TCREUR_Public/041117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 17, 2004, Vol. 5, No. 228

                            Headlines

F I N L A N D

BENEFON OYJ: Share Capital Up 5.3% Following Rights Issue


F R A N C E

SCI CAMEL: Dijon Court Orders Debt Moratorium


G E R M A N Y

ALPHA PROJEKT: Bonn Court Confirms Bankruptcy
CONPRO BAUUNTERNEHMUNG: Undergoing Bankruptcy Proceedings
DRESDNER BANK: Now Expects to Break even this Year
H & T BAUUNTERNEHMEN: Administrator Takes over Helm
KARSTADTQUELLE AG: Two Creditors Still Reviewing Financing Plan

KARSTADTQUELLE AG: Invites Banks to Participate in Capital Hike
KARSTADTQUELLE AG: Consultancy Firm Lauds Restructuring Plan
MERSEBURG VEREINIGTE: Creditors' Claims Due December
M & K GMBH: Gives Creditors Until Next Month to File Claims
SCHAZ TRUCK: Administrator's Report Out January

SCHUMANN & WOLLSCHLAGER: Under Bankruptcy Administration
SDB SERVICE: Potsdam Court Appoints Insolvency Manager
SEWO SERVICE: Succumbs to Bankruptcy
TRANS RUHE: First Creditors' Meeting Set Late January
WESTLB BANK: Returns to Black at Operating Level


H U N G A R Y

BORSODCHEM RT: Reports Encouraging Nine-month Results
MAGYAR HIRLAP: Motorway Constructor Shows Interest


I T A L Y

FINPART: Loss Widens as Revenues Contract
PARMALAT U.S.A.: Asks Court to Order Ex-VP to Produce Documents
TISCALI SPA: Third-quarter, Nine-month Losses Down


K Y R G Y Z S T A N

AITKULU: Agricultural Machineries on Sale this Week
BAITURSUN: To Hold Public Auction Tomorrow
BISHKEK ENGINEERING: Selling KGS8 Million Worth of Properties
KYRGYZKILEM: Deadline for Submission of Bids Saturday


N E T H E R L A N D S

ROYAL AHOLD: Sells Hypermarkets for Undisclosed Sum


P O L A N D

BANK POLSKA: Individual Rating Affirmed at 'C'

* Bankruptcy Figures in Last Nine Months Down 45%


R U S S I A

GAYSKIY FACTORY: Deadline for Proofs of Claim Nears
IGARSKIY SEA: Krasnoyarsk Court Opens Bankruptcy Proceedings
INTER-OIL: Undergoes Bankruptcy Supervision Procedure
KANSKOYE BREAD: Declared Insolvent
KRASNOYARSKIY: Gives Creditors Until December to File Claims

METROMEDIA INTERNATIONAL: Delays Filing of 3rd-Quarter Report
NOVOAGANSKIY DISTILLERY: Insolvency Manager Takes over Helm
POLISTROM: Bankruptcy Hearings Resume Next Month
STROY-BLOCK: Ulyanovsk Court Appoints Insolvency Manager
SYR-ZAVOD VADINSKIY: Appoints V. Dogadin Insolvency Manager

VYAZNIKOVSKIY FLAX: Proofs of Claim Deadline Expires Next Month
YUKOS OIL: Oil Deliveries via Rail Transit Falls 50%
YUKOS OIL: Ratings Downgraded to 'Caa2/Caa3'
YUKOS OIL: Loses Bid to Remove 'Bias' Judges in Tax Evasion Case


S P A I N

IZAR: Protests Erupt in Basque Region
IZAR: Corners EUR200 Million Contract from Gas Natural


U K R A I N E

CHERVONA POLYANA: Undergoes Bankruptcy Supervision Procedure
CRYSTAL OF UKRAINE: Temporary Insolvency Manager Takes over Helm
EURO-IZOL: Harkiv Court Opens Bankruptcy Proceedings
INTERKOM: Insolvency Manager to Temporarily Oversee Business
KREMENCHUK' AGROCHEMISTRY: Succumbs to Bankruptcy

NIVA: Court Appoints Temporary Insolvency Manager
VOLODIMIRIVSKIJ: Bankruptcy Supervision Begins
YUGPRODSERVICE: Liquidator Enters Firm


U N I T E D   K I N G D O M

365 DAYS: Owners Agree to Wind up Company
ALL HOURS: Names O'Hara & Co. Liquidator
AQUASMART LIMITED: Eurofactor Appoints Fanshawe Lofts Receiver
ASCOT COMMERCIAL: Hires PricewaterhouseCoopers as Liquidator
ASHTEAD GROUP: Closes US$675 Million Senior Debt Refinancing

ATLANTIC UTILITY: In Administrative Receivership
AURA CLOTHING: Hires Liquidator from Tomlinsons
BAE SYSTEMS: Wins US$26 Million U.S. Navy Contracts
BERMUDA POOLS: Insolvency Service Bans Director
BRACKEN PARTNERS: Hires Citroen Wells as Liquidator

BUSINESS DOCUMENT: Director Accepts Three-year Ban
CABLE & WIRELESS: Rating Affirmed at 'BB+/B'; Outlook Stable
CORUS GROUP: BOC Retains Supply Deal for South Wales Plant
DARLINGTON MAGNETIC: Sets General Meeting December
DCM CAPITAL: Liquidator's Final Report Out Next Month

DHE HOLDINGS: Bank of Scotland Appoints Robson Rhodes Receiver
DOWNTON HI: Names RSM Robson Rhodes Administrator
EAST ANGLIA: Hires Joint Administrators from Robson Rhodes
ELF EXPLORATION: Members Final Meeting Set
KARRAN LIMITED: Barclay Bank Appoints Stoy Hayward Receiver

MICROSYSTEMS (DISTRIBUTORS): Appoints Haines Watts Administrator
MYTRAVEL GROUP: Sets Terms of GBP216 Mln Debt Restructuring
PACKAGING PLUS: Hires Numerica as Administrator
PENAIR LIMITED: Names Administrator from Tenon Recovery
PICTURE HOUSE: Calls in Administrator from Houghton Stone

RICHMAN ASSOCIATES: Winding up Resolutions Passed
ROSIN HOLDINGS: Final Meeting of Members Set December
SOUTHAMPTON METAL: Calls in Liquidator from D. J. Stringer
SPIN 2 WEAVING: In Administrative Receivership
THE EASTLEIGH: Names Fanshawe Lofts Administrator

THE NUCO: Bank of Scotland Appoints Receiver
WEAVETEX LIMITED: Director Banned from Occupying Executive Post
WHATLING ACRE: Calls in Liquidators from Hart Shaw


                            *********


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


BENEFON OYJ: Share Capital Up 5.3% Following Rights Issue
---------------------------------------------------------
The share capital increase of EUR61,755.97 corresponding to the
already accepted subscriptions for the 6,175,597 shares in the
prior informed Benefon Oyj shareholders' Rights Issue has as of
Nov. 15, 2004 been registered in the trade register.  This
increase of share capital is approximately 5.3% of the share
capital prior to the rights issue.  After the increase, the
total share capital of the Company is EUR1,232,635.37, all paid.

The new Benefon S-shares will be taken in public trading on the
I-list of Helsinki Exchanges as of Nov. 16, 2004 aside with the
old shares (BNFSV) of the Company.  The new shares entitle to
dividend from fiscal period beginning on Jan. 1, 2003 and from
subsequent periods, otherwise they have the same rights as the
old shares.

As made public on Nov. 11, 2004, the Company received, in
addition to the said accepted subscriptions, subscriptions for a
total of 184,216 shares with the payments of the total
subscription price of EUR25,790.24 not arrived in time, and for
which the Board granted additional time.  All of these payments
have now been received, and the Board will handle anew these
subscriptions together with the subscriptions received from
investors, which now is estimated to take place on approximate
Nov. 19, 2004.

Benefon Oyj

Tomi Raita
CEO

CONTACT:  BENEFON OYJ
          P.O. Box 84
          Meriniitynkatu 11
          FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          E-mail: salesoffice@benefon.fi
          Web site: http://www.benefon.com


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


SCI CAMEL: Dijon Court Orders Debt Moratorium
---------------------------------------------
The Commercial Court of Dijon placed SCI Camel into receivership
on November 5, 2004.  Prior to this, the court ordered a
moratorium on satisfaction of claims on October 27, 2004.  Ms.
Veronique Thiebaut has been appointed receiver.

Creditors are urged to submit their proofs of claim to the
receiver within two weeks following the publication of this
notice on the Bulletin Officiel des Annonces Civiles et
Commerciales (BODACC).

CONTACT:  SCI CAMEL
          42 Rue de la Liberte
          a Semur-en-Auxois 21140
          Contact:
          M. Patrick Kalason, manager

          Veronique Thiebaut
          SCP Cure-Thiebaut
          78 Avenue Victor-Hugo
          Dijon 21000


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


ALPHA PROJEKT: Bonn Court Confirms Bankruptcy
---------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
ALPHA PROJECT Aktiengesellschaft on Oct. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 21, 2004 to register their
claims with court-appointed provisional administrator Markus
Lehmkuhler.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 21, 2005, 9:10 a.m. at the district court of
Bonn at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ALPHA PROJEKT AKTIENGESELLSCHAFT
          Marie-Curie-Strasse 5, 53359 Rheinbach

          Markus Lehmkuhler, Insolvency Manager
          Wilhelmstr. 40, 53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


CONPRO BAUUNTERNEHMUNG: Undergoing Bankruptcy Proceedings
---------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against CONPRO Bauunternehmung GmbH on Oct. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 18, 2005
to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 6, 2005, 9:35 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 Feb. 17, 2005, 9:35 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  CONPRO BAUUNTERNEHMUNG GMBH
          Burggrafenstr. 3,10787 Berlin

          Dr. Christoph Schulte-Kaubrugger, Administrator
          Genthiner Str. 48, 10785 Berlin


DRESDNER BANK: Now Expects to Break even this Year
--------------------------------------------------
In the first nine months of the current fiscal year, the
Dresdner Bank Group generated an operating result of EUR556
million -- up EUR558 million on the figure for the same period
of 2003.  Income before taxes was EUR359 million following a
deficit of EUR425 million in the previous year.  Income after
taxes improved to EUR431 million (09/2003: EUR64 million).

"The figures for the first three quarters are proof of the
systematic implementation of our 'New Dresdner' program.  At the
same time we are continuing our disciplined management of our
costs, risks and capital.  We have taken the offensive with our
new market presence," said Dr. Herbert Walter, Chairman of the
Board of Managing Directors of Dresdner Bank, commenting on the
results as at 30 September.

"In view of the sustained positive development in all business
areas, I am now expecting us to exceed our original goal for
2004 and to break even overall after restructuring costs," he
continued.

Operating income declined by EUR308 million year-on-year to
EUR4,888 million, but remained largely stable on a like-for-like
basis.  The decline in operating income before adjustments was
due to a 17.6% drop in net trading income to EUR1,165 million.
In contrast, net interest and current income and net fee and
commission income stabilized.  Net interest and current income
amounted to EUR1,763 million after the first nine months.  This
represents a drop of only 2.3% as against the prior-year period,
and is due in part to the favorable IAS 39 effect.  Average
risk-weighted assets decreased by 18.5% in comparison with the
previous year.  Net fee and commission income remained almost
unchanged at EUR1,960 million (-0.9%).

The improved quality of the loan portfolio, the reduction in
risk-weighted assets and a more favorable economic environment
led to loan loss provisions of EUR271 million after the first
three quarters -- down more than 60% on the previous year's
figure.

Administrative expenses were cut by 9.3% to EUR4,061 million.
Non-staff costs declined by a clear 10.9%, with IT costs and
expenses for office furniture and equipment recording
particularly substantial drops.  Total staff costs decreased by
8.2%; the number of employees at the end of the third quarter
amounted to 31,272 (09/2003: 36,503).  All in all, the Bank has
cut costs by more than EUR1 billion since the start of the "New
Dresdner" program.

Non-operating income totaled -EUR197 million (09/2003: -EUR423
million).  Other operating income/expenses, net amounted to
-EUR135 million (09/2003: -EUR257 million).  The results from
investment securities totaled EUR165 million (prior-year period:
EUR248 million).  Restructuring charges amounted to EUR127
million after the first nine months.

Regulatory capital (BIS) amounted to around EUR14.4 billion as
at 30 September 2004.  The core capital ratio was 6.7%, while
the total capital ratio was 13.7%.

                         Segment results

The Bank's four strategic divisions Personal Banking, Private &
Business Banking (currently still reported together as Private
and Business Clients), Corporate Banking and Dresdner Kleinwort
Wasserstein contributed an aggregate operating result of EUR575
million.  This was partially offset by the operating loss of
EUR19 million recorded by the Bank's non-strategic operations.

The Private and Business Clients division more than doubled its
operating result to EUR370 million (09/2003: EUR159 million).
Operating income rose by 1.3% to total EUR2,319 million.  Net
fee and commission income increased by around 9%, due primarily
to successful sales activities by the division's domestic and
foreign securities and funds business.  The Bank's close
cooperation with Allianz again had a positive effect this year.
Administrative expenses declined by a further 6%, while loan
loss provisions were cut by EUR67 million to EUR154 million.
Income before taxes jumped by EUR207 million to EUR291 million.
The cost-income ratio improved considerably by 6 percentage
points to 77.4%.

The Corporate Banking division generated an operating result of
EUR365 million (+18.5%) in the first three quarters.  Net
interest and current income was down only slightly on the
previous year's level, although risk-weighted assets declined by
16.4%.  A further improvement in lending business margins had a
positive effect.  Total operating income was down slightly year-
on-year.  Administrative expenses declined by a further 9.1%.
Loan loss provisions were more than halved to EUR44 million.
Income before taxes jumped around 40% to EUR353 million.  The
cost-income ratio improved by 2.8 percentage points to 46.7%.

