TCREUR_Public/041112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 12, 2004, Vol. 5, No. 225

                            Headlines

C Z E C H   R E P U B L I C

ROSTROJ ROUSINOV: New Owner Known Before Year Ends


F R A N C E

ALCATEL: Rating Upgraded to 'BB'; Outlook Stable
AMOR FRANCE: Court Ends Misery with Liquidation Order
BTP: Enters Receivership
EURO DISNEY: Full-year Net Loss Surges to EUR145.2 Mln
GOUT: Under Observation Until January Next Year
TEINTURERIE POTET: Court Hires Receiver


G E R M A N Y

AMB OSTERBURG: Claims Deadline Expires Later this Month
CAESAR CONSULTING: Administrator Takes over Operations
COMMERZBANK AG: Fitch Welcomes Restructuring; Affirms Ratings
DEK WARENKONTOR: Creditors' Claims Due End of Month
DIEFENTHALER GMBH: Creditors Have Until Next Week to File Claims

DRUCKEREI STROBACH: Succumbs to Bankruptcy
EASYBYTES GMBH: Creditors' Meeting Set December
EURO BROT: Applies for Bankruptcy Proceedings
EURO STAR: Under Bankruptcy Administration
GPC BIOTECH: Nine-month Net Loss Balloons to EUR26.1 Million

HANS EICHNER: Creditors' Meeting Set December
HORNITEX WERKE: Pfleider to Redeem MDF Plant from Receiver
JENOPTIK AG: Posts EUR18 Million Loss for First Nine Months
LEHMANN AUTOMOBILE: Creditors' Claims Due Later this Month
MOBELN + WOHNACCESSOIRES: Court Names Provisional Manager

MS TRANSPORT: Frankfurt Court Appoints Administrator
PROSIEBENSAT.1 MEDIA: Net Profit Jumps to EUR75.3 Million
RHO-BAU GMBH: Succumbs to Bankruptcy
SAXONLASER GMBH: Sets Creditors' Meeting January


H U N G A R Y

HUNGARIAN TELEVISION: To Introduce New Channel Next Year
PILIS-INVESTOR: Creditors to Recoup Only a Quarter of Investment


I R E L A N D

ELAN CORPORATION: To Attend Healthcare Conference in Geneva


I T A L Y

ALITALIA SPA: Govt Promises to Privatize Airline Next Year
PARMALAT URUGUAY: Sale to German Investors a Done Deal


N O R W A Y

STOLT-NIELSEN: Credit Ties with Stolt Offshore End


P O L A N D

AGORA SA: Reverses Last Year's Third-quarter Loss
DAEWOO-FSO: Sale to Ukraine's AvtoZAZ Imminent
NETIA SA: To Repay PLN11.9 Mln Obligations Ahead of Maturity
NETIA SA: Reports PLN113.4 Million Year-to-date Net Profit


S W E D E N

LM ERICSSON: Rating Upgraded to 'BB+' on Improved Results


S W I T Z E R L A N D

BARRY CALLEBAUT: Net Profit Up 12.0% to CHF115.6 Million


U N I T E D   K I N G D O M

ABB EUROFIN: Gives Creditors Until December to File Claims
ASHFORD GREAT: Calls in Joint Liquidators from Deloitte & Touche
ATCHLEY LIMITED: Sets General Meeting December
A TO Z: Restaurants for Sale
BACKSAFE LIMITED: Names G. F. Davis Liquidator

BALLIVY LIMITED: Members General Meeting Set December
BARTON BENDISH: Liquidator's Final Report Out Next Month
BED & BREAKFAST: Creditors' Meeting Set End of November
B E L DEVELOPMENTS: Calls Meeting to Hear Liquidator's Report
CABLE & WIRELESS: Chairman Bares Restructuring Plans

CABLE & WIRELESS: Chief Operating Officer to Resign Next Month
CARIOCCA TRAINING: Owners Opt to Dissolve Business
COLLEGIUM 134: Sets Deadline for Proofs of Claim
DEUTSCHE SCOTLAND: Appoints Liquidators from KPMG
DOLER LIMITED: Calls in Liquidator from Haines Watts

FAIRWOOD DIESEL: Members Final Meeting Set
HSC GC: Liquidator to Submit Final Report Mid-December
ILFORD IMAGING: Creditors' Meeting Set Next Week
JAMES GATTENS: Deadline for Filing of Claims Set
LASERPILOT LIMITED: Calls in Liquidator

LAWSON MARDON: Sets Final Meeting of Members
LOOKSMART UNITED: Names Ernst & Young Liquidator
LOTUS WATER: GMAC Commercial Appoints Begbies Traynor Receiver
METASOLV HOLDINGS: Names Joint Liquidators from Ernst & Young
NEWBOURNE PLC: Members Agree to Wind up Company

NORCAST LIMITED: Sets Creditors Meeting Next Week
PLUS WALL: Names Smith & Williamson Administrator
QUADRANGLE GROUP: Creditors' Meeting Set Monday
RANKINS FRUIT: KPMG Liquidator Enters Firm
SCP (VICTORIA SQUARE): Names PwC Liquidator

STEWART PLASTICS: Hires Begbies Traynor as Administrator
SULLIVANS GROUP: In Administrative Receivership
UNITED SYSTEMS: Names BDO Stoy Hayward Administrator
VICTORIA ACQUISITION: Senior Notes Rated 'B'; Outlook Stable
WESLEYAN HOME: Calls in Joint Liquidators from PwC
YELL GROUP: Reports GBP52.7 Million Pre-tax Profit


                            *********


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


ROSTROJ ROUSINOV: New Owner Known Before Year Ends
--------------------------------------------------
The Brno Regional Court is inviting bidders for bankrupt
engineering group Rostroj Rousinov, Czech News Agency says.

Presiding judge Jan Kozak says the price would be the only
criterion for the auction.  The court will open the bidding
envelops on December 14 and might choose a new owner for Rostroj
before the year ends.

Rostroj Rousinov was declared bankrupt on August 11 after
receiving around 80 bankruptcy petitions.  The company employs
around 91 people and is considered as an important regional
employer in the Vyskov region.

CONTACT:  ROSTROJ ROUSINOV a.s.
          Mlekarska 1
          683 01 Rousinov
          Phone: 517 305 111
                 517 305 118
                 517 305 152
          Fax:  517 305 119
                517 305 153
          E-mail: info@rostroj.cz
                  obchod@rostroj.cz
          Web site: http://www.rostroj.cz


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


ALCATEL: Rating Upgraded to 'BB'; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit and senior unsecured debt ratings on France-
based telecommunications equipment supplier Alcatel to 'BB' from
'BB-', following the company's release of its third-quarter 2004
results.  The outlook is stable.

At the same time, Standard & Poor's affirmed its 'B' short-term
corporate credit rating on Alcatel.  At Sept. 30, 2004, Alcatel
had gross debt outstanding of EUR4.7 billion (US$6.0 billion),
which included EUR4.2 billion of notes.

"The upgrade reflects Standard & Poor's view that the global
telecoms equipment market is set to grow at single-digit levels
during 2005, supported by the restored financial soundness of
most telecoms operators, the implementation of new technologies,
and an accelerated competitive environment," said Standard &
Poor's credit analyst Leandro de Torres Zabala.

"The rating action also reflects the company's stabilized sales
and its adequate positioning from a cost structure and business
strategy standpoint, which enables it to maintain a solid market
presence across most market segments, high single-digit
operating margins, and positive funds from operations," he
added.  The company's credit quality is underpinned by its
strong cash levels, well-extended debt maturities, and good
access to capital markets.

The ratings on Alcatel remain constrained, however, by the
generation of negative free cash flow, the company's moderate
profitability by industry standards, the continued sales
weaknesses in the Fixed Communications division, and Alcatel's
relatively late arrival in the third-generation (3G) mobile
equipment market.  Intense price pressures should remain a
constant feature across Alcatel's main markets.

"Standard & Poor's expects that Alcatel's revenues will be at
least stable or grow moderately in 2005; that operating margins
will remain in the high single-digit range; and that funds from
operations will remain positive, with Alcatel demonstrating
progress toward achieving positive free cash flow," added Mr. de
Torres Zabala.  We also expect Alcatel to preserve a strong cash
position, at least until the company starts generating solid
positive free cash flow.

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

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


AMOR FRANCE: Court Ends Misery with Liquidation Order
-----------------------------------------------------
The Paris commercial court has placed clothing firm Amor France
S.A. into liquidation, Les Echos says.

Amor's future has been in doubt for years now, as directors have
time and again failed to find investors or buyers.  The company
blames fierce competition from foreign rivals and the economic
downturn since 2001 for its woes.

The liquidation will affect 160 employees in Chatellerault and
15 more in Chasseneuil-du-Poitou.  The company manufactures top-
of-the-range clothing, belts, handbags and shoes.

CONTACT:  AMOR FRANCE S.A.
          49 Rue Servan
          75011 Paris


BTP: Enters Receivership
------------------------
The Lyon commercial court has placed construction and public
works group BTP into receivership, Les Echos says.  In 2003, BTP
booked EUR.53 million in losses and EUR40.4 million in turnover.

CONTACT:  BTP
          7 Rue Augustin Riffault
          14540 Soliers


EURO DISNEY: Full-year Net Loss Surges to EUR145.2 Mln
------------------------------------------------------
Euro Disney S.C.A., the operating company of Disneyland Resort
Paris, reported on Nov. 9 its consolidated financial results for
the fiscal year ended September 30, 2004.

Revenues increased slightly to total EUR1,048.0 million in
fiscal year 2004, as increased spending by theme park visitors
and hotel guests was mostly offset by lower hotel occupancy
rates, as well as an anticipated decline in real estate
development revenues.  Year-over-year attendance remained flat
at 12.4 million.

The Group incurred an operating loss of EUR23.9 million in
fiscal year 2004, which was EUR56.0 million below the EUR32.1
million of pro-forma operating income recorded in the prior year
(the pro-forma presentation reflects a change in accounting
method that significantly affected the scope of consolidation in
fiscal year 2004, as discussed below).  The increased loss
reflected a below inflation increase in certain operating costs
and expenses and the resumption of accruals for royalties at
full rates and management fees, following the waiver by The Walt
Disney Company (TWDC) of royalties and management fees in the
last three quarters of fiscal year 2003.

The increase in costs and expenses also reflected higher
marketing and sales spending partially offset by reduced general
and administrative expenses.  Net loss increased from EUR58.3
million (on a pro-forma basis) in fiscal year 2003 to EUR145.2
million in fiscal year 2004, as a result of the lower operating
margin as well as significant exceptional items.

The Group generated EUR124.6 million of operating cash flow in
fiscal year 2004 despite the net loss, as a significant portion
of the Group's operating expenses consist of non-cash
depreciation and amortization charges.  In addition, the Group's
working capital requirements decreased as accrued royalties and
management fees for fiscal year 2004 are not payable until
fiscal year 2005 and accrued interest was deferred on the CDC
loans for Walt Disney Studios.  Under the terms of the
Memorandum of Agreement with TWDC and the Company's lenders
relating to the Group's financial restructuring (the MOA),
fiscal year 2004 royalties and management fees will be paid when
the restructuring is implemented.

                 Change in Accounting Principle

Effective October 1, 2003 (the first day of fiscal year 2004),
the Group adopted new accounting rules mandated by Article 133
of the Financial Security Law (Loi de Securite Financiere) with
respect to the consolidation of special purpose financing
companies that are not legally controlled by the Group.  Under
these new rules, the financing companies, from which the Group
leases a substantial portion of its operating assets (the
Financing Companies), have been included in the Group's
consolidated financial statements.  In the past, lease payments
to the Financing Companies were expensed as incurred, along with
disclosure by the Group of the leasing arrangements, contractual
commitments for lease rentals, and the related debt obligations
of the Financing Companies.

As a result of the new consolidation rules, these operating
assets are now consolidated, resulting in increased assets and
borrowings. The Group's receivables from the Financing Companies
have been eliminated in consolidation.  In addition,
shareholders' equity has been reduced, reflecting primarily
depreciation charges (incurred prior to the implementation of
the change in accounting principle) that exceeded the lease
payments expensed for the same periods.

The accounting change also affects the classification and amount
of costs on the income statement, with increased operating
expenses, depreciation and interest expense, and reduced lease
rental expense (consequently, the income statement line item
formerly entitled "lease and net financial charges" has been
renamed "net financial charges").  The accounting change does
not affect the legal structure, financial position or cash flows
of the members of the consolidated group.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/EuroDisney_2004.pdf.

CONTACT:  EURO DISNEY S.C.A.
          BP 100
          77777 Marne-la-Vallee Cedex 4, France
          Phone: +33-1-64-74-40-00
          Fax: +33-1-64-74-59-69
          Web site: http://www.eurodisney.com


GOUT: Under Observation Until January Next Year
-----------------------------------------------
The Castres commercial court placed knitwear-maker Gout into
compulsory receivership Monday, Les Echos says.

The court likewise put the pullover company under observation
until January 21, 2005.  The past three years prices of Gout's
products have fallen by 30%, as demand steadily declined due to
fierce competition from Asian counterparts.

The group tried to make a turnaround by laying off 100 of its
200 employees in 2002 and relocating production to Romania, but
these measures proved futile.


TEINTURERIE POTET: Court Hires Receiver
---------------------------------------
The Commercial Court of Dijon placed Teinturerie Potet Sarl (B
015 751 746) into receivership on October 19, 2004 and appointed
Ph. Maitre receiver.  Creditors are urged to submit their proofs
of claim to the receiver as soon as possible.

CONTACT:  TEINTURERIE POTET SARL
          34, Rue Berbisey
          21000 Dijon

          Ph. Maitre, receiver
          19, Avenue Albert-Camus
          21000 Dijon


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


AMB OSTERBURG: Claims Deadline Expires Later this Month
-------------------------------------------------------
The district court of Stendal opened bankruptcy proceedings
against AMB Osterburg GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 26, 2004 to register their
claims with court-appointed provisional administrator Dr. Lucas
F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 3:15 a.m. at Saal 411,
Justizzentrum "Albrecht der Bar", Scharnhorststrasse 40, 39576
Stendal 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:  AMB OSTERBURG GMBH
          Am Schaugraben 8, 39606 Osterburg
          Contact:
          Walter Rehnig, Manager
          Torstrasse 50, 06110 Halle

          Dr. Lucas F. Flother, Insolvency Manager
          Halberstadter Strasse 55, 39112
          Magdeburg
          Phone: 0391/5556840
          Fax: 0391/5556849


CAESAR CONSULTING: Administrator Takes over Operations
------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Caesar Consulting Services Ltd. on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:25 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Mar. 17, 2005, 9:25 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  CAESAR CONSULTING SERVICES LTD.
          Cimbernstrasse 10, 14129 Berlin

          Dr. Dirk Wittkowski, Insolvency Manager
          Kirchblick 11, 14129 Berlin


COMMERZBANK AG: Fitch Welcomes Restructuring; Affirms Ratings
-------------------------------------------------------------
Fitch Ratings affirmed Commerzbank AG's ratings at Long-term
'A-', Short-term 'F2' and Individual 'C'.  The Outlook on the
Long-term rating remains Positive.  The '1' Support rating is
also affirmed.

