TCREUR_Public/041115.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

           Monday, November 15, 2004, Vol. 5, No. 226

                            Headlines

G E R M A N Y

BEAUGE DAMMER: Court Appoints Insolvency Manager
BRA-RU TRANSPORTGESELLSCHAFT: Under Bankruptcy Administration
COMMERZBANK AG: Revamp of Investment Banking Unit to Affect 900
EMCA PRODUKTE: Creditors' Meeting Set December
GERRESHEIMER GLAS: Sold to Blackstone Funds for Undisclosed Sum

GERRESHEIMER GLAS: Uncertainty Over New Ownership Prompts Review
HILDEGARD LAMPRECHT: Succumbs to Bankruptcy
KFD - KOLNER: Creditors Have Until Next Month to File Claims
KRAFTWERKSROHRLEITUNGSBAU ROSTOCK: Files for Bankruptcy
LINN-REUSCH & KONIG: Court Appoints Provisional Administrator

NATURSTEINWERKE ZOBLITZ: Sets Creditors' Meeting January 2005
NISSEN, NISSEN: Gives Creditors Until Next Week to File Claims
SPORT CORNER: Creditors Claims Due End of December


I R E L A N D

ELAN CORPORATION: Jacks up Notes Offering to US$1.15 Billion
ELAN CORPORATION: Gets Nod to Amend Guarantee Agreement on Notes


I T A L Y

APRILIA SPA: Sale of Fabled Scooter-maker Hits Snag
FARMLAND DAIRIES: Asks Court to Approve Puzino Dairy Settlement
PARMALAT FINANZIARIA: Administrator Admits EUR1 Billion Claims


N E T H E R L A N D S

HEAD N.V.: Nine-month Operating Result Returns to Black
PETROPLUS INTERNATIONAL: Jumpstarts Planned Senior Notes Buyback
PETROPLUS INTERNATIONAL: Nets EUR3 Million 3rd-quarter Profit
ROYAL SHELL: Under Pressure to Undergo External Audit


R U S S I A

INTERNATIONAL INDUSTRIAL: Individual Rating Affirmed at 'D'
OAO SEVERSTAL: Corporate Credit Rating on CreditWatch
OAO SEVERSTAL: On Watch Negative Pending Stelco Acquisition
YUKOS OIL: Rumors of Menatep's Plan to Divest Stake Swirl
YUKOS OIL: Tax Bills Now Exceed Total Revenues
YUKOS OIL: Authorities Seize Sibneft Stake Anew


U N I T E D   K I N G D O M

ACCUMULUS GROWTH: Members Approve Winding up of Company
ACTIONAID TRADING: Members Final Meeting Set Next Month
ADOREFRUIT LIMITED: Hires Stoy Hayward as Administrator
A G CLARK: Appoints Joint Receivers
BELDRAY LIMITED: Sets Creditors' Meeting Next Week

BILSTON SHEET: Members Final Meeting Set December
BRIDGEPORT MACHINES: American Capital Appoints Receiver
CAKEMORE LIMITED: Liquidator to Present Final Report Next Month
CONNELL JOINERY: Liquidator's Final Report Out December
CONTRACT (H.F.): Sets Creditors Meeting Next Month

C.U.HOLDING: Hires S. M. Rout as Liquidator
DEC TECH: Liquidator's Final Report Out First Week of December
DUDLEY DEVELOPMENTS: Hires Receivers from Grant Thornton
EAST ANGLIAN: Calls in Liquidator from Peter Elworthy & Moore
ECS BUSINESS: Hires Joint Liquidators from Begbies Traynor

FEDERAL-MOGUL: Asks Court to Set Sale Protocol for U.K. Assets
FRANK QUINN: To Hold Creditors' Meeting this Week
FREEDOM SCOTLAND: Liquidator Takes over Helm
HIGH VOLTAGE: Names Joint Administrators from Numerica
HOECHST UK: Hires Begbies Traynor as Liquidator

IES ROBUST: Calls in Administrator from Kay Johnson Gee
INVENSYS PLC: Overall Trading Results Meet Forecast
L'ORANGER RESTAURANT: Names Stoy Hayward Administrator
MANDEVILLE SECURITIES: Calls in Liquidator from Numerica
MCKENZIE CAMPBELL: Hires Administrator from DTE Leonard Curtis

MENK (UK): Extraordinary Winding up Resolution Passed
MPIA LIMITED: Names DTE Leonard Curtis Administrator
NUMOROSE LIMITED: Members, Creditors to Meet Next Month
PIFC HOLDINGS: Winding up Resolutions Passed
PO ENTERPRISES: Members Confirm Winding up of Company

QUAKER CHEMICAL: Names KPMG Liquidator
ROYAL & SUNALLIANCE: Shakeup Takes Effect After Nine Months
ROYAL & SUNALLIANCE: Sells Japanese Portfolios for GBP92 Mln
STOFORD TRANSPORT: In Administrative Receivership
TELEWEST GLOBAL: Results Show Growth, Strong Operational Quarter

VITALBILT LIMITED: Sets Final Meeting of Creditors, Members
W.H. CONTRACTS: Hires Numerica as Administrator
WILLIAM KAYLEY: Calls in Liquidators from Haines Watts


                            *********


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


BEAUGE DAMMER: Court Appoints Insolvency Manager
------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Beauge Dammer Marketing GmbH on Oct. 26.  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 Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 21, 2004 8:45 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf 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:  BEAUGE DAMMER MARKETING GmbH
          Grunerstr. 33
          40239 Dusseldorf
          Contact:
          Arthur Dammer, Manager

          Horst Piepenburg, Insolvency Manager
          Heinrich-Heine-Allee 20
          40213 Dusseldorf.


BRA-RU TRANSPORTGESELLSCHAFT: Under Bankruptcy Administration
-------------------------------------------------------------
Creditors and other parties interested in BRA-RU
Transportgesellschaft are encouraged to attend a meeting on Dec.
15, 2004, 9:00 a.m. at the district court of Rostock,
Zochstrasse, 18057 Rostock, Raum: 330.  The administrator will
present his first report of the insolvency proceedings during
this meeting.  BRA-RU has been under bankruptcy proceedings
since September 29.

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.  The claims were due Nov. 5, 2004.

CONTACT:  BRA-RU TRANSPORTGESELLSCHAFT MBH
          Rostocker Strasse 27, 18184 Roggentin
          Contact:
          Volkmar Russ, Manager
          Stralsunder Strasse 3, 18182

          Bjorn Junge, Insolvency Manager
          Graf-Schack-Strasse 14
          18055 Rostock


COMMERZBANK AG: Revamp of Investment Banking Unit to Affect 900
---------------------------------------------------------------
Commerzbank AG plans to cut 900 jobs at its investment banking
division as part of efforts to improve group profitability,
Bloomberg News reports.

The unit contributed to the group's EUR2.6 billion in losses in
2002, and 2003.  Overall, the business has lost more than US$800
million the last four years, according to the report.

Chief Executive Klaus-Peter Mueller, who was brought to the
company in 2001, is undertaking his biggest revamp of the
business so far.  He has already announced 7,400 job cuts, and
slashed 25% of the bank's branches.  Commerzbank set aside
EUR132 million to pay for the job cuts, forcing a third-quarter
net loss of EUR208 million (US$269 million).

At a briefing in Frankfurt, Mr. Mueller disclosed plans to close
the investment bank's Tokyo office, reduce the New York
workforce by three-fourths, and scale back business including
proprietary trading.  The move will involve the cutting of 490
so-called front-office investment-banking positions, and 410
back-office jobs.  It will affect about 300 positions in London,
30 in Frankfurt, 31 in Tokyo, and 89 of the 118 functions in New
York.  The job cuts will reduce the investment banking
division's workforce by almost 50%.

Chief Financial Officer Eric Strutz told analysts, during a
conference call in Frankfurt, the bank aims for the new
investment banking division to have a pretax return on equity of
at least 18% and a cost-income ratio below 80% in 2006.  This
after the unit made a negative return of 3.7% in the first three
quarters this year and a cost-income ratio of 99.1%.

Mr. Mueller reiterated plans to reach a return on equity of at
least 8% next year covering its cost of capital, and more than
10% in 2006.   He also admitted during the briefing that the
bank's securities unit is still in dire straits.

"Despite strained market conditions, there is no acceptable
excuse for the operating loss [of EUR171 million at investment-
banking unit in the quarter]," according to him.

The division, its only unprofitable unit in the third quarter,
made a record pre-tax loss of EUR303 million as a result of a
93% drop in trading income and costs for revamp.  Management
plans to significantly reduce the securities division's
proprietary trading and scale back the brokerage operations and
research departments to focus on Germany and certain industry
sectors in Europe.  The new securities division will focus on
derivatives and structured products.  Mr. Mueller expects the
unit to be profitable in the fourth quarter, although the revamp
will still run until April.

As part of the plan, the bank named Nicholas Teller, who heads
corporate banking, as head of a new unit called Corporates and
Markets, which will include investment banking.  The new
division will cater to 100 multinational companies and as many
as 80% of large firms in Germany.  He will also oversee the job
cuts.

The management changes announced include the appointment of
Martin Blessing, currently responsible for retail banking, as
head of medium-sized companies.  Achim Kassow, CEO of
Commerzbank's Comdirect Bank unit, will take over retail
banking.

CONTACT:  COMMERZBANK AG
          D-60261 Frankfurt am Main Germany
          Phone: +49-69-136 20
          Fax: +49-69-285389
          T-Online: *38900#
          E-mail: info@commerzbank.com
          Web site: http://www.commerzbank.com


EMCA PRODUKTE: Creditors' Meeting Set December
----------------------------------------------
Creditors and other interested parties in Emca Produkte fur
Hygiene-und Reinigungstechnik GmbH are encouraged to attend a
meeting on Dec. 7, 2004, 9:10 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142.  The administrator will present his first
report of the insolvency proceedings during this meeting.  Emca
has been under bankruptcy proceedings since Oct. 13.

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.  The claims were due Nov. 5.

CONTACT:  EMCA PRODUKTE FUR HYGIENE- UND REINIGUNGSTECHNIK GMBH
          Hardenbergstr. 66, 51373 Leverkusen
          Contact:
          Michael Meyer, Manager
          Curslacker Heerweg 1, 21039 Hamburg

          Michael Schmidt-Modrow, Insolvency Manager
          Albert-Schmidt-Allee 24, 42897 Remscheid
          Phone: 02191/5922407
          Fax: +4921915922408


GERRESHEIMER GLAS: Sold to Blackstone Funds for Undisclosed Sum
---------------------------------------------------------------
An acquisition corporation owned by private equity funds advised
by Blackstone signed an agreement Thursday to buy Gerresheimer
Glas, the Dusseldorf-based international packaging company.  The
parties have agreed not to disclose details of the transaction.

The vendors acquired Gerresheimer Glas from the former Viag AG
in 2000.  Founded in 1864, Gerresheimer Glas is a leading
international packaging and systems solutions specialist,
particularly in the pharmaceutical and cosmetic industries.  The
"Glass Packaging" division offers pharmaceutical packaging made
of tubular glass and special container glass.  The "Pharma
Systems" division manufactures packaging and application systems
from tubular glass and synthetic materials.

Gerresheimer Glas has manufacturing plants at 16 locations in
Europe and America and employs around 5,400 people worldwide.
Sales amounted to around EUR550 million in 2003, over 75% of
which were generated abroad.

Dr. Hanns Ostmeier, Senior Managing Director of The Blackstone
Group Deutschland GmbH said: "The acquisition of Gerresheimer
Glas provides yet more proof of the positive role played by
private equity as a driving force behind the necessary
structural changes in the German economy.  As with Celanese and
the Sulo Group, the Gerresheimer Glas transaction offers us the
opportunity to strategically develop companies with first-class
portfolios and strong market positions, and to leverage their
potential value."

Yves Alexandre, Managing Director at Investcorp, said: "Over the
past several years, Gerresheimer has transformed itself
substantially and is well-positioned for attractive growth in
the pharmaceutical sector.  We wish the company and its
employees well for the future."

Tom Walker, Partner at J.P. Morgan Partners, said: "Axel and his
team have done an outstanding job in driving this business
forward and creating a platform for future opportunities."

Dr. Axel Herberg, Chief Executive Officer of Gerresheimer Glas
AG: "Gerresheimer Glas has systematically driven forward the
internationalization of its business over the past few years.
Now is the time for the next step in the Company's development.
We are pleased to have found a partner in Blackstone, who will
contribute its expertise as an international investor to
achieving our target of further expansion."

About Blackstone

The Blackstone Group, a leading global investment and advisory
firm, was founded in 1985.  The firm has raised in excess of
US$30 billion for alternative asset investing since its
formation, including over US$14 billion for private equity
investing.  Blackstone Capital Partners IV is the largest
institutional private equity fund ever raised at US$6.45
billion.  Blackstone is headquartered in New York and is advised
on its European investments by offices in London, Paris and
Hamburg.  The latter office was recently opened to advise on
fund investments in the German speaking and Northern European
markets.  Blackstone's policy is only to pursue strictly
friendly transactions. http://www.blackstone.com.

