 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  BERGNER & WEISER POSSNECKER LEUCHTEN- UND METALLBAU
          GMBH
          Guntherstr. 11-12, 39340 Haldensleben
          Contact:
          Otto Nilson, Manager

          Arne Brumm, Insolvency Manager
          Jahnring 29, 39104 Magdeburg
          Phone: 0391/5971240
          Fax: 0391/5971241


BUCHEXPRESS SERVICEBUCHHANDEL: Under Bankruptcy Administration
--------------------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Buchexpress Servicebuchhandel Gesellschaft mit
beschrankter Haftung on Oct. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 15, 2005 to register their claims with
court-appointed provisional administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 23, 2004, 9:40 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Mar. 8, 2005, 9:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  BUCHEXPRESS SERVICEBUCHHANDEL GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Eichen 96,12205 Berlin

          Wolfgang Kuhnel, Insolvency Manager
          Berliner Str. 117, 10713 Berlin


E. HEINEMANN: Nuremberg Court Appoints Administrator
----------------------------------------------------
The district court of Nuremberg opened bankruptcy proceedings
against E. Heinemann Stuckgeschaft GmbH on Oct. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 18, 2004
to register their claims with court-appointed provisional
administrator Rain Carin Hosel-Eichinger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 21, 2004 9:30 a.m. at the district court of
Nuremberg, Aussere Sulzbacher Str. 155, 90491 Nuremberg 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:  E. HEINEMANN STUCKGESCHAFT GMBH
          Alte Rother Str. 21,
          91126 Schwabach
          Contact:
          Erich Heinemann, Manager

          Rain Carin Hosel-Eichinger, Insolvency Manager
          Aussere Sulzbacher Str. 155
          90491 Nuremberg
          Phone: 0911/5985042/43
          Fax: 0911/5985044


E. LAUBE: Consultancy Firm Applies for Bankruptcy Proceedings
-------------------------------------------------------------
The district court of Nurnberg opened bankruptcy proceedings
against management consultancy firm E. Laube GmbH on Oct. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 18, 2004
to register their claims with court-appointed provisional
administrator Dr. Helmut Lederer.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 9:55 a.m. at the district court of
Nurnberg Flaschenhofstr. 35, Sitzungssaal 152/I 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:  E. LAUBE GMBH
          Contact:
          Ewald Laube, Manager
          Zunftstr. 3, 91154 Roth
          Contact:
          Dr. Gerhard Laube, Manager
          Mogeldorfer Hauptstr. 39, 90482 Nurnberg

          Dr. Helmut Lederer, Insolvency Manager
          Ostendstr. 100, 90482 Nurnberg
          Phone: 0911/544488-0


FUN-WORKS: Administrator Takes over Food Catering Operations
------------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Fun-Works GmbH on Oct. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 27, 2004 to register their claims with
court-appointed provisional administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 10:25 a.m. at the district court
of Munster Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B 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.

Fun-Works is involved in food catering business.  It operates
from 48153 Munster, Hammer Strasse 343 under the label
"Ballermann 6".

CONTACT:  FUN-WORKS GMBH
          Erper Feld 7, 45768 Marl
          Contact:
          Friedrich Frieling, Manager
          Erper Feld 7, 45768 Marl

          Dr. Stephan Thiemann, Insolvency Manager
          Lublinring 12, 48147 Munster
          Phone: 0251/16283-0
          Fax: +492511628311


HAUSTECHNIK WILDAUER: Claims Deadline Expires January
-----------------------------------------------------
The district court of Syke opened bankruptcy proceedings against
Haustechnik Wildauer GmbH on Oct. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 20, 2005 to register their claims with
court-appointed provisional administrator Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 18, 2004 at, 9:40 a.m. the district court of
Syke, Saal 112, Nebenstelle, Hauptstr. 5A, Syke at which time
the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on Feb. 17, 2005, 10:30 p.m.

CONTACT:  HAUSTECHNIK WILDAUER GMBH
          Hauptstr. 68, 28816 Stuhr
          Contact:
          Manfred Wildauer, manager

          Dr. Christian Willmer, Insolvency Manager
          Andreaswall 16,
          D-27283 Verden


HEIDELBERGER DRUCKMASCHINEN: Back in Black After Six Months
-----------------------------------------------------------
Unless otherwise stated, the following information relates to
the continuing operations of the Heidelberg Group.  These
include the Press, Postpress and Financial Services divisions.
The Digital Division was sold and deconsolidated on May 1, 2004,
the Web Systems Division on August 6, 2004.  The figures for the

previous year have been adjusted to reflect the new
segmentation.  This now provides a comparable basis for the
stated figures.

Continuing operations:

(a) Sales up 8% on the same period last year,

(b) Incoming orders of EUR1.9 billion in first half year, clear
    increase of 23% on previous year,

(c) Operating result in the black after first six months,

(d) Outlook for the year unchanged

In the first six months of financial year 2004/2005 (April 1 to
September 30, 2004), Heidelberger Druckmaschinen AG (Heidelberg)
recorded net sales of EUR1.37 billion (previous year: EUR1.26
billion).  In the second quarter alone, sales totaled EUR769
million, an increase of EUR167 million or 28% on the first
quarter.  Incoming orders during the first half-year were EUR1.9
billion (previous year: EUR1.55 billion).

After the difficult last three years, the print media industry
is gradually picking up," said Bernhard Schreier, CEO of the
Company.  The high order levels, boosted by drupa, will start to
show up in the Company's sales figures over the next few
quarters."

The operating result of the Heidelberg Group was EUR27 million
in the second quarter (previous year: EUR11 million). In the
first half year overall, the Group achieved a positive operating
profit of EUR6 million.

Heidelbergs CFO, Dr. Herbert Meyer, explains: Despite high non-
recurring trade-show costs, we already achieved a positive
operating result after six months.  Our efficiency-enhancing
measures are taking hold, while increasing sales are delivering
profit contributions and putting us on course to meet our
targets for the year as a whole."

Including the losses of EUR62 million for the discontinued
Digital and Web Systems divisions, the profit after taxes for
the Heidelberg Group was -EUR59 million for the period under
review (previous year: EUR-129 million).

As of September 30, 2004, the Heidelberg Group had a workforce
of some 19,000 worldwide (previous year: 23,700).  Overall,
staff levels decreased by around 3,700 in the first half-year.
Most of these staff members were transferred to Kodak and Goss
when the Digital and Web Systems divisions were sold.  By the
end of the financial year, the number of Heidelberg employees
will be reduced by a further 300 as planned.

Positive developments in the Press and Postpress divisions:
In the Press Division (offset printing), sales rose by 10
percent in the first six months to around EUR1.2 billion.  In
the second quarter, sales stood at EUR674 million, an increase
of EUR161 million or more than 30 percent on first quarter
sales.  At EUR1.7 billion, incoming orders for the first half-
year saw an increase of around 27%.  Despite the burden of
trade-show costs, the operating result for the second quarter
was EUR22 million (same period last year: EUR14 million).

In the Postpress Division, sales increased in the first six
months to EUR150 million (previous year: EUR143 million).
Incoming orders rose to EUR179 million (previous year: EUR166
million).  The operating result improved to -EUR12 million (same
period last year: -EUR22 million).

With the delivery of the first drupa orders, Heidelbergs sales
in the Eastern Europe region rose again for both the quarter and
the first half-year compared to the same periods last year.  In
the North America region, incoming orders increased by 23% to
EUR271 million.  The Graph Expo trade show in October yielded
satisfactory results with order levels of US$105 million
confirming the slight upward trend.  In parallel with the stable
economic growth in the Asia/Pacific region, the volume of
business is also growing in this area: At EUR355 million for the
first half year, sales were around 12% up on the previous year.
Incoming orders for this region were down on the same quarter
last year, because the IGAS trade show that takes place in Tokyo
every four years heavily influenced the previous years figures.

Outlook for Financial Year 2004/2005 Unchanged

In the current financial year 2004/2005, Heidelberg is aiming
for an increase in sales of at least 5% over the previous year
on a comparable basis.  The Company is projecting an improvement
in earnings over the previous year.  Its target is to achieve an
operating return on sales including all special effects of about
5%.  Overall, Heidelberg is projecting net profit in at least
the mid-double-digit million Euro range.

CONTACT:  HEIDELBERGER DRUCKMASCHINEN AG
          Corporate Communications:
          Thomas Fichtl
          Phone: +49 6221 92 4747
          Mobile: +49 173 3186947
          E-mail: thomas.fichtl@heidelberg.com


HEINRICH LOHMANN: Walsrode Court Appoints Administrator
-------------------------------------------------------
The district court of Walsrode opened bankruptcy proceedings
against Heinrich Lohmann GmbH Gas- Und Wasserinstallation on
Oct. 13, 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 Rechtsanwalt Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 9:00 a.m. at the district court of
Walsrode, Saal 130, Amtsgericht Walsrode, Lange Strasse 29-33,
29664 Walsrode 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:  HEINRICH LOHMANN GMBH GAS- UND WASSERINSTALLATION
          Auf dem Berg 3,
          27367 Horstedt (HRB 70327)
          Contact:
          Jurgen Lohmann, Manager

          Rechtsanwalt Heiko Fialski, Insolvency Manager
          Raboisen 38,
          20095 Hamburg
          Phone: (040) 33446-0
          Fax: (040) 33446111


HORNBACH HOLDING: Gets 'BB' Corporate Credit Rating from S&P
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to both Germany-based home-improvement
retailer Hornbach Holding AG (Hornbach) and to operating company
Hornbach-Baumarkt-AG (Baumarkt).  The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' senior
unsecured debt rating to the proposed EUR200 million bond to be
issued by Hornbach-Baumarkt-AG parent company.  The bond is to
be guaranteed by Baumarkt's main operating subsidiaries,
reflecting its contractual subordination to higher priority
debt.  The rating is subject to the receipt of satisfactory
final bond documentation.

Hornbach owns 80% of the shares of Baumarkt, which is by far its
largest asset, having generated 93% of sales in the fiscal year
2003/2004, ended February 29, 2004.  In addition, Hornbach
consolidates a construction materials company and a real estate
holding.

"The ratings reflect Hornbach's aggressive financial profile and
debt-coverage ratios, partly mitigated by the company's proven
and successful business model, which is well suited to the
competitive German 'Do-it-yourself' (DIY) market," said Standard
& Poor's credit analyst Olaf Toelke.  Total financial debt was
EUR715 million at the end of the first half of fiscal 2004/2005,
ended Aug. 31, 2004.

"While Hornbach's significant debt-financed organic expansion
program is positive from a business profile perspective, it is
negative for the ratings overall, as debt protection measures
are sub-par for the rating," said Mr. Toelke.  As a consequence
of high annual capital spending -- far in excess of maintenance
levels -- free cash flow generation has been negative in four of
the past five years.  Standard & Poor's does not expect this to
change in the next five years, given management's commitment to
continue its aggressive expansion during that timeframe.