The rating affirmation follows Tuesday's announcement by
Commerzbank of a EUR132 million charge for the restructuring of
its investment banking division, Commerzbank Securities,
resulting in the bank reporting a net loss of EUR192 million for
Q3 2004.  The bank also announced that it will reorganize its
divisions to be more customer-driven.  Although in the short-
term this restructuring is weighing on the bank's bottom line
profit, in the agency's view it will reduce earnings volatility
and free up capital, improving efficiency and strengthening the
bank's business focus toward its core retail and corporate
customers.  Commerzbank Securities has already reported losses
in 2002 and 2003, as it was unable to achieve critical mass
internationally.

In light of the recent difficult capital markets, management had
started to scale down its foreign and domestic operations and
reorient this division toward servicing the group's retail and
corporate customers.  However, its cost base is still too high.
It will now significantly reduce proprietary trading activities
as well as production capacity outside Frankfurt.  Fitch
welcomes the announced downsizing of the bank's investment
banking operations.  The agency understands that these measures
will not affect the bank's core franchise and this will be
closely monitored.

Underlying financial performance is showing a positive trend, as
most of the bank's other divisions are benefiting from the cost
savings and restructuring measures undertaken in the past two
years.  Excluding the one-off restructuring charge, the bank's
return on equity (ROE) was burdened by negative trading result
in Q3 2004 and the high costs of investment banking operations,
bringing it down to a low 4.3% for the first nine months of
2004.

The bank continues to concentrate on revenue growth, by building
up a stronger sales culture in its retail branch network and
through its lending offensive in the Mittelstand market.  The
integration of its remaining, customer-driven investment banking
with its large corporates operations should create revenue
synergies.  All these measures need to feed through and should
help to achieve a satisfactory level of profitability within the
next two to three years, although this depends to some extent on
external economic factors and market conditions.  Commerzbank's
Tier 1 ratio stood at 7.2% at end-September 2004, a good level
in light of expected further improvements in profitability.

CONTACT:  FITCH RATINGS
          Olivia Perney Guillot, Frankfurt
          Phone: +49 (0) 69 76 80 76 243
          Thomas von Luepke, Frankfurt
          Phone: +49 (0) 69 76 80 76 150


DEK WARENKONTOR: Creditors' Claims Due End of Month
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against DEK Warenkontor GmbH & Co. Handels KG on Oct. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 29, 2004
to register their claims with court-appointed provisional
administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 10:15 a.m. at the district court
of Bielefeld, Gerichtstrasse 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:  DEK WARENKONTOR GMBH & CO. HANDELS KG
          Eckendorfer Strasse 34, 33609 Bielefeld
          Contact:
          Andreas Stratenwerth, Insolvency Manager
          Lemgoer Str. 4, 33604 Bielefeld


DIEFENTHALER GMBH: Creditors Have Until Next Week to File Claims
----------------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Diefenthaler on Oct. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Ulrich Guldner.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 9:00 a.m. at Justizgebaude,
Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg 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.

Diefenthaler installs garden elements.

CONTACT:  DIEFENTHALER GMBH
          Muhlstr. 31, 86707 Westendorf
          Phone: +49 (0) 82 73 / 99 78-0
          Fax: +49 (0) 82 73 / 99 78-20

          Contact:
          Alfons Diefenthaler, Manager

          Ulrich Guldner, Insolvency Manager
          Schertlinstr. 23, 86159 Augsburg


DRUCKEREI STROBACH: Succumbs to Bankruptcy
------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Druckerei Strobach Gesellschaft mit
beschrankter Haftung on Oct. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 26, 2005 to register their claims with
court-appointed provisional administrator Dr. Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting on Mar. 9, 2005, 10:05 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt 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:  DRUCKEREI STROBACH GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Hanauer Landstrasse 226
          60314 Frankfurt am Main

          Dr. Georg Bernsau, Insolvency Manager
          Zeilweg 42, D-60439 Frankfurt am Main
          Phone: 069/963761-130
          Fax: 069/963761-145


EASYBYTES GMBH: Creditors' Meeting Set December
-----------------------------------------------
The district court of Lubeck opened bankruptcy proceedings
against Easybytes GmbH on Oct. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 29 to register their claims with
court-appointed provisional administrator Sven Kruger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 9:00 a.m. at the district court of
Lubeck, Am Burgfeld 7, 23568 Lubeck 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:  EASYBYTES GmbH
          Grapengiesserstrasse 20
          23556 Lubeckvertreten
          Contact:
          Herrn Dirk Heuer, Manager

          Sven Kruger, Insolvency Manager
          Roeckstrasse 40
          23568 Lubeck


EURO BROT: Applies for Bankruptcy Proceedings
---------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against EURO Brot GmbH on Oct. 15.  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 Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 3, 2004 9:45 a.m. at the district court of
Hildesheim 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:  EURO BROT GmbH
          Schinkelstr. 13
          31137 Hildesheim

          Mesude Gul, Manager
          Doebnerstr. 9
          31135 Hildesheim

          Ingo Thurm, Insolvency Manager
          Leonhardtstrasse 4
          30175 Hannover
          Phone: 0511383960
          Fax: 05113839698


EURO STAR: Under Bankruptcy Administration
------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Euro Star Cleaning Service GmbH on Oct. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Hildegard A. Hovel.

Creditors and other interested parties are encouraged to attend
the meeting on Mar. 15, 2005, 9:00 a.m. at Saal 2, Geb. F,
Klingerstr. 20, 60313 Frankfurt am Main, statt 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:  EURO STAR CLEANING SERVICE GMBH
          KOlner Str. 82-84, 60327 Frankfurt
          Phone: 069 750689 0
          Fax: 069 750689 120
          Web site: http://www.eurostar-cleaning.de

          KUrbisstr. 8, 65428 Russelsheim

          Hildegard A. Hovel, Insolvency Manager
          Raimundstr. 98, 60320 Frankfurt
          Phone: 069/569731


GPC BIOTECH: Nine-month Net Loss Balloons to EUR26.1 Million
------------------------------------------------------------
GPC Biotech AG on Tuesday reported its financial results for the
third quarter and first nine months of 2004.

Revenues decreased 44% to EUR9.1 million for the nine months
ended September 30, 2004, compared to EUR16.4 million for the
same period in 2003.  As reported in previous releases, GPC
Biotech expects a reduction in revenues from technology
alliances during 2004 since several of these alliances ended in
2003 and as the Company continues to focus its strategy on
discovering and developing new anticancer drugs as opposed to
new technology platform alliances.  The 2004 revenues were
generated from the Company's ongoing alliance with ALTANA Pharma
AG to build the ALTANA Research Institute in the U.S.

Research and development (R&D) expenses remained relatively
unchanged in the first nine months of 2004 at EUR27.7 million
compared to EUR27.8 million for the same period in 2003.
Despite increased drug development activities in 2004,
especially related to the Company's lead drug candidate
satraplatin, R&D expenses were relatively unchanged compared to
the same period in 2003 due to a higher R&D headcount and a
milestone payment related to the initiation of the SPARC trial
in 2003.

In the first nine months of 2004, general and administrative
(G&A) expenses increased 10% to EUR9.3 million compared to
EUR8.4 million for the first nine months of 2003.  Non-cash
charges for stock options and convertible bonds, which are
included in R&D and G&A expenses, were EUR1.7 million in the
first nine months of 2004 compared to EUR2.2 million for the
same period in 2003.  The Company's net loss increased 43% to
-EUR26.1 million in the first nine months of 2004 compared to
-EUR18.2 million for the same period in 2003.  Basic and diluted
loss per share was -EUR1.10 compared to -EUR0.88 for the same
period in 2003.

For the three months ended September 30, 2004, revenues were
EUR2.6 million, compared to EUR5.2 million for the same period
in 2003.  R&D expenses were EUR9.4 million in the third quarter
of 2004 (third quarter of 2003: EUR10.2 million).  G&A expenses
were EUR3.7 million in the third quarter of 2004 (third quarter
of 2003: EUR3.0 million).  Non-cash charges for stock options
and convertible bonds, which are included in R&D and G&A
expenses, were EUR0.7 million in the third quarter of 2004
(third quarter of 2003: EUR0.9 million).  Net loss was -EUR9.8
million in the third quarter of 2004 (third quarter of 2003:
-EUR7.7 million).  Basic and diluted loss per share was
-EUR0.34 in the third quarter of 2004, compared to -EUR0.37 for
the same period in 2003.

As of September 30, 2004, cash, cash equivalents, short-term
investments and marketable securities totaled EUR144.1 million
(December 31, 2003: EUR91.7 million), including EUR2.6 million
in restricted cash.  The cash, cash equivalents, short-term
investments and marketable securities figure for 2004 includes
net proceeds of approximately EUR78 million from the Company's
financing activities, which were booked in the third quarter.
The net cash burn was EUR28.9 million for the first nine months
of 2004.  Net cash burn is derived through adding net cash used
in operating activities (EUR28.0 million) and purchases of
property, equipment and licenses (EUR0.9 million).  The figures
used to calculate net cash burn are contained in the Company's
unaudited interim consolidated statements of cash flows for the
nine months ended September 30, 2004.  Net cash burn was EUR10.5
million for the third quarter of 2004, EUR9.6 million for the
second quarter of 2004 and EUR8.8 million for the first quarter
of 2004.

"Following the successful re-financing of our Company this
summer, we have begun to use the new funds to build the
Company's long-term value by systematically investing in our
oncology drug pipeline," said Bernd R. Seizinger, M.D., Ph.D.,
Chief Executive Officer.

"As part of our strategy to further enhance the commercial
potential of our lead drug candidate, satraplatin, we recently
opened for accrual a new clinical trial for satraplatin in
combination with radiation therapy in patients with non-small
cell lung cancer.  We plan to conduct additional clinical trials
for satraplatin in a variety of oncology indications and in
combination with other anticancer treatments."

Dr. Seizinger continued: "We are also aggressively advancing our
two other anticancer drug development programs -- the monoclonal
antibody 1D09C3 against lymphoid tumors and our novel broad-
spectrum cell cycle inhibitor RGB-286199.  We have recently
completed pre-clinical testing with 1D09C3 and are preparing the
necessary information for the regulatory authorities and ethics
committees to begin human clinical studies in patients with non-
Hodgkin's lymphoma and other types of lymphoid tumors in the
near future.  The cell cycle inhibitor program is expected to
enter human clinical studies in the second half of 2005.  We are
confident that our achievements for the year to date have put us
in a strong position to elevate the Company to the next level in
our corporate development."

              Key Achievements for the Year to Date

Corporate

(a) Company listed American Depositary Shares on NASDAQ U.S.
    stock exchange under symbol, GPCB; and

(b) Successful follow-on offering netting proceeds of
    approximately EUR78 million (approximately US$95 million).

Lead Anticancer Drug Candidate, Satraplatin

(a) Receipt of Scientific Advice letter from European central
    regulatory authority, European Agency for the Evaluation of
    Medicinal Products (EMEA).  The same multi-center,
    multinational trial may be used as the basis for regulatory
    approval in both the U.S. and Europe;

(b) Phase I combination study with radiation therapy in non-
    small cell lung cancer opened for accrual; and

(c) Pre-clinical data presented at key scientific conferences

    (i) Demonstrating in vitro efficacy of satraplatin in tumor
        cells resistant to both TAXOTERE (docetaxel) and to
        TAXOL (paclitaxel).  The Company expects that many of
        the patients in the SPARC Phase 3 trial will have been
        pre-treated with and failed on a taxane-based therapy
        prior to entering the study; and

   (ii) Demonstrating potency in killing prostate cancer cells.
        Several androgen-independent (i.e., hormone-refractory)
        prostate cancer cell lines were particularly sensitive
        to satraplatin.

Other Development Programs

(a) 1D09C3 Monoclonal Antibody

    (i) Presentation of pre-clinical data demonstrating the
        efficacy of the antibody against a variety of
        hematological malignancies; and

   (ii) Completion of pre-clinical testing with the antibody and
        ongoing preparation of the necessary information to
        provide to regulatory authorities and ethics committees
        to begin human clinical studies.

(b) RGB-286199 cell cycle inhibitor

    (i) U.S. patent issued with claims covering RGB-286199,
        including the composition of matter of a family of cell
        cycle inhibitors.  Claims also include pharmaceutical
        compositions, as well as methods of treating certain
        diseases, including cancer;

   (ii) Presentation of data showing RGB-286199 results in cell
        cycle arrest and apoptosis (programmed cell death) in a
        wide range of tumor cells in culture.

  (iii) RGB-286199 shown to be a potent inhibitor of all known
        cyclin-dependent kinases involved in controlling various
        key events during the cell cycle.  Compound also shown
        to selectively inhibit other distinct kinases associated
        with the development of cancer.

   (iv) In vitro data showing RGB-286199 is active on quiescent
        tumor cells, in addition to tumor cells actively going
        through the cell cycle process, while not affecting
        normal resting cells under similar conditions.

    (v) Demonstration of in vivo efficacy, including tumor
        regressions, in various animal models.

About GPC Biotech AG

GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX 30;
NASDAQ: GPCB) is a biotechnology company discovering and
developing new anticancer drugs.  The Company's lead product
candidate -- satraplatin -- is currently in a Phase 3
registrational trial as a second-line chemotherapy treatment in
hormone-refractory prostate cancer following successful
completion of a Special Protocol Assessment by the U.S. FDA and
receipt of a Scientific Advice letter from the European central
regulatory authority, EMEA.  The FDA has also granted fast track
designation to satraplatin for this indication.  Satraplatin was
in-licensed from Spectrum Pharmaceuticals, Inc.

Other anticancer programs in development include a monoclonal
antibody and a cell cycle inhibitor.  The Company is leveraging
its drug discovery technologies to elucidate the mechanisms-of-
action of drug candidates and to support the growth of its drug
pipeline.  The Company has formed successful alliances with a
number of pharmaceutical and biotechnology firms.  For example,
the Company has a multi-year alliance with ALTANA Pharma AG to
establish the ALTANA Research Institute in the U.S., which
provides GPC Biotech with revenues until 2007.  GPC Biotech AG
is headquartered in Martinsried/Munich (Germany).  The Company's
wholly owned U.S. subsidiary has research sites in Waltham,
Massachusetts and Princeton, New Jersey.  For additional
information, please visit http://www.gpc-biotech.com.