About Investcorp

Investcorp is a global investment group with offices in New
York, London and Bahrain.  The firm has four lines of business:
corporate investment, real estate investment, asset management
and technology investment.  It was established in 1982 and has
since completed transactions with a total acquisition value of
more than US$25 billion.  The firm now manages total investments
in alternative assets of approximately US$8.6 billion.  In the
United States, Investcorp and its clients currently own
corporate investments that include Aero Products International,
PlayPower, EnviroSolutions and Thomson Media.  In Europe,
Investcorp and its clients currently own corporate investments
that include APCOA AG, Hilding Anders, Minimax and Helly Hansen.
Further information is available at http://www.investcorp.com.

CONTACT:  THE BLACKSTONE GROUP DEUTSCHLAND GMBH
          Dr. Hanns Ostmeier
          Phone: +49-40-70-29-8-0
          or
          The Blackstone Group, New York
          John Ford
          Phone: +1 212 583 5559
          Mobile: +1 917 952 3275
          E-mail: ford@blackstone.com
          or

          FRANK ELSNER KOMMUNIKATION FUR UNTERNEHMEN GMBH
          Frank Elsner
          Phone: +49-54-04-91-92-0
          or

          INVESTCORP
          Deborah Botwood Smith
          Phone: +44 20 7629 6600
          or
          Mobile: +44 7909 526558
          E-mail: dbotwoodsmith@investcorp.com
          or

          CHARLES BARKER CORPORATE COMMUNICATIONS GMBH
          Kornelia Spodzieja
          Phone: +49 69 794090-0 (Switchboard)
          or
          Direct line: +49 69 794090-40


GERRESHEIMER GLAS: Uncertainty Over New Ownership Prompts Review
----------------------------------------------------------------
Standard & Poor's Ratings placed its 'BB-' long-term corporate
credit rating on Germany-based packaging company Gerresheimer
Packaging Holdings B.V. on CreditWatch with negative
implications following the announcement that a corporation owned
by private equity funds (advised by The Blackstone Group), has
signed an agreement to acquire Gerresheimer.

In addition, the 'BB-' bank loan rating on the senior secured
facilities of related entity Gerresheimer Holdings GmbH & Co. KG
(which are guaranteed by Gerresheimer) was also placed on
CreditWatch.

"The potential impact of the proposed transaction on the group's
credit quality is uncertain, as the details of the financing
package are not currently known," said Standard & Poor's credit
analyst Vanessa Brathwaite.  "The ratings after the change of
ownership will depend on the business and financial strategy of
the new owners, as well as the overall leverage and financial
flexibility of the group following the transaction."

In order to resolve the CreditWatch, Standard & Poor's will meet
with management to discuss the debt refinancing proposals and
issues relating to the new ownership structure.  At August 31,
2004, Gerresheimer had net debt of EUR585 million (US$754
million) including EUR165 million of unfunded pension
liabilities and EUR125 million of shareholder loans.

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


HILDEGARD LAMPRECHT: Succumbs to Bankruptcy
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Hildegard Lamprecht GmbH on Oct. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 1, 2004 to register their claims with
court-appointed provisional administrator Karl-Dieter
Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2005, 9:30 a.m. at the district court
of Bonn, Wilhelmstrasse 21, 53111 Bonn 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:  HILDEGARD LAMPRECHT GmbH
          Hauptstr. 1
          53819 Neunkirchen
          Contact:
          Hildegard Lamprecht, Manager

          Karl-Dieter Sommerfeld, Insolvency Manager
          Hammerweg 3,
          51766 Engelskirchen-Runderoth
          Phone: 02263/9039-0
          Fax: 02263/9039-10


KFD - KOLNER: Creditors Have Until Next Month to File Claims
------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against KFD-Kolner Fotodienst GmbH on Oct. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 12, 2004 to
register their claims with court-appointed provisional
administrator Dr. Heinz Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:30 a.m. at the district court
of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KFD - KOLNER FOTODIENST GMBH
          Venloer Strasse 347, 50823 Koln
          Contact:
          Rainer Lucas, Manager
          Venloer Strasse 347, 50823 Koln

          Dr. Heinz Dieter Klein, Insolvency Manager
          Am Waldpark 11, 50996 Koln
          Phone: 0 22 36 / 6 60 11
          Fax: +492236322996


KRAFTWERKSROHRLEITUNGSBAU ROSTOCK: Files for Bankruptcy
-------------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Anlagen- und Kraftwerksrohrleitungsbau Rostock GmbH &
Co. KG on Oct. 14.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Nov. 25, 2004 to register their claims with court-
appointed provisional administrator Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:00 a.m. at the district court
of Amtsgericht Rostock, Zochstrasse, 18057 Rostock, Saal 330 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:  KRAFTWERKSROHRLEITUNGSBAU ROSTOCK GMBH & CO. KG,
          Contact:
          Giesela Brandt, Manager
          Waldemar Kukuk, Manager
          Werkstrasse 3, 18069 Rostock

          Dirk Decker, Insolvency Manager
          August-Bebel-Strasse 4, 18055 Rostock


LINN-REUSCH & KONIG: Court Appoints Provisional Administrator
-------------------------------------------------------------
The district court of Wiesbaden opened bankruptcy proceedings
against Linn-Reusch & Konig GbR on Oct. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 24, 2004 to register their
claims with court-appointed provisional administrator Dr.
Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 10:00 a.m. at E 36 a, 3. OG,
Gebaude E, Moritzstrasse 5, Hinterhaus, 65185 Wiesbaden 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:  LINN-REUSCH & KONIG GBR
          Zum Steinmorgen 4, 65346 Eltville-Erbach

          Dr. Stephan Laubereau, Insolvency Manager
          Wolf-Heidenheim-Strasse 12
          60489 Frankfurt am Main
          Phone: 069/71379830
          Fax: 069/71379833


NATURSTEINWERKE ZOBLITZ: Sets Creditors' Meeting January 2005
-------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Natursteinwerke Zoblitz Aktiengesellschaft on Oct. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 30, 2004
to register their claims with court-appointed provisional
administrator Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2005, 9:30 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Furstenstrasse 21 in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  NATURSTEINWERKE ZOBLITZ AKTIENGESELLSCHAFT
          Freiberger Strasse 18
          09517 Zoblitz
          Contact:
          Wolfgang Ehnert, Manager

          Markus M. Merbecks, Insolvency Manager
          Ludwigstrasse 58
          09113 Chemnitz
          Web site: http://www.handschumacher.de


NISSEN, NISSEN: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Nissen, Nissen, Jakobs, Weitkamp, Schletter GbR on Oct.
11.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Nov. 24,
2004 to register their claims with court-appointed provisional
administrator Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 5, 2005, 10:00 a.m. at the district court of
Rostock Zochstrasse, 18057 Rostock, Saal 330 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:  NISSEN, NISSEN, JAKOBS, WEITKAMP, SCHLETTER GBR
          Margaretenstrasse 27, 18057 Rostock
          Contact:
          Anke Nissen, Associate
          Niels Nissen, Associate
          Thomas Jakobs, Associate
          Christoph Weitkamp, Associate
          Manfred Schletter, Associate

          Ulrike Hoge-Peters, Insolvency Manager
          Rosa-Luxemburg-Strasse 8, 18055 Rostock


SPORT CORNER: Creditors Claims Due End of December
--------------------------------------------------
The district court of Lubeck opened bankruptcy proceedings
against Sport Corner Mauritz und Krull GmbH on Oct. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 30, 2004
to register their claims with court-appointed provisional
administrator Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 9:15 a.m. at the district court of
Lubeck Am Burgfeld 7, 23568 Lubeck, Saal: E3 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:  SPORT CORNER MAURITZ UND KRULL GMBH
          Konigstrasse 41, D- 23552 Lubeck
          Contact:
          Dagmar Mauritz, Manager
          Sperberweg 4, 23628 Klempau

          Walter Broehan, Insolvency Manager
          Muhlenstrasse 56, 23552 Lubeck
          Berichts- und Prufungstermin


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ELAN CORPORATION: Jacks up Notes Offering to US$1.15 Billion
------------------------------------------------------------
Elan Corp., plc on Thursday announced the pricing of the
offering of US$1.15 billion aggregate principal amount of Senior
Notes by its wholly owned subsidiaries, Elan Finance public
limited company and Elan Finance Corp.

Elan increased the size of the offering from the US$850 million
aggregate principal amount previously announced.  The Senior
Notes consist of US$850 million aggregate principal amount of 7
3/4% Senior Fixed Rate Notes due 2011 and US$300 million
aggregate principal amount of Senior Floating Rate Notes due
2011.  The Floating Rate Notes will bear interest at a rate,
adjusted quarterly, equal to three-month LIBOR plus 4.0%, except
the first interest payment, which will bear interest at a rate
equal to six-month LIBOR plus 4.0%.  The Senior Notes will be
guaranteed by Elan and certain of Elan's subsidiaries.  The
offering is expected to close on November 16, 2004, subject to
customary closing conditions.

The net proceeds from the offering will be used to fund the
previously announced tender offer by Elan International Services
Ltd., a wholly owned subsidiary of Elan, to purchase up to
US$351 million in aggregate principal amount of Series B
Guaranteed Notes and Series C Guaranteed Notes issued by Elan
Pharmaceutical Investments III, Ltd., a wholly owned subsidiary
of Elan, and guaranteed by Elan, and the consent payment
provided for in the related consent solicitation by Elan, and
for working capital and other general corporate purposes.

The Senior Notes have not been registered under the Securities
Act of 1933, as amended, or any state securities laws and may
not be offered or sold in the United States or to U.S. persons
absent registration under, or an applicable exemption from, the
registration requirements of the Securities Act and applicable
state securities laws.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Senior Notes or any other
security and shall not constitute an offer, solicitation or sale
in any jurisdiction in which, or to any persons to whom, such
offering, solicitation or sale would be unlawful.  Any offers of
the Senior Notes will be made only by means of a private
offering memorandum.

About Elan

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

CONTACT:  ELAN CORPORATION, PLC
          Investor Relations
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526
          or
          Media Relations:
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


ELAN CORPORATION: Gets Nod to Amend Guarantee Agreement on Notes
----------------------------------------------------------------
Elan Corp., plc and its wholly owned subsidiary, Elan
International Services Ltd. (EIS), said Thursday that the
requisite consents have been received on or prior to the early
tender deadline pursuant to the previously announced cash tender
offer to purchase up to US$351 million (of US$390 million)
aggregate principal amount of Series B Guaranteed Notes (PPN:
G2954# AB7) and Series C Guaranteed Notes (PPN: G2954# AC5)
issued by Elan Pharmaceutical Investments III, Ltd., a wholly
owned subsidiary of Elan.

As a result of the receipt of the requisite consents, Elan
expects to enter into an amendment to the guarantee agreement
governing Elan's guarantee of the Notes (the EPIL III Guarantee
Agreement) to eliminate many of the restrictive covenants
contained in the EPIL III Guarantee Agreement, and a consent
agreement under the indenture governing the 6.50% Convertible
Guaranteed Notes issued by Elan Capital Corp. Ltd. and
guaranteed by Elan (the Convertible Note Indenture) to
effectively permanently waive compliance with all of the
restrictive covenants contained in the Convertible Note
Indenture that restrict certain activities of Elan and its
subsidiaries without the prior consent of a majority in
aggregate principal amount of the outstanding Notes.

The amendment and the consent agreement will become effective
only upon the pro rata acceptance for purchase of the Notes
tendered, which is expected to occur on the satisfaction of the
conditions to the tender offer and consent solicitation,
including (i) the completion of the previously announced debt
financing on terms acceptable to Elan and (ii) certain other
conditions described in the Offer to Purchase and Consent
Solicitation Statement dated October 28, 2004, and related
documents (together, the Tender Documents).

The early tender deadline was 12:00 midnight, New York City
time, on November 10, 2004.  Notes tendered may no longer be
withdrawn and consents delivered may no longer be revoked.

The tender offer and consent solicitation are being made solely
on the terms and conditions contained in the Tender Documents.
The tender offer and consent solicitation will expire at 12:00
midnight, New York City time, on November 26, 2004, unless
extended.

Elan and EIS have engaged Morgan Stanley & Co. Incorporated to
act as dealer manager in connection with the tender offer and
solicitation agent in connection with the consent solicitation.
Questions regarding the tender offer and consent solicitation
and requests for additional Tender Documents should be directed
to Morgan Stanley at (800) 624-1808 (toll free) or (212) 761-
1941 (collect), Attention Francesco Cipollone.  The Depositary
is The Bank of New York.

This press release is for informational purposes only and does
not constitute an offer to purchase, or the solicitation of an
acceptance of the tender offer or the consent solicitation with
respect to, the Notes.  The tender offer and consent
solicitation are being made only pursuant to the Tender
Documents.

About Elan

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

CONTACT:  ELAN CORPORATION, PLC
          Investor Relations:
          Emer Reynolds
          Phone: 353-1-709-4000
                   800-252-3526
          or
          Media Relations
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


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


APRILIA SPA: Sale of Fabled Scooter-maker Hits Snag
---------------------------------------------------
Motorcycle group Piaggio will have to wait until November 25 to
know the verdict of the European Commission regarding its
takeover of troubled scooter-maker Aprilia, Il Sole 24 Ore says.