"The ratings are supported by Hornbach's above-average business
model, based in particular on management's superior concept and
strategy," said Mr. Toelke.  The company is the leading operator
of large-format DIY superstores in Germany and has both the
highest average store size (that is, greater than 10,000 square
meters per store) and the highest space productivity.

Hornbach's success is evidenced by its DIY subsidiary's
significant like-for-like growth of 5.1% in the first half of
calendar 2004 (compared with the German market's 0.6%),
continuing its trend of achieving better than industry average
growth in Germany over the past five years.  Due to efficiency
gains derived from the company's expansion program, coupled with
savings from Baumarkt's procurement alliance with European
market leader Kingfisher PLC (BBB+/Stable/A-2), group EBIT rose
by 43% in the first half of fiscal 2004/2005.

Hornbach derives some geographical diversification from
international sales, which contributed 32% to 2003/2004 group
sales.

Although funds from operations (FFO) to net debt on a lease-
adjusted basis improved to 14% for Hornbach from 12% and to 15%
for Baumarkt from 14% in the past 12 months on a rolling basis
from a year earlier, the financial profile remains highly
leveraged.

"The stable outlook reflects Standard & Poor's expectation that
Hornbach will be able to continue to outgrow the domestic DIY
market in the future, based on the expected return to growth for
the German home improvement market," said Mr. Toelke.  To
maintain the current ratings, Standard & Poor's expects both
Hornbach and Baumarkt to achieve and maintain FFO to lease-
adjusted net debt of a minimum 15%, and EBITDA to net interest
of at least 3x.

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 POORS RATING SERVICES
          Group E-mail Addresses
          CorporateFinanceEurope@standardandpoors.com


KAJOCUT SPEZIALSCHNEIDSTOFFE: Declared Bankrupt
-----------------------------------------------
The district court of Essen opened bankruptcy proceedings
against KaJoCut Spezialischneidstoffe on Oct. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 22, 2004 to
register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 9:25 a.m. at the district court of
Essen Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 291 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

KaJoCut sells special cutting materials and tools.

CONTACT:  KAJOCUT SPEZIALSCHNEIDSTOFFE VERTRIEBSGESELLSCHAFT MBH
          Kohlerstr. 41, 46286 Dorsten
          Contact:
          Frank Peter Kruse, Manager
          Rommerscheider Str. 120, 51465 Bergisch-Gladbach

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf
          Phone: 0211/6907 69-69
          Fax: +4921169076970


KARTING COLOGNE: Under Bankruptcy Administration
------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against KARTING Cologne GmbH on Oct. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 12, 2004 to register their
claims with court-appointed provisional administrator Dr. Ralf
Sinz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 9:45 a.m. at the district court of
Koln, 13. Etage, Saal 1311 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:  KARTING COLOGNE GMBH
          Kelvinstr. 5-7, 50996 Koln
          Phone: 02236 - 878888
          Fax: 02236 - 878889
          Web site: http://www.kartcenter-cologne.de

          Contact:
          Rosemarie Bruck, Manager
          Ringstr. 17, 50996 Koln

          Dr. Ralf Sinz, Insolvency Manager
          Zeughausstr. 28 - 38, 50667 Koln
          Phone: 9 21 22 23
          Fax: +492219212221


KESKIC-BAU: Sets Creditors' Meeting Third Week of December
----------------------------------------------------------
The district court of Offenbach am Main opened bankruptcy
proceedings against Keskic-Bau GmbH on Oct. 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 9:00 a.m. at the district court of
Offenbach am Main, Grosse Marktstrasse 36-44, 63065 Offenbach am
Main 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:  KESKIC-BAU GMBH
          Bieberer Strasse 84,
          63071 Offenbach am Main
          Contact:
          Stipan Keskic, Manager

          Rechtsanwalt Arthur Naujok
          Mittelseestrasse 48,
          D-63065 Offenbach am Main
          Phone: 069/8001701
          Fax: 069/8002054


PHS SIMON: Creditors' Claims Due Next Week
------------------------------------------
The district court of Nurnberg opened bankruptcy proceedings
against PHS Simon-Geratebau GmbH on Oct. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 18, 2004 to register their
claims with court-appointed provisional administrator Rain Carin
Hosel-Eichinger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 21 2004, 9:45 a.m. at the district court of
Nurnberg, Flaschenhofstr. 35, Sitzungssaal 152/I 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:  PHS SIMON-GERATEBAU GMBH
          Contact:
          Peter Harro Simon, Manager
          Hermann-Kolb-Str. 35b, 90475 Nurnberg

          Rain Carin Hosel-Eichinger, Insolvency Manager
          Aussere Sulzbacher Str. 155, 90491 Nurnberg
          Phone: 0911/59850-42/43
          Fax: 0911/5985044


RETTER AUTOINNENAUSSTATTUNG: Sets Creditors' Meeting December
-------------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Gerhard Retter Autoinnenausstattung GmbH on Sept. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 19, 2004
to register their claims with court-appointed provisional
administrator Dr. Thomas Leicht.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 9:00 a.m. at AG Stuttgart,
Hauffstr. 5, EG, Saal 4 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  GERHARD RETTER AUTOINNENAUSSTATTUNG GMBH
          Matthias Dilger, Manager
          Friedrich-List-Str. 41, 70736 Fellbach

          Dr. Thomas Leicht, Insolvency Manager
          Eugenstr. 16, 70182 Stuttgart
          Phone: 0711/245252/53
          Fax: 0711/233586


STADT BAHNGLEIS: Public Auction of Assets Set this Week
-------------------------------------------------------
Karner & Co. GmbH will sell the properties of Stadt- und
Bahngleis GmbH, Gleis-, Tief-, Beton- u. Oberflachenbau on
November 11, 2004, 11:11 a.m. at Eintrachthalle, Hauptstrasse
51, 55120 Mainz, Germany.  For sale are various heavy equipment,
including truck, mobile excavator, wheel loader, building
machinery, containers, and office equipment.

CONTACT:  KARNER & CO. GMBH
          Ulrich Degmair
          Phone: +49 (0) 6136 7544 0
          Fax: +49 (0) 6136 7544 29
          E-mail: degmair.karner@goindustry.com


STUNKEL ENGINEERING: Administrator's Report Out January
-------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Stunkel Engineering GmbH on Oct. 15.  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 Diplom-
Volkswirt Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 11:15 a.m. at Saal 226, 2.
Obergeschoss, Amtsgericht 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:  STUNKEL ENGINEERING GMBH
          Fockestr. 2, 30827 Garbsen
          Contact:
          Dipl.-Ing. Klaus Stunkel, Manager

          Diplom-Volkswirt Helge Wachsmuth, Insolvency Manager
          Alexanderstr. 2, 30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


WESTLB AG: Partners With NORD/LB in Selling Non-performing Loans
----------------------------------------------------------------
WestLB AG and NORD/LB's Managing Boards have signed a letter of
intent to establish a joint venture to restructure and sell non-
performing loans.  The company, which will initially be owned
equally by the two banks, will purchase non-performing loans,
repackage them and sell them at a profit.  The joint venture
will also be open to other partners, especially public-law
savings banks.

As a first step, WestLB and NORD/LB intend to transfer
portfolios of non-performing commercial real estate loans with a
gross volume of approximately EUR400 million from Westdeutsche
ImmobilienBank (WIB), a WestLB subsidiary, and NORD/LB to the
joint venture in the coming months.

The objective is to enable the founding shareholders, and
potentially other partners at a later date, to transfer the
entire risk of the loans.  In future the purchased credit volume
will be expanded significantly in order to tap the additional
earnings potential from this new business segment for the
public-law sector.  WestLB and NORD/LB are currently seeing
strong investor demand for this type of investment, for example
in the form of securitization.

Dr. Manfred Puffer, the member of the WestLB Managing Board
responsible for Investment Banking, said: "As soon as the
restructuring unit is successfully established, we will extend
our product range to include the repackaging and sale of non-
performing corporate loans and offer this service to the savings
banks."

According to experts of the two banks, with an estimated total
volume of non-performing loans of up to EUR300 billion, Germany
has the potential to become the biggest market in Europe for the
sale of non-performing loans.  By pooling these loans in the
planned joint venture of WestLB and NORD/LB, creditors will be
able to achieve cost advantages from this business through
focusing and specialization.

Dr. Gunter Dunkel, member of the Managing Board of NORD/LB
responsible for corporate banking, said: "This is the first time
that Landesbanks have cooperated successfully to pool their
expertise in this growing market for the benefit of the savings
banks."

CONTACT:  WESTLB AG
          Herzogstrasse 15
          40217 Dusseldorf, Germany
          Phone: +49-211-826-01
          Fax: +49-211-826-6119
          Web site: http://www.westlb.com


* Collective Bankruptcy Auction Tomorrow
----------------------------------------
Karner & Co. GmbH will hold a collective bankruptcy auction sale
on November 11, 2004, 10:00 a.m. at Werdauer Weg 23, 10829
Berlin, Germany.

For sale are:

(a) 30 former police cars and confiscated cars:

    (i) DB 190 (85),

   (ii) DB Cabrio,

  (iii) Pontiac (92),

   (iv) Opel Astra (95),

    (v) Ford Probe (97),

   (vi) VW Golf III (97),

  (vii) Honda (90), and

(viii) Nissan Sunny

(b) Metalworking machineries:

    (i) Mattei AC507L rotation compressor,

   (ii) Zander AS 0108 compressed air cooler,

  (iii) Darex SP 2500 twist drill grinding-machine,

   (iv) Mossner-Rekord SM 320 metal band-saw,

    (v) Fasti 10/2 swing bending machine,

   (vi) Ageo screw press,

  (vii) Hydrobull HB 3000 garage crane,

(viii) Klager HK 315 frame-saw

   (ix) 2 lathe mandrel presses,

    (x) energy robots,

   (xi) air-driven tools,

  (xii) Beko Owamat,

(xiii) cooler,

  (xiv) compressed air filter,

   (xv) granite measure plate, and

  (xvi) mounting trollies

(c) 3 Heller Typ Bea 07 horizontal workshop centers, including
    Maho MH 800 E 2 CNC milling machines;

(d) 11 heating containers,

(e) 2 oil heating boilers, and

(f) Miscellaneous equipment:

    (i) mattresses,

   (ii) bike transport devices,

  (iii) light therapy devices,

   (iv) 6 washing machines and driers,

    (v) 4 gambling machines, and

   (vi) variety of bags

CONTACT:  KARNER & CO. GMBH
          Phone: +49 (0)30 773 263 0
          Fax: +49 (0)30 773 263 20
          E-mail: contactberlin.karner@goindustry.com


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


ELAN CORPORATION: Anti-multiple Sclerosis Drug Shows Promise
------------------------------------------------------------
Biogen Idec and Elan Corp., plc (NYSE: ELN) on Nov. 8, 2004
announced that one-year data from the Phase III ANTEGREN(R)
(natalizumab) AFFIRM trial met the primary endpoint of clinical
relapse rate reduction.  In this international study of 942
patients with relapsing-remitting multiple sclerosis (RRMS),
natalizumab reduced the rate of relapses by 66% compared to
placebo, a statistically significant result.  All secondary
endpoints were also met.  These data were presented to
investigators involved in the Phase III MS program for
natalizumab at a meeting over the weekend.  Natalizumab is
currently under regulatory review for approval as a treatment
for MS.