Full copy of GPC Biotech's third-quarter report is available
free of charge at http://bankrupt.com/misc/gpc_3q2004.pdf.

CONTACT:  GPC BIOTECH AG
          Fraunhoferstr.  20
          82152 Martinsried/Munich, Germany
          Phone: +49 (0)89 8565-2600/-2610
          Fax: +49 (0)89 8565-2600/-2610
          E-mail: info@gpc-biotech.com
          Web site: http://www.gpc-biotech.com

          Martin Braendle, Senior Manager
          Investor Relations & Corporate Communications
          Phone: +49 (0)89 8565-2600/-2610 (ext.  2693)
          E-mail: martin.braendle@gpc-biotech.com

          U.S.
          Laurie Doyle, Associate Director
          Investor Relations & Corporate Communications
          Phone: +1 781 890 9007 (ext.  267)
          Fax: +1 781 890 9005
          E-mail: laurie.doyle@gpc-biotech.com

          EURO RSCG LIFE NRP
          Mark Vincent, Vice President
          Phone: +1 212 845 4239
          E-mail: mark.vincent@eurorscg.com


HANS EICHNER: Creditors' Meeting Set December
---------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Hans Eichner Dachdeckerei GmbH on Oct. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 7, 2005 to
register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will verify the claims set out in the administrator's
report on Mar. 2, 2005, 10:35 a.m. at the district court of
Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218.

CONTACT:  HANS EICHNER DACHDECKEREI GMBH
          Birkenallee 11,12683 Berlin

          Dr. Dirk Wittkowski, Insolvency Manager
          Kirchblick 11, 14129 Berlin


HORNITEX WERKE: Pfleider to Redeem MDF Plant from Receiver
----------------------------------------------------------
SDAX-listed Pfleiderer AG (ISIN DE0006764749) is taking over the
MDF plant "Hornitex Werke Nidda Kunst-stoff- und
Holzwerkstoffplatten GmbH & Co. KG" through affiliated
companies.  The deal is expected to take legal effect from
November 15, 2004.

The takeover is a so- called "assigned redevelopment" in which
Pfleiderer is buying up assets of "Hornitex Werke Nidda
Kunststoff- und Holzwerkstoff-platten GmbH & Co. KG".  A
contract to this effect was signed on November 10, 2004 with the
official receiver of "Hornitex Werke Nidda Kunststoff- und
Holzwerkstoffplatten GmbH & Co. KG", Dr. Werner Schreiber of the
law firm Wellensiek Grub & Partners.  The deal is subject to
final approval by the creditors' committee of Hornitex Werke
Nidda Kunststoff- und Holzwerkstoffplatten GmbH & Co. KG.

In taking over production of medium density fiberboard,
Pfleiderer Engineered Wood is effectively rounding off its
product portfolio, enabling it to supply customers with this
carrier material from own production.  At the Nidda site, around
180 employees produce an annual 130,000 cubic meters of MDF for
the furniture industry and for use in interior design.

Spokesman of Pfleiderer's Board of Management, Hans H. Overdiek,
sees the move as opening up new opportunities for the company:
"By taking over MDF production at the Nidda site, we are closing
a strategic gap in our product portfolio.  Now we can
participate in this high-growth, high earnings segment using our
own production capacities in Germany.  Being able to offer this
special product extends our customer base in the furniture
industry and specialist outlets, and will enable us to further
extend our market position in Europe.

Nidda is leading with regard to the development of MDF
specialties, and its technological know-how will take us a big
step forward in our plans for further expansion."

Pfleiderer intends to grow further in the profitable MDF
segment, either by making additional acquisitions, or as
previously announced, by direct investment in the construction
of new plants.

Pfleiderer's Business Center Engineered Wood is one of Europe's
leading manufacturers of carrier materials and surface finishing
products -- direct coatings and high pressure laminates (HPL).
As a business-to-business supplier, Pfleiderer Engineered Wood
mainly directs its activities at industrial customers, dealers,
specialist processing companies and architects.  Pfleiderer
Engineered Wood is the market leader in Germany and Poland, and
one of the most profitable suppliers in the industry.

CONTACT:  PFLEIDERER AG
          Neumarkt
          Corporate Communication
          Alexandra Klemme
          Phone: + 49(0)9181/28-8044


JENOPTIK AG: Posts EUR18 Million Loss for First Nine Months
-----------------------------------------------------------
Jenoptik Group posted an EBIT of EUR11.8 million in the third
quarter 2004.  Strong growth in sales and results by both
business divisions Photonics and Clean Systems. Forecasts for
the full year 2004 reaffirmed.

The Jenoptik Group can look back over a successful third
quarter.  Sales and results increased sharply in comparison with
the previous year, with orders reaching new record levels.  The
Jenoptik Group posted sales of EUR1,172.8 million, an increase
of 25.7% (previous year EUR933.0 million).  Both Clean Systems
and Photonics increased their sales by more than 20%.

With an EBIT of EUR11.8 million for the quarter (previous year -
EUR13.4 million) and EUR3.3 million for the first nine months of
the fiscal year (previous year -EUR26.6 million) there was a
marked improvement in the earnings situation of the Jena-based
technology group.  The EBIT for the period January to September
2004 includes social plan costs in the Clean Systems business
division in the sum of EUR9.0 million which primarily relate to
the Technical Building Systems area.

The Group net income for the period on a quarterly basis, at
EUR1.3 million, was also positive (previous year - EUR18.7
million).  The Group result for the first nine months of the
fiscal year was negative as expected and came in at - EUR18.0
million (previous year - EUR38.8 million).  The marked increase
in the result for the period is a reflection of the improvement
in the operating result.

Income from the Infineon chip factory project in Dresden also
had a positive impact.  This project provided for the sale of
the M+W Zander shares in SC300 GmbH & Co. KG, which was realized
in the first quarter 2004.  In addition to the social plan costs
the rise in interest expenses arising from the bond issued in
the autumn 2003 also impacted negatively on the result.

The order intake in the first nine business months of 2004
reached EUR1,987.0 million, consequently exceeding the figure
for the same period in the previous year by 34.5% (previous year
EUR1,477.1 million).  The Group's order backlog as at September
30 this year was EUR3,312.5 million, representing an increase of
13.5% (previous year EUR2,919.5 million).  The net debt of the
Jenoptik Group increased as at September 30 this year to
EUR202.7 million (Dec. 31, 2003: EUR126.3 million). The main
reason for this increase is the minority investment of M+W
Zander together with other system suppliers in the AMD "Fab 36"
chip factory in Dresden as part of the major order, which the
Jenoptik subsidiary won in autumn 2003.

As a result of the successful first nine months of the fiscal
year and the very good order situation the Jenoptik Group is
keeping to the targets for the full year 2004 formulated in
April this year.  Group sales are expected to clearly exceed the
EUR2 billion mark.  The Group operating result is expected to be
between EUR45 million and EUR60 million.  This assumes that all
projects -- particularly in the Clean Systems business division
-- will be completed and accounted for within deadlines.  Both
business divisions will make a contribution towards the increase
in sales and results for 2004.

(Figures in thousand euros) Group  Jan.-Sept. 04   Jan.-Sept. 03

Sales                               1,172,755         933,000
Operating income (EBIT)                 3,337         -26,602
Net income for the period             -17,996         -38,822
Order intake                        1,987,039       1,477,141
Order backlog                       3,312,537       2,919,524

CONTACT:  JENOPTIK AG
          Investor Relations
          Cornelia Todt
          Phone/Fax: ++49(0)3641-652290/2484
          Web site: http://www.jenoptik.com


LEHMANN AUTOMOBILE: Creditors' Claims Due Later this Month
----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Lehmann Automobile GmbH on Oct. 1.  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. Jorn
H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 19, 2004, 11:05 a.m. at the district court
of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  LEHMANN AUTOMOBILE GMBH
          Pinneberger Strasse 4-6, 22457 Hamburg
          Contact:
          Dietmar Lehmann, Manager

          Dr. Jorn H. Meyn, Insolvency Manager
          Herrengraben 31, 20459 Hamburg
          Phone: 36805600
          Fax: 36805368


MOBELN + WOHNACCESSOIRES: Court Names Provisional Manager
---------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Mobeln + Wohnaccessoires GmbH on Oct. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 11, 2004 to
register their claims with court-appointed provisional
administrator Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2004 9:30 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe 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:  MOBELN + WOHNACCESSOIRES GmbH
          Goethestr. 17
          76275 Ettlingen
          Contact:
          Ralph Bilski, Manager

          Andreas Fischer, Insolvency Manager
          Kriegsstr. 25
          76133 Karlsruhe
          Phone: (0721) 9338060


MS TRANSPORT: Frankfurt Court Appoints Administrator
----------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against MS Transport GmbH on Oct. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 18, 2005 to
register their claims with court-appointed provisional
administrator Dirk Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting on Mar. 15, 2005, 8.30 a.m., at Saal 2, Geb. F,
Klingerstr. 20, 60313 Frankfurt, statt at the district court of
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:  MS TRANSPORT GMBH
          Hermannspforte 4A, 60437 Frankfurt

          Dirk Pfeil, Insolvency Manager
          Eschersheimer Landstr. 60, 60322 Frankfurt
          Phone: 069/1530960


PROSIEBENSAT.1 MEDIA: Net Profit Jumps to EUR75.3 Million
---------------------------------------------------------
The ProSiebenSat.1 Group performed well in every regard from
January through September of 2004.  The German TV company was
able to improve its performance, boost revenues and
significantly increase profits.  Total revenues were up 4% to
EUR1.294 billion, compared to EUR1.241 billion for Q1-Q3 2003.
Consolidated income from ordinary business activities rose from
-EUR3.2 million to EUR121.6 million.  The consolidated net
profit soared from -EUR1.9 million to EUR75.3 million.  EBITDA
improved from EUR83.6 million to EUR209.1 million, a 150% gain.
The EBITDA margin climbed from 7% to 16%.  Earnings per
preferred share improved from EUR0.00 in the first three
quarters of 2003 to EUR0.37 in the equivalent period of 2004.

All three full-service channels showed a pre-tax profit for
January through September 2004.  Sat.1's pre-tax income leaped
from -EUR7.9 million to EUR60.3 million.  Pre-tax profits at
ProSieben improved 41%, to EUR115.5 million.  The figure for
Kabel 1, at EUR13.9 million, was up 216% against the prior
year's first nine months.  N24's earnings have improved
significantly, and the station is not far from breaking even.
The news station's pre-tax income for the first nine months rose
from -EUR15.2 million to -EUR1.4 million.

ProSiebenSat.1 Media AG (FWB:PSM) is Germany's largest TV
company.  The group has four strong TV stations -- Sat.1,
ProSieben, Kabel 1 and N24.  Collectively, the four channels
represent 42.8% of the German TV advertising market, one of the
largest in the world.  ProSiebenSat.1's preference shares are
included in the MDAX Index, Dow Jones STOXX 600 Media Index and
Dow Jones EURO STOXX.

For more information (figures, presentation, conference call)
visit: http://www.prosiebensat1.com/3/4/3/3/index_en.html.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Katja Pichler
          Phone: +49 (89) 95 07-11 81
          E-mail: Katja.Pichler@ProSiebenSat1.com
          Fax: +49 (89) 95 07-11 84


RHO-BAU GMBH: Succumbs to Bankruptcy
------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against RHO-Bau GmbH on Oct. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 16, 2004 to register their claims with
court-appointed provisional administrator Wilhelm Perk.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2005, 9:00 a.m. at the district court
of Braunschweig, An der Martinikirche 8, 38100 Braunschweig 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:  RHO-BAU GmbH
          Konrad-Adenauer-Str. 78 b
          38226 Salzgitter

          Kemal Arslanturk, Manager
          Bayreuther Strasse 3
          91301 Forchheim

          Wilhelm Perk, Insolvency Manager
          Neue Strasse 32
          38300 Wolfenbuttel
          Phone: (05331) 988040
          Fax: (05331) 988020


SAXONLASER GMBH: Sets Creditors' Meeting January
------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against SaxonLaser GmbH on Oct. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 14, 2004 to register their claims with
court-appointed provisional administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 14, 2005, 10:00 a.m. at the district court
of Leipzig 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:  SAXONLASER GmbH
          Handelsstrasse 8
          04420 Frankenheim
          Volker Kurze, Manager

          Dr. Lucas F. Flother, Insolvency Manager
          Nikolaistrasse 3-5
          04109 Leipzig


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


HUNGARIAN TELEVISION: To Introduce New Channel Next Year
--------------------------------------------------------
Hungarian Television Rt (MTV) is launching a new channel early
next year, Budapest Business Journal reports.  The new channel
to be called MTV Demokracia, or m3, will be available January 1
at the earliest or March 15 at the latest.  The National Radio
and Television board has already given the go-ahead signal for
the plan.

M3's program structure includes items such as full-length
coverage of parliamentary sessions and press conferences of
important state bodies.  MTV President Zoltan Rudi suggested the
firm might offer cultural, sports and nostalgia channels in the
future.

Arpad Mondok, managing director of media agency MC MediaCompany
Kft, said: "For consumers, [the plan] is positive.  The
appearance of theme channels reflects the trend of consumer
segmentation all across Europe."

Ferenc Schiffer, media director at Aegis Media Kft, commented:
"From the commercial view, [MTV's move] can be regarded as a
brave entry into a new market.  On the other hand, it raises a
few questions regarding the efficient spending of taxpayers'
money."

In July, MTV was cleared to receive a HUF4.8 billion grant from
the Hungarian Parliament.

CONTACT:  HUNGARIAN TELEVISION RT
          1016 Budapest, Naphegy ter 8.
          Postal address: 1426 Budapest, P.O. Box 3.
          Phone: 375-6722
          Fax: 375-1891 (internal politics)
            or 375-3973 (foreign politics)
          Web site: http://www.mti.hu


PILIS-INVESTOR: Creditors to Recoup Only a Quarter of Investment
----------------------------------------------------------------
Creditors of Pilis-Investor will only recover a maximum of 25%
of their money from the bankrupt fund manager, Budapest Business
Journal said, citing its liquidator.

Liquidator Kelet-holding Rt has received HUF11.7 billion in
claims and it expects another HUF1.5 billion from the
cooperative's 700 members.  The company's real value is
estimated less than the worth of its assets of HUF80 billion.


