TCREUR_Public/041116.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

           Tuesday, November 16, 2004, Vol. 5, No. 227

                            Headlines

B E L G I U M

REAL SOFTWARE: Publishing Third-quarter Results this Week


C Z E C H   R E P U B L I C

PLZENSKA BANKA: Court Recognizes CZK2 Billion in Claims


F I N L A N D

METSO CORPORATION: Completes Bond Exchange Offer


F R A N C E

MU PRODUCTION: Macon Court Opens Liquidation Proceedings


G E R M A N Y

AMPLITON GMBH: Creditors Have Until this Month to File Claims
COSMETIQUE GMBH: Hamburg Court Appoints Administrator
DTS DIALOG: Call Center Succumbs to Bankruptcy
GERRESHEIMER HOLDINGS: Under Review for Possible Downgrade
HARTSTEIN GMBH: Administrator Takes over Operations

HAUS & HOF: Applies for Bankruptcy Proceedings
"KLEEBLATT" INGENIEURBURO: Creditors' Meeting Set December
MEDIZIN-ELEKTRONIK: Creditors' Claims Due Next Week
METALL- & MASCHINENBAUBETRIEB: Files for Bankruptcy
PRINT WORLD: Publishing Firm Under Bankruptcy Administration
PVS PERFORMANCE: Sets First Creditor's Meeting January


H U N G A R Y

NABI BUS: Adopts Rehab Plan Drafted by N.Y.-based Advisors


I R E L A N D

ELAN CORPORATION: Settles Row Over Alzheimer's Research Patent
JSG FUNDING: Books EUR2 Million Third-quarter Pre-tax Loss


I T A L Y

ALITALIA SPA: Govt Takes First Step Towards Privatizing Airline
PARMALAT FINANZIARIA: Administrator Reviews Business Plan


K Y R G Y Z S T A N

ENTERPRICE-2: Calls First Creditors' Meeting
KONDOR: To Hold Public Auction Later this Week
KYRGYZ INTERNATIONAL: Bankruptcy Grounds Airline
SULUKTA DAN-AZYK: To Verify Claims Early Next Year
VINIFERMA: Insolvency Manager to Temporarily Run Company


L U X E M B O U R G

MILLICOM INTERNATIONAL: Subscribers Now Number Seven Million


N E T H E R L A N D S

KENDRION N.V.: Reschedules EGM to Amend Articles of Association
KONINKLIJKE AHOLD: Moves HQ to Rodamco's Building in Amsterdam
VILENZO INTERNATIONAL: We Buys Clothier out of Bankruptcy


N O R W A Y

DNO ASA: Expects NOK96 Mln After-tax Net Loss in 3rd Quarter
STOLT-NIELSEN: Two Non-executive Directors Resign


R U S S I A

BRICKWORKS PERVOMAYSKIY: Declared Insolvent
GAOR-ELEKTO-SET P.KRASNOBRODSKIY: Court Hires Insolvency Manager
GOR-ELEKTRO-SET: Bankruptcy Hearings Resume January
GORSVET: Gives Creditors Until December to File Claims
KOLOMNA-GRAIN-PRODUCT: Names D. Gryaznov Insolvency Manager

LIVNY-REINFORCED-CONCRETE: Orel Court Appoints Insolvent Manager
ORLOVSKAYA MACARONI: Sets Public Auction Next Week
PROPKOPYEVSKIY COMBINE: Deadline for Proofs of Claim Set
SLAVYANKA: Undergoes Bankruptcy Supervision Procedure
SMOLENSK PEAT: Urges Creditors to File Claims Before December 8

TECHNOLOGY OF ORGANIC: Under Bankruptcy Supervision
UKHTA-GAS-STROY-MASH: Insolvency Manager Takes over Helm
UZAVTO: Moscow Court Recommends Bankruptcy Supervision


S P A I N

IZAR: E.C. Uneasy About Government-backed Rehab Plan
IZAR: Commerce Minister Confident Dispute with Workers Will End


S W E D E N

AQUA TERRENA: Nine-month Loss Up Twofold


U K R A I N E

BUILDING GOVERNING 2: Court Orders Debt Moratorium
DIAMANT ATG: Court Launches Bankruptcy Supervision Procedure
HLIBOROB: Insolvency Manager to Temporarily Oversee Operations
INTERHIMPLAST: Vinnitsya Court Opens Bankruptcy Proceedings
MEBLI: Ordered to Undergo Bankruptcy Supervision

NOVOUSHITSKIJ OIL: Sets Proofs of Claim Deadline
STEEL-CONTRUCTION: Under Bankruptcy Supervision
VOZNESENSKE: Claims Deadline Expires Third Week of November


U N I T E D   K I N G D O M

11072003 LIMITED: Sets General Meeting December
ABBEYGATE SECURITIES: Hires Liquidator from Wilkins Kennedy
ABBEY NATIONAL: Banco Santander Completes Acquisition
ABBEY NATIONAL: Support Rating Affirmed After Ownership Change
ADDCOLOUR PLASTICS: HSBC Bank Appoints Begbies Traynor Receiver

ALLTIMES SERVICES: Hires S. M. Katz as Liquidator
AMEXNET LIMITED: Hires PricewaterhouseCoopers as Liquidator
ANDEK BUILDING: Hires David Exell Associates as Administrator
APPLIED AND ADVANCED: Names KPMG Liquidator
AYRSHIRE BUILDING: Liquidator Calls First Creditors' Meeting

BEEHIVE PLUMBING: Names Sanderlings Liquidator
BENEDICTA LIMITED: Special Winding up Resolution Passed
BETTYBOX INVESTMENTS: Creditors Final Meeting Set December
B&G MARTIN: Hires Joint Administrators from Tenon Recovery
BLUE RIDGE: Calls in Liquidator from Wilkins Kennedy

CAPFERN DEVELOPMENTS: Members Final Meeting Set
CAPITAL EQUITY: Extraordinary Winding up Resolution Passed
CHANDNI KNITWEAR: Names Crawfords Liquidator
CHARTER HEAVEN: Liquidator to Update Owners Next Month
COMMERCE ONE: Names Harrisons Liquidator

CORUS GROUP: Unit Gets Full Ownership of Segal for EUR25 Mln
COSTAIN GROUP: Wins GBP68.5 Million Construction Deal
EAST ANGLIA: Members Opt to Wind up Business
EAST YORKSHIRE: Sets Members General Meeting
G.T. FAN: Liquidator to Give Report Next Month

INMARSAT FINANCE: US$300 Million Issuance Rated (P)Caa1
LINGAR PROPERTIES: Members Final Meeting Set December
NEW NOBLE: Sets First Creditors' Meeting
NY PROPERTIES: Members General Meeting Set Next Month
PEGASUS FLOORING: Appoints Liquidator from Begbies Traynor

PERSONA MANAGEMENT: Calls in Liquidator from Tenon Recovery
SOFT DRINKS: Appoints Mazars Administrator
THAT CAFE: Creditors Bring in Liquidator
TISCO FAST: Interim Liquidators Call Creditors' Meeting
VNN MANAGEMENT: Liquidator from Begbies Traynor Moves in
WOODCHURCH LIMITED: Members General Meeting Set

* Large Companies with Insolvent Balance Sheets


                            *********


=============
B E L G I U M
=============


REAL SOFTWARE: Publishing Third-quarter Results this Week
---------------------------------------------------------
The company decided to publish its third quarter results on Nov.
18, 2004 before opening of the stock market -- and not on Nov.
19, 2004 after closing, as previously announced.  As from 8:30
p.m. that day, the press release will be available at
http://www.realsoftware.be.

Real Software was established in 1986.  In 2003, a group
turnover of EUR166.9 million was generated, with an operating
profit (EBIT) of EUR0.4 million, representing an EBIT margin of
0.2%.  The Real Software Group currently has 1317 employees.

The Group offers a comprehensive range of software services,
from the development and implementation of in house products,
tailor-made projects and outsourcing through to advice,
implementation and sales of products produced by other companies
such as SAP, JD Edwards, Oracle, Microsoft Navision and
Microsoft Axapta.

The company exports Belgian technology to a number of countries,
including Luxembourg, the Netherlands, France and Germany.  Its
customer portfolio includes companies such as Du Pont de
Nemours, Carrefour, Johnson & Johnson, Merck Sharp & Dohme,
Biogen, Renault, STIB-MIVB, the Paris Metro, TF1, EDF -
Electricite de France, SNCF, PTT Post, NedCar, Philips, Bandag,
Goodyear, KBC Bank and Fortis Bank.  You can find more
information at http://www.realsoftwaregroup.com.

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate Communications Manager
          Prins Boudewijnlaan 26, 2550 Kontich
          Phone: +32.3.290.23.11
          Fax: +32.3.290.23.00
          Direct: +32.3.290.25.30
          GSM: +32.477.619.682
          E-mail: Dina.Boschmans@realsoftware.be
          Web site: http://www.realsoftwaregroup.com


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


PLZENSKA BANKA: Court Recognizes CZK2 Billion in Claims
-------------------------------------------------------
The district court of Plzen has admitted a CZK2.158 billion
claim against bankrupt Plzenska Banka (PB), Financni Noviny
says.

Cyprus-based Naval Architects Shipping Company Ltd. (NAS) won
the claim on November 10, after PB's creditors confirmed an
issued statement recognizing the claim in full.

NAS bought the claim for CZK650 million in March from investment
firm Akro.  The district court of Hradec Karlove recognized the
claim in March 2003, but PB's bankruptcy administrator and 12
creditors contested the ruling, forcing NAS to file a suit
against them.  PB's creditors issued a statement early this
month admitting the claims.   The claim, however, creates more
problems for PB's other 1,300 creditors as the company only has
CZK1.26 billion in assets.

CONTACT:  Plzenska Banka a.s.
          Nam. Republiky 130/16
          P.O.BOX 322
          306 22 Plzen
          Phone: +420 377 235 354-359
          Fax: +420 377 235 330
          E-mail: plzenska.banka@plba.cz
          Web site: http://www.plba.cz


=============
F I N L A N D
=============


METSO CORPORATION: Completes Bond Exchange Offer
------------------------------------------------
Metso Corporation has completed its invitation to holders of its
EUR500 million 6.25% Notes due 2006 (of which EUR412 million is
currently outstanding) to exchange their Existing Notes for new
Euro-denominated 5.125% Notes due 2011.  The Exchange Offer was
launched on October 29, 2004 and expired on November 11, 2004.
EUR256.1 million of Existing Notes have been validly submitted
and accepted for exchange corresponding to 62.2% of the total
outstanding amount of Existing Notes.  By application of the
Exchange Ratio of 1.0709449, EUR274.2 million of New Notes will
be issued on November 19, 2004.

Due to the high proportion of Existing Notes submitted for
exchange, Metso will not be issuing any Additional Notes.  This
successful 7-year issue was well received by the market and
enabled Metso to extend its debt maturity profile at attractive
financial conditions.

Results of the Exchange Offer

Final aggregate principal amount
of the Existing Notes accepted
for exchange:                    EUR256,064,000

Final aggregate principal amount
of the New Notes:                EUR274,211,000

2006 Benchmark Rate
(OBL 4.50% due 18 Aug. 2006
- ISIN: DE0001141380):           2.356%

Exchange Spread:                 55 bps over the 2006 Benchmark
                                 Rate

Exchange Price:                  106.589% of EUR1,000 principal
                                 amount of Existing Notes

Cash amounts per Existing Note
in respect of accrued interest:  EUR58.74

New Notes Issue Date:            November 19, 2004

7-Year Mid Swap Rate:            3.557%

New Issue Spread:                165 bps over the 2011 Benchmark
                                 Rate

New Issue Coupon:                5.125%

New Issue Price:                 99.528% of EUR1,000 principal
                                 amount of New Notes

Exchange Ratio: 1.0709449

Maturity Date of New Issue:      November 21, 2011

                           Settlement

The Settlement Date is expected to be on Nov. 19, 2004 on which
date the New Notes will be delivered to the holders of Existing
Notes who have validly accepted the Exchange Offer (together
with cash amounts in respect of accrued interest and rounding,
if any).

Deutsche Bank and Merrill Lynch are acting as Dealer Managers in
relation to the Exchange Offer.  Citibank, Nordea and
Skandinaviska Enskilda Banken are acting as Co-Dealer Managers.
Citibank is acting as Exchange Agent and Dexia Banque is acting
as Luxembourg Exchange Agent.