DrKW recorded an operating result for the first nine months of
EUR218 million (09/2003: EUR335 million).  The decline in
operating income of around 10% to EUR1.6 billion is mainly
attributable to the decrease in net trading income to EUR934
million (-15.4%).  The average risk capital tied up was reduced
by approximately 20% in the same period.  A further drop in
administrative expenses by 7.4% to EUR1,346 million partly
compensated for the decline in income.  Total income before
taxes amounted to EUR183 million (09/2003: EUR289 million).

The Institutional Restructuring Unit (IRU) improved its
operating result by EUR316 million to -EUR70 million.  Operating
income decreased by EUR144 million to EUR296 million as a result
of the scheduled reduction in risk-weighted assets.  However,
substantially lower loan loss provisions (EUR173 million) and a
37% cut in administrative expenses more than offset this drop.
Income before taxes jumped EUR660 million to -EUR12 million.  In
October 2004, a portfolio of German loans in the amount of
around EUR1.2 billion was sold.  The value adjustment associated
with this transaction has been included in the loan loss
provisions for the third quarter.

Dresdner Bank has now reported positive results for the third
quarter in succession.  "Our achievements to date give us the
power to improve our market position and grow our income with
the second phase of our 'New Dresdner Plus' program.  Our market
and sales campaign has got off to a successful start," said
Herbert Walter.  "Our goals are to achieve profitable growth and
sustained profitability.  We intend to earn our costs of capital
in 2005."

The figures given in this press release relate to the Dresdner
Bank subgroup and have been prepared in accordance with the
IFRSs.  The classification of the figures is comparable with
those for other major German banks that apply IFRSs.  The
figures for the Dresdner Bank subgroup prepared in accordance
with the IFRS are not identical to those published by Allianz
for its Banking Segment, which includes all of Allianz's banking
activities.

(in Mio. Euro)     1.Jan.      1.Jan.        Change in
                     -30. Sept.  -30.Sept.
                      2004         2003      EUR mln    percent

Net interest
and current income   1,763        1,804       -41        -2.3

Net fee
and commission
income          1,960        1,978     -18       -0.9

Net trading income   1,165        1,414      -249      -17.6

Operating income    4,888        5,196      -308       -5.9

Net loan
loss provisions  271       722    -451      -62.5

Operating income after
net loan loss
provisions          4,617        4,474     143    3.2

Administrative
expenses     4,061      4,476     -415       -9.3

Operating result      556         -2      558

Other operating
income/expenses, net  -135          -257      122   47.5

Results from investment
securities            165        248      -83     -33.5

Amortization of and
impairment losses
on goodwill           100            132     -32    -24.2

Restructuring charges 127        282    -155    -55.0

Income/loss
before taxes     359       -425      784

Tax benefit/expense   -72           -489      417    -85.3

Income/loss
after taxes      431         64     367 >100

Ratios

Employees   31,272         36,503     5,231   -14.3

Cost-income ratio
(operating)    83.1%          86.1%

Risk-weighted
assets  104,904       111,879
                                          Information
Core capital ratio  6.7%            6.6%        as at

Total capital ratio13,7%           13,4%      31 December 2003

CONTACT:  DRESDNER BANK
          Ulrich Porwollik
          Phone: +49-(0) 69 2 63-5 06 05

          Karl-Friedrich Brenner
          Phone: +49-(0) 69 2 63-8 36 37


H & T BAUUNTERNEHMEN: Administrator Takes over Helm
---------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against H & T Bauunternehmen GmbH on Oct. 15.
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. Volker Schlittgen.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 10:00 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  H & T BAUUNTERNEHMEN GMBH
          Ernst-Thalmann-Strasse 15b, 06317 Erdeborn
          Contact:
          Kornelia Hahnemann, Manager
          Neuglucker Weg 1, 06295 Bornstedt

          Dr. Volker Schlittgen, Insolvency Manager
          Lohrstrasse 11, D-04105 Leipzig
          Phone: 0341/984820
          Fax: 0341/9848220


KARSTADTQUELLE AG: Two Creditors Still Reviewing Financing Plan
---------------------------------------------------------------
Beleaguered retail giant KarstadtQuelle has still to persuade
two of its creditor banks to extend its EUR1.75 billion credit
lines, Europe Intelligence Wire says.

Banks LBBW and NordLB said they were not able to attend
negotiations held last week and would need ample time to review
the financing plan presented at the meeting with Bayerische
Landesbank.  The banks' stance, according to Europe Intelligence
Wire, would not vitally affect the plan, as they only hold EUR60
million or four percent of KarstadtQuelle's total financing.
KarstadtQuelle says the credit lines would be vital to its
operation since its liquidity is good only until the end of the
year.

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


KARSTADTQUELLE AG: Invites Banks to Participate in Capital Hike
---------------------------------------------------------------
Troubled retail group KarstadtQuelle is reportedly holding talks
with financial institutions regarding a EUR500 million capital
increase, The Financial Times Deutschland says.

The retail giant is trying to persuade a group of banks,
including U.S. investment bank Goldman Sachs to inject the
amount into KarstadtQuelle, in the form of a long-term,
subordinated capital.  KarstadtQuelle plans to use the amount to
prop up its coffers, which would be enough to last until the end
of the year.

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


KARSTADTQUELLE AG: Consultancy Firm Lauds Restructuring Plan
------------------------------------------------------------
Ailing retail giant KarstadtQuelle's restructuring plan received
a boost after a management consultancy firm presented a report
commending the plan, The Financial Times Deutschland says.

Strategic consultancy company Roland Berger said
KarstadtQuelle's plans are "addressing the right issues."  If
the retail giant's plans are executed successfully, its position
in relation with industry rivals would significantly improve,
the report said.

Meanwhile, the group's creditor banks are expected to decide in
a few days whether to extend a EUR1.75 billion credit line
following the report.  KarstadtQuelle is trying to avail the
credit line, as it only has enough cash to sustain operations
until the end of the year.

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


MERSEBURG VEREINIGTE: Creditors' Claims Due December
----------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Merseburg Vereinigte Ingenieure und
Architekten GmbH on Oct. 14.  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 Sabine von Stein-
Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:30 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  MERSEBURG VEREINIGTE INGENIEURE UND ARCHITEKTEN GMBH
          Obere Burgstr. 7, 06217 Merseburg

          Sabine von Stein-Lausnitz, Insolvency Manager
          Magdeburger Str. 38, D-06112 Halle
          Phone: 0345/232620
          Fax: 0345/2326230


M & K GMBH: Gives Creditors Until Next Month to File Claims
-----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against M & K GmbH on Oct. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 10, 2004 to register their
claims with court-appointed provisional administrator Jorg
Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 10:30 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  M & K GMBH
          MUhlweg 4, 06712 Rippicha
          Contact:
          Andreas Marschner, Manager

          Jorg Riedemann, Insolvency Manager
          Muhlweg 47, D-06114 Halle
          Phone: 0345/293900
          Fax: 0345/2939029


SCHAZ TRUCK: Administrator's Report Out January
-----------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Schaz Truck and Trailerservice GmbH on Oct.
13.  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 Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 11:15 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  SCHAZ TRUCK AND TRAILERSERVICE GMBH
          Petersdorfer Str. 1, 06188 Landsberg

          Dr. jur. Rainer Eckert, Insolvency Manager
          Universitatsring 6, D-06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


SCHUMANN & WOLLSCHLAGER: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Schumann & Wollschlager GbR on Oct. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 26 to register
their claims with court-appointed provisional administrator
Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 10:20 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004
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:  SCHUMANN & WOLLSCHLAGER GBR
          Atillastrasse 5, 15831 Grossziethen
          Contact:
          Peter Schumann, Partner
          Robert Wollschlager, Partner

          Stephan Mitlehner, Insolvency Manager
          Walter-Benjamin-Platz 6, 10629 Berlin


SDB SERVICE: Potsdam Court Appoints Insolvency Manager
------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against SDB Service-, Dienstleistungs- und Beratungs- GmbH on
Oct. 27.  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 Alfred Korbitz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 10:00 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004
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:  SDB SERVICE-, DIENSTLEISTUNGS- UND BERATUNGS- GMBH
          Forsterweg 02, 14482 Potsdam
          Contact:
          Dieter Menzel, Manager

          Alfred Korbitz, Insolvency Manager
          Promenadenplatz 09, 80333 Munchen


SEWO SERVICE: Succumbs to Bankruptcy
------------------------------------
The district court of Gera opened bankruptcy proceedings against
SEWO Service + Wohnen GmbH on Oct. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 10, 2004 to register their
claims with court-appointed provisional administrator Thomas
Heilmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 2:00 p.m. at the district court of
Gera Gera, Rudolf-Diener-Str. 1, Zimmer 317 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:  SEWO SERVICE + WOHNEN GMBH
          Sachsenplatz 8, 07545 Gera

          Thomas Heilmann, Insolvency Manager
          Clara-Zetkin-Strasse 6, 07545 Gera


TRANS RUHE: First Creditors' Meeting Set Late January
-----------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Trans Ruhe GmbH on Oct. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 30, 2004 to register their claims with
court-appointed provisional administrator Hubertus Bange.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:00 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, I., Saal 101 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  TRANS RUHE GMBH
          Gusbachweg 14c, 48429 Rheine
          Contact:
          Herbert Ruhe, Manager
          Gunsbachweg 14 c, 48429 Rheine

          Hubertus Bange, Insolvency Manager
          Kardinal-von-Galen-Str. 5, 48268 Greven
          Phone: 02571/865-0
          Fax: +4925718645


WESTLB BANK: Returns to Black at Operating Level
------------------------------------------------
In the first nine months of this year, WestLB Group reported a
pre-tax profit of EUR247.0 million (first nine months of 2003:
-EUR636.2 million).  Earnings in the traditionally weaker third
quarter were EUR37.3 million.  Taking into account increases in
unrealized market value reserves in the trading portfolios,
profits for the first nine months of 2004 rose to EUR387.1
million as of the end of September.

On the occasion of the presentation of the third quarter report
in Dusseldorf, Board Chairman Dr. Thomas Fischer said: "In view
of the continued weakness of the market and the fact that we
have only relatively recently begun to implement our new
business structure, we are satisfied with our earnings
performance.

"WestLB has made good progress on its way towards becoming a
profitable European commercial bank with firm roots in Germany
and North Rhine-Westphalia.  While the resulting enormous market
potential will not be fully leveraged until the coming year, the
results so far are absolutely in line with our target for the
year as a whole."

       Costs Again Reduced Sharply - Positive Risk Result

The sharp improvement in the operating result from -EUR426.6
million to EUR190.1 million is mainly attributable to the
positive risk result and the continued sharp reduction in costs
of EUR152.0 million.  Personnel expenses declined from EUR720.8
million in the same period of the previous year to EUR653.0
million, primarily as a result of further headcount reductions.
The number of employees fell from 7,467 on December 31, 2003 to
6,991 (full-time equivalent).  Operating expenses declined from
EUR684.1 million to EUR599.9 million.

Following the elimination of excessive risks from the balance
sheet last year, WestLB Group reported a positive risk result
from its lending business of EUR25.5 million (2003: -EUR833.4
million).  As a result, net interest income after provisions for
credit risks rose to EUR1,312.9 million (2003: EUR494.3
million).  Net commission income declined by EUR128.2 million to
EUR250.1 million and net income from trading operations to
-EUR312.5 million (2003: -EUR89.1 million).  Including the
interest result from the trading portfolios, which is booked as
net interest income, net income from trading operations is
clearly positive at EUR340.2 million.

The result of securities and participations increased to
EUR103.7 million (2003: -EUR106.1 million) due to income from
the sale of investments and the positive development in the
equity and bond markets.  At -EUR46.8 million, the extraordinary
result was up EUR56.7 million on the same period of the previous
year.

                Core Capital Ratio Rises to 7.5%

The two North Rhine-Westphalian savings banks associations paid
up the EUR1.5 billion capital increase on September 30, 2004,
increasing the Group's core capital to EUR8.2 billion.  The
Group's core capital ratio is now 7.5%, an improved level
regarded as solid and sustainable by the financial markets.  The
Bank's total capital and reserves increased to EUR12.2 billion.

Group total assets climbed from EUR256.2 billion to EUR270.9
billion in the first nine months of the year; business volume
rose to EUR367.5 billion.  Whilst claims on customers declined
slightly to EUR83.6 billion, claims on banks increased to
EUR89.9 billion. Overall, the credit volume grew by EUR12.9
billion to EUR253.8 billion.  Securities/equalization claims
rose to EUR74.0 billion.

On the liabilities side, liabilities to customers increased to
EUR74.4 billion and liabilities to banks to EUR115.8 billion.
Certificated liabilities showed a slight rise to EUR56.8
billion.

     E.U. State Aid Proceedings: Capital Base Remains Secure

The decision of the E.U. in the state aid proceedings on the
integration of housing assets into WestLB will enable the Bank
to plan for the future with greater certainty.  Dr. Fischer
said: "The Bank and its owners knew from the outset that this
issue, which has weighed heavily on WestLB for a number of
years, could not be settled conclusively without a major effort
on the part of all involved.  Accordingly, the Bank's owners
have undertaken to ensure that WestLB is adequately capitalized
irrespective of the final outcome of the Wfa proceedings. It is
still too early at the end of the third quarter to assess the
impact on the Bank's results."

             New Business Model Making Good Progress

The implementation of the new business model is making good
progress. The Bank is increasingly positioning itself as a
customer-oriented universal bank in close partnership with the
savings banks.

"In the joint budget planning with the savings banks, and above
all internally, WestLB is preparing for the first time to test
the value of its new business model for 2005 over a full
financial year.  The willingness of our employees in Germany and
internationally to embrace change and tackle the tasks at hand
are essential prerequisites for success," said Dr. Fischer.

WestLB will systematically maintain its strict cost and risk
management policy and continue to review its investment
portfolio for strategically reasonable and profit-enhancing
options.

The potential impact of the E.U. state aid decision cannot be
assessed ahead of agreement about its implementation.  Without
taking this factor into account, however, the Bank is confident
that it will achieve its planned earnings targets for 2004.

A full copy of the financial results is available free of
charged at http://bankrupt.com/misc/WestLB.pdf.