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


ELAN CORPORATION: To Attend Healthcare Conference in Geneva
-----------------------------------------------------------
Elan Corp. plc announces that it will present at SG Cowen & Co.
5th Annual Global Healthcare Conference in Geneva, Switzerland
on Wednesday, November 17, 2004 at 9:10 a.m. Central European
Time, 8:10 a.m. Greenwich Mean Time, 3:10 a.m. Eastern Standard
Time.  Interested parties may access a live audio Web cast of
the presentation by visiting http://www.elan.comand clicking on
the Investor Relations section, then on the event icon.

About Elan

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

Contact:  ELAN CORPORATION
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000/800-252-3526

          Media:
          Anita Kawatra
          Phone: 212-407-5755/800-252-3526


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


ALITALIA SPA: Govt Promises to Privatize Airline Next Year
----------------------------------------------------------
The government confirmed to the European Commission that it
plans to privatize Alitalia next year, Il Sole 24 Ore says.

In a letter sent by the finance ministry to the commission,
Italy said Alitalia's privatization would take place on October
7, 2005, when the treasury's guarantee on a EUR400 million
bridging loan expires.  The government also said it is preparing
a new privatization decree, which would be presented later to
the cabinet.  The government added it has already requested a
number of investment bank to facilitate the privatization.

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 URUGUAY: Sale to German Investors a Done Deal
------------------------------------------------------
Parmalat Uruguay could soon change hands if the Italian
government approves the sale of the subsidiary to a group of
German investors.

El Observador Economico reports Parmalat has agreed to the terms
of the sale and is just awaiting the approval of government
regulators.  The Uruguayan subsidiary contributed US$45 million
to Parmalat's coffers in 2003. Its revenues are driven largely
by exports to markets such as Mexico. By year's end, the company
expects to post US$23 million in exports.

Parmalat Uruguay employs 380 people in Montevideo and Nueva
Helvecia.


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


STOLT-NIELSEN: Credit Ties with Stolt Offshore End
--------------------------------------------------
Stolt-Nielsen S.A. will be released from all of its financial
guarantee obligations to Stolt Offshore S.A. (SOSA).  The
release will result from SOSA's new US$350 million secured
revolving credit and guarantee facility, to be underwritten by
existing and new banks, which is scheduled to close later this
month.  In addition, a US$50 million undrawn line of credit that
SNSA provides to SOSA will expire as scheduled on November 28,
2004.  SOSA is a 41.7% owned non-consolidated subsidiary of
SNSA.

Jan Chr. Engelhardtsen, Chief Financial Officer of SNSA, said:
"SOSA's successful completion of this new refinancing, coupled
with the upcoming expiration of the undrawn liquidity line,
marks the end of SNSA's financial obligations to SOSA."

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  The Company, through the parcel tanker, tank
container, terminal, rail and barge services of its wholly owned
subsidiary Stolt-Nielsen Transportation Group, provides
integrated transportation for its customers.

Stolt Sea Farm, wholly owned by the Company, produces and
markets high quality Atlantic salmon, salmon trout, turbot,
halibut, sturgeon, caviar, bluefin tuna, and tilapia.  The
Company also owns 41.7% of Stolt Offshore (NASDAQNM: SOSA; Oslo
Stock Exchange: STO), which is a leading offshore contractor to
the oil and gas industry.  Stolt Offshore specializes in
providing technologically sophisticated offshore and subsea
engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.

CONTACT:  STOLT-NIELSEN S.A.
          Reid Gearhart
          Phone (U.S.A.): 1 212 922 0900
          E-mail: rgearhart@dgi-nyc.com

          Valerie Lyon
          Phone (U.K.): 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


AGORA SA: Reverses Last Year's Third-quarter Loss
-------------------------------------------------
The consolidated financial statements of the Agora Group for the
three quarters of 2004 include Agora S.A., Agora Poligrafia Sp.
z o.o., the Art Marketing Syndicate S.A. Group (AMS Group), and
25 subsidiary and associated companies of the radio business.
Detailed list of companies of the Agora Group was presented in
financial statements for 2003.  In the three quarters of 2004
these changes occurred:

(a) Two radio related companies (Wanda Sp. z o.o. and Klakson
    Sp. z o.o.) are now fully consolidated with the financials
    of the Agora Group, while as of 31 December 2003 they were
    accounted for using the equity method;

(b) 49% shares in 8 radio related companies and 29%, 90% and
    100% in three others controlled by Agora were contributed in
    kind to LRR Sp. z o.o. (a 100% subsidiary of Agora);

(c) Agora acquired a 48.51% stake in Tres Sp. z o.o., a
    broadcaster of local radio program Radio Pabianice; and

(d) Agora increased its share in Multimedia Plus Sp. z o.o. by
    52% to 76%.

           Profit and Loss Account of the Agora Group

Tab. 1

in PLN million    IIIQ    IIIQ    %    I-IIIQ   I-IIIQ  % change
                  2004    2003  change  2004     2003       yoy
                                 yoy

Sales            248.5   193.7   28.3%  723.5    619.9     16.7%

Advertising      146.2   126.4   15.7%  460.7    419.2      9.9%

Copy sales        57.9    55.5    4.3%  178.6    166.8      7.1%

Other             44.4    11.8  276.3%   84.2     33.9    148.4%

Operating cost
net, incl.:     (229.1) (198.8)  15.2% (685.3)  (603.4)    13.6%

D&A              (27.0)  (28.5)  (5.3%) (83.5)  (93.4)   (10.6%)

Staff cost       (55.2)  (56.8)  (2.8%) (172.7) (171.1)    0.9%

Promotion and
marketing        (26.7)  (12.6)  111.9%  (75.0)  (39.7)    88.9%

Goodwill
amortization      (3.6)   (3.1)   16.1%  (10.8)   (9.7)    11.3%

Restructuring     (0.6)   (0.3)  100.0%   (9.1)   (0.5)      -

Operating
profit/(loss)      19.4   (5.1)      -    38.2    16.5    131.5%
EBIT

Finance cost,
net, incl.:        (1.3)  (1.3)      -    (5.4)   (6.8)  (20.6%)

Revenue from
short-term          2.0    1.1     81.8%   4.3     2.6     65.4%
investment

Interest on loans  (2.4)  (2.2)     9.1%  (6.7)   (7.5)  (10.7%)

Allowance for
losses on          (0.7)  (0.8)   (12.5%) (2.5)   (2.2)    13.6%
investment, net

Share of results of(0.3)   (0.3)      -   (1.3)   (1.2)     8.3%
associates

Profit / (loss)
before             17.8    (6.7)      -   31.5     8.5   270.6%
income tax

Income tax expense(1.1)    0.9        -  (2.7)   (5.6)   (51.8%)

Minority interest (0.3)   (0.1)    200.0%(0.6)   (0.6)      -

Net profit /
(loss) for the    16.4    (5.9)      -   28.2     2.3  1,126.1%
period


EBIT margin
(EBIT/Sales)       7.8%   (2.6%)   10.4pp 5.3%    2.7%  2.6pp

EBITDA            49.6     26.1    90.0%  131.1  118.0  11.1%

EBITDA margin
(EITDA/Sales)    20.0%     13.5%   6.5pp   18.1%  19.0% (0.9pp)

Major products and services, as well as operating revenue and
cost of the Agora Group are presented in detail in part IV of
this MD&A ('Operating review -- major lines of business of the
Agora Group').

Restructuring cost includes payments resulting from the lay-
offs, as well as other cost related to the implementation of the
planned restructuring measures in the Group.  Out of the amount
mentioned above, net cost of PLN8.5 million was incurred to the
balance sheet day and the remaining PLN0.6 million constitutes a
restructuring provision.  Total restructuring cost amounted to
PLN9.1 million, including PLN2 million of a write-off of
goodwill of City Magazine.

Advertising market recovery and restructuring measures
positively affected profitability ratios.  All ratios presented
in point 5 below improved -- continued financial improvement in
the third quarter of 2004 significantly enhanced the nine-month
ratios.

Results Presented According to Major Lines of Business of the
Agora Group

Tab. 2

                Press and Magazines   Outdoor    Radio
                  The
                Internet

Total           552.6      69.0        83.8       33.8
sales
% Share          76.4%     9.5%        11.6%       4.7%

Total          (467.0)    (79.7)      (94.0)      (34.9)

operating
cost

EBIT            85.6      (10.7)      (10.2)       (1.1)

Finance cost

Share of results of
associates
Income tax expense
Minority interest
Net profit

EBITDA         139.7       (6.3)        3.4         0.4

CAPEX          (13.4)      (0.1)       (9.3)       (0.6)


                     Unallocated   Eliminations       Total
                        Amounts                  (consolidated)

Total                   15.5        (31.2)           723.5
sales
% Share                 2.1%        (4.3%)          100.0%
Total                 (29.3)        19.3           (685.3)
operating
cost

EBIT                  (13.8)        (11.6)           38.2

Finance cost                                         (5.4)

Share of                                             (1.3)
results of
associates

Income tax                                           (2.7)
expense
Minority interest                                    (1.3)
Net profit                                           28.2

EBITDA                (4.3)         (1.8)           131.1

CAPEX                 (0.3)           -             (23.7)

The column 'unallocated amounts' includes amounts which were not
allocated to any of Agora's lines of business: Agora's radio
division, cost of the new headquarters and operating cost of new
business development division.

Finance Cost, Net

Higher revenue from short-term investment results from an
increase in cash and monetary assets in 2004.

Lower financial interest on loans results from bank loans and
commercial papers of the AMS Group, which were repaid in full in
2003.

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

CONTACT:  AGORA S.A.
          Czerska 8/10
          00-732 Warszawa, Poland
          Phone: +48-22-555-4002
          Fax: +48-22-555-4850
          Web site: http://www.agora.pl


DAEWOO-FSO: Sale to Ukraine's AvtoZAZ Imminent
----------------------------------------------
Ukrainian vehicle manufacturer AvtoZAZ may be close to buying
Daewoo-FSO.

A report from Auto Industry says the Polish government, which
holds 80% voting rights in Daewoo-FSO, is planning to enter
negotiations with AvtoZAZ regarding a possible sale.

AvtoZAZ has started buying Daewoo-FSO's debts from creditor
banks, raising hopes the firm could escape imminent bankruptcy.
According to Millennium Bank, Avto has already bought US$8
million in debts.

Meanwhile, it was also reported that MG Rover's holding company
Phoenix Venture Holdings had earlier suggested it could resume
talks with creditors in conjunction with its prospective joint
venture partner Shanghai Automotive Industry Corp.


NETIA SA: To Repay PLN11.9 Mln Obligations Ahead of Maturity
------------------------------------------------------------
The Management and Supervisory Boards of Netia S.A. has decided
to repay early all outstanding installment obligations resulting
from an arrangement proceedings in 2002 on or before the end of
the second quarter of 2005.  The obligations have a total value
of PLN11,872,036 and mature in 2012.

The deal was approved in 2002 among Netia Holdings S.A., Netia
Telekom S.A., and Netia South Sp. z o.o. (ref: XVII Ukl 27/02,
XVII Ukl 28/02 and XVII Ukl 52/02, in the proceedings conducted
by the District Court for the City of Warsaw in Warsaw, XVII
Commercial Division).

Repayment of all the Installment Obligations will complete the
arrangement proceedings.

The Company anticipates that the Installment Obligations will be
repaid:

(a) Through cash payments to the accounts designated by those
    Company creditors who can prove that they are entitled to
    the Installment Obligations (the "Entitled Creditors");

(b) The Entitled Creditors shall also be able to exchange their
    Installment Obligations for new Company shares, which will
    be issued at the price of PLN 1.0826241 per share, i.e. for
    the price equal to the issue price of  the series H shares
    issued in relation to the Company's financial restructuring
    in 2002; the Company plans to issue  a total of no more than
    18,373,785 Shares; the Shares will be issued on the basis of
    paragraph 5a of the Company statute (authorized capital) and
    subscription for the Shares will end on 12 March 2005;

(c) A cash amount equivalent to the Installment Obligations due
    to those Entitled Creditors who do not request the Company
    to satisfy the Installment Obligations pursuant to either
    point (i) or (ii) above, shall be deposited with the court
    depository.

By December 31, 2004, the Management Board will announce
detailed information relating to the terms and conditions of
repayment of the Installment Obligations.  Detailed information
on the exchange of Installment Obligations for Shares shall be
announced in the first quarter of 2005 after the Company
publishes a prospectus, in accordance with the relevant
provisions of Polish law.

CONTACT:  NETIA S.A.
          IR
          Anna Kuchnio
          Phone: +48-22-330-2061

          Media
          Jolanta Ciesielska
          Phone: +48-22-330-2407

          Taylor Rafferty, London
          Mark Walter
          Phone: +44-(0)20-7614-2900

          Yuhau Lin
          Phone: +1-212-889-4350


NETIA SA: Reports PLN113.4 Million Year-to-date Net Profit
----------------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, on Monday announced its
unaudited consolidated financial results for the third quarter
and nine months ended September 30, 2004.

Financial Highlights

(a) Year-to-date revenues were PLN666.0 million (US$187.2
    million), a year-on-year increase of 29%.  Revenues for Q3
    2004 were PLN231.7 million (US$65.1 million), a year-on-year
    increase of 30%;

(b) Year-to-date EBITDA was PLN243.4 million (US$68.4 million),
    representing an EBITDA margin of 36.6% and a year-on-year
    increase of 65%.  EBITDA for Q3 2004 was PLN83.7 million
    (US$23.5 million), representing an EBITDA margin of 36.1%
    and a year-on-year increase of 56%;

(c) Year-to-date profit from operations (EBIT) was PLN86.0
    million (US$24.2 million), representing an EBIT margin of
    12.9%.  EBIT for Q3 2004 was PLN29.3 million (US$8.2
    million), representing an EBIT margin of 12.7%;

(d) Year-to-date net profit was PLN113.4 million (US$31.9
    million), representing a net profit margin of 17.0% and
    swinging from a net loss of PLN920.3 million a year ago.
    Net profit for Q3 2004 was PLN44.7 million (US$12.6
    million).

Cash at September 30, 2004 was PLN257.1 million (US$72.3
million) as compared to PLN217.2 million at June 30, 2004.

Operational Highlights:

(a) Sales of telecommunications products other than traditional
    direct voice (including indirect voice, data transmission,
    interconnection revenues, wholesale, intelligent network and
    other telecom services) increased their share of total
    revenues from telecom services to 41% or PLN93.5 million
    (US$26.3 million) in Q3 2004 from 31% in Q3 2003 and to 37%
    or PLN246.2 million (US$69.2 million) for the nine-month
    period ended September 30, 2004 from 28% for the
    corresponding period of 2003.

(b) Revenues from business customers (including interconnection
    revenues) accounted for 78% and 72% of total telecom
    revenues in Q3 2004 and the nine-month period ended
    September 30, 2004, respectively.  Excluding the impact of
    interconnection revenues, these indicators were 75% and 70%,
    respectively.