Originally scheduled to rule on the matter on November 11, the
commission decided to postpone its decision on concerns the
merger will create a dominant position in the market for
scooters with 50cc engines.

Piaggio on Wednesday said it is cooperating with the E.U.
regulator and has proposed undertakings to allay its fears.  It
did not elaborate.  Piaggio hopes to avoid a four-month probe
into the acquisition, as this could further exacerbate the
financial woes of Aprilia.

CONTACT:  APRILIA S.p.A.
          Web site: http://www.aprilia.com/

          PIAGGIO S.p.A.
          23, Viale Rinaldo Piaggio
          56025 Pontedera, Pisa, Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com


FARMLAND DAIRIES: Asks Court to Approve Puzino Dairy Settlement
---------------------------------------------------------------
Farmland Dairies, Inc. -- a Parmalat U.S.A. Corporation debtor-
affiliate -- and Puzino Dairy, Inc. entered into a supply
agreement dated Nov. 8, 2000, which set forth the principal
terms of Puzino's agreement to purchase milk and other products
from Farmland on an exclusive basis.  The Supply Agreement
provides for an initial term through November 10, 2004, with
provision for automatic renewal subject to certain notice
requirements by either Puzino or Farmland.

Contemporaneous with the execution of the Supply Agreement,
Puzino also executed a Security Agreement, pursuant to which
Puzino pledged to Farmland all of Puzino's inventory and
accounts receivable from its sale of the Products.  In addition,
Vincent Puzino, as sole owner of Puzino, along with Glenn Puzino
and Craig Puzino, executed personal guaranties of the
obligations of Puzino pursuant to a Guaranty Agreement.

Beginning early January 2004, Puzino alleged that Farmland was
overcharging Puzino for the purchase of Products and began
withholding payments due to Farmland under the Supply Agreement.
On February 10, 2004, Farmland and Puzino participated in
informal mediation discussions with the State of New Jersey
Department of Agriculture Division of Dairy and Commodity
Regulation regarding Puzino's allegations with respect to prices
charged for Products, but no resolution was reached.
Subsequently, on Feb. 11, 2004, and again on March 19, 2004,
Puzino filed notice with the DOA, stating that it intended to
switch to a new supplier and asserting that it had no
outstanding indebtedness due to Farmland.

On March 2, 2004, and again on March 25, 2004, Farmland notified
Puzino that Puzino's failure to pay certain accounts receivable,
totaling $1,762,154, for Products delivered by Farmland were
breaches of the Supply Agreement and violations of the automatic
stay.  Moreover, Farmland informed Puzino that its Notice to
Change Suppliers was also a breach of the Supply Agreement and
in violation of the automatic stay.

On March 31, 2004, Puzino filed a request to lift the stay,
alleging that Farmland had overcharged Puzino in breach of the
terms of the Agreement, and failed to deliver Products to Puzino
within the times specified in the Agreement.  Farmland denied
the allegations.

On April 2, 2004, pursuant to its order implementing certain
notice and case management procedures, the U.S. Bankruptcy Court
for the Southern District of New York held a chambers conference
in which counsel for Farmland, Puzino and the Official Committee
of Unsecured Creditors participated by teleconference.  Based on
the representations made by the counsel during the chambers
conference, the Court set a hearing on the Puzino Lift Stay
Motion for April 22, 2004.  On April 15, 2004, at Farmland's
request, the Court held a second chambers conference, at which
time the Court clarified the scope of the hearing on the Puzino
Lift Stay Motion, indicating that it would not reach the merits
of the disputes at the hearing.

Because Farmland and Puzino sought an expedited final
determination of the disputes, the Court approved a Stipulation
regarding the Puzino Lift Stay Motion.  Under the Stipulation,
Farmland agreed to, among other things, reduce on an interim
basis, Puzino's per-gallon Milk payment by $0.13 proportionately
for types of units of Milk sold subject to the Supply Agreement,
and Puzino agreed to pay all amounts due and owing for the
Products provided by Farmland under the Supply Agreement on a
cash on delivery basis.  The Parties agreed that this
arrangement would remain in effect until the Court made a final
determination with respect to the disputes.

In addition, the Stipulation deemed the Puzino Lift Stay Motion
withdrawn, and required the Parties to exchange within 10 days
statements setting forth their positions and allegations with
respect to the disputes, as well as related discovery requests,
and the Court had set June 30, 2004, as the deadline to complete
all discovery.  The Stipulation provided that, at the conclusion
of discovery, the Parties would be able to submit dispositive
motions on the disputes and oral argument on them would take
place no later than August 4, 2004.  Furthermore, within 15 days
of ruling on any dispositive motion, an evidentiary hearing to
resolve the disputes would be scheduled, and both Parties agreed
to submit to the exclusive jurisdiction of the Court, and that
the Court's ultimate determination regarding the Disputes would
be binding.

On June 24, 2004, the Court approved the Stipulation.  The
Discovery Cut-Off was also extended to July 30, 2004, and a
hearing on any submitted dispositive motions was scheduled to
take place on September 7, 2004.

On September 29, 2004, the Court approved a Revised Stipulation
and Order regarding discovery, mediation and briefing schedule
of the price dispute, delivery dispute and payment dispute,
pursuant to which Order discovery cut-off was eventually
extended to October 29, 2004, and oral argument on any
dispositive motion was extended to November 29, 2004.  Pursuant
to this revision, the Parties also agreed, in an effort to avoid
additional litigation costs that they would attempt to resolve
the disputes during a one-day non-binding mediation session on
October 5, 2004.

After mediation and extensive arm's-length negotiations,
Farmland and Puzino have agreed to resolve the disputes and all
outstanding issues arising under and related to the Supply
Agreement.

Accordingly, on October 15, 2004, Farmland and Puzino entered
into a Settlement Agreement containing these salient terms:

    (a) Puzino will pay Farmland $850,000 in accordance with the
        payment schedule detailed in the Settlement Agreement;

    (b) Farmland will exercise its best efforts to effectuate
        Puzino's change to a new supplier before November 10,
        2004;

    (c) Until the Agreement terminates, Farmland will continue
        to reduce Puzino's per-gallon Milk payment by $0.13
        proportionately for types of units of Milk sold subject
        to the Agreement and Puzino will continue to pay all
        amounts for products provided by Farmland on a COD
        basis;

    (d) The parties exchange mutual releases.

Accordingly, Farmland asks the Court to approve the Settlement
Agreement.

The Settlement Agreement will bring $850,000 into Farmland's
estate and allow it to avoid lengthy, costly and uncertain
litigation of the disputes.  Farmland would incur substantial
expense in seeking to prove the details of its agreements with
Puzino regarding pricing for Products.  To complete discovery
and gather all necessary evidence for the litigation of the
Parties' claim would alone be costly and burdensome.

Moreover, the Settlement Agreement provides Farmland with the
opportunity to sever its strained relationship with Puzino prior
to the Agreement Expiration Date, and resolve all disputes with
Puzino that have consumed the time of Farmland's management and
legal counsel for several months.

Farmland believes that the Settlement Agreement will preserve
and maximize the value of its estate by concluding what has been
a long and expensive process, and avoiding litigation with an
uncertain outcome.

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


PARMALAT FINANZIARIA: Administrator Admits EUR1 Billion Claims
--------------------------------------------------------------
Parmalat Finanziaria S.p.A. administrator Enrico Bondi reversed
an earlier decision rejecting EUR1 billion in bankruptcy claims,
Bloomberg News reports, citing sources.

Mr. Bondi previously refused the claims from more than 50
lenders insisting the banks should have known that some of the
receivables used as collateral by Parmalat were false.  But
claimants recently came up with evidence they gave the credits
in good faith, people familiar with the decision told Bloomberg.
The reversal means banks will be able to swap their debt for
shares in a reorganized Parmalat, that is, if the Parma court
reviewing the claims approves Mr. Bondi's recommendations.

The report said the claims were mostly made by Italian banks.
They represent 20% of more than EUR5 billion of requests
rejected in August.  Sources said it includes not more than
EUR280 million of claims made by Citigroup Inc., which is also
facing a US$10 billion damage suit filed by the administrator in
the U.S.

The fraud involving falsification of invoices to boost revenue
and secure more credit had forced the dairy giant to file for
bankruptcy in December last year.  At the time, Parmalat's debt
was pegged at EUR14 billion.  A spokesman for the firm declined
to comment.

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

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


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


HEAD N.V.: Nine-month Operating Result Returns to Black
-------------------------------------------------------
Head N.V. (NYSE: HED; VSX: HEAD), a leading global manufacturer
and marketer of sports equipment, announced results on November
11, 2004.

For the three months ended 30 September 2004 compared to the
three months ended 30 September 2003:

(a) Net revenues increased by 5% to US$122.7 million,

(b) Operating profit before restructuring costs increased by
    US$7.6 million to US$15.7 million,

(c) Operating profit after restructuring costs increased by
    US$7.6 million to US$15.3 million

For the nine months ended 30 September 2004 compared to the nine
months ended 30 September 2003:

(a) Net revenues increased by 11% to US$300.3 million,

(b) Operating result before restructuring costs increased by
    US$15.0 million from a US$9.4 million loss to a US$5.6
    million profit,

(c) Operating result after restructuring costs increased by
    US$14.2 million from a US$10.3 million loss to a US$3.9
    million profit

Johan Eliasch, Chairman and CEO, commented: "The third quarter
of 2004 is now the sixth consecutive quarter in which we have
reported quarter-on-quarter top line growth and whilst this is
in part due to exchange rate movements, we have also seen some
positive underlying developments in our divisions.

Our operating results (excluding restructuring costs) have also
shown a positive development this year, which is a testament to
both the success of our underlying strategy to continue to
launch and market innovative, technology driven products and
also the success of our restructuring program in keeping our
cost base as low and flexible as possible."

                            Revenues

   For the       Ended 30      For the       Ended  30
       Three Months  September     Nine Months  September
        2003           2004           2003         2004

Product
category:

Winter
Sports  US$60,018   68,888     US$   82,425       98,290
Racquet
Sports    41,693   39,115          128,805       135,530
Diving    12,847   12,726           51,383        58,607
Licensing  2,023    1,931            6,754         7,833

Total
Revenues
       US$116,581  122,661      US$269,366       300,261

                          Winter Sports

Winter Sports revenues for the three months ended September 30,
2004 increased by US$8.9 million, or 14.8%, to US$68.9 million
from US$60.0 million in the comparable 2003 period.  For the
nine months ended September 30, 2004, Winter Sports revenues
increased by US$15.9 million, or 19.2%, to US$98.3 million from
US$82.4 million in the comparable 2003 period.  This increase
was due to the strengthening of the euro against the U.S.
dollar, higher sales volumes and higher prices for bindings and
an improved product mix for skis and ski boots.

                         Racquet Sports

Racquet Sports revenues for the three months ended September 30,
2004 decreased by US$2.6 million, or 6.2%, to US$39.1 million
from US$41.7 million in the comparable 2003 period.  This
decrease results from lower sales prices for tennis racquets and
lower sales volumes for tennis balls, partially offset by the
strengthening of the euro against the U.S. dollar.  For the nine
months ended September 30, 2004, Racquet Sports revenues
increased by US$6.7 million, or 5.2%, to US$135.5 million from
US$128.8 million in the comparable 2003 period.  This mainly
resulted from improved sales volumes in tennis racquets and the
strengthening of the euro against the U.S. dollar.

                             Diving

Diving revenues for the three months ended September 30, 2004
decreased by US$0.1 million, or 0.9%, to US$12.7 million from
US$12.8 million in the comparable 2003 period.  For the nine
months ended September 30, 2004, Diving product revenues
increased by US$7.2 million, or 14.1%, to US$58.6 million from
US$51.4 million in the comparable 2003 period.  This results
mainly from increased sales volumes due to better product
availability and the strengthening of the euro against the U.S.
dollar.

                           Licensing

Licensing revenues for the three months ended September 30, 2004
decreased by US$0.1 million, or 4.5%, to US$1.9 million from
US$2.0 million in the comparable 2003 period.  This decrease is
due to timing differences. For the nine months ended September
30, 2004, licensing revenues increased by US$1.1 million, or
16.0%, to US$7.8 million from US$6.8 million in the comparable
2003 period due to increased revenues from existing contracts
and from new licensing agreements.

                         Profitability

For the three months ended September 30, 2004, gross profit
increased by US$2.7 million, or 5.9%, to US$48.8 million from
US$46.0 million in the comparable 2003 period.  Gross margin
increased to 39.7% in this period from 39.5% in the comparable
2003 period.  For the nine months ended September 30, 2004,
gross profit increased by US$16.7 million, or 16.5%, to US$118.3
million from US$101.5 million in the comparable 2003 period.
Gross margin increased to 39.4% in this period from 37.7% in the
comparable 2003 period due to improved operating performance and
product mix sales.

For the three months ended September 30, 2004, selling and
marketing expenses increased by US$1.5 million, or 5.5%, to
US$29.5 million from US$28.0 million in the comparable 2003
period.  For the nine months ended September 30, 2004, selling
and marketing expenses increased by US$5.3 million, or 6.5%, to
US$88.0 million from US$82.6 million in the comparable 2003
period.  The increase was due to the strengthening of the euro
against the U.S. dollar, which adversely impacted our
predominantly euro denominated costs.