CONTACT:  WESTLB BANK
          Herzogstrasse 15
          40217 Dusseldorf
          Phone: 0211 826 01
          Fax: 0211 826 6119
          E-mail: info@westlb.de
          Web site: http://www.westlb.de


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


BORSODCHEM RT: Reports Encouraging Nine-month Results
-----------------------------------------------------
BorsodChem Rt prepared its Short Business Report for first to
third quarter of 2004 based on consolidated balance sheet data
as per International Financial Reporting Standards (IFRS).

Data included in the Short Business Report are not audited.
Data in the Report correspond to actual facts and the Report
does not conceal material information that may be significant
from the perspective of the Company's assessment to the capital
markets.  We publish modified data as base figures in first to
third quarter of 2003.

Highlights

BorsodChem Rt, the leading producer of PVC, the only producer of
MDI and the leading producer of TDI in the Central and Eastern
European region announced its results for 9 months ended
September 30, 2004.

(a) Sales revenues: HUF106,730 million (Q1-Q3 2003, HUF100,658
    million);

(b) Pre-tax profit: HUF14,064 million (Q1-Q3 2003, HUF6,383
    million);

(c) Significant production capacity increases brought on-line;

(d) Inaugural two-week bi-annual maintenance shutdown completed
    with manageable impact upon operational performance;

(e) Creditable performance during period of rising raw material
    costs with increasing evidence of availability of cost pass-
    troughs; and

(f) Effective re-introduction to international capital markets
    via US$480 million share placing by major shareholder and
    listing on the Warsaw Stock Exchange.

CEO Laszlo F. Kovacs commented, "This quarter has seen
significant changes for BorsodChem Rt. as we successfully
implemented significant production capacity expansions (within
budget), conducted our effective return to the international
capital markets and completed an inaugural bi-annual maintenance
shutdown.  Despite a trading environment characterized by rising
raw material prices, strength in our domestic currency and TDI
prices returning to more normal levels, I am pleased to report
an encouraging financial performance."

Full copy of nine-month results is available free of charge at
http://bankrupt.com/misc/borsodchem_3q2004.htm.

CONTACT:  BORSODCHEM RT
          3700 Kazincbarcika
          Bolyai Ter 1
          Phone: 48/511-211
          Fax: 48/511-511
          E-mail: bcrt@borsodchem.hu
          Web site: http://www.borsodchem.hu


MAGYAR HIRLAP: Motorway Constructor Shows Interest
--------------------------------------------------
A potential buyer has emerged for the recently shutdown daily,
Magyar Hirlap, according to Budapest Business Journal.

The report says Motorway constructor Vegyepszer Rt is
considering buying the publishing rights of the newspaper from
Ringier Kft.  CEO Gyula Timar was quoted as saying: "We're in
talks with Ringier about the purchase of Magyar Hirlap."  A
decision is expected this week, according to him.

Ringier stopped Magyar's circulation earlier this month after
failing to reach an agreement with various potential investors
and investment groups.  Magyar Hirlap has incurred more than
HUF1.5 billion in losses since 2001.

Despite the positive news, Magyar's former staff have completely
abandoned any hopes of working for the paper again.  Instead,
they decided to launch a new paper, a Pont, last week, and are
now seeking investors.

Pal Szombathy, representing a Pont, said: "We're trying to
publish a daily that represents the independent, liberal
attitude of Magyar Hirlap, while being different in its layout
and content in order to better serve its prime target audience -
- young professionals."  They plan to introduce the paper at
HUF150 with a view to fixing its regular price at EUR1.

The new daily is published by Zsurnalisztak Bt, and financed
with the help of donations and offers from various individuals
and business organizations.  The daily's 40,000 copies are
distributed nationwide, and printed by Adoc-Interprint Printing
Kft.

CONTACT:  RINGIER AG
          Dufourstrasse 23
          CH-8008 Zurich
          Phone: +41 1 259 60 51
          Fax: +41 1 259 86 35
          E-mail: info@ringier.ch


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


FINPART: Loss Widens as Revenues Contract
-----------------------------------------
Finpart reported a loss of EUR59.5 million for the first nine
months of 2004, up from a loss of EUR49.7 million in the same
period last year, just-style.com reports.

The fashion and textiles holding group saw revenues for the
period drop significantly by EUR58.4 million to EUR245.8 million
this year.  Consolidated earnings before interest, tax,
depreciation and amortization was EUR2.3 million, down EUR5.0
million on a year-on-year basis.

Il Sole 24 Ore earlier this month said the firm's auditors had
declined to certify its first-half accounts.  Finpart said
Mazars & Guerard could not issue an opinion on the group's
finances.  The group then disclosed net debt of EUR341.1 million
as at September 30, down from EUR342.8 million at the end of
August.

Finpart's labels include Andrea Pfister, Cerruti, and Maska.


PARMALAT U.S.A.: Asks Court to Order Ex-VP to Produce Documents
---------------------------------------------------------------
Before the bankruptcy petition date, Frank Ferrante acted as
Vice President and General Manager of the northeast operations
for Parmalat U.S.A. Corp. and Farmland Dairies L.L.C.  Mr.
Ferrante held this position from the time Parmalat U.S.A.
acquired Farmland in December 1999, up until his resignation on
Jan. 5, 2004.  Following his resignation, Mr. Ferrante assumed a
position at Tuscan/Lehigh Dairies, Inc., and one of its
affiliates, a significant competitor of Farmland in the New York
and New Jersey area.

Mr. Ferrante also induced his assistant Artan Zuta and salesman
Steven Kane to leave Farmland and join him at Tuscan.  On Jan.
5, 2004, Mr. Zuta hand-delivered to Farmland's offices copies of
resignation letters on behalf of Mr. Ferrante and himself.  Mr.
Kane left two days later.

After having determined that a reorganization of their core
business as a going concern would provide greater value to
creditors and other parties-in-interest, the U.S. Debtors
appointed a new management team to assist them.  Specifically,
the U.S. Bankruptcy Court for the Southern District of New York
approved Farmland's employment of:

    * James A. Mesterharm as Chief Restructuring Officer;

    * Martin J. Margherio as President and Chief Operating
      Officer;

    * Mikael B. Pederson, as Executive Vice President; and

    * Teressa E. Webb, as Chief Financial Officer.

Following their appointment, the New Management Team commenced a
review of Parmalat U.S.A.'s financial records and business
affairs and discovered certain transactions involving Mr.
Ferrante that require further scrutiny.

                   Bonus Payments to Mr. Ferrante

Gary Holtzer, Esq., of Weil, Gotshal & Manges, LLP, in New York,
relates that after a careful examination of the U.S. Debtors'
records, the New Management Team learned that Mr. Ferrante
received significant payments in addition to his annual salary
throughout his employment with Parmalat USA.  Mr. Ferrante's
actual yearly compensation totaled more than US$1,000,000 -- an
amount which is far in excess of market levels for individuals
with similar positions at comparable companies and greater than
the annual rate of compensation received by Parmalat U.S.A.'s
current Chief Executive Officer.

Furthermore, company records reveal that the manner in which the
bonus payments were paid also departed from standard practice.
Each bonus payment that Mr. Ferrante received was set at an even
dollar amount and then grossed-up to account for tax
withholdings.

While the New Management Team continues to investigate
Mr. Ferrante's compensation, to date, it has been unable to
ascertain any business rationale for the bonus payments.

               Mr. Ferrante's Use of Corporate Funds

It has also come to the New Management Team's attention that Mr.
Ferrante incurred hundreds of thousands of dollars in expenses
annually for customer gifts and entertainment that were paid for
with corporate funds.

Mr. Holtzer tells the Court that in 2003 alone, Mr. Ferrante
spent more than US$200,000.  These expenses included US$60,000
in undocumented advances, a US$6,000 trip to the Venetian Hotel
& Casino in Las Vegas with a Farmland customer, a US$10,000
receipt from the Venetian Hotel & Casino for unexplained
entertainment expenses for Farmland customers, a total of
US$10,000 in sporting event tickets for which no documentation
was submitted, and numerous other reimbursement requests that
appear to have been submitted twice or with altered receipts.

                    The Tuscan Supply Agreement

As Vice President and General Manager of Northeast operations,
Mr. Ferrante negotiated and entered into numerous contracts on
Parmalat U.S.A.'s behalf before his resignation.

On May 30, 2003, Parmalat U.S.A. and Tuscan entered into a
supply agreement, pursuant to which Parmalat U.S.A. agreed,
inter alia, to process, package and load fluid milk products
under the Tuscan label or private labels at Farmland's Sunnydale
Plant in Brooklyn, New York, for delivery to Tuscan customers in
the New York area.  A specified processing fee, among other
fees, was to be paid by Tuscan to Parmalat U.S.A. for the co-
packing services to be performed at Sunnydale.  Parmalat U.S.A.
further agreed to purchase and load other products as requested
by Tuscan.

The initial term of the Tuscan Supply Agreement was from
May 30, 2003, through June 30, 2016, with provisions for
automatic renewal.  Pursuant to the Supply Agreement, the
parties contemplated that on June 30, 2004, or, at Tuscan's
option, on July 1, 2004, the volume of fluid milk products to be
processed, packaged and loaded for Tuscan would increase
significantly.

In addition to the Co-Packing Services to be performed pursuant
to the Supply Agreement, Parmalat USA also agreed to provide to
Tuscan or its designees certain of its parking, office space and
storage facilities at no additional charge.

According to Mr. Holtzer, a number of the Supply Agreement
provisions, which Mr. Ferrante negotiated on Parmalat U.S.A.'s
behalf, render it a commercially burdensome contract to the U.S.
Debtors.  The Supply Agreement obligates the Debtors to perform
the Co-Packing Services for Tuscan at a below market and below
cost price since their production costs exceed the per gallon
charge fixed in the Supply Agreement.  The Supply Agreement also
does not contain any provision that would allow the Debtors to
effectively pass on labor and other production costs as they
increase over the lengthy duration of the Supply Agreement.
Moreover, the Supply Agreement requires the Debtors to devote
roughly 50% of the Sunnydale plant's capacity to the Co-Packing
Services, and severely limits their flexibility in operating
their facilities.

In addition, Sunnydale is not equipped to handle the services
increase contemplated in the Supply Agreement without a major
investment in capital equipment.

The U.S. Debtors incur a loss on each gallon that they process
for Tuscan pursuant to the Supply Agreement.  The commercial
terms of the Supply Agreement require the Debtors to make
significant capital expenditures to contain these unusually high
production costs.  In fact, if the Debtors were required to
perform under the Supply Agreement after the Services Increase
without the benefit of the capital expenditures, the costs per
gallon would be significantly higher than usual, resulting in
extraordinary losses to the detriment of the Debtors and their
estates.  In addition to its burdensome economic terms, the
Supply Agreement includes certain provisions that are vague and,
depending on interpretation, could result in extraordinary
losses for the Debtors in the long term, and costly and time-
consuming litigation.

In a Court-approved stipulation, Parmalat U.S.A. and Tuscan
agreed that:

     (i) Parmalat U.S.A. will reject the Supply Agreement
         effective as of Nov. 30, 2004; and

    (ii) they will perform under the Supply Agreement beginning
         June 30, 2004, until November 30, 2004, on certain
         modified terms.

              Mr. Ferrante's Post-Resignation Conduct

Since he resigned from Parmalat U.S.A., Mr. Ferrante has induced
a number of large customers to discontinue their business
relationships with Farmland and enter into supply agreements
with Tuscan, Mr. Holtzer informs the Court.  Mr. Ferrante made
false, misleading, disparaging, and defamatory statements to
Farmland customers regarding Farmland's business to hinder the
company's efforts to seek contract extensions with substantial
customers and secure these accounts for Tuscan.

                    Rule 2004 Discovery is Proper

Mr. Holtzer asserts that the U.S. Debtors are entitled to
examine Mr. Ferrante pursuant to Rule 2004 of the Federal Rules
of Bankruptcy Procedure.  The discovery falls squarely within
the scope of Rule 2004 because it relates to issues that may
affect the Debtors' property and the administration of the
Debtors' estates.

Mr. Holtzer explains that the U.S. Debtors must be in a position
to evaluate the fairness of the transactions and assess the
value of any claims that they and their creditors may have
against Mr. Ferrante with respect to his conduct, as well as any
claims that they and their creditors may have against other
entities who were the beneficiaries of any gifts, payments or
agreements that Mr. Ferrante entered into on Parmalat U.S.A.'s
behalf.

Moreover, it is in the best interests of the U.S. Debtors, their
estates, creditors, and all parties-in-interest to investigate:

    (1) the nature of the bonus payments;

    (2) the excessive expenses that were paid for with corporate
        funds;

    (3) the facts and circumstances surrounding Mr. Ferrante's
        negotiation of the Supply Agreement;

    (4) the extent of Mr. Ferrante's relationship with Tuscan or
        any of its agents prior to his resignation; and

    (5) any tortious conduct Mr. Ferrante has engaged in since
        he resigned from his position at Parmalat USA.

To fully understand whether and to what extent Mr. Ferrante's
conduct has harmed the U.S. Debtors and their creditors, it is
critical that the U.S Debtors obtain access to certain documents
and information within Mr. Ferrante's possession and control.
Without the discovery, the Debtors will be unable to properly
evaluate the merits of potential claims that could result in
significant recoveries to them and to their creditors, and
positively impact their ability to administer and reorganize
their estates for the benefit of all parties-in-interest.

Accordingly, at the U.S. Debtors' request, Judge Drain directs
Mr. Ferrante to:

     (i) immediately produce all documents and records requested
         by the Debtors; and

    (ii) submit to a deposition upon oral examination on the
         matters at issue.

                           *     *     *

The U.S. Debtors also sought and obtained a Court order
directing Mr. Zuta to produce certain documents for inspection
and copying without further delay.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts.  (Parmalat Bankruptcy News, Issue No. 36; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


TISCALI SPA: Third-quarter, Nine-month Losses Down
--------------------------------------------------
Tiscali S.p.A.'s board of directors has approved the third-
quarter 2004 results.  Figures were substantially ahead of
results for the third quarter of 2003, in spite of the
seasonality of summer months affecting dial-up minutes and the
pace of new ADSL adds.  The group is well on track to achieving
its full-year target of 1.7 million broadband customers.

During the quarter Tiscali implemented the disposals of
subsidiaries in Austria, Norway, Sweden, Switzerland and South
Africa, for a total of EUR81.3 million, as part of the announced
disposal plan.  This plan comes under the group's strategy of
focusing on markets that offer the best value creation
opportunities.

On the basis of the implemented disposal plan and of other
actions already taken, Tiscali's board of directors has
confirmed its confidence in the financial sustainability of the
business plan which is currently being implemented, aimed at
meeting the rapid growth in demand for broadband services
throughout Europe.

                    Revenues and Gross Profit

The group posted third-quarter revenues of EUR270.6 million, up
22% versus third quarter of 2003, but in line with the previous
quarter, also due to the sale of the Austrian and Norwegian
subsidiaries.

At the end of September, the Group had 1.542 million ADSL
customers, up from 602,000 at 30 Sept. 2003 (+156%).  102,000
new customers signed up during the quarter (+7% vs. 2Q04).  The
number of active users totaled 7.7 million, of which 6.2 million
are dial-up users.  These results were affected by the strong
seasonality of summer months and the return to normal levels of
growth in ADSL user numbers, in line with the group's strategy,
focused on boosting higher-margin customer numbers following the
launch of unbundled services.

Around 160,000 ADSL users are already receiving unbundled
services.  The group expects an increasing number of customers
to migrate from wholesale to unbundled services, especially once
double (voice and data) and triple play services (voice, data
and content) are on offer.

(a) Access revenues rose by 22% versus that of third quarter of
    2003 to EUR183.4 million (68% of total revenues), which was
    broadly in line with the previous quarter.  The reduction
    was attributable to the disposals in Austria and Norway, as
    well as to seasonal factors, particularly in the dial-up
    segment, where online minutes fell by 5% versus the previous
    quarter.  Third-quarter 2004 ADSL revenues were EUR80.9
    million (44% of total access revenues), almost double those
    of third quarter of 2003 (EUR43.5 million; 29% of access
    revenues), and 5% ahead of 2Q04 (EUR77.3 million; 42% of
    access revenues).  Dial-up revenues, at EUR102.6 million
    (56% of access revenues), were affected by a drop in
    user numbers and online minutes compared to third quarter of
    2003, as a result of both greater migration of customers to
    broadband services and seasonal factors.

(b) Revenues from business services rose by 27% versus third
    quarter 2003 results to EUR52.9million (20% of total
    revenues), and increased by 6% compared with the previous
    quarter, thanks to an increased focus on expanding the
    Group's services in this area.

(c) Voice revenues came in at EUR23.3 million (9% of total
    revenues), up 39% on third quarter of 2003, and 7% ahead of
    second quarter of 2004.  This increase was due to both
    organic and external growth, following the consolidation of
    Npower in the U.K. from September 2003.

(d) Portal revenues fell versus third quarter results of 2003 to
    EUR10.5 million (4% of total revenues), which was also
    slightly down on the previous quarter.  This business was
    affected by seasonal factors relating to the advertising
    market.  The quarter also saw Tiscali confirmed as one of
    Europe's leading web properties, with over 16.6 million
    unique visitors in September 2004, a 34% increase on
    September 2003.

The change in the access revenues mix due to sustained growth in
ADSL user numbers-most of whom receive wholesale services-had an
impact on gross profit, which came in at EUR112.7 million and
was broadly flat versus third quarter of 2003.  The gross margin
narrowed to 42% of revenues, from 50% in the third quarter of
2003, and 44% in the previous quarter.  Gross profit is expected
to improve gradually over the next few quarters as a result of
growth in unbundled broadband services.

                      Operating Performance

Operating costs fall as a proportion of revenues Operating costs
fell both in absolute terms (-8% versus that of third quarter of
2003, at EUR87 million) and as a proportion of revenues (from
43% in third quarter of 2003 to 32% in third quarter of 2004).
These costs also fell substantially versus the previous quarter
both in absolute terms and as a proportion of revenues (35% vs.
32%), following a reduction in the amounts spent on marketing
and general and administrative costs.

Operating costs break down as:

(a) marketing costs totaled EUR27.4 million (10% of revenues),
    down 24% versus third quarter of 2003 (16% of revenues) and
    9% versus the previous quarter (11% of revenues).  This
    reduction related to a reallocation of investments and to
    seasonal factors: investment is expected to rise in the
    fourth quarter of 2004, when the group will focus on
    promoting its unbundled broadband and voice services.

(b) personnel costs came to EUR40.1 million (15% of revenues),
    up 12% versus third quarter of 2003 (16% of revenues) and
    slightly decreasing (-2%) compared to the previous quarter
    (16% of revenues).

(c) general and administrative costs were EUR19.5 million (7% of
    revenues), down 19% versus third quarter of 2003 (11% of
    revenues), and 18% lower than in the previous quarter (9% of
    revenues).

Third-quarter EBITDA was up 82% at EUR25.7 million (9% of
revenues), from EUR14.1 million in third quarter of 2003 (6% of
revenues), and 6% ahead of the previous quarter (EUR24.3
million).  The increase was achieved thanks to a reduction in
operating costs.

Depreciation, amortization and provisions totaled EUR57.6
million, down from EUR66.8 million in third quarter of 2003.
The reduction (despite the increase in investments) is
attributable to lower goodwill amortization following a review
of the residual life of the assets, and the harmonization of
depreciation rates introduced for the purpose of preparing the
annual report for the year ending 31 December 2003.  The third
quarter of 2004 figure decreased also compared to EUR64.1
million registered in second quarter of 2004, which included
higher provisions.

In particular, depreciation of tangible assets came to EUR17.8
million in third quarter of 2004, while amortization of
intangible assets was EUR37.1 million, of which EUR13.8 million
related to goodwill.

The loss at EBIT level was EUR31.8 million, versus losses of
EUR52.4 million in third quarter of 2003 and EUR39.7 million in
the previous quarter.

The group made a pre-tax loss of EUR33.3 million in the third
quarter of 2004, a marked improvement (+54%) on the losses of
EUR73.6 million recorded in third quarter of 2003 and of EUR65.5
million recorded in 2Q04.  The pre-tax loss included an
extraordinary income item relating to capital gains on the sales
of subsidiaries in Austria, Norway and Sweden of EUR17 million.

Investment totaled EUR35.6 million in third quarter of 2004, of
which around EUR30.1 million was spent on tangible assets and
EUR5.5 million on intangible assets.  The increase in investment
compared to the previous quarters relates to the rollout of
infrastructure to support the supply of unbundled ADSL services
in France and Italy, and to a lesser extent, in the Netherlands,
where investments should be completed by the end of 2004.

                     Financial Resources and Debt

The operating cash flow after capex and before interests on
financial and leasing debt stood at -EUR12 million, a sharp
improvement vs. that of second quarter of 2004 (-EUR20.5
million).  Capex in third quarter of 2004, for EUR35.6 million,
were higher than capex in 2Q04 (EUR19 million).  Working capital
absorption, on the other hand, was unusually low.

Free cash flow stood at -EUR11.3 million, more than halved
versus the third quarter of 2003 (-EUR30 million).

This included an extraordinary cash item of EUR26 million
deriving from the disposals of subsidiaries in Austria, Norway,
Sweden and Switzerland (net of the deferred payments and of the
respective net financial positions).  It also included financial
charges for EUR18 million, higher than the EUR4.5 cash interest
charge in 2Q04 (corresponding to the quarterly interest charges
on the bonds due July 2005).  In fact, the annual interest
expenses for the bonds matured July 2004 and due September
2006 were also entirely paid in the quarter.

At September 30, 2004, the Tiscali group had liquid financial
resources of EUR133.3 million, while net debt stood at EUR382.4
million.

        Cash and Debt Position as of September 30, 2004.

                                       30.09.2004 (EUR million)

Cash                                        57.6

Other financial assets                      75.7
   Of which escrow                          29.1
   Of which tax receivables*                46.6

TOTAL CASH AND CASH EQUIVALENTS                          133.3

Bonds due in July 2005                     250.0

Equity-linked bonds due in Sept 2006       209.5

Telinco bonds                                0.4

Loans and other long-term liabilities       32.0

Other short-term financial liabilities      23.8

GROSS DEBT 1                                             515.7

Other liabilities **                        49.2

GROSS DEBT 2                                             564.9

NET DEBT 1                                               382.4

NET DEBT 2                                               431.6

PRO FORMA NET DEBT 1                                     172.9

PRO FORMA NET DEBT 2                                     222.1
   (assuming the full conversion
     of Equitylinked bonds)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Mainly VAT credits and payments
** Mainly includes leasing debts
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Impact of the Sale of Non-core Assets Announced in the Quarter

Proceeds from the sale of subsidiaries in Austria, Norway,
Sweden and South Africa accounted for 12% of total group
revenues as of September 30, 2004.  In terms of customers, this
corresponds to 5% of ADSL customers and 7% of dial-up customers.
The disposals generated a net capital gain of around EUR27
million, the combined result of capital gains of around EUR44
million and a loss of around EUR17 million (already recorded, as
a prudent measure, under extraordinary charges in the half-year
report to 30 June 2004).

Liberty Surf loan

Last June the French subsidiary, Liberty Surf granted a loan of
EUR30 million to Tiscali S.p.A. at market conditions.  This is
part of the group's strategy of optimizing its treasury
management, in line with the group's inter-company loan
procedures.

EUR5 million of the loan was repaid in September 2004, and the
remaining portion will be repaid by the first quarter of 2005.

Results for the First Nine Months of 2004

In the first nine months of 2004, revenues totaled EUR808.7
million, up by 24% compared to the same period of 2003.

Internet access revenues rose by 22% to EUR549.3 million (68% of
total revenues), from EUR449.2 million in the same period of
last year.

Portal revenues fell by 5% to EUR33.1 million versus the first
nine months of last year (4% of total revenues).  This was
chiefly due to the marked seasonality effect of summer period.

In the first nine months of 2004, business service revenues
stood at EUR154.9 million, up 40% on the same period of 2003,
thanks to external growth and the group's wider portfolio of
products and services.

Voice services rose by 34% compared to the first nine months of
2003, to EUR66.1million, demonstrating the strategic value of
this range of products, offered to both business and domestic
customers to complement Internet services.

Gross profit increased by 11% vs. 9M03 to EUR361.2 million in
the first nine months of the year.  However, the gross margin
narrowed from 50% in 9M03 to 45% this time.

This result was affected by the lower profitability of ADSL
services, which are mainly sold on a wholesale basis.
Marketing costs, at EUR98 million, were down by 4% on the first
nine months of 2003.  As a proportion of revenues, these costs
fell from 16% in the same period last year, to 12%.  This change
was due to refocusing and rescheduling of marketing investments.

Personnel costs were up by 13%, from EUR104.9 million in the
first nine months of 2003 to EUR118 million.  As a proportion of
total revenues, personnel costs came to 15%, versus 16% in the
same period of 2003.

General and administrative costs fell by 2%, from EUR72.7
million (11% of revenues) at 30 September 2003 to EUR71.1
million at 30 September 2004 (9% of revenues).

EBITDA in the first nine months of 2004 was positive to the tune
of EUR74 million, a 57% increase on the EUR47 million recorded
in the same period of 2003.

The company made an EBIT loss of EUR98.2 million, a marked
improvement (+35%) on the loss of EUR151.2 million recorded in
the first nine months of 2003.

The company made a pre-tax (EBT) loss of EUR168.5 million in the
first nine months of 2004, a 22% reduction of the loss of
EUR215.3 million recorded in the same 2003 period.  This result
incorporates an extraordinary income item of EUR17 million
arising from the disposals in Austria, Norway and Sweden, and an
extraordinary charge of the same amount on the sale of the Swiss
subsidiary.

On Oct. 13, 2004, Tiscali reached an agreement with Google
through which Google will provide Tiscali's users with web
search as well as with targeted advertising through its search
engine sponsored links, which currently represent one of the
main sources of revenues from on line advertising.

On Oct. 14, 2004, Tiscali launched its new, groundbreaking ADSL2
services with connection speeds of 2Mbps, 6Mbps and 12 Mbps for
its unbundled ADSL customers in Italy.  This offer will be
followed by VoIP services.

On Oct. 18, 2004, Tiscali announced it had reached an agreement
with Vodacom Service Provider Company Pty Ltd. to sell off its
mobile telephony services in South Africa.  This deal followed
the announcement of the signing of an agreement for the sale of
South African subsidiary Tiscali Pty Limited for around EUR40
million last August.  The sale is subject to the approval of the
South African competition authorities.  The agreed price of ZAR
42 million (EUR5.3 million) is to be paid in cash on completion
of the sale.

Targets for 2004

Tiscali has confirmed these targets for 2004:

(a) Revenues of around EUR1.1 billion (including the disposals),

(b) EBITDA margin of around 10% of revenues,

(c) 1.7 million ADSL users,

(d) Investment at 10% of revenues,

(e) Net profit in 2005,

(f) Cash flow generation in the last quarter 2004, and

(g) Disposal of further non-core assets by first half of 2005

Profit and Loss Highlights

               Sept. 30     Sept. 30    Sept. 30   Sept. 30
                 2004         2003        2004        2003
              3 months     3 months     9 months    9 months

Revenues         270,623      222,218      808,671      651,905

Value of
  production     270,623      222,218      808,671      651,905

Cost of goods
  and services  (204,814)    (171,877)    (616,704)    (499,970)

Personnel costs  (40,095)     (35,920)    (118,011)    (104,813)

EBITDA            25,714       14,421       73,956       47,122

Depreciation,
  amortization
  and write-downs (41,063)     (32,819)    (112,638)
(100,441)

Goodwill
  amortization   (13,831)     (25,528)     (41,965)     (75,925)

Other provisions  (2,669)      (8,464)     (17,585)     (21,925)

EBIT             (31,849)     (52,390)     (98,232)    (151,169)

Financial charges (8,845)      (5,241)     (27,591)     (15,658)

Extraordinary
  items            7,359      (16,011)     (42,636)     (48,449)

Pre-tax profit/
  (loss)         (33,335)     (73,642)    (168,459)    (215,276)

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


AITKULU: Agricultural Machineries on Sale this Week
---------------------------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Aitkulu will sell its properties on Nov. 18, 2004, 11:00
a.m. at Chym-Korgon, Kazakbai Str.  For sale are five lots of
shops, agricultural machines, and agricultural inventory.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price on or before Nov. 17,
2004 to the cashier of Agricultural Farm Aitkulu.  For more
information, call (0-502) 57-70-55.