(c) Subscriber lines (net of voluntary churn and disconnections)
    increased to 426,523 at September 30, 2004 from 356,140 at
    September 30, 2003, a year-on-year increase of 20%, and
    remained essentially flat vs. 426,606 at June 30, 2004.
    Business customer lines increased 27% year-on-year to
    145,499 and these now account for 34% of total subscriber
    lines.

(d) Average monthly revenue per line (with regard to direct
    voice services) decreased by 7% to PLN105 (US$29) in Q3 2004
    from PLN113 in Q3 2003 and by 3% from PLN108 in Q2 2004,
    reflecting the continued overall tariff reduction trends in
    the sector.

Headcount of the Netia group was 1,253 at September 30, 2004,
compared to 1,401 at September 30, 2003 and 1,340 at June 30,
2004.

Wojciech Madalski, Netia's President and Chief Executive
Officer, commented: "Netia extended its track record of double-
digit revenue growth, delivering a top-line increase of 29% for
the year-to-date to PLN666.0 million.  Of this revenue increase,
18 percentage points came from acquisitions and 11 percentage
points from pure organic growth.  Revenues from products other
than traditional voice services grew 71% year-on-year in the
third quarter and represented 41% of total Q3 revenues compared
to 36% in the second quarter and 31% in Q3 2003.  This
underscores Netia's success with business customers, who now
account for 72% of telecom revenues year-to-date.

"Year-to-date EBITDA increased by 65% to PLN243.4 million as
Netia's efficiency once again showed considerable improvement.
Despite the impact of two acquisitions, Netia reduced headcount
year-on-year by 10.6% and 6.5% compared to the second quarter
2004.  This, combined with other ongoing cost savings and
Netia's increased revenues, produced a Q3 2004 EBITDA margin of
36.1%, representing significant progress from 30.1% reached in
Q3 2003.  I am very pleased to underscore that Netia has now met
its stated strategic objective of a minimum 35% EBITDA margin
for three straight quarters.

"We continued to deliver solid performance also on an EBIT
level, generating a profit from operations of PLN86.0 million
and an EBIT margin of 12.9% for the nine months of 2004 compared
to a significant EBIT loss a year ago.  As a result, Netia
delivered a net profit of PLN113.4 million for 2004 year-to-
date.

"Lastly, we are delighted to welcome Kent Holding as Netia's new
Chief Financial Officer.  His extensive experience in the
telecommunications industry will make a valuable contribution to
Netia's further progress, particularly in our drive for
continued efficiency and financial discipline, the development
of mobile solutions as part of Netia's customer offering and our
continuing evaluation of consolidation opportunities in the
Polish telecoms market."

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/NetiaSA_financial_results04.pdf.

CONTACT:  NETIA S.A.
          IR
          Anna Kuchnio
          Phone: +48-22-330-2061

          Media
          Jolanta Ciesielska
          Phone: +48-22-330-2407

          Taylor Rafferty, London
          Mark Walter
          Phone: +44-(0)20-7614-2900

          Yuhau Lin
          Phone: +1-212-889-4350


===========
S W E D E N
===========


LM ERICSSON: Rating Upgraded to 'BB+' on Improved Results
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit and senior unsecured debt ratings on Sweden-
based telecommunications equipment supplier Ericsson
(Telefonaktiebolaget L.M.) to 'BB+' from 'BB', following
publication of its third-quarter 2004 results showing improved
performance.  The outlook is positive.

At the same time, Standard & Poor's affirmed its 'B' short-term
corporate credit rating on the company.  At Sept. 30, 2004,
Ericsson had gross debt of about SKR35.8 billion (EUR4 billion),
including notes of approximately SKR23 billion.

"The upgrade reflects Standard & Poor's view that the wireless
telecoms equipment market is set to continue growing in 2005,
although this is likely to be at a more modest pace than in
2004, under continued expansion of mobile communications
worldwide," said Standard & Poor's credit analyst Leandro de
Torres Zabala.

The upgrade also reflects Ericsson's positions in the main
vectors of growth within the telecoms equipment industry and a
cost structure that is commensurate with operating margins in
the high teens and sustainable positive free cash flow
generation.  Ericsson's credit quality is also underpinned by
its very strong cash position, well-extended debt maturities,
and good access to capital markets.

The ratings remain constrained, however, by the expected
moderation in revenue growth rates in the wireless equipment
market in 2005, the strong price competition and rapid
technology evolution affecting the wireless equipment industry,
and some temporary sales weaknesses in the North American market
given the consolidation of some key customers.

The ratings on Ericsson could be upgraded to the investment-
grade category during 2005.  This would depend upon Ericsson's
ability to post steadily growing revenues (even if at low single
digit rates), maintain strong gross margins and operating
margins close to the group's target of high teens, and further
consolidate its free cash flow generation.  At the same time, it
is expected that Ericsson will preserve a strong cash position.

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


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


BARRY CALLEBAUT: Net Profit Up 12.0% to CHF115.6 Million
--------------------------------------------------------
Barry Callebaut AG, one of the world's leading cocoa and
chocolate companies, announced on Wednesday its results for
fiscal year 2003/04 ended Aug. 31, 2004.  With CHF4,048.9
million, consolidated sales revenue surpassed the four billion
Swiss franc threshold for the first time (up 13.4%).  Sales
volumes rose by 13.5% to more than a million tons.  Both results
were partly influenced by the first-time consolidation of
Luijckx for the first six months and of Brach's for the full
year.  Operating profit (EBIT) went up by 9.4% to CHF228.3
million.  Net profit (PAT) strongly increased by 12.0% to
CHF115.6 million.

Patrick De Maeseneire, CEO of Barry Callebaut, said: "It gives
me great satisfaction to see that we have achieved an organic
volume growth of 4.4% in a global chocolate market that grew
only 1%.  We had a strong fourth quarter in all our businesses
and markets, including the Consumer Products Europe business
unit.  With the introduction of the 'dedicated factory approach'
across our entire manufacturing network, we have taken the
necessary steps to achieve cost leadership in our European
consumer business.  Cost leadership, together with innovation,
is the basis for profitable growth in a highly competitive
environment."

Sales revenue increased by 13.4% or CHF477.6 million to
CHF4,048.9 million.  The acquisition and first-time
consolidation of Brach's (full year) and Luijckx (six months)
contributed a net amount of CHF402.7 million to this growth,
with the remainder coming from positive exchange rate movements
as well as from organic volume growth.

These positive factors were partially offset by a decrease in
cocoa bean prices and the partial discontinuation of the low-
margin industrial business from Stollwerck.  Net organic sales
revenue growth was 5%.  Sales volumes saw an increase of 13.5%
to 1,011,358 tons, up from 891,048 tons in the prior year.
Eliminating the effects of the acquisition of Brach's and
Luijckx as well as the discontinued Stollwerck industrial
business, sales volumes increased strongly by 4.4%, compared to
a growth of the world market of 1%.  Main contributors to this
organic volume growth were the Gourmet, Food Manufacturers and
Cocoa businesses.

Operating profit (EBIT) increased by 9.4% to CHF228.3 million.
The Cocoa, Food Manufacturers and Gourmet & Specialties business
units showed substantial increases, the newly acquired Brach's
business made a moderate positive contribution, while the EBIT
development in Consumer Products Europe was unsatisfactory
because of margin pressure and the one-off impact of a sharp
increase in hazelnut prices.  Taxes decreased to CHF19.4
million, bringing the effective average corporate tax rate to
14.3%, down from 19.4% for the prior year.

Net profit (PAT) showed a strong increase of 12.0% to CHF115.6
million, up from CHF103.2 million in the previous year.
Earnings per share reached CHF22.4 (+12.0%).

Net debt decreased by CHF87.1 million or 8.5% to CHF943.0
million as of end of August 2004, bringing the debt-to-equity
ratio down to 117.7% (previous year: 135.7%).  Shareholders'
equity grew 5.5% to CHF800.9 million as of the end of August
2004, compared to CHF759.2 million at the end of the previous
fiscal year on Aug. 31, 2003.  The key operational ratios Return
on equity (ROE) and Return on invested capital (ROIC) went up:
ROE was 14.4%, ROIC was 10.4%.

On Aug. 31, 2004, the Group employed a workforce of 8,933
people, or 14% more than on Aug. 31, 2003, mostly due to the
acquisition of Brach's.  Proposals to the Annual General Meeting
Instead of a dividend payment the Board of Directors proposes to
the Annual General Meeting of Dec. 8, 2004 to reduce the share
capital of the company by CHF40,326,000 from CHF517,000,000 to
CHF476,674,000 through the reduction of the par value per share
from CHF100 to CHF92.20 and to amend the respective provision of
the articles of association.  The par value reduction of CHF7.80
per share will be paid out free of costs and net of the
withholding tax in February 2005.

The Board of Directors proposes to the Annual General Meeting
that Dr. Urs Widmer, former Chairman and CEO of Ernst & Young
Holding and active today as a lawyer, and Markus Fiechter, CEO
of KJ Jacobs AG, be elected as new members of the Board of
Directors (see separate CVs).  With the term of office of the
Board of Directors being one year, the board members Andreas
Schmid (Chairman), Dr. Andreas Jacobs (Vice Chairman), Rolando
Benedick and Andreas W. Keller will stand for re-election for
another term of office.  Dr. Johann Christian Jacobs has
expressed his desire to focus on the chairmanship of the Jacobs
Foundation; he will not stand for re-election.

Outlook

Patrick De Maeseneire, Chief Executive Officer, on the prospects
for the current fiscal year 2004/05: "In the first two months of
the current fiscal year, organic volume growth in all our
businesses was very good.  We believe that the environment for
the current fiscal year will be rather difficult given that the
European economy is not picking up to the extent predicted by
economists, and economic growth in the U.S. is slowing down.
Barry Callebaut wants to continue growing twice as fast as the
global chocolate markets.  With the introduction of the new
dedicated factory strategy across all business units, which will
give us cost leadership in all our businesses, and by exploring
new geographic opportunities and actively responding to growing
consumer demand for more convenient, more sensory and health-
enhancing products, we are well positioned to further generate
strong, profitable growth in the years ahead."

    Overview of Business Performance by Business Segment

Industrial Business Segment

The Industrial business segment focuses on selling cocoa and
chocolate products to industrial processors and consumer goods
manufacturers worldwide.

Sales volumes were 650,621 tons, up 3.1% from the 631,146 tons
for the previous year.

(a) To further optimize the fixed cost structure, volumes of
    cocoa products sold to third-party customers were increased
    by 4.5% and reached 126,316 tons (120,827 tons in the
    prior year);

(b) Sales volumes in the Food Manufacturers business unit grew
    2.7% to 524,305 tons.  Excluding the partial discontinuation
    of low or negative margin industrial sales taken over from
    Stollwerck as well as the reclassification of former
    deliveries to Brach's and Luijckx as inter-company sales,
    organic volume growth was 5.7%.  Volume growth was mainly
    recorded in France, the Mediterranean countries, Eastern
    Europe, North America and, above all, Asia-Pacific (+34%).
    This is the result of the continued outsourcing trend all
    the way to the molding and packaging of the finished
    product, an area in which Barry Callebaut could already sign
    a number of important contracts with large branded consumer
    goods companies.  To expand geographically, sales offices
    were opened in Moscow and Tokyo and reported initial
    successes.

Sales revenue in the Industrial business segment rose 0.4% to
CHF2,203.3 million, compared to CHF2,193.9 million in the
previous year.

(a) Sales revenue for the Cocoa business unit declined by 8.2%.
    This decrease was driven by the decline in underlying cocoa
    bean prices and changes in the product mix, yet was
    partially offset by significant margin improvements in
    pressed products, such as cocoa butter and cocoa powder;

(b) On the other hand, the Food Manufacturers business unit was
    able to grow its sales revenue by 3.8% to CHF1,639.3
    million, up from CHF1,579.7 million.  This was the result of
    volume growth, margin improvements and a slightly positive
    currency impact, partly offset by lower underlying cocoa
    bean prices.  Considering the above-mentioned impact from
    the Brach's and the Luijckx acquisitions as well as from the
    discontinued Stollwerck industrial business, organic sales
    revenue growth was 7.3%.

Operating profit (EBIT) for the segment jumped 22.7% to CHF175.2
million, with a sizeable contribution coming from Cocoa.

Total segment assets including current assets amounted to
CHF1,658.2 million, down from the previous year, as a result of
the lower underlying cocoa bean prices.  EBIT over total segment
assets reached a satisfactory 10.6% (previous year: 7.9%).

Food Service/Retail Business Segment

The Food Service/Retail business segment serves a broad range of
customers, from local craftsmen to global retailers.

Sales revenue in the Food Service/Retail Business Segment jumped
34.0% to CHF1,845.6 million, with CHF425.1 million or 30.9%
resulting from the first-time consolidation of Brach's for the
full year and of Luijckx for six months and the remainder being
organic growth.  Brach's, one of the leading manufacturers of
loose confectionery in the U.S., was acquired in September 2003.
The restructuring and integration of the company is on track,
and it already made a moderate positive contribution to segment
EBIT.  AM Foods, acquired in September 2004 and renamed into
Barry Callebaut Sweden, will only be consolidated as of
September 1, 2004.

(a) Sales revenue reported by the Gourmet & Specialties business
    unit increased by 7.9% to CHF514.0 million, up from
    CHF476.4 million for the prior year. Organic growth was
    3.8%.  Sales revenue growth was achieved across all
    geographies;

(b) Sales revenue generated by the two Consumer Products units
    Europe and North America rose nominally by 47.8% to
    CHF1,331.6 million or 32.9% of total group sales.  CHF399.3
    million of this growth is attributable to the first-time
    full-year consolidation of Brach's.  Organic growth was
    almost flat at 0.3%.

Operating profit (EBIT) for the segment was CHF99.3 million or a
minus of 2.6%.  EBIT growth achieved in Gourmet & Specialties as
well as in Consumer Products North America nearly offset the
unsatisfactory EBIT development of Consumer Products Europe,
which was the result of the unsatisfactory business development
in Germany especially in the third quarter and the beginning of
the fourth quarter, topped by suddenly much higher prices for
hazelnuts.

Total segment assets went up by 22.8% to CHF953.4 million due to
the acquisition of Brach's.  EBIT over total segment assets was
down to 10.4% (previous year: 13.1%) as a result of the factors
described above.

Consumer business: accelerating strategy implementation
As announced on September 10, 2004, action was taken to shape
the Consumer Products Europe unit into a preeminent and
innovative customer solutions provider for global retailers.
Innovation and cost leadership are key in a market that is
characterized by strong growth rates for premium products on the
one hand and customer label products on the other.