For the three months ended September 30, 2004, general and
administrative expenses decreased by US$6.4 million, or 65.8%,
to US$3.4 million from US$9.8 million in the comparable 2003
period. For the nine months ended September 30, 2004, general
and administrative expenses decreased by US$3.5 million, or
12.7%, to US$24.3 million from US$27.8 million in the comparable
2003 period.  The decrease was due to the gain on the sale of
the property in Mullingar, Ireland of US$5.6 million partially
offset by the strengthening of the euro against the U.S. dollar,
which adversely impacted our predominantly euro denominated
costs and increased administrative costs.

We also recorded a non-cash compensation expense of US$0.1
million and US$0.2 million for the three months ended September
30, 2004 and 2003, respectively, and US$0.4 million and US$0.5
million for the nine months ended September 30, 2004 and 2003,
respectively, due to the grant of stock options under our stock
option plans of 1998 and 2001 and the resulting amortization
expense.

In addition, in the nine months ended September 30, 2004 we
recorded restructuring costs of US$1.7 million consisting of
dismissal and transfer costs in connection with the closing of
our production facility in Mullingar, Ireland and our plant in
Tallinn, Estonia.  In comparison, in the nine months ended
September 30, 2003 we incurred restructuring costs of US$0.9
million consisting of severance payments, stay bonuses and
excess rent due to the movement of our U.S. winter sports
organization to our U.S. headquarters.

As a result of the foregoing factors, operating income for the
three months ended September 30, 2004 increased by US$7.6
million to US$15.3 million from US$7.7 million in the comparable
2003 period.  For the nine months ended September 30, 2004, an
operating income of US$3.9 million was generated compared to an
operating loss of US$10.3 million in the comparable 2003 period,
an improvement of US$14.2 million.

For the three months ended September 30, 2004, interest expense
increased by US$0.8 million, or 21.8%, to US$4.2 million from
$3.4 million in the comparable 2003 period.  This increase is
due to the higher amount of debt (denominated in euro) of our
newly issued 8.5% senior notes, further adversely impacted by
the strength of the euro against the U.S. dollar, partially
offset by reduced interest expense of short-term borrowings.

For the nine months ended September 30, 2004, interest expense
increased by US$11.2 million, or 109.2%, to US$21.4 million from
US$10.2 million in the comparable 2003 period.  This increase
was mainly due to the following: write-off of the capitalized
debt issuance costs of US$3.2 million relating to our former
10.75% senior notes, which were repaid with proceeds from our
new 8.5% senior notes in January 2004; the premium of US$4.4
million for the early redemption of the 10,75% senior notes; the
higher interest expenses due to higher debt of the group.  The
strength of the euro against the U.S. dollar further impacted
these predominantly in euro denominated expenses.

For the three months ended September 30, 2004, interest income
increased by US$0.2 million, or 90.6%, to US$0.3 million from
US$0.2 million in the comparable 2003 period.  For the nine
months ended September 30, 2004, interest income increased by
US$0.6 million, or 77.8%, to US$1.3 million from US$0.7 million
in the comparable 2003 period.  This increase was due to higher
cash on hand as well as due to the strengthening of the euro
against the U.S. dollar.

For the three months ended September 30, 2004, we had a foreign
currency exchange loss of US$0.2 million, compared to US$0.5
million in the comparable 2003 period.  For the nine months
ended September 30, 2004, the foreign currency exchange gain was
US$0.3 million compared to a loss of US$0.2 million in the
comparable 2003 period.

For the three months ended September 30, 2004, other expense,
net decreased by US$0.1 million to US$0.01 million from US$0.1
million in the comparable 2003 period.  For the nine months
ended September 30, 2004, other income (expense), net increased
by US$0.1 million to other income, net of US$0.01 million from
other expense, net of US$0.1 million in the comparable 2003
period.

For the three months ended September 30, 2004, income tax
expense was US$3.1 million compared to US$1.7 million in the
comparable 2003 period.  For the nine months ended September 30,
2004, income tax expense was US$21.1 million compared to an
income tax benefit of US$3.4 million for the comparable 2003
period.  This increase in income tax expense is mainly due to a
reduction in Austrian tax rate which led to a decrease in
deferred tax asset resulting from tax losses carried forward of
US$24.9 million.

As a result of the foregoing factors, for the three months ended
September 30, 2004, net income increased to US$8.1 million
compared to a net income of US$2.2 million in the comparable
2003 period.  For the nine months ended September 30, 2004, the
net loss increased to US$37.0 million from US$16.6 million in
the comparable 2003 period

                          2004 Outlook

In terms of outlook for 2004 we retain our previous guidance
that we expect 2004's reported revenues and operating profits,
excluding one-time charges, to be ahead of 2003's.

Although we have seen some signs of improvement in both the
general global economic situation and the sporting goods
equipment market, the Racquet Sports and Diving markets still
remain largely flat on a global basis.  Bookings data for Winter
Sports is positive but as any re-orders at the end of the year
will be dependant on the snow conditions, we remain cautious on
our outlook for the winter season.  The continuing unrest in the
Middle East and expansion in China are affecting oil and steel
prices and will impact our raw material prices and therefore our
margins in the future.  In addition the costs of compliance with
the Sarbanes-Oxley Act will also impact our operating result,
and in light of these costs we are preparing a cost benefit
analysis of our listing in the U.S.

We have now almost completed our restructuring program.  The
benefits from this have begun to impact the P&L this year
although the full effects will not flow through until 2005/2006
when we will also see additional costs offsetting these savings
in the form of raw material price increases.

Finally, due to a reduction in the Austrian income tax rate from
34% to 25% we released a proportion of our capitalized tax
losses through the income tax line of our profit & loss account
during Q2.  Whilst this will affect our profit and loss tax
charge, it will not impact cash flow.

                      Consolidated Results

                    For the               For the Nine Months
                  Three Months,            Ended 30 September

                Ended 30 September

                    2003           2004       2003       2004
REVENUES
Total revenues  US$116,581        122,661    269,366    300,261
Cost of sales   70,532         73,908    167,838    181,994
Gross profit   46,049         48,753    101,528    118,267
Gross margin    39.5%          39.7%     37.7%      39.4%
Selling &
marketing expense   27,975         29,512     82,630     87,971
General &
administrative expense
(excl. non-cash
compensation expense)9,792          3,386     27,790     24,289
Non-cash
compensation expense  164             139        491        416
Restructuring costs   390             419        875      1,671
Operating profit
(loss)              7,729          15,297    (10,258)     3,921
Interest expense  (3,444)         (4,193)   (10,241)   (21,426)
Interest income     173             330        731      1,300
Foreign exchange
gain (loss)          (478)           (167)      (165)       300
Other income
(expense), net     (97)            (16)      (115)        18
Income (loss)
from operations
before income taxes  3,883          11,252    (20,048)  (15,887)
Income tax
benefit (expense)  (1,703)         (3,142)      3,441   (21,131)
Net income (loss)  $2,180           8,110     (16,607)  (37,019)

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

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

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



PETROPLUS INTERNATIONAL: Jumpstarts Planned Senior Notes Buyback
----------------------------------------------------------------
With reference to the press releases of 18 May 2004, 17 June
2004, 27 July 2004, 3 September 2004 and 30 September 2004,
Petroplus International N.V. and RIVR Acquisition B.V.
announced:

     (i) an intended public offer by RIVR for all outstanding
         ordinary shares in the share capital of Petroplus with
         an offer price of EUR8.00 in cash per ordinary share
         (the Equity Offer);

    (ii) an intended consent solicitation from holders of a
         majority of the 10.5% Senior Notes due 2010 for
         proposed amendments to (or deletions of) certain
         provisions set out in the trust deed ("Consent
         Solicitation"); and

   (iii) an intended public offer for the Senior Notes at 101%
         of the par value, consisting of an offer of 100% of the
         par value for the Senior Notes and a 1% fee payable if
         the consent is given.

Petroplus and RIVR jointly announce that the recent volatility
of the oil markets has complicated securing the financing needed
for the Equity Offer and Senior Notes Offer and the Consent
Solicitation and, as a consequence, has delayed the other
preparations for the actual making of the Offers and the Consent
Solicitation.

The Offeror has now received increased equity commitments and
agreed the main terms and conditions of the financing of the
intended Offers with a consortium of banks consisting of
Barclays Capital, Fortis Bank, NIBCapital and Rabobank for the
senior debt financing and Intermediate Capital Group for the
mezzanine financing.  The parties will now seek to obtain
outstanding consents from Petroplus' relationship banks.  In
addition, the parties will continue the finalization of the pre-
offer conditions, including the execution of definitive
financing agreements and reaching agreement with, and obtaining
consents from, certain third parties in respect of certain
material contracts, as well as, given the lapsed time, perform a
brief update of the due diligence.

The actual making of the intended Offers at the prices
previously announced remains subject to the finalization and
execution of definitive financing agreements and the
finalization of these other preparations.  The parties expect to
finalize these preparations in the coming weeks and expect to
commence the formal offer process in the second half of
November.

Profile of Petroplus

Petroplus was established 10 years ago and has since developed
into a leading player in the European midstream oil market.  The
midstream sector encompasses refining, marketing and logistics
(predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including its Antwerp
desulphurization capacity.  Petroplus has a sales volume in
excess of 23 million tons a year of oil products and a storage
capacity of almost 5 million m3 throughout Western Europe.

Petroplus, with its head office in Rotterdam and regional head
office in Zug, has branch offices in more than 20 countries and
employs approximately 1000 employees.  Petroplus is publicly
listed in the NextPrime segment of the Official Segment of
Euronext Amsterdam N.V.

The Carlyle Group and Riverstone Holdings

The Carlyle Group is a global private equity firm with more than
US$18.4 billion under management.  The Carlyle Group employs a
conservative, proven, and disciplined investment approach.  The
Carlyle Group invests in buyouts, venture, real estate, and
leveraged finance, in North America, Europe, and Asia, focusing
on aerospace, automotive & transportation, consumer, defense,
energy & power, healthcare, industrial, technology & business
services, and telecommunications & media.

Since 1987, the firm has invested US$11.2 billion of equity in
332 transactions.  The Carlyle Group employs more than 540
people in 14 countries.  The Carlyle Group will participate in
the transaction through its dedicated energy and power fund and
through other affiliates.

Riverstone Holdings LLC and The Carlyle Group are the co-general
partners of the Carlyle/Riverstone Global Energy and Power Fund
II, a US$1.1 billion private equity fund established to make
investments in the energy and power industry globally.
Riverstone, a New York-based energy and power focused private
equity firm founded in 2000, has approximately US$1.5 billion
under management.  Riverstone conducts buyout and growth capital
investments in the midstream, upstream, power, and oilfield
service sectors of the energy industry.  To date, the firm has
committed approximately US$875 million to 10 investments across
these four sectors.

                            *   *   *

This is a joint press release of Petroplus International N.V.
and RIVR Acquisition B.V.  This is not for release, publication
or distribution, in whole or in part, in or into the United
States, Canada, Australia or Japan.  This announcement and
related materials do not constitute an offer for either the
ordinary shares in Petroplus International N.V. or the 10.5%
Senior Notes due 2010, but the expectation is justified that an
offer will be made in due course.

CONTACT:  PETROPLUS INTERNATIONAL
          Martijn L. D. Schuttevaer
          Investor Relations Manager
          Phone: + 31 10 242 6046
          Mobile: + 31 65 208 3014
          E-mail: M.L.Schuttevaer@Petroplus.nl

          CARLYLE
          Katherine Elmore-Jones
          Director of European Communications
          Phone: +44 20 78 94 1200
          E-mail: Katherine.ElmoreJones@Carlyle.com


PETROPLUS INTERNATIONAL: Nets EUR3 Million 3rd-quarter Profit
-------------------------------------------------------------
Petroplus International N.V. on Nov. 11 said net profit after
taxes for the third quarter 2004 will amount to EUR3.0 million.
Petroplus' Refining Division benefited from strong refining
margins in the quarter although it was negatively impacted by a
restructuring of the refining margin hedging policy from a short
term to a longer-term oriented strategy.

Earnings in the Marketing Division were negatively impacted by
the German wholesale activities and the Dubai Supply & Trading
office.  Results in the Logistics Division improved slightly
despite the ongoing high oil product prices and backwardation in
the market.

German Marketing

The future of the German wholesale activities has been under
review since March of this year.  It has recently been decided
that the Hamburg office will be closed at the end of 2004.  The
company will honor existing contracts and will continue its
activities of supplying, storing and replenishing strategic oil
reserves on behalf of the German government's strategic oil
reserve agency.  These activities will be conducted out of an
existing office at one of Petroplus' tank storage locations in
Germany.  The wholesale activities in the Czech Republic, which
had previously been conducted from the Hamburg office will be
continued from a sales office in Prague.  Petroplus' tank
storage activities in Germany will not be affected by these
developments.