BAITURSUN: To Hold Public Auction Tomorrow
------------------------------------------
The bidding organizer and insolvency manager of Joint
Agricultural Farm Baitursun will sell its properties on Nov. 18,
2004, 10:00 a.m. at Bishkek, Krasnooktabrskaya Str.  For sale
are three lots of farm machinery.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price.  For more information,
call (0-312) 62-67-87 or (0-312) 46-65-53.


BISHKEK ENGINEERING: Selling KGS8 Million Worth of Properties
-------------------------------------------------------------
The bidding organizer and insolvency manager of JSC Bishkek
Engineering Plant will sell its properties on Dec. 6, 2004 at
Bishkek, Baitik Baatyr Str. 4a, Room 903, Conference Hall.

For sale are:

(a) Lot 1: Five units of sausage production line.  Starting
    price is KGS811,750;

(b) Lot 2: One unit of glass-nylon composites line.  Starting
    price is KGS1,020,000;

(c) Lot 3: Two units of cap-forcing founding line.  Starting
    price is KGS671,500;

(d) Lot4: 150 units of general joiners.  Starting price is
    KGS14,994; and

(e) Lot 5: Shop building.  Starting price is KGS6,115,660.75.

To participate, bidders are required to deposit an amount
equivalent to 5% of the starting price on or before Dec. 2,
2004.  Bids must be submitted to Bishkek, Baitik Baatyr Str. 4a,
Room 903, Conference Hall.

For more information, call (0-312) 51-24-42.


KYRGYZKILEM: Deadline for Submission of Bids Saturday
-----------------------------------------------------
The bidding organizer and insolvency manager of Open Joint Stock
Company Kyrgyzkilem will sell its properties on Nov. 23, 2004,
10:00 a.m. at Kara- Balta, Tolyatti Str. 2, Kyrgyzkilem
Administrative Building.

For sale are:

(a) Lot 1: Textile manufacturing equipment.  Starting price is
    KGS147,185.75;

(b) Lot 2: Office equipment.  Starting price is KGS4,011.75;

(c) Lot 3: Water-sewerage equipment.  Starting price is
    KGS103,526.50;

(d) Lot 4: Electrical equipment.  Starting price is
    KGS15,771.46;

(e) Lot 5: Mechanical manufacturing equipment. Starting price is
    KGS7,967.50;

(f) Lot 6: Manufacturing shops.  Starting price is KGS107,078;
    and

(g) Lot 7: Spare parts and looms.  Starting price is KGS727,105.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price on or before Nov. 22,
2004, 9:00 a.m.

For more information, call (0-502) 57-85-50 or (0-502) 35-23-35.


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


ROYAL AHOLD: Sells Hypermarkets for Undisclosed Sum
---------------------------------------------------
Koninklijke Ahold has agreed to divest 13 large hypermarkets in
Poland to Carrefour.  The hypermarkets trade under the Hypernova
banner and are located in major Polish cities.  The transfer is
subject to the fulfillment of certain conditions, including
anti-trust approval.  The closing of the transaction, the price
of which was not disclosed, is expected in the first quarter of
2005.

"In Poland, we have decided to fully focus on the further
development of the supermarket and compact hyper formats,"
commented Anders Moberg, Ahold President & CEO.  "Moreover, the
divestment of all the larger hypermarkets contributes to
reduction of our debt.  Our 170 Albert supermarkets and 12
Hypernova compact hypers are popular shopping destinations for
2.5 million loyal customers every week.  We are committed to
continuing to provide them with the products and services they
demand and deserve."

Ahold has been active in Poland since 1995.  On January 1, 2003,
Ahold merged its Polish, Czech and Slovak operations into one
single entity known as Ahold Central Europe.  This more
efficient unit, headquartered in the Czech capital Prague,
strengthened Ahold's local position in all three markets,
enabling the provision of better service throughout these three
trade areas.  Ahold Central Europe generated 2003 consolidated
net sales of EUR1.6 billion.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


BANK POLSKA: Individual Rating Affirmed at 'C'
----------------------------------------------
Fitch Ratings affirmed Poland's Bank Polska Kasa Opieki S.A.'s
ratings at Long-term 'A', Short-term 'F1', Individual 'C' and
Support '1'.

Pekao's Long-term, Short-term and Support ratings reflect the
potential support afforded to it from UniCredito Italiano (UCI,
rated 'AA-'), its 52.9% shareholder.

Pekao continues to show strong profitability, built on a wide
net interest margin which, though coming under pressure from
increasing competition, continues to benefit from the bank's
high level of cheap retail deposits.  Pekao has adopted a
prudent lending approach in the difficult Polish economy in the
past two years, in particular restricting FX lending to
individuals.  Pekao is now positioning itself to expand its
business, particularly in the SME and retail sectors.

"Pekao has a good product offering," says Tim Beck, for Fitch's
Financial Institutions team, "This has been improved by the
recent introduction of a new IT system allowing increased
segmentation of clients.  Together with its strong franchise,
Pekao is well-positioned to further develop its business
volumes."

Non-interest income is increasing, and while based on core
banking products, fees from the sale of alternative savings
products, such as fund management, are growing in importance.
Credit risk management procedures have been updated in co-
operation with UCI, and the bank's prudent approach to lending
in recent years has led to a fall in provisioning costs.
Reserve coverage is adequate, although some exposures to older,
unreformed industries remain.  Liquidity and capitalization are
both strong, benefiting from over a third of its assets being in
the form of government securities and inter-bank deposits.

Pekao is the second largest bank in Poland by total assets,
representing 13% of the system.  UCI, has been a majority
shareholder in Pekao since 1999; the Polish Treasury holds 4.1%,
European Bank for Reconstruction and Development 3.3% and
Allianz, 2.1%.  The remainder is widely held.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460

          Claudia Nelson
          Phone: +44 20 7417 4269

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


* Bankruptcy Figures in Last Nine Months Down 45%
-------------------------------------------------
Poland saw a drop in the number of companies going bust in the
last nine months, according to Warsaw Business Journal.  Only
860 companies filed for bankruptcy during the first three
quarters.  The figure is down 45% from records during the same
period a year ago.

Twenty percent of the bankruptcies come from the wholesale
sector.  Strongly hit were those that sell construction
materials and groceries, with the former accounting for 160 of
the total number.  Less affected are those that sell alcohol and
pharmaceutical products.

For retailers, it was pharmacies and home improvement stores
which succumbed most frequently to bankruptcy.

Analysts attributed the positive development to Poland's
economic revival.  Euler Hermes risk management company said the
country's accession to the European Union benefited Polish
business by allowing development and expansion into new markets.

"Currently, high VAT is our biggest problem.  It negatively
effects the financial situation of small construction
companies," said Euler Hermes' director of information Maciej
Harczuk.


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


GAYSKIY FACTORY: Deadline for Proofs of Claim Nears
---------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy proceedings against Gayskiy Factory Elektro-
Preobrazovatel after finding the open joint stock company
insolvent.  The case is docketed as A47-10237/2003-14GK.  Mr. M.
Belozertsev has been appointed insolvency manager.  Creditors
have until December 8, 2004 to submit their proofs of claim to
460000, Russia, Orenburg, Gaya Str. 23.

CONTACT:  GAYSKIY FACTORY ELEKTRO-PREOBRAZOVATEL
          Russia, Orenburg region,
          Gay, Prom. Zone

          Mr. M. Belozertsev
          Insolvency Manager
          460000, Russia,
          Orenburg, Gaya Str. 23
          Phone/Fax: (3532) 78-38-44


IGARSKIY SEA: Krasnoyarsk Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy proceedings against Igarskiy Sea Port (TIN
2449001966, OGRN 1022401068227) after finding the open joint
stock company insolvent.  The case is docketed as A33-2671/04-
s4.  Mr. S. Vasilyev has been appointed insolvency manager.
Creditors have until December 8, 2004 to submit their proofs of
claim to 660017, Russia, Krasnoyarsk, Post User Box 20647.

CONTACT:  IGARSKIY SEA PORT
          663200, Russia, Krasnoyarsk region,
          Igarka, Schmidta Str. 1

          Mr. S. Vasilyev
          Insolvency Manager
          660017, Russia, Krasnoyarsk,
          Post User Box 20647


INTER-OIL: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Inter-Oil.  The case is docketed as A12-20347/04-s24.  Ms. O.
Chirkova has been appointed temporary insolvency manager.
Creditors have until December 8, 2004 to submit their proofs of
claim to 400005, Russia, Volgograd, Lenina Pr. 102-106.

CONTACT:  INTER-OIL
          400131, Russia,
          Volgograd, Lenina Pr. 70a-13

          Ms. O. Chirkova
          Temporary Insolvency Manager
          400005, Russia,
           Volgograd, Lenina Pr. 102-106


KANSKOYE BREAD: Declared Insolvent
----------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy proceedings against Kanskoye Bread Receiving
Enterprise after finding the open joint stock company insolvent.
The case is docketed as A33-8722/04-S4.  Mr. R. Safaryanov has
been appointed insolvency manager.  Creditors have until
December 8, 2004 to submit their proofs of claim to 660049,
Russia, Krasnoyarsk, Mira Str. 36m, Room 407, 422.

CONTACT:  KANSKOYE BREAD RECEIVING ENTERPRISE
          663613, Russia, Krasnoyarsk region,
          Kansk, Komsomolskaya Str. 40

          Mr. R. Safaryanov
          Insolvency Manager
          660049, Russia, Krasnoyarsk,
          Mira Str. 36m, Room 407, 422


KRASNOYARSKIY: Gives Creditors Until December to File Claims
------------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against Krasnoyarskiy after finding the
dairy-canning insolvent.  The case is docketed as A12-2646/04-
s57.  Mr. V. Koshenskov has been appointed insolvency manager.
Creditors have until December 8, 2004 to submit their proofs of
claim to 400005, Russia, Volgograd, 7th Gvardeyskaya Str. 2A,
Office 400.

CONTACT:  KRASNOYARSKIY
          403780, Russia, Volgograd region,
          Krasniy Yar, Bugryanka, Str. 9

          Mr. V. Koshenskov
          Insolvency Manager
          400005, Russia, Volgograd,
          7th Gvardeyskaya Str. 2A, Office 400


METROMEDIA INTERNATIONAL: Delays Filing of 3rd-Quarter Report
-------------------------------------------------------------
Metromedia International Group, Inc. said it has not filed its
Quarterly Report on Form 10-Q for the quarter ended Sept. 30,
2004 with the United States Securities and Exchange Commission.

The delay in filing the Third Quarter Form 10-Q is attributable
to the additional effort and time that has been required for the
finance team of the Company's PeterStar business venture to
prepare, finalize and submit its final U.S. GAAP financial
results to the Company's corporate finance team.  As a result of
the delay in the submission of the PeterStar U.S. GAAP financial
reports, the Company's corporate finance team has not been able
to complete its review and analysis of the PeterStar financial
results, and as such, able to finalize the Company's
consolidated financial statements and management's discussion
and analysis of the Company's financial condition and results of
operations.

At present, the Company is uncertain as to when it will complete
the filing of the Third Quarter Form 10-Q with the S.E.C., but
anticipates filing during the week of November 29, 2004.

Metromedia International Group (MIG) currently traded as:
(OTCBB: MTRM) - Common Stock and (PINK SHEETS: MTRMP) -
Preferred Stock), through its wholly owned subsidiaries, owns
interests in communications businesses in Russia and the
Republic of Georgia.  Since the first quarter of 2003, the
Company has focused its principal attentions on the continued
development of its core telephony businesses, and has
substantially completed a program of gradual divestiture of its
non-core cable television and radio broadcast businesses.  The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, the leading mobile telephony operator in
the Republic of Georgia.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Web site: http://www.metromedia-group.com
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


NOVOAGANSKIY DISTILLERY: Insolvency Manager Takes over Helm
-----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy proceedings against Novoaganskiy Distillery
after finding the municipal unitary enterprise insolvent.  The
case is docketed as A75-286-B/04.  Mr. S. Trotsenko has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 628605, Russia, Khanty-Mansiyskiy autonomous region,
Tyumen region, Nizhnevartovsk, Druzhby Narodov Str. 6, Office 1.

CONTACT:  NOVOAGANSKIY DISTILLERY
          Russia, Tyumen region, Nizhnevartovskiy region,
          Novoagansk, Transportnaya Str. 12

          Mr. S. Trotsenko
          Insolvency Manager
          628605, Russia, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Nizhnevartovsk, Druzhby Narodov Str. 6,
          Office 1


POLISTROM: Bankruptcy Hearings Resume Next Month
------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on close joint stock company
Novomoskovskiy Combine Polistrom.  The case is docketed as A68-
72/B-04.  Ms. E. Stretinskaya has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 300600, Russia, Tula, Zhavaronkova Str. 1, 5th floor, Office
7.  A hearing will take place on December 14, 2004, 10:00 a.m.

CONTACT:  POLISTROM
          301670, Russia, Tula region,
          Novomoskovsk, Svyazi Str. 15

          Ms. E. Stretinskaya
          Temporary Insolvency Manager
          300600, Russia, Tula,
          Zhavaronkova Str. 1, 5th floor, office 7


STROY-BLOCK: Ulyanovsk Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy proceedings against Stroy-Block after finding the
construction materials manufacturer insolvent.  The case is
docketed as A72-1034/04-17/4-B.  Mr. A. Bulin has been appointed
insolvency manager.  Creditors have until December 8, 2004 to
submit their proofs of claim to 432063, Russia, Ulyanovsk,
Engelsa Str. 19.

CONTACT:  STROY-BLOCK
          432046, Russia,
          Ulyanovsk, Inzhinerniy Pr. 9

          Mr. A. Bulin
          Insolvency Manager
          432063, Russia,
          Ulyanovsk, Engelsa Str. 19


SYR-ZAVOD VADINSKIY: Appoints V. Dogadin Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
proceedings against Syr-Zavod Vadinskiy (TIN 5811000441) after
finding the open joint stock company insolvent.  The case is
docketed as A49-473/04-20b/26.  Mr. V. Dogadin has been
appointed insolvency manager.

Creditors have until December 8, 2004 to submit their proofs of
claims to:

(a) Insolvency Manager
    440061, Russia, Penza,
    Lunacharskogo Str. 53
    Phone: (841-2) 64-19-73

(b) The Arbitration Court of Penza Region
    440600, Russia, Penza,
    GSP, Belinskogo Str. 2

(c) Syr-Zavod Vadinskiy
    Russia, Penza region,
    Vadinsk, Shkolnaya Str.


VYAZNIKOVSKIY FLAX: Proofs of Claim Deadline Expires Next Month
---------------------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy proceedings against Vyaznikovskiy Flax Combine after
finding the open joint stock company insolvent.  The case is
docketed as A11-1502/2004-K1-19B.  Mr. A. Mikhaylov has been
appointed insolvency manager.

Creditors have until December 8, 2004 to submit their proofs of
claim to:

(a) Vyaznikovskiy Flax Combine
    601440, Russia, Vladimir region,
    Vyazniki, Institutskaya Str. 1

(b) Insolvency Manager
    600022, Russia, Vladimir 22,
    Post User Box 27

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


YUKOS OIL: Oil Deliveries via Rail Transit Falls 50%
----------------------------------------------------
Yukos' oil delivery by rail through Belarus to Lithuania has
dropped by more than 50% in recent months, according to
Interfax.

Alexander Udodov, director of the Gomel department of the
Belarussian railways, said under a deal with Belarusneft and
Yukos, the Russian firm should deliver up to 100 tank cars of
oil per day.  But it recent months, deliveries have fallen
significantly.

"At the moment not more than 40 cars on average are being
transported," he said.  Yukos had met target until June,
according to him.  He blamed the drop to the general situation
at Yukos, and to the fact that at the moment work is underway at
the Unecha station in Russia.  The station is set to be a main
oil pipeline.

Yukos officials recently told the press the company's back tax
bill and fines now total US$18.5 billion.  The company has been
served demands for US$3.6 billion in back taxes for
2000, US$6.7 billion for 2001, and US$8.1 billion for 2002.  The
bills for 2001 and 2002 now exceed company's revenues during
those years.  The charge includes penalty, interest, fines,
bailiffs service charges and claims against Yuganskneftegaz.
Yukos has so far paid only the 2000 bill.


YUKOS OIL: Ratings Downgraded to 'Caa2/Caa3'
--------------------------------------------
Moody's Investors Service downgraded the ratings of Yukos Oil
after the Tax Ministry made additional back tax claims against
it.

Yukos' senior implied rating was downgraded to Caa2 from B2, and
its senior unsecured issuer rating was cut to Caa3 from B3.  The
outlook is developing for the ratings reflecting ongoing
uncertainties.  The tax claims against Yukos could now amount to
around US$17 billion.  Yukos claims it has paid just US$3.5
billion.

Commenting on the recent development, Moody's said: "This
represents a significant deterioration in events for Yukos, and
may result in tax claims exceeding the realizable value of
Yukos' core production asset, Yuganskneftegaz."

A large part of Yukos' financial debt relates to facilities
totaling US$2.6 billion.  The debt instrument is secured by
export proceeds and guaranteed by some of Yukos' main production
assets, including Yuganskneftegaz.  A portion is also fully
supported by Yukos' main shareholder Menatep Group.

Moody's said it has assumed that the recovery probability for
the Menatep Group could be impaired by actions taken by the
government against Yukos' largest shareholder.  This assumption
weighs negatively on Moody's overall assumption on
recoverability.

The downgrade of the senior unsecured rating to Caa3, meanwhile,
reflects belief that the magnitude of current tax claims made
against Yukos, as well as the comparatively high recovery
potential for current secured creditors, leaves little residual
recovery value to unsecured creditors.


YUKOS OIL: Loses Bid to Remove 'Bias' Judges in Tax Evasion Case
----------------------------------------------------------------
The Moscow Arbitration Court has turned down a request from
Yukos Oil to replace two of three judges reviewing its legal
wrangle with the Tax Ministry as the trial continues.

Moscow's Arbitration Court of Appeal No. 9 on Monday heard an
appeal from the Tax Ministry insisting Yukos should be made to
pay US$40.6 billion (US$1.3 billion) in fiscal fines for 2001.
The City Arbitration Court in October cut the amount to
RUB39.113 billion.

Yukos lawyers want two of the judges removed, claiming they are
bias -- they turned down three of its appeals on previous
occasions.

The Tax Ministry is demanding another RUB119.9 billion from
Yukos as tax payments for 2001.  It is pushing to remove RUB50.7
billion of the bill plus RUB28.7 billion from corporate accounts
on unconditional acceptance.  The rest is to be collected
through the law court as penalty.

Meanwhile, Yukos is also demanding that the ministry's claims
that it should pay RUB99.3 billion in overdue debts and
sanctions for 2000 are declared illegal.

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

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

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


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


IZAR: Protests Erupt in Basque Region
-------------------------------------
Around 4,000 demonstrators trooped to the streets of Bilbao, in
the autonomous region of Basque, on Sunday to protest the
government's plan to partially privatize Izar's La Naval
shipyard, El Pais says.

State-owned holding company Sociedad Estatal de Participaciones
Industriales (SEPI), plans to keep a 49% stake in Izar's
civilian units, which include the La Naval yard, and has
allotted around 20% to 30% for public savings banks.  SEPI
intends to sell the remaining shares to private investors.  The
La Naval workers' committee noted that Izar's current condition
is the worst in its 116-year history.

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: Corners EUR200 Million Contract from Gas Natural
------------------------------------------------------
Troubled state-owned shipbuilder Izar has won a contract from
Gas Natural to build a methane tanker, Expansion says.

Tourism and commerce minister Jose Montilla said the work would
be done by Izar's La Naval de Sestao yard, which is one of units
mostly affected by the state's viability plan.  The work,
estimated to bring in more than EUR200 million to Izar, would
keep the La Naval de Sestao yard busy for two-and-a-half to
three years.  Gas Natural will use the tanker, which has a
capacity of 138,000 cubic meters, at its operation in Trinidad
and Tobago.

The Gas Natural contract is a major boost for the La Naval de
Sestao yard as it has been idle since July 2000.  The contract
might also entice savings banks and private investors to buy a
stake in the yard, which is being considered for partial
privatization.  Savings bank BBK earlier indicated it would
acquire a holding in the yard if it shows signs of viability.

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


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


CHERVONA POLYANA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Agricultural LLC Chervona Polyana (code
EDRPOU 03784249) on September 16, 2004.  The case is docketed as
6/195-B.  Arbitral manager Mrs. Svitlana Tkachenko (License
Number AA 783213) has been appointed temporary insolvency
manager.  The company holds account number 26005301752 at
Oshadbank, Chaplinske branch 5439, MFO 342100.

Creditors had until November 15, 2004 to submit their proofs of
claim to:

(a) CHERVONA POLYANA
    75200, Ukraine, Herson region,
    Chaplinskij district, Chervona Polyana

(b) Mrs. Svitlana Tkachenko
    Temporary Insolvency Manager
    Ukraine, Herson region,
    Tsurupinsk, Polyova Str. 60/21

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


CRYSTAL OF UKRAINE: Temporary Insolvency Manager Takes over Helm
----------------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Crystal of Ukraine (code EDRPOU
31215403) on August 16, 2004.  The case is docketed as 6/284-
29/251.  Arbitral manager Mr. Mikola Kachur (License Number AA
719751) has been appointed temporary insolvency manager.  The
company holds account number 26000301413865 at Prominvestbank,
Lviv central branch, MFO 325633.

Creditors had until November 12, 2004 to submit their proofs of
claim to:

(a) CRYSTAL OF UKRAINE
    79024, Ukraine, Lviv region,
    B. Hmelnitskij Str. 106

(b) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


EURO-IZOL: Harkiv Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Euro-Izol-East (code EDRPOU 25472020) on
September 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as B-31/36-04.  Mr. Volodimir
Parkulab (License Number AA 719826) has been appointed
liquidator/insolvency manager.  The company holds account number
26007201789001 at CB Privatbank, Branch 12 of Harkiv Regional
Department, MFO 351533.

CONTACT:  EURO-IZOL-EAST
          Mailing address:
          61105, Ukraine, Harkiv region,
          Samarkandska Str. 60

          Juridical address:
          Ukraine, Harkiv region,
          Ivanov Str. 32

          Mr. Volodimir Parkulab
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Universitetska Str. 9

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


INTERKOM: Insolvency Manager to Temporarily Oversee Business
------------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Interkom (code EDRPOU 30453258) on September
30, 2004 after finding the limited liability company insolvent.
The case is docketed as 5/554-04.  Arbitral manager Mr. Vasil
Nikolajchuk (License Number AA 249542) has been appointed
liquidator/insolvency manager.

Creditors had until November 15, 2004 to submit their proofs of
claim to:

(a) INTERKOM
    Ukraine, Vinnitsya region,
    Medvedyev Str. 9/129

(b) Mr. Vasil Nikolajchuk
    Liquidator/Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 2a
    Phone: 35-57-95

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


KREMENCHUK' AGROCHEMISTRY: Succumbs to Bankruptcy
-------------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on OJSC Kremenchuk' Agrochemistry (code
EDRPOU 05487076).  The case is docketed as 7/143.  Mr. O.
Zayichenko (License Number AA 250351) has been appointed
temporary insolvency manager.

The company holds accounts number 26008010007001 at Industrial-
expert bank; 26002320193003 at bank Ukraina; 26001176023001,
26044176023091 at CB Privatbank, Kremenchuk branch;
26007000019587 at JSPPB Aval, Kyiv branch; 26007683 at JSPPB
Aval, Kremenchuk bank; and 6006010007003, 26064010007001 at JSC
Industrial-export bank, Poltava branch.

Creditors had until November 15, 2004 to submit their proofs of
claim to:

(a) KREMENCHUK' AGROCHEMISTRY
    Ukraine, Poltava region,
    Kremenchuk, Molodogvardijtsiv Str. 30

(b) Mr. O. Zayichenko
    Temporary Insolvency Manager
    39600, Ukraine, Poltava region,
    Kremenchuk, Zhovtneva Str. 7, office 80

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


NIVA: Court Appoints Temporary Insolvency Manager
-------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Agricultural LLC Agrofirm Niva (code
EDRPOU 00850017).  The case is docketed as 122/11b-04.  Arbitral
manager Mr. Igor Gusak (License Number AA 630109) has been
appointed temporary insolvency manager.  The company holds
account number 260002315 at OJSC JSB Ukrgazbank, Kyiv branch.

Creditors had until November 15, 2004 to submit their proofs of
claim to:

(a) NIVA
    Ukraine, Kyiv region,
    Barishivka, Parhomenko Str. 34

(b) Mr. Igor Gusak
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmilnik, 1-go Travnya Str. 24/27

(c) ECONOMIC COURT OF KYIV REGION
    01033, Ukraine, Kyiv region,
    Zhelyanska Str. 58 b


VOLODIMIRIVSKIJ: Bankruptcy Supervision Begins
----------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on Agricultural LLC Volodimirivskij (code
EDRPOU 03368114) on September 30, 2004.  The case is docketed as
4/406.  Mr. Dmitro Chulga (License Number AA 783150) has been
appointed temporary insolvency manager.  The company holds
account number 260085417 at JSPPB Aval, Mikolaiv regional
branch, MFO 326182.

Creditors had until November 12, 2004 to submit their proofs of
claim to:

(a) VOLODIMIRIVSKIJ
    56645, Ukraine, Mikolaiv region,
    Novoodeskij district, Chervonovolodimirivka

(b) Mr. Dmitro Chulga
    Temporary Insolvency Manager
    Ukraine, Mikolaiv region, Raketna Str. 35

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


YUGPRODSERVICE: Liquidator Enters Firm
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Yugprodservice (code EDRPOU 30788663) on
October 7, 2004 after finding the limited liability company
insolvent.  The case is docketed as 15/462-b.  Creditor CJSC
Kyiv' Glass-Tare Plant has been appointed liquidator/insolvency
manager.

Creditors had until November 15, 2004 to submit their proofs of
claim to:

(a) YUGPRODSERVICE
    Ukraine, Kyiv region,
    Lisovij Avenue, 39

(b) KYIV' GLASS-TARE PLANT
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Baltijskij Lane, 23
    Phone: (044) 468-86-30
    Fax: (044) 468-86-30

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


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


365 DAYS: Owners Agree to Wind up Company
-----------------------------------------
At the extraordinary general meeting of the 365 Days Limited on
November 5, 2004 held at Barringtons (Newcastle) Limited,
Richmond House, 570-572 Etruria Road, Basford, Newcastle Under
Lyme, Staffordshire ST5 0SU, the extraordinary and ordinary
resolutions to wind up the company were passed.  Philip
Barrington Wood of Barringtons (Newcastle) Limited, Richmond
House, 570-572 Etruria Road, Basford, Newcastle Under Lyme,
Staffordshire ST5 0SU has been appointed the liquidator of the
company for the purpose of such winding-up.

CONTACT:  BARRINGTONS (NEWCASTLE) LIMITED
          Richmond House, 570-572 Etruria Road, Basford,
          Newcastle Under Lyme, Staffordshire ST5 0SU
          Phone: 01782 713700
          E-mail: ncadmin@barraccount.co.uk
          Web site: http://www.barraccount.co.uk


ALL HOURS: Names O'Hara & Co. Liquidator
----------------------------------------
At the extraordinary general meeting of the members of the All
Hours Security Ltd. on November 8, 2004 held at O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Peter O'Hara of O'Hara & Co, Wesley House,
Huddersfield Road, Birstall, Batley WF17 9EJ has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  O'HARA & CO.
          Wesley House, Huddersfield Road,
          Birstall, Batley WF17 9EJ


AQUASMART LIMITED: Eurofactor Appoints Fanshawe Lofts Receiver
--------------------------------------------------------------
Eurofactor (UK) Limited called in Antony Robert Fanshawe and
Stephen John Adshead (Office Holder Nos 005944, 008574) joint
administrative receivers for Aquasmart Limited (Reg No 03422355,
Trade Classification: 4533).  The application was filed November
1, 2004.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way, Southampton SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: mail@fanshawe-lofts.co.uk
          Web site: http://www.fanshawe-lofts.co.uk


ASCOT COMMERCIAL: Hires PricewaterhouseCoopers as Liquidator
------------------------------------------------------------
Name of companies:
Ascot Commercial Limited
Ascot Corporate Directors Limited
Ascot Corporate Secretaries Limited
Ascot Quest Trustee Limited
Ascot Specialist Engineering Limited
Cleveland Chemicals Limited
Dow Automotive (UK) Limited
Flexible Products Europe Limited
Hampshire Chemical Limited
Suter Ash Limited

At a meeting of these companies on October 28, 2004, the special
and ordinary resolutions to wind up the companies were passed.
Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have been
appointed joint liquidators of the companies for the purpose of
such windings-up.

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


ASHTEAD GROUP: Closes US$675 Million Senior Debt Refinancing
------------------------------------------------------------
Ashtead Group plc, the international equipment rental group
serving the construction, industrial and homeowner markets has
successfully closed its new US$675 million (GBP365 million)
senior debt facility, announced on Oct. 11, 2004.

Commenting on the new facility, Ashtead's finance director, Ian
Robson, said: "Having closed our new asset-based facility, we
will now benefit from lower borrowing costs and greater
liquidity enabling us to invest further in our business at a
time when U.S. non-residential construction is exhibiting
renewed growth."

The syndication of the new first priority asset based facility,
jointly arranged by Banc of America Securities LLC and Deutsche
Bank Securities Inc and fully underwritten equally by Bank of
America N.A., Deutsche Bank Trust Company Americas and GE
Commercial Finance, was significantly oversubscribed.
At closing US$490 million (GBP265 million) was drawn under the
new facility to repay the amounts outstanding under the Group's
existing senior debt facility and its accounts receivable
securitization with the balance of the Facility available to
fund future capital investment and working capital requirements.

The new Facility consists of a US$400 million revolving credit
facility and a US$275 million term loan.  Initial pricing is
LIBOR plus 250 basis points for the term loan and LIBOR plus 275
basis points for the revolver.  The initial pricing will be
adjusted based on the ratio of funded debt to EBITDA according
to a grid which varies between LIBOR plus 225 basis points and
LIBOR plus 300 basis points allowing the Group to benefit from
its anticipated future de-leveraging.  Strong investor demand
during syndication resulted in a reduction of the initial
pricing of the term loan and a narrowing of the grid spread.

The average initial interest rate is LIBOR plus 260 basis points
compared with an average of LIBOR plus 390 basis points under
the facilities now replaced.  In addition the Group will
amortize the upfront underwriting, legal and professional costs
of the new facility over its five-year life, which will lead to
an additional charge included within interest of approximately
75 basis points.

The Facility carries minimal amortization of 1% per annum
(US$2.75 million) on the term loan and is committed for five
years until November 2009 subject only to the Company's GBP134
million convertible subordinated loan note being refinanced
prior to November 2007.

The Group's available liquidity under the facility at closing
was US$114 million.  As the facility is asset-based, the maximum
amount available to be borrowed (including drawings in the form
of standby letters of credit) at any time depends on asset
values (receivables, rental equipment, inventory and real
estate), which are subject to periodic independent appraisal.
The maximum amount which could be drawn at closing under the
borrowing base was US$632 million but this amount can rise up to
the US$675 million facility limit as additional assets are
purchased during the life of the facility.

JP Morgan acted as financial advisor to the Company in
connection with the new facility.

CONTACT:  ASHTEAD GROUP PLC
          Cob Stenham, Non-executive Chairman
          Phone: 020 7299 5562

          George Burnett, Chief executive
          Ian Robson, Finance director
          Phone: 01372 362300

          THE MAITLAND CONSULTANCY
          Brian Hudspith
          Phone: 020 7379 5151


ATLANTIC UTILITY: In Administrative Receivership
------------------------------------------------
Eurofactor (UK) Limited called in Antony Robert Fanshawe and
Stephen John Adshead (Office Holder Nos 005944, 008574) joint
administrative receivers for Atlantic Utility Services Limited
(Reg No 02235248, Trade Classification: 4100).  The application
was filed November 1, 2004.  The company offers water meter
installation services.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way, Southampton SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: mail@fanshawe-lofts.co.uk
          Web site: http://www.fanshawe-lofts.co.uk


AURA CLOTHING: Hires Liquidator from Tomlinsons
-----------------------------------------------
At the extraordinary general meeting of the Aura Clothing
Limited on November 5, 2004 held at Tomlinsons, St John's Court,
72 Gartside Street, Manchester M3 3EL, the resolutions to wind
up the company were passed.  Alan H. Tomlinson of Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL has been
appointed as liquidator for the purpose of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court, 72 Gartside Street,
          Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


BAE SYSTEMS: Wins US$26 Million U.S. Navy Contracts
---------------------------------------------------
BAE Systems received a US$21.4 million award to provide
engineering support services and Foreign Military Sales (FMS)
technical and programmatic support to the U.S. Navy's Integrated
Combat Systems Division.  The contract has a potential value of
US$96.9 million over five years, if all options are exercised.

Under the contract, awarded by the Naval Systems Sea Command,
BAE Systems Technology Solutions will serve as prime contractor
and will provide engineering work in the areas of Aegis Weapon
System Baselines, Combat Systems, Open Architecture, Strike
Force, Ship Self Defense, and Foreign Military Sales for Aegis
Class Ships for Japan, Norway, Spain, and Korea.

Additionally, BAE Systems Technology Solutions, as a
subcontractor to Anteon Corporation, has been awarded a US$5
million contract to provide configuration, business and finance,
and acquisition management support services for both U.S. Navy
and FMS Aegis class ships.  The contract has a potential value
of US$24.9 million over five years, if all options are
exercised.

"Our experience and understanding of the systems engineering and
FMS requirements will ensure our customers' success on these
critical Navy surface combatant programs," said Robert Murphy,
president BAE Systems Technology Solutions.

All of the work will be performed by BAE Systems Technology
Solutions employees in the Washington, D.C. metropolitan area.

BAE Systems is an international company engaged in the
development, delivery and support of advanced defense and
aerospace systems in the air, on land, at sea and in space.  BAE
Systems Technology Solutions Sector is a provider of tailored,
integrated technical and professional services solutions for the
U.S. DoD, Federal Civilian government, and Homeland Security
markets.

                            *   *   *

In September, Moody's Investors Service downgraded the long-term
debt ratings of BAE Systems plc to Baa2 from Baa1 due to certain
weakness in the firm's financial health.

Moody's said: "[D]espite recent improvements, BAE's operating
profitability and financial returns remain relatively weak,
particularly in its core Programs segment."

The rating agency also warned that the company's cash flow
generation as a percentage of adjusted debt will remain modest.
This is due to the ongoing cash outlays related to certain
troubled development programs, and expenses on its ongoing
restructuring, among others.

The rating outlook is stable reflecting continued favorable
outlook for the defense industry and BAE's increasing
participation in that market.

CONTACT:  BAE SYSTEMS TECHNOLOGY SOLUTIONS SECTOR
          Paula Sandin
          Phone: 301-738-4653
          Mobile: 301-233-1808
          E-mail: paula.sandin@baesystems.com
          Web site: http://www.na.baeystems.com


BERMUDA POOLS: Insolvency Service Bans Director
-----------------------------------------------
A director of a swimming pool business that failed with total
debts estimated at around GBP209,000 has given an Undertaking
not to hold directorships or take any part in company management
for four years.

The Undertaking by David Alan Ruddle, 59, of Eels Foot, St
Nicholas South Elmham, Harleston, Norfolk, was given in respect
of his conduct as a director of Bermuda Pools Distributors
Limited (BDP) which carried out business from premises at
Norwich Livestock Market, Hall Road, Norwich, Norfolk NR4 6EQ.

Acceptance of the Undertaking on November 3, 2004 prevents Mr.
Ruddle from being a director of a company, or in any way being
concerned or taking part in the promotion, formation or
management of a company for the above period.

Bermuda Pools was placed into voluntary liquidation on November
6, 2002 with estimated debts of GBP209,178.

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

Matters of unfit conduct, not disputed by Mr. Ruddle, were that:

(a) He caused BPD to fail to comply with audit regulations;

(b) He caused BPD to trade to the detriment of its general body
    of creditors as BPD had shareholders' funds of GBP298 and by
    the date of liquidation, had become a deficiency as regards
    creditors of GBP209,178.  During this period, trade
    creditors increased by GBP25,905 to GBP79,856;

(c) He caused BPD to trade to the detriment of the crown as BPD
    failed to make payments due and owed to the Inland Revenue
    in respect of unpaid PAYE, NIC. As a result GBP94,004 was
    owed to the crown on liquidation; and

(d) he granted preferential treatment over his creditors as he
    made 15 payments to the Crown departments totaling
    GBP52,768, all in respect of previous arrears, compared with
    699 payments totaling GBP421,884 to his other third party
    trade creditors.

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

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

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


BRACKEN PARTNERS: Hires Citroen Wells as Liquidator
---------------------------------------------------
At the extraordinary general meeting of the members of the
Bracken Partners Limited on October 28, 2004 held at Devonshire
House, 1 Devonshire Street, London W1W 5DR, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Murzban Khurshed Mehta and Mark Richard Phillips
of Citroen Wells, Devonshire House, 1 Devonshire Street, London
W1W 5DR have been appointed joint liquidators for the purpose of
such winding-up.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


BUSINESS DOCUMENT: Director Accepts Three-year Ban
--------------------------------------------------
A director of a reprographic supply business that failed with
total debts estimated at around GBP572,000 has given an
Undertaking not to hold directorships or take any part in
company management for three years.

The Undertaking by Andrew Skelton, 34, of Lynton Place,
Blakelaw, Newcastle upon Tyne, was given in respect of his
conduct as a director of Business Document Solutions Limited
which carried out business from premises at The Avenues Business
Park, 11th Avenue North, Team Valley Trading Estate, Gateshead,
Tyne and Wear.

Acceptance of the Undertaking on October 27, 2004 prevents
Andrew Skelton from being a director of a company or, in any
way, whether directly or indirectly, being concerned in or
taking part in the promotion, formation or management of a
company for the above period.

Business Document Solutions Limited was placed into voluntary
liquidation on October 2, 2002 with estimated debts of
GBP572,268 owed to its creditors.

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

Matters of unfit conduct, not disputed by Andrew Skelton, were
that:

(a) He allowed Business Document Solutions Limited (BDS) to
    retain monies due to the Crown Departments amounting to
    GBP184,053 being GBP100,270 in respect of PAYE/NIC and
    GBP83,783 in respect of VAT; and

(b) At the date of liquidation it is understood that liabilities
    outstanding to Crown Departments increased by approximately
    GBP154,749 whilst the liabilities to trade creditors were
    reduced by GBP198,313 from GBP292,023 to GBP93,710.

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

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

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


CABLE & WIRELESS: Rating Affirmed at 'BB+/B'; Outlook Stable
------------------------------------------------------------
Fitch Ratings changed Cable and Wireless plc's rating Outlook to
Stable from Negative.  At the same time, its ratings are
affirmed at Long-term 'BB+' and Short-term 'B'.

The new Outlook reflects a balanced assessment of the financial
strength provided by C&W's national telcos business, its
continuing significant net cash position, and the progress being
made in stabilizing the U.K. operations.

"We view positively the progress that management is making in
resolving the challenges that the group faced when they were
appointed.  Fitch continues to take some comfort from the strong
net cash balances being reported by the group and these factors
support the ratings and the Stable Outlook," says Stuart Reid,
Director for Fitch's Telecoms team.

Management has taken significant steps to refocus the group,
including a withdrawal from the U.S. and an emphasis on
improving margins in the important U.K. market.  The group faces
continued revenue pressure in the U.K., while its national
telcos business faces ongoing pressure from market
liberalization and competition.

Eighteen months into its three-year turnaround plan, management
has made considerable progress in improving C&W's financial
profile.  In its interim results, the group reported a 27% year-
on-year increase in operating profit before exceptionals to
GBP157 million, on sales that were down by 6.6% at GBP1.618
billion.  Importantly the U.K. operations reported solid
progress, with revenues of GBP814 million down by just 1.3%,
while operating profits of GBP36 million was a significant
turnaround from the GBP9 million loss reported a year ago.

With C&W reporting continued pressure on its top line, further
improvement in operating performance is forecast to come from
cost-cutting measures.  The group announced further
restructuring of its U.K. operations including a reduction in
headcount of 600 along with the relocation of its corporate head
office to Bracknell.  Estimated savings from these measures are
GBP50m, to be achieved by March 2006.

Corporate activity including the acquisitions of U.K. local loop
unbundler Bulldog Communication and Monaco Telecom underline
management's commitment to developing the business, while the
revised cash costs of withdrawing from the U.S. of GBP220
million concludes C&W's strategic withdrawal from this market on
a relatively cost-effective basis.  These savings, along with
the proceeds of further non-core asset disposals, have enabled
C&W to announce a GBP250 million share buyback, in addition to
an interim dividend of 1.16 pence.

CONTACT:  FITCH RATINGS
          Stuart Reid, London
          Phone: +44 (0) 20 7417 4323

          Raymond Hill
          Phone: +44 (0) 20 7417 4314

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


CORUS GROUP: BOC Retains Supply Deal for South Wales Plant
---------------------------------------------------------
BOC announced the renewal of its multi-million pound contract to
supply Corus' Trostre plant, near Llanelli in South Wales.

The 10-year deal with Corus will see BOC invest to upgrade its
existing facilities at Trostre to supply nitrogen and hydrogen
to the Corus Packaging Plus plant.  The nitrogen and hydrogen
supplied by BOC will be used for the heat treatment of steel
strip produced in South Wales.

News of this investment comes less than three months after BOC
announced a 15-year deal with Corus to increase its supply of
oxygen, nitrogen and argon to the Corus Strip Products plant at
Port Talbot following a global rise in steel demand.

Corus Packaging Plus is part of the Corus Group, one of the
largest producers of steel in the world.

Nigel Hunton, BOC's managing director, Process Gas Solutions
(PGS) Europe, said: "BOC is delighted that its partnership with
Corus in South Wales has resulted in another major contract
success and is a further demonstration of our ongoing commitment
to meeting the needs of Corus.

"As well as being the second such investment in South Wales this
year, this success is the latest in a line of major investment
announcements by BOC supporting its customers in the global
metals industry in the past 12 months.

"These successes clearly show that BOC has the reach to not only
work at the global level but is also able to focus on the
attention to detail needed to meet customers needs at the local
level."

Trostre's works manager, Stuart Wilkie, said: " The extension of
this contract with BOC concludes a negotiation and design phase
which has been professionally undertaken by teams from both
companies in a spirit of co-operation and partnership which has
typified our relationship over the years."

Through its PGS line of business, BOC supplies gas and related
solutions to the chemicals, petroleum, glass, water services,
electronic packaging, fiber optics, hydrogen energy, metals and
food industries.  BOC helps meet customer needs in a variety of
ways, from the supply of a single gas or application through to
designing, constructing and operating fully integrated gas and
utilities schemes.

The BOC Group, which serves two million customers in more than
50 countries, is one of the largest and most global of the
world's leading gases companies.  It employs some 44,500 people
worldwide and had annual sales of over GBP4.3 billion in 2003.
Further information about The BOC Group may be obtained at
http://www.boc.com.


Corus is a leading international metal company, which combines
world-renowned expertise with local service.  The headquarters
are in London, with four divisions and operations worldwide.  It
is a customer focused, innovative solutions-driven company,
which manufactures, processes and distributes metal products as
well as providing design, technology and consultancy services.

CONTACT:  BOC
          Contact:
          Gary Williams, Public Relations Manager
          Phone: +44 (0) 1483 244515
          E-mail gary.williams@boc.com


DARLINGTON MAGNETIC: Sets General Meeting December
--------------------------------------------------
Name of companies:
Darlington Magnetic Imaging Limited
Guildford Magnetic Imaging Limited
Hertfordshire Magnetic Imaging Limited
Somerset MRI Centre Limited
York And North Yorkshire MRI Centre Limited

The general meeting of these companies will be on December 17,
2004 commencing at 10:00 a.m.  It will be held at 60-62 Old
London Road, Kingston upon Thames, Surrey KT2 6QZ.

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:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


DCM CAPITAL: Liquidator's Final Report Out Next Month
-----------------------------------------------------
The final general meeting of DCM Capital USA (UK) Limited will
be on December 16, 2004 commencing at 10:30 a.m.  It will be
held at Ernst & Young LLP, 1 More London Place, London SE1 2AF.

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

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


DHE HOLDINGS: Bank of Scotland Appoints Robson Rhodes Receiver
--------------------------------------------------------------
Bank of Scotland called in Geoffrey Paul Rowley and Simon Peter
Bower (Office Holder Nos 8919, 8338) joint administrative
receivers for DHE Holdings Limited (Reg No 04680568, Trade
Classification: 7415).  The application was filed November 3,
2004.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


DOWNTON HI: Names RSM Robson Rhodes Administrator
-------------------------------------------------
Geoffrey Paul Rowley and Simon Peter Bower (IP Nos 8919, 8338)
have been appointed joint administrators for Downton Hi Speed
Engineering Ltd.  The appointment was made November 3, 2004.
The company's registered office is located at Steynings House,
Fisherton Street, Salisbury, Wiltshire SP2 7RJ.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


EAST ANGLIA: Hires Joint Administrators from Robson Rhodes
----------------------------------------------------------
Geoffrey Paul Rowley and Simon Peter Bower (IP Nos 8919, 8338)
have been appointed joint administrators for caravan park East
Anglia Parks Limited.  The appointment was made November 2,
2004.  Its registered office is located at Kingfisher Holiday
Park, Butt Lane, Burghcastle, Great Yarmouth, Norfolk NR3 19PY.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


ELF EXPLORATION: Members Final Meeting Set
------------------------------------------
The final meeting of the members of Elf Exploration North Sea
Limited will be on December 14, 2004 commencing at 10:45 a.m.
It will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, December 13, 2004.

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


KARRAN LIMITED: Barclay Bank Appoints Stoy Hayward Receiver
-----------------------------------------------------------
Barclays Bank Plc called in Antony David Nygate, Shay Bannon and
Dermot Coakley (Office Holder Nos 9237, 8777/01, 6824/01) joint
administrative receivers for Karran Limited (Reg No 03715910,
Trade Classification: 10).  The application was filed November
4, 2004.

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

          BDO STOY HAYWARD LLP
          Connaught House, Alexandra Terrace,
          Guildford, Surrey GU1 3DA
          Phone: 01483 565666
          Fax:   01483 531306
          E-mail: guilford@bdo.co.uk
          Web site: http://www.bdo.co.uk


MICROSYSTEMS (DISTRIBUTORS): Appoints Haines Watts Administrator
----------------------------------------------------------------
Paul J. Webb (IP No 9306) has been appointed administrator for
Microsystems (Distributors) Limited.  The appointment was made
November 1, 2004.

The company supplies and maintains computers.  Its registered
office is located at Media House, 78 Tenter Road, Moulton Park,
Northampton NN3 6AX.

CONTACT:  HAINES WATTS
          Canterbury House, 85 Newhall Street,
          Birmingham B3 1LH
          Phone: 0121 212 4477
          Fax:   0121 212 4459
          Web site: http://www.hwca.com


MYTRAVEL GROUP: Sets Terms of GBP216 Mln Debt Restructuring
-----------------------------------------------------------
MyTravel Group plc has posted a circular to holders of GBP216.3
million of 7% Subordinated Convertible Bonds due 2007 setting
out the terms of the formal proposal to Bondholders for the
conversion of the Bonds into MyTravel equity as part of the
company's restructuring.

Indications of support have been received from lending banks and
facility providers holding a significant majority of the
commitments involved.  A circular will also be sent to the
shareholders in due course.

The terms of the proposal to Bondholders are the same as those
announced on 13 October 2004.

The Bondholders meeting is scheduled for 10 December 2004.

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


PACKAGING PLUS: Hires Numerica as Administrator
-----------------------------------------------
Alan Roy Limb and Lynn Robert Bailey (IP Nos 8955, 6496) have
been appointed joint administrators for Packaging Plus Limited.
The appointment was made November 3, 2004.  The company is
engaged in printing packages for the food industry.

CONTACT:  NUMERICA LLP
          Stoughton House, Harborough Road,
          Oadby, Leicester LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 0597
          Web site: http://www.numerica.biz


PENAIR LIMITED: Names Administrator from Tenon Recovery
-------------------------------------------------------
S. R. Thomas and S. D. Burkett-Coltman (IP Nos 8920, 9181) have
been appointed joint administrators for printer company Penair
Limited.  The appointment was made November 3, 2004.

CONTACT:  TENON RECOVERY
          Sherlock House, 73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


PICTURE HOUSE: Calls in Administrator from Houghton Stone
---------------------------------------------------------
Simon Thornton (IP No 9031) has been appointed administrator for
Picture House Limited.  The appointment was made November 4,
2004.  The company is engaged in printing and publishing.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG
          Phone: 0117 957 9009


RICHMAN ASSOCIATES: Winding up Resolutions Passed
-------------------------------------------------
At the extraordinary general meeting of the Richman Associates
Ltd. on November 4, 2004 held at 105 High Street, Newington,
Sittingbourne, Kent ME9 7JJ, the special and ordinary
resolutions to wind up the company were passed.  Duncan R. Beat
of Moriston House, 75 Springfield Road, Chelmsford, Essex CM2
6JB has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  MORISON STONEHAM
          Moriston House 75 Springfield Road
          Chelmsford Essex CM2 6JB
          Phone: 01245 455400


ROSIN HOLDINGS: Final Meeting of Members Set December
-----------------------------------------------------
The annual and final meeting of the members of Rosin Holdings
Limited will be on December 17, 2004 commencing at 10:30 a.m.
It will be held at Ernst & Young LLP, 1 More London Place,
London SE1 2AF.

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 Ernst & Young LLP, 1 More London Place, London SE1 2AF not
later than 12:00 noon, December 16, 2004.

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


SOUTHAMPTON METAL: Calls in Liquidator from D. J. Stringer
----------------------------------------------------------
At the extraordinary general meeting of the members of the
Southampton Metal Treatments Limited on November 8, 2004 held at
Charter Court, Third Avenue, Southampton SO15 0AP, the special
resolution to wind up the company was passed.  David John
Stringer has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  Charter Court, Third Avenue
          Southampton Hampshire SO15 0AP
          Phone: 023 8070 2345


SPIN 2 WEAVING: In Administrative Receivership
----------------------------------------------
The Bank of Scotland called in I. D. Green and I. D. Stokoe
(Office Holder Nos 9045, 6587) joint administrative receivers
for Spin 2 Weaving Limited (Reg No 03996667, Trade
Classification: 3663 Other Manufacturing).  The application was
filed November 2, 2004.  Previously named Holme Valley Textiles
Limited, the company manufactures narrow fabrics.

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


THE EASTLEIGH: Names Fanshawe Lofts Administrator
-------------------------------------------------
Stephen John Adshead and Antony Robert Fanshawe (IP Nos 008574,
005944) have been appointed joint administrators for The
Eastleigh Sheetmetal Working Company Limited.  The appointment
was made October 28, 2004.

The company is engaged in metal fabrication.  Its registered
office is located at 65 New Street, Salisbury, Wiltshire SP1
2PH.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way, Southampton SO14 2BW
          Phone: 023 8023 3522
          E-mail: mail@fanshawe-lofts.co.uk
          Web site: http://www.fanshawelofts.co.uk


THE NUCO: Bank of Scotland Appoints Receiver
--------------------------------------------
Bank of Scotland called in G. P. Rowley and S. P. Bower (Office
Holder Nos 8919, 8338) joint administrative receivers for The
Nuco Engineering Partnership LLP (Reg No OC303774, Trade
Classification: 38).  The application was filed November 3, 2004

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


WEAVETEX LIMITED: Director Banned from Occupying Executive Post
---------------------------------------------------------------
The director of a curtain and upholstery fabrics wholesalers
business, a fabrics and material dealers business and a textile
wholesalers business that failed with combined total debts
estimated at around GBP1.7 million has given an Undertaking not
to hold directorships or take any part in company management for
seven-and-a-half years.

The Undertaking by Paul Hensor Lister, 43, of Whitemoor,
Denholme, Bradford, West Yorkshire, was given in respect of his
conduct as a director of Weavetex Limited (Weavetex), which
carried out business from premises at Preserve Works, Thackley
Old Road, Shipley, West Yorkshire, BD18 1QB, AFL (1992) Limited
(AFL), which carried out business from premises at Hirst Lane,
Saltaire, Shipley, West Yorkshire and Acorn Fabrics
International Limited (International), which carried out
business from premises at 10-11 Baildon Mills, Northgate,
Baildon, Shipley, West Yorkshire.

Acceptance of the Undertaking on November 9, 2004 prevents Paul
Hensor Lister from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.

Weavetex was placed into liquidation on May 24, 2002 with
estimated debts of GBP1,161,780 owed to creditors.  AFL was
placed into liquidation on June 2, 1998 with estimated debts of
GBP83,063 owed to creditors.  International went into
administrative receivership on July 12, 2000 with estimated
debts of GBP336,830 owed to creditors.

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

Matters of unfit conduct, not disputed by Paul Hensor Lister:

(a) AFL (1992) Limited (AFL)

    (i) He caused AFL to transfer assets together with selected
        liabilities to an associated company, International.

   (ii) He failed to co-operate with the liquidator's request to
        provide a full explanation of the trading of AFL and the
        transfer in September 1997 of its assets and selected
        liabilities to an associated company International.

(b) Acorn Fabrics International Limited (International)

    (i) He acted in contravention of Section 216 of the
        Insolvency Act 1986, by using the name Acorn Fabrics as
        he is prohibited to act as a director under any name
        that's has any relation to AFL.  This was a direct
        result of AFL going into liquidation.

   (ii) He caused International shortly before it went into
        Administrative Receivership to transfer assets to an
        associated company, Weavetex.

  (iii) He failed, as required by the Administrative Receivers,
        to lodge a sworn Statement of Affairs for International
        as at July 12, 2000.

(c) Weavetex Limited - He caused Weavetex to pay Trans Pennine
    Group GBP30,000 at a time when he should have been aware
    that such a payment was to the detriment of the creditors of
    Weavetex.

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

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

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


WHATLING ACRE: Calls in Liquidators from Hart Shaw
--------------------------------------------------
At the extraordinary general meeting of the members of the
Whatling Acre Limited on October 21, 2004 held at Benson House,
33 Wellington Street, Leeds LS1 4JP, the special and ordinary
resolutions to wind up the company were passed.  Andrew J.
Maybery and Christopher J. Brown of Hart Shaw have been
appointed joint liquidators of the company for the purpose of
the voluntary winding-up.


                            *********


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.

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