In order to achieve cost leadership the concept of dedicated
factories or "Centers of Excellence", which has already been
successfully implemented in the Industrial Business segment, is
now being expanded to encompass the entire production network.
The more than 30 production sites worldwide were integrated into
a centrally managed "Operations" unit at the beginning of the
current fiscal year.  The "Operations" unit will supply all of
Barry Callebaut's business units.  Product manufacturing is
being centralized, and each factory will serve as a "Center of
Excellence," focusing on making the products for which it is
best suited.  The advantages of this approach for each factory
are highly developed specialist skills, longer production runs,
optimized stock management as well as capacity management.  In
addition, the separation of production from sales and marketing
enables each business unit to focus its resources on serving its
specific customer segments.

Ivory Coast

The three factories of Barry Callebaut in Ivory Coast have been
closed since Sunday, Nov. 7, 2004 because public transport is
interrupted and workers cannot get to work.  All three factories
are fully operational.  As soon as public transport is working
again, Barry Callebaut intends to re-start the factories.  Barry
Callebaut has been present in Ivory Coast since 1968 and has
successfully managed similar situations before.  In order to
spread the risks, the volumes of cocoa beans sourced in other
countries, such as Ghana or Indonesia, were increased, and cocoa
processing capacities in Europe, the U.S. and Ghana were
expanded.  Barry Callebaut is confident at this moment that it
will be able to meet its contractual obligations vis-a-vis its
chocolate customers.

Barry Callebaut

With annual sales of more than CHF4 billion for fiscal year
2003/04, Zurich-based Barry Callebaut is one of the world's
leading manufacturers of high-quality cocoa, chocolate and
confectionery products -- from the cocoa bean to the finished
product on the store shelf.  Barry Callebaut operates more than
30 production facilities in 22 countries and employs
approximately 9,000 people.  The company serves the entire food
industry, from food manufacturers to professional users of
chocolate (such as chocolatiers, pastry chefs or bakers), to
global retailers.  It also provides a comprehensive range of
services in the fields of product development, processing,
training and marketing.

Fiscal year 2003/04 closed on Aug. 31, 2004.  The Annual General
Meeting 2003/04 will take place on Dec. 8, 2004, at 2:30 p.m.
(Kongresshaus, Zurich, Gartensaal).

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Callabaut_results04.pdf.

                            *   *   *

Barry Callebaut is rated BB+/Stable/-- by Standard & Poor's.

CONTACT:  BARRY CALLEBAUT
          Investors And Financial Analysts
          Dieter A. Enkelmann, CFO
          Phone: +41 1 801 61 43
          Fax: +41 1 801 61 53
          E-mail: dieter_enkelmann@barry-callebaut.com

          Media:
          Gaby Tschofen
          Phone: +41 1 801 61 60
          Fax: 41 1 801 61 53
          E-mail: gaby_tschofen@barry-callebaut.com

          Web site: http://www.barry-callebaut.com


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


ABB EUROFIN: Gives Creditors Until December to File Claims
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF ABB Eurofin Limited
                    (In Voluntary Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of ABB Eurofin Limited held on November 5, 2004, it was resolved
by Special Resolution that the Company be placed in Voluntary
Liquidation and that Gregory Whiteman, ACA, of Suite 3,
Weighbridge House, Le Pollet, St. Peter Port be appointed
liquidator.

All persons owing monies to the company are requested to settle
the amounts concerned direct with the Liquidator.  All persons
having claims against the company are requested to send a
detailed account thereof to the Liquidator on or before December
6, 2004.

CONTACT:  GREGORY WHITEMAN, ACA, Liquidator
          Suite 3 Weighbridge House
          Le Pollet, St. Peter Port
          Guernsey GY1 1WL


ASHFORD GREAT: Calls in Joint Liquidators from Deloitte & Touche
----------------------------------------------------------------
Name of companies:
Ashford Great Park (Phase I) Limited
Limbomono Limited
North Audley Street Developments Limited

At the extraordinary general meeting of these companies on
November 3, 2004 held at 54 Lombard Street, London EC3P 3AH, the
special and ordinary resolutions to wind up the companies were
passed.  James Robert Drummond Smith and Nicholas James Dargan,
of Deloitte & Touche LLP, Athene Place, 66 Shoe Lane, London
EC4A 3WA have been appointed joint liquidators of these
companies.

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


ATCHLEY LIMITED: Sets General Meeting December
----------------------------------------------
Name of companies:
Atchley Limited
Atchley Tools Limited

The general meeting of the members of these companies will be on
December 3, 2004 commencing at 11:00 a.m. and 11:15 a.m.
respectively.  It will be held at Suite B1, White House Business
Centre, Forest Road, Kingswood, Bristol BS15 8NH.

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.


A TO Z: Restaurants for Sale
----------------------------
Shay Nannon and Tony Nygate, Joint Administrators, will sell the
business and assets of A to Z Restaurants.

Seven restaurants are being sold, individually or collectively.

Principal Features

(a) Includes three Michellin starred French and Italian
    restaurants;

(b) Two-well established Chinese restaurants; and

(c) Approximately 200 staff and a management team with
    considerable experience.

CONTACT:  BDO STOY HAYWARD
          Phone: 020 7893 3320/2370
          Fax: 020 7893 2808

          Shaun Claydon
          E-mail: shaun.claydon@bdo.co.uk

          Andrew Lowe
          E-mail: andrew.lowe@bdo.co.uk


BACKSAFE LIMITED: Names G. F. Davis Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of the
Backsafe Limited on October 21, 2004 held at NET Line One
Project Office, Gregory Boulevard, Nottingham NG7 6LB, the
special resolution to wind up the company was passed.  Gerald
Frederick Davis has been appointed liquidator for the purpose of
such winding-up.


BALLIVY LIMITED: Members General Meeting Set December
-----------------------------------------------------
The general meeting of the members of Ballivy Limited will be on
December 7, 2004 commencing at 10:00 a.m.  It will be held at
Crawfords, Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB.

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.

CONTACT:  CRAWFORDS
          Stanton House, 41 Blackfriars Road,
          Salford, Manchester M3 7DB


BARTON BENDISH: Liquidator's Final Report Out Next Month
--------------------------------------------------------
The final meeting of the members of Barton Bendish P.L.C. will
be on December 17, 2004 commencing at 11:00 a.m.  It will be
held at 26 London Road, St Albans, Hertfordshire AL1 1NG.

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 Robert Day and Company, Garfield, Church Lane, Oving,
Aylesbury, Buckinghamshire HP22 4HL not later than 12:00 noon,
December 16, 2004.

CONTACT:  ROBERT DAY AND COMPANY
          Garfield, Church Lane, Oving,
          Aylesbury, Buckinghamshire HP22 4HL


BED & BREAKFAST: Creditors' Meeting Set End of November
-------------------------------------------------------
The creditors of Bed & Breakfast Direct Ltd. will meet on
November 22, 2004 commencing at 10:30 a.m.  It will be held at
KPMG LLP, Edward VII Quay, Navigation Way, Preston PR2 2YF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, Corporate Recovery, St James Square,
Manchester M2 6DS not later than 12:00 noon, November 19, 2004.

CONTACT:  KPMG Corporate Recovery
          St James Square,
          Manchester M2 6DS
          Phone: (0161) 838 4000
          Fax:   (0161) 838 4040
          Web site: http://www.kpmg.co.uk


B E L DEVELOPMENTS: Calls Meeting to Hear Liquidator's Report
-------------------------------------------------------------
The general meeting of the members of B E L Developments Limited
will be on December 3, 2004 commencing at 10:00 a.m.  It will be
held at the offices of Vantis Business Recovery, at The White
Cottage, 19 West Street, Epsom, Surrey KT18 7BS.

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 Vantis Business Recovery, at The White Cottage, 19 West
Street, Epsom, Surrey KT18 7BS not later than 12:00 noon,
December 2, 2004.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street,
          Epsom, Surrey, KT18 7BS
          Phone: 01372 743816
          Fax: 01372 720940
          E-mail: epsom@vantisplc.com
          Web site: http://www.vantisplc.com


CABLE & WIRELESS: Chairman Bares Restructuring Plans
----------------------------------------------------
Chairman Richard Lapthorne said: "We are now almost 18 months
into our three year program to re-shape our business and I am
pleased with our mid term progress.  The management team has
delivered on the promises they set out in early 2003: to exit
the U.S. market, to build on National Telcos and to restructure
the U.K. and drive performance.  The U.S. exit has been achieved
for considerably less than the originally estimated cost.  In
National Telcos, performance is resilient as we cope
satisfactorily with the progression of liberalization.  Further,
we have expanded our footprint through the value enhancing
acquisition of Monaco Telecom.  In the U.K. business,
restructuring is progressing such that it is no longer a drain
on cash, and management will present clear plans to take this
business forward.

"The dividend was restored at the end of the last financial
year.  The Board has declared an interim dividend of 1.16 pence
for the current financial year, compared with an interim
dividend of 1.05 pence for 2003/4, an increase of 10%.

"To help to demonstrate the value we have created to date I will
share with you my view of the state of a number of our assets,
as seen through the Company's planning process, using an
illustrative discount rate of 10%.

"These projections assume no real sales growth and a progressive
reduction in costs over the period covered, while capex stays
strictly controlled -- the desegregation of the separate parts
of the business allows us to show the hidden gems in the basket.

"The grouping: 'Other National Telcos' includes businesses such
as Guernsey, the Maldives, Seychelles, Bermuda and others, some
of which still operate in markets with limited competition.
Based on our planning assumptions and using the indicative 10
percent discount rate these businesses show collectively a value
of GBP340 million.

"Batelco, which is separately listed in Bahrain presently has a
market capitalization of GBP1.45 billion, implying a value of
GBP290 million for Cable & Wireless' 20% stake.

"The restructuring announced today [Nov. 10] also creates value.
The net present cost of corporate charges before today's
announcement was GBP325 million, offset by GBP230 million as a
result of the cost reductions just announced.

"In addition to the sale of C&W IDC, Japan we expect to realize
some GBP50 million for the sale of our stake in Intelsat.

"Turning now to the balance sheet.  Firstly, the Board intends
to work with the pension fund trustees and actuary in
preparation for the triennial valuation at 31 Mar. 2005.  In
anticipation of that process and the valuation itself, we are
planning to make an interim contribution of up to GBP100 million
before the year-end.  Some further contributions may be needed
after that.  The amount and timing of all these payments will be
determined in discussion with the actuary and trustees and we
will not invest extra funds into the scheme if that results in
the risk of creating future valuation surpluses which cannot
readily be reversed at no cost to the company.

"Secondly, we have started work to restructure the balance sheet
of the plc.  We have addressed the active side of the balance
sheet by taking impairment charges, to set the carrying value of
assets in line with their earning capability.  We now need to
re-set the inactive side in order to align our cash and
distributable reserves.

"Thirdly, we are initiating a GBP250 million share repurchase,
using a buy back program.  The Board's view is that this return
of capital has been made possible by the progress made in
achieving our objectives in dealing with the legacy issues such
as the U.S. exit, sale of the Japanese business and sale of
satellite investments.

"Looking ahead, it is clear that in mature markets future profit
growth will come from cost reduction and from improving the
sales mix.  In developing markets profit growth will be driven
by increased penetration of new products and further cost
reduction in mature products.  At the same time we will take
opportunities to expand our footprint into new geographies when
appropriate."

Chief Executive Francesco Caio said: "We have achieved a great
deal in fixing the legacy issues we inherited, controlling cash
and reshaping the Group as a more flexible, customer responsive
entity that is equipped and ready to compete in the new telecoms
landscape.  We have stabilized business performance and
conserved cash, while making targeted investments to deliver
what our customers want.

"We have taken a disciplined approach to acquisitions.  In June,
we acquired Bulldog Communications as a platform to target the
rapidly growing broadband market.  The combination of Bulldog
with the Cable & Wireless network creates a unique position from
which to drive transformation and capture profitable growth.  We
also built on our National Telco portfolio with the acquisition
of Monaco Telecom in June 2004.

Performance

"Across the National Telco businesses we have started to see the
benefits of implementing our operational priorities.  The
National Telcos are a profitable and cash generative component
of our business.  At constant currency National Telcos revenue
improved by 6% and earnings before exceptional items improved by
5% over the same period in the previous year, due to strong
performances in Panama, Macau and the Maldives and the
contribution of Monaco Telecom.

"We are gradually upgrading the National Telco fixed networks,
deploying broadband services to increase penetration, albeit
from a low base.  This will allow us to develop services to
capture new growth and offset some of the decline in legacy
revenues as further markets liberalize.  We continue to work
closely with governments as partners, to develop a regulatory
environment that will foster and incentives innovation.

"In the Caribbean where the impact of ongoing liberalization and
increasing competition continue to put pressure on margins, we
have strengthened our marketing and distribution and we are
encouraged by the initial impact of recent product and branding
launches.  Although damage from Hurricane Ivan was severe in
Grenada and Cayman, the robustness of both our mobile and fixed
network has improved our standing with customers, regulators and
legislators.  We expect the cash impact of Hurricane Ivan in the
Caribbean to be GBP25 to 35 million net of insurance refunds.
The timing of receipt of insurance funds is not known but is
likely to be next year.

"In the U.K. although Business revenue was held back by weak
performance and pricing pressure, Enterprise revenue was stable
over the second half of 2003/4.  Enterprise has built on its
track record of increasing share of client spend, particularly
in the growing area of IP services.  Against the backdrop of
challenging market conditions, operating profit before
exceptional items and amortization for the first half rose by
GBP46 million compared with the prior year, reflecting
reductions in operating costs and a lower depreciation charge.

"Carrier Services, with its extensive network reach and capacity
to trade voice and data services around the world, continues to
perform well.  Although margins in this sector are lower than in
the retail sector low channel costs and low capital intensity
make it cash generative for the Group.  For this reason we see
an opportunity to refocus our position in Europe around Carrier
Services which is currently producing around 80% of our European
revenue.

"Through Bulldog we offer the first bundled super-fast broadband
and domestic telephony offer in the U.K.  Consumer and SoHo
broadband demand is accelerating rapidly and we are well
positioned to succeed in that market with a 4mbps bundled offer.

Transformation Program

"With the legacy issues dealt with, our focus is on reshaping
the Group to compete in the new telecoms landscape.  To achieve
this our priority is to manage our cost base and to invest in
the development and marketing of broadband, IP and mobile
services.