The AFFIRM study is a two-year trial evaluating the effect of
natalizumab on the progression of disability and the rate of
relapses in MS. The primary endpoint of the one-year analysis
was relapse rate.  The companies anticipate that the two-year
results will be available in the first half of 2005.

Adverse events occurring in at least 5% of natalizumab-treated
patients that were 2% more common than in placebo-treated
patients included headache, fatigue and arthralgia.  The overall
incidence of infection was similar between the groups.  Serious
infections occurred in 1% of placebo-treated patients and 2% of
natalizumab-treated patients.  Serious hypersensitivity-like
reactions occurred in approximately 1% of natalizumab-treated
patients.

"These data demonstrate that natalizumab dramatically reduced
the rate of relapses at one year," said Burt Adelman, MD,
executive vice president, Development, Biogen Idec.  "We believe
natalizumab, with its novel mechanism of action, has the
potential to be a significant step forward in the treatment of
MS."

"Natalizumab has the potential to make a real difference in the
lives of MS patients," said Lars Ekman, executive vice president
and president, Research and Development, Elan.  "We are working
closely with regulatory authorities to make natalizumab
available to patients in need as soon as we can."

The AFFIRM trial is a two-year, randomized, multi-center,
placebo-controlled, double-blind study of 942 patients
evaluating the effect of natalizumab monotherapy on the
progression of disability in MS and the rate of clinical
relapses.  Secondary endpoints at one year included the number
of new or newly enlarging T2-hyperintense lesions, the number of
gadolinium-enhancing lesions and the proportion of patients who
were relapse free.  To enroll, patients had to be diagnosed with
a relapsing form of MS and had to have experienced at least one
relapse in the previous year.  Patients were randomized to
receive a 300 mg IV infusion of natalizumab (n=627) or placebo
(n=315) once a month.

"This was a rigorous, well-conducted clinical trial across 99
sites worldwide that yielded compelling one-year results," said
Chris Polman, MD, PhD, lead investigator of the AFFIRM study,
professor of neurology at Free University Medical Centre, and
clinical and scientific director of the Multiple Sclerosis
Centre at the VU Medical Centre, Amsterdam.  "These data suggest
that natalizumab may become a promising new treatment option for
patients with MS and could help address a significant unmet
need."

Biogen Idec and Elan have submitted regulatory applications for
the approval of natalizumab as a treatment for MS in the U.S.,
E.U., Canada, and Australia based on one-year data from two
ongoing Phase III trials.  On May 25, the companies announced
that they had submitted a Biologics License Application (BLA) to
the U.S. Food and Drug Administration (FDA).  The F.D.A.
designated natalizumab for Priority Review and Accelerated
Approval.  Based on the F.D.A.'s designation of Priority Review,
the companies anticipate action by the F.D.A. approximately six
months from the submission date, rather than 10 months for a
standard review.  Regulatory authorities in Canada and Australia
have also designated natalizumab for Priority Review, and the
European Medicines Agency (EMEA) is actively reviewing the
application.

A second Phase III trial, SENTINEL, is a two-year randomized,
multi-center, placebo-controlled, double-blind study of
approximately 1,200 patients with relapsing-remitting MS,
evaluating the effect of the combination of natalizumab and
AVONEX(R) (Interferon beta-1a) compared with AVONEX alone on the
progression of disability and the rate of clinical relapses.

MS is a chronic disease of the central nervous system that
affects approximately 400,000 people in North America and more
than one million people worldwide.  It is a disease that affects
more women than men, with onset typically occurring between 20
and 40 years of age.  Symptoms of MS may include vision
problems, loss of balance, numbness, difficulty walking and
paralysis.

                  About ANTEGREN (natalizumab)

Natalizumab, a humanized monoclonal antibody, is the first
alpha-4 integrin antagonist in the new selective adhesion
molecule (SAM) inhibitor class.

It is designed to inhibit the migration of immune cells into
tissues where they may cause or maintain inflammation.  To date,
over 2,800 patients have received natalizumab in clinical
trials.

Biogen Idec and Elan are collaborating equally on the
development of natalizumab in MS, Crohn's disease (CD), and
rheumatoid arthritis (RA).  In September 2004, a Marketing
Authorization Application (MAA) for CD was filed with the EMEA
based on Phase III studies, and another Phase III induction
trial for CD is ongoing.  A Phase II trial is also underway to
evaluate natalizumab in RA.

                        About Biogen Idec

Biogen Idec creates new standards of care in oncology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For AVONEX product labeling, press releases and
additional information about the company, please visit
http://www.biogenidec.com.

                           About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company.  We are committed to making a difference in the lives
of patients and their families by dedicating ourselves to
bringing innovations in science to fill significant unmet
medical needs that continue to exist around the world.  Elan
shares trade on the New York, London and Dublin Stock Exchanges.
For additional information about the company, please visit
http://www.elan.com.

CONTACT:  ELAN CORPORATION
          Media Contacts:
          Anita Kawatra
          Phone: 212-407-5740
              Or 800-252-3526

          BIOGEN IDEC
          Amy Brockelman
          Phone: 617-914-6524

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

          BIOGEN IDEC
          Elizabeth Woo
          Phone: 617-679-2812


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


ALITALIA SPA: Chastised for Failure to File Financial Reports
-------------------------------------------------------------
Stock market regulator Consob reprimanded national carrier
Alitalia for failing to provide timely information to the
market, Il Sole 24 Ore says.

Alitalia Chairman Giancarlo Cimoli met Monday with Consob
chairman Lamberto Cardia to explain the carrier's side.  The
regulator recently blacklisted Alitalia after its auditor,
Deloitte & Touche, refused to certify the group's 2003 accounts.
Consob also obliged the carrier to report its financial
statements on a daily basis.

Alitalia failed to report its second-quarter results within the
legal time limit as the group was occupied in holding talks with
its union over its restructuring plan.  Alitalia finally earned
the regulator's displeasure after failing to publish on time the
auditors' report for its first-half accounts.  Alitalia
published the report on November 2, causing Alitalia's share to
plunge sharply.

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


ALITALIA SPA: To Release Third-quarter Results this Week
--------------------------------------------------------
Ailing carrier Alitalia S.p.A. will release its third-quarter
results following a board meeting Thursday, Il Sole 24 Ore says.
The board will hold a shareholders' meeting on December 20 to
endorse Alitalia's planned EUR1.2 billion capital increase.

Alitalia's auditor, Deloitte & Touche, recently approved the
carrier's first-half accounts.  Alitalia booked around EUR620
million in losses, which include provisions for its rescue plan.
The carrier's business plan includes splitting the ailing
airline to two different business units and reducing its
workforce by about 17%.

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


PARMALAT FINANZIARIA: Administrator Sues Citigroup in Parma
-----------------------------------------------------------
Parmalat receiver Enrico Bondi filed Sunday a 300-page complaint
against banking giant Citigroup with prosecutors in Parma, Il
Sole 24 Ore says.

The complaint accuses Citigroup of playing a role in Parmalat's
fraudulent bankruptcy by structuring financial activities that
only worsened the multinational group's financial fix.  The
complaint also accuses Citigroup of aiding Parmalat managers in
divesting the group's resources under the cover of commissions.
Mr. Bondi recently lodged a similar complaint against another
Parmalat creditor and former advisor, Bank of America.

Prosecutors in Parma and Milan continue their probe on banks,
which they suspect played a part in Parmalat's multi-billion-
dollar collapse in December 2003.  Parma prosecutors are
expected to file 50 charges against former Parmalat managers and
parties that had involvement with the group.

Meanwhile, Citigroup filed a suit with a local administrative
court, demanding a debt-to-equity swap in the new Parmalat.
Citigroup asked the court to compel Parmalat to admit a larger
portion of its claims in Mr. Bondi's restructuring plan.

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

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

          CITIGROUP INC.
          399 Park Ave.
          New York, NY 10043
          Phone: 212-559-1000
          Fax: 212-793-3946
          Web site: http://www.citigroup.com


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: To Form Joint Venture in Vietnam
--------------------------------------------------------
Millicom International Cellular S.A. said that following a
successful 'Vietnam Day' in Stockholm, its subsidiary Comvik
International Vietnam AB has signed a second Memorandum of
Understanding (MOU) with Vietnam Mobile Telephone Services
Company (VMS-MobiFone), following on from the initial MOU signed
on February 4, 2004.

[The] MOU expresses the wish of both parties to continue working
together in the future in the form of a Joint Stock Company
incorporated under the Law on Enterprises of Vietnam.

Marc Beuls, President and CEO of Millicom International Cellular
commented: "We are very pleased to have reached an agreement in
principle with our partner VMS with regard to the future Joint
Stock Company structure.  Further steps will be needed in order
to agree on the final terms and conditions for the continuation
of the Comvik-VMS partnership."

Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsborsen and Luxembourg Stock Exchange: MIC), is a
global telecommunications investor with cellular operations in
Asia, Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

CONTACT:  MILLICOM INTERNATIONAL S.A.
          Marc Beuls, President and Chief Executive Officer
          Phone:  +352 27 759 327

          Andrew Best, Investor Relations
          Phone:  +44 20 7321 5022
          Web site: http://www.millicom.com


TK ALUMINUM: Earns Upgrade Following Positive End to Price Row
--------------------------------------------------------------
Standard & Poor's Ratings Services took its ratings on the
Bermuda-based aluminum auto parts manufacturer TK Aluminum Ltd.
(TKA) off CreditWatch and raised its long-term corporate credit
rating on the company to 'CCC+' from 'CCC'.  The outlook is
stable.

At the same time, the long-term rating on the guaranteed EUR240
million senior unsecured notes that TKA issued through its
financing unit, Teksid Aluminum Luxembourg S.a.r.l. S.C.A., was
also taken off CreditWatch and raised to 'CCC-' from 'CC'.

