TCREUR_Public/041119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 19, 2004, Vol. 5, No. 230

                            Headlines

F R A N C E

PEGUFORM FRANCE: Peguform Bohemia Redeems Firm from Bankruptcy
VIVENDI UNIVERSAL: Nine-month Net Debt Down to EUR5.5 Billion
VIVENDI UNIVERSAL: Former No.2 Exec Under Investigation


G E R M A N Y

ADPOINT WEBEAGENTUR: Dusseldorf Court Confirms Bankruptcy
A + G LIFESCIENCE: Creditors' Claims Due December
COMMERZBANK AG: Rationalization Displaces 60 Securities Analysts
DIET COMPANY: Creditors' Meeting Set Next Month
EASYWAY AKTIENGESELLSCHAFT: Applies for Bankruptcy Proceedings

FJH AG: Result Strained by Persistent Weak Markets
GEFIMED GMBH: Under Bankruptcy Administration
GUSTAV OBERWEMMER: Bielefeld Court Appoints Administrator
HENNEMANN GMBH: Claims Deadline Expires December
KARSTADTQUELLE AG: Union Warns of December Strikes

LIGHTSPEED CONTENT: Hires Dr. O. Klopp Insolvency Manager
MALERWERKSTATT TREPTOW: Undergoing Bankruptcy Proceedings
MARIEN-BRUNNEN: Beverage Maker Succumbs to Bankruptcy
MDD GMBH: Creditors' Claims Due Early January
MEK MASCHINENBAUTEILE: Creditors' Meeting Set Next Year

MWG BIOTECH: Posts -EUR6.8 Million Nine-month EBITDA
RATIONALIZER INTELLIGENT: Files for Bankruptcy
RUSDT BAUUNTERNEHMUNG: Sets First Creditors' Meeting December
SCARABAEUS MEDICINE: Succumbs to Bankruptcy
SCHULZ DACHDECKEREI: Claims Deadline Nears

SIEVERS BETON: Construction Firm Succumbs to Bankruptcy
SIEVERS MANAGEMENT: Flensburg Court Appoints Administrator
TELEPLAN INTERNATIONAL: Sells French Operation
TRIPEL-A DIGI-PRINT: Names O. Buchler Provisional Administrator
VISIONONE CONSULTING: Administrator's Report Out December


H U N G A R Y

FOTEX RT: Third-quarter Loss Widens to HUF688 Million


I R E L A N D

ELAN CORPORATION: Completes US$1.15 Bln Senior Notes Offering
ELAN CORPORATION: Receives Consents, Tenders for EPIL III Notes


I T A L Y

FINMATICA SPA: Prosecutor Pushes for Firm's Insolvency


N E T H E R L A N D S

EUROSTAR I: Fitch Affirms Class B, C Notes at 'CC'
EUROSTAR II: Fitch Affirms Class B, C Notes at 'CCC'


N O R W A Y

DNO ASA: Reports NOK96.7 Million Third-quarter Net Loss


R U S S I A

ACCUMULATOR: Gives Creditors Until Next Month to File Claims
GRAIN PRODUCTS: Proofs of Claim Due Third Week of December
KALINISKOYE ROAD: Insolvency Manager Takes over Operations
KALITVA-SEL-MASH: Declared Insolvent
KRASNOYARSKIY FACTORY: Under External Management

POSH ELMI: Hires V. Garikov as Insolvency Manager
RELE: Receives RUB8 Million for Assets
REPAIR TECHNICAL: Proofs of Claim Deadline Expires Next Month
SENGILEYEVSKIY WOOD: Bankruptcy Hearing Resumes December 2
THERMO-PLAST: Nets RUB2 Million for Production Building
YUKOS OIL: Italian Minister Dismisses Acquisition Talks


S P A I N

IZAR: European Commission Opposes Stake Sale to Banks


U K R A I N E

AGROZAHIST: Kirovograd Court Opens Bankruptcy Proceedings
ARTSIZAGRODORSTROJ: Sets Proofs of Claim Deadline
DNIPROSPETSBUD: Sets Public Auction Last Week of November
FALKON: Bankruptcy Proceedings Begin
HARKIVLIFT: Succumbs to Insolvency

HVILYA: Claims Deadline Expires Weekend
INSIB: Zaporizhya Court Appoints Insolvency Manager
KORETSKIJ AGROPOSTACH: Liquidator Takes over Operations
LVIVSKA: Names Ivan Skochko Liquidator
MIZAR-K: Calls in Temporary Insolvency Manager
RAJAGROHIM: Under Bankruptcy Supervision
UKRAGROVNESHTORGCENTRE: Court Brings in Insolvency Manager


U N I T E D   K I N G D O M

ACCESS COMMUNICATION: Thirteen-year Ban for Top Honcho Served
ALPA INDUSTRIES: Safe Manufacturer for Sale
BAE SYSTEMS: Under Investigation Over Saudi Defense Deal
BRAKE BROS: Fitch Affirms Senior Notes at 'B-'; Outlook Stable
BRENTSTONE LIMITED: Insolvency Service Bans Former Director

EBOOKERS PLC: In Advance Stage to Sell Operation
JAGUAR: Return to Profitability to Take Three Years
J SAINSBURY: Expects Second-half Pre-tax Profit to be Flat
NEW MEDIA: Director Receives Fourteen-year Ban
NORTHERN FOODS: Reports GBP35.9 Million Pre-tax Loss

P&F CONGLETON: Business for Sale
PREMIER FOODS: Redeems US$275 Million Senior Notes
ROYAL & SUNALLIANCE: Fitch Affirms Long-term Rating at 'BB+'
TO LET: Business for Sale
TURNER & NEWALL: Pension Trustees Forced to Reject Rescue Plan


                            *********


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


PEGUFORM FRANCE: Peguform Bohemia Redeems Firm from Bankruptcy
--------------------------------------------------------------
Czech car parts manufacturer Peguform Bohemia has bought
bankrupt sister company Peguform France, Czech News Agency says.

The buy-out was intended to keep Peguform France in the group
after U.S.-based parent company Venture Holding Trust filed for
bankruptcy.  The group hopes to keep its original production
base in the event of an ownership change.

Pavel Neuman, Peguform Bohemia chief executive, said, "We are
persuading suppliers and customers that our mother and sister
are sick but we are healthy."

Venture Holding Trust filed for Chapter 11 bankruptcy petition
on March 28, 2003 with the Eastern District of Michigan
(Detroit).  With Peguform's bailout, the court can now either
approve a restructuring plan for Venture Holding or sell the
group's assets within bankruptcy.

Peguform France employs around 1,800 people and generates CZK7.8
billion in annual sales.  The company develops and manufactures
high quality plastic parts and modules for the interior and
exterior of automotive vehicles for Audi, BMW, Citroen, Daimler-
Chrysler, Fiat-Lancia, Ford, GM-Opel, Nedcar, Nissan, Peugeot,
Porsche, Renault, Seat, Skoda, Volvo and VW.

CONTACT:  PEGUFORM FRANCE S.A.
          Z.I. Vernon St. Marcel B.P. 2266
          F-27950 Saint Marcel
          Phone: +33 232 71 26 00
          Fax: +33 232 71 27 99
          Web site: http://www.peguform.fr


VIVENDI UNIVERSAL: Nine-month Net Debt Down to EUR5.5 Billion
-------------------------------------------------------------
Third Quarter 2004

(a) Revenues of EUR4,703 million.  On a comparable[1] basis,
    revenues were up 6%;

(b) Operating income of EUR866 million.  On a comparable[1]
    basis, operating income was up 19%;

(c) Adjusted net income[2] of EUR586 million, versus EUR206
    million in 2003;

(d) Net income[3] of EUR776 million, versus EUR131 million in
    2003;

(e) Consolidated cash flow from operations[4] of EUR1,369
    million.  On a comparable[1] basis, consolidated cash flow
    from operations was up 42%;

(f) Proportionate cash flow from operations[5] of EUR829
    million.  On a comparable[1] basis, proportionate cash flow
    from operations was up 56%.

First nine months of 2004

(a) Revenues of EUR16,094 million.  On a comparable[1] basis,
    revenues were up 5%;

(b) Operating income of EUR2,684 million.  On a comparable[1]
    basis, operating income was up 26%;

(c) Adjusted net income[2] of EUR1,053 million, versus EUR192
    million in 2003;

(d) Net loss[3] of EUR1,082 million, versus a loss of EUR501
    million.  This result was negatively impacted by the non-
    cash foreign currency translation adjustment on the NBC-
    Universal transaction (EUR2,105 million);

(e) Consolidated cash flow from operations[4] of EUR3,856
    million.  On a comparable[1] basis, consolidated cash flow
    from operations was up 32%;

(f) Proportionate cash flow from operations[5] of EUR2,516
    million.  On a comparable[1] basis, proportionate cash flow
    from operations was up 60%;

(g) Financial net debt[6] of EUR5.5 billion on September 30,
    2004, versus EUR12.8 billion on September 30, 2003.

Vivendi Universal raises its adjusted net income guidance and
maintains its operating and financial net debt guidance for full
year 2004:

(a) Adjusted net income[2]: above EUR1.2 billion;

(b) Operating income: strong growth on a pro forma basis[7],
    close to 2003 on an actual basis, in spite of VUE's
    deconsolidation;

(c) Cash-flow from operations: growth on a pro forma basis[7],
    slight decline on an actual basis, in spite of a
    significantly reduced scope;

(d) Financial net debt[6] below EUR5 billion (when including the
    proceeds from the sale of Veolia Environnement shares).

Following a presentation of the 2004 full year positive outlook,
the Board of Vivendi Universal indicated on Sept. 29, 2004, that
it may, at the appropriate time, propose a dividend which should
not be lower than EUR0.50 per share to be paid in 2005 based on
2004 earnings.  Comments on the Group's earnings:

Revenues

Vivendi Universal's consolidated revenues for the third quarter
of 2004 amounted to EUR4,703 million.  On a comparable basis(1),
third quarter 2004 revenues for Vivendi Universal increased 6%,
and 7% at constant currency.

Vivendi Universal Entertainment (VUE) was deconsolidated as of
May 11, 2004 as the result of the closing of the NBC-Universal
transaction.

For the first nine months of 2004, Vivendi Universal reported
revenues of EUR16,094 million.  On a comparable basis[1],
revenues were up 5% and 7% at constant currency.

This good performance was achieved through the return to revenue
growth at Universal Music Group and Canal+ Group and the
continued revenue growth at SFR Cegetel Group and Maroc Telecom.

Operating Income

For the third quarter 2004, Vivendi Universal operating income
amounted EUR866 million.  On a comparable[1] basis, operating
income was up 19%.

Vivendi Universal's consolidated operating income for the first
nine months of 2004 amounted to EUR2,684 million compared with
EUR2,573 million for the first nine months of 2003.  On a
comparable basis[1], operating income increased by 26%.

This performance was mainly achieved through the significant
improvement of Canal+ Group operating income, the positive
operating income at Universal Music Group and the continued
operating income growth at SFR Cegetel Group and Maroc Telecom,
despite higher operating loss recorded by VUG.

Financing Expense

For the third quarter 2004, financing expense was almost divided
by two from EUR154 million in 2003 to EUR82 million this
quarter.

From the third quarter of 2003 to the same period this year,
average gross debt decreased from EUR15.2 billion to EUR6.9
billion, mainly resulting from the NBC-Universal transaction
(approximately EUR5.3 billion impact on net debt).  Over the
same period, average interest rate also decreased from 5.26% to
4.34%.

For the first nine months of 2004, financing expense amounted to
EUR389 million compared with EUR531 million for the same period
in 2003.  Over the same periods, average gross debt decreased to
EUR9.9 billion from EUR17.2 billion.

Income Tax Expense

On December 23, 2003, Vivendi Universal applied to the French
Ministry of Finance for permission to use the Consolidated
Global Profit Tax System.  This request has been granted and
notified on August 23, 2004, for a five-year period beginning
with the taxable year 2004.  As a consequence, as of September
30, 2004, the impact of this agreement corresponded to a tax
saving of EUR750 million (of which EUR362 million related to the
current fiscal year included in the adjusted net income).

For the third quarter 2004, income tax expense showed a profit
of EUR427 million compared with an expense of -EUR212 million
for the same period last year.

For the first nine months of 2004, income tax expense totaled -
EUR244 million compared with -EUR845 million for the same period
in 2003.

Net Income

For the third quarter of 2004, net income amounted to EUR776
million or EUR0.72 per share (basic) compared to a net income of
EUR131 million or EUR0.12 per share (basic) for the same period
last year.

For the first nine months of 2004, net loss amounted to EUR1,082
million or -EUR1.01 per share (basic and diluted) compared to a
net loss of EUR501 million or -EUR0.47 per share (basic and
diluted) in the first nine months of 2003.  This result was
negatively impacted by the non-cash foreign currency translation
adjustment on the NBC-Universal transaction (EUR2,105 million).

Adjusted net income[2]

For the third quarter 2004, the adjusted net income increased by
EUR380 million to EUR586 million, versus EUR206 million for the
same period last year.

This increase, in spite of the decrease in operating income due
to the Group's scope reduction (divestitures of 80% of VUE,
Canal+ Group non-core assets and others), is mainly driven by
the positive income tax impact and the decrease in financing
expense.

For the first nine months of 2004, the adjusted net income
increased by EUR861 million to achieve EUR1,053 million, versus
EUR192 million for the same period last year.

Comments on operating income for Vivendi Universal's Media and
Telecom businesses:

Media activity (as fully consolidated at 100%)

For the third quarter 2004, Media businesses have generated
EUR96 million of operating income, up 33% on a comparable basis
and up 39% on a comparable[1] basis at constant currency .

For the first nine months of 2004, Media businesses have
generated EUR162 million of operating income, up 47% on a
comparable basis and up 38% on a comparable basis at constant
currency.

Canal+ Group (100% Vivendi Universal economic interest):

Significant improvement in Canal+ Group's operating income, up
16%, for the first nine months of 2004, on a comparable
basis[8].

Canal+ Group reported third quarter operating income of EUR96
million compared to EUR133 million in 2003.  Neutralizing the
effect of changes in scope of consolidation[8] the operating
income decreased compared to the same period in 2003, mainly due
to a different timing in programming costs (broadcasting cost of
the Athens Olympic Games in August) and in movies releases, as
well as the impact of the subscribers management and recruitment
costs.

Canal+ Group reported nine months operating income of EUR303
million compared to EUR378 million for the same period in 2003.
Neutralizing the effect of changes in scope of consolidation,
period-on-period growth came to 16%8.

The operating income of the Group's core business, French pay-
television, was slightly up compared to the same period last
year.  Canal+'s churn rate continued its decrease during the
period (-1.7 point), highlighting the solid momentum of the
premium channel.  CanalSatellite, driven by its revenues growth,
confirmed and reinforced its French leadership.

In parallel, the Group's movie business increased its operating
income compared to last year, benefiting from the releases of
successful movies (Les Rivieres Pourpres 2, Podium, Fahrenheit
9/11).

Universal Music Group (92% Vivendi Universal economic interest):

For the first nine months of 2004, UMG significantly improved
its operating income to EUR44 million

For the third quarter 2004, UMG's operating income of EUR29
million was up compared to operating income of EUR4 million last
year reflecting the margin on higher sales, lower marketing
expenses and the other results of the company's cost reduction
program partly offset by the planned acceleration of catalog
amortization, restructuring expenses and a further impairment
charge of EUR10 million at UMG's Music Clubs in the U.K. and
France.

For the first nine months of 2004, UMG's operating income
amounted to EUR44 million compared to a reported loss in 2003 of
EUR38 million.  This improvement was driven by lower Artist &
Repertoire (A&R) and marketing costs, reductions in overheads
and selling expenses and a lower depreciation charge.  This more
than offset higher amortization costs, reflecting a planned
reduction in the period that music and music publishing catalogs
were amortized from 20 to 15 years, restructuring costs and a
cumulative impairment charge of EUR28 million recorded at UMG's
Music Clubs in the U.K. and France.

Major new releases for the remainder of the year include new
albums from Ashanti, Andrea Bocelli, Daniel Bedingfield, Busted,
Elton John, Eminem, Gwen Stefani and U2 in addition to Greatest
Hits from the Bee Gees, George Strait, Ronan Keating, Shania
Twain and Toby Keith.

Vivendi Universal Games (99% Vivendi Universal economic
interest):

For the third quarter of 2004, Vivendi Universal Games started
to cut operating losses.

For the third quarter 2004, VUG's operating loss was EUR29
million, essentially cutting the operating loss in half
(representing a 50% growth or a 48% growth at constant currency)
despite lower net sales.  This improvement was driven by lower
operating expenses relating to the global turnaround plan.

For the first nine months of 2004, VUG's operating loss was
EUR185 million compared to a loss of EUR110 million in 2003.
The 2004 operating income includes the beginning of the
favorable results of these cost reductions, but they are offset
by heavy one-time costs associated with such turnaround plan
(approximately EUR85 million).  The one-time costs include
write-offs of certain projects and titles, along with a
significant level of restructuring expenses associated with the
cost of a material reduction in the staff count in North
America, down by approximately 40% since the beginning of the
year.

Furthermore, at the end of 2003, VUG strengthened capitalization
criteria of internal development costs.  As a result, most
internal development costs are now expensed as incurred.  Had
this strengthening of capitalization criteria actually occurred
at the beginning of 2003, it would have had an approximate
negative impact of EUR24 million on operating income on the
first nine months of 2003.

Telecom activity (as fully consolidated at 100%)

For the third quarter 2004, Telecom businesses have generated
EUR809 million of operating income, up 13% on a comparable
basis.

For the first nine months of 2004, Telecom businesses have
generated EUR2,313 million of operating income, up 16% on a
comparable basis.

SFR Cegetel Group (approximately 56% Vivendi Universal economic
interest):

For the first nine months of 2004, SFR Cegetel Group's operating
income grew 17% on a comparable[9] basis to EUR1,799 million.

SFR Cegetel Group operating income for the third quarter of the
year grew 15% (14% on a comparable basis[9]) to EUR613 million.

Mobile telephony operating income grew 20%10 (also 20% on a
comparable basis[9]) to EUR642 million, thanks to the 9%
revenues growth (11% on a comparable basis[9]) and to continued
strong control of customer costs.

As a consequence of the heavy commercial and technical costs of
the broadband Internet retail offer launched in March 2004 and
despite the growth in revenues and the recording of positive non
recurring items amounting to EUR4 million, Cegetel recorded
operating losses of EUR29 million for the third quarter of 2004,
compared to a loss of EUR5 million for the same period in 2003,
(and to a profit of EUR2 million on a comparable basis).

For the first nine months of 2004, SFR Cegetel Group operating
income grew 19% (17% on a comparable basis[9]) to EUR1,799
million.

Mobile telephony operating income grew 20%10 (also 20% on a
comparable basis[9]) to EUR1,831 million, thanks to the 10%
revenues growth (12% on a comparable basis[9]), continued strong
control of customer costs and the recording of EUR42 million of
positive non recurring items.  As a consequence, the growth in
operating income observed at the end of September cannot be
extrapolated to the rest of the year.

As a consequence of the heavy commercial and technical costs of
the broadband Internet retail offer launched in March 2004 and
despite the 41% growth in revenues (7% on a comparable basis[9])
and the recording of positive non-recurring items amounting to
EUR30 million, Cegetel recorded operating losses of EUR32
million for the first nine months of 2004, compared to a loss of
EUR7 million for the same period in 2003 (and to a profit of
EUR19 million on a comparable basis[9]).

Maroc Telecom (35% Vivendi Universal economic interest):

For the first nine months of 2004, Maroc Telecom operating
income grew 12% to EUR514 million.

Maroc Telecom Group consolidated operating income grew 13% (+11%
at constant currency on a comparable basis[11]) to EUR196
million on the third quarter mainly with a strong growth of
revenues (+14%).

For the first nine months of 2004, Maroc Telecom Group
consolidated operating income grew 12% (+14% at constant
currency on a comparable basis) to EUR514 million.  The good
performance of revenues (+10%) emphasized by the accounting of
EUR20 million positive non-recurring items was partially reduced
by an increase in the acquisition cost of new customers.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Comparable basis essentially illustrates the effect of the
divestiture of Vivendi Universal Entertainment (VUE), of the
divestitures at Canal+ Group (Telepiu, Canal+ Nordic, Canal+
Benelux, etc...), VUP (Comareg and Atica & Scipione) and of
Vivendi Telecom Hungary, Kencell and Monaco Telecom, the
abandonment of Internet operations and includes the full
consolidation of Telecom Developpement at SFR Cegetel Group and
of Mauritel at Maroc Telecom as if these transactions had
occurred at the beginning of 2003.  These results are not
necessarily indicative of the combined results that would have
occurred had the events actually occurred at the beginning of
2003.  Cash-flow from operations (consolidated and
proportionate) on a comparable basis does not include NBC
Universal's dividends in 2004.

[2] Adjusted net income is detailed in Appendix V.  Adjusted net
income mainly does not include goodwill amortization, gain
(loss) on businesses sold, net of provisions and other, and non-
operating, non-recurring items, financial provisions, realized
losses net of financial provisions taken previously, income tax
and minority interests on adjustments.  This result takes into
account part of the benefit from the Consolidated Global Profit
Tax System, as from January 1, 2004.

[3] This result takes into account the benefit of the
Consolidated Global Profit Tax System, as from January 1, 2004.

[4] Net cash provided by operating activities after capital
expenditures and before financing costs and taxes.

[5] Defined as cash-flow from operations excluding minority
interests.

[6] French GAAP gross debt less cash and cash equivalents.

[7] The pro forma information illustrates the effect of the
divestitures of VUE in May 2004, of Telepiu in April 2003 and of
Comareg in May 2003 as if these transactions had occurred at the
beginning of 2003.  These results are not necessarily indicative
of the combined results that would have occurred had the events
actually occurred at the beginning of 2003.

[8] Comparable basis essentially illustrates the effect of the
divestitures at Canal+ Group (Telepiu, Canal+ Nordic, Canal+
Benelux etc...) as if these transactions had occurred at the
beginning of 2003.

[9] Comparable basis illustrates the full consolidation of
Telecom Developpement as if the merger had occurred on January
1, 2003.

[10] Please note that because of the merger of SFR and Cegetel
Groupe S.A. and also to better reflect the performances of each
separate businesses, SFR Cegetel Group has reallocated holding
and other revenues, which were previously reported in the "fixed
and other" line renamed "fixed and Internet", to the "mobile"
line. As a consequence, SFR Cegetel Group's breakdown of results
by business differs from figures published in 2003.

(11) Comparable basis illustrates the effect of the full
consolidation of Mauritel as if it had occurred on January 1,
2003.

[12] Before Universal Studios Holding Corp.'s minority
interests.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

To see appendix:
http://bankrupt.com/misc/Vivendi_Q32004.htm

CONTACT:  VIVENDI UNIVERSAL
          Media:
          Paris
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80
          or
          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82
          or
          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86
          or
          New York
          Flavie Lemarchand
          Phone: +(1) 212.572.1118
          or
          Investor Relations:
          Paris
          Daniel Scolan
          Phone: +33 (0) 171 71 32 91
          or
          Laurence Daniel
          Phone: +33 (0) 171 71 12 33
          or
          Edouard Lassalle
          Phone: +33 (0) 171 71 30 45
          or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


VIVENDI UNIVERSAL: Former No.2 Exec Under Investigation
-------------------------------------------------------
Authorities are investigating Eric Licoys, a former senior
Vivendi executive, over an alleged multi-million-pound payout
given to former Chairman Jean-Marie Messier, Le Figaro says.

Mr. Licoys, who held the second most senior management position
in Vivendi, was party to the agreement that gave Mr. Messier a
termination fee worth GBP18.6 million.  Mr. Messier was
eventually deprived of this amount after a lengthy legal battle.
Mr. Messier was himself placed under investigation for alleged
dissemination of false information on the market, share price
manipulation and fraudulent dealing with company assets.

CONTACT:  VIVENDI UNIVERSAL S.A.
          42 Avenue de Friedland
          75380 Paris Cedex 08
          Phone: +33-1-71-71-10-00
          Fax: +33-1-71-71-10-01
          Web site: http://www.vivendiuniversal.com


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


ADPOINT WEBEAGENTUR: Dusseldorf Court Confirms Bankruptcy
---------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Adpoint Webeagentur GmbH on Nov. 1.  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 Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 4, 2005, 9:00 a.m. at the district court of
Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ADPOINT WEBEAGENTUR GMBH
          Rennbahnstr. 22, 40629 Dusseldorf
          Contact:
          Klaus-Jurgen Muller, Manager
          An der Braut 2, 45239 Essen

          Georg Kreplin, Insolvency Manager
          Berliner Allee 21, 40212 Dusseldorf


A + G LIFESCIENCE: Creditors' Claims Due December
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against A + G Lifescience GmbH on Nov. 1.  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 Dr. Onno
Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:45 a.m. at the district court of
Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on Jan.
19, 2005, 9:30 a.m. at the same venue.

CONTACT:  A + G LIFESCIENCE GMBH
          Rosrather Str. 2-16, 51107 Koln
          Contact:
          Dr. Claus Dieter Stotzem, Manager
          Im Feld 14, 51107 Koln

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


COMMERZBANK AG: Rationalization Displaces 60 Securities Analysts
----------------------------------------------------------------
Banking group Commerzbank reportedly plans to cut 60 of its 90
securities analysts in London, Frankfurter Allgemeine Zeitung
says.

The bank's capital markets division reportedly intends to
station half of its analysts in London and the other half in
Frankfurt/Main.  The bank, however, has yet to decide on the
plan, the paper said.

Commerzbank also plans to decrease own-account trading, which
accounts for majority of losses incurred by its capital markets
division.  The bank also plans to reduce its workforce in other
units of the capital markets division and intends to dispose of
its private equity unit.

Earlier this month, Commerzbank head Klaus-Peter Muller
announced rationalization plans in capital markets business,
intending to cut 490 of its 1,250 front office jobs and 410 back
office jobs.

CONTACT:  COMMERZBANK AG
          Kaiserplatz
          60261 Frankfurt, Germany
          Phone: +49-69-136-20
          Fax: +49-69-285389
          Web site: http://www.commerzbank.com


DIET COMPANY: Creditors' Meeting Set Next Month
-----------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against The Diet Company GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until to register their claims with
court-appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 10, 2004, 9:30 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the
administrator's report on Jan. 19, 2005, 9:15 a.m.

CONTACT:  THE DIET COMPANY GMBH
          Am Kieswerk 4, 40789 Monheim
          Contact:
          Michael Moers, Manager

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


EASYWAY AKTIENGESELLSCHAFT: Applies for Bankruptcy Proceedings
--------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Easyway Aktiengesellschaft Gesellschaft fur
Biotechnologie on Nov. 1.  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 Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:00 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on Jan.
19, 2005, 9:00 a.m. at the same venue.

CONTACT:  EASYWAY AKTIENGESELLSCHAFT GESELLSCHAFT FUR
          BIOTECHNOLOGIE
          Am Kieswerk 4, 40789 Monheim
          Contact:
          Gunther Beisel, Board of Directors
          Rainer Schutte, Board of Directors

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


FJH AG: Result Strained by Persistent Weak Markets
--------------------------------------------------
FJH AG (ISIN DE0005130108), the consultancy and software company
listed in the Prime Standard, was subject to a persistent
reluctance of the German insurance sector to invest in the first
nine months of the financial year.  Results are clearly marked
by the reorganization measures implemented in the third quarter
as well as by the related application of the future IFRS
regulations similar to U.S.-GAAP.

IFRS revenues amounted to EUR50.9 million (2003: EUR95.2
million), 9-Month-Result after tax was -EUR73.5 million (2003:
EUR12.8 million) and EBIT -EUR80.0 million (2003: EUR21.5
million).  EBITDA in the third quarter adjusted by one off and
ultimate effects amounted to -EUR4.5 million compared to -EUR5.6
million in the previous quarter.

When the adoption of the Old Incomes Act did not lead to the
expected recovery of the market FJH reacted immediately and
intensified the ongoing cost cutting program and initiated the
reorganization of the company.  In this context employee
capacities will have dropped to about 750 by the end of the
year.  This equals to a reduction of 300 employees and will
effect a cost relief in the double-digit million range.  In
order to further strengthen sales a new customer department will
be set up.

In terms of highest possible continuity and comparability of
future results the company decided to apply the future, stricter
regulations from the adaptation of IFRS to US-GAAP already to
the 9-Month-Result.  These criteria are already permitted, but
in terms of Revenue Recognition lead to a change in balancing,
especially a balance sheet reduction of the position
receivables.

The economic value of the projects is not affected by this and
the corresponding receivables will still be billed.  The
application of these stricter regulations with regard to
receivables effects balance sheet reductions according to IFRS
in the sector of Third-Party-Administration (Riester business)
amounting to EUR9 million. For longer running, receivables,
which cannot be billed by the end of 2005, only the billable
part has been taken into account.  This leads to balance sheet
reduction of EUR25 million.

Changed formal requirements regarding the form of individual
orders within a framework contract and their implementation in a
given time result in a further balance sheet reduction of EUR22
million.  This change in accounting leads to a one off strain in
the quarter.  Correspondingly hidden reserves are formed which
lead to extraordinary income in the future.

Based on the sum of these measures the company has laid the
grounds to return to profitability in 2005.

CONTACT:  FJH AG
         Dr. Thomas Meindl
         Leonhard-Moll-Bogen 10
         81373 Munich
         Germany
         Phone: +49 (0) 89 769 01 - 144
         Fax: + 49 (0) 89 743 717 31
         E-mail: thomas.meindl@fjh.com
         Web site: http://www.fjh.com


GEFIMED GMBH: Under Bankruptcy Administration
---------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Gefimed GmbH on Nov. 1.  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 Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004 at the district court of Dusseldorf
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the Jan. 15, 2005, 9:35 a.m. the district
court Dusseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Dusseldorf, 4. OG. Old building, area A 409.

CONTACT:  The District Court Dusseldorf
          Mill street 34, 40213 Dusseldorf, 4th OG.
          Old building, A 409th

          Dr. Onno Klopp, Insolvency Manager
          Star Street 58, 40479 Dusseldorf


GUSTAV OBERWEMMER: Bielefeld Court Appoints Administrator
---------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Gustav Oberwemmer GmbH & Co. KG on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 20, 2004
to register their claims with court-appointed provisional
administrator Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 9:50 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 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.

CONTAC:  GUSTAV OBERWEMMER GMBH & CO. KG
         Wittekindweg 16, 32120 Hiddenhausen
         Contact:
         Thorsten Weiler, Manager
         Wittekindweg 16, 32120 Hiddenhausen
         Dirk Weiler, Manager
         Wasserbreite 100, 32257 Bunde

         Jochen Schnake, Insolvency Manager
         Ravensberger Str. 12, 33824 Werther


HENNEMANN GMBH: Claims Deadline Expires December
------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against HRB GmbH on Nov. 1, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 14, 2005 to register their claims
with court-appointed provisional administrator.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004 at the district court of Dusseldorf
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report on Jan. 21, 2005,
8:30 a.m. at the district court Dusseldorf, head place, mill
street 34, 40213 Dusseldorf, 3rd OG old building, room A 341.

CONTACT:  HENNEMANN GMBH - ELEKTROTECHNIK
          Munsterstr. 271-275, 40470 Dusseldorf
          Contact:
          Heinz Peter Gorgens, Manager
          Ratiborer Str. 21, 40880 Ratingen
          Marcus Gorgens, Manager
          Ferdinandstr. 9, 40599 Dusseldorf

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


KARSTADTQUELLE AG: Union Warns of December Strikes
--------------------------------------------------
Ver.di union has threatened to stage a series of strikes next
month against ailing retail giant KarstadtQuelle, Die Welt says.

The union has clashed with the retail giant over a wage
agreement that was declared null on January 31, 2004.  The
cancellation would shed around EUR200 to EUR230 out of
employee's salary.  KarstadtQuelle cancelled the bonus in its
department stores in North-Rhine Westphalia to save around EUR3
million.

Ver.di plans to meet its members in KarstadtQuelle's North-Rhine
Westphalia, which employs around 25,000 people.

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


LIGHTSPEED CONTENT: Hires Dr. O. Klopp Insolvency Manager
---------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Lightspeed Content GmbH, listed as Vormals Centrium,
on Nov. 11, 2004.   Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Dec. 2, 2004 to register their claims with court-
appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 23, 2004, 10:20 a.m. at the district court
of Dusseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Dusseldorf,
4. OG. Old building, A 409 at which time the administrator will
present his first report of the insolvency proceedings.

CONTACT:  LIGHTSPEED CONTENT GMBH
          Vogelsanger Weg 80, 40470 Dusseldorf

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


MALERWERKSTATT TREPTOW: Undergoing Bankruptcy Proceedings
---------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Malerwerkstatt Treptow GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 21, 2005
to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:30 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 March 14, 2005, 9:15 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  MALERWERKSTATT TREPTOW GMBH
          Segelfliegerdamm 70,12487 Berlin

          Rolf Nacke, Insolvency Manager
          Gross-Berliner Damm 73 c, 12487 Berlin


MARIEN-BRUNNEN: Beverage Maker Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against MARIEN-BRUNNEN GmbH on Nov. 1, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 20, 2004 to register their
claims with court-appointed provisional administrator Frank M.
Welsch.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 10:20 a.m. at the district court
of Bielefeld 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.

Marien produces and sells beverages.

CONTACT:  MARIEN-BRUNNEN GMBH
          Osnabrucker Str. 71, 33829 Borgholzhausen
          Contact:
          Rainer Lechtenfeld, Manager
          Brunnenstr. 1, 33829 Borgholzhausen

          Frank M. Welsch, Insolvency Manager
          Barkeystrasse 30, 33330 Gutersloh


MDD GMBH: Creditors' Claims Due Early January
---------------------------------------------
The district court of Munich opened bankruptcy proceedings
against MDD GmbH on Nov. 1, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 15, 2004 to register their claims
with court-appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 18, 2005 at the district court of Munich 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 on Jan. 19, 2005,
9:40 a.m. at the district court Dusseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Dusseldorf, 4. OG. Old building, area A
409.

CONTACT:  MDD GMBH
          Am Kieswerk 4, 40789 Monheim
          Contact:
          Gunther Beisel, Manager
          Unter Goldschmied 3, 50667 Koln

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


MEK MASCHINENBAUTEILE: Creditors' Meeting Set Next Year
-------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against MEK Maschinenbauteile GmbH on Nov. 1, 2004.
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 Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 7, 2005 at the district court of Dusseldorf,
Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4. OG. Altbau,
A 409.

CONTACT:  MEK MASCHINENBAUTEILE GMBH
          Ellerstrasse 101, 40721 Hilden
          Contact:
          Bodo Rau, Manager
          Am Rathaus 26, 40721 Hilden

          Dr. Biner Bahr, Insolvency Manager
          Jagerhofstrasse 29, 40479 Dusseldorf


MWG BIOTECH: Posts -EUR6.8 Million Nine-month EBITDA
----------------------------------------------------
MWG Biotech AG, Ebersberg, Germany (ISIN: DE0007300105) is
publishing its 9 months figures.  As already communicated the
Company achieved a turnover of EUR26.5 million (9 months 2003:
EUR32.6 million) from Jan. 1 to Sept. 30, 2004.  To this the
core business lines Genomic Information (DNA sequencing, reading
the genes in the genomes of organisms) and Genomic Synthesis
(production of synthetic nucleic acids, oligonucleotides)
contributed together EUR17.9 million (9 months 2003: EUR21.0
million).

The two business lines Genomic Diagnosis (microarrays) and
Genomic Technology (lab automation), that are to be divested as
announced, together reached a turnover of EUR8.6 million (9
months 2003: approx. EUR11.6 million).

The EBITDA (earning before interest, taxes, depreciation and
amortization) after nine months 2004 was -EUR6.8 million (9
months 2003: -EUR3.4 million).  To this the core business lines
(Genomic Synthesis and Genomic Information) contributed minus
EUR0.2 million, the two other business lines (Genomic Diagnosis
and Genomic Technology) together -EUR6.6 million.  As of
Sept. 30, 2004, cash and liquids funds were at EUR6.2 million
(September 30, 2003: EUR14.5 million).

Following updated forecasts, the Management Board of MWG Biotech
AG expects a turnover of approx. EUR31 million with an EBITDA
before restructuring of approx. -EUR9.4 million for the total
year 2004.  In this the core business is estimated to contribute
approx. EUR22 million to turnover and approx. -EUR0.7 million to
the EBITDA.

"Our focusing on the core business proceeds as planned.  In the
course of the reorganization 26 jobs have been eliminated in the
U.S., in Germany approx. 70 jobs will be terminated until the
end of the year", says Dr. Wolfgang Pieken, Speaker of the
Management Board of MWG Biotech AG.  "The reorganization of our
Company will be finished in the second quarter of 2004 at the
latest."  To achieve this a dramatic trimming down of the
Company is required, together with the elimination of ca. 200
jobs.

"We are thus also planning the short term divestment of the two
business lines Genomic Diagnosis and Genomic Technology, as
already announced until the end of the year at the latest.  This
will either mean a fast sell or the closing down of both
segments", says Pieken.


RATIONALIZER INTELLIGENT: Files for Bankruptcy
----------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against The Rationalizer Intelligent Software
Aktiengesellschaft on Oct. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 16, 2005 to register their claims with
court-appointed provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004 at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on March 16, 2005, 9:30 a.m. at the district court of
Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218.

CONTACT:  THE RATIONALIZER INTELLIGENT SOFTWARE
          AKTIENGESELLSCHAFT
          Walfischgasse 18, 89073 Ulm

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100, 10785 Berlin


RUSDT BAUUNTERNEHMUNG: Sets First Creditors' Meeting December
-------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against RUSDT Bauunternehmung GmbH on Nov. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 1, 2004 to register their
claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2004 at the district court of Dusseldorf,
Hauptstelle, Muehlenstrasse 34, 40213 Dusseldorf, 4. OG. Old
building, area A 409, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on Jan. 12, 2005, 9:00 a.m. at the same venue.

CONTACT:  RUSDT BAUUNTERNEHMUNG GMBH
          Gudrunstr. 4, 40764 Langenfeld
          Contact:
          Stephan Meister, Manager
          Henschelstr. 3, 47229 Duisburg

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf


SCARABAEUS MEDICINE: Succumbs to Bankruptcy
-------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Scarabaeus Medicine GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until to register their claims
with court-appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 10, 2004 at the district court of
Dusseldorf, 34 mill street, 40213 Dusseldorf, 4th OG.  Old
building, Room A 409 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on Jan. 19, 2005, 9:45 a.m. at the same venue.

CONTACT:  SCARABAEUS ARZNEIMITTEL GMBH
          Am Kieswerk 4, 40789 Monheim
          Contact:
          Alf Reichel, Manager
          Weingartsweg 45, 40668 Meerbusch

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


SCHULZ DACHDECKEREI: Claims Deadline Nears
------------------------------------------
The district court of Flensburg opened bankruptcy proceedings
against Schulz Dachdeckerei GmbH & Co. KG on Oct. 29.
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 Dr. Kay Hassler.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 5, 2005, 11:10 a.m. at Saal A 220 im
Amtsgericht Flensburg 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:  SCHULZ DACHDECKEREI GMBH & CO. KG
          (HRA 2638 AG Flensburg)
          Contact:
          Klaus Schulz, Manager
          Birkenbogen 4, 24999 Wees

          Dr. Kay Hassler, Wrangelstrasse 17-19, 24937
          Flensburg


SIEVERS BETON: Construction Firm Succumbs to Bankruptcy
-------------------------------------------------------
The district court of Flensburg opened bankruptcy proceedings
against Sievers Beton GmbH & Co KG on Nov. 1, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 5, 2005 to
register their claims with court-appointed provisional
administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 10:00 a.m. at Saal A 220 im
Amtsgericht Flensburg 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.

Sievers sells gravel, ready-mix concrete, ready-mix mortar and
pre-cast concrete parts.

CONTACT:  SIEVERS BETON BETEILIGUNGS-GMBH
          Contact:
          Axel Buchsenschutz, Manager
          Seeberg 22, 24850 Lurschau

          Jan H. Wilhelm, Insolvency Manager
          Albert-Einstein-Ring 11, 22761 Hamburg


SIEVERS MANAGEMENT: Flensburg Court Appoints Administrator
----------------------------------------------------------
The district court of Flensburg opened bankruptcy proceedings
against Sievers Management GmbH & Co. KG on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 5, 2005 to
register their claims with court-appointed provisional
administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 10:00 a.m. at Saal A 220 im
Amtsgericht Flensburg 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:  SIEVERS MANAGEMENT VERWALTUNGS GMBH
          Contact:
          Axel Buchsenschutz, Manager
          Seeberg 22, 24850 Lurschau

          Jan H. Wilhelm, Insolvency Manager
          Albert-Einstein-Ring 11, 22761 Hamburg


TELEPLAN INTERNATIONAL: Sells French Operation
----------------------------------------------
Teleplan International N.V. announces the sale of its French
business activities through a management buyout effective 1 Nov.
2004.  The sale has been one of the restructuring milestones of
Teleplan as the site had negative contributions to cash and
earnings.

With some 300 employees leaving the Company through the MBO, a
good part of the planned reduction of the number of employees
has now been realized.

Details of the transaction are subject to confidentiality.
However, Teleplan confirms that the terms are within the
restructuring budget announced in August this year.  Company
forecasts on sales (approx. EUR275 million) and net loss
(-EUR65 million) for 2004 are therefore unchanged.  Teleplan
also underlines that all negotiations took place in close
cooperation with its major European customer serviced in France.
The customer is satisfied with the agreements obtained.

CONTACT:  TELEPLAN INTERNATIONAL N.V.
          Mr. Gotthard Haug, Chief Financial Officer
          Phone: +31 40 255 8670

          CHARLOTTE FRENZEL, FRENZEL & CO. GMBH
          Phone: +49 6171 50 80 171


TRIPEL-A DIGI-PRINT: Names O. Buchler Provisional Administrator
---------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against TRIPEL-A Digi-Print GmbH on Oct. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until to register their claims
with court-appointed provisional administrator Dr. Olaf Buchler.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004 at the district court of Hamburg,
Meadow Street 122d, 22083 Hamburg, Hall 1, 2nd plain 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 on Jan. 13, 2005, 11:45
a.m. at the same venue.

CONTACT:  TRIPEL-A DIGI-PRINT GMBH
          Frankenstrasse 3, 20097 Hamburg

          Dr. Olaf Buchler
          Gentlemen Ditch 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383rd


VISIONONE CONSULTING: Administrator's Report Out December
---------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against VisionOne Consulting AG on Nov. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until to register their claims
with court-appointed provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2004 at the district court of
Dusseldorf, , Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report on Dec. 16, 2004, 9:50 a.m. at the same
venue.

CONTACT:  VISIONONE CONSULTING AG
          Forumstrasse 24, 41468 Neuss
          Contact:
          Dieter Krey, Manager
          Weimarstrasse 62, 41516 Grevenbroich

          Georg Kreplin, Insolvency Manager
          Berliner Allee 21, 40212 Dusseldorf


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


FOTEX RT: Third-quarter Loss Widens to HUF688 Million
-----------------------------------------------------
Fotex Rt reported after-tax loss of HUF688 million in the third
quarter, up from HUF509 million for the same period a year ago.
Consolidated sales amounted to HUF28.5 billion, a drop of 19%.

Retail activity of the group declined 14.2% as consumers change
shopping habits.  As a result, Fotex was forced to close down
underperforming retail units.  It also divested its CD and DVD
businesses, bringing the share of the wholesale activities down
to 35.4% within the company.

CONTACT:  FOTEX ELSO AMERIKAI-MAGYAR FOTOSZOLGALTATASI RT.
          1126 Budapest, Nagy Jeno u. 12.
          Phone: 212-04-99
          Fax: 202-24-51
          E-mail: panczelk@fotex.hu
          Web site: http://www.fotexnet.hu/


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


ELAN CORPORATION: Completes US$1.15 Bln Senior Notes Offering
-------------------------------------------------------------
Elan Corp., plc announced on Nov. 17, 2004 that its wholly-owned
subsidiaries, Elan Finance public limited company and Elan
Finance Corp., have completed the previously announced offering
of US$1.15 billion aggregate principal amount of Senior Notes.

Commenting on the completion of the offering, Shane Cooke,
executive vice president and chief financial officer of Elan
said: "We are delighted with the overwhelming interest we have
seen in this offering and have taken the opportunity to increase
the size of the deal and broaden our investor base.  As we
continue to develop our business, we will focus on building on
our strong relationships with our expanding base of equity and
debt holders.  We are pleased that the credit rating agencies
have confirmed the upgrade to our credit ratings as a result of
this financing."  Mr. Cooke added "With this offering completed,
we can now focus all of our energies on executing the launch of
Antegren."

The Senior Notes consist of US$850 million aggregate principal
amount of 7 3/4% Senior Fixed Rate Notes due 2011 and US$300
million aggregate principal amount of Senior Floating Rate Notes
due 2011.  The Floating Rate Notes bear interest at a rate,
adjusted quarterly, equal to three-month LIBOR plus 4.0%, except
the first interest payment, which bears interest at a rate equal
to six-month LIBOR plus 4.0%.  The Senior Notes are guaranteed
by Elan and certain of Elan's subsidiaries.

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

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

About Elan

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

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

          Media Relations:
          Anita Kawatra
          Phone: 212-407-5740
              Or 800-252-3526


ELAN CORPORATION: Receives Consents, Tenders for EPIL III Notes
---------------------------------------------------------------
Elan Corp., plc and its wholly-owned subsidiary, Elan
International Services Ltd. (EIS), announced Wednesday that
tenders and consents from holders of US$352,682,000 aggregate
principal amount of Series B Guaranteed Notes (PPN: G2954# AB7)
and Series C Guaranteed Notes (PPN: G2954# AC5) issued by Elan's
wholly-owned subsidiary, Elan Pharmaceutical Investments III,
Ltd. (collectively, the Notes), were received on or prior to the
early tender deadline, which expired at 12:00 midnight, New York
City time, on November 10, 2004.  The Notes were tendered and
the related consents delivered pursuant to the previously
announced cash tender offer to purchase up to US$351 million (of
US$390 million) aggregate principal amount of Notes EIS and the
related consent solicitation by Elan.

In accordance with the terms of the tender offer and consent
solicitation, EIS and Elan have accepted for payment and have
paid for, on a pro rata basis, US$317,406,000 aggregate
principal amount of Notes (representing approximately 90% of the
Notes tendered) for total consideration of US$323,640,981, plus
accrued and unpaid interest to date.  The total consideration
includes an aggregate early tender premium of US$4,284,981 and
an aggregate consent payment of US$1,950,000.  The consent
payments were made to all holders of Notes regardless of whether
the holders tendered their Notes or delivered consents.

The tender offer and consent solicitation will expire at 12:00
midnight, New York City time, on November 26, 2004, unless
extended.  At the expiration time, Elan and EIS expect to accept
for payment, on a pro rata basis, an additional US$33,594,000
aggregate principal amount of Notes tendered on or prior to the
expiration time, including, if necessary, a portion of the
additional US$35,276,000 aggregate principal amount of Notes
tendered prior to the early tender deadline and not previously
accepted for payment (bringing the total aggregate principal
amount of Notes accepted for payment to US$351,000,000).
Holders of any additional Notes tendered prior to the early
tender deadline and accepted for payment will receive the early
tender premium of US$13.50 per US$1,000 principal amount of
Notes tendered.

Holders of Notes properly tendered after the early tender
deadline but prior to the expiration time will receive only the
tender consideration of US$1,000 per US$1,000 principal amount
of Notes tendered and accepted for payment. In either case,
holders will receive accrued and unpaid interest on Notes
tendered and accepted for payment to, but not including, the
final settlement date.  Any Notes not accepted for payment on
the final settlement date as a result of the pro rata acceptance
of Notes, including Notes tendered prior to the early tender
deadline and not previously accepted for purchase, will be
returned to the holders promptly following the final settlement
date.  Notes may no longer be withdrawn and consents delivered
may no longer be revoked.

As a result of the receipt of the requisite consents and the
satisfaction of all conditions to the tender offer and consent
solicitation, including the concurrent completion of the
offering of Senior Notes announced, Elan has entered into an
amendment to the guarantee agreement governing Elan's guarantee
of the Notes (the "EPIL III Guarantee Agreement") and a consent
agreement under the indenture governing the 6.50% Convertible
Guaranteed Notes issued by Elan Capital Corp. Ltd. and
guaranteed by Elan (the Convertible Note Indenture).

The amendment to the EPIL III Guarantee Agreement, which
eliminates many of the restrictive covenants contained in the
EPIL III Guarantee Agreement, and the consent agreement under
the Convertible Note Indenture, which effectively permanently
waives compliance with all of the restrictive covenants
contained in the Convertible Note Indenture that restrict
certain activities of Elan and its subsidiaries without the
prior consent of a majority in aggregate principal amount of the
outstanding Notes, have become effective and are binding on all
remaining holders of the Notes.

The tender offer and consent solicitation are being made solely
on the terms and conditions contained in the Offer to Purchase
and Consent Solicitation Statement, dated Oct. 28, 2004, and
related documents (together, the Tender Documents).

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

About Elan

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

                            *   *   *

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

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


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


FINMATICA SPA: Prosecutor Pushes for Firm's Insolvency
------------------------------------------------------
The public prosecutor in Brescia has filed a petition seeking
the insolvency of software developer Finmatica, Il Sole 24 Ore
says.

The prosecutor based his petition on the results of a probe into
Finmatica's accounts that started in January.  The court will
start hearing the case on December 2.  The court's ruling would
affect Finmatica's future, as the company could go into
liquidation or bankruptcy unless its creditor banks approve a
restructuring plan drafted by IT group Opera21.

Meanwhile, Stefano De Capitani, Opera21's chief executive, said
Tuesday their work on Finmatica is near completion and plans to
make an offer to the shareholders on Monday.

CONTACT:  FINMATICA S.p.A.
          Via Cannizzaro
          83/A 00156 Roma
          Phone: +39 06/439911
          Fax: +39 06/43991259
          Web site: http://www.finmatica.com


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


EUROSTAR I: Fitch Affirms Class B, C Notes at 'CC'
--------------------------------------------------
Fitch Ratings on Wednesday affirmed EuroStar I CDO's class A-1
through C notes (issued in June 2000) as:

-- Class A-1 and A-2 notes (ISINs XS0111598008 and
XS0111598693): 'AAA';

-- Class A-3 notes (ISIN XS0111598859):'B-' (B minus);

-- Class B notes (ISIN XS0111599154): 'CC', and

-- Class C notes (ISIN XS0111599238): 'CC'.

The affirmation reflects the improvement in the overall credit
quality of the portfolio as compared to the last review in April
2003.  There have been no additional defaults, and most of the
defaulted names contained in the portfolio last April have been
worked out.  However, three defaulted bonds totaling EUR9.5
million remain unresolved and show minimal chance of recovery,
as reflected in a market value of EUR279,000 (largely unchanged
from April 2003).

In Fitch's view, the risk of additional defaults affecting the
portfolio has not increased: neither the balance of assets rated
'CCC+' or below (EUR16.8 million in par value terms) nor the
weighted average rating factor of non-defaulted assets (52.19 or
'B') has increased.  Moreover, the transaction is reducing in
leverage, with approximately EUR72 million of class A-1 and A-2
notes having amortized since April 2003.  The bulk of this has
been paid out of principal proceeds, illustrating a reduction in
the total credit portfolio to which the notes are exposed.

The unchanged speculative grade ratings of the class B and C
notes, which continue to undergo negative amortization, reflect
the very high probability of losses being borne by holders of
these instruments at maturity.

Deal information and historical performance data for this
transaction are available at http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Irina Kissina
          Phone: +44 (0)20 7417 6307
          Euan Gatfield
          Phone: + 44 (0)20 7417 6306
          Shaun Baddeley
          Phone: +44 (0) 20 7 417 4396
          or
          Julian Dennison (Media)
          Phone: +44 20 7862 4080


EUROSTAR II: Fitch Affirms Class B, C Notes at 'CCC'
----------------------------------------------------
Fitch Ratings on Wednesday downgraded EuroStar II CDO's class A-
3 notes (ISIN DE0006104722) to 'A-' (A minus) from 'A+'.  At the
same time the ratings of the class A-1, A-2, C, B and
subordinated notes are affirmed as:

-- Classes A-1 and A-2 (ISINs DE0006104706 and DE0006104714):
'AAA';

-- Class B (ISIN DE0006104730): 'CCC';

-- Class C (ISIN DE0006104748): 'CCC', and

-- Subordinated notes (ISIN DE0006104755): 'CC'.

In February 2001, Stichting EuroStar II CDO, a foundation
incorporated under the laws of the Netherlands, issued EUR417
million of various classes of fixed- and floating-rate notes and
invested the proceeds in a portfolio of investment-grade and
sub-investment grade debt securities.

The downgrade reflects the continued deterioration in the credit
quality of the portfolio since the last review in December 2003.
The portfolio weighted average Fitch factor has increased to
39.03 ('BB+') from 37.07 ('BB+') in December 2003.  The 'CCC+ &
below' bucket has increased since December 2003 and exceeds the
covenanted limit of 5%.  It currently contains seven assets for
a total par value of EUR19 million.  The total portfolio
contains one defaulted bond for a total par value of EUR6.5
million and a market value of EUR6,500.  This brings the total
number of defaults to 19 bonds amounting to EUR80.5 million and
so far a cumulative loss of approximately EUR46.2 million.

The transaction is currently failing class B and C over-
collateralization (OC) and interest coverage (IC) tests.  At the
last payment date in September 2004, the class A OC and IC tests
were brought back into compliance just as the class A-1 and A-2
notes amortized by EUR9.7 million of diverted interest proceeds.
Although the class B notes started to receive its current
interest in September 2004 following approximately 30 months of
suspension, the accumulated deferred interest balance stands at
EUR5.2 million.  The class C notes have a deferred interest
balance of EUR1.8 million.  These amounts, which rank beneath
the respective coverage test items in the waterfall, will need
to be repaid by maturity to avert a default.  The transaction is
also failing its weighted average coupon test, which implies
that the excess spread may not be sufficient to pay down the
deferred interest balances on classes B and C in the near
future.

Deal information and historical performance data for this
transaction are available on the agency's subscription Web site
at http://www.fitchresearch.com

CONTACT:  FITCH RATINGS
          London
          Irina Kissina
          Phone: +44 (0) 20 7417 6307
          Euan Gatfield
          Phone: +44 (0) 20 7417 6306
          Shaun Baddeley
          Phone: +44 (0) 20 7417 4396
          Julian Dennison
          Phone: +44 (0) 20 7862 4080 (Media Relations)


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


DNO ASA: Reports NOK96.7 Million Third-quarter Net Loss
-------------------------------------------------------
DNO A.S.A. achieved an operating profit of NOK121.0 million and
a net profit of -NOK96.7 million in the third quarter.
Successful drilling and exploration in Yemen contributed to an
increase in both production and reserves for the quarter.  High
exploration expenses and unfavorable development in foreign
exchange rates contributed to negative net profit in the
quarter.

Highlights for the quarter

(a) 6 million bbls reserve increase from successful drilling
    campaign on Block 43 in Yemen, possible first-oil in the 2nd
    quarter 2005 based on revised development plan;

(b) Successful drilling of new production wells contributed to
    higher production on both the Tasour and Sharyoof fields in
    Yemen in the third quarter;

(c) A new production well on the Glitne field was put on stream
    during the third quarter, but the lock-out situation
    contributed to lower production from the field in the
    quarter;

(d) Revenues from sale of petroleum products increased from last
    quarter, partly offset by an increase in oil price hedging
    losses;

(e) Further reduction in lifting cost per bbl, mainly
    contributed by higher production in the quarter;

(f) Higher tax expense from Yemen activities mainly contributed
    by higher production/revenues NOK212 million in cash
    dividends were paid to the company's shareholders in the
    third quarter.  Additional dividends of NOK63 million were
    distributed to the shareholders as treasury shares.

This quarter's result reflects our company's higher focus on
exploration in all geographical areas.  Year to date we have
succeeded in doubling our reserves compared to year-end 2003 at
low cost.  We are pleased to have achieved increased production
during the third quarter and we expect further growth in the
fourth quarter, says Managing Director of DNO A.S.A., Helge
Eide.

DNO had operating revenues of NOK314.8 million (NOK466.6
million) in the third quarter 2004.  For the first nine months
in 2004 the operating revenues amounted to NOK1,272.1 (NOK1,
523.9 million).  Sale of producing assets is the main reason for
the decrease in operating revenues.

DNO achieved an operating profit (EBIT) of NOK121.0 million
(NOK127.6 million) in the third quarter 2004.  For the period
ending September 30 2004, the operating profit was NOK664.5
million (NOK614.6 million).  Included in the operating profit
the first nine months is a sales gain of NOK309.5 million from
the sale of assets to Lundin Petroleum AB.

In the third quarter DNO incurred a loss after tax of -NOK96.7
million (-NOK41.8 million).  In the first nine months DNO had a
net profit of NOK187.3 million (NOK121.8 million).

CONTACT:  DNO ASA
          Helge Eide
          Managing Director
          Phone: 23 23 84 80 or 55 22 47 00

          Haakon Sandborg
          Chief Financial Officer
          Phone: 23 23 84 80


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


ACCUMULATOR: Gives Creditors Until Next Month to File Claims
------------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
proceedings against Accumulator (TIN 4630004629) after finding
the factory insolvent.  The case is docketed as A35-7660/03-g.
Mr. M. Chernyj has been appointed insolvency manager.  Creditors
have until December 9, 2004 to submit their proofs of claim to
305026, Russia, Kursk, Leninskogo Komsomola Str. 40.

CONTACT:  ACCUMULATOR
          305026, Russia, Kursk,
          Leninskogo Komsomola Str. 40

          Mr. M. Chernyj
          Insolvency Manager
          305026, Russia, Kursk,
          Leninskogo Komsomola Str. 40


GRAIN PRODUCTS: Proofs of Claim Due Third Week of December
----------------------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
proceedings against Grain Products after finding the open joint
stock company insolvent.  The case is docketed as
A52/4880/2003/4.  Mr. E. Babayev has been appointed insolvency
manager.  Creditors have until December 22, 2004 to submit their
proofs of claim to 180000, Russia, Pskov, Sovetskaya Str. 52,
Office 23.

CONTACT:  GRAIN PRODUCTS
          180000, Russia, Pskov,
          Sovetskaya Str. 79

          Mr. E. Babayev
          Insolvency Manager
          180000, Russia, Pskov,
          Sovetskaya Str. 52, Office 23


KALINISKOYE ROAD: Insolvency Manager Takes over Operations
----------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on state unitary enterprise Kaliniskoye
Road Building Corporation-1.  The case is docketed as A66-
7251/2004.  Ms. O. Lyudskaya has been appointed temporary
insolvency manager.

Creditors have until November 22, 2004 to submit their proofs of
claim to 170000, Russia, Tver, Main Post Office, Post User Box
0567.  A hearing will take place on January 25, 2005.

CONTACT:  KALINISKOYE ROAD BUILDING CORPORATION-1
          170040, Russia, Tver,
          Staritskoye Shosse, 14, Building 1

          Ms. O. Lyudskaya
          Temporary Insolvency Manager
          170000, Russia, Tver,
          Main Post Office, Post User Box 0567


KALITVA-SEL-MASH: Declared Insolvent
------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Kalitva-Sel-Mash (TIN 6142002396) after
finding the open joint stock company insolvent.  The case is
docketed as A53-12499/97-S2-29.  Mr. D. Oleynik has been
appointed insolvency manager.  Creditors have until December 8,
2004 to submit their proofs of claim to 344092, Russia, Rostov-
na-Donu, Post User Box 3425.

CONTACT:  KALITVA-SEL-MASH
          347018, Russia, Rostov region,
          Belokalitvinskiy region, Ataevo

          Mr. D. Oleynik
          Insolvency Manager
          344092, Russia, Rostov-na-Donu,
          Post User Box 3425


KRASNOYARSKIY FACTORY: Under External Management
------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
external management bankruptcy procedure on open joint stock
company Krasnoyarskiy Factory of Hook-On Equipment (TIN
2460045527, OGRN 1022400555825).  The case is docketed as A33-
3087/04-25.  Mr. A. Anishenko has been appointed external
insolvency manager.

CONTACT:  KRASNOYARSKIY FACTORY OF HOOK-ON EQUIPMENT
          662500, Russia, Krasnoyarsk region,
          Sosnovoborsk, Zavodskaya Str. 1

          Mr. A. Anishenko
          External Insolvency Manager
          660017, Russia, Krasnoyarsk, Post User Box 20647


POSH ELMI: Hires V. Garikov as Insolvency Manager
-------------------------------------------------
The Arbitration Court of Kalmykiya republic has commenced
bankruptcy proceedings against Posh Elmi after finding the
Elistinskaya factory insolvent.  The case is docketed as A22-
645/02/5-74.  Mr. V. Garikov has been appointed insolvency
manager.  Creditors have until December 8, 2004 to submit their
proofs of claim to 358005, Russia, Kalmykiya republic, Elista,
Khomutnikova Str. 127.

CONTACT:  Mr. V. Garikov
          Insolvency Manager
          358005, Russia, Kalmykiya republic,
          Elista, Khomutnikova Str. 127


RELE: Receives RUB8 Million for Assets
--------------------------------------
The bidding organizer of open joint stock company Reje sold the
firm's properties for RUB8 million.  The auction was held on
Nov. 11, 2004 at 241017, Russia, Bryansk, Staleliteynaya Str.
20.


REPAIR TECHNICAL: Proofs of Claim Deadline Expires Next Month
-------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Repair Technical Enterprise after finding
the open joint stock company insolvent.  The case is docketed as
A19-17220/03-34.  Mr. O. Dautov has been appointed insolvency
manager.  Creditors have until December 22, 2004 to submit their
proofs of claim to 665258, Russia, Irkutsk region, Tulun, 40 Let
Oktyabrya, 9-1.

CONTACT:  REPAIR TECHNICAL ENTERPRISE
          666410, Russia, Irkutsk region,
          Zhigalovo, Rabochaya Str. 1

          Mr. O. Dautov
          Insolvency Manager
          665258, Russia, Irkutsk region,
          Tulun, 40 Let Oktyabrya, 9-1


SENGILEYEVSKIY WOOD: Bankruptcy Hearing Resumes December 2
----------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on state enterprise
Sengileyevskiy Wood Combine.  The case is docketed as A72-
5340/04-17/20.  Mr. A. Pimenov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 433408, Russia,
Ulyanovsk region, Cherdaklinskiy region, Krestovo-Gorodishe,
Kalinina Str. 139.  A hearing will take place on December 2,
2004.

CONTACT:  SENGILEYEVSKIY WOOD COMBINE
          433380, Russia, Ulyanovsk region, Sangiley

          Mr. A. Pimenov
          Temporary Insolvency Manager
          433408, Russia, Ulyanovsk region, Cherdaklinskiy
          region, Krestovo-Gorodishe, Kalinina Str. 139
          Phone/Fax: 8 (8422) 41-09-74


THERMO-PLAST: Nets RUB2 Million for Production Building
-------------------------------------------------------
The bidding organizer and insolvency manager of Thermo-Plast
sold the firm's properties at a public auction on Nov. 12, 2004.
The production building was sold for RUB2,057,000 million.  It
was held at 156014, Russia, Kostroma, Dimitrova Str. 26A.

CONTACT:  THERMO-PLAST
          Russia, Kostroma region,
          Nerekhta, Kabluchnikov Square, 2


YUKOS OIL: Italian Minister Dismisses Acquisition Talks
-------------------------------------------------------
Italian industry minister Antonio Marzano shrugged off reports
that Rome and Moscow are planning to hold talks regarding the
future of troubled fuel giant Yukos Oil, La Stampa says.

Mr. Marzano, who is in Russia attending the opening of the Mebel
international furniture exhibition, dismissed reports about the
planned acquisition of some of Yukos' assets by Italian oil
group Eni.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com

          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

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

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


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


IZAR: European Commission Opposes Stake Sale to Banks
-----------------------------------------------------
The European competition commission expressed hostility against
the plan to sell stake in the new Izar holding company to local
savings banks, El Pais says.

State-owned holding company Sociedad Estatal de Participaciones
Industriales (SEPI) plans to split up Izar's civilian and
military divisions and placed them under a new holding company.
The government would have full control of the military company
while retaining a 49% stake in the civilian firm.  SEPI plans to
sell 20% to 30% of the civilian company to savings banks and
allot the remaining stakes to private investors.  The European
Commission asserts majority of the new civilian firm must be
owned by private entities.

Finance minister Pedro Solbes said Tuesday the government might
revise Izar's industrial plan.  Mr. Solbes added he would
negotiate with the European Union to salvage the ailing
shipbuilder.

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
=============


AGROZAHIST: Kirovograd Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Agrozahist (code EDRPOU 23677395) on
September 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as 10/35.  Arbitral manager Mr.
S. Salatov (License Number AA 047823) has been appointed
liquidator/insolvency manager.

CONTACT:  AGROZAHIST
          25006, Ukraine, Kirovograd region,
          Malanyuk Str. 1-A

          Mr. S. Salatov
          Liquidator/Insolvency Manager
          Ukraine, Kirovograd region,
          K. Marks Str. 4, body 1
          Phone: (0522) 32-05-01


ARTSIZAGRODORSTROJ: Sets Proofs of Claim Deadline
-------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on CJSC Artsizagrodorstroj (code EDRPOU
03579029) on September 24, 2004.  The case is docketed as
21/109-04-7192.  Mr. Liseyev Kiril (License Number AA 485243)
has been appointed temporary insolvency manager.  The company
holds account number 260053332 at JSPPB Aval, Odesa branch, MFO
328384.

Creditors have until November 20, 2004 to submit their proofs of
claim to:

(a) ARTSIZAGRODORSTROJ
    68400, Ukraine, Odesa region,
    Artsiz, Bondareva Str. 1-a

(b) Mr. Liseyev Kiril
    Temporary Insolvency Manager
    Ukraine, Odesa region,
    Paustovskij Str. 27/1-49

(c) ECONOMIC COURT OF ODESA REGION
    65032, Ukraine, Odesa region,
    Shevchenko Avenue, 4


DNIPROSPETSBUD: Sets Public Auction Last Week of November
---------------------------------------------------------
Branch of Agency of Bankruptcy Questions in Dnipropetrovsk
region will sell the properties of Dniprospetsbud on November
30, 2004, 12:00 noon at Ukraine, Dnipropetrovsk, Komsomolska
Str. 48/2.  For sale are buildings and constructions of
Dnipropetrovsk' Mechanization Department.  Starting price is
UAH1,150,000.

The properties are located at Ukraine, Dnipropetrovsk, Geroyiv
Stalingradu Str. 149.  To participate, bidders must submit
competitive propositions, deposit a registration fee and pay
guarantee installment on or before Nov. 25, 2004.

CONTACT:  AUCTION COMMITTEE
     Ukraine, Dnipropetrovsk region,
          Komsomolska Str. 48/2
          Phone: (056) 744-19-31, 744-36-98


FALKON: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against OJSC Falkon on October 4, 2004.  The case is
docketed as 9/112 b.  Arbitral manager Mrs. Irina Stuk (License
Number AA 485235) has been appointed liquidator/insolvency
manager.

CONTACT:  FALKON
          14000, Ukraine, Chernigiv region,
          Pyatnitska Str. 11a/10

          Mrs. Irina Stuk
          Liquidator/Insolvency Manager
          14008, Ukraine, Chernigiv region,
          Nahimov Str. 50

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue, 20


HARKIVLIFT: Succumbs to Insolvency
----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Specialized Enterprise Harkivlift (code
EDRPOU 30916414) on September 28, 2004 after finding the limited
liability company insolvent.  The case is docketed as B-25/39-
04.  Arbitral manager Mrs. Nataliya Ivleva (License Number AA
250463) has been appointed liquidator/insolvency manager.  The
company holds account number 2600402314788 at CB Bazis, MFO
351760.

CONTACT:  SPECIALIZED ENTERPRISE HARKIVLIFT
          61002, Ukraine, Harkiv region,
          Ivanov Str. 10

          Mrs. Nataliya Ivleva
          Liquidator/Insolvency Manager
          61002, Ukraine, Harkiv region, Petrovskij Str. 6/8-15
          Phone: (057) 700-55-97

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


HVILYA: Claims Deadline Expires Weekend
---------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on State Enterprise Researching Plant
Hvilya (code EDRPOU 14308380).  The case is docketed as 6/260-
4/201.  Arbitral manager Mr. G. Kovalko (License Number AA
250455) has been appointed temporary insolvency manager.  The
company holds account number 26004302410346 at Prominvestbank,
Lviv central branch, MFO 325633.

Creditors have until November 20, 2004 to submit their proofs of
claim to:

(a) HVILYA
    Ukraine, Lviv region, Naukova Str. 7

(b) Mr. G. Kovalko
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Chervonograd, Klusivska Str. 18/29

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


INSIB: Zaporizhya Court Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Insib (code EDRPOU 31376625) on September 2,
2004 after finding the limited liability company insolvent.  The
case is docketed as 25/35.  Arbitral manager Mr. O. Serebryakov
(License Number AA 249530) has been appointed
liquidator/insolvency manager.  The company holds account number
260041320 at JSPPB Aval, Zaporizhya branch, MFO 313827.

CONTACT:  INSIB
          69035, Ukraine, Zaporizhya region,
          Lermontov Str. 6/1

          Mr. O. Serebryakov
          Liquidator/Insolvency Manager
          69035, Ukraine, Zaporizhya region,
          Mayakovskij Avenue, 11
          Phone: 8 (061) 226-06-21, (0612) 12-74-11

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region, Shaumyana Str. 4


KORETSKIJ AGROPOSTACH: Liquidator Takes over Operations
-------------------------------------------------------
The Economic Court of Rivne region has commenced bankruptcy
proceedings against OJSC Koretskij Agropostach (code EDRPOU
22553716).  The case is docketed as 9/58.  Arbitral manager Mrs.
Alina Yatsuk (License Number AA 630047) has been appointed
liquidator/insolvency manager.

The company holds account number 26000000902001 at JSC
Ukrinbank, Rivne branch, MFO 333216.

CONTACT:  KORETSKIJ AGROPOSTACH
          Ukraine, Rivne region,
          Korets, Kyiv regionska Str. 200

          Mrs. Alina Yatsuk
          Liquidator/Insolvency Manager
          33028, Ukraine, Rivne region,
          Dragomanov Str. 27
          Phone: 8 (0362) 26-66-77

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


LVIVSKA: Names Ivan Skochko Liquidator
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lvivska (code EDRPOU 23960926) on September
23, 2004 after finding the open joint stock company insolvent.
The case is docketed as 6/329-4/260.  Arbitral manager Mr. Ivan
Skochko (License Number AA 484209) has been appointed
liquidator/insolvency manager.

CONTACT:  LVIVSKA
          80522, Ukraine, Harkiv region,
          Buskij District, Zavodske

          Mr. Ivan Skochko
          Liquidator/Insolvency Manager
          80700, Ukraine, Lviv region,
          Zolochiv, Shashkevich Str. 76/1

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


MIZAR-K: Calls in Temporary Insolvency Manager
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Mizar-K (code EDRPOU 24926966).
The case is docketed as 23/363-b.  Arbitral manager Mr. Valerij
Gerasimenko (License Number AA 520151) has been appointed
temporary insolvency manager.  The company holds account number
26000164598001 at CB Privatbank, Kyiv regional branch, MFO
321842.

Creditors have until November 20, 2004 to submit their proofs of
claim to:

(a) MIZAR-K
    03033, Ukraine, Kyiv region,
    Zhilyanska Str. 1-a

    Juridical address:
    03087, Ukraine, Kyiv region,
    Lomonosov Str. 4

(b) Mr. Valerij Gerasimenko
    Temporary Insolvency Manager
    04107, Ukraine, Kyiv region,
    Tatarska Str. 36/5-50
    Phone: 8 (050) 685-45-42

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


RAJAGROHIM: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on OJSC Rajagrohim (code EDRPOU 05489218)
on September 8, 2004.  The case is docketed as 153/2b-2004.
Mrs. Galina Bilodid (License Number AA 047839) has been
appointed temporary insolvency manager.  The company holds
account number 260034456 at JSPPB Aval, Obuhiv branch, MFO
321585.

Creditors have until November 20, 2004 to submit their proofs of
claim to:

(a) RAJAGROHIM
    09200, Ukraine, Kyiv region,
    Kagarlik, 1-Go Travnya Str. 8

(b) Mrs. Galina Bilodid
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Metrologichna Str. 14, Body 3, Room 193

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


UKRAGROVNESHTORGCENTRE: Court Brings in Insolvency Manager
----------------------------------------------------------
The Economic Court of Kirovograd region has commenced bankruptcy
proceedings against Ukragrovneshtorgcentre (code EDRPOU
24712188) after finding the open joint stock company insolvent.
The case is docketed as 14/127.  Arbitral manager Mr. S. Salatov
(License Number AA 047823) has been appointed
liquidator/insolvency manager.

CONTACT:  UKRAGROVNESHTORGCENTRE
          25013, Ukraine, Kirovograd region,
          Glinki Str. 3

          Mr. S. Salatov
          Liquidator/Insolvency Manager
          Ukraine, Kirovograd region,
          K. Marks Str. 4, body 1
          Phone: (0522) 32-05-01


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


ACCESS COMMUNICATION: Thirteen-year Ban for Top Honcho Served
-------------------------------------------------------------
A director of a site acquisition, cable TV asset recovery and
engineering design business that failed with debts of around
GBP661,000 has been disqualified in the St Albans County Court

from acting as a company director for 13 years.

Justin O'Brien, 43, of The Tobacco Factory, Ludgate Hill,
Manchester, was a director of Access Communication (U.K.) Ltd,
which carried on business from premises at Cumberland House,
Scrubbs Lane, London, NW10 6RF.

Access was placed into administration on June 19, 2002 with
estimated debts of GBP661,000 owed to its creditors.

The Disqualification Order, made on November 16, 2004, prevents
Mr. O'Brien 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.

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, found by the court, not disputed by
Mr. O'Brien, were that:

(a) He caused Access to make deductions from subcontractors'
    remuneration, in breach of income-tax regulations, from when
    he was well aware that these should not have been made,
    having been advised by the Inland Revenue (IR) not to do so;

(b) He failed to refund these deductions to subcontractors after
    a request from the IR to do so and representations from
    subcontractors; and continued to make the deductions.  At
    the date of administration, Access' records show deductions
    from subcontractors of GBP197,658;

(c) He has failed to co-operate with the administrators in that,
    despite repeated request, to date he has failed to return a
    completed Director's Questionnaire.  He has also failed to
    deliver up a company asset (a Lexus motor vehicle) or remit
    the administrators GBP28,000 for the asset.  His non-co-
    operation resulted in the administrators obtaining a court
    order for the delivery of, or remittance for, the asset,
    which he has not complied with.

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


ALPA INDUSTRIES: Safe Manufacturer for Sale
-------------------------------------------
Trevor Binyon and Stanley Burkett-Coltman of Tenon Recovery,
joint administrators, will sell the business and assets of Alpa
Industries Ltd., manufacturer of secure cash handling products.

Principal features:

(a) Long-established in niche market;

(b) Loyal customer base including banks, building societies,
    etc.;

(c) Range of bespoke and standard time-delay safes and customer
    quick deposit units;

(d) Fully fitted and equipped freehold premises, measuring
    around 874 square meters, at South Woodford; and

(e) Nine-month turnover to September 2004 of GBP1.17 million.

CONTACT:  TENON RECOVERY
          Web site: http://www.tenongroup.com

          Trevor Binyon
          Phone: 020 7935 5566
          E-mail: trevor.binyon@tenongroup.com

          EDWARD SYMMONS
          Web site: http://www.edwardsymmons.com

          Steve Mason
          Phone: 020 7955 8454
          E-mail:  steve.mason@edwardsymmons.com


BAE SYSTEMS: Under Investigation Over Saudi Defense Deal
--------------------------------------------------------
The U.K. Serious Fraud Office has included BAE Systems plc in
its investigations over contracts with two travel agents related
to the sale of defense equipment to Saudi Arabia.

The company said in a statement: "BAE Systems will be extending
its full co-operation to the SFO.  [It] welcomes the SFO's
investigation believing that it will put these matters to rest
once and for all."

Earlier, BAE said it was not subject of the probe on suspected
false accounting in connection with the GBP20 billion deal.  It
added that it might have also been a victim of fraud.

The scandal centers on an alleged GBP60 million slush fund used
to provide the Saudi royal family and officials with generous
accommodations, including holiday trips.  The two other
companies involved are Robert Lee International and Travellers
World, which arranged travel and visa arrangements for BAE.

CONTACT:  BAE SYSTEMS
          Andy Wrathall (Investor relations)
          Phone:  +44 1252 383 730
          Richard Coltart (Press relations)
          Phone:  +44 1252 384 875


BRAKE BROS: Fitch Affirms Senior Notes at 'B-'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings affirmed the ratings on Brake Bros Finance plc's
GBP105 million 12.0% senior notes due 2011 and the EUR105
million 11.5% senior notes due 2011 at 'B-'.  The rating Outlook
remains Stable.

At the same time Fitch has affirmed Brake Bros Acquisition plc's
ratings at Senior Unsecured 'B', 'BB-' on its senior secured
bank facilities and Short-term 'B'.  Brake Bros Acquisition plc
is a subsidiary of Brake Bros Finance plc.

"Although Q3 numbers are at the lower end of our expectations
and to some extent have dampened the enthusiasm generated by a
strong first half performance, we believe that seasonal effects
may have had a particularly harsh impact on Q304 results and
that Brake is likely to deliver a stronger Q404" says Stefano
Podesta, Director in Fitch's Leveraged Finance Team.

The successful turnaround of the French operations, reduced
exceptional restructuring expenditures in the 12 months to
September 4 and increased profitability in its core Broadline
operations, all indicate that Brake's credit profile remains on
an improving trend.  A change in outlook or an upgrade of
current ratings, however, is likely to occur only when the
company will be able to demonstrate stable free cash flow
generation resulting in sizeable reductions in overall debt
levels.

Restructuring charges are expected to affect less negatively on
cash flow generation for FY04 compared to previous years.  The
agency expects the cash impact of the Peter's Foodservice
acquisition to be spread across the next three quarters,
although it is possible that one particular quarter may be
disproportionately affected.  Concerns surrounding increasing
expenditure on fuel for 2005 are partially mitigated by the
company's hedging policy.

The last twelve months to 30 September 2004 posted total sales
of GBP1,564 million and EBITDA before exceptional items of
GBP87.4 million (5.6% margin), compared to GBP1,545 million and
GBP80.0 million (5.2% margin) respectively in FYE 2003.

CONTACT:  FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0) 20 7417 4316

          Pablo Mazzini
          Phone: +44 (0) 207417 3540

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


BRENTSTONE LIMITED: Insolvency Service Bans Former Director
-----------------------------------------------------------
A director of a building contractor business that failed with
total debts estimated at around GBP272,000 has given an
Undertaking not to hold directorships or take any part in
company management for four years.

The Undertaking by Mark Anthony Evans, 41, of Harmans Water
Road, Bracknell, Berkshire, was given in respect of his conduct
as a director of Brentstone Limited, which carried out business
from premises at 341 London Road, Mitcham, Surrey, CR4 4BE.

Acceptance of the Undertaking on November 10, 2004 prevents Mark
Anthony Evans 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.

Brentstone Limited was placed into voluntary liquidation on
February 24, 2003 with debts of GBP 271,820 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.

Matter of unfit conduct, not disputed by Mark Anthony Evans, was
that he caused or allowed Brentstone Limited to trade to the
detriment of the Inland Revenue, in that Brentstone only paid
GBP20,174 of the GBP110,988 outstanding Pay As You Earn and
National Insurance Contributions owed to the Inland Revenue.

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


EBOOKERS PLC: In Advance Stage to Sell Operation
------------------------------------------------
Online travel firm Ebookers plc expects to announce a takeover
deal next month after reporting encouraging results following a
restructuring.

"You would hope that everything could be resolved or to some
extent clarified by Christmas time," Michael Healy, eBookers'
finance director, told Reuters.

The company had several buyout approaches in the past months.
Over the weekend, Sunday Times said it is target of a bid
approach from private equity firm Bridgepoint Capital.

Ebookers reported adjusted third-quarter profit of GBP1.3
million after a restructuring that saw 360 people lose their
jobs.  The result is a loss of GBP2 million once the effects of
amortization of goodwill and finance charges were added back in,
the company said.  Gross sales rose to GBP159 million versus
GBP145 million a year ago.

Mr. Healy said: "We have grown the top line, and maintained our
margin...we have managed to improve profitability."

"With our restructuring complete and new technologies in roll-
out, we are in a good position to benefit from these positive
market dynamics," Dinesh Dhamija, the chief executive, said.


JAGUAR: Return to Profitability to Take Three Years
---------------------------------------------------
Jaguar Chief Executive Joe Greenwell expects the carmaker's
losses to run "hundreds of millions" of pounds this year.

Mr. Greenwell, speaking to the House of Commons Trade and
Industry Select Committee on Wednesday, said: "There is no quick
fix.  It will take two or three years to stabilize this
business."

This is despite a plan to cut thousands of jobs at the luxury
carmaker.  Jaguar, owned by Ford Motor Co., announced in
September it is axing 1,150 jobs under a plan to scale back
production at Brown's Lane plant in central England.  The firm
is shifting production to its Birmingham factory.

When asked about future job cuts, he said: "As we stand, there
are no further job cuts planned."

In September, the company abandoned an annual sales goal of
producing 200,000 vehicles.  It is now aiming at selling 120,000
cars a year, which is 20% lower than its original target for
2004.  The company will focus on improving quality and
profitability, Mr. Greenwell said.

Jaguar lags larger rivals in the premium car sector despite
sales growth and high quality levels.


J SAINSBURY: Expects Second-half Pre-tax Profit to be Flat
----------------------------------------------------------
Key Points of Interim Results for 28 weeks ended Oct. 9, 2004:

(a) Underlying profit before tax of GBP131 million (2003: GBP366
    million)[1];

(b) Interim dividend of 2.15 pence per share (2003: 4.33 pence
    per share), as previously announced;

(c) Sale of Shaw's Supermarkets completed April 30, 2004: profit
    on disposal GBP275 million;

(d) GBP639 million returned to shareholders via B share scheme
    [2];

(e) Significant Board and management changes: Philip Hampton
    appointed as Chairman in July 2004;

(f) Sales led profit recovery adopted following Business Review;

(g) Business Review exceptional operating costs of GBP401
    million and property write downs of GBP25 million; and

(h) Net debt reduced to GBP1.8 billion (27 March 2004: GBP2.1
    billion).

Sainsbury's Supermarkets

(a) Total sales up 3.5% to GBP8,348 million[3] (2003 restated:
    GBP8,063 million)[4];

(b) Like-for-like sales growth (including petrol) of 1.5%
    (2003: 0.1%)[5];

(c) Like-for-like sales growth (excluding petrol) of -0.9%
    (2003: -0.8%)[5];

(d) Underlying operating profit of GBP155 million (2003: GBP313
    million)[6];

(e) Jacksons Stores Ltd. acquired in August 2004 (114
    convenience stores); and

(f) 14 stores acquired from Morrisons in April 2004, 13 now
    converted.

Sainsbury's Bank

(a) Net income up 32% to GBP87 million (2003 restated: GBP66
    million)[4]; and

(b) Operating profit down to GBP6 million (2003: GBP8 million).

Outlook

(a) Underlying profit before tax for second half not expected to
    be significantly different from first half;

(b) Dividend for full year expected to be 7.8 pence per share
    (2003: 15.69 pence per share);

(c) Full year exceptional items from the Business Review
    expected to be approximately GBP550 million.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Notes

[1] Before exceptional items of GBP168 million (2003: GBP36
    million) and amortization of goodwill of GBP2 million (2003:
    GBP7 million)

[2] GBP41 million of B shares still to be redeemed

[3] Including VAT of GBP502 million

[4] Restated for the change in accounting policy for turnover in
    accordance with FRS 5 Application Note G

[5] All like-for-like sales are Easter adjusted

[6] Underlying operating profit of Sainsbury's Supermarkets is
    stated before exceptional operating costs of GBP427 million
    (2003: GBP37 million) comprising GBP401 million in respect
    of the Business Review (2003: NIL), GBP26 million from the
    Business Transformation Program (2003: GBP29 million) and
    NIL Safeway bid costs (2003: GBP8 million) and amortization
    of goodwill of GBP1 million (2003: NIL)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Philip Hampton, Chairman, said: "Our performance in the first
half has been impacted by our significant investment in the
customer offer.  Investing in price, improving availability and
clearing surplus general merchandise all impacted first half
results.  Exceptional costs relating to our Business Review, the
sale of Shaw's Supermarkets and the return of capital also
significantly affected the results for the period.  We have a
new and experienced management team in place, which we have
continued to strengthen, led by Justin King.  We have now
embarked on a sales-led recovery, which we believe will enable
Sainsbury's to deliver long term sustainable performance and
profit."

Justin King, Chief Executive, said: "We are clear on the actions
we need to take to make Sainsbury's great again.  We are now
beginning the implementation of the plans arising from the
Business Review to rebuild a sustainable sales-led recovery.
Early and short-term actions to restore the effective delivery
of our customer offer are being implemented.  We have re-opened
Buntingford depot to help improve availability and deliveries
from this location start next week.  New improved products are
being added to our ranges and many of our Christmas lines are
now in store.  The recruitment of 3,000 additional colleagues is
also well underway."

Business Review

The Business Review, announced on Oct. 19, 2004, including
dividend policy and management changes, will be mailed to
shareholders as part of the interim results report.  It can also
be found at http://www.sainsburys.co.ukby selecting 'company
info' and following the instructions on screen or by visiting
http://www.j-sainsbury.co.uk/interims04.

Outlook

The Business Review included an Outlook statement for the
current year, through to 2007/08.  This has been repeated below.

Following the decision by the Board to adopt a sales led profit
recovery program, performance for the second half of the year
(2004/05) will be affected by further investment in the customer
offer.  Accordingly, underlying profit before tax for the second
half is not expected to be significantly different from the
first half.

The plans outlined are a considerable change from previous years
and will be implemented by a new management team with proven
retail experience and a track record of delivery.  Substantial
investment is being made in the customer offer, rather than
infrastructure, to drive sales and this is underpinned by tight
cash flow management and a strong balance sheet.  The customer
is now at the heart of all decision-making and this is supported
by changes to organization structure and culture.

We expect to grow sales, excluding petrol and Sainsbury's Bank,
by GBP2.5 billion over the next three years to the end of
2007/08.  We expect to achieve market growth in sales by the end
of 2005/06 and the benefits of the operational gearing in the
business to be delivered strongly in the second half of 2006/07.

The full copy of Sainsbury's first-half financial summary is
available free of charge at:
http://bankrupt.com/misc/sainsbury_1h2004.htm.

CONTACT:  J SAINSBURY PLC
          33 Holborn
          London EC1N 2HT
          Phone: +44-20-7695-6000
          Fax: +44-20-7695-7610
          Web site: http://www.j-sainsbury.co.uk

          Investor relations
          Roger Matthews
          Lynda Ashton
          Phone: +44 (0) 20 7695 7162

          Media Relations
          Pip Wood
          Phone: +44 (0) 20 7695 6127


NEW MEDIA: Director Receives Fourteen-year Ban
----------------------------------------------
A director of a mobile phone wholesale business that failed with
total debts estimated at GBP1.1 million has given an Undertaking
not to hold directorships or take any part in company management
for fourteen years.

The Undertaking by Ali Ahmed Beydoun, 31, formerly of 46
Cheltenham Mount, Harrogate, North Yorkshire, and currently
residing at 2nd Floor, Building Bazi, South Beirut, Ouzaee,
Lebanon, was given in respect of his conduct as a director of
New Media Advisors Ltd, that operated from premises at McMullen
House, 96 Kensington High Street, Kensington, London, W8 4SG.

Acceptance of the Undertaking, on October 23, 2004, prevents Mr.
Beydoun 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 14
years.

New Media Advisors Limited was placed into compulsory
liquidation by Order of the High Court of Justice on 29 May 2002
on the petition of HM Customs & Excise for GBP65,513.98 owed for
VAT.  The company had an estimated total debt of GBP1,112,000.

The Official Receiver, at 21 Bloomsbury Street, London WC1B 3SS,
conducted the investigation and disqualification procedure.

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. Beydoun, were
that:

(a) He caused New Media to trade to the detriment of HM Customs
    & Excise accruing a debt of GBP1,111,546 in respect of VAT;

(b) He caused or allowed New Media to continue trading even
    though he knew New Media owed a substantial amount to HM
    Customs & Excise in respect of VAT;

(c) He abrogated his responsibilities as a director of New Media
    and allowed others, who were not directors of New Media, to
    control its affairs, despite not having their details and
    addresses.  He also caused goods to be purchased as directed
    by another person, by authorizing payments to New Media's
    suppliers; and

(d) He failed to deliver up accounting records as he entrusted
    New Media's books and records to a third party and as a
    result the Official Receiver was unable to find out what
    purchases and sales New Media made.

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


NORTHERN FOODS: Reports GBP35.9 Million Pre-tax Loss
----------------------------------------------------
Interim Results for the 26 Weeks to 2 Oct. 2004

Key Highlights

Increase                          2004                      YOY
                                 GBP                        %
Continuing sales                 699.3m                      6.1
Operating profit*                43.6m                      3.3
Pre-tax profit**                 33.0m                      1.5
Earnings per share**             5.28p                      5.0

Pre-tax loss                     (35.9)m
Loss per share                    6.27)p

(a) Strong sales growth in tough trading conditions --
    Underlying sales up 3.4%;

(b) Good operating profit growth in Ambient and Frozen;

(c) Disappointing performance in Chilled;

(d) Major restructuring program continues: Emile Tissot, Eden
    Vale and C&G Seafood sold; New divisional structure in
    place; Factory rationalization under way;

(e) Progressive dividend policy continues -- increased 1.5% to
    3.35p;

(f) Business review completed;

(g) Aim to be 'Supplier of choice in added value convenience
    foods':

     (i) Priority is to 'Get Fit' - better management of an
         integrated Northern Foods,

    (ii) Reverse operating margin and ROIC decline,

   (iii) Action already under way and delivering results.

"We are now entering the Christmas trading period, which is
always critical to our results for the year.  Our markets remain
extremely competitive, and we face significant additional
uncertainty over the trading performance of Marks & Spencer
where much change is taking place, making our performance this
Christmas particularly difficult to predict.

"Following completion of our business review, we are confident
that we have the right structure and plans in place to enable
Northern Foods to realize the full potential of its scale and
product expertise in growing segments of the U.K. food market.
We are committed to ensuring that this delivers value for our
shareholders and customers alike."

Peter Blackburn, Chairman

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* before operating exceptional items of GBP34.8 million and
goodwill amortization of GBP2.0 million

** before operating exceptional items of GBP34.8 million, loss
on disposal of businesses of GBP32.1 million and goodwill
amortization of GBP2.0 million
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of the financial results is available free of charge
at: http://bankrupt.com/misc/NorthernFoods_Interim2004.htm

CONTACT:  GCG HUDSON SANDLER
          Pat O'Driscoll, Chief Executive
          Jessica Rouleau/Michael Sandler
          Ian Ellis, Head of Finance
          Phone: 020 7796 4133
          Anna Coghlin
          Phone: 01482 325432


P&F CONGLETON: Business for Sale
--------------------------------
David Swaden and Dermot Power, joint administrators, will sell
the business and assets of P&F Congleton Limited, a pressing and
fabrications company.

Principal features:

(a) Blue chip customer base;

(b) Skilled workforce;

(c) Turnover of around GBP8 million; and

(d) 23 acre freehold site in Congleton, Cheshire with
    development opportunities.

CONTACT:  BDO STOY HAYWARD
          Web site: http://www.bdo.co.uk

          Jason Austin
          Phone: 0161 817 3811
          E-mail: jason.austin@bdo.co.uk


PREMIER FOODS: Redeems US$275 Million Senior Notes
--------------------------------------------------
Following the completion of its IPO on the London Stock Exchange
on 23 July 2004, Premier Foods plc re-financed its senior
secured credit facilities.  On 1 September 2004, it redeemed in
full its US$200.0 million and GBP75.0 million senior notes,
funded through an additional drawing on the group's new GBP580.0
million senior secured credit facilities.

After the re-financing of the capital structure, no rated debt
remains outstanding.  Consequently, at the request of Premier
Foods plc, both S&P and Moody's have withdrawn their rating of
the group's aforementioned publicly quoted debt.

CONTACT:  REMIER FOODS PLC
          Paul Thomas, Finance Director
          Phone: +44 (0) 7808 096 999

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Phone: +44 (0) 20 7638 9571
          Contact:
          Sara Batchelor
          Anthony Kennaway


ROYAL & SUNALLIANCE: Fitch Affirms Long-term Rating at 'BB+'
------------------------------------------------------------
Fitch Ratings changed Royal and SunAlliance Insurance Plc's
rating Outlook to Stable from Negative.  At the same time, its
ratings are affirmed at Insurer Financial Strength 'BBB' and
Long-term 'BB+'.

In addition, Fitch has assigned Royal and SunAlliance Insurance
Group a Long-term 'BB-' rating and its GBP450 million 8.5%
perpetual subordinated debt a 'BB' rating.  The rating on
RSAIG's remaining subordinated debt is affirmed at 'BB'.  The
rating on the GBP450 million-subordinated debt, in common with
RSAIG's other rated issues, is based principally on a limited
and subordinated guarantee provided by RSAIP.  The Outlook on
RSAIG is Stable.

The rating and new Outlook of RSAIP reflect the progress made by
the company in reducing the business risks, enhancing the
capital base and improving its performance.  Against these
aspects are continued risks associated with the run-off of
operations including litigation and reserving risks, restricted
fungibility of capital between the U.K. and U.S. operations, and
some remaining execution risk to its strategy.  Fitch expects to
see further progress in the company's delivery of its announced
operational improvement plans.

Fitch noted in November 2003 that further progress in
restructuring was required by RSAIP to maintain its current
rating.  The agency believes that progress has been made in
reducing the risks associated with R&SA's (RSAIP and RSAIG)
operations, for instance through the U.K. Life business sale,
the subordinated debt restructuring and the sale of Codan Life.

These actions have served to enhance the capital base and also
to reduce the regulatory uncertainty pertaining to the group's
capital position.  Despite the reduction in these risks, Fitch
believes that R&SA retains significant reserving risk
(especially in relation to the U.S., asbestos and structured
products) in addition to litigation risk (e.g. through U.S.
student loans) and risks relating to the run-off of its U.S.
business lines.

Fitch notes R&SA's indication that some potential has been
identified in the third quarter for further prior year adverse
claims development.  R&SA expects to continue to assess this
potential during the fourth quarter.  Fitch expects that any
fourth quarter reserve strengthening is likely to be below
GBP200 million and this deterioration is within the bounds
already factored into the current rating.

In the rating action, Fitch has also considered the potential
for adverse litigation decisions.  It believes that the balance
sheet impact from an adverse legal finding (e.g. in relation to
student loans), even if combined with the expected fourth
quarter reserve strengthening, would be unlikely to be material
enough in itself to warrant a downgrade of R&SA's ratings.  In
addition, Fitch notes that R&SA would be likely to appeal an
adverse litigation decision to a higher court, giving the group
time to implement contingency measures and extending the time
period to resolution.

Fitch will be looking for R&SA to continue to demonstrate
tangible performance enhancement from the operational
improvement program and to continue to reduce the risks
associated with its business.

CONTACT:  FITCH RATINGS
          Andrew Murray, London
          Phone: +44 (0) 207 417 4303

          Damir Bettini
          Phone: +44 (0) 207 862 4095

          Greg Carter
          Phone: +44 (0) 207 417 6327

          Donald Thorpe, Chicago
          Phone: +1-312-606-2353

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


TO LET: Business for Sale
-------------------------
Humnberts Leisure, on the instructions of London Borough of
Hounslow, offer for sale the business and assets of To Let
Hounslow Heath Golf Course.

Principal features:

(a) Located in Central London;

(b) 18 pay-and-play golf course;

(c) Has development potential; and

(d) 25 year FRI lease available.

CONTACT:  HUMBERTS LEISURE
          Phone: 01962 835960
          E-mail: ben.allen@humberts-leisure.com
          Web site: http://www.humberts-leisure.com


TURNER & NEWALL: Pension Trustees Forced to Reject Rescue Plan
--------------------------------------------------------------
Trustees of Turner & Newall's pension scheme said they there
forced to vote down the U.S.-devised rescue plan at the car
parts maker.

The trustees were given until Wednesday this week to vote on the
proposal by the creditors of U.S. parent company Federal-Mogul,
which went into Chapter 11 bankruptcy protection in 2001.
Earlier, they refused an offer of a one-off payment of US$130
million to the scheme as 'too low,' insisting the creditors plug
in a GBP875 million deficit.

On Tuesday, they said in a statement: "The plan of
reorganization has not yet been amended to reflect the new
proposal.  The position therefore is that, as at the voting
deadline, the only plan on which the trustees can vote is the
current plan, which the court has directed the trustees not to
accept."

The U.K. high court has assured the trustees they would not
breach fiduciary duty to scheme members by voting on the plan.

Under the revised proposal, the creditors are offering to pay
US$25 million a year into the fund for the first three years
with a promise to make sure the scheme is fully funded within a
decade.  The restructuring proposals will go before the U.S.
courts on December 9.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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