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

                            *   *   *

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

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

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

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

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

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

          Luxembourg Exchange Agent
          DEXIA BANQUE INTERNATIONALE A LUXEMBOURG
          Phone: +352 4590 1


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


MU PRODUCTION: Macon Court Opens Liquidation Proceedings
--------------------------------------------------------
The High Court of Macon placed MU Production into liquidation on
November 4, 2004 and appointed SCP Deslorieux liquidator.
Creditors are urged to submit their proofs of claim to the
liquidator within two months from the publication of this
announcement on the Bulletin Officiel des Annonces Civiles et
Commerciales (BODACC).

CONTACT:  MU PRODUCTION
          151 Rue Rambuteau,
          B.P. 230, 71008 Macon Cedex

          SCP DESLORIEUX
          44 Rue de la Republique
          B.P. 3, 71640 Givry


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


AMPLITON GMBH: Creditors Have Until this Month to File Claims
-------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Ampliton GmbH on Oct. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 30, 2004 to register their claims with

court-appointed provisional administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 21, 2004, 8:30 a.m. at the district court of
Dusseldorf Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213
Dusseldorf, 4. OG. Altbau, A 409 at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AMPLITON GMBH
          Gumpgesbrucke 15, 41564 Kaarst
          Phone: 0180/509 5095

          Contact:
          Hartmut Gohl, Insolvency Manager
          Hoeninger Str. 10, 41569 Rommerskirchen

          Dr. Frank Kebekus, Insolvency Manager
          Scheibenstrasse 45, 40479 Dusseldorf


COSMETIQUE GMBH: Hamburg Court Appoints Administrator
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Dominique Cosmetique GmbH on Oct. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 15, 2004 to register their
claims with court-appointed provisional administrator Sonke
Hansen.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 11:15 a.m. at the district court
of Hamburg 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:  COSMETIQUE GMBH
          ABC-Strasse 52, 20354 Hamburg
          Contact:
          Dominique Reitbauer, Manager
          Heinz Tiefholz-Kauck, Manager

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


DTS DIALOG: Call Center Succumbs to Bankruptcy
----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against dts dialog und telefon service GmbH on Oct. 8.
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 Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:20 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  DTS DIALOG UND TELEFON SERVICE GMBH
          Hofwiese 4, 51515 Kurten
          Contact:
          Claus Rabe, Manager
          Pillauer Weg 21, 41564 Kaarst

          Karl-Dieter Sommerfeld, Insolvency Manager
          Hammerweg 3, 51766 Engelskirchen
          Phone: 02263/9039-0
          Fax: +492263903910


GERRESHEIMER HOLDINGS: Under Review for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the ratings of Gerresheimer
Holdings GmbH & Co, the direct holding company of Gerresheimer
Glas AG, a under review for possible downgrade.

The rating action follows the announcement that the holding's
existing shareholders, Investcorp and JP Morgan Partners, have
agreed to sell their stake in Gerresheimer Glas to The
Blackstone Group.

The ratings affected are the B1 senior implied rating at
Gerresheimer Holdings GmbH & Co. KG; B1 rating on the senior
secured credit facilities at Gerresheimer Holdings GmbH & Co.
KG.; and B3 senior unsecured issuer rating at Gerresheimer
Holdings GmbH & Co. KG.

Moody's said it will review the potential business and financial
strategies of Blackstone for Gerresheimer Glas including the
proposed debt leverage profile and relative ranking of the
company's different creditors following its expected re-
capitalization.

The rating agency thinks it is likely that the company's
existing debt will be refinanced according to a mandatory
prepayment clause agreed once the firm changes ownership.
Moody's expects to confirm and withdraw the rating for the
credit facilities should its senior secured credit facilities
are prepaid and cancelled.

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


HARTSTEIN GMBH: Administrator Takes over Operations
---------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Hartstein GmbH on Oct. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 15, 2004 to register their claims with
court-appointed provisional administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 14, 2005, 8:30 a.m. at the district court of
Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341 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:  HARTSTEIN GMBH
          Fichtenstr. 72, 40233 Dusseldorf
          Phone: (0211) 7335491
          Fax: (0211) 7336351
          E-mail: hartstein-gmbh@t-online.de

          Contact:
          Herbert Hartstein, Manager
          Peter Rudiger Hartstein, Manager
          Am Monchgraben 104, 40597 Dusseldorf

          Dr. Frank Kebekus, Insolvency Manager
          Scheibenstrasse 45, 40479 Dusseldorf


HAUS & HOF: Applies for Bankruptcy Proceedings
----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Haus & Hof Bau GmbH on Oct. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 17, 2004 to register their claims with
court-appointed provisional administrator Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 9:00 a.m. at the district court of
Bonn Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.18 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HAUS & HOF BAU GMBH
          Johannesstr. 41-45, 53721 Siegburg

          Jens Fahnster, Insolvency Manager
          Kolnstrasse 135, 53757 Sankt Augustin
          Phone: 02241/90600
          Fax: 02241906062


"KLEEBLATT" INGENIEURBURO: Creditors' Meeting Set December
----------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Kleeblatt" Ingenieurburo fur Umwelttechnik
GmbH on Oct. 21.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Jan. 21, 2005 to register their claims with court-
appointed provisional administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:15 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Mar. 14, 2005, 9:00 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  "KLEEBLATT" INGENIEURBURO FUR UMWELTTECHNIK GMBH
          Schonhauser Str. 14,12169 Berlin
          Contact:
          Klaus Ebel, Manager
          Dellweg 1, 25770 Lieth

          Rudiger Wienberg, Insolvency Manager
          Markgrafenstrasse 25, 10117 Berlin


MEDIZIN-ELEKTRONIK: Creditors' Claims Due Next Week
---------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Medizin-Elektronik Schulz GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 22, 2004
to register their claims with court-appointed provisional
administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:15 a.m. at the district court of
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:  MEDIZIN-ELEKTRONIK SCHULZ GMBH
          Elb 56, 40724 Hilden
          Contact:
          Ilse Schulz, Manager
          Dusseldorfer Str. 91, 40721 Hilden

          Dr. Onno Klopp, Insolvency Manager
          Sternstrasse 58, 40479 Dusseldorf


METALL- & MASCHINENBAUBETRIEB: Files for Bankruptcy
---------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against Metall- & Maschinenbaubetrieb Jurgen Lorenz GmbH on Oct.
26.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Dec. 15,
2004 to register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 9:30 a.m. at the district court of
Cottbus Saal 210 im Gebaude des Amtsgerichts Cottbus,
Gerichtsplatz 2 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:  METALL- & MASCHINENBAUBETRIEB JURGEN LORENZ GMBH
          Doberluger Str. 25 b, 03253 Trobitz

          Dr. Christoph Junker, Insolvency Manager
          Karcherallee 25 a, 01277 Dresden


PRINT WORLD: Publishing Firm Under Bankruptcy Administration
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Print World Produktionskontor GmbH on Oct. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 16, 2004
to register their claims with court-appointed provisional
administrator Dr. Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 12:10 a.m. at the district court
of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PRINT WORLD PRODUKTIONSKONTOR GMBH
          Alter Berner Weg 24, 22393 Hamburg
          Contact:
          Matthias Albers, Manager
          Alter Berner Weg 24, 22393 Hamburg

          Dr. Klaus Pannen, Insolvency Manager
          Jungfernstieg 51, 20354 Hamburg
          Phone: 35005266
          Fax: 35005119


PVS PERFORMANCE: Sets First Creditor's Meeting January
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against PVS Performance GmbH on Oct. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 23, 2004 to register their
claims with court-appointed provisional administrator Reinhard
Titz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:30 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PVS PERFORMANCE GMBH
          Heinrich-Barth-Strasse 30, 20146 Hamburg
          Contact:
          Wolfgang Bock, Manager
          Lehmweg 30, 20251 Hamburg

          Reinhard Titz, Insolvency Manager
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301226


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


NABI BUS: Adopts Rehab Plan Drafted by N.Y.-based Advisors
----------------------------------------------------------
The Board of Directors of NABI Bus Industries Rt approved on
Nov. 11 a strategy that will lead to a comprehensive
restructuring of the Group's operations.

Since late 2002, NABI's capital requirements have increased
significantly in supporting an expansion of manufacturing
capacity and the design, development and introduction of a
number of new products for the U.S., U.K. and Hungarian markets.
The coordination of engineering and manufacturing between the
company's production facilities has proved complex and
problematic, leading to increased costs and disappointing
financial performance in 2003 and 2004.  During the same period,
the depreciation of the U.S. dollar against the Hungarian forint
has dramatically increased the cost of production of transit bus
shells in Hungary.

In response to the decline in the Company's financial and
operating results, the Board initiated actions necessary to
improve the competitive and financial performance of the Group.
These actions included the appointment in July 2004 of Conway,
Del Genio, Gries & Co., LLC (CDG), a New York-based firm of
restructuring advisors who has been working in partnership with
Numerica LLP, leading providers of such services in the U.K., to
review and assess the Company's current operations and make
recommendations for improving future performance.

On 11 November 2004, the Board approved a strategy developed
with CDG that will lead to a comprehensive restructuring of
operations over the next nine months so as to increase the
company's competitiveness and reduce working capital and debt.
Products and business units, which do not provide an adequate
financial return or are not core to the company's operations
will be restructured in order that additional resources can be
redirected to its primary business activities.

Further announcements will be made as the various elements of
the restructuring program are finalized.

CONTACT:  NABI BUS INDUSTRIES RT
          Contact:
          Andras Bodor, Corporate Affairs Director
          Phone: +36.1.401.7100
          E-mail: andras.bodor@nabi.hu


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


ELAN CORPORATION: Settles Row Over Alzheimer's Research Patent
--------------------------------------------------------------
Elan Corporation, plc and Mayo Foundation for Medical Education
and Research jointly announced they have entered into an
agreement related to each party's Alzheimer's disease research
efforts.  The agreement resolves a patent dispute regarding
certain transgenic mice patents and facilitates use by both
parties of an array of research tools in combating the disease.

The Elan patents that were the subject of the dispute -- which
are acknowledged as valid and enforceable under the agreement --
cover transgenic mice that express the human gene known as the
Swedish mutation of the amyloid precursor protein.  These mice
serve an important function in the study of Alzheimer's disease
and the development of drugs aimed at curing the disease.

The resolution of this dispute provides Mayo and Elan with
cross-licenses necessary to pursue their respective ongoing
Alzheimer's research and development efforts, and includes the
ability for Mayo to conduct research with third parties under
this portfolio.  Both entities remain committed to changing the
course of Alzheimer's disease through these efforts and by
making their patents available for licensing.

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.

About Mayo

Mayo's mission is to meet patients' needs through integrated
clinical practice, education and research.  Mayo's research
leads to decreasing the burden of human disease.  Mayo is a not-
for-profit organization.

CONTACT:  ELAN CORPORATION, PLC
          Investor Relations:
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526


JSG FUNDING: Books EUR2 Million Third-quarter Pre-tax Loss
----------------------------------------------------------
JSG Funding Plc announced on November 12, 2004 the results for
three months ended September 30, 2004.

                3Q 04   3Q 03   Change    3Q 04   2Q 04   Change
                EUR M   EUR M      %      EUR M   EUR M      %

Net sales       1,186   1,177      1      1,186   1,226      (3)

EBITDA(a)         146     145      1        146     158      (8)

EBITDA(a) Margin   12.3%   12.3%             12.3%   12.9%

Free cash flow     82      87     (6)        82      70      17

Pre-tax profit
/(loss)            (2)     (1)    NM         (2)     20      NM

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(a)Pre-exceptional EBITDA of subsidiaries only
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                             9 months to    9 months to   Change
                              Sep 30, 04     Sep 30, 03
                                   EUR M          EUR M     %

Net sales                          3,613          3,573       1

EBITDA(a)                            446            476      (6)

EBITDA(a) Margin                      12.4%          13.3%

Free cash flow                       165            143      15

Pre-tax profit/(loss)                 15             31     (51)

(a)Pre-exceptional EBITDA of subsidiaries only

Third Quarter 2004: Year-on-year Performance

Third quarter net sales of EUR1,186 million increased 1% against
EUR1,177 million in the third quarter of 2003.  Excluding the
effect of acquisitions, disposals and currency movements, sales
increased EUR25 million or 2% on the comparable period in 2003.

Third quarter EBITDA, before exceptional items, of EUR146
million increased by slightly less than 1% against EUR145
million in the third quarter of 2003, representing a margin on
net sales of 12.3% for both periods.  Excluding the effect of
acquisitions, disposals and currency movements, EBITDA, before
exceptional items, of EUR146 million increased over 1% on the
comparable period in 2003.

Third Quarter 2004: Quarter-on-quarter performance

Third quarter net sales of EUR1,186 million decreased 3% against
EUR1,226 million in the second quarter of 2004.  Excluding the
effect of currency movements, sales decreased EUR36 million or
3% on the second quarter of 2004.