The rating actions follow the resolution of TKA's price dispute
with a significant customer, and the subsequent increased
likelihood that the company will be able to generate sufficient
profit to meet its financial covenants and other liabilities in
future quarters.  The ratings were originally placed on
CreditWatch on June 25, 2004.

Standard & Poor's was previously uncertain about the level of
profitability that TKA would be able to sustain in light of the
problematic price dispute with its important North American
customer.  In this context, we thought it possible that the
company's financial covenants could be breached -- thereby
jeopardizing its liquidity.

"The price dispute has now been resolved, and it seems likely
that covenants will be met through 2004," said Standard & Poor's
credit analyst Barbara Castellano.  "As a result, we believe the
credit risk of TKA has improved, although visibility is still
weak and significant challenges remain."

TKA is expected to remain in compliance with its financial
covenants.  Standard & Poor's does not factor in any further
deterioration in the company's business environment, or in the
results of TKA itself.

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 POORS RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


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


PETROLEUM GEO-SERVICES: Technical Glitch Hampers Varg Production
----------------------------------------------------------------
Petroleum Geo-Services A.S.A. announced that production from the
Varg field, operated by Pertra, a wholly owned subsidiary of
PGS, is currently reduced to approximately 15,000 barrels per
day.  The reduced production results from damage to the main
production riser going from the wellhead platform to PGS'
floating, production, storage and offloading vessel (FPSO)
Petrojarl Varg that occurred late Friday.  Production was then
halted, but resumed late Saturday.

Production will continue at a lower rate of approximately 15,000
barrels per day until the main production riser is repaired.
PGS has previously announced that oil production on the Varg
field was expected to exceed 25,000 barrels per day in the
second half of 2004.  However, the net effect on PGS income of
the reduced revenue from the Varg field will be mitigated by
reduced taxes associated with the Norwegian Continental Shelf
tax rate of 78%.

FPSO Petrojarl Varg producing the Varg field is also expected to
receive reduced revenues due to the lower Varg production.

The timing and cost of the riser repairs is currently not known.
PGS will provide updated information as it becomes known.

The Varg field is located in Production License 038 (Block
15/12) in the Norwegian sector of the North Sea.  Pertra a.s. is
the operator of Production License 038 with 70% interest while
co-venturer Petoro a.s. holds the remaining 30%.

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

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

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


STOLT OFFSHORE: Wins US$70 Mln Deal in Africa & Mediterranean
-------------------------------------------------------------
Stolt Offshore S.A. said that further to the suspension in the
Company's share trading on the Oslo Stock Exchange on Monday,
the revenue of a major contract in Africa and Mediterranean
Region had grown by approximately US$70 million.  Further
details of this additional work will be published in the near
future.

Stolt Offshore (NasdaqNM: SOSA; Oslo Stock Exchange: STO) is a
leading offshore contractor to the oil and gas industry,
specializing in technologically sophisticated deepwater
engineering, flowline and pipeline lay, construction, inspection
and maintenance services.  The Company operates in Europe, the
Middle East, West Africa, Asia Pacific, and the Americas.

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Fiona Harris
          Phone: (U.K.) +44 1224 718436
          Phone: (U.S.) +1 877 603 0267 (toll free)
          E-mails: julian.thomson@stoltoffshore.com
                   fiona.harris@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (UK)
          Ellen Gonda (US)
          Phone: (U.K.) +44 207 404 5959
          Phone: (U.S.) +1 212 333 3810
          E-mails: phandley@brunswickgroup.com
                   e.gonda@brunswickgroup.com


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


ELEKTRIM SA: Govt Demands Concrete Financing Program for ZE PAK
---------------------------------------------------------------
The government is threatening to dislodge Elektrim S.A. from the
ZE PAK power plant project should it fail to present a viable
financing plan for the undertaking.

According to Warsaw Business Journal, the State Treasury is
demanding that the strategic investor show details of how it
intends to finance investment obligations under a privatization
deal.

Deputy Treasury Minister Dariusz Marzec said: "I am not
expecting general ideas, but a proper concept supported by
declarations of financial institutions.  If the investor fails
to do so over the coming days, we will enforce privatization
entries."

Ewa Bojar, spokeswoman for Elektrim, declined to comment saying
"[W]e have so far not received a document from the Treasury
concerning PAK."

According to the report, Zygmunt Solorz-Zak, owner of Elektrim,
will try to prove that the power plant's negative situation is
also the fault of the government and not only the investor.

The company needed EUR350 million to conclude its investment.
It is applying for a loan from banks, but the deal hinges on an
agreement with the National Grid.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl

          ELEKTROWNIA PATNOW
          62-510 Konin
          ul. Kazimierska 45
          Phone: +48(63) 247-30-00
          Fax: +48(63) 247-30-30
          Web site: http://www.zepak.com.pl


KOMPANIA WEGLOWA: Reveals New Plans to Brace Footing
----------------------------------------------------
Kompania Weglowa, Europe's biggest coalmining company, has set
out a new strategy to rebuild itself in preparation for its
privatization, Warsaw Business Journal reports.

The firm plans to improve the quality of its coal, come up with
new sales offers, increase labor efficiency, and invest in new
machines and coalmining methods.

"We want to reach a point where shutting down coalmines is no
longer the only solution to a problem," says the company's
president Maksymilian Klank.

Under the plan, as much as 70% of the company's sales are to be
generated from long-term contracts.  Sale offers are to be
prepared individually for each customer.  For upgrades, as much
as PLNL500 million a year will have to be allotted.

The government is planning to capitalize the company with PLN900
million to help stabilize its finances.  Mr. Klank previously
said that although demand for coal is still very strong, profits
generated by KW will not ensure long-term financial liquidity.
The government has so far provided the firm with half its
promised PLN1.8 billion in investment.


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


AERATED CONCRETE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on limited liability company Aerated
Concrete.  The case is docketed as A49-8569/04-88b/10.  Mr. I.
Gvozdev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 442200, Russia,
Penza region, Kamenka, Voroshilova Str. 17.

CONTACT:  AERATED CONCRETE
          Russia, Penza region, Kamenka

          Mr. I. Gvozdev
          Temporary Insolvency Manager
          442200, Russia, Penza region,
          Kamenka, Voroshilova Str. 17


AGRO-KHIM-PARTNER: Altay Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Altay republic has commenced bankruptcy
proceedings against Agro-Khim-Partner after finding the limited
liability company insolvent.  The case is docketed as A02-
3479/03.  Mr. A. Bermeshev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 656015,
Russia, Altay republic, Barnaul, Lenina Str. 69, Post User Box
3942.  A hearing will take place on January 2 and 29, 2005.

CONTACT:  AGRO-KHIM-PARTNER
          659700, Russia, Altay republic, Gorno-Altaysk

          Mr. A. Bermeshev
          Insolvency Manager
          656015, Russia, Altay republic, Barnaul,
          Lenina Str. 69, Post User Box 3942


BIZON: Insolvency Manager to Temporarily Oversee Business
---------------------------------------------------------
The Arbitration Court of Altay republic has commenced bankruptcy
proceedings against Bizon after finding the limited liability
company insolvent.  The case is docketed as A02-3500/03.  Mr. A.
Bermeshev has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 656015, Russia, Altay republic,
Barnaul, Lenina Str. 69, Post User Box 3942.  A hearing will
take place on January 2 and 29, 2005.

CONTACT:  BIZON
          659700, Russia, Altay republic, Gorno-Altaysk

          Mr. A. Bermeshev, Insolvency Manager
          656015, Russia, Altay republic, Barnaul,
          Lenina Str. 69, Post User Box 3942


KRUTINSKIY: Omsk Court Sets February Hearing
--------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on butter-maker Krutinskiy.  The case is
docketed as K/E-113/04.  Ms. A. Lyasman has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 644033, Russia, Omsk-10, Kuybysheva Str. 81,
Apartment 103.  A hearing will take place on February 22, 2005.

CONTACT:  KRUTINSKIY
          646130, Russia, Omsk region,
          Krutinskiy region, Krutinka, 1st May Str. 1

          Ms. A. Lyasman
          Temporary Insolvency Manager
          644033, Russia, Omsk-10,
          Kuybysheva Str. 81, Apartment 103


M-TEKH-SNAB: Altay Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Altay republic has commenced bankruptcy
proceedings against M-Tekh-Snab after finding the limited
liability company insolvent.  The case is docketed as A02-
3491/03.  Mr. A. Bermeshev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 656015,
Russia, Altay republic, Barnaul, Lenina Str. 69, Post User Box
3942.  A hearing will take place on January 2 and 29, 2005.

CONTACT:  M-TEKH-SNAB
          659700, Russia, Altay republic, Gorno-Altaysk

          Mr. A. Bermeshev, Insolvency Manager
          656015, Russia, Altay republic, Barnaul,
          Lenina Str. 69, Post User Box 3942


ONEZHSKIY METALLURGICAL: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on close joint stock company
Onezhskiy Metallurgical Works.  The case is docketed as A26-
5776/04-18.  Mr. A. Belyaninov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to the Arbitration Court of Kareliya republic.


PODZEM-STROY: Bankruptcy Case Pending Before Irkutsk Court
----------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings on Podzem-Stroy (TIN 3812063810) after finding the
close joint stock company insolvent.  The case is docketed as
A19-706/02-29.  Mr. A. Nikiforov has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 664047, Russia,
Irkutsk, Karla Libknekhta Str. 153, Office 7.  A hearing will
take place at the Arbitration Court of Irkutsk region on
November 25, 2004, 10:00 a.m.

CONTACT:  PODZEM-STROY
          664011, Russia,
          Irkutsk, Mayskaya Str. 25

          Mr. A. Nikiforov, Insolvency Manager
          664047, Russia, Irkutsk,
          Karla Libknekhta Str. 153, Office 7

          The Arbitration Court of Irkutsk region
          664000, Russia, Irkutsk, Gagarina Avenue, 70


REINFORCED CONCRETE: Appoints V. Ivanov Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on open joint stock company
Reinforced Concrete.  The case is docketed as A47-4517/2003-
14GK.  Mr. V. Ivanov has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 460000,
Russia, Orenburg, Gaya Str. 23a.  A hearing will take place on
December 1, 2004, 10:00 a.m.

CONTACT:   REINFORCED CONCRETE
           Russia, Orenburg region,
           Orsk, Stroiteley Str. 44

           Mr. V. Ivanov, Temporary Insolvency Manager
           460000, Russia, Orenburg, Gaya Str. 23a
           Phone: (3532) 78-40-26


SWEET CARAMEL: Altay Court to Hear Bankruptcy Case January
----------------------------------------------------------
The Arbitration Court of Altay republic has commenced bankruptcy
proceedings against Sweet Caramel after finding the limited
liability company insolvent.  The case is docketed as A02-
3490/03.  Mr. A. Bermeshev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 656015,
Russia, Altay republic, Barnaul, Lenina Str. 69, Post User Box
3942.  A hearing will take place on January 2 and 29, 2005.