"In National Telcos we intend to retain our leadership as an
integrated provider of telecom services and sustain
profitability through focus on margin.  In the U.K., I want
Cable & Wireless to lead the IP/broadband transformation,
leveraging our access network across all customer segments and
in doing so, improve our gross margins by adding the profitable
'last mile' to our network.  Local loop unbundling gives us an
opportunity to do this with incremental capex deployed against
growing penetration of our services.  We will continue to show
strong financial discipline in the deployment of our investment
to ensure value creation with measurable terms.

"I am confident we can succeed in doing this because we have two
key advantages compared to our competitors.  The first is that
we have the largest alternative network footprint in the
country.  The second is that we now have an opportunity to
deploy our financial capabilities in a measured manner, by
investing to develop our access network.

"As we move into the reconstruction phase, I will be taking
direct operational control of the U.K. business and today I am
announcing a new structure.  The key elements are: the closure
of the London head office and the relocation of corporate
functions to Bracknell, together with refocusing the European
business on Carrier Services.  A reorganization of the U.K.
business into customer focused segments: Enterprise, Business,
Bulldog and Carrier Services.  The creation of a single unit
managing all operational activities -- IT, purchasing, network
and field operations.

"In total these reorganizations are expected to reduce headcount
by around 600 across the U.K. and Continental Europe, subject to
local consultation.  We have now set the execution priorities
for each of the new business segments and identified a clear
path to significantly advance our competitive position in the
U.K. by taking advantage of our network and the migration to
broadband.

"These execution priorities are centered on three key elements:
reducing the cost base of our operations; taking full advantage
of local loop unbundling across all of our segments, as we roll
out our access network; and pursuing profitable margins by
targeting the rapid growth in the broadband market."

Outlook

Although market conditions are likely to remain challenging in
all our businesses in the second half, we anticipate that Group
profit before exceptional items and tax in the first half of the
year will be a reasonable reflection of the level of profit
before exceptional items and tax in the second half.  This is,
however, before taking into account the investment in the
initial build out of local loop unbundling amortization of
intangibles and the impact of Hurricane Ivan.

Trading Overview

Revenue from continuing operations for the six months to 30
September 2004 was GBP1,618 million, a 7% decline from the prior
year reflecting a 2% decline in revenue at constant currency and
a 5% decline resulting from adverse exchange rate movements.
Revenue from continuing operations before acquisitions for the
six months to 30 September 2004 of GBP1,584 million fell by 4%
at constant currency from the prior year reflecting an 18%
decline in revenue from Japan and a 34% decline in revenue from
Europe.  Revenue from the U.K. was down 1% from the prior year.
At constant currency, revenue from the National Telcos[1]
increased by 6% from the prior year as a result of the
contribution from Monaco Telecom, which was acquired in June
2004.

Operating profit from continuing operations before exceptional
items and amortization for the six months to 30 September 2004
was GBP157 million, an improvement of GBP34 million over the
prior year, reflecting a 49% improvement at constant currency,
partially offset by the impact of adverse exchange rate
movements.

Operating profit before exceptional items and amortization from
the U.K. for the six months to 30 September 2004 rose by GBP46
million compared with the prior year.  This reflects the
reduction in operating costs under the restructuring program and
a lower depreciation charge, as a result of the impairment to
assets in the prior year, which more than offset the impact of
pricing pressure and the net operating costs associated with the
development of Bulldog Communications.

Operating profit before exceptional items and amortization from
the National Telcos for the six months to 30 September 2004 fell
by GBP11 million from the prior year, reflecting a 5%
improvement at constant currency offset by the impact of adverse
exchange rate movements.  The improvement at constant currency
from the prior year principally reflects a lower depreciation
charge as a result of the impairment to assets in the prior year
and the contribution from Monaco Telecom.  Taken together, these
factors more than offset the continuing adverse impact of
liberalization and competition.

Income from joint ventures and associates for the six months to
30 September 2004 of GBP21 million was in line with the prior
year, as an increase in earnings from Batelco offset the adverse
impact of exchange rate movements.  On a constant currency
basis, income from joint ventures and associates rose by 14%
from the prior year.

Profit before tax and exceptional items from continuing
operations was GBP199 million for the six months to 30 September
2004 compared to GBP185 million in the prior-trading overview
revenue from continuing operations for the six months to 30
September 2004 was GBP1,618 million, a 7% decline from the prior
year reflecting a 2% decline in revenue at constant currency and
a 5% decline resulting from adverse exchange rate movements.
Revenue from continuing operations before acquisitions for the
six months to 30 September 2004 of GBP1,584 million fell by 4%
at constant currency from the prior year reflecting an 18%
decline in revenue from Japan and a 34% decline in revenue from
Europe.  Revenue from the U.K. was down 1% from the prior year.

At constant currency, revenue from the National Telcos[1]
increased by 6% from the prior year as a result of the
contribution from Monaco Telecom, which was acquired in June
2004.

Operating profit from continuing operations before exceptional
items and amortization for the six months to 30 September 2004
was GBP157 million, an improvement of GBP34 million over the
prior year, reflecting a 49% improvement at constant currency,
partially offset by the impact of adverse exchange rate
movements.

Operating profit before exceptional items and amortization from
the U.K. for the six months to 30 September 2004 rose by GBP46
million compared with the prior year.  This reflects the
reduction in operating costs under the restructuring program and
a lower depreciation charge, as a result of the impairment to
assets in the prior year, which more than offset the impact of
pricing pressure and the net operating costs associated with the
development of Bulldog Communications.

Operating profit before exceptional items and amortization from
the National Telcos for the six months to 30 September 2004 fell
by GBP11 million from the prior year, reflecting a 5%
improvement at constant currency offset by the impact of adverse
exchange rate movements.  The improvement at constant currency
from the prior year principally reflects a lower depreciation
charge as a result of the impairment to assets in the prior year
and the contribution from Monaco Telecom.  Taken together, these
factors more than offset the continuing adverse impact of
liberalization and competition.

Income from joint ventures and associates for the six months to
30 September 2004 of GBP21 million was in line with the prior
year, as an increase in earnings from Batelco offset the adverse
impact of exchange rate movements.  On a constant currency
basis, income from joint ventures and associates rose by 14%
from the prior year.

Profit before tax and exceptional items from continuing
operations was GBP199 million for the six months to 30 September
2004 compared to GBP185 million in the prior year.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] National Telcos comprise operations in the Caribbean,
Panama, Macau and Rest of World as described on pages 19 to 24.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Cable_Wireless_results04.pdf.

                            *   *   *

CONTACT:  CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new


CABLE & WIRELESS: Chief Operating Officer to Resign Next Month
--------------------------------------------------------------
Cable and Wireless plc on Wednesday announced its results for
the six months to 30 September 2004/5.  The group also commented
on mid-term progress on its program to reshape the company and
announced a number of organizational changes to further
strengthen the business as the group moves to the next stage of
its development.

As a consequence Cable & Wireless is announcing a number of
management changes.

Having made good progress with the restructuring of its National
Telco business, exited the U.S. and a number of non-core
overseas operation, chief operating officer, Kevin Loosemore has
announced that he will step down from the Board on 1 December
2004.  He will leave the company at the end of March 2005.

Kevin Loosemore has been chief operating officer of the group
since April 2003.  In his first fifteen months the focus of the
Board was largely on the priorities set out in June 2003, namely
exiting the U.S.A., building on National Telcos and
restructuring the U.K. to drive performance.  The group then
moved to the second phase of that program in which the chief
executive focused increasingly on the restructuring of the U.K.
business and the chief operating officer on the National Telcos.
Mr. Loosemore indicated then that he preferred not to take on a
role that was exclusively based outside of the U.K. although he
agreed to continue with the role on an interim basis.

The Board announced the appointment of Harris Jones to the Board
in the new post of executive director of international
businesses.  Reporting to chief executive Francesco Caio, Mr.
Jones will take responsibility for the National Telcos and for
carrier services.  He joins the main Board on 1 December.

Mr. Jones has international experience in the telecoms industry,
as chief executive officer of T-Mobile U.K. after its
acquisition by Deutsche Telekom and previously as a senior
executive with Omnipoint Communications and with Sprint
Spectrum.

Cable & Wireless chairman Richard Lapthorne said: "The group has
made more rapid progress than expected against the priorities
set out in June 2003, particularly the exit from the U.S. and
other non-core markets and our needs have changed.  I am
extremely grateful to Kevin for the important role he has played
in the first part of our program.  Having disposed of a number
of non-core overseas businesses and made good progress with the
restructuring of National Telcos, Kevin and the Board recognize
that we have now outlived the need for a wide-ranging chief
operating officer role.  The Board would like to thank Kevin and
wish him well as he develops a plural life as a non-executive
director.

"As we have separately announced, our chief executive Francesco
Caio will assume direct control of all U.K. operations in the
new Cable & Wireless.  I am pleased to announce the appointment
of Harris Jones to the Board as executive director of
international businesses.  Harris brings world class telecoms
experience to his new role and I look forward to his joining the
business."

The group also announced a series of non-board senior
appointments as part of the restructuring of its U.K. and
European operations around its key customer segments.

Jose-Miguel Garcia has been appointed head of business sales.
Mr. Garcia was chief executive officer of Cable & Wireless
Panama from 2002-04.  He joined Cable & Wireless in January 2000
and has been responsible for C&W Iberia and Head of Enterprise
Markets in Europe.

Frank Mount, joins the group as head of operations.  He was,
until recently Leader of European Operations for T-Mobile
International and was responsible for network operations outside
North America.  He was previously Chief Technology Officer for
T-Mobile U.K. Ltd. and has been CTO for Viatel Inc. and held
similar senior roles with Primos Communications, U.S. Cable and
MCI Telecommunications Inc.  He spent 18 years with AT&T where
he began his telecoms career in 1967.

Laurence Huntley joined the group as head of group marketing in
August having been Vice President of Marketing for Equant
Network Services, Vice President of Strategy for Equant N.V. and
latterly ran his own consultancy.

The heads of business sales, operations, group marketing and the
executive director of international businesses each report to
the chief executive.

Alan Whelan has been appointed head of carrier services.  He has
20 years experience in IT and telecommunications -- most
recently leading AT&T's Global Service Provider Markets team,
with responsibility for managing almost US$2 billion of business
with non-US carriers.  He previously held senior positions with
Concert & BT.  He will report to the executive director of
international businesses.

Chief executive Francesco Caio said: "Together this team brings
high level international experience from the world's leading
telecoms businesses.  I am delighted that that they have taken
up the challenge to drive the Cable & Wireless business
forward."

The group earlier announced a new organizational structure for
the UK and Europe, organized around key customer segments, with
a central operations and a group marketing unit each reporting
to the chief executive.  The restructuring of the U.K. and the
consequent creation of a smaller leadership team has removed the
need for an additional U.K. chief executive.  Royston Hoggarth
has therefore decided to leave the Group.

"I am very grateful to Royston for his considerable commitment
and achievement as chief executive of the U.K. in the first
eighteen months of our stabilization program.  I would like to
thank him for his contribution to this restructuring and for his
willingness to help the organization complete this transition."
said Mr. Caio.

CONTACT:  CABLE & WIRELESS
          Investor Relations:
          Virginia Porter, Director, Investor Relations
          Phone: +44 20 7315 4460
          Craig Thornton, Manager, Investor Relations
          Phone: +44 20 7315 6225
          Glenn Wight, Manager, Investor Relations
          Phone: +44 20 7315 4468

          Media:
          Lesley Smith, Director Corporate Affairs
          Phone: +44 20 7315 4410
          Steve Double, Group Head of Media Communications
          Phone: +44 20 7315 6759
          Peter Eustace, Head of Media Relations
          Phone: +44 20 7315 4495


CARIOCCA TRAINING: Owners Opt to Dissolve Business
--------------------------------------------------
At the extraordinary general meeting of the Cariocca Training
Limited on October 20, 2004 held at 50 Cariocca Business Park,
Ardwick, Manchester M12 4AH, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
David Norman Kaye of Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been appointed liquidator for the
purpose of such winding-up.


COLLEGIUM 134: Sets Deadline for Proofs of Claim
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Collegium 134 Limited
                  (Formerly Culverwell Limited)

Notice is hereby given that the liquidator intends to make a
first and final distribution to creditors of Collegium 134
Limited and that the last date for proving debts against the
company, which is being voluntarily wound up, is on December 15,
2004, by which date claims must be sent to Samantha Keen of
Grant Thornton U.K. LLP, 31 Carlton Crescent, Southampton SO15
2EW, the liquidator of the company.

After December 15, 2004, the liquidator may make that
distribution without regard to the claim of any person in
respect of the debt not already proved.

Samantha Keen, Liquidator
November 5, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


DEUTSCHE SCOTLAND: Appoints Liquidators from KPMG
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Deutsche (Scotland) Limited

Notice is hereby given that we, Jeremy Simon Spratt and Stephen
Treharne, both of KPMG Corporate Recovery, 8 Salisbury Square,
London EC4Y 8BB, were appointed liquidators of Deutsche
(Scotland) Limited on October 21, 2004.

Jeremy Simon Spratt and Stephen Treharne, liquidators
November 1, 2004

CONTACT:  KPMG CORPORATE RECOVERY
          8 Salisbury Square
          London EC4Y 8BB
          Web site: http://www.kpg.co.uk


DOLER LIMITED: Calls in Liquidator from Haines Watts
----------------------------------------------------
At the extraordinary general meeting of the members of the Doler
Limited (Formerly known as New Forest Motor Factors Limited) on
November 4, 2004 held at Holbrook Court, Cumberland Business
Centre, Northumberland Road, Portsmouth, Hampshire PO5 1DS, the
special resolution to wind up the company was passed.  David
Smithson of Haines Watts, Unit 9, Ground Floor, Holbrook Court,
Cumberland Business Centre, Northumberland Road, Portsmouth,
Hampshire PO5 1DS has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  HAINES WATTS
          Unit 9, Ground Floor, Holbrook Court,
          Cumberland Business Centre, Northumberland Road,
          Portsmouth, Hampshire PO5 1DS
          Phone: 02392 815342
          Fax: 02392 291019
          Web site: http://www.hwca.com


FAIRWOOD DIESEL: Members Final Meeting Set
------------------------------------------
The final meeting of the members of Fairwood Diesel Engineering
(Killay) Limited will be on December 10, 2004 commencing at
10:00 a.m.  It will be held at the offices of
PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall
Street, Birmingham B3 2DT not later than 12:00 noon, December 9,
2004.

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


HSC GC: Liquidator to Submit Final Report Mid-December
------------------------------------------------------
The final meeting of the members of HSC GC Limited (formerly The
Camberley Heath Golf Club Limited) will be on December 16, 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, December 15, 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


ILFORD IMAGING: Creditors' Meeting Set Next Week
------------------------------------------------
Name of companies:
Ilford Imaging Europe Limited
Ilford Imaging UK Limited

The creditors of these companies will meet on November 17, 2004
commencing at 2:30 p.m.  It will be held at Heron House, Albert
Square, Manchester M60 8GT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Heron House, Albert Square, Manchester M60 8GT
not later than 12:00 noon, November 16 2004.