Third quarter EBITDA, before exceptional items, of EUR146
million decreased 8% against EUR158 million in the second
quarter of 2004 representing a margin on net sales of 12.3% and
12.9% respectively.  Excluding the effect of currency movements,
EBITDA, before exceptional items, of EUR146 million decreased 7%
on the second quarter of 2004.

Third Quarter 2004: Summary Cash Flows & Capital Structure

Free cash flow in the third quarter of EUR82 million compares to
EUR87 million in 2003.  Third quarter free cash flow reflects a
modest pre-tax loss, offset by a continued reduction in working
capital levels.  Net borrowing at September 30, 2004 was
EUR2,963 million (excluding EUR28 million capital leases; EUR29
million at the end of June); an EUR82 million-decrease on June
2004 levels.  The relative strengthening of the euro since June
has decreased the value of non-euro denominated debt and has
resulted in a currency translation gain of EUR12 million in the
quarter.  Net debt to capitalization was 78% at September 30,
2004.

Nine months to September 2004: Year-on-year performance

Net sales for the nine months to September 30, 2004 of EUR3,613
million increased 1% against EUR3,573 million in the comparable
period in 2003.  Excluding the effect of acquisitions, disposals
and currency movements, sales increased EUR49 million or 1% on
the same period in 2003.

EBITDA, before exceptional items, of EUR446 million for the
first nine months decreased 6% against EUR476 million in the
comparable period in 2003 representing a margin on net sales of
12.4% and 13.3% respectively.  Excluding the effect of
acquisitions, disposals, currency movements and the one-off gain
on property sales in the K Club, EBITDA, before exceptional
items, of EUR446 million-decreased EUR12 million or 3% against
the comparable period in 2003.  This represents an EBITDA margin
on net sales of 12.4% and 12.8% respectively.

Product Market Overview: Europe

The difficult European macro-operating environment, which
prevailed in the first half of 2004, moderated in the third
quarter with some improvement in industrial growth in Europe.
However, despite growth in volumes across each of the Group's
core European businesses, kraftliner, recycled containerboard
and corrugated, the product price environment generally remains
very difficult.

Kraftliner was the best performing of the three core grades
during the quarter and continues to benefit from an improved
global supply and demand balance.  JSG's two kraftliner
facilities, at Nettingsdorfer and Facture, are beneficiaries of
the improving supply and demand balance.  Kraftliner volumes
increased 6% in the third quarter on 2003 levels.  Volume
increases in the third quarter, reflect a combination of
improving demand and soft comparisons in 2003.  The kraftliner
price increase of EUR50 per ton announced for September 2004 was
partially implemented during the quarter.

Recycled containerboard volumes, excluding acquisitions,
decreased 1% in the third quarter on 2003 levels.  This reflects
planned maintenance downtime in one of the Group's German mills
in the period.  In the nine months to September 30, recycled
containerboard volumes increased 3% on 2003 levels.  This
increase reflects a 6% increase in volumes in two of the Group's
largest markets, France and the U.K., which benefited from
improved integration levels and a somewhat improving operating
environment respectively.  Including the effect of acquisitions
(SSCC Europe in March 2003 and Papelera Navarra in May 2003),
recycled containerboard volumes increased 14% year-on-year.

Waste-fiber prices, the primary input cost for recycled
containerboard, remained broadly unchanged throughout the first
half of the year and this trend continued in the third quarter.
The price increase of EUR30 to EUR40 per ton in recycled
containerboard in the first quarter was followed by a EUR20 per
ton downward adjustment in July as the price increase proved
unsustainable.  Recycled containerboard prices remained broadly
unchanged in the third quarter following the July price
adjustment.  A price increase of EUR50 per ton was announced for
October with implementation planned for the fourth quarter.

Corrugated volumes increased marginally on the third quarter of
2003.  This volume increase is comprised of growth mainly in
Germany and the U.K. offset by declines in France, Holland and
Spain.  Including the effect of acquisitions, corrugated volumes
for the nine months increased by 10% year-on-year.  Competitive
market conditions across Europe and unchanged waste-fiber and
recycled containerboard prices, resulted in static corrugated
prices during the quarter.  Corrugated prices, in the third
quarter, were 2% lower than in the same period in 2003.

The Group's Munksjo Speciality operations continued to perform
well in the third quarter principally reflecting strong decor
paper markets and represents a significant improvement on prior
years.

Sack kraft conditions remain difficult and price increases
announced for the second half of 2004 are not yet implemented.
The Group's sack converting operations continue to grow modestly
and volumes increased 3% in the third quarter on the comparable
period in 2003.  JSG's graphic board business continues to
improve following recent restructuring.  Volumes decreased 6% in
the third quarter on the comparable period in 2003, but this
reflects the closure of Lestrem, one of JSG's three graphic
board mills, in December 2003.  Excluding the effect of the
closure of our Lestrem mill, volumes increased over 20% on the
third quarter of 2003, reflecting the successful transfer of
significant tonnage from the closed mill to the Group's other
operations.  The Bag-in-Box business reported good results in
the third quarter with 27% growth in volume on the comparable
period in 2003.

Product Market Overview: Latin America

JSG's Latin American businesses continue to perform ahead of
expectations.  Third quarter containerboard volumes for the
region increased 2% year-on-year.  Corrugated volumes increased
10% year-on-year.  The difference in growth rates reflects, in
part, the growing issue of capacity limitation of the Group's
mills in Latin America.

JSG's Mexican operations are performing well reflecting a slowly
improving US economy, an improving domestic economic environment
and the benefits of JSG's internal restructuring initiatives.
Third quarter containerboard and corrugated volumes increased 8%
and 10% respectively year-on-year.

Venezuela also continues to perform ahead of expectations and
product pricing remains strong while the domestic economy and
currency remain protected.  Third quarter containerboard and
corrugated volumes increased 1% and 20% respectively year-on-
year.

Argentina reported continued growth.  In the third quarter,
corrugated prices increased by 6% and volumes increased 4% on
the comparable period in 2003.  Third quarter containerboard
volumes decreased 12% year-on-year, reflecting maintenance
downtime.

Colombia continues to show growth year-on-year.  The
strengthening of the Colombian peso relative to the US dollar
positively impacted third-quarter results.  This increased input
costs, but also positively impacted product prices in period.
Third quarter containerboard and corrugated volumes increased 3%
and 8% respectively year-on-year.

The development of our new corrugated facility in Santiago,
Chile is on schedule.  The first stage was completed in August
when the corrugators and other equipment arrived at the plant.
The construction phase is now completed and sales activity began
in October.  In July we purchased a sack plant in Ecuador.  This
is being integrated with our Colombian sack paper and conversion
businesses.

Capital Expenditure and Cost Take-out

Capital expenditure during the third quarter was EUR60 million.
Capital expenditure for the first nine months of 2004 was EUR141
million.  The capital expenditure target for the full year
remains approximately 80% of depreciation and represents
adequate investment levels to sustain current and expected
business needs.

JSG continues to focus on reducing costs across the
organization.  Operational cost take-out, for the nine months to
September 30, was approximately EUR43 million.  Annual cost
take-out, for the full-year, is expected to be in line with
expectations.

JSG continues to review all non-strategic and non-EBITDA
generating assets.  During the quarter we disposed of our
interests in the Irish Communications business.

As the EUR125 million debt associated with the newcos (formed at
the time of the LBO and not falling within the scope of JSG's
reported financial statements) has been repaid, JSG received a
cash inflow of EUR13 million from the newcos during the nine
months to September.  This inflow reflects cash from the sale of
non-operating and non-core assets.  The major assets remaining
for sale are the Pomona newsprint mill and our stake in Lecta.

Third Quarter 2004: Cash Flows & Capital Structure

Free cash flow, for the third quarter was EUR82 million compared
to EUR87 million in the comparable period in 2003.  The decline,
year-on-year, reflects a smaller reduction in working capital
and higher capital expenditure offset by lower tax payments.

Depreciation in the third quarter, at EUR67 million, was
modestly higher than in the comparable period in 2003.  This
increase, in part, reflects the acquisition of the former SSCC
operations in Europe.  Capital expenditure for the third quarter
was EUR60 million.

JSG also reported a net inflow in respect of tax in the third
quarter as a result of receiving refunds of almost EUR15 million
in the Netherlands under the Bosal judgment.

Working capital decreased by EUR48 million in the third quarter
reflecting lower debtors and higher creditors.  As a percentage
of annual net sales, working capital of EUR412 million at
September 2004 represented 8.7% compared to 10.8% at September
2003.  We have now exceeded the working capital reduction
targeted at the time of the privatization of the company in late
2002.  Seasonal changes can be expected to cause the level of
working capital to fluctuate from its current relatively low
level.

Financing and investment outflows in the third quarter were
modest.  In the third quarter of 2003, investments included
EUR27 million in respect of Papelera Navarra as well as the
deferred payment of EUR55 million for Nettingsdorfer.  Sales of
investments and associates of EUR17 million in 2003 related
mainly to the sale of our holding in Leefung Asco, the proceeds
from which were transferred to the newcos.

The net cash inflow of EUR81 million in the third quarter
compared to a deficit of EUR7 million in the same period in
2003.  The surplus for the quarter was offset by non-cash
interest accrued.  Currency adjustments in the third quarter
were positive, reflecting the relative strengthening of the
euro, primarily against the U.S. dollar.  In total, net
borrowing decreased by EUR82 million from EUR3,045 million
(EUR3,074 million including leases) at June 2004 to EUR2,963
million (EUR2,991 million including leases) at September 2004.

Summary Cash Flows for the Third Quarter and First Nine Months
of 2004

                               3 mths   3 mths   9 mths   9 mths
                                   to       to       to       to
                               Sep 30   Sep 30   Sep 30   Sep 30
                                 2004     2003     2004     2003
                                EUR M    EUR M    EUR M    EUR M
(Loss)/profit
   before tax -
   subsidiaries                   (4)      (3)       7       23

Exceptional items                  -       (6)     (15)      (6)

Depreciation and depletion        67       65      202      193

Goodwill amortization             10       12       31       33

Non cash interest expense         15       15       46       44

Working capital change            48       76       31       34

Capital expenditure              (60)     (47)    (141)    (126)

Change in capital creditors        6       (3)      (7)     (14)

Sales of fixed assets              1        7       23        8

Tax paid                           3      (27)     (20)     (51)

Dividends from associates          -        1        3        1

Other                             (4)      (3)       5        4

Free cash flow                    82       87      165      143

Investments                        -      (85)      (5)    (179)

Sale of businesses and investments -       17        -       29

Dividends paid to minorities       -       (2)      (5)      (6)

Deferred debt issue costs         (3)       -       (3)      (8)

Transaction fees                   -       (5)      (2)     (17)

Transfer of cash from/(to)
  affiliates                       2      (19)      13      (21)

Net cash inflow / (outflow)       81       (7)     163      (59)

Net cash/(debt)
  acquired/disposed                -        -        -       55

SSCC inter-company
  debt repaid                      -        -        -      (97)

Non-cash interest accrued        (11)     (10)     (33)     (30)

Currency translation adjustments  12       16      (20)      98

Decrease/(increase) in net
  borrowing                       82       (1)     110      (33)


Performance Review and Outlook

Gary McGann, JSG's Chief Executive Officer, commented: "These
results demonstrate the continued strength of our Latin American
businesses, the tough operating environment in Europe, albeit
with some indications of a volume led recovery, and our
continued efforts to control the controllable.

EBITDA margins, within this quarter, reflect progress towards
the objective to deliver superior performance at each point of
the industry cycle.  Significantly, this quarter marks real
progress towards the stated financial priority of progressive
debt paydown."

Reconciliation of Net Profit to EBITDA, Before Exceptional Items
(Unaudited)

                            3 mths   3 mths    9 mths    9 mths
                                to       to        to        to
                            Sep 30   Sep 30    Sep 30    Sep 30
                              2004     2003      2004      2003
                           EUR 000  EUR 000   EUR 000   EUR 000

Net loss                  (11,264)  (17,121)  (24,939)  (35,799)

Equity minority interests   3,992     3,753    11,115    13,053

Taxation                    5,245    12,691    28,792    53,450

Share of associates'
  Operating profit         (3,017)   (2,877)   (9,040)   (9,531)

Profit on sale of assets
  and operations
  - subsidiaries                -    (5,560)  (15,072)   (5,560)

Reorganization and
restructuring costs        3,026     3,164     8,681     8,510

Total net interest         71,536    74,655   214,399   226,605

Depreciation, depletion
  and amortization         76,491    76,421   232,397   225,402


EBITDA before                 EUR       EUR       EUR       EUR
  exceptional items       146,009   145,126   446,333   476,130

Web site Access to Reports

The Registrant's annual report on Form 20-F, current reports on
Form 6-K and all amendments to those reports are made available
free of charge through (http://www.smurfit-group.com)as soon as
practicable after such material is electronically filed with or
furnished to the U.S. Securities and Exchange Commission.