CONTACT:  SWEET CARAMEL
          659700, Russia, Altay republic, Gorno-Altaysk

          Mr. A. Bermeshev, Insolvency Manager
          656015, Russia, Altay republic, Barnaul,
          Lenina Str. 69, Post User Box 3942


TROJAN-BEER: Insolvency Manager Takes over Helm
-----------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on limited liability company
Trojan-Beer (TIN 2632059355).  The case is docketed as A63-
160/04-S5.  Mr. N. Zarutskiy has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 357600, Russia, Stavropol region, Essentuki, Ermolova Str.
123.  A hearing will take place on November 18, 2004.

CONTACT:   TROJAN-BEER
           357500, Russia, Stavropol region,
           Pyatigorsk, Nezhnova Str. 21

           Mr. N. Zarutskiy
           Temporary Insolvency Manager
           357600, Russia, Stavropol region,
           Essentuki, Ermolova Str. 123


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


AVTOMOBILNA BAZA: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on Subsidiary Company
Avtomobilna Baza of OJSC Transport Building Dniprotransbud (code
EDRPOU 01375725).  The case is docketed as B 24/121/04.
Arbitral manager Mr. V. Kozachenko (License Number AA 249591)
has been appointed temporary insolvency manager.  The company
holds account number 2600430132661 at Prominvestbank,
Dnipropetrovsk central branch, MFO 305437; and 26006140193001 at
CB Privatbank, MFO 305299.

CONTACT:  AVTOMOBILNA BAZA
          49020, Ukraine, Dnipropetrovsk region,
          Molodogvardijska Str. 12a

          Mr. V. Kozachenko
          Temporary Insolvency Manager
          49044, Ukraine, Dnipropetrovsk region, a/b 2725

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


CRYOGENIC TECHNOLOGIES: Bankruptcy Proceedings Begin
----------------------------------------------------
The Economic Court of Kyiv region has launched bankruptcy
proceedings against Cryogenic Technologies (code EDRPOU
25388413) after finding the limited liability company insolvent.
The case is docketed as 43/601.  Mr. Ivan Gusar (License Number
AA 719858) has been appointed liquidator/insolvency manager.
The company holds account number 26004301703 at OJSC Oshadbank,
MFO 30465.

Creditors have until November 11, 2004 to submit their proofs of
claim to:

(a) CRYOGENIC TECHNOLOGIES
    03115, Ukraine, Kyiv region,
    Vernadskij Str. 4

(b) Mr. Ivan Gusar
    Liquidator/Insolvency Manager
    01030, Ukraine, Kyiv region, a/b 29

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


DNIPROPETROVSK' TABACCO: Declared Insolvent
-------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dnipropetrovsk' Tabacco Factory (code EDRPOU
00383099) on September 28, 2004 after finding the open joint
stock company insolvent.  The case is docketed as B 26/141/02.
Arbitral manager Mr. M. Grishin (License Number AA 047924) has
been appointed liquidator/insolvency manager.  The company holds
account number 26005050301230 at CJSC CB Privatbank,
Dnipropetrovsk branch, MFO 305299.

CONTACT:  DNIPROPETROVSK' TABACCO FACTORY
          4900, Ukraine, Dnipropetrovsk region,
          Leningradska Str. 19

          Mr. M. Grishin
          Liquidator/Insolvency Manager
          Phone: (056) 370-96-17

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


EKRAN: Ordered to Undergo Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on JSCCT Scientific-production
Enterprise Ekran (code EDRPOU 24601939).  The case is docketed
as B 26/72/04.  Arbitral manager Mr. R. Bajduk (License Number
AA 669664) has been appointed temporary insolvency manager.  The
company holds account number 26001118443001 at CB Privatbank,
Dnipropetrovsk branch, MFO 305299.

CONTACT:  EKRAN
          Ukraine, Dnipropetrovsk region,
          Dnipropetrovsk district,
          Yuvilejne, Teplichna Str. 15, a/b 6822

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


GUSYATINSKIJ ELEVATOR: Under Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Gusyatinskij Elevator (code EDRPOU
00956402) on September 29, 2004.  The case is docketed as B-
19/69-04.  Mrs. Tetyana Chekshturina (License Number AA 630039)
has been appointed temporary insolvency manager.  The company
holds account number 2600030187 at Oshadbank, Harkiv regional
branch, MFO 350051.

Creditors have until November 11, 2004 to submit their proofs of
claim to:

(a) GUSYATINSKIJ ELEVATOR
    62132, Ukraine, Harkiv region,
    Bogoduhivskij district,
    Gubarivka, Gutyanska Str. 91

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


KRASNOPAVLIVSKIJ BREAD: Claims Deadline Expires this Week
---------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Krasnopavlivskij Bread Products
Combine (code EDRPOU 00952232) on September 28, 2004.  The case
is docketed as B-19/70-04.  Mrs. Tetyana Chekshturina (License
Number AA 630039) has been appointed temporary insolvency
manager.  The company holds account number 260035945 at JSPPB
Aval, Harkiv regional branch, MFO 350589.

Creditors have until November 11, 2004 to submit their proofs of
claim to:

(a) KRASNOPAVLIVSKIJ BREAD PRODUCTS COMBINE
    64620, Ukraine, Harkiv region,
    Lozivskij district, Krasnopavlivka,
    Kalinin Str. 2

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


LUGOVE: Insolvency Manager Takes over Operations
------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on Lugove (code EDRPOU
30908335).  The case is docketed as B 15/104/04.  Arbitral
manager Mr. V. Kozachenko (License Number AA 249591) has been
appointed temporary insolvency manager.  The company holds
account number 26009311262001 at CB Privatbank, MFO 305727.

CONTACT:  LUGOVE
          52912, Ukraine, Dnipropetrovsk region,
          Mezhivskij district, Novogrigorivka,
          Centralna Str. 75

          Mr. V. Kozachenko
          Temporary Insolvency Manager
          49044, Ukraine, Dnipropetrovsk region, a/b 2725

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


OLHAIVEST: Rivne Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Olhaivest (code EDRPOU 31494138) on
September 16, 2004 after finding the Ukrainian-Polish enterprise
insolvent.  Arbitral manager Mr. Taras Panas (License Number AA
485217) has been appointed liquidator/insolvency manager.

CONTACT:  Mr. Taras Panas
          Liquidator/Insolvency Manager
          Phone: 8 (067) 672-75-17

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


SARNI' FURNITURE: Sets Public Auction Next Week
-----------------------------------------------
Volinska Branch of Agency of Bankruptcy Questions offers for
sale the properties of OJSC Sarni' Furniture Factory on November
15, 2004, 11:00 a.m. at Ukraine, Lutsk, Grushevskij Avenue,
30/161.

For sale are:

(a) Premises 6 to 10 of storehouses 1 and 2.  Starting price is
    UAH14,825.79 (inclusive of VAT);

(b) Premises 2 and 3 of storehouses 1 and 2.  Starting price is
    UAH20,669 (inclusive of VAT)

The properties are located at: Ukraine, Rivne region, Sarni,
Belgorodska Str. 13.  To participate, bidders must deposit an
amount equivalent to 6% of the starting price of the property
being sold and pay a registration fee of UAH17 on or before
November 9, 2004.  The amount must be deposited to account
number 260012748 at JSPPB Aval, Mikolaiv regional branch, MFO
303569, EDRPOU 26297428.

CONTACT:  SARNI' FURNITURE FACTORY:
          Ukraine, Rivne region,
          Sarni, Belgorodska Str. 13

          Auction Committee
          Ukraine, Lutsk region,
          Grushevskij Avenue, 30/161


TRADE CAPITAL: Proofs of Claim Deadline Expires Tomorrow
--------------------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on LLC Trade Capital (code EDRPOU
31327798).  The case is docketed as 8/224.  Mrs. Inesa
Chornokondratenko (License Number AA 047555) has been appointed
temporary insolvency manager.

Creditors have until November 11, 2004 to submit their proofs of
claim to:

(a) TRADE CAPITAL
    Ukraine, Poltava region,
    Kremenchuk, Zhovtneva Str. 6/9-8

(b) Mrs. Inesa Chornokondratenko
    Temporary Insolvency Manager
    39602, Ukraine, Poltava region,
    Kremenchuk, Vadim Bojko Str. 13, office 12

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


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


240103 LIMITED: Directors Receive Five-year Ban
-----------------------------------------------
The directors of a food delivery business that failed with total
debts estimated at around GBP1.8 million have given Undertakings
not to hold directorships or take any part in company management
for five years each.

The Undertakings by Ronald Stuart Pearl, 60, of Mornington
Lodge, Village Road, Enfield, and by Gerald Stephen Gold, 54, of
Lake View, Edgware, Middlesex, were given in respect of their
conduct as directors of 240103 Limited, formerly Room Service
(U.K.) Ltd., which carried out business from premises at 65
Maygrove Road, London NW6 2EH.

Acceptance of the Undertakings on October 26, 2004 prevents Mr.
Pearl and Mr. Gold from being directors 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.  240103 Limited was placed into liquidation on
January 23, 2003 with estimated debts of GBP1,800,000 owed to
creditors.

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

Matters of unfit conduct, not disputed by Mr. Pearl and Mr.
Gold, were that:

(a) they caused or allowed 240103 to trade to the detriment of
    the Crown through unpaid PAYE, NIC and VAT contributions
    amounting to GBP687,143 at the time of liquidation;

(b) they granted preferential treatment to 240103 trade
    creditors as the amount owed to them decreased by a
    GBP133,198, whereas liabilities to the Crown increased to
    GBP421,556;

(c) they breached their fiduciary duties when they caused or
    allowed 240103 to pay GBP711,785 to Interpower Consultants
    Ltd. without 240103 receiving any assurance that the amount
    would be repaid; and

(d) they failed to maintain, preserve or deliver adequate
    accounting records.

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


ABBEY NATIONAL: Court to Review Proposed Capital Reduction
----------------------------------------------------------
Abbey is pleased to announce that on Nov. 8, 2004 the Court
sanctioned its Scheme of Arrangement.  The Scheme still remains
conditional on the confirmation by the Court of the reduction of
capital, which forms part of the Scheme.  This Second Court
Hearing is scheduled for November 11, 2004.

It is expected that the Scheme will become effective shortly
after 4:30 p.m. (London time) on November 12, 2004.  Dealings in
Abbey Shares on the London Stock Exchange are expected to be
suspended following completion of the London Stock Exchange's
closing auction (and any subsequent market order extension and
price monitoring extensions in relation to Abbey Shares if
required).  The Abbey ADS register is also expected to close at
11:30 a.m. (New York time).  Abbey Shares will cease to be
listed on the Official List and their admission to trading on
the London Stock Exchange will be cancelled.

Upon completion of the Acquisition Abbey Shareholders will be
entitled to 1 New Banco Santander Share as well as a special
cash dividend of 25 pence plus six pence for dividend
differential, totaling 31 pence, for each Abbey Share held at
the Scheme Record Time.

Settlement of New Banco Santander Shares to be issued through
Iberclear is expected to occur on November 15, 2004, with
dealings in New Banco Santander Shares on the market of Bolsas
de Valores and of New Banco Santander ADSs on the NYSE expected
to commence on November 16, 2004.  Abbey's special cash dividend
will be paid on December 14, 2004.

Capitalized terms in this announcement have the same meaning as
in the Scheme document sent to Abbey Shareholders on September
17, 2004.

                            *   *   *

Not for Release, Publication or Distribution in or into or From
Canada, Australia, Japan, Malaysia or Italy.

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

          Abbey Communications
          Thomas Coops
          Phone: +44 207 756 5536

          Abbey Investors and Analysts
          Jonathan Burgess
          Phone: +44 207 756 4182

          Abbey Media Relations
          Christina Mills
          Phone: +44 207 756 4212

          Matthew Young
          Phone: +44 207 756 4232

          Brunswick
          Susan Gilchrist
          Phone: +44 20 7396 5301

          MORGAN STANLEY
          Simon Robey
          Phone: +44 207 425 5555

          Caroline Silver
          Phone: +44 207 425 5555

          William Chalmers
          Phone: +44 207 425 5555

          LEHMAN BROTHERS
          Stephen Pull
          Phone: +44 207 102 1000

          Charles King
          Phone: +44 207 102 1000

          UBS INVESTMENT BANK
          Tim Waddell
          Phone: +44 207 567 8000

          Christopher Smith
          Phone: +44 207 567 8000


ALEXANDER INNS: Members General Meeting Set Next Month
------------------------------------------------------
The general meeting of the members of the Alexander Inns Limited
will be on December 10, 2004 commencing at 11:00 a.m.  It will
be held at 76 New Cavendish Street, London W1G 9TB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.


BISHOPSGATE MARKETING: Calls in KPMG Liquidators
------------------------------------------------
At the extraordinary general meeting of the Bishopsgate
Marketing Limited on October 22, 2004 held at Fortis House,
Tollgate, Eastleigh, Hampshire SO53 3YA, the special and
ordinary resolutions to wind up the company were passed.  Jeremy
Simon Spratt and Stephen Treharne of KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB have been appointed joint liquidators
for the purpose of such winding-up.

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


BLACKDOWN WOODLANDS: Members Final Meeting Set
----------------------------------------------
The final meeting of the members of Blackdown Woodlands Limited
will be on December 8, 2004 commencing at 11:00 a.m.  It will be
held at Winchester House, Deane Gate Avenue, Tanton TA1 2UH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.


BOND CONNECT: Liquidator to Bare Final Report Later this Month
--------------------------------------------------------------
The final meeting of the members of Bond Connect Europe Limited
will be on November 26, 2004 commencing at 10:30 a.m.  It will
be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG LLP, 8 Salisbury Square, London EC4Y 8BB not later
than 12:00 noon, November 24, 2004.

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


BRAND ENVIRONMENT: Members General Meeting Set December
-------------------------------------------------------
The general meeting of the member Brand Environment Limited will
be on December 14, 2004 commencing at 10:00 a.m.  It will be
held at Mountview Court, 1148 High Road, Whetstone, London N20
0RA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.


CANNING CHEMICALS: Liquidator's Final Report Out December
---------------------------------------------------------
Name of companies:
Canning Chemicals Limited
Canpen Limited
Hird-Brown Holdings Limited
Hird-Brown Limited
Macdermid Industrial Services Limited
Macdermid Management Services Limited
Macdermid Speciality Services Limited
Northern Adhesives Limited
W. Canning Materials Exports Limited
William Canning Limited
WM Canning Pensions Limited

The general meeting of the members of these companies will be on
December 13, 2004 commencing at 10:00 a.m.  It will be held at
KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG Corporate Recovery, 2 Cornwall Street, Birmingham B3
2DL not later than 12:00 noon, December 10, 2004.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


CSR GYPSUM: Hires Joint Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Name of companies:
CSR Gypsum Products (UK) Limited
CSR Humes (U.K) Limited

At the meeting of these companies on October 25, 2004, the
special and ordinary resolutions to wind up the companies were
passed.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies for the
purpose of such windings-up.

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


E.B. EDUCATION: Names Oury Clark Liquidator
-------------------------------------------
At the extraordinary general meeting of the E.B. Education Trust
Limited on October 28, 2004 held at Oury Clark, 58 Herschel
Street, Slough SL1 1HD, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Derrick Arthur
Smith of Oury Clark, Herschel House, 58 Herschel Street, Slough,
Berkshire SL1 1HD has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  OURY CLARK
          Herschel House,
          58 Herschel Street,
          Slough, Berkshire SL1 1PG
          Web site: http://www.ouryclark.com


ENI AOG: Owners Agree to Wind up Company
----------------------------------------
Name of companies:
ENI AOG Limited
ENI International Limited
ENI Overseas Holdings Limited

At the extraordinary general meeting of these companies on
October 21, 2004 held at Ebury Bridge House, 10 Ebury Bridge
Road, London SW1W 8PZ, the special resolution to wind up the
companies were passed.  Elizabeth Anne Bingham and Alan Lovett
of Ernst & Young LLP, 1 More London Place, London SE1 2AF have
been appointed joint liquidators for the purpose of such
windings-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


EURODIS ELECTRON: Partners with ATeG in Promoting Products
----------------------------------------------------------
Eurodis Electron plc, Europe's third largest pan-European
electronic component distributor, and the Advanced Technology
Group (ATeG), an alliance of Europe's leading independent design
distributors, signed heads of agreement to cooperate in the
European market.

Once the agreement is implemented, the ATeG companies will act
as sales agents for Eurodis, and will approach their key
customers with a much expanded line card.  Similarly, Eurodis
will act as sales agents for ATeG, and will introduce ATeG's
range to its customers.  In each case, the sales agent will be
remunerated by way of commission on completed sales, which it
achieves for the other party.  This co-operation will
effectively increase Eurodis' sales team by about 20% without
any material increase in fixed costs.

The intention is that, in future, key customers of Eurodis and
ATeG in Germany, Switzerland, U.K. and Spain will have one
account manager through whom they will be able to access the
combined line cards, value added services and logistic solutions
of both organizations.

Eurodis has sales coverage in 19 European countries and ATeG
strengthens that coverage as well as bringing its range of
franchised products to Germany, Switzerland, Austria, U.K., and
Spain.

Eurodis and ATeG anticipate that the co-operation will enable
both companies to increase sales and net earnings by leveraging
existing customer and supplier relationships.  Customers will
benefit from being able to fulfill more of their requirements
through one sales contact, and suppliers will benefit from
increased sales out of existing franchised distribution
channels.

About ATeG

The Advanced Technology Group is an alliance of independent
companies, which share common franchises for the design-led
distribution of specialized electronic components. Principle
companies in the alliance are as follows:

Ineltek GmbH (Germany)

Ineltek was established in 1987 in Heidenheim Germany and has 10
sales offices distributing leading edge semiconductors and other
electronic components throughout Germany, Austria, Hungary and
Russia.

GD Technik Ltd (U.K.)

Based in Twyford, Berkshire, GD Technik, which was founded in
1989, is an independent OEM representative and distributor of
leading edge semiconductors.

Through a niche franchise base and highly technical support the
company has provided solutions for the telecom, automotive,
consumer, industrial and military markets.

Anatec AG (Switzerland)

Established in 1978, and based in Zug, Anatec is an independent
representative and distributor for active semiconductors and
tools.  With strengths in the consumer, industrial, telecom,
military and space markets, Anatec provides a complete support
package.

Anatronic S.A. (Spain)

Established in 1982 and based in Madrid, Anatronic is an
independent distributor and OEM representative of active,
passive and electromechanical components, board-level
subassemblies and GSM/GPS modules.  The company has offices in
Madrid, Barcelona, Bilbao and Lisbon.

About Eurodis Electron PLC

Eurodis Electron PLC (FTSE:ELH), headquartered in Surrey, U.K.
is Europe's third largest pan-European distributor of electronic
components, operating in 19 countries.  Eurodis provides design
solutions and support across Europe including specialist support
in wireless, displays and embedded systems from its advanced
technology centers.

                            *   *   *

In July, Eurodis reported operating loss before non-recurring
costs and exceptional items and goodwill of GBP22.9 million for
the year ended May 31, 2004.  Figures for the same period last
year was a loss of GBP5.5 million.

CONTACT:  EURODIS ELECTRON PLC
          Doug Rogers
          Non-Executive Chairman
          Phone: 01737 242 464

          Steven Swayne
          Chief Executive
          Phone: 01737 242 464

          Peter Grant
          Group Finance Director
          Phone: 01737 242 464

          BELL POTTINGER FINANCIAL
          Zoe Sanders
          Phone: 0207 861 3232


GINPEP LIMITED: Names Ernst & Young Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of the
Ginpep Limited on October 20, 2004 held at 1 More London Place,
London SE1 2AF, the special resolutions to wind up the company
were passed.  Elizabeth Anne Bingham, Roy Bailey and Alan Robert
Bloom of Ernst & Young LLP, 1 More London Place, London SE1 2AF
have been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


HGACC LIMITED: Members Opt to Dissolve Firm
-------------------------------------------
Name of companies:
HGACC Limited (formerly Highground Accord Limited)
IA Merchants Limited
ISACC Limited  (formerly ISIS Accord Limited)

At the extraordinary general meeting of these companies on
October 28, 2004 held at Accord House, Albany Place, Welwyn
Garden City, Hertfordshire AL7 1HX, the special and ordinary
resolutions to wind up the companies were passed.  Jeremy Spratt
and Finbarr O'Connell 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


HOOPSTER LIMITED: Hires M. H. Linton as Liquidator
--------------------------------------------------
At the extraordinary general meeting of the members of the
Hoopster Limited on October 28, 2004 held at Brentmead House,
Britannia Road, London N12 9RU, the special resolution to wind
up the company was passed.  Martin Henry Linton has been
appointed liquidator for the purpose of such winding-up.


HUTCHINTS LIMITED: Calls in Liquidator from Ernst & Young
---------------------------------------------------------
At the extraordinary general meeting of the Hutchints Limited on
October 20, 2004 held at 1 More London Place, London SE1 2AF,
the special resolution to wind up the company was passed.
Elizabeth Anne Bingham, Roy Bailey and Alan Robert Bloom of
Ernst & Young LLP, 1 More London Place, London SE1 2AF have been
appointed joint liquidators for the purpose of such windings-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


INVENSYS PLC: Board Member Simon Robertson Stepping down
--------------------------------------------------------
Following his appointment as Chairman of Rolls Royce plc, Simon
Robertson intends to step down from the Invensys plc's Board by
the Company's next Annual General Meeting in July 2005.

Martin Jay, Chairman of Invensys, said: "Simon has now been a
member of the Board for almost 9 years.  I would like to thank
him for his counsel and support throughout that period, which
have made a very significant contribution to the Group's
stabilization. We all wish Simon well for the future in his new
role."

                            *   *   *

In the first quarter, Invensys was able to reduce net debt by
GBP273 million from 31 March to GBP713 million.  Other legacy
liabilities, including pension deficits, was reduced by GBP48
million.

CONTACT:  INVENSYS PLC
          Victoria Scarth/Mike Davies
          Phone: +44 (0) 20 7821 3755

          MAITLAND
          Angus Maitland/Fiona Piper
          Phone: +44 (0) 20 7379 5151


JARVIS PLC: Expects Project Cost to Overrun by GBP80 Million
------------------------------------------------------------
The Board of Jarvis plc wishes to update the market on trading
and financial conditions, and its restructuring progress, and
the implications for the Group going forward.

Following the appointment of Alan Lovell as Group Chief
Executive, the time and cost of completing outstanding
construction activities within its Accommodation Services
Division has been reassessed.  Constraints on working capital,
caused by delays to cash receipts from disposals and adverse
trading results described more fully below, have meant that
activity has reduced considerably on the construction sites.
The cost of completion of these contracts has risen
substantially.  Consequently, it is expected that there will be
a total Group cash outflow of some GBP80 million more than
expected in July.

The Group continues to look for ways to limit its exposure to
these contracts.  It is in discussion with its partners in the
projects and is examining the possibility of bringing in new
partners to help with their completion.  Work continues with
Alma Mater over the disposal of the UPP business and Vinci S.A.
over the disposal of parts of the PFI business.

The effect of this factor, combined with others described below,
means that the Group continues to incur losses during the
current financial year.  It also means that the Group now
anticipates that a substantial proportion of the proceeds from
its disposals program is likely to be required for working
capital purposes rather than for the repayment of debt.

Satisfactory progress continues to be made with the Group's main
disposal program.  The sale of its European roads business and
the realization of the value of its Tube Lines investment remain
on course for the end of the year.  It is intended that this
realization should be related to longer term refinancing
arrangements with the Group's lenders.  The Group continues to
implement smaller disposals, although there has been slower
progress than anticipated in respect of certain property sales.

The annual results for 2004 made reference to one remaining
issue to be resolved with Network Rail, in respect of work
invoiced but unpaid.  The resolution of this issue has been more
complex and has taken longer than anticipated.  However, a
resolution has been achieved, with documentation now being
finalized.  The settlement amount, which has now been paid to
the Group, is less than expected and accordingly a write off of
some GBP9 million will be incurred in the current year.

Within the roads division trading has been below budget and the
loss of an important contract with Cheshire County Council will
also reduce revenue in the second half of the year.  Elsewhere,
the Group has been faced with a high level of financing and
associated professional costs due to the highly complex issues
involved during restructuring.

The Group continues to operate within its debt facilities.
Headroom is limited and accordingly management is concentrating
on cash to ensure the Group remains within those facilities
pending finalization of the disposals and refinancing within the
timescale outlined above.  The Group's lenders continue to be
kept fully abreast of developments.

The Group continues to be active on other aspects of
restructuring and these have developed since mid-October.  The
core businesses for the future are rail, roads and plant hire,
and will be centered on York.  This relocation is on course to
be completed by the end of March 2005.  At its AGM, the Group
reported good progress in reducing costs.  Since then a further
savings target of GBP30 million has been identified and
implementation is planned to begin over the next few weeks.

Group Chief Executive Alan Lovell said: "Having completed an
urgent review of the Group's operational and financial status in
the three weeks since my appointment as chief executive, it is
clear that the restoration of the Group to financial health will
take longer than previously indicated.  We remain in discussion
with our lenders and other stakeholders to ensure their
continuing support through this challenging period.

"The disposals program and new and existing cost-reduction
initiatives are key priorities, together with a resolution of
outstanding operational issues, in particular the remaining
PFI/UPP construction contracts."

CONTACT:  JARVIS PLC
          Press Relation
          Merlin
          Phone: 0207 653 6620

          Paul Downes
          Bridget Fury
          Jonathan Haslam
          Phone: 0207 017 8147


JOVE INVESTMENT: Calls in Liquidator
------------------------------------
At the extraordinary general meeting of Jove Investment Trust
Plc on 1 November 2004, the ordinary resolution to wind up the
company was passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed liquidators of the company with the power to act
jointly and severally for the purpose of such winding-up.

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


KENT PLASTICS: Hires PricewaterhouseCoopers as Liquidator
---------------------------------------------------------
At the meeting of the Kent Plastics UK Limited on October 26,
2004, the special and ordinary resolutions to wind up the
company were passed.  Garth Calow and Richard Setchim of
PricewaterhouseCoopers have been appointed joint liquidators of
the company for the purpose of such winding-up.

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


LOTUS WATER: Receivers Sell Business as Going Concern
-----------------------------------------------------
The joint administrative receivers, Gary Lee, James martin and
John Kelly of Begbies Traynor offer for sale the business and
assets of Lotus Water Garden Limited (in administrative
receivership) as a going concern.

Principal features are:

(a) Turnover of GBP6 million;

(b) Oldest U.K. aquatic business, wide and diverse customer base
    in all market sectors;

(c) Strong consumer brands;

(d) Complete water garden product offering; and

(e) Experienced personnel within water garden market.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP

          Lisa Charlwood
          Phone: 0161 839 0900
          Fax: 0161 832 7436
          E-mail: lisa.charlwood@begbies-traynor.com


MARCONI CORPORATION: Unveils New Networking Device
--------------------------------------------------
Marconi Corporation Plc (London: MONI and Nasdaq: MRCIY)
announced on November 8 a new networking device, the MPG(TM)-
1000, an OC-192c Media and Protocol Gateway that extends the
benefits of high-speed encryption to a variety of network
interfaces in use over local-area, wide-area and storage-area
networks (LAN, WAN and SAN).

The MPG-1000 will be demonstrated at the SC2004 High Performance
Computing, Networking and Storage Conference in Pittsburgh on
November 8-11 in the StorCloud booth (1542) and will be on
display at Marconi Federal's booth 1132.

"The MPG-1000 Media and Protocol Gateway fills a need in the
high-performance computing community by connecting a variety of
interfaces to very high-speed, reliable, secure networks, making
mission-critical data available worldwide at an instant's
notice," said Gerry Kolosvary, president of Marconi
Communications Federal, Inc.

"The MPG-1000 gives high-performance computing users - whether
they are in the government, research or private industry - a
simple, cost-effective device for transporting their data across
the WAN as if locally interconnected through SCSI, Fiber Channel
or Infiniband."

In addition, by supporting encryption of data traffic at speeds
up to OC-192c (10 Gbps) via a variety of network interfaces,
Marconi's MPG-1000 ensures that all mission-critical
applications - regardless of transport protocol - can be secured
across LANs, WANs and SANs for defense, intelligence and high-
performance computing users, such as cluster, grid or
supercomputing.  Examples of critical applications might include
secure transport of multimedia, such as real-time surveillance
video from fixed or mobile cameras or other sensor-derived
data; the transport of very large, image-rich data, such as
geo-positioning files used in weather forecasting, oil and gas
exploration; and defense and intelligence activities.

The MPG-1000 will provide 1 Gbps and 10 Gbps Ethernet services
over OC-48c and OC-192c transport technologies - Synchronous
Optical Network (SONET), Optical Cross Connect, and Asynchronous
Transport Mode (ATM) - in its initial release, planned for early
2005.  In future releases, the platform will support interfaces
for Infiniband, Packet over SONET, Fiber Channel, and SMPTE 292M
(High-Definition Television).

"The MPG-1000 will permit US Government customers to support
mission-critical IP services at gigabit speeds by bulk
encrypting IP packets, using existing KG75 encryptors over the
newest Government networks, including GIG-BE," said Mr.
Kolosvary.

About Marconi Communications Federal, Inc.

Marconi Communications Federal, Inc. is a trusted partner of the
U.S. Federal Government, providing mission-critical networking
and telecommunications equipment; communication facilities
survey, design and construction; classified and unclassified
professional services and customer support.  Marconi
Communications Federal supports a US$1.5 billion installed base
of systems within various U.S. government agencies.

Marconi Communications Federal, Inc. is a wholly owned
subsidiary of Marconi Corporation plc (London: MONI and Nasdaq:
MRCIY).

About Marconi Corporation Plc

Marconi Corporation Plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI and listed on NASDAQ under the symbol MRCIY.

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

          Press Enquiries
          Geof Becker
          Phone: 724-742-6377
          E-mail: geof.becker@marconi.com

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

          Industry Analyst Enquiries
          Colleen Rosander
          Phone: 724-742-7794
          E-mail: colleen.rosander@marconi.com


MIDLAND BUILDING: Appoints Moore Stephens Liquidator
----------------------------------------------------
At the extraordinary general meeting of the Midland Building
Developments Limited on October 29, 2004 held at 25 Meer Street,
Stratford on Avon, Warwickshire CV37 6QB, the special and
ordinary resolutions to wind up the company were passed.
Roderick Graham Butcher of Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB has been
appointed liquidator for the purpose of such winding-up.


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


MINDOR LIMITED: Names Begbies Traynor Liquidator
------------------------------------------------
At the general meeting of the Mindor Limited, the special and
ordinary resolutions to wind up the company were passed.  T. J.
E. Dolder and P. M. Davis of Begbies Traynor, 32 Cornhill,
London EC3V 3LJ have been appointed joint liquidators for the
purpose of such winding-up.

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


NORTHERN STAR: Special & Ordinary Winding up Resolutions Passed
---------------------------------------------------------------
At the extraordinary general meeting of the Northern Star
Insurance Company Limited on October 22, 2004 held at Fortis
House, Tollgate, Eastleigh, Hampshire SO53 3YA, the special and
ordinary resolutions to wind up the company were passed.  Jeremy
Simon Spratt and Stephen Treharne of KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB have been appointed joint liquidators
for the purpose of such winding-up.

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


NTL INCORPORATED: Closes Virgin.net Buyout
------------------------------------------
Ntl Incorporated (NASDAQ: NTLI) has completed the acquisition of
Virgin Media Group's remaining interests in Virgin Net, together
with the remaining interests held by existing and former
management.  The acquisition will take ntl's ownership of Virgin
Net, the joint venture formed by ntl and Virgin in 1996, to
100%.

Virgin.net, is currently the U.K.'s 5th largest Internet Service
Provider (ISP) and will continue to trade under the Virgin name.
Virgin.net provides the sales, marketing and customer service
functions to approximately 590,000 customers and ntl provides
back office support and network access for unmetered and pay-as-
you-go narrowband services and broadband services.

Simon Duffy, chief executive officer of ntl, said: "We are
delighted to have successfully completed the acquisition of
Virgin.net.  I am confident Virgin.net will accelerate our
growth by giving us access to new market segments, thereby
complementing our strategy of extending our network through
local loop unbundling."

Ntl Incorporated (NASDAQ: NTLI) offers a wide range of
communications and entertainment services to residential and
business customers throughout the U.K. and Ireland.

It is the U.K.'s largest cable company and leading broadband
supplier with over one million broadband customers and 3 million
residential customers.

Ntl's fiber-optic broadband network can service 7.8 million
homes in the U.K. including London, Manchester, Nottingham,
Oxford, Cambridge, Cardiff, Glasgow and Belfast.

CONTACT:  NTL INCORPORATED
          Investor Relations:
          U.S.: Patti Leahy
          Phone: +1 610 667 5554
          U.K.: Virginia Ramsden
          Phone: +44 (0)20 7967 3338

          Media:
          Nicola Mitchell
          Phone: +44 (0)1256 752669/(0)7884 057 576

          Alison Kirkwood
          Phone: +44 (0)1256 752662/(0)7788 186154
          Or

          BUCHANAN COMMUNICATIONS
          Richard Oldworth or Jeremy Garcia
          Phone: +44 (0)20 7466 5000


PHARMAIMAGING GROUP: Calls in Administrator from Kroll
------------------------------------------------------
A high-profile Scottish Biotech company has gone into
administration a year after its inception.  Insolvency
specialists Kroll has been called for PharmaImaging Group based
in Grangemouth, The Herald reports.

Administrator Fraser Gray said the firm's directors initiated
the insolvency process after the withdrawal of funding
'precipitated a serious cash crisis.'  As a result plans to
build one of Europe's most advanced medical imaging centers at
Livingston have been shelved.  The project would have created
250 jobs.

The administrator is now in talks with third parties to dispose
of the firm's goodwill.  Its 15 staff has been retained under
plans to sell the company as a going concern.

With a value of GBP15 million, PharmaImaging is Scotland's
biggest start-up business for 30 years.  It was set up to
provide hi-tech imaging services to pharmaceutical firms and
health boards with GBP2 million regional selective assistance
grant from the Scottish Executive.  Scottish Enterprise, GE
Medical Systems, and Schering Health Care contributed
GBP750,000.  It is not clear which of these supporters backed
out, the report said.

CONTACT:  PHARMAIMAGING GROUP
          Phone: 01324 494360
          Web site: http://www.pharmaimaging.com


R J KILN: Performance Rating Raised to 'B-' Below Average
---------------------------------------------------------
Moody's Investors Service has upgraded the performance rating of
Kiln Syndicate 308 (R J Kiln & Co. Limited) in light of the
support shown by its backer Kiln plc.  The rating was upgraded
from 'C+' Below Average to B- Below Average.  The outlook is
stable.

Moody's said: "With less competition within the Lloyd's market
for Life business following the demise of other Life syndicates,
the increased commitment shown by Kiln plc to the syndicate and
based on the expectation that the syndicate will have a capacity
of at least circa GBP10 million for 2005."

The rating agency commented that for 2005 the syndicate is
aiming to pre-empt its capacity to GBP12 million and Kiln plc
has indicated that its capacity on the syndicate will increase
from GBP2.6 million to GBP4 million.

The syndicate had a capacity of GBP5 million for 2004, 52% of
which was supplied by Kiln via Kiln Underwriting Limited.  It
recorded a profit for the 2001 account of 8.2% of capacity,
following a loss of 9.1% for the 2000 account.

Moody's is expecting profits of between 2.4% to 5.4% and -1.5%
to +3.5% for 2002 and 2003.

Kiln plc operates within the Lloyds of London insurance market.


SILVERDRIVE COMPUTER: Insolvency Service Bans Directors
-------------------------------------------------------
The directors of a computer consultancy business that failed
with total debts estimated at around GBP158,000 have given
undertakings not to hold directorships or take any part in
company management for five and three years respectively.

The Undertakings by David Mark Beaman-Scott, 37, and his wife
Laura Beaman-Scott, 47, of 5 Cooper Road, Windlesham, Surrey
GU20, were given in respect of their conduct as directors of
Silverdrive Computer Consultants Limited, which carried out
business from their home address.

Acceptance of the Undertakings on October 15, 2004 prevents Mr.
and Mrs. Beaman-Scott from being directors 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.

Silverdrive was placed into liquidation on October 18, 2002 with
estimated debts of GBP158,000 owed to creditors.

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

Matters of unfit conduct, not disputed by Mr. and Mrs. Beaman-
Scott, were that:

(a) they caused or allowed Silverdrive to continue to trade when
    they knew or should have known that it was unable to pay its
    debts when they fell due, resulting in a final liability to
    the Crown of at least GBP54,990 for VAT and Corporation Tax;
    and

(b) they failed to maintain, preserve or deliver adequate
    accounting records, as a result of which the liquidator has
    been unable to determine the composition of payments
    totaling GBP128,161 drawn from Silverdrive's HSBC bank
    account of Mr. and Mrs. Beaman-Scott.  The liquidator is
    unable to say how the payments were calculated or how much
    was paid for expenses, dividends or wages and what
    liabilities for tax may be due and owing.

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


STARPHARMS GLOBAL: Hires Ian Franses Associates as Administrator
----------------------------------------------------------------
Ian Franses (IP No 2294) has been appointed administrator for
Starpharms Global Limited.  The appointment was made October 25,
2004.

The company offers computer services.  Its registered office is
located at Suite 36, Daylewis House, 324 Bensham Lane, Thornton
Heath, Surrey CR7 7EQ.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place, London W2 1EP


STEWART PLASTICS: Business for Sale
-----------------------------------
The Joint Administrators, Gary Lee and James Martin of Begbies
Traynor are restructuring the business with a view to the
survival of Stewarts Plastics Limited (in administration) as a
going concern and seek potential investors in the company.

Principal features are:

(a) Turnover of GBP14 million;

(b) Injection and rotational molding operation Croydon, Surrey;

(c) Market leader in the garden plastics category;

(d) Wide range of household products;

(e) Diverse customer base, both independent and blue chip; and

(f) Extensive owned tooling for proprietary garden, home and
    packaging products.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP

          Lisa Charlwood
          Phone: 0161 839 0900
          Fax: 0161 832 7436
          E-mail: lisa.charlwood@begbies-traynor.com


TIMESPAN GROUP: Names Smith and Williamson Limited Administrator
----------------------------------------------------------------
A. Murphy, A. C. Spicer and C. R. Stark (IP Nos 8716, 9071,
8774) have been appointed joint administrators for Timespan
Group Limited.  The appointment was made October 28, 2004.

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


TURNER & NEWALL: Trust Members Welcome Govt's Pension Ruling
------------------------------------------------------------
The government on Tuesday announced a ruling that would allow
members of Turner & Newall pension scheme to claim compensation
should talks regarding plugging a funding gap falls through.

Malcom Wicks, the pensions minister, said the Pension Protection
Fund will cover pension schemes which collapsed since May but
are not yet wound up by April next year.

Around 40,000 members of T&N scheme has been worried about
losing their money after the car parts maker's American parent,
Federal Mogul, went into Chapter 11 bankruptcy protection in
2001.  The pension has a GBP875 million shortfall in its GBP1
billion scheme.

Trustees of the scheme are still negotiating with Federal Mogul
creditors.  The American side has offered to contribute GBP14
million a year to the fund for the first three years and a
commitment to fully fund the scheme within a decade.

A spokesman for T&N's independent trustees said: "This is
potentially very good news.  We will obviously have to see the
details of the plan."

The PPF was designed to pay compensation only to members of
pension schemes, which collapse after its start in April 2005.
It will be funded initially by a flat levy on all companies with
final-salary pension funds.

CONTACT:  TURNER & NEWALL LIMITED
          T&N Limited
          Manchester international office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION (OTC: FDMLQ)
          26555 Northwestern Hwy.
          Southfield, MI 48034 (Map)
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


UNIQ PLC: Reports GBP14.2 Mln Loss on Ordinary Activities
---------------------------------------------------------
Uniq plc, the pan-European chilled foods group, announced
results for the 26 weeks to 25 September 2004:

                                 2004          2003
                                 GBPm          GBPm

Turnover                         424.4         470.9

- of which continuing
businesses[1]                    424.4         445.9      - 5%

Operating profit[2]               13.5          17.2
- of which continuing
businesses[1]                     13.5          19.7     - 31%

Profit on ordinary
activities before tax[2]          10.7          11.4      - 6%

Goodwill and exceptional items   (24.9)         (5.4)

(Loss)/profit on ordinary
activities before tax            (14.2)          6.0

(Loss)/earnings per share         (9.7)p         6.3p

- on adjusted earnings[2]          7.1p          7.6p     - 7%

Dividend for period                2.5p          2.3p     + 9%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Excluding the discontinued U.K. Poultry business but
including the Minsterley acquisition, which contributed sales of
GBP21.0 million and an operating loss of GBP1.3 million

[2] Before exceptional items, goodwill amortization and, for
adjusted earnings per share, prior year tax credits.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

(a) Southern Europe continues to perform strongly with operating
    profits up 17%,

(b) New U.K. management team successfully integrating
    Minsterley,

(c) First half impacted by prior year U.K. business losses,

(d) GBP20 million annualized new U.K. business wins mostly with
    Tesco and Morrisons,

(e) Exceptional costs relate mostly to the Supply Chain project
    which is on target to deliver annualized cost savings of
    GBP17 million by 2006/07,

(f) 9% increase in interim dividend to 2.5 pence

Chief Executive, Bill Ronald, commenting on the results, said:
"Our new U.K. and Northern European management teams have had a
number of successes which underpin the performance of these
businesses.  The team in Southern Europe has delivered another
excellent performance.  I am confident that the actions we are
taking both in the U.K. and across our business to focus on our
chosen categories will provide the basis for a strong recovery
in our performance over the next 18 months."

CONTACT:  UNIQ PLC
          Bill Ronald
          Chief Executive
          Phone: 01753 276004

          Martin Beer
          Finance Director
          Phone: 01753 276160

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

          GAINSBOROUGH
          Julian Walker
          Phone: 020 7841 1021


                            *********


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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