Dubai Supply & Trading

In the third quarter, Petroplus released an additional EUR0.3
million of the EUR7.1 million provision made in the 2003
accounts to cover a claim the Dubai Supply & Trading office had
against a non-performing counterpart.  This release is in
addition to the EUR2.2 million and EUR0.9 million that was
already recovered in the first and second quarter 2004.

Antwerp Refinery

The implementation of the reorganization plan at the Antwerp
refinery is progressing.  To produce Ultra Low Sulphur Diesel
(ULSD) in the new operating mode without the crude unit, high
sulphur gas oil is imported as feedstock and hydrogen is
produced in the reformer unit.  As a part of the reorganization
plan, Petroplus will close its reformer unit and source hydrogen
through an external supply contract with a third party in the
first half of 2005.

Furthermore, Petroplus has recently signed a processing
agreement for its Antwerp ULSD production.  Under the terms of
the agreement that took effect in September 2004, the
counterpart will take processing capacity on the two
hydrodesulphurisation units at the Antwerp Refinery.  The
counterpart will be delivering gasoil with a higher level of
sulphur and lifting ULSD from the refinery for delivery into a
variety of European markets.  Initially for a period of 12
months, both parties expect that the cooperation will continue
for longer.  As a consequence of the agreement, Petroplus will
have a reduced exposure to the volatility of refining margins.

Dragon LNG

Good progress continues to be made in the Dragon LNG project
together with the BG Group and Petronas.  Key milestones that
are anticipated to be accomplished in the coming weeks include
the signing of a shareholders agreement, a share sale agreement
and a throughput contract.  Further information about the
transaction will be provided at actual signing of these
documents.  The key remaining milestones for the coming months
include obtaining regulatory exemption for operating of the
terminal and arranging the financing of the project.  The
facility is due to become operational in the fourth quarter of
2007. Petroplus anticipates to realize a book profit, which is
significantly[1] higher than EUR50 million at financial close
scheduled for the second quarter 2005.

Working Capital Facility

As a consequence of market conditions (a continuous strong
increase in oil prices), Petroplus requested an increase of the
Syndicated Working Capital Facility towards the end of August.
Consequently, the Syndicated Working Capital Facility has been
increased from originally USD 525 million to US$630 million.
The duration of the increase has been linked to the price
development of crude oil.  The overall duration of the
Syndicated Working Capital Facility remains unchanged and the
renewal is due in July 2005.

Petroplus will publish its full third quarter earnings on 22
November 2004.  The presentation can be accessed through the
Petroplus Web site (http://www.petroplusinternational.com).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] "Strong" according to the Dutch "scale of Mock"
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Profile of Petroplus International N.V.

Petroplus International N.V. was established 10 years ago and
has since developed into a leading player in the European
midstream oil market.  The midstream sector encompasses
refining, marketing and logistics (predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including the Antwerp
desulphurisation capacity.  Petroplus has a sales volume in
excess of 20 million tons a year of oil products and a storage
capacity of almost 5 million m(3) throughout Western Europe.

Petroplus, with its head office in Rotterdam and regional head
office in Zug, has branch offices in more than 20 countries and
employs approximately 1000 employees.  Petroplus has been listed
on the Official Market of Euronext Amsterdam since 14 July 1998.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          Executive Board
          Marcel van Poecke (Co-chairman)
          Willem Willemstein (Co- chairman)
          Paul van Poecke
          Theo Zwijnenberg

          Martijn Schuttevaer
          Investor Relations Manager
          Phone: +31 10 242 5900
          Web site: http://www.petroplusinternational.com


ROYAL SHELL: Under Pressure to Undergo External Audit
-----------------------------------------------------
The largest pension fund in the U.S. is calling on Royal
Dutch/Shell to undergo an independent audit of its oil and gas
reserves following an overstatement this year.

The California Public Employees' Retirement System, with US$168
billion of assets, and Knight Vinke Asset Management LLC,
suggested the reviews in an e-mailed press release, according to
Bloomberg News.

CalPERS, which each year picks as many as 10 companies for its
Focus List, said in June Shell was one of four companies it was
targeting as part of its annual corporate governance campaign.
It chooses subjects based on performance, corporate governance
and other criteria.

It focused on Shell was based on its overstatement of oil
reserves early this year and former dual corporate structure.
According to CalPERS, the arrangement failed to respond to
shareholders' demands and helped pull down its stock so that it
now lagged peers.

Shell cut its reserves four times this year, leading to the
ouster of chairman Philip Watts and the decision to unify its
Dutch and British management.

Knight, which manages the equivalent of about US$385 million,
said about 60% of Shell's reserves were independently audited
this year and it's done most of the work to complete the process
and to report annually.

Shell reiterated in a statement its commitment to use the help
of experts in both the line reserves challenge process and the
internal audit process going forward.  It assured it meets rules
set by securities regulator.  Independent audits would help
prevent inconsistencies that undermine investor confidence.

"Value is created when trust is restored," said Eric Knight, the
managing director of New York-based Knight Vinke Asset
Management, in an interview with Bloomberg.  "We want proven
reserves audited by a third party.  There's a big difference if
an external auditor puts their name on the line."

The funds also called on Shell to use extra cash from rising oil
prices to buy back stock.

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

          CalPERS Headquarters
          Lincoln Plaza
          400 P Street
          Sacramento, CA 95814
          Phone: (888) CalPERS (225-7377)
          Web site: http://www.calpers.ca.gov/


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


INTERNATIONAL INDUSTRIAL: Individual Rating Affirmed at 'D'
-----------------------------------------------------------
Fitch Ratings affirmed the ratings of Russia's International
Industrial Bank at Long-term 'B', Short-term 'B', Individual 'D'
and Support '5'.  The Outlook for the Long-term rating remains
Stable.

IIB's ratings reflect high concentration levels on both sides of
the balance sheet, as well as political risk resulting from a
large degree of business with state-controlled companies.
Additionally, Fitch comments that high levels of related-party
transactions, notably on the funding side, heighten corporate
governance and transparency concerns.  However, the ratings also
take into account IIB's good capitalization and reasonable
performance and asset quality to date.

IIB's performance has historically been good, mainly thanks to
its strong net interest margin, which fell in 2003.  However, a
significant part of the bank's revenue in 2003 consisted of
potentially volatile securities income, and also of revenue
sources that are non-recurring income or potentially less
reliable in the medium-to-long run.  A substantial proportion of
income also came from one large customer.

The loan book grew by 21% in 2003 with more than half of this
growth attributable to long-standing clients.  Loan
concentration levels remain high, despite a substantial increase
in capital in 2003, which caused them to fall relative to
equity.  At end-2003 loan loss reserve (LLR) cover of impaired
loans was reasonable at 82%.  Nevertheless, in Fitch's view a
higher level of general loan loss reserves would be prudent,
particularly given concentration levels in the loan book.
However, IIB's high capitalization provides a buffer to absorb
unexpected losses. Asset quality has been adequate, thus far.

IIB's customer funding base remains concentrated, resulting in
potential volatility, but the tenor of funding is longer than
average for a Russian bank.  Liquidity has, thus far, been
adequately managed, thanks to IIB's high capitalization and good
relationships with its core customers.  Any deterioration in the
latter could have a material impact on liquidity, given the low
level of liquid assets on the bank's balance sheet.  Capital
rose significantly in 2003 and at end-2003 the bank's total
capital (mainly Tier 1) and equity to assets ratios were strong.
Fitch has been informed that the bank has no concrete plans for
the use of this capital.

IIB ranks among the five largest Russian banks in terms of IFRS
equity.  It is 72% owned by a private individual, who increased
his stake in the bank to a majority holding in H104.  The
latter's other interests include companies in the oil, defense,
shipbuilding, manufacturing and coal mining sectors, which are
united under the umbrella of United Industrial Corporation.
IIB's other shareholders include three members of the bank's
senior management.  The bank's key customers have historically
included medium to large corporates in the oil and gas, steel,
alcohol, leasing, chemistry, defense, energy and nuclear
sectors.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          Lindsey Liddell, London
          Phone: +44 20 7417 3495

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


OAO SEVERSTAL: Corporate Credit Rating on CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Russian steel company OAO Severstal
on CreditWatch with developing implications.  This action
follows Severstal's non-binding offer to acquire the assets of
Canadian steel company Stelco Inc. (D/--/--), which is currently
under bankruptcy protection.  The terms of the bid are subject
to approval by the government, labor unions, and other parties.

"The CreditWatch placement reflects the uncertainty about the
terms of the bid, particularly the amount of postretirement
benefits to be assumed and the price to be paid, and about the
integration of Stelco with Severstal," said Standard & Poor's
credit analyst Elena Anankina.

"The 'B+' rating on Severstal is already constrained by the
company's appetite for M&A, and, although Severstal's bid is
non-binding, Stelco would be a weighty acquisition that might
exceed the flexibility built into the current rating.
Furthermore, it might significantly change Severstal's cost
position, leverage, asset composition, and resilience to steel
industry cycles," added Ms. Anankina.

The rating on Severstal could come under pressure if the company
assumes a significant part of Stelco's postretirement
liabilities and if Stelco fails to achieve a competitive cost
structure and generate positive free cash flow through the
cycle.

Nevertheless, the rating could be raised if the enlarged company
is able to generate positive free cash flow, even at the low
points of the steel cycle.  The Stelco acquisition would provide
a larger and more diversified asset base that combines low-cost
facilities in Russia with higher value-added production close to
large customers in North America.  The fact that a significant
proportion of production and revenues would be generated in
North America may help to reduce the negative impact of Russia
country risk on Severstal's rating going forward.

OAO Severstal is the principal operating company within a major
Russia-based industrial group with substantial assets in
metallurgy, mining, automobile manufacture, machinery,
transportation and other businesses.  The company's principal
activity is the production and sale of steel and steel products.
The Group operates more than 30 plants in 14 regions of Russia
and in the United States, produces approximately 14 million tons
of steel annually, and exports to more than 100 countries.


OAO SEVERSTAL: On Watch Negative Pending Stelco Acquisition
-----------------------------------------------------------
Fitch Ratings placed Russia-based steel manufacturer Severstal's
B+ Senior Unsecured rating on Rating Watch Negative following
the announcement of the company's offer to purchase the assets
of Canada-based steel manufacturer Stelco Inc.  Fitch expects to
resolve the Rating Watch upon the completion of the bidding
process and the receipt of additional information from the
company.

Fitch believes that the acquisition would have a negative impact
on Severstal's credit profile and would significantly increase
the company's financial risk profile.  The bid would result in
total financial commitments of c.US$869 million, including
refinancing of secured debt (c.USD230 million at September 2004)
and paying cash to Stelco's unsecured bond and trade creditors
(c.US$304 million at September 2004).  Severstal's net debt was
USD300 million at end-June 2004.  Severstal would also commit
c.USD335 million to capital investment.

Severstal will seek to negotiate a reduction of Stelco's pension
liabilities, which currently stand at US$1.6 billion.  Stelco
entered into bankruptcy protection on 29 January 2004 and its
financial profile appears weak.  For the nine months ended
September 2004, Stelco generated US$2.2 billion revenues (US$2.3
billion in FY03), net income of US$54 million (loss US$471
million at FYE03) and total output of 4m tons (5 million tons at
FYE03).

Fitch understands that Severstal is considering various sources
of funding for the proposed acquisition, which may involve a
combination of cash payment (Severstal's cash at the end of June
2004 totaled US$1.2 billion) and equity (e.g. ADRs issuance).
Fitch indicated at the time of the initial rating assignment (14
April 2004) that any large acquisition (similar to Rouge
Industries acquired in February 2004), which could increase the
business and financial risks might warrant a rating downgrade.

Fitch has also noted that a rating review would be warranted if
the secured debt, including any securitization, to total
consolidated EBITDA and including Severstal North America,
exceeds 0.75x (0.3x based on pro forma audited consolidated
figures for FY03) or if net debt to EBITDA rises above 1.0x
(0.1x based on pro forma audited consolidated figures for FY03).
At end-H104, net leverage was 0.2x (based on annualized pro-
forma unaudited consolidated figures for H104) and total
indebtedness was US$1.5 billion.  The level of secured debt was
roughly a third of total debt in 1H04.  Severstal's EBITDA
margin was 31% in H104 similar to the FY03 level.

In FY03, Severstal embarked on an aggressive international
acquisition strategy, which is associated with further debt
increases and substantial integration and execution risks.  In
January 2004, Severstal completed the acquisition of U.S.-based
Rouge Industries for a total cash consideration of US4260
million and US$70 million liabilities with no pension
liabilities assumed.  Severstal's business profile benefits from
the dominance of flat steel products (c.81% of total output) --
usually a high margin segment -- and its ability to generate
high operating margins (EBITDA margin 31% in FY03 and 21% in
FY02).  While profit margins are historically high, they are
likely to be negatively affected by future cost increases should
Russia's gas and railway industries be deregulated.

Severstal is the second largest Russia-based steel manufacturer
in terms of output (9.89 million tons in FY03).

Fitch notes that ratings are placed on Rating Watch to notify
investors that there is a reasonable probability for a rating
change and the likely direction of such change.  Negative
implies that the ratings might be maintained or downgraded.

CONTACT:  FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485

          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

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


YUKOS OIL: Rumors of Menatep's Plan to Divest Stake Swirl
---------------------------------------------------------
Mikhail Khodorkovsky, the jailed former Yukos CEO, reiterated
his readiness to sell his stake in the firm after reports of a
potential buyer emerged last week.

Russian businessman Konstantin Kagalovsky had previously told
Gazeta daily he is willing to buy Group Menatep's 60% stake in
Yukos.  Mr. Khodorkovsky holds his 44% stake in Yukos through
Group Menatep.

On Tuesday, Mr. Khodorkovsky's lawyer, Anton Drel, told Itar-
tass:  "[Mr.] Khodorkovsky has already said that he is ready to
part with his stake in order to preserve the company."

Mr. Kagalovsky, the first deputy CEO of Menatep bank, and former
deputy chairman of Yukos' board of directors, said he is also
willing to take on the firm's crippling tax debt.  But he doubts
Group Menatep would be able to directly sell the shares, which
were frozen earlier this year.

He said Group Menatep may sell securities in offshore companies
registered in the British Virgin Islands.  There are seven of
such companies, according to Gazeta.

On the same day, Yukos Board Chairman Victor Gerashchenko,
suggested that Menatep might sell its stake in Yukos.  In a
separate report, a Group Menatep spokesman said he was not aware
of any negotiations regarding the disposal of Yukos' stake.

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

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

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


YUKOS OIL: Tax Bills Now Exceed Total Revenues
----------------------------------------------
Yukos Oil's back tax bill and fines now total US$18.5 billion,
company officials told the press last week.

The company has been served demands for US$3.6 billion in back
taxes for 2000, US$6.7 billion for 2001, and US$8.1 billion for
2002.  The bills for 2001 and 2002 now exceed the company's
revenues during those years, MosNews reports.

The charge includes penalty, interest, fines, bailiffs' service
charges and claims against Yuganskneftegaz.  Yukos has so far
paid only the 2000 bill.

Company officials said the 2002 tax represented an effective tax
rate of 105% on its revenue under U.S. GAAP standards.  The bill
for 2001 was 100% of the revenue, according to Reuters.  The
calculation includes taxes the company has already paid for
those financial years before authorities leveled new tax charges

Yukos has repeatedly warned it could fall into bankruptcy under
the weight of the tax bills.  It is calling extraordinary
meeting in December to decide whether to file for liquidation or
bankruptcy.

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

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

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


YUKOS OIL: Authorities Seize Sibneft Stake Anew
-----------------------------------------------
Yukos Oil had its 34.5% stake in Sibneft arrested for the third
time, according to The Moscow Times.

The report said a Moscow court again froze the shareholding
early in November as part of a criminal investigation into its
acquisition.  The stake is estimated worth US$6 billion.

"It has been arrested twice before as part of tax evasion
investigations against the company for 2000 and 2001.  And those
arrests have not been lifted yet," Yukos spokesman Alexander
Shadrin said.

An unnamed official familiar with the case said the arrest means
the asset could be seized by the government if state prosecutors
prove it was initially acquired with funds earned through
criminal means.

Towards the end of 2003, Yukos built up some 92% shareholding in
Sibneft under a planned merger.  The 34.5% stake was bought for
US$3 billion in cash and Yukos treasury stock.  In 2004, the
partnership started to crumble after Yukos former CEO Mikhail
Khodorkovsky was arrested on charges of tax evasion.  The merger
is now being reversed.  The parties are trying to negotiate a
settlement.  It is understood that even if an agreement is
reached, matters would not be resolved until the shares are
unfrozen.

A source in Yukos said: "Certainly this latest arrest is not
going speed up the divorce. But essentially it does not change
much since the two previous arrests are still firmly in place."

Sibneft spokesman John Mann refused to comment when reached.

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

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

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


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


ACCUMULUS GROWTH: Members Approve Winding up of Company
-------------------------------------------------------
At the extraordinary general meeting of the members of the
Accumulus Growth Limited on September 13, 2004 held at the
offices of Mill Group Limited, 6-8 Old Bond Street, London W1,
the special, ordinary and extraordinary resolutions to wind up
the company were passed.  Derek Forsyth, Sherwood House, 7
Glasgow Road, Paisley has been appointed liquidator for the
purpose of such winding-up.


ACTIONAID TRADING: Members Final Meeting Set Next Month
-------------------------------------------------------
The final meeting of the members of Actionaid Trading And
Promotions Limited will be on December 17, 2004 commencing at
10:00 a.m.  It will be held at the offices of Begbies Traynor
(incorporating Taylor Gotham & Fry), The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG.

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 Begbies Traynor (incorporating Taylor Gotham & Fry), The
Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1
2EG not later than 12:00 noon, December 16, 2004.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


ADOREFRUIT LIMITED: Hires Stoy Hayward as Administrator
-------------------------------------------------------
Name of companies:
Adorefruit Limited
A TO Z Holdings Limited
A TO Z Restaurants Limited
Aubergine Restaurants Limited
Bluenine Limited
Le Bains Douches London Limited
Memories Of China (Kensington) Limited
Memories Of China Limited
Overtons Restaurants Limited
Zafferano Restaurants Limited

Shay Bannon and Antony David Nygate (IP Nos 8777, 9237) have
been appointed joint administrators for these companies.  The
appointment was made November 2, 2004.

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


A G CLARK: Appoints Joint Receivers
-----------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF A G Clark Limited
                         (In Receivership)

I, Gordon Iain Bennet, Chartered Accountant of 32 Albyn Place,
Aberdeen, AB10 1YL give notice that on October 29, 2004, my
colleague, Graham Hunter Martin, and I were appointed as joint
receivers of the whole property and assets of A G Clark Limited
in terms of section 51 of the Insolvency Act 1986.

In terms of section 59 of the said Act, preferential creditors
are required to intimate their claims to me within six months of
the date of this notice.

Gordon Iain Bennet, Joint Receiver
November 3, 2004

CONTACT:  PRICEWATERHOUSECOOPERS L.L.P.
          32 Albyn Place
          Aberdeen AB10 1YL
          Phone: [44] (1224) 210100
          Fax: [44] (1224) 253318
          Web site: http://www.pwcglobal.com


BELDRAY LIMITED: Sets Creditors' Meeting Next Week
--------------------------------------------------
The general meeting of the unsecured creditors of Beldray
Limited will meet on November 19, 2004 commencing at 10:00 a.m.
It will be held at Quality Hotel, 126 Penn Road, Wolverhampton,
West Midlands WV3 0ER.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham
B3 3SD not later than 12:00 noon, November 18, 2004.

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


BILSTON SHEET: Members Final Meeting Set December
-------------------------------------------------
The final meeting of the members of Bilston Sheet Metal Workers
Limited will be on December 14, 2004 commencing at 11:00 a.m.
It will be held at the offices of Mazars LLP, Lancaster House,
67 Newhall Street, Birmingham B3 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.

CONTACT:  MAZARS
          Lancaster House, 67 Newhall Street,
          Birmingham B3 1NG
          Phone: 0121 236 7711
          Fax:   0121 236 2778
          Web site: http://www.mazars.co.uk


BRIDGEPORT MACHINES: American Capital Appoints Receiver
-------------------------------------------------------
American Capital Strategies Limited called in L. A. Manning
(Office Holder No 6477) and A. P. Peters (Office Holder No 4468)
joint administrative receivers for Bridgeport Machines Limited
(Reg No 1965650).  The application was filed November 3, 2004.
The company manufactures machine tools.

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

          DELOITTE & TOUCHE LLP
          Four Brindleyplace
          Birmingham B1 2HZ, UNITED KINGDOM
          Phone: +44 (0) 121 632 6000
          Fax: +44 (0) 121 695 5678
          Web site: http://www.deloitte.com


CAKEMORE LIMITED: Liquidator to Present Final Report Next Month
---------------------------------------------------------------
The final meeting of the members of Cakemore Limited will be on
December 14, 2004 commencing at 10:45 a.m.  It will be held at
the offices of Mazars LLP, Lancaster House, 67 Newhall Street,
Birmingham B3 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 Mazars LLP, Lancaster House, 67 Newhall Street, Birmingham
B3 1NG not later than 12:00 noon, December 13, 2004.

CONTACT:  MAZARS
          Lancaster House, 67 Newhall Street,
          Birmingham B3 1NG
          Phone: 0121 236 7711
          Fax:   0121 236 2778
          Web site: http://www.mazars.co.uk


CONNELL JOINERY: Liquidator's Final Report Out December
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Connell Joinery & Preservation Limited
                        (In Liquidation)

Notice is hereby given in terms of Section 106 of the Insolvency
Act 1986, that a final meeting of the members and creditors will
be held within the offices of Wylie & Bisset CA, 168 Bath
Street, Glasgow, G2 4TP on December 6, 2004 at 11:00 a.m. for
the purpose of receiving an account of the winding up from the
Liquidator.

M. D. Sheppard, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


CONTRACT (H.F.): Sets Creditors Meeting Next Month
--------------------------------------------------
The creditors of Contract (H.F.) Electrode Supplies (Manchester)
Limited will meet on November 19, 2004 commencing at 11:00 a.m.
It will be held at Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB.

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


C.U.HOLDING: Hires S. M. Rout as Liquidator
-------------------------------------------
At the extraordinary general meeting of the members of the C.U.
Holding Limited on October 28, 2004 held at Charles House, Lower
Road, Great Amwell, Ware, Hertfordshire, the special resolution
to wind up the company was passed.  Stephen Mark Rout has been
appointed liquidator for the purpose of such winding-up.


DEC TECH: Liquidator's Final Report Out First Week of December
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Dec Tech Limited
                        (In Liquidation)

Notice is hereby given in terms of Section 106 of the Insolvency
Act 1986, that a final meeting of the members and creditors will
be held within the offices of Wylie & Bisset CA, 168 Bath
Street, Glasgow, G2 4TP on December 6, 2004 at 12:00 noon for
the purpose of receiving an account of the winding up from the
Liquidator.

M. D. Sheppard, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


DUDLEY DEVELOPMENTS: Hires Receivers from Grant Thornton
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Dudley Developments Limited
                         (In Receivership)

Pursuant to Section 65(1)(a) of the Insolvency Act 1986, we
Robert Caven and Joseph Peter McLean of Grant Thornton U.K. LLP,
Chartered Accountants, 95 Bothwell Street, Glasgow, G2 7JZ give
notice that, on November 1, 2004, we were appointed as receivers
of Dudley Developments Limited.

The property over which I was appointed as receiver is the whole
or substantially the whole of the company's property.

Pursuant to section 59(2) of the said Act, preferential
creditors are required to lodge their claims with me within six
months of the date of this notice.

Robert Caven, Joint Receiver
November 1, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


EAST ANGLIAN: Calls in Liquidator from Peter Elworthy & Moore
-------------------------------------------------------------
At the extraordinary general meeting of the members of the EAST
Anglian Housing Association Limited on November 3, 2004 held at
Salisbury House, Station Road, Cambridge CB1 2LA, the special
and ordinary resolutions to wind up the company were passed.
Shay Lettice of the firm of Peters Elworthy & Moore has been
appointed liquidator of the company for the purpose of the
voluntary winding-up.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House, Station Road
          Cambridge CB1 2LA
          Phone: 01223 728222
          Fax: 01223 461424
          Web site: http://www.pem.co.uk


ECS BUSINESS: Hires Joint Liquidators from Begbies Traynor
----------------------------------------------------------
At the extraordinary general meeting of the ECS Business Finance
Limited on October 27, 2004 held at Eton House, 18-24 Paradise
Road, Richmond-upon-Thames, Surrey TW9 1SE, the subjoined
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Vivian Murray Bairstow and Paul Michael
Davis of Begbies Traynor (South) LLP, of 32 Cornhill, London
EC3V 3BT have been appointed joint liquidators for the purpose
of such winding-up.

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


FEDERAL-MOGUL: Asks Court to Set Sale Protocol for U.K. Assets
--------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates, the
Official Committee of Unsecured Creditors, the Official
Committee of Asbestos Claimants, the Legal Representative for
Future Asbestos Claimants, JPMorgan Chase Bank as Administrative
Agent for the pre-petition lenders, and the Official Committee
of Equity Security Holders ask the U.S. Bankruptcy Court for the
District of Delaware to establish certain bid procedures for the
marketing and any possible sale of the assets and businesses of
the U.K. Debtors.

James E. O'Neill, Esq., at Pachulski Stang Ziehl Young Jones &
Weintraub, in Wilmington, Delaware, recounts that the U.K.
Administrators for the U.K. Debtors believed that sales of the
assets and businesses will provide greater distributions to
creditors of the U.K. Debtors than the distributions provided
under the Chapter 11 plans proposed by the Plan Proponents.

The Plan Proponents vehemently disagree with the Administrators
and submit that any liquidation will result in the loss of jobs
in the U.K. and materially lesser distributions to creditors of
the U.K. Debtors.

Nevertheless, the Plan Proponents have sought to accommodate the
Administrators to ensure the continued coordination of the U.S.
and U.K. Proceedings to the fullest extent possible.  The Plan
Proponents revised:

    -- the plan to specifically provide for a possible
       "controlled realization" of the U.K. Debtors; and

    -- their disclosure statement to set forth their position
       and the position of the Administrators regarding the
       "controlled realization" and its impact on distributions
       to creditors of the U.K. Debtors.

After the Disclosure Statement Hearing, the Administrators
completed their additional due diligence and engaged in further
plan discussions with the Plan Proponents.  However, the
Administrators still believe that they can achieve greater
distributions through a controlled realization of the U.K.
Debtors, as opposed to the reorganization contemplated by the
Plan.  Accordingly, the marketing and possible sales of the
assets and business of the U.K. Debtors may now occur.

Mr. O'Neill tells the Court that the Plan Proponents have asked
the Administrators to disclose the procedures they would propose
to establish and follow in the marketing or sales of the assets
and businesses of the U.K. Debtors.  The Plan Proponents want to
ensure that any sale is lawful and appropriate under both U.K.
and U.S. law and thereby ensure the continued coordination of
the cross-border plenary insolvency proceedings to the fullest
extent possible.  As of September 16, 2004, however, the
Administrators have refused to provide any information regarding
the procedures they intend to follow in connection with the
controlled realization of the U.K. Debtors.

The Plan Proponents ask the Court to approve their proposed bid
procedures for any sales of the assets and business of the U.K.
Debtors.

The important terms of Bidding Procedures are:

A. The Sale Assets and the Bid

    Designated Assets and Assumed Liabilities will refer to the
    assets, executory contracts, unexpired leases and related
    liabilities subject to sale and identified in any proposal
    or bid tendered in connection with the Bidding Procedures.

    The Sale Transaction will be on an "as is, where is" basis.
    All of the U.K. Debtors' right, title and interest in the
    Designated Assets will be sold free and clear of
    encumbrances, if any, to attach to the net proceeds of the
    Sale Transaction.

    Any bid must be for all of the Designated Assets and Assumed
    Liabilities for that particular U.K. Debtor or group of U.K.
    Debtors for which a bidder is submitting a bid.

B. The Qualified Bidder

    A party who wishes to submit a bid must:

       (1) execute a confidentiality agreement, the form of
           which is available from the U.K. Debtors' counsel,
           prior to receiving any due diligence; and

       (2) make a cash deposit of 10% of its initial bid amount
           which will be paid concurrently with its submission
           of a bid.  The cash deposit will be held in an escrow
           account at a financial institution designated by the
           U.K. Debtors and will be subject to an escrow
           agreement, the form of which is available from the
           U.K. Debtors' investment banker.

    Upon submitting a qualified bid, each Qualified Bidder will
    receive a confidential memorandum containing information and
    financial data with respect to the Designated Assets and the
    Assumed Liabilities.

C. Access to Information

    Each Qualified Bidder will receive reasonable access during
    normal business hours to the U.K. Debtors' books, records,
    facilities, key personnel, officers, independent accountants
    and legal counsel for the purpose of completing all due
    diligence investigations deemed necessary by a Qualified
    Bidder.  However, the dissemination of any confidential or
    proprietary information will not be required if that
    information would be detrimental to the Debtors' interests
    and operations.

D. The Qualified Bid

    A proposed bid must provide:

      (1) the purchase of the Designated Assets and assumption
          of the Assumed Liabilities that the Qualified Bidder
          is interested in acquiring;

      (2) the anticipated purchase price or price range for the
          Designated Assets together with the Assumed
          Liabilities that the Qualified Bidder is interested in
          acquiring;

      (3) any additional conditions to closing that the
          Qualified Bidder may wish to impose;

      (4) the nature and extent of additional due diligence it
          may wish to conduct;

      (5) the amount of any proposed credit bid; and

      (6) other information as may be reasonably requested in
          order to assess the Qualified Bidder's authority and
          ability to consummate a Qualified Bid for the
          Designated Assets together with the Assumed
          Liabilities.

    Any Qualified Bidder must disclose these information in its
    bid as well:

      (1) the identity of all participants providing funding for
          the bid;

      (2) the specific amount, source, and type of funding to be
          provided by each participant;

      (3) the identity of any person or entity who will
          participate in any way in the bid without providing
          funding, and the nature of the participation; and

      (4) the principals of each entity that will participate in
          the Qualified Bidder's proposal.

E. Capacity to Close Transaction

    To demonstrate its financial, legal and managerial capacity
    to complete the transactions, a Qualified Bidder must
    submit:

      (1) written evidence of available cash, a commitment for
          financing or ability to obtain a satisfactory
          commitment if selected as the winning bidder and other
          evidence of its ability to consummate the Sale
          Transaction;

      (2) current audited financial statements or, if the
          Qualified Bidder is an entity formed for the purpose
          of the Sale Transaction, current audited financial
          statements of the equity holders of the Qualified
          Bidder that will guarantee the obligations of the
          Qualified Bidder, or other form of satisfactory
          evidence of committed financing or other ability to
          perform;

      (3) a copy of a board resolution or similar document
          demonstrating the authority of the Qualified Bidder to
          make a binding and irrevocable bid on the terms
          proposed; and

      (4) evidence that the Qualified Bidder will be able to
          obtain any anti-trust and other required regulatory
          approvals without any material delay.

F. Bid Deadline

    The bid and any related materials must:

       -- be in writing;

       -- contain all material terms of the proposed bid; and

       -- be submitted so that it is received no later than six
          months after the Confirmation Date.

    The Bid Deadline may be shortened or extended for cause upon
    notice and a hearing and a Court order; provided that in no
    event will the Bid Deadline be extended to more than one
    year after the Confirmation Date.

G. Selection of the Best Bid

    If more than one Qualified Bid is received, an Auction will
    be conducted within 30 days of the Bid Deadline.

H. Sale Hearing

    Promptly after the Winning Bidder is selected, an order will
    be sought authorizing and approving a sale of the applicable
    Designated Assets and Assumed Liabilities to the Winning
    Bidder.

The Plan Proponents believe that the proposed Bid Procedures are
required to maximize value and ensure a fair process.  If the
U.K. Administrators believe otherwise, they are encouraged to
advise the Court on how the Bid Procedures are inconsistent with
U.K. law, and if so, what procedures the Administrators believe
should be followed in order to conduct the sales and thereby
timely conclude the cross-border plenary proceedings.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq., James F. Conlan, Esq. and Kevin T. Lantry, Esq., of
Sidley Austin Brown & Wood; and Laura Davis Jones, Esq., of
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed US$10.15
billion in assets and US$8.86 billion in liabilities.  (Federal-
Mogul BankruptcyNews, Issue No. 66; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


FRANK QUINN: To Hold Creditors' Meeting this Week
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Frank Quinn (Oil & Gas Burner Services) Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Frank Quinn (Oil & Gas
Burner Services) Limited will be held in the offices of Wylie &
Bisset, 168 Bath Street, Glasgow G2 4TP on Friday, November 19,
2004 at 11:00 a.m. for the purposes mentioned in Sections 99 to
101 of the said Act.

In accordance with the provisions of the said Act, a list of
names and addresses of the Company's Creditors will be available
for inspection free of charge at Messrs Wylie & Bisset, 168 Bath
Street, Glasgow G2 4TP, during normal business hours two
business days prior to the meeting.

By Order of the Board
Catherine Quinn, Director

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


FREEDOM SCOTLAND: Liquidator Takes over Helm
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Freedom Scotland Holidays Limited

Notice is hereby given that I, Derek Forsyth of Campbell Dallas,
Sherwood House, 7 Glasgow Road, Paisley, PA1 3QS, was appointed
liquidator of Freedom Scotland Holidays Limited on October 27,
2004.

Derek Forsyth, Liquidator
October 27, 2004

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


HIGH VOLTAGE: Names Joint Administrators from Numerica
------------------------------------------------------
Nick O'Reilly and Sarah Rayment (IP Nos 8309, 9162) have been
appointed joint administrators for High Voltage Maintenance
Services Limited.  The appointment was made November 3, 2004.
The company offers electrical maintenance service.

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


HOECHST UK: Hires Begbies Traynor as Liquidator
-----------------------------------------------
At the extraordinary general meeting of the Hoechst UK Limited
on November 1, 2004 held at Shalimar Howard's Thicket, Gerrards
Cross, Buckinghamshire SL9 7NX, the subjoined special and
ordinary resolutions to wind up the company were passed.  Paul
Michael Davis and Timothy John Edward Dolder of Begbies Traynor
LLP, 32 Cornhill, London EC3V 3LJ have been appointed
liquidators for the purpose of such winding-up.

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


IES ROBUST: Calls in Administrator from Kay Johnson Gee
-------------------------------------------------------
Jonathan Elman Avery-Gee (IP No 001549) has been appointed
administrator for IES Robust Tanks Limited.  The appointment was
made November 2, 2004.

The company sells water treatment equipment.  Its registered
office is located at 106-108 Park Road, Rugby, Warwickshire CV21
2QX.

CONTACT:  KAY JOHNSON GEE
          Griffin Court, 201 Chapel Street,
          Salford, Manchester M3 5EQ
          Phone: 0161 8326221


INVENSYS PLC: Overall Trading Results Meet Forecast
---------------------------------------------------
Chief Executive of Invensys, Rick Haythornthwaite, said: "We
have delivered results in line with expectations, both for the
second quarter and overall for the half.

"We now have a real sense of operational momentum and most of
our leading indicators are on track.  Orders in key areas are
rising, led by a 49% increase in major accounts at Process
Systems during the second quarter.

"All of this reflects the benefits of our greater financial
stability.  And, with the arrival of Ulf Henriksson as Chief
Operating Officer, we are able to accelerate our programs for
margin improvement and cash generation in each business, as well
as investing in core capabilities for future growth.

"Our expectations for an improving year-on-year trend in the
second half remain unchanged."

Financial Summary                       Q2     Q2     H1     H1
                                     04/05  03/04  04/05  03/04
                                     GBP m  GBP m  GBP m  GBP m

Sales
-    Retained businesses               643    733  1,254  1,386
-    Continuing[3] operations          715    801  1,396  1,516
-    Discontinued[4] operations          3    252    111    528
-    Total Group                       718  1,053  1,507  2,044

Operating profit/(loss)[2]
-    Retained businesses                47     74     63     91
-    Continuing operations              49     73     66     81
-    Discontinued operations            -     15     (3)    22
-    Total Group                        49     88     63    103

Operating exceptional items           (119)  (101)  (133)  (132)

Goodwill
       --  Goodwill amortization       (7)   (13)   (16)   (31)
       --  Goodwill impairment          -      -    (27)     -

Disposals[5]
-    Profit on sale/closure             7     79    175     72
-    Goodwill on disposal/closure     (15)  (131)  (462)  (159)

Net interest payable                  (33)   (18)   (69)   (39)

FRS 17 finance charges                 (4)    (6)    (8)   (12)

Loss for financial period            (116)   (50)  (477)  (149)

(Loss)/earnings per share
-    Basic                          (2.1)p (1.5)p (8.4)p (4.3)p
-   Total Group before exceptional items,
goodwill amortization and goodwill
impairment                           0.4p   1.3p (0.2)p   0.8p

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Retained businesses are Process Systems, Eurotherm, APV,
Rail Systems, Climate Controls and Appliance Controls

[2] All references to operating profit and operating margin in
this announcement are stated before exceptional items, goodwill
amortization and goodwill impairment

[3] Continuing operations refers to retained businesses and
businesses for sale (principally Lambda and Baker)

[4] Discontinued operations comprise Powerware, Hansen, Marcam
and APV Baker Goldsboro in H1 04/05 and additionally Metering
Systems, Baan & Teccor in FY 03/04

[5] Closures and disposals of businesses and sale of fixed
assets
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/Invensys_2Q2004.htm

CONTACT:  INVENSYS PLC
          Victoria Scarth/Mike Davies
          Phone: +44 (0) 20 7821 3755
          or
          Taylor Rafferty
          Brian Rafferty
          Phone: +1 212 889-4350


L'ORANGER RESTAURANT: Names Stoy Hayward Administrator
------------------------------------------------------
Shay Bannon and Antony David Nygate (IP Nos 8777/01, 9237) have
been appointed joint administrators for L'Oranger Restaurant
Limited.  The appointment was made November 2, 2004.

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


MANDEVILLE SECURITIES: Calls in Liquidator from Numerica
--------------------------------------------------------
At the extraordinary general meeting of the members of
Mandeville Securities Limited on November 2, 2004 held at 66
Wigmore Street, London W1U 2HQ, the special, extraordinary and
ordinary resolutions to wind up the company were passed.
Jonathan Mark Birch and Nicholas Hugh O'Reilly of Numerica
Business Services Limited, 66 Wigmore Street, London W1A 3RT
have been appointed as joint liquidators for the purpose of such
winding-up.

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


MCKENZIE CAMPBELL: Hires Administrator from DTE Leonard Curtis
--------------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been
appointed administrators for Mckenzie Campbell Publishing
Limited.  The appointment was made October 29, 2004.  The
company is an advertising consultant.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


MENK (UK): Extraordinary Winding up Resolution Passed
-----------------------------------------------------
At the general meeting of the members of Menk (UK) Ltd. on
October 28, 2004, the extraordinary resolution to wind up the
company was passed.  C. K. Rayment of BDO Stoy Hayward LLP, 125
Colmore Row, Birmingham B3 3SD has been appointed liquidator of
the company.

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


MPIA LIMITED: Names DTE Leonard Curtis Administrator
----------------------------------------------------
P. Reeves and J. M. Titley (IP Nos 1434, 8617) have been
appointed administrators for MPIA Limited (formerly Mediaport
Limited).  The appointment was made October 21, 2004.  The
company distributes pre-recorded videos, DVD's and associated
merchandise.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


NUMOROSE LIMITED: Members, Creditors to Meet Next Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF NUMOROSE LIMITED
                        (In Liquidation)

Notice is hereby given in terms of Section 106 of the Insolvency
Act 1986, that a final meeting of the members and creditors will
be held within the offices of Wylie & Bisset CA, 168 Bath
Street, Glasgow, G2 4TP on December 6, 2004 at 9:00 a.m. for the
purpose of receiving an account of the winding up from the
Liquidator.

M. D. Sheppard, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


PIFC HOLDINGS: Winding up Resolutions Passed
--------------------------------------------
At the extraordinary general meeting of PIFC Holdings Limited on
October 20, 2004 held at Dresden House, 72 King William Street,
London EC4N 7HR, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Nicholas Hugh
O'Reilly, Licensed by the Association of Chartered Certified
Accountants and Sarah Megan Rayment, Licensed by the Insolvency
Practitioners Association both of Numerica, PO Box 2653, 66
Wigmore Street, London W1A 3RT have been appointed joint
liquidators for the purpose of the voluntary winding-up.

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


PO ENTERPRISES: Members Confirm Winding up of Company
-----------------------------------------------------
At the extraordinary general meeting of the members of the PO
Enterprises Limited on October 28, 2004 held at Kingston Smith &
Partners LLP, Devonshire House, 60 Goswell Road, London EC1M
7AD, the special, ordinary and extraordinary resolutions to wind
up the company were passed.  Nicholas John Miller and Ian Robert
of Kingston Smith & Partners LLP, Devonshire House, 60 Goswell
Road, London EC1M 7AD have been appointed joint liquidators for
the purpose of such winding-up.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


QUAKER CHEMICAL: Names KPMG Liquidator
--------------------------------------
At a meeting of the Quaker Chemical Holdings UK Limited on
October 28, 2004, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Richard John
Hill of KPMG Corporate Recovery, Arlington Business Park,
Theale, Reading RG7 4SD has been appointed liquidator of the
company for the purpose of such winding-up.

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


ROYAL & SUNALLIANCE: Shakeup Takes Effect After Nine Months
-----------------------------------------------------------
Highlights of nine-month results:

Good results

(a) Group combined operating ratio (COR) 100.9% (2003: 108.1%),

(b) Ongoing business[5] COR 94.5% (2003: 96.2%),

(c) Group operating result[1] GBP453 million (2003: GBP27
    million),

(d) Group operating profit[1] GBP258 million (2003 restated:
    loss GBP276 million)

Strong performance from ongoing operations

(a) U.K. business COR 94.3% -- strong commercial result and
    further improvement in personal,

(b) Excellent performance in Scandinavia COR 94.5%,

(c) International continues to produce strong results with COR
    of 96.0%,

(d) Continued improvement in Canada COR 97.1%,

Portfolio restructuring

(a) Sale of U.K. Life and Codan Life completed in Q3 and Q4
    respectively -- major restructuring now finalized,

(b) U.S. transition on track -- right actions being taken,
    steady progress made,

(c) Operational improvement program has now achieved GBP180
    million of annualized expense savings,

Capital

(a) Standard & Poor's and Moody's rating outlook improved to
    stable,

(b) Over GBP1.3 billion of cash realized during the quarter,

(c) Capital surplus as at 30 September 2004 of around GBP1.4
    billion

                                          Restated[6]
                                     9 Months     9 Months
                                       2004         2003
Revenue

General business
net premiums written                GBP3,783m     GBP5,125m

Combined Ratios

- Ongoing operations[5]                 94.5%     96.2%
- Overall                              100.9%    108.1%

Group operating result
(based on LTIR)[1]                    GBP453m      GBP27m
Group operating profit/(loss)
(based on LTIR)
[1, 2]                                GBP258m   GBP(276)m

Balance sheet

                                       Restated[6]
                                      30           31
                                 September       December
                                    2004          2003

Shareholders' funds              GBP2,795m   GBP2,986m
Net asset value per share[3,4]     101p      107p

Andy Haste, Group CEO Royal & SunAlliance said: "This has been
another strong quarter for the Group with all of our ongoing
businesses delivering results that are ahead of our cross cycle
combined ratio target.  The actions we've taken over the last 18
months to improve our operational performance are now clearly
benefiting our results.  Management continue to focus on
delivering the remainder of our change program and the
maintenance of our disciplined approach to underwriting, claims
and expense management."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] For more details on longer-term investment return see note 2
on page 9

[2] For more details on Group operating profit see page 6

[3] For more details on net asset value per share calculation
see page 8

[4] Adding back equalization provisions net of tax

[5] For more details on ongoing operations see page S7. Full
reconciliations of the results of the ongoing operations to
those of the overall business are given in the Supplementary
Information pack.

[6] See note 1 on page 9
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The first nine months of the year have seen good results across
all of our ongoing businesses underpinned by our operational
improvement program.  The combined operating ratio (COR) from
our ongoing businesses was 94.5% and our total COR was 100.9%.
The Group operating result of GBP453 million was a substantial
improvement on the GBP27 million for the same period last year
and the Group operating profit was also considerably stronger at
GBP258 million (2003 restated: loss GBP276 million).

With the completion of the sale of our U.K. Life company in Q3
and Danish life company in Q4 we have provided certainty for our
shareholders and finalized the major elements of the Group's
portfolio restructuring.  The improvement in our capital
position is reflected in the decision by both Standard & Poor's
and Moody's to improve their rating outlook on the Group to
stable.

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

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7111 7212
          Mobile: +44 (0) 7834 005589

          Press
          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047
          Mobile: +44 (0) 7834 005605

          Julius Duncan (Finsbury)
          Phone: +44 (0) 20 7251 3801
          Mobile: +44 (0) 7970 407394


ROYAL & SUNALLIANCE: Sells Japanese Portfolios for GBP92 Mln
------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc is to sell the business
of its branch operations in Japan to American Home Assurance
Company and AIU Insurance Company, both member companies of
American International Group Inc. (AIG).

Consideration payable by AIG will be GBP92 million, principally
for the goodwill of the business, payable in cash, which,
together with assets of the business to be retained by Royal &
SunAlliance, means that the total value attributable to its
Japanese operations as a result of the disposal, before
transaction costs and related outgoings, is expected to be
around GBP118 million.

Commenting on the transaction, Simon Lee, Royal & SunAlliance's
CEO International Businesses, said: "This deal represents a
strong return for shareholders.  The transaction signals the end
of the main restructuring process for International Businesses.
Our aim now is to develop further the rest of the international
franchise where we believe have high quality businesses and the
opportunity for continued long term earnings growth."

The transaction is subject to regulatory and other conditions
and a completion accounting adjustment.

                            *   *   *

The transaction will release risk based capital of GBP93m and
statutory capital of GBP81 million.

As at 30 September 2004 the net assets of the branches of around
GBP26 million (JPY5.2 billion) represented under 1% of Group
shareholders' funds and the net written premium of around GBP33
million (JPY6.6 billion) was under 1% of Group net premiums.

Royal & SunAlliance operates in Japan through branch operations
of The London Assurance, which is principally involved in direct
marketing of personal insurances, and Royal & Sun Alliance
Insurance plc, which sells commercial insurance via brokers.

CONTACT:  ROYAL & SUNALLIANCE PLD
          Analysts
          Helen Pickford
          Phone:  +44 (0) 20 7111 7212

          Phil Wilson-Brown
          Phone:  +44 (0) 20 7111 7047


STOFORD TRANSPORT: In Administrative Receivership
-------------------------------------------------
Royal Bank of Scotland Commercial Services Limited called in
Allan Watson Graham and Richard John Hill (Office Holder Nos
8719, 8027) joint administrative receivers for Stoford Transport
Ltd. (Reg No 1109030).  The application was filed November 5,
2004.

CONTACT:  KPMG LLP
          St Nicholas House
          Park Row, Nottingham NG1 6FQ
          Phone: (0115) 935 3535
          Fax: (0115) 935 3500
          Web site: http://www.kpmg.co.uk


TELEWEST GLOBAL: Results Show Growth, Strong Operational Quarter
----------------------------------------------------------------
Telewest Global, Inc. (NASDAQ: TLWT)(the Reorganized Company)
announces third quarter financial results for 2004.

Highlights

(a) GBP101 million of free cash flow generated in year-to-date;

(b) Commitment received for refinancing of bank facility;
    extending maturity and lowering cost of debt;

(c) Best quarterly growth in customer net adds for 2 years;
    strong performance continuing in Q4;

(d) Customer quality maintained as triple play penetration
    increased 9.5 percentage points to 24.4% year-on-year;

(e) Continued strong broadband growth with 70,000 net additions
    in the quarter;

(f) Revenue Generating Units grew by 92,000 in the quarter; RGUs
    per customer grew from 1.87 to 2.00 year-on-year;

(g) Consumer sales division revenue growth of 5%.

Financial highlights

                         Fresh Start           Pre Fresh Start
(unaudited in GBP m)      Q3 2004         Q2 2004         Q3
2003
Revenue                     328              326            325
Operating income*            10               20              5
Adjusted EBITDA**           122              122            110
Net loss                    (29)            (126)           (89)
Free cash flow               39               37              6

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Q3 2004 operating income impacted by additional non-cash
depreciation and amortization charges under fresh start
accounting

** Q3 2004 Adjusted EBITDA was reduced by a first time non-cash
charge of GBP3 million of stock- based compensation expense and
would have been GBP125 million without this charge, up GBP3
million on Q2 2004
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operational highlights

                          Q3 2004         Q2 2004       Q3 2003
Customer net adds          17,000          10,000         2,000
Broadband net adds         70,000          72,000        38,000
RGU net adds               92,000          84,000        49,000
Triple play percentage      24.4%           21.8%         14.9%


Eric Tveter, President and Chief Operating Officer of Telewest
Global, Inc. commented: "Our performance this quarter reflects a
focus on delivering profitable growth, enhanced marketing and a
continued effort to leverage product bundles.  Customer growth
during the quarter has been the best for more than two years.
We expect the momentum in customer net additions to increase in
the fourth quarter.  The content division is also seeing
increases in advertising revenues, driven by strong channel
performance and the business division has been strengthened by
the completion of its reorganization.

We are encouraged by the progress made to date and remain
confident in our ability to achieve continued profitable growth.
We continue to generate strong free cash flow and will,
following completion of the recently announced refinancing of
our senior secured credit facilities, have a capital structure
which provides the Telewest group with a sound platform for the
future."

A full copy of the result is available free of charge at:
http://bankrupt.com/misc/Telewest_3Q2004.htm

CONTACT:  TELEWEST GLOBAL INC.
          Richard Williams, Head of investor relations
          Phone: +44 (0) 20 7299 5479
          Vani Gupta, Investor relations manager
          Phone: +44 (0) 20 7299 5353
          Mary O'Reilly, Head of media
          Phone: +44 (0) 20 7299 5115

          BRUNSWICK
          Nick Claydon, Partner
          Phone: +44 (0) 20 7404 5959


VITALBILT LIMITED: Sets Final Meeting of Creditors, Members
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF VITALBILT LIMITED
                         (In Liquidation)

Notice is hereby given in terms of Section 106 of the Insolvency
Act 1986, that a final meeting of the members and creditors will
be held within the offices of Wylie & Bisset CA, 168 Bath
Street, Glasgow, G2 4TP on December 6, 2004 at 10:00 a.m. for
the purpose of receiving an account of the winding up from the
Liquidator.

M. D. Sheppard, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


W.H. CONTRACTS: Hires Numerica as Administrator
-----------------------------------------------
David Michael Riley and Nicholas Hugh O'Reilly (IP Nos 008959,
008309) have been appointed administrators for W.H. Contracts
Limited.  The appointment was made November 4, 2004.

The company is a haulage contractor.  Its registered office is
located at Unit 2, Townley Park, Hanson Street, Middleton M24
1UP.

CONTACT:  NUMERICA
          South Central, 11 Peter Street,
          Manchester M2 5LG
          Phone: 0161 833 8300
          Fax:   0161 833 8333
          Web site: http://www.numerica.biz


WILLIAM KAYLEY: Calls in Liquidators from Haines Watts
------------------------------------------------------
At the extraordinary general meeting of the William Kayley
(Stockport) Limited on November 1, 2004 held at the offices of
Haines Watts, First Floor, Park House, Park Square West, Leeds
LS1 2PS, the subjoined special, ordinary and extraordinary
resolutions to wind up the company were passed.  Timothy
Calverley and David Michael Clements of Haines Watts, First
Floor, Park House, Park Square West, Leeds LS1 2PS have been
appointed joint liquidators for the purpose of such winding-up.

CONTACT:  HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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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.

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                 * * * End of Transmission * * *