The full copy of JSG's third-quarter results are available free
of charge at http://bankrupt.com/misc/JSG_3q2004.htm.

CONTACT:  JEFFERSON SMURFIT GROUP
          Beech Hill
          Clonskeagh, Dublin 4,
          Phone: +353 (0) 1-202 7000
          Fax: +353 (0) 1-269 4481
          Web site: http://www.smurfit-group.com

          Gary McGann, Chief Executive Officer
          Phone: +353 1 202 7000

          Tony Smurfit, President & COO
          Phone: +353 1 202 7000

          Ian Curley, Finance Director
          Phone: +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


ALITALIA SPA: Govt Takes First Step Towards Privatizing Airline
---------------------------------------------------------------
The government passed Sunday a vital ministerial decree
approving the privatization of ailing carrier Alitalia, Il Sole
24 Ore says.

Under the decree, Alitalia will undergo a EUR1.2 billion capital
increase, a large amount of which would be financed by private
investors.  The government plans to sell some of its stake in
the troubled airline to reduce its stake from the current 62% to
49%.  The decree will be submitted to a parliamentary committee
for further review.

On November 10, the carrier formed Alitalia Servizi, a new
subsidiary comprised of its ground services operations.
Alitalia intends to sell a 49% stake in Servizi to state holding
company Fintecna.  Alitalia shareholders will meet on December
15 to approve the capital increase.

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


PARMALAT FINANZIARIA: Administrator Reviews Business Plan
---------------------------------------------------------
Court-appointed Parmalat administrator Enrico Bondi is assessing
the group's business plan alongside its 2004 results, says Il
Sole 24 Ore.

Mr. Bondi might revise the plan should Parmalat's current
performance fail to correlate with projections for 2005-2006, Il
Sole 24 Ore cites sources close to the group.  The dairy giant
has previously projected net profit to drop to EUR1.338 billion
in 2004 and recover to EUR1.459 billion next year.  Parmalat
expects its net profit margin to increase from 3.5% to 5.2%
during this period.

Meanwhile, Mr. Bondi and investment banks Lazard and Mediobanca
will reportedly release a prospectus to list a new Parmalat in
January 2005, leading to a flotation next summer.

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


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


ENTERPRICE-2: Calls First Creditors' Meeting
--------------------------------------------
The Osh Inter-District Court commenced bankruptcy supervision
procedure on Passenger and Motor Transport Enterprice-2 on
October 22, 2004.  The case is docketed as 03-133/M-2004.  Mr.
Almazbek Osmailov (License Number 0315) was appointed temporary
insolvency manager on November 1, 2004.  Creditors will meet on
November 17, 2004, 10:00 a.m. at Osh, Zapadnaya Str. 4.  For
more information, call (0-502) 38-19-77.


KONDOR: To Hold Public Auction Later this Week
----------------------------------------------
The bidding organizer and insolvency manager of LLC Kondor will
sell its properties on November 19, 2004, 10:00 a.m. at Bishkek,
Fuchik Str. 9.  For sale is an unfinished construction located
at Bishkek, Djal-23, 28.  Starting price is KGS1,513,500.

To participate, bidders must present all necessary documents
and deposit an amount equivalent to five percent of the starting
price in account number 712417200020100 at Opened JSC
Energobank.  Bids must be submitted on or before November 18,
2004 to the temporary insolvency manager, Bishkek, Fuchik Str.
9.


KYRGYZ INTERNATIONAL: Bankruptcy Grounds Airline
------------------------------------------------
The Bishkek Inter-District Court commenced bankruptcy
supervision procedure on Opened JSC Kyrgyz International
Airlines on August 18, 2004.  The case is docketed as 03-
236/M04-C9.  Mr. Jamalbek Ibraimov (License Number 298) was
appointed temporary insolvency manager on October 8, 2004.
Creditors will meet on November 16, 2004, 10:00 a.m. at Bishkek,
Moskovskaya Str. 151, Room 106.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 21-67-26.


SULUKTA DAN-AZYK: To Verify Claims Early Next Year
--------------------------------------------------
JSC Sulukta Dan-Azyk, which recently became insolvent, will
review all proofs of claim on January 12, 2005.  For more
information, call (0-3653) 2-26-28.


VINIFERMA: Insolvency Manager to Temporarily Run Company
--------------------------------------------------------
The Chui Inter-District Court commenced bankruptcy supervision
procedure on LLC Viniferma on September 1, 2004.  The case is
docketed as 03-162/M-2004-C3.  Mr. Jamalbek Ibraimov (License
Number 298) was appointed temporary insolvency manager on
October 8, 2004.  Creditors will meet on November 16, 2004,
10:00 a.m. at Bishkek, Moskovskaya Str. 151, Room 106.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 21-67-26.


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


MILLICOM INTERNATIONAL: Subscribers Now Number Seven Million
------------------------------------------------------------
Millicom International Cellular S.A. announces that it has
reached 7 million total cellular subscribers as subscriber
growth has accelerated in 2004 with record underlying net
subscriber additions in the last two quarters.  This growth has
been driven by three main factors, the launch of GSM services in
Latin America, increased network coverage in Africa and price
cuts in South East Asia, all of which have stimulated demand in
the market.

Marc Beuls, President and CEO of Millicom International Cellular
S.A. said: "2004 has been a year of strong subscriber growth but
we expect growth to increase at a faster rate in 2005 following
the recent launch of GSM services in Pakistan.  Millicom has a
target to add one million new subscribers in Pakistan within the
year.  In the build out phase Paktel will see pressure on
margins, reflecting increased sales and marketing costs for the
launch period. With penetration rates rising in all our markets,
the prospects for continued strong subscriber intake are
excellent."

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

                            *   *   *

In September, Standard & Poor's Ratings Services revised its
outlook on Millicom International to negative from stable due to
concerns over recent developments in two of its Asian markets.
This market is key to Millicom, boasting strong revenue and
profit opportunities, and is viewed as an important support to
the ratings.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit and 'B-' senior unsecured debt ratings on
Millicom.

CONTACT:  MILLICIOM INTERNATIONAL
          Marc Beuls, President and Chief Executive Officer
          Phone:  +352 27 759 327
          Web site: http://www.millicom.com

          Andrew Best, Investor Relations
          Phone: +44 20 7321 5022


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


KENDRION N.V.: Reschedules EGM to Amend Articles of Association
---------------------------------------------------------------
The extraordinary general meeting of Kendrion N.V. shareholders
held Wednesday failed to achieve the quorum that is required to
validly adopt amendments to the articles of association of
Kendrion.  Although approximately 62% of the shares in the
capital of Kendrion were present or represented, this fell short
of the 75% quorum that is required.

Adoption of a resolution to amend Kendrion's articles of
association is necessary to complete the financial restructuring
as announced in the press release of 25 October 2004.
Therefore, Kendrion will call a second extraordinary general
meeting of shareholders to be held on 26 November 2004.  For a
second extraordinary general meeting no quorum requirement
exists.  The resolutions can be adopted by achieving the
required qualified majority of 75% of the votes present.

Kendrion N.V.

Kendrion N.V. is an international company, which has
approximately 3,200 employees in 16 European countries and Hong
Kong.

Kendrion aims at niche market leadership in business-to-business
markets.  Kendrion develops high quality industrial components
and provides services in the field of plastic semi-manufactures
and fasteners.  Motivated local entrepreneurship, quality
management in the broadest sense and logistic expertise are
characteristic of Kendrion.  Kendrion stock is listed on the
Euronext Amsterdam stock exchange and included in the Euronext
index NextPrime.

CONTACT:  KENDRION N.V.
          Postbus 931, 3700 AX Zeist
          Utrechtseweg 33, 3704 HA Zeist Nederland
          Phone: +31 30 6997250
          Fax: +31 30 6951165
          E-mail: info@kendrion.com
          Web site: http://www.kendrion.com


KONINKLIJKE AHOLD: Moves HQ to Rodamco's Building in Amsterdam
--------------------------------------------------------------
Rodamco Europe N.V. will lease its office building 'Huys Europa'
located in Amsterdam's Eastern Commercial Wharf (Oostelijke
Handelskade) to Royal Ahold.  The 'Huys Europa' building
consists of approximately 6,100 sq. meters.

The International Group Support Office (previously Headquarters)
of Ahold, currently situated in Zaandam (the Netherlands) will
move to 'Huys Europa' during the autumn 2005.  'Huys Europa' is
part of the project 'Pakhuysen' (located at Oostelijke
Handelskade), which consists of two office buildings, 'Huys
Europa' and 'Huys Azie', with a total NLA of 14,600 sq. meters
of office space and an underground parking garage.  Ahold will
lease a total of 5,500 sq. meters office space and 500 sq.
meters commercial space in 'Huys Europa'.

The construction of the two buildings has recently been
completed and the ownership will be transferred to Rodamco
Europe by mid November 2004.

                            *   *   *

Koninklijke Ahold said Tuesday it will move its corporate
headquarters in The Netherlands from Zaandam to the country's
capital, Amsterdam.

The move, likely to take place in the fourth quarter of 2005, is
part of the overall repositioning of Ahold's Group Support
Office.

CONTACT:  ROYAL AHOLD N.V.
          Albert Heijnweg 1
          1507 EH Zaandam
          Phone: +31-75-659-9111
          Fax: +31-75-659-8350
          Web site: http://www.ahold.com


VILENZO INTERNATIONAL: We Buys Clothier out of Bankruptcy
---------------------------------------------------------
Fashion company We International has acquired all of the assets
of insolvent clothing maker Vilenzo International N.V. for an
undisclosed sum, Fiber 2 Fashion reports.

Vilenzo was declared bankrupt last week after failing to obtain
refinancing from banks and to secure shareholders' support for a
capital increase.  According to the report, We plans to invest
money to strengthen and expand certain brands.  We owner and
Chief Executive Ronald de Waal said: "[The] group has big plans
for some of Vilenzo's brands."

Vilenzo's portfolio of brands includes Cakewalk, Jottum, Bad
Boys, Bad Girls, Jeep, Van Gils, Frans Molenaar and UFM.
The company reported a loss of EUR14.3 million in the first
half.  In 2003, the firm made a net loss of EUR17.1 million on
turnover of EUR160.2 million.  The firm blamed difficult overall
market conditions, fierce competition and management disputes
for its troubles.

CONTACT:  VILENZO INTERNATIONAL
          Kraaivenstraat 21
          NL-5048 AB Tilburg, NETHERLANDS
          Phone: +31 13 594 6800
              or +31 13 594 6801
          Web site: http://www.vilenzo.com


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


DNO ASA: Expects NOK96 Mln After-tax Net Loss in 3rd Quarter
------------------------------------------------------------
Preliminary results of DNO A.S.A. for the third quarter indicate
improved profit from operations but negative results after tax.

DNO will call for an extraordinary shareholders' meeting to
propose payment of an extraordinary dividend to its
shareholders.

Preliminary Results for Third-quarter of 2004

According to the company's revised strategy, DNO maintained high
exploration activity during the third quarter.  DNO applies the
successful efforts method in accounting for its oil and gas
operations.  As a consequence of this principle, DNO expensed
approximately NOK74 million in exploration costs incurred in the
third quarter.

Despite high exploration expenses, the operating profit (EBIT)
for the third quarter is improved and estimated at NOK121
million, due to higher revenues from sale of petroleum products.

The exploration efforts in the third quarter resulted in an
increase of approximately 6 million barrels in p+p net reserves
to DNO.

In addition to high exploration expenses, DNO's third quarter
profits are impacted by a loss from oil-price hedging of NOK50
million, negative net finance of NOK38 million mostly due to
unrealized currency losses and increased tax expense of NOK179
million mainly due to higher production.

As a consequence of the above items, DNO expects a net loss
after tax of approximately NOK96 million in the third quarter.

              Extraordinary Shareholders Meeting

The Board of Directors of DNO will call an extraordinary
shareholders' meeting and propose to distribute approximately
NOK168 million in extraordinary dividend to its shareholders.
The proposed dividend consists of approximately NOK28 million in
cash corresponding to NOK0.5 per DNO share, and approximately
NOK140 million in the form of shares in Independent Oil Tools
a.s., corresponding to an approximate value of NOK2.48 per DNO
share.

Distributing the shares in IOT will make the underlying value
more visible and DNO's shareholders may select to keep or to
realize these values, as IOT will seek to be listed during 2005.

The extraordinary shareholders' meeting will be convened on 1
December 2004.

By distributing the shares in IOT, which holds a significant
ownership position in Petrolia Drilling A.S.A., DNO will be
reducing its activity within offshore and services.  This is in
line with the company's revised strategy of focusing on
exploration and production of oil and gas.

CONTACT:  DNO A.S.A.
          Helge Eide
          Man. Dir.
          Phone: (+47) 55 22 47 00 / (+47) 23 23 84 80
          Web site: http://www.dno.no


STOLT-NIELSEN: Two Non-executive Directors Resign
-------------------------------------------------
Stolt-Nielsen S.A. announced Friday that Erling C. Hjort and
Christen Sveaas have stepped down as non-executive directors.

"I thank Erling and Christen for their valuable contributions
during their time on the Board," said Jacob Stolt-Nielsen,
Chairman of the Board of SNSA.

The Company also announced that it intends to commence the
search process for additional independent directors.  Current
Board member Christopher J. Wright will assume Mr. Hjort's
position as Chairman of the Audit Committee.  Mr. Wright is a
former executive with BP who served as SNSA's Chief Operating
Officer from 1986 to 2001.

About Stolt-Nielsen S.A.

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

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

CONTACT:  STOLT-NIELSEN S.A.
          Art Gormley
          Phone: U.S.A. 1 212 922 0900
          E-mail: agormley@dgi-nyc.com

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


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


BRICKWORKS PERVOMAYSKIY: Declared Insolvent
-------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
proceedings against Brickworks Pervomayskiy after finding the
limited liability company insolvent.  The case is docketed as
A64-2494/02-2.  Ms. V. Strelnikova has been appointed insolvency
manager.  Creditors have until December 8, 2004 to submit their
proofs of claim to 393700, Russia, Tambov region, Pervomayskiy
region, Il-Dmitrievskoye.

CONTACT:  BRICKWORKS PERVOMAYSKIY
          393700, Russia, Tambov region,
          Pervomayskiy region, Il-Dmitrievskoye

          Ms. V. Strelnikova
          Insolvency Manager
          393700, Russia, Tambov region,
          Pervomayskiy region, Il-Dmitrievskoye


GAOR-ELEKTO-SET P.KRASNOBRODSKIY: Court Hires Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Gaor-Elekto-Set P. Krasnobrodskiy
after finding the limited liability company insolvent.  The case
is docketed as A27-617/200-4.  Mr. R. Sadulin has been appointed
insolvency manager.

Creditors may submit their proofs of claim to 653000, Russia,
Kemerovo region, Prokopyevsk, Post User Box 17025.  A hearing
will take place at the Arbitration Court of Kemerovo region on
March 2, 2005, 2:30 p.m.

CONTACT:  GAOR-ELEKTO-SET P. KRASNOBRODSKIY
          652640, Russia, Kemerovo region, Belovo,
          Krasnoborodskiy, Gagarina Str. 1

          Mr. R. Asadulin
          Insolvency Manager
          653000, Russia, Kemerovo region,
          Prokopyevsk, Post User Box 17025


GOR-ELEKTRO-SET: Bankruptcy Hearings Resume January
---------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on limited liability company
Gor-Elektro-Set.  The case is docketed as #A27-13383/2004-4.
Mr. E. Bgatov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 652700, Russia,
Kemerovo region, Kiselevsk, Lenina Str. 59.  A hearing will take
place on January 26, 2005.

CONTACT:  GOR-ELEKTRO-SET
          652700, Russia, Kemerovo region,
          Kiselevsk, Lenina Str. 59

          Mr. E. Bgatov
          Temporary Insolvency Manager
          652700, Russia, Kemerovo region,
          Kiselevsk, Lenina Str. 59


GORSVET: Gives Creditors Until December to File Claims
------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Gorsvet after finding the municipal unitary
enterprise insolvent.  The case is docketed as A28-30/04-26/3.
Mr. G. Devyatykh has been appointed insolvency manager.
Creditors have until December 8, 2004 to submit their proofs of
claim to 610004, Russia, Kirov, Lenina Str. 2.

CONTACT:  Mr. G. Devyatykh
          Insolvency Manager
          610004, Russia, Kirov,
          Lenina Str. 2
          Phone: (8332) 35-00-40


KOLOMNA-GRAIN-PRODUCT: Names D. Gryaznov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
proceedings against Kolomna-Grain-Product after finding the open
joint stock company insolvent.  The case is docketed as A41-K2-
23533/03-1400/04.  Mr. D. Gryaznov has been appointed insolvency
manager.  Creditors have until December 8, 2004 to submit their
proofs of claim to 125167, Russia, Moscow, Planetnaya Str. 29,
Building 1.

CONTACT:  KOLOMNA-GRAIN-PRODUCT
          140015, Russia, Moscow region,
          Kolomna, Kolkhoznaya Str. 14

          Mr. D. Gryaznov
          Insolvency Manager
          125167, Russia, Moscow,
          Planetnaya Str. 29, Building 1


LIVNY-REINFORCED-CONCRETE: Orel Court Appoints Insolvent Manager
----------------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
proceedings against Livny-Reinforced-Concrete (TIN 5715003697)
after finding the limited liability company insolvent.  The case
is docketed as A48-2363/03-20B6.  Mr. A. Nogtenko has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 302010, Russia, Orel, Aviatsionnaya Str. 5.

CONTACT:  LIVNY-REINFORCED-CONCRETE
          Russia, Orel region, Livenskiy region,
          Naberezhniy, Beregovaya Str. 1

          Mr. A. Nogtenko
          Insolvency Manager
          302010, Russia, Orel,
          Aviatsionnaya Str. 5


ORLOVSKAYA MACARONI: Sets Public Auction Next Week
--------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Orlovskaya Macaroni Factory will sell its properties on
November 22, 2004, 12:00 noon (local time).  It will be held at
Russia, Orel, Pishevoy Per. 15.

The assets for sale are:

Lot 1: Immovable property and equipment.  Starting price:
       RUB12,201,900;

Lot 2: Equipment.  Starting price: RUB979,400;

Lot 3: Immovable property.  Starting price: RUB183,800.

The list of documentary requirements for participants is
available at Russia, Orel, Pishevoy Per. 15.  To participate,
bidders must deposit an amount equivalent to 10% of the starting
price to the settlement account 40702810547000020371, BIC
045402601, correspondent account 30101810300000000601 at
Orlovskoye OSB8595 in Orel.

CONTACT:  ORLOVSKAYA MACARONI FACTORY
          Russia, Orel, Pishevoy Per. 15
          Phone: (086) 77-93-28


PROPKOPYEVSKIY COMBINE: Deadline for Proofs of Claim Set
--------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Propkopyevskiy Combine of Grain
Products after finding the open joint stock company insolvent.
The case is docketed as A27-3884/04-4.  Mr. V. Grishin has been
appointed insolvency manager.  Creditors have until December 8,
2004 to submit their proofs of claim to 654018, Russia, Kemerovo
region, Novokuznetsk, Kirova Str. 64-68.

CONTACT:  PROPKOPYEVSKIY COMBINE OF GRAIN PRODUCTS
          653013, Russia, Kemerovo region,
          Propkopyevsk, 40 Let Oktyabrya Str. 14

          Mr. V. Grishin
          Insolvency Manager
          654018, Russia, Kemerovo region,
          Novokuznetsk, Kirova Str. 64-68


SLAVYANKA: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on open joint stock company
Slavyanka.   The case is docketed as A11-7609/2004-K1-60B/4B.
Ms. G. Rabina has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Slavyanka
    600015, Russia, Vladimir,
    Razina Str. 21

(b) Temporary Insolvency Manager
    600015, Russia, Vladimir,
    Razina Str. 21

(c) The Arbitration Court of Vladimir Region
    600025, Russia, Vladimir,
    Oktyabrskiy Pr. 14

A hearing will take place on March 1, 2005.


SMOLENSK PEAT: Urges Creditors to File Claims Before December 8
---------------------------------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy proceedings against Smolensk Peat after finding the
open joint stock company insolvent.  The case is docketed as
A62-568-N/2004.  Mr. V. Fomin has been appointed insolvency
manager.   Creditors have until December 8, 2004 to submit their
proofs of claim to 214000, Russia, Smolensk, Gagarina Pr. 10/2.

CONTACT:  SMOLENSK PEAT
          214014, Russia,
          Smolensk, Chaplina Str. 12

          Mr. V. Fomin
          Insolvency Manager
          214000, Russia,
          Smolensk, Gagarina Pr. 10/2
          Phone: (08-12) 38-08-94
          Fax: (08-12) 65-66-36


TECHNOLOGY OF ORGANIC: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on federal state unitary enterprise state
institute of Technology of Organic Synthesis with Experimental
Works.  The case is docketed as A57-158B/04-31.  Mr. V.
Orlyanskiy has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 410601, Russia,
Saratov, Post User Box 14.

CONTACT:  TECHNOLOGY OF ORGANIC SYNTHESIS
          WITH EXPERIMENTAL WORKS
          Russia, Saratov region, Shikhany

          Mr. V. Orlyanskiy
          Temporary Insolvency Manager
          410601, Russia, Saratov,
          Post User Box 14


UKHTA-GAS-STROY-MASH: Insolvency Manager Takes over Helm
--------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
proceedings against Ukhta-Gas-Stroy-Mash after finding the
experimental engineering plant insolvent.  The case is docketed
as A29-8331/02-3B.  Ms. N. Vaneyeva has been appointed
insolvency manager.  Creditors have until December 8, 2004 to
submit their proofs of claim to 167000, Russia, Komi republic,
Sykryvkar, Kolkhoznaya Str. 3A.

CONTACT:  UKHTA-GAS-STROY-MASH
          169300, Russia, Komi republic,
          Ukhta, Mashinostroiteley Str. 2

          Ms. N. Vaneyeva
          Insolvency Manager
          167000, Russia, Komi republic,
          Sykryvkar, Kolkhoznaya Str. 3A


UZAVTO: Moscow Court Recommends Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Uzavto.  The
case is docketed as A40-39259/04-86-24B.  Mr. P. Tumbasov has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 115114, Russia, Moscow, Post
User Box 24.  A hearing will take place on February 3, 2005.

CONTACT:  UZAVTO
          Russia, Moscow,
          Prechistenka Str. 17/8/9, Building 2

          Mr. P. Tumbasov
          Temporary Insolvency Manager
          115114, Russia, Moscow,
          Post User Box 24


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


IZAR: E.C. Uneasy About Government-backed Rehab Plan
----------------------------------------------------
The European Commission has expressed reservations over the
proposed restructuring plan for troubled shipbuilder Izar,
Europe Intelligence Wire says.

E.U. competition commissioner Mario Monti is wary of another
illegal state aid against Izar, which has received similar
assistance from owner, Sociedad Estatal de Participaciones
Industriales (SEPI).  E.C. representatives and SEPI will meet
this week to discuss plans for Izar's civilian yards.  The
commission indicated it would not allow further operating aids,
though the government has the free hand to provide restructuring
aid to encourage early retirements.

SEPI plans to separate the civilian yards from its profitable
military yards under a new publicly controlled holding company.
SEPI intends to retain Izar's military unit and privatize the
civilian division.  The holding company earlier told unions it
would keep a 49% stake in the civilian unit and has allotted
around 20% to 30% for public savings banks.  The remaining
shares would be sold off to private investors.

"If SEPI keeps 49% and another 20% is in the hands of public
banks, the result will be that Izar will still be state-
controlled," Europe Intelligence Wire quotes an E.C. source.
"This plan is sure to raise eyebrows."

SEPI and unions suspended negotiations while waiting for the
commission's ruling.  Talks are expected to resume on November
17.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


IZAR: Commerce Minister Confident Dispute with Workers Will End
---------------------------------------------------------------
Tourism and commerce minister Jose Montilla is optimistic the
dispute between unions and the management of ailing shipbuilder,
Izar, will be resolved soon, Expansion says.

Mr. Montilla admits the shipbuilder is facing "complex" problems
and needs ample time to achieve an agreement "satisfactory to
the majority of parties concerned."

Meanwhile, political groups in the autonomous region of Galicia
asked the regional government to demand an assurance that the
central government and Izar owner Sociedad Estatal de
Participaciones Industriales (SEPI) will keep the Ferrol
shipyard an "exclusive center" for production of military ships,
supplies and logistical support.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


AQUA TERRENA: Nine-month Loss Up Twofold
----------------------------------------
Aqua Terrena International AB made a pre-tax loss of SEK15.1
million (US$2.16 million) in the first nine months, just-
drinks.com reports.  The loss is up from SEK6.6 million for a
turnover of SEK6.6 million in the same period last year.
Turnover for 2004 is down to EUR5.0 million.

Aqua Terrena has been operating since October 1997 and listed on
the Swedish Aktietorgt stock market since March 1999.  It
currently consists of a production company and a sales company.
The concern is divided into four business areas: daily trade,
office and mobile water, restaurants, and export market.

CONTACT:  AQUA TERRENA INTERNATIONAL AB
          Web site: http://www.aquaterrena.se/si
          E-mail: info@aquaterrena.se
          Phone: +46 (0) 42-750 10 or +46(0)42-400 5000


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


BUILDING GOVERNING 2: Court Orders Debt Moratorium
--------------------------------------------------
The Economic Court of Donetsk region finally commenced
bankruptcy supervision procedure on Building Governing 2 (code
EDRPOU 01237551) on September 23, 2004.  Prior to this, the same
court ordered a moratorium on satisfaction of creditors' claims
on September 7, 2004.  The case is docketed as 15/169 B.

Mr. Ruslan Rigovanov (License Number AA 249559) has been
appointed temporary insolvency manager.  The company holds
account number 26007301553105 at JSCB Prominvestbank, Gorlivka
branch, MFO 334464.  Creditors have until November 18, 2004 to
submit their proofs of claim to:

(a) BUILDING GOVERNING 2
    84600, Ukraine, Donetsk region,
    Gorlivka, Baranov Str. 6

(b) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


DIAMANT ATG: Court Launches Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Diamant ATG (code EDRPOU 23069632).
The case is docketed as B24/104/04.  Mr. L. Shaguta (License
Number AA 487786) has been appointed temporary insolvency
manager.  The company holds account number 26007000051502 at CB
Nadra, MFO 306016.

CONTACT:  DIAMANT ATG
          49000, Ukraine, Dnipropetrovsk region,
          Geroyiv Stalingradu Str. 25-a

          Mr. L. Shaguta
          Temporary Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Kirova, Shmidt Str. 44

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


HLIBOROB: Insolvency Manager to Temporarily Oversee Operations
--------------------------------------------------------------
The Economic Court of Herson region has commenced bankruptcy
supervision procedure on Agricultural LLC Hliborob (code EDRPOU
25929843).  The case is docketed as 5/100-B.  Mrs. Olena Titova
(License Number AA 779145) has been appointed temporary
insolvency manager.  The company holds account number 26008983
at JSPPB Aval, N. Kahovka branch, MFO 352598.

Creditors have until November 18, 2004 to submit their proofs of
claim to:

(a) HLIBOROB
    Ukraine, Herson region,
    Berislavskij district, Rakivka

(b) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


INTERHIMPLAST: Vinnitsya Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Interhimplast (code EDRPOU 30957948) on
October 1, 2004 after finding the limited liability company
insolvent.  The case is docketed as 10/85-04.  Arbitral manager
Mr. N. Voznyakevich (License Number AA) has been appointed
liquidator/insolvency manager.  The company holds account number
26003017410962 at Ukreksimbank, MFO 302429.

CONTACT:  INTERHIMPLAST
          21100, Ukraine, Vinnitsya region,
          Chervonoarmijska Str. 89/16

          Mr. N. Voznyakevich
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske shose Str. 2-A, Room 712
          Phone: (0432) 39-97-85

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


MEBLI: Ordered to Undergo Bankruptcy Supervision
------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on LLC Mebli (code EDRPOU 05509372) on
August 25, 2004.  The case is docketed as 13/221-B.  Arbitral
manager Mr. Sergij Shishkin (License Number AA 668307) has been
appointed temporary insolvency manager.

CONTACT:  MEBLI
          Ukraine, Hmelnitskij region,
          Kamyanets-Podilskij, Timiryazev Str. 84

          Mr. Sergij Shishkin
          Temporary Insolvency Manager
          29000, Ukraine, Hmelnitskij region,
          Institutska Str. 17/3-47

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square, 1


NOVOUSHITSKIJ OIL: Sets Proofs of Claim Deadline
------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on LLC Novoushitskij Oil Plant (code
EDRPOU 30895248) on September 8, 2004.  The case is docketed as
13/228-B.  Mr. Igor Grigorenko (License Number AA 66834) has
been appointed temporary insolvency manager.  The company holds
account number 260051944 at JSPPB Aval, Hmelnitskij regional
branch, MFO 315966.

Creditors have until November 18, 2004 to submit their proofs of
claim to:

(a) NOVOUSHITSKIJ OIL PLANT
    Ukraine, Hmelnitskij region,
    Nova Ushitsya, Gagarin Str. 86

(b) Mr. Igor Grigorenko
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Nova Ushitsya, Gagarin Str. 107/8

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


STEEL-CONTRUCTION: Under Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on LLC Steel-Construction-Service (code
EDRPOU 30409518).  The case is docketed as 20/4 b.
Mr. Oleksandr Prosolupov (License Number AA 630090) has been
appointed temporary insolvency manager.  The company holds
account number 26000301106706 at Oshadbank, Lugansk City branch
7511.

Creditors have until November 18, 2004 to submit their proofs of
claim to:

(a) STEEL-CONTRUCTION-SERVICE
    91000, Ukraine, Lugansk region,
    Tsementna Str. 1

(b) Mr. Oleksandr Prosolupov
    Temporary Insolvency Manager
    91048, Ukraine, Lugansk region,
    Ushakov Str. 9 a

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


VOZNESENSKE: Claims Deadline Expires Third Week of November
-----------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Voznesenske (code EDRPOU 25209362).
The case is docketed as 01/2787.  Arbitral manager Mr. Oleg
Krivoshij has been appointed temporary insolvency manager.  The
company holds account number 26006455461051 at CB Privatbank,
Cherkassy branch, MFO 354347.

Creditors have until November 18, 2004 to submit their proofs of
claim to:

(a) Mr. Oleg Krivoshij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region, Engels Str. 243/1-510
    Phone: 64-84-88

(b) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


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


11072003 LIMITED: Sets General Meeting December
-----------------------------------------------
The general meeting of the members of 11072003 Limited will be
on December 14, 2004 commencing at 10:00 a.m.  It will be held
at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF not
later than 12:00 noon, December 13, 2004.

CONTACT:  BAKER TILLY
          City Plaza, Temple Row
          Birmingham B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          Web site: http://www.bakertilly.co.uk


ABBEYGATE SECURITIES: Hires Liquidator from Wilkins Kennedy
-----------------------------------------------------------
At the extraordinary general meeting of the members of the
Abbeygate Securities Limited on November 2, 2004 held at
Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Keith Aleric Stevens of Wilkins Kennedy, Gladstone
House, 77-79 High Street, Egham, Surrey TW20 9HY has been
appointed liquidator of the company for the purpose of the
voluntary winding-up.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


ABBEY NATIONAL: Banco Santander Completes Acquisition
-----------------------------------------------------
Banco Santander on Friday closed the buyout of Abbey under a
Scheme that values each Abbey share at 31 pence as of Scheme
Record Time.

Under the Scheme, Abbey Shareholders are entitled to one new
Banco Santander Share as well as a special cash dividend of 25
pence plus 6 pence for dividend differential.

Commenting on the acquisition, Santander's Chairman, Emilio
Botin, said: "The acquisition of Abbey places us among the 10
leading banks in the world by market capitalization.  We are
increasing not just our size but also our diversification in
terms of both countries and currencies.  We have achieved an
excellent position as the largest bank in Spain and the Eurozone
and the leading financial group in Latin America. We are now in
the premier league of international banking.

"This acquisition is proof of the strength of our share, the
currency of exchange for the largest cross-border acquisition in
European banking to date.  The purchase of Abbey will create
value for Grupo Santander shareholders and at the same time
benefit our customers and employees."

Abbey's Chairman, Lord Burns, said: "This is a momentous day in
Abbey's 155-year history.  Abbey has always changed with the
times, and has a track record of breaking new ground.  Santander
will build on this heritage, and provide the support and know-
how to accelerate our plans and ambitions in the U.K.  Under
Santander's ownership, Abbey will emerge as a stronger, more
competitive force on the high street.  The combination of the
two banks will deliver substantial benefits for shareholders,
customers and employees."

The New Banco Santander Shares had been issued on November 12,
2004.  As of Friday, settlement of New Banco Santander Shares
through Iberclear is expected to occur on 15 November 2004, with
dealings in New Banco Santander Shares on the market of Bolsas
de Valores and of New Banco Santander ADSs on the NYSE expected
to commence Nov. 12.  Abbey's special cash dividend will be paid
on December 14, 2004.

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

          Abbey Communications
          Thomas Coops
          Phone: +44 207 756 5536

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

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

          Matthew Young
          Phone: +44 207 756 4232

          Brunswick
          Susan Gilchrist
          Phone: +44 20 7396 5301

          MORGAN STANLEY
          Simon Robey
          Phone: +44 207 425 5555

          Caroline Silver
          Phone: +44 207 425 5555

          William Chalmers
          Phone: +44 207 425 5555

          LEHMAN BROTHERS
          Stephen Pull
          Phone: +44 207 102 1000

          Charles King
          Phone: +44 207 102 1000

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

          Christopher Smith
          Phone: +44 207 567 8000


ABBEY NATIONAL: Support Rating Affirmed After Ownership Change
--------------------------------------------------------------
Fitch Ratings affirmed the Support rating of Abbey National plc
at '2' following the completion of its acquisition by Banco
Santander Central Hispano (SAN).

Abbey's Support rating is based, in the first instance, on the
high probability that support, should it be needed, would be
forthcoming from SAN.  Although Fitch believes that SAN would
have a very high propensity to support Abbey, the substantial
size of Abbey relative to the rest of the SAN group means that
its ability to provide that support could be compromised in
extreme circumstances.

Likewise, although SAN itself has a Support rating of '1', based
on the extremely high probability of support from the Spanish
authorities, Fitch does not believe that this support would
automatically flow to its U.K. subsidiary.  Should support from
SAN not be available Fitch believes that, due to Abbey's
domestic importance, there is a high probability that support
from the U.K. authorities would be forthcoming.

Fitch affirmed the ratings of both SAN and Abbey at 'AA-', 'F1+'
and 'B' on 26 July, following the announcement that SAN bid to
acquire Abbey had been approved by both banks' boards of
directors; SAN's '1' Support rating was also affirmed at that
time (see separate statements at http://www.fitchratings.com).

Abbey's ratings reflect its strong franchise in the U.K.
mortgage and savings markets, good asset quality in its core
retail operations and adequate liquidity and capitalization.
However, Fitch regards the ability of Abbey to maintain its
present ratings as being, in part, dependent on its and its new
shareholders' success in reversing negative performance trends
and re-energizing a business that has suffered from many years
of under-investment.  In this respect, Fitch takes comfort from
SAN's retail banking experience, albeit in very different
markets, and believes that SAN's stated cost and revenue targets
for Abbey are achievable.  Abbey's ratings also reflect the
agency's expectation that SAN will not look to reduce materially
Abbey's level of capitalization from current levels.

The ratings of SAN reflect the group's strong franchises in
Spain, Portugal and Latin America, robust profitability, sound
liquidity and asset quality, improved quality of capital and a
sound and dynamic management.  They also consider the group's
emerging markets' exposure.

The acquisition of Abbey reduces the weight of Latin American
assets on the group's balance sheet to c.15%, resulting in a
better risk profile and geographical distribution, and provides
SAN with opportunities to further develop its European retail
banking franchise.  SAN has been enhancing the quality of its
capital base since 2002 by reducing preference shares although
these still made up 23% of Tier 1 capital at end-September 2004.
Fitch will continue to monitor the group's equity base post-
acquisition to ensure the quality and levels of capital are
comensurate with the group's risk profile.

CONTACT:  FITCH RATINGS
          Gordon Scott
          Maria Jose Lockerbie
          James Longsdon, London
          Phone: +44 (0) 20 7417 4222

          Carmen Munoz, Barcelona
          Phone: +34 93 323 8408

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

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


ADDCOLOUR PLASTICS: HSBC Bank Appoints Begbies Traynor Receiver
---------------------------------------------------------------
HSBC Bank plc called in Donald Bailey and Paul Stanley joint
administrative receivers for Addcolour Plastics Limited (Reg No
01696376, Trade Classification: 2412).  The company manufactures
dyes and pigments.

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


ALLTIMES SERVICES: Hires S. M. Katz as Liquidator
-------------------------------------------------
At a meeting of the members of Alltimes Services Limited on
November 4, 2004, the extraordinary resolution to wind up the
company was passed.  Stephen M. Katz of Acre House, 11-15
William Road, London NW1 3ER has been appointed liquidator of
the company for the purpose of such a winding-up.


AMEXNET LIMITED: Hires PricewaterhouseCoopers as Liquidator
-----------------------------------------------------------
At a meeting of the members of Amexnet Limited on October 29,
2004, the special and ordinary resolutions to wind up the
company was passed.  Jonathan Sisson and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company for the purpose
of such winding-up.

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


ANDEK BUILDING: Hires David Exell Associates as Administrator
-------------------------------------------------------------
D. Exell (IP No 5796) has been appointed administrator for Andek
Building Services Limited.  The appointment was made November 5,
2004.

CONTACT:  DAVID EXELL ASSOCIATES
          PO Box 1601, Broad Street,
          Wrington, Bristol BS40 5WA


APPLIED AND ADVANCED: Names KPMG Liquidator
-------------------------------------------
At the extraordinary general meeting of the Applied And Advanced
Foams Limited on November 4, 2004 held at KPMG LLP, 2 Cornwall
Street, Birmingham B3 2DL, the extraordinary and ordinary
resolutions to wind up the company were passed.  Mark Jeremy
Orton and Allan Watson Graham of KPMG have been appointed joint
liquidators for the purpose of such winding-up.

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


AYRSHIRE BUILDING: Liquidator Calls First Creditors' Meeting
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Ayrshire Building Supplies Ltd.
                        (In Liquidation)

I, Douglas B. Jackson, Chartered Accountant, Allan House, 25
Bothwell Street, Glasgow G2 6NL hereby give notice, pursuant to
Rule 4.18 of the Insolvency (Scotland) Rules 1986, that by
Interlocutor of the Sheriff at Kilmarnock dated November 2, 2004
I was appointed Interim Liquidator of Ayrshire Building Supplies
Ltd.

Notice is hereby given, pursuant to Section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, that the first meeting of creditors of Ayrshire
Building Supplies Ltd. (In Liquidation) will be held within the
offices of Moore Stephens, Allan House, 25 Bothwell Street,
Glasgow on December 3, 2004 at 10:00 a.m. for the purpose at
choosing a Liquidator and determining whether to establish a
Liquidation Committee.

A resolution at the meeting is passed if a majority of those
voting have voted in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or lodged
beforehand at the address below.  For the purpose of formulating
claims, creditors should note the date of commencement of the
liquidation is October 5, 2004.  Proxies may also be lodged with
me at the meeting or before the meeting at my office.

Douglas B. Jackson, Interim Liquidator
November 5, 2004

CONTACT:  MOORE STEPHENS
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


BEEHIVE PLUMBING: Names Sanderlings Liquidator
----------------------------------------------
At the extraordinary general meeting of the Beehive Plumbing &
Heating Supplies Limited on November 2, 2004 held at Novotel
London Excel, Western Gateway, Royal Victoria Dock, London E16
1AA, the extraordinary resolutions to wind up the company were
passed.  Andrew Fender of Sanderlings LLP, Sanderling House,
1071 Warwick Road, Acocks Green, Birmingham B27 6QT has been
nominated liquidator for the purpose of the said winding-up.

CONTACT:  SANDERLINGS LLP
          Sanderling House, 1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


BENEDICTA LIMITED: Special Winding up Resolution Passed
-------------------------------------------------------
At the extraordinary general meeting of the members of the
Benedicta Limited on November 2, 2004 held at Camomile Court, 23
Camomile Street, London EC3A 7DP, the special resolution to wind
up the company was passed.


BETTYBOX INVESTMENTS: Creditors Final Meeting Set December
----------------------------------------------------------
The final meeting of the creditors and contributories of
Bettybox Investments Limited will be on December 9, 2004
commencing at 3:00 p.m.  It will be held at the offices of
ThorntonRones, 167 High Road, Loughton, Essex IG10 4LF.

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 ThorntonRones, 167 High Road, Loughton, Essex IG10 4LF not
later than 12:00 noon, December 8, 2004.

CONTACT:  THORNTONRONES
          167 High Road, Loughton,
          Essex IG10 4LF
          Phone: 020 8418 9333
          E-mail: info@thorntonrones.co.uk
          Web site: http://www.thorntonrones.co.uk


B&G MARTIN: Hires Joint Administrators from Tenon Recovery
----------------------------------------------------------
Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) have
been appointed joint administrators for B&G Martin Brothers
Limited.  The appointment was made November 5, 2004.

The company sells commercial vehicle.  Its registered office is
located at Quartremaine Road, Copnor, Portsmouth, Hampshire PO3
5QG.

CONTACT:  TENON RECOVERY
          Highfield Court
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax:   023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


BLUE RIDGE: Calls in Liquidator from Wilkins Kennedy
----------------------------------------------------
At the extraordinary general meeting of the members of the Blue
Ridge (Sports) Limited on October 22, 2004 held at Bridge House,
London Bridge, London SE1 9QR, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stephen Paul
Grant of Wilkins Kennedy, Risborough House, 38-40 Sycamore Road,
Amersham, Buckinghamshire HP6 5DZ has been appointed liquidator
of the company for the purpose of the voluntary winding-up.

CONTACT:  WILKINS KENNEDY
          Risborough House,
          38-40 Sycamore Road, Amersham,
          Buckinghamshire HP6 5DZ
          Phone: +44 (0) 1494 725544
          Fax:   +44 (0) 1494 431571
          E-mail: info@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


CAPFERN DEVELOPMENTS: Members Final Meeting Set
-----------------------------------------------
The final meeting of the members of Capfern Developments Limited
will be on December 2, 2004 commencing at 10:00 a.m.  It will be
held at Parkway House, 1 Pityme Business Centre, St Minver,
Wadebridge, Cornwall PL27 6NU.

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 Parkway House, 1 Pityme Business Centre, St Minver,
Wadebridge, Cornwall PL27 6NU not later than 12:00 noon,
December 1, 2004.

CONTACT:  Parkway House, 1 Pityme Business Centre,
          St Minver, Wadebridge, Cornwall PL27 6NU
          Phone: 0120 8862053


CAPITAL EQUITY: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At the extraordinary general meeting of the members of the
Capital Equity Property Management Limited on November 4, 2004
held at Trafalgar House, Grenville Place, London NW7 3SA, the
extraordinary resolution to wind up the company was passed.
Jeffrey Brenner of B & C Associates, Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA has been appointed liquidator
for the purpose of such winding-up.

CONTACT:  B & C ASSOCIATES
          Trafalgar House, Grenville Place,
          Mill Hill, London NW7 3SA


CHANDNI KNITWEAR: Names Crawfords Liquidator
--------------------------------------------
At the extraordinary general meeting of the members of the
Chandni Knitwear Limited on November 2, 2004 held at Stanton
House, 41 Blackfriars Road, Salford, Manchester M3 7DB, the
extraordinary resolution to wind up the company was passed.
Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been nominated liquidator for the
purpose of the winding-up.

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


CHARTER HEAVEN: Liquidator to Update Owners Next Month
------------------------------------------------------
The members of Charter Heaven Limited will meet on December 14,
2004 commencing at 10:00 a.m.  It will be held at Newater House,
11 Newhall Street, Birmingham B3 3NY.

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 Newater House, 11 Newhall Street, Birmingham B3 3NY not
later than 12:00 noon, December 13, 2004.

CONTACT:  Newater House, 11 Newhall Street,
          Birmingham B3 3NY


COMMERCE ONE: Names Harrisons Liquidator
----------------------------------------
At the extraordinary general meeting of the members of the
Commerce One (UK) Limited on November 8, 2004 held at 4 St Giles
Court, Southampton Street, Reading RG1 2QL, the extraordinary
and ordinary resolutions to wind up the company were passed.  P.
R. Boyle and J. C. Sallabank of Harrisons, 4 St Giles Court,
Southampton Street, Reading RG1 2QL have been appointed joint
liquidators for the purpose of such winding-up.

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


CORUS GROUP: Unit Gets Full Ownership of Segal for EUR25 Mln
------------------------------------------------------------
Corus Staal B.V. has agreed to buy the remaining 50% stake it
does not own in Segal S.A. from joint venture partner
MetalInvest investment fund for EUR25 million in cash.

Segal, a Belgian hot-dipped galvanizing line, employs 155 people
and produces 500,000 tons of hot dipped galvanized sheet
annually.  Corus expects the transaction to be completed by the
end of the year, following regulatory approval by the Belgian
Competition Authority (Raad voor de Mededinging).

Rauke Henstra, Division Director Strip Products commented: "The
acquisition of full ownership of Segal, a modern plant using
state of the art technology, strengthens the position of Corus
Strip Products IJmuiden at the high end of the market for
galvanized sheet for the automotive sector, and demonstrates
Corus' continued investment in the growing market for hot dipped
galvanized sheet in Europe.  This investment provides a strong
platform for further developing our market position in value
added products."

About Corus Group Plc

Corus is one of the world's largest metal producers with an
annual turnover of GBP8 billion and major operating facilities
in the U.K., the Netherlands, Germany, France, Norway and
Belgium.  Corus' four divisions comprising Strip Products,
Long Products, Distribution & Building Systems and Aluminium
provide innovative solutions to the construction, automotive,
packaging, mechanical engineering and other markets worldwide.
Corus has around 48,500 employees in over 40 countries and sales
offices and service centers worldwide.  Combining international
expertise with local customer service, the Corus brand
represents quality and strength.

Corus Staal B.V. is a wholly owned subsidiary of Corus Group Plc
that owns the Group's principal steel-making assets in the
Netherlands.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com

          Corporate Relations
          Annanya Sarin
          Phone: +44 0(20) 7717 4532

          Mike Hitchcock
          Phone: +44 0(20) 7717 4502

          Investor Relations
          Anthony Hamilton
          Phone: +44 0(20) 7717 4503

          Bernard Ronchi
          Phone: +44 0(20) 7717 4501


COSTAIN GROUP: Wins GBP68.5 Million Construction Deal
-----------------------------------------------------
Costain Group announces that is has won a number of significant
contracts including the prestigious award of the renovation of
St Martin-in-the Fields in Trafalgar Square.

Renovation of St Martin-in-the-Fields in Trafalgar Square

Costain has been awarded the contract for the renovation of one
of London's most famous sites.

The Company is undertaking a construction contract worth GBP22.5
million (total project value GBP34 million) to restore and
redevelop St Martin-in-the-Fields in Trafalgar Square.  The
contract includes major renovation of the Grade 1 listed
James Gibbs Church, both its interior finishes and exterior
fabric, including the commercial/retail facilities at Crypt
level.  Other important works will include the refurbishment of
the Nash designed North Range terrace adjacent to the church.

The contract, with St Martin-in-the-Fields Building Renewal
Project Ltd., also involves demolition of existing below-ground
burial vaults and creation of new underground spaces to provide
room for mechanical and electrical plant and high quality
facilities for the congregation and commercial activities
including extensive structural works of both temporary and
permanent nature in the formation of underground spaces and the
retention of adjacent retained areas.

The contract is being procured through a two-stage traditional
procurement route.

Completion of the project is due in July 2007.

PalaceXchange Development at Enfield, North London

In Enfield, North London, Costain will be responsible for the
PalaceXchange Development worth approximately GBP29 million.

The contract will provide 14,800 m2 of new retail space in 23
shop units and up to 6,038 m2 of leisure and cultural venues.
Almost 60% of the retail space available has already been let.

Completion of the scheme is scheduled for 2006.

Warehouse/Production unit at Rothley Lodge, Leicestershire

At Rothley Lodge, Leicestershire, Costain will manage the design
and construction of a single-storey Warehouse/Production Unit
together with two-storey office accommodation.  The contract is
worth nearly GBP17 million and completion is due in September
2005.

Stuart Doughty, Chief Executive of Costain, said: "We are
delighted to have won these contracts.  The St Martin-in-the
Fields contract will see Costain working on one of the best-
known sites in London.  These contracts are also recognition of
the breadth and scope of Costain's capabilities in the built
environment."

10 November 2004

                            *   *   *

In Sept., Fitch Ratings affirmed U.K.-based engineering and
construction group Costain Group Plc's ratings at Senior
Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.

The ratings reflect Costain's established market position in the
U.K. engineering and construction sector.  They also reflect
management's progress in adopting a more risk-averse approach in
its business model and towards meeting previously stated
financial targets of 15% annual sales growth and 3% pre-tax
profit margins by 2006.  Furthermore, the group's forward order
book stands at over GBP1 billion, which provides a good platform
for future growth.  Nevertheless, Costain remains small in its
peer group and is active in cyclical and competitive markets.

The ratings also reflect Costain's weak financial profile,
evident in low profitability, negative operational cash flow, a
reliance on profits from joint ventures in overseas property
development, together with a continued sizeable net pension
liability.  However, an important support factor for the rating
remains a continued net cash position, which as at 30 June 2004
was GBP40.6 million (excluding GBP25.1 million of restricted net
cash included in JVs), which mostly covered the pension deficit
of GBP54.5 million.  On a pension-adjusted basis, net debt to
EBITDA was satisfactory at 1.2x in FY03.  Gross borrowings were
minimal.

CONTACT:  COSTAIN GROUP PLC
          Graham Read, Public Relations
          E-mail: g.read@costain.com
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Phone: 020 7457 2020
          E-mail: mark.garraway@collegehill.com


EAST ANGLIA: Members Opt to Wind up Business
--------------------------------------------
At the extraordinary general meeting of the East Anglia Foam
Limited on November 4, 2004 held at the offices of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
special and ordinary resolutions to wind up the company were
passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.

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


EAST YORKSHIRE: Sets Members General Meeting
--------------------------------------------
The general meeting of the members of East Yorkshire Builders
Limited will be on December 10, 2004 commencing at 10:30 a.m.
It will be held at the offices of Brown Butler, Yorkshire Bank
Chambers, Infirmary Street, Leeds LS1 2JT.

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 Brown Butler, Yorkshire Bank Chambers, Infirmary Street,
Leeds LS1 2JT not later than 12:00 noon, December 9, 2004.

CONTACT:  BROWN BUTLER
          Yorkshire Bank Chambers,
          Infirmary Street, Leeds LS1 2JT


G.T. FAN: Liquidator to Give Report Next Month
----------------------------------------------
The general meeting of the members of G.T. Fan Services And
Repairs Ltd. will be on December 22, 2004 commencing at 10:00
a.m.  It will be held at 3rd Floor, Regent House, Bath Avenue,
Wolverhampton WV1 4EG.

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.


INMARSAT FINANCE: US$300 Million Issuance Rated (P)Caa1
-------------------------------------------------------
Moody's Investors Service assigned Inmarsat Finance II plc's
proposed US$300 million issuance a (P)Caa1 rating.

In conjunction, Moody's assigned a (P)B1 senior implied rating
and an (P)Caa2 senior unsecured issuer rating to Inmarsat
Holding Limited (Inmarsat), the guarantor of the offering.  In
addition, it affirmed the US$975 million senior secured bank
facility rating of Inmarsat's subsidiary Inmarsat Investments
Limited at Ba3.  It also affirmed Inmarsat Finance plc's US$375
million senior notes (due 2013) rating at B2, and US$105 million
senior notes (due 2013) rating at B2.  The outlook for all
ratings is stable.

Moody's assumes the draft legal documentation of the issuance
will stand as it has reviewed it, and the agreements are legally
valid, binding and enforceable.

The rating agency notes that the plan is the second initiative
by shareholders to take equity/shareholder loans out of the
business since the initial bond issuance transaction in January
of 2004.  Proceeds from the US$300 million issuance will be used
mainly to repay subordinated shareholder funding (US$260 million
in principal and US$30 million in interest).

Moody's said: "The continued initiatives by shareholders to
withdraw capital and increase absolute debt levels, at this
early stage of ownership, heightens concerns regarding the
financial aggressiveness of Inmarsat's shareholders (which is
likely to limit the potential for upward rating movements, going
forward)..."

The move also "reinforces Moody's belief that contractual
covenant protection will be the primary constraining factor with
respect to further debt incurrence and dividend payments by the
company."

CONTACT:  MOODYS RATING DESK
          Phone: +44 20 7772 5566

          MOODYS CLIENT SERVICES
          Phone: +44 20 7772 5454

          MOODYS MEDIA RELATIONS
          Phone: +44 20 7772 5456
          Web site: http://www.moodys.com


LINGAR PROPERTIES: Members Final Meeting Set December
-----------------------------------------------------
The final meeting of the members of Lingar Properties Ltd. will
be on December 15, 2004 commencing at 10:30 a.m.  It will be
held at Baker Tilly, Marlborough House, Victoria Road South,
Chelmsford, Essex CM1 1LN.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, Marlborough House, Victoria Road South,
Chelmsford, Essex CM1 1LN not later than 12:00 noon, December
14, 2004.

CONTACT:  BAKER TILLY
          Marlborough House, Victoria Road South,
          Chelmsford, Essex CM1 1LN
          Phone: 01245 354 402
          Fax: 01245 490 243
          Web site: http://www.bakertilly.co.uk


NEW NOBLE: Sets First Creditors' Meeting
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF New Noble Cuisine Limited
                         (In Liquidation)

I, Alan C Thomson CA, Castle Court, Carnegie Campus,
Dunfermline, KY11 8PB hereby give notice that I was appointed
Interim Liquidator of New Noble Cuisine Limited on October 12,
2004, by Interlocutor of the Sheriff of Tayside, Central and
Fife at Dunfermline Sheriff Court.

Notice is also given pursuant to Section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the First Meeting of Creditors of company will
be held within the offices of Thomson Cooper, Castle Court,
Carnegie Campus, Dunfermline, Fife, KY11 8PB on November 23,
2004 at 10:30 a.m. for the purpose of choosing a liquidator and
determining whether to establish a Liquidation Committee.

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

A resolution will be passed when a majority in value of those
voting, have voted in favor of it.  For the purposes of
formulating claims, creditors should note that the date or
commencement of the liquidation is October 12, 2004.

Alan C. Thomson, CA, Interim Liquidator
November 5, 2004

CONTACT:  THOMSON COOPER
          Castle Court
          Carnegie Campus
          Dunfermline
          Fife KY11 8PB
          Phone: 01383 722815


NY PROPERTIES: Members General Meeting Set Next Month
-----------------------------------------------------
The final general meeting of the members of NY Properties
Limited will be on December 15, 2004 commencing at 11:00 a.m.
It will be held at the offices of Baker Tilly, Friars Courtyard,
30 Princes Street, Ipswich IP1 1RJ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich
IP1 1RJ not later than 12:00 noon, December 14, 2004.

CONTACT:  BAKER TILLY
          Friars Courtyard, 30 Princes Street,
          Ipswich IP1 1RJ
          Phone: 01473 344300
          Fax: 01473 231586
          Web site: http://www.bakertilly.co.uk


PEGASUS FLOORING: Appoints Liquidator from Begbies Traynor
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Pegasus Flooring Company Limited
                        (In Liquidation)

I, I. Scott McGregor, of Begbies Traynor, 4 Albyn Place,
Edinburgh, EH2 4NG hereby give notice, pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986, that on November 2, 2004 I
was appointed Liquidator of Pegasus Flooring Company Limited by
a resolution of the First Meeting of Creditors held in terms of
Section 138(3) of the Insolvency Act 1986.

A Liquidation Committee was established.

Any creditors who have not already done so are required to lodge
their claims with me on or before September 1, 2005.

I. Scott McGregor, Liquidator
November 2, 2004

CONTACT:  BEGBIES TRAYNOR LLP
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: liverpool@begbies-traynor.com
          Web site: http://www.begbies.com


PERSONA MANAGEMENT: Calls in Liquidator from Tenon Recovery
-----------------------------------------------------------
At the extraordinary general meeting of the members of the
Persona Management Consultants Limited on October 30, 2004 held
at the offices of W4 Productions, Ennismore Avenue, London W4
1SF, the special resolution to wind up the company was passed.
Ian Cadlock of Tenon Recovery, Lyndean House, 43-46 Queens Road,
Brighton, East Sussex BN1 3XB has been appointed liquidator for
the purpose of such a winding-up.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


SOFT DRINKS: Appoints Mazars Administrator
------------------------------------------
Roderick John Weston and Christopher Rodney Ashurst (IP Nos
008730, 001057) have been appointed joint administrators for
Soft Drinks Management Limited.  The appointment was made
November 3, 2004.

The company is a distributor of soft drinks.  Its registered
office is located at Westmead House, 123 Westmead Road, Sutton,
Surrey SM1 4JH.

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


THAT CAFE: Creditors Bring in Liquidator
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF That Cafe Limited
                        (In Liquidation)

I, Eric Robert Hugh Nisbet, The Glen Drummond Partnership,
Knightsridge Business Park, 4 Turnbull Way, Livingston, hereby
give notice that I was appointed Liquidator of That Cafe Limited
on November 5, 2004 by a resolution of the First Meeting of
Creditors held in terms of Section 138(4) of the Insolvency Act
1986.  No Liquidation Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

E.R.H. Nisbet, Liquidator
November 5, 2004

CONTACT:  THE GLEN DRUMMOND PARTNERSHIP
          4 Turnbull Way
          Livingston
          West Lothian EH54 8RB
          Phone: 01506 498156
          Fax: 01506 493894
          Web site: http://www.glendrummond.co.uk


TISCO FAST: Interim Liquidators Call Creditors' Meeting
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Tisco Fast Food Ltd.

Notice is hereby given that I, Alexander Iain Fraser, Tenon
Recovery, 10 Ardross Street, Inverness, IV3 5NS, was appointed
Interim Liquidator of Tisco Fast Food Ltd. by Interlocutor of
the Sheriff at Inverness on October 12, 2004.

Pursuant to section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the first meeting
of creditors of the company will be held at 12:00 noon, on
November 19, 2004 at 10 Ardross Street, Inverness IV3 5NS, for
the purpose of choosing a Liquidator (who may be the Interim
Liquidator) and considering any other Resolutions specified in
Rule 4.12(3) of the aforementioned rules.

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

A.I. Fraser, Interim Liquidator

CONTACT:  TENON RECOVERY
          10 Ardross Street
          Inverness IV3 5NS
          Phone: 01463 235321
          Fax: 01463 231040
          E-mail: inverness@tenongroup.com
          Web site: http://www.tenongroup.com


VNN MANAGEMENT: Liquidator from Begbies Traynor Moves in
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF VNN Management Services Limited
                          (In Liquidation)

I, I. Scott McGregor, of Begbies Traynor, 4th Floor 78 St
Vincent Street, Glasgow, G2 5UB hereby give notice, pursuant to
Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on
November 4, 2004 I was appointed Liquidator of the VNN
Management Services Limited by a resolution of the First Meeting
of Creditors held in terms of Section 138(3) of the Insolvency
Act 1986.

No Liquidation Committee was established.

Any creditors who have not already done so are required to lodge
their claims with me on or before September 30, 2005.

I. Scott McGregor, Liquidator
November 4, 2004

CONTACT:  BEGBIES TRAYNOR LLP
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: liverpool@begbies-traynor.com
          Web site: http://www.begbies.com


WOODCHURCH LIMITED: Members General Meeting Set
-----------------------------------------------
The general meeting of the members of Woodchurch Limited will be
on January 10, 2005 commencing at 11:30 a.m.  It will be held at
the offices of Brown Butler, Yorkshire Bank Chambers, Infirmary
Street, Leeds LS1 2JT.

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

CONTACT:  BROWN BUTLER
          Yorkshire Bank Chambers,
          Infirmary Street, Leeds LS1 2JT


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)
Rhi A.G.                            (531)       1,471      129


BELGIUM
-------
Carestel N.V.             CSTL.BR     (3)         178      (68)
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor A.G.                 DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Son A.G.  GUSG        (8)         111      N.A.
Glunz A.G.                GLUG        (0)         428      (17)
Kamps A.G.                KMPSF.PK   (93)       1,075      (61)
Kaufring A.G.             KAUG       (19)         151      (51)
Marbert A.G.              MTBG       (13)         144      (50)
Nordsee A.G.                          (8)         195      (31)
Primacom A.G.             PRIG      (106)       1,264      (50)
Rinol A.G.                RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    A.G.                  SENGk.BE  (153)         126     (148)
Sinn Leffers A.G.         WHGG        (4)         454     (145)
Spar Handels- A.G.        SPAG      (442)       1,433     (234)
VBH Holding A.G.          VBHG       (54)         337      (80)


GREECE
------
Delta Ice Cream                       (3)         183      (14)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
Lazio S.p.A.              LAZI       (57)         495     (330)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


LUXEMBOURG
----------
Millicom International
   Cellular S.A.          MICC       (59)       1,523        4
Oriflame Cosmetics S.A.   ORI.ST     (44)         378       97


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (558)       2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                         (24)         514      327
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Gruppo Media
   Capital SGPS S.A.      GMPTF.PK   (21)         399      (85)
Mostostal Zabrze          MECOF.PK    (6)         227      366


RUSSIA
------
Kamchatskenergo                     (107)         291    7,319
Zil Auto                            (147)         349   (9,974)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (19)         569      372
Swisslog Holding-R        SLOG       (98)         354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326     (977)
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Dawson Holdings           DWN.L      (29)         142      (29)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (122)         167       (2)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

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

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

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


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