JAMES GATTENS: Deadline for Filing of Claims Set
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF James Gattens Limited

                               and

            Rankins' Fruit Markets (Imports) Limited

Notice is hereby given the creditors of James Gattens Limited
and Rankins' Fruit Markets (Imports) Limited, which are being
voluntarily wound up, are required, on or before December 10,
2004, to submit full details of their claims and their names and
addresses to Robert Graham Ferguson, the liquidator of the said
companies, at KPMG, Stokes House, 17-25 College Square East,
Belfast, Northern Ireland, BT1 6DH, and, if so required by
notice in writing from the said liquidator, are, personally or
by their solicitors, to come in and prove their debts or claims
at such time and place as shall be specified in such notice, or
in default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

R. G. Ferguson, Liquidator
November 5, 2004

CONTACT:  KPMG LLP
          Stokes House
          College Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


LASERPILOT LIMITED: Calls in Liquidator
---------------------------------------
At the extraordinary general meeting of the members of the
Laserpilot Limited on October 21, 2004 held at NET Line One
Project Office, Gregory Boulevard, Nottingham NG7 6LB, the
special resolution to wind up the company was passed.  Gerald
Frederick Davis has been appointed liquidator for the purpose of
such winding-up.


LAWSON MARDON: Sets Final Meeting of Members
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Lawson Mardon Thyne Ltd.

                        ProntoSeal Limited

                William Thyne (Plastics) Limited

                                and

               William Thyne (Securities) Limited

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986, that final meetings of the members of Lawson Mardon
Thyne Ltd., ProntoSeal Limited, William Thyne (Plastics)
Limited, and William Thyne (Securities) Limited will be held at
the offices of Grant Thornton U.K. LLP, 43 Queen Square,
Bristol, BS1 4QR on December 14, 2004 at 10:00 a.m., 10:05 a.m.,
10:10 a.m. and 10:15 a.m. respectively, for the purpose of
having an account laid before them by the liquidator showing the
manner in which the winding-up of the companies have been
conducted and the property of the companies disposed of, and of
hearing any explanation that may be given by the liquidator.

A member entitled to attend and vote at the above meetings may
appoint a proxy to attend and vote in his place. It is not
necessary for the proxy to be a member.  Proxy forms must be
returned to the offices of Grant Thornton U.K. LLP, 43 Queen
Square, Bristol, BS1 4QR not later than 12:00 noon of December
13, 2004.

Nigel Morrison, Liquidator
November 3, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk


LOOKSMART UNITED: Names Ernst & Young Liquidator
------------------------------------------------
At the meeting of Looksmart United Kingdom Ltd., the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Elizabeth Anne Bingham and Alan Lovett of Ernst &
Young, 1 More London Place, London SE1 2AF have been appointed
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


LOTUS WATER: GMAC Commercial Appoints Begbies Traynor Receiver
--------------------------------------------------------------
GMAC Commercial Finance Plc called in G. N. Lee, J. P. N. Martin
and J. Kelly joint administrative receivers for Lotus Water
Garden Products Limited (Reg No 963216, Trade Classification:
5190).  The application was filed November 1, 2004.  The company
sells water garden products.

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


METASOLV HOLDINGS: Names Joint Liquidators from Ernst & Young
-------------------------------------------------------------
Name of companies:
Metasolv Holdings (UK) Limited
Orchestream Holdings Limited

At the extraordinary general meeting of these companies on
October 28, 2004 held at 2911 Turtle Creek Boulevard, Suite 940,
Dallas, Texas, USA, the special resolutions to wind up the
companies were passed.  Alan Lovett and Patrick Joseph Brazzill,
of Ernest & Young LLP, One 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


NEWBOURNE PLC: Members Agree to Wind up Company
-----------------------------------------------
At the extraordinary general meeting of the members of the
Newbourne Plc on October 28, 2004 held at 223A Kensington High
Street, London W8 6SG, the special resolution to wind up the
company was passed.  David Anthony Ingram and Brian Reginald
Anthony Callaghan have been appointed liquidators for the
purpose of such winding-up.


NORCAST LIMITED: Sets Creditors Meeting Next Week
-------------------------------------------------
The creditors of Norcast Limited will meet on November 18, 2004
commencing at 10:30 a.m.  It will be held at The Norfolk Club,
17 Upper King Street, Norwich NR3 1RB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to McTear Williams & Wood, 90 St Faiths Lane,
Norwich NR1 1NE (Fax: 01603 877549) not later than 12:00 noon,
November 17, 2004

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


PLUS WALL: Names Smith & Williamson Administrator
-------------------------------------------------
Stephen Cork (IP No 8627) has been appointed administrator for
Plus Wall Limited.  The appointment was made November 2, 2004.
The company is engaged in trade construction.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House,
          9-12 Bassinghall Street, London EC2V 5NS
          Phone: 020 7600 2801
          Fax: 020 7726 6201/2
          Web site: http://www.smith.williamson.co.uk


QUADRANGLE GROUP: Creditors' Meeting Set Monday
-----------------------------------------------
The creditors of Quadrangle Group Holdings Limited will meet on
November 15, 2004 commencing at 10:00 a.m.  It will be held at
Langham Hotel International, 1 Portland Place, Regent Street,
London W1N 4JA.  Creditors who want to be represented at the
meeting may appoint proxies.


RANKINS FRUIT: KPMG Liquidator Enters Firm
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Rankins Fruit Markets (Imports) Limited

Notice is hereby given that I, Robert Graham Ferguson of KPMG,
Stokes House, 17-25 College Square East, Belfast, BT1 6DH, was
appointed liquidator of Rankins Fruit Markets (Imports) Limited
on October 29, 2004.

Robert Graham Ferguson, liquidator

CONTACT:  KPMG LLP
          Stokes House
          College Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


SCP (VICTORIA SQUARE): Names PwC Liquidator
-------------------------------------------
At the extraordinary general meeting of the SCP (Victoria
Square) Limited on 30 September 2004, the special and ordinary
resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT 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


STEWART PLASTICS: Hires Begbies Traynor as Administrator
--------------------------------------------------------
Gary Norton Lee (IP No 9204) and James Patrick Nicholas Martin
(IP NO 8316) have been appointed administrators for Stewart
Plastics Limited.  The appointment was made November 1, 2004.
The company manufactures other plastic products.

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

          BEGBIES TRAYNOR
          Newater House, 11 Newall Street,
          Birmingham B3 3NY
          Phone: 0121 200 8150
          Fax: 0121 200 8160
          Web site: http://www.begbies.com


SULLIVANS GROUP: In Administrative Receivership
-----------------------------------------------
SME Invoice Finance Limited called in J. C. Sallabank and P. R.
Boyle (Office Holder Nos 008099, 008897) joint administrative
receivers for Sullivans Group Limited (Reg No 03798665, Trade
Classification: 7487).  The appointment was made November 2,
2004.  The company is engaged in electrical contracting.

CONTACT:  HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


UNITED SYSTEMS: Names BDO Stoy Hayward Administrator
----------------------------------------------------
Martha H. Thompson and Shay Bannon (IP Nos 8678/01, 5694/01)
have been appointed administrators for United Systems And
Communications Limited.  The appointment was made October 28,
2004.  The company is engaged in software consultancy and
supply.

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


VICTORIA ACQUISITION: Senior Notes Rated 'B'; Outlook Stable
------------------------------------------------------------
Fitch Ratings assigned Victoria Acquisition III B.V's EUR275
million 7.875% senior notes due 2014 a 'B' rating.  The agency
has also assigned Koninklijke Vendex KBB B.V. a subsidiary of
Victoria Acquisition III B.V., a Senior Unsecured 'BB-' rating
and its senior secured debt a Long-term 'BB' rating.  The
Outlook is Stable.

The Senior Unsecured rating reflects Vendex's leading market
position across different retail formats, strong brand awareness
of its HEMA merchandise stores and the opportunities arising
from integrating past acquisitions in the DIY business.  The
strong portfolio of brands and unique private label product
offering has enabled the apparel division to achieve margins
above those of its peers.  The dynamics of the DIY and HEMA
divisions are, therefore, positive factors, as opposed to the
challenges posed by the limited growth prospects of the
department store concept and the cash flow volatility of the
apparel and consumer electronics divisions.

The reliance on the Dutch market, from which more than 80% of
total sales were derived in FY04 (ending January), is considered
a weakness given its current economic stagnation, although signs
of improvement have been evident early this year.
Notwithstanding challenging market conditions, Vendex reported
an EBITDA from continuing operations (before exceptional costs
and excluding Propcos) of EUR113 million (5.2% margin) in H105,
up from EUR99 million in H104 (4.6% margin).

"Despite the latest GDP growth, consumer spending remains
subdued. The latter, particularly if combined with increasing
competitive pressures and the need to invest in store
refurbishments, may negate improvements from internal
reorganization or cost cutting initiatives," says Pablo Mazzini,
Analyst at Fitch's Leveraged Finance team.  It should be noted,
however, that Vendex's presence across retail's value segment
(HEMA), mid-market (V&D department stores) and high-end segment
(Bijenkorf department stores) helps to reduce its overall
exposure to fluctuations in consumer spending, as demonstrated
by HEMA's stable performance in H105.

Fitch recognizes as a positive factor the new focus on cost
cutting and cash flow management.  However, the execution risk
regarding a successful turnaround of V&D is an area of concern,
despite the progress made in cost savings.  Following the EUR80
million cash restructuring provision made in H204, this
restructuring plan should continue to bring rewards in H205,
along with other cost savings and supply chain initiatives.

The high gross lease-adjusted leverage of around 5.9x constrains
the current rating.  However, Fitch is aware of the shorter
average maturity of the group's lease contracts relative to the
8x multiple that the agency would use to capitalize the
operating leases.

The three-notch differential between the ratings on the notes
and the senior secured facilities reflects Fitch's view of the
significant difference in the potential recovery prospects in
the event of any future forced restructuring or distressed sale
scenario given the structurally subordinated ranking of the
notes.

Although the notes' guarantees will be contractually
subordinated to the senior secured facilities, there is a
standard 179-day payment blockage period upon a senior payment
default, thereby further restricting the enforceability of the
subordinated guarantees.  During this standstill period, these
guarantees, along with the share pledges, may be released should
senior lenders take enforcement action.

The financing package also included a EUR600 million mortgage
loan lent to Propco companies, which benefits from a first
ranking pledge over all the properties owned by the group.
While this facility is ring-fenced from the rest of the borrower
group, it may restrict potential recoveries for senior lenders
and note holders since in a distressed situation, the value of
the business as a going concern is unlikely to be detached from
that of the properties. Whilst noting the existence of
restrictive covenants, recoveries for bondholders may be
negatively impacted should guarantors and non-guarantors (the
latter comprising 26% of EBITDA excluding Propcos) incur
additional debt.  This, along with any liabilities incurred by
non-guarantors, including their trade creditors, will rank ahead
of the Notes in a distressed scenario.

Koninklijke Vendex KBB was formed by the merger of two of the
oldest and largest retail groups in the Netherlands, Vendex and
KBB, in 1999.  The group was subject to a leveraged buy-out
completed in July 2004, sponsored by Kohlberg Kravis Roberts &
Co. and Alpinvest Partners.  Vendex generated in the 12 months
to July 2004 net sales of EUR4.5 billion and EBITDA of EUR267
million (pro-forma Restricted Group -i.e. including
approximately EUR65 million of internal leases paid to the
Propcos).

These ratings have been initiated by Fitch and are based on
public information only.

CONTACT:  FITCH RATINGS
          Pablo Mazzini, London
          Phone: +44 (0) 20 7417 3540

          Jonathan Pitkanen
          Phone: +44 (0) 20 7417 4201

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


WESLEYAN HOME: Calls in Joint Liquidators from PwC
--------------------------------------------------
At the extraordinary general meeting of Wesleyan Home Loans
Limited on 1 November 2004, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have been
appointed joint liquidators of the company for the purpose of
such winding-up.

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


YELL GROUP: Reports GBP52.7 Million Pre-tax Profit
--------------------------------------------------
Highlights of financial results for the six months ended 30
September 2004:

(a) Group turnover up 6.3% to GBP604.6 million; 12.3% at a
    constant exchange rate;

(b) Group adjusted EBITDA up 9.8% to GBP206.0 million; 14.6% at
    a constant exchange rate;

(c) Group adjusted profit after tax GBP60.7 million, excluding
    exceptional legal costs (GBP22.1 million last year,
    excluding exceptional IPO costs);

(d) Group operating cash flow less capital expenditure up 11.0%
    to GBP170.6 million; up 14.6% at a constant exchange rate;

(e) Diluted earnings per share before amortization and
    exceptional costs up 18.3% to 15.5 pence (13.1 pence last
    year on a pro forma basis);

(f) Interim dividend up 40% to 4.2 pence per share.

Note: Earnings, profit after tax and cash flow figures stated
before exceptional legal costs in our U.S. operation of GBP12.8
million (GBP8.0 million net of tax credit) in 2004, and
exceptional IPO costs of GBP148.5 million (GBP111.3 million net
of tax credit) in 2003.  Including these costs the Group made a
profit after tax of GBP52.7 million (a loss of GBP89.2 million
last year).

John Condron, Chief Executive Officer, said: "Yell has delivered
another set of strong results, which confirm that the group is
well on track to meet full year expectations.  In the U.K., our
printed directories continue to perform as expected, and
Yell.com continues its rapid growth and increasing
profitability.  In the U.S., our excellent performance is the
result of strong organic growth, combined with the benefits of
the acquisitions we have made.  We are declaring a 40% per share
increase in our interim dividend with the intention of
recommending the same level of increase for the full year."

John Davis, Chief Financial Officer, said: "Yell's success in
growing its revenues and profits and in maintaining high cash
generation now enables us to raise substantially our dividend
this year.  Thereafter we intend to maintain our policy of
dividend growth at least in line with earnings.  This does not
constrain our ability to pursue our consistent growth strategy.
By taking this step, we also ensure that we continue to operate
with an efficient capital structure."

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

CONTACT:  YELL GROUP PLC
          Investors
          Jill Sherratt
          Phone: +44 (0) 118 950 6984
          Mobile: +44 (0) 7764 879808

          Media
          Jon Salmon
          Phone: +44 (0) 118 950 6656
          Mobile: +44 (0) 7801 977340

          CITIGATE DEWE ROGERSON
          Anthony Carlisle
          Phone: +44 (0) 20 7638 9571
          Mobile: +44 (0) 7973 611888


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *