TCREUR_Public/041122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 22, 2004, Vol. 5, No. 231

                            Headlines

F I N L A N D

FINNAIR OYJ: Reports EUR10.1 Million Operating Profit


F R A N C E

ALSTOM SA: First-half Loss Narrows to EUR315 Million
NORD SECURITE: Falls into Administration Anew
VIVENDI UNIVERSAL: Increasing Stake in Maroc Telecom to 51%


G E R M A N Y

AALENER MATERIALPRUFINSTITUT: Creditors' Meeting Set Next Month
CEI ELEKTRONIK: Electronics Firm Under Bankruptcy Administration
CHRISTIAN REHSE: Creditors Have Until This Week to File Claims
CLEMENS VORHOFF: Succumbs to Bankruptcy
DIEMER-AUTOMAT GMBH: Hechingen Court Appoints Administrator

DTM DATENTECHNIK: Software Developer Succumbs to Bankruptcy
FLIESEN HEIL: Arnsberg Court Appoints Insolvency Manager
HLT INDUSTRIEANLAGEN: Names Frank Imberger Insolvency Manager
IVEEHA GMBH: Administrator's Report Out January
IVEZ GMBH: Creditors' Claims Due Next Week

JENOPTIK AG: Partners with Sinar in Digital Photography
JOHANN STEFFENS: Creditors' Meeting Set December
MEDEQCO MEDICAL: Succumbs to Bankruptcy
MEGA MEDIA: Meeting of Creditors Set Next Year
MGI MOTOREN: Hamburg Court Sets Claims Deadline Next Month

OTTE & WEISS: Charlottenburg Court Appoints Insolvency Manager
PRIMACOM AG: Board Member Resigns
PROCITY AUTOHAUS: Hires Martin Dreschers as Insolvency Manager
SAUNABAU HAMBURG: Administrator's Report Out January
SOLBAD RAVENSBERG: Sets Creditors' Meeting Next Month

U + B PLANCONSULT: Rostock Court Sets Creditors Meeting December
UNILINK INTERNATIONAL: Courier Under Bankruptcy Administration
VFG VERWALTUNGSGESELLSCHAFT: Under Bankruptcy Administration


H U N G A R Y

SYNERGON GROUP: Nine-month Net Loss Drops to HUF85 Million


I T A L Y

CAPITALIA SPA: Okays CNP's Acquisition of FinecoVita Stake
FIAT SPA: Takeover of Magneti Marelli Gets E.U. Nod


K Y R G Y Z S T A N

ALA-TOO: Bidding Period Ends Friday
KLIRINGCENTER MINISTRY: Sets Public Auction Wednesday
MERUERT: Creditors to Meet Later this Week
NORTH ZONE TECHNICAL: Creditors' Meeting Set Next Week
SYN-TASH: To Auction Assets this Week


N E T H E R L A N D S

HAGEMEYER N.V.: Sells Tech Pacific for EUR83.4 Million
SAMAS GROEP: Half-year Losses Balloon to EUR37.3 Million


R U S S I A

AGRO-PROM-ENERGO: Under Bankruptcy Supervision
BIRSKIY TINNED: Bashkortostan Court Opens Bankruptcy Proceedings
BREEDING POULTRY-FARM: Bankruptcy Hearings Resume February
GARODISHE-AGRO-PROM-SNAB: Proofs of Claim Deadline Nears
KALUZH-TRANS-STROY: Sets Public Auction Wednesday

KIZNERSKIY: Names O. Perevoshikov Insolvency Manager
KYZYLSKAYA: Insolvency Manager to Temporarily Oversee Business
MELEKESSKIY: Hires D. Monogarov as Insolvency Manager
MEZHEVSKOYE TIMBER: Public Auction Tomorrow
NOVOKUYBYSHEVSKIY OIL-CHEMICAL: Bidding Period Ends Tomorrow

OAO GAZPROM: Currency Ratings Outlook Revised to Positive
OIL-COM: Undergoes Bankruptcy Supervision Procedure
POGAR-SEL-KHOZ-KHIMIYA: Last Day for Filing of Bids Friday
RODINA: Gives Creditors Until Next Month to File Claims
SCIENTIFIC RESEARCH: Moscow Court Brings in Insolvency Manager

SEVERSK: Creditors Have Until December to File Claims
TOBOLSK-ENERGO-MONTAZH: Sets Deadline for Proofs of Claim
VIKULOVSKAYA: Tyumen Court Opens Bankruptcy Proceedings
VOSKHOD: Insolvency Manager Takes over Helm
ZAVOLZHSKIY BREAD: Court Starts Bankruptcy Supervision
ZHELEZNOVODSKIY BREAD: Last Day for Filing of Bids Today


S P A I N

IZAR: Government to Revise Rescue Plan
IZAR: Employees Fear SEPI Would Revive 'Old' Plan


U K R A I N E

ATOM ENERGO: Insolvency Manager to Temporarily Run Operations
DUKAT: Bankruptcy Proceedings Begin
HARKIVSPECOBLADNANNYA: Names Lubov Miroshnichenko Liquidator
MARIUPOL' PHARMACEUTICAL: Succumbs to Bankruptcy
MONOLIT: Liquidator Enters Firm

POLYTRADE PLUS: Kyiv Court Opens Bankruptcy Proceedings
RENN: Insolvency Manager to Temporarily Oversee Business
RIZHAVSKIJ SUGAR: Court Appoints Liquidator
TMT: Bankruptcy Proceedings Begin
UKRAINIAN WHOLESALE: Declared Insolvent
VOLINTRANSNAFTOPRODUCT: Under Bankruptcy Supervision
VOLOCHISKE: Court Prescribes Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ALPA INDUSTRIES: Names Tenon Recovery Administrator
BAE SYSTEMS: Rating on Watch Negative Over Fraud Probe
BPC HOLDINGS: Appoints Citroen Wells Administrator
CALDENE CONSTRUCTION: Names BWC Business Solutions Administrator
CINNACOY LIMITED: Hires Antony Batty & Co. as Administrator

FAB-TECH AUTOMOTIVE: Hires Administrators from PKF
FBG TRIDENT: Hires Joint Administrators from Hurst Morrison
FELLOWS DISTRIBUTION: Names PricewaterhouseCoopers Administrator
FULLERTON & COLEMAN: Calls in Administrator from Turpin Barker
GASLANE PIPEWORK: Names David Rubin & Partners Administrator

MOSHI MOSHI: Hires Rothman Pantall & Co. as Administrator
ROYAL MAIL: Returns to Operating Profit in First Half
SKYEPHARMA PLC: Resets Terms of Convertible Notes, Warrants


                            *********


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


FINNAIR OYJ: Reports EUR10.1 Million Operating Profit
-----------------------------------------------------
Finnair Oyj improved its result in the third quarter.  The
operating profit, excluding capital gains, rose from EUR5.3
million last year to EUR10.1 million.  Turnover increased by
almost 10% to EUR422.8 million.

"The result was made in a situation where a price war is raging
in the Nordic skies and oil prices are reaching record-high
levels.  Our operational environment has not offered us any free
rides.  During the past 18 months, we have met with eight new
airlines in our home market, four of which are already inactive.
Only a few of these companies fill the requirements for
sustainable business," says Finnair President and CEO Keijo
Suila.

Finnair's Scheduled Passenger Traffic increased by 31.2% in
January-September, which is triple the European average.

"Our low-cost airline flynordic, which operates in the
Scandinavian market, is gaining market share.  The half million
passenger target we set for this year will be clearly exceeded."

"In addition, the strong growth in our Asian traffic has
continued.  Next year we will again increase traffic to China.
Focusing on our Asian strategy has created over a thousand jobs
in Finnair Group alone," Suila says.

Average prices in passenger and cargo traffic dropped by almost
11% and unit costs by almost ten per cent in July-September.
The number of personnel decreased by over 300 compared with the
previous year.

"Even though our own development in these circumstances has been
reasonable, we cannot be satisfied with our current
profitability level.  We have successfully worked to improve our
productivity while maintaining a high quality of service.
Finnair is still the most punctual airline in Europe and our
service has received top marks from our customers."

The high price of oil is burdening all airlines.  Finnair's fuel
expenses for the current year are expected to rise above EUR210
million which is approximately EUR55 million more than in 2003.
Almost half of the fuel price increase will affect the last
quarter of the year.

"Expensive fuel will take the last quarter and the whole year
into the red.  I believe that we have what it takes for a
profitable result in 2005.  However, the development of fuel
prices will remain a great uncertainty factor," the CEO states.

Finnair Plc
Communications

CONTACT:  FINNAIR OYJ
          Lasse Heinonen, Chief Financial Officer
          Phone: +358 9 818 4950
          Christer Haglund, VP Corporate Communications
          Phone: +358 9 818 4007


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


ALSTOM SA: First-half Loss Narrows to EUR315 Million
----------------------------------------------------
Highlights of first-half results 2004/05:

(a) Orders received: EUR8.4 billion, up 51% versus first half
    2003/04, on a comparable basis;

(b) Sales: EUR6.4 billion, down 12% on a comparable basis;

(c) Operating margin: 3.6%, up from 1.5% in first half 2003/04;

(d) Net income: -EUR315 million as compared to -EUR624 million;

(e) Free cash flow: -EUR294 million as compared to -EUR674
    million.

Commenting on the results Patrick Kron, Chairman & Chief
Executive Officer, said: "The financial operations successfully
completed during the summer have given us the visibility and the
stability needed to implement our recovery plan.  Our balance
sheet has been substantially strengthened through a EUR2 billion
capital increase.  We have stabilized our capital structure with
the French State holding a 21.4% share.  Finally, we have
secured access to bonding facilities.

During this first half, we have seen positive impacts of our
recovery plan:

(a) We have recorded a strong rebound of orders across our
    Sectors, despite continuing difficult market conditions in
    new power equipment, thus confirming the return of
    customer confidence.  The quality of our orders also shows
    continuous improvement, with higher margins in line with our
    profitability targets.

(b) New commercial successes have been achieved in recent weeks.
    The award of projects for Transport and Hydro in China for a
    total value of EUR1.4 billion will create a significant
    change of our presence in the largest global market.  I am
    also pleased to announce that ALSTOM has been selected for a
    turnkey project including 4xGT26 gas turbines for a customer
    in Thailand, confirming, along with the order received in
    Spain in the beginning of 2004, that we are firmly back in
    the large gas turbine market.

(c) The improvement of our operational performance during this
    semester is also very encouraging.  All Sectors have made
    progress in contract execution and our cost reduction
    programs are now well advanced.  We will continue
    implementing our action plan in order to meet our targets of
    a 6% operating margin and a positive free cash flow by March
    2006.  Given our achievements over the first half of the
    year, we are confident that these objectives can be
    reached."

First-half results in line with our recovery plan

Key Financial Figures

The tables set out, on a consolidated basis, some of our key
financial and operating figures:

Total Group                                      % Variation
Actual figures      First Half 2nd Half First Half Sept. 04/
(in  EUR million)     Sept. 03  Mar. 04  Sept. 04  Sept. 03
Order backlog         27 174    25 368    27 077     (0%)
Orders received        7 439     9 061     8 362      12%
Sales                  8 854     7 834     6 402    (28%)
Operating income         132       168       233
Operating margin         1. 5%       2.1%      3.6%
Net income              (624)   (1 212)     (315)
Free Cash Flow          (674)     (333)     (294)

Total Group                                     % Variation

Comparable figures First Half 2nd Half First Half Sept. 04/
(in  EUR million)    Sept. 03  Mar. 04  Sept. 04  Sept. 03

Order backlog         24 650    25 174   27 077     10%
Orders received        5 525     8 461    8 362     51%
Sales                  7 296     7 197    6 402    (12%)
Operating income          35       142      233
Operating margin         0.5%      2.0%     3.6%

Rebound of Orders Confirmed

The power generation new equipment market remained low overall
but growth drivers were solid in the environmental markets with
strong demand for hydro equipment and environmental control
systems.  Power service and rail transportation markets remained
healthy and the cruise-ship market has regained some activity.
The level of orders registered in the first half of fiscal year
2004/05 confirmed restored confidence from our customer base. We
have booked orders for EUR8.4 billion, an increase of 51%
compared with the first half of last year on a comparable basis.
Quality of order intake continued to improve and margins on
orders are in line with profitability targets.  The book-to-bill
ratio at 1.3 has significantly improved.

Our backlog on September 30th 2004 was EUR27.1 billion,
representing approximately two years of sales.

Low Level of Sales Due to Past Slowdown of Order Intake

Sales have reached a low point at EUR6.4 billion in the first
half of fiscal year 2004/05, compared with  EUR7.3 billion in
the first half of fiscal year 2003/04, a decrease of 12% on a
comparable basis.  This decrease was due to lower levels of
orders in the second half of fiscal year 2002/03 and in the
first half of fiscal year 2003/04, leading to lower sales in
Marine and Power Turbo-Systems/Environment.  Sales in the other
Sectors increased on a comparable basis.

Strong Improvement in Operating Income

Operating income and operating margin were EUR233 million and
3.6% in the first half of fiscal year 2004/05 versus EUR132
million and 1.5% respectively over the same period in the
previous year.  On a comparable basis, operating income and
operating margin were  EUR35 million and 0.5% in the first half
of fiscal year 2003/04.

Improvement has been recorded in all our Sectors with the
exception of Marine.  The impact of a lower level of sales was
more than offset by better contract execution.

Net Loss Reduced

Net loss was -EUR315 million compared with -EUR624 million in
the first half of last year.

This improvement comes from the better operational performance
and by the decrease in restructuring and financial charges.

Free Cash Flow Still Impacted by GT24/GT26 Legacy Payments

As expected, our free cash flow was still negative at -EUR294
million in the first half of fiscal year 2004/05; it includes a
EUR206 million cash outflow on GT24/GT26, EUR122 million of
restructuring expenses and a significant negative movement of
the working capital in Marine.

Debt Reduced by EUR1.3 Billion

Net debt was EUR2.4 billion at 30 September 2004 compared with
the restated amount of EUR3.7 billion at 1 April 2004, including
EUR827 million coming from the consolidation of ad hoc entities
due to recent changes in accounting rules.  This reduction of
debt is mainly the consequence of the financial operations
completed during the period.

A full copy of the results is available free of charge at:
http://bankrupt.com/misc/Alstom_1H2004.pdf

CONTACT:  ALSTOM SA
          Press relations:
          S. Gagneraud
          Phone: +33 1 41 49 27 40
          E-mail: internet.press@chq.alstom.com

          Investor relations:
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: Investor.relations@chq.alstom.com


NORD SECURITE: Falls into Administration Anew
---------------------------------------------
The commercial court in Arras has placed security group Nord
Service (NS2) in compulsory administration, Les Echos says.

Debilitated by a period of administration two years ago, NS2
fell again at the end of 2003 when it lost a major contract with
Paris authorities, which it previously held for seven years.
NS2 was forced to undergo a major restructuring, which saw the
departure of 220 of its 380 jobs.  After NS2 restructuring, the
company's liquidity stood at -EUR2 million.

CONTACT:  NORD SECURITE SERVICE S.A.
          20 Rue Emile Breton
          62000 Arras


VIVENDI UNIVERSAL: Increasing Stake in Maroc Telecom to 51%
-----------------------------------------------------------
The Kingdom of Morocco and Vivendi Universal (Paris Bourse: EX
FP; NYSE: V) agreed to the acquisition by Vivendi Universal of
16% of the capital of Maroc Telecom, the Kingdom of Morocco's
historic telecom operator.

The agreement allows Vivendi Universal, a strategic partner
which has held operating control of Maroc Telecom since the
beginning of 2001, to increase its stake from 35% to 51%,
thereby perpetuating its control over the company.  By virtue of
the Maroc Telecom Shareholders' Agreement, and due to its
current stake, Vivendi Universal holds 51% of voting rights in
Maroc Telecom until Sept. 1, 2005.  By taking a majority stake
in the capital, Vivendi Universal continues its controlling
interest.

This accord marks a new and decisive milestone in the strategic
partnership between the Kingdom of Morocco and Vivendi
Universal, which has already seen beneficial effects on both the
Moroccan economy and the group.  Between 2001 and 2003, Maroc
Telecom's operating income nearly doubled, from MAD3.8 to MAD6.9
billion (1 euro = 11.1 MAD).

The deal amounts to MAD12.4 billion, or approximately EUR1.1
billion.  This sum includes the value of the additional 16%
stake in the capital and a premium for continuing control.  For
Vivendi Universal, it will be accretive to net income as of
2005.

Payment will be made in January 2005.  Half of the amount will
be financed by long-term debt raised in Morocco.

Maroc Telecom is due to be listed on the Casablanca and Paris
stock exchanges in the very near future.

Jean-Rene Fourtou, Chairman and CEO of Vivendi Universal,
welcomed this agreement which allows "a continuation of the
already highly successful partnership between the Kingdom of
Morocco and Vivendi Universal in Maroc Telecom and opens up new
growth avenues for this company and its employees."

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: 212-572-1118
          or
          Investor Relations:
          Paris
          Daniel Scolan, +33 (0) 1 71 71 32 91
          or
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          or
          New York
          Eileen McLaughlin
          Phone: 212-572-8961


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


AALENER MATERIALPRUFINSTITUT: Creditors' Meeting Set Next Month
---------------------------------------------------------------
The district court of Aalen opened bankruptcy proceedings
against Aalener Materialprufinstitut GmbH & Co. on Oct. 28.
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 Klaus Albert Maier.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 10:00 a.m. at the district court
of Aalen 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.

CONTACT:  AALENER MATERIALPRUFINSTITUT GMBH & CO.
          Rontgenstr. 17, 73431 Aalen
          Contact:
          Joachim Schmid, Manager
          Rontgenstr. 17, 73431 Aalen

          Klaus Albert Maier, Insolvency Manager
          Wilhelmstr. 12, 70182 Stuttgart


CEI ELEKTRONIK: Electronics Firm Under Bankruptcy Administration
----------------------------------------------------------------
The district court of Ingolstadt opened bankruptcy proceedings
against CEI Elektronik GmbH on Oct. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 31, 2004 to register their
claims with court-appointed provisional administrator Dr. Hans
von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 9:00 a.m. at 85049 Ingolstadt,
Schrannenstr. 3, Sitzungssaal/Zi. 28/I at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Feb. 10, 2005, 9:00 a.m. at the same
venue.

CONTACT:  CEI ELEKTRONIK GMBH
          (HRB 1245, AG Ingolstadt)
          Robert-Bosch-Str. 6 in 85053 Ingolstadt
          Contact:
          Georg Kothmeier, Manager

          Dr. Hans von Gleichenstein, Insolvency Manager
          Rottmannstrasse 11 a, 80333 Munchen
          Phone: 089/5427300
          Fax: 089/54273015


CHRISTIAN REHSE: Creditors Have Until This Week to File Claims
--------------------------------------------------------------
The district court of Kiel opened bankruptcy proceedings against
Christian Rehse GmbH & Co KG on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 25, 2004 to register their
claims with court-appointed provisional administrator Matthias
Lorenzen.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 2004, 1:15 a.m. at the district court of
Kiel Saal 3at 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:  CHRISTIAN REHSE GMBH & CO KG
          Grasweg 3, 24113 Molfsee

          Matthias Lorenzen, Insolvency Manager
          Walkerdamm 17, 24103 Kiel


CLEMENS VORHOFF: Succumbs to Bankruptcy
---------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Clemens Vorhoff Transporte GmbH & Co on Oct. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 15, 2004
to register their claims with court-appointed provisional
administrator Martin Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 10:30 a.m. at the district court
of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328 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.

CONTACT:  IMHOF GMBH
          Gruner Weg 19, 58708 Menden
          Contact:
          Kathe Imhof, Manager
          Gruner Weg 19, 58708 Menden

          Martin Buchheister, Insolvency Manager
          Rathausplatz 21 - 23, 58507 Ludenscheid
          Phone: 02351/36530
          Fax: 02351/365399


DIEMER-AUTOMAT GMBH: Hechingen Court Appoints Administrator
-----------------------------------------------------------
The district court of Hechingen opened bankruptcy proceedings
against Diemer-Automat GmbH on Oct. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 31, 2004 to register their
claims with court-appointed provisional administrator Dr. Axel
Kulas.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 1:30 p.m. at the insolvency court
of Hechingen Heiligkreuzstrasse 9, Zimmer 054 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:  DIEMER-AUTOMAT GMBH
          Schillerstr. 67, 72458 Albstadt-Ebingen
          Contact:
          Alexander Tennigkeit, Manager
          70192 Stuttgart

          Dr. Axel Kulas, Insolvency Manager
          Gansheidestr. 43, 70184 Stuttgart
          Fax: 0711/70707588


DTM DATENTECHNIK: Software Developer Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against DTM Datentechnik Mertens GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 22, 2004 to
register their claims with court-appointed provisional
administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 8:30 a.m. at the district court of
Hagen Haupthaus (Neubau) -, Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 251 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.

DTM manufactures and sells computer hardware and software.

CONTACT:  DTM DATENTECHNIK MERTENS GMBH
          Buckesfelder Str. 102, 58509 Ludenscheid
          Contact:
          Wolfgang Mertens, Manager
          An der Falkenlei 1, 58791 Werdohl
          Frank Koschewski, Manager
          Nietenberger Weg 16a, 58515 Ludenscheid

          Uwe Kuhmann, Insolvency Manager
          Konigswall 21, 44137 Dortmund
          Phone: 0231 91442918
          Fax: +4923191442912


FLIESEN HEIL: Arnsberg Court Appoints Insolvency Manager
--------------------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Fliesen Heil GmbH on Oct. 29, 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 Helmut
Burenkemper.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 31, 2004, 9:30 a.m. at the district court
of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328 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.

CONTACT:  FLIESEN HEIL GMBH
          Bahnhofstr 62, 59759 Arnsberg
          Contact:
          Dirk Achim Heil, Manager
          Bahnhofstr. 62, 59759 Arnsberg

          Helmut Burenkemper, Insolvency Manager
          Lipperoder Strasse 9,
          59555 Lippstadt
          Phone: 02941/97620
          Fax: 02941/976220


HLT INDUSTRIEANLAGEN: Names Frank Imberger Insolvency Manager
-------------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against HLT Industrieanlagen- und Engineering GmbH on Nov. 2,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Dec. 16,
2004 to register their claims with court-appointed provisional
administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 11:00 a.m. at the district court
of Bochum, Viktoriastrasse 14, 44787 Bochums, Ground floor, hall
A29 at which time the administrator will present his first
report of the insolvency proceedings.

CONTACT:  HLT INDUSTRIEANLAGEN- UND ENGINEERING GMBH
          Huller Str. 109, 44866 Bochum
          Contact:
          Rolf Linnenbrugger, Manager
          Wallbrugstrasse 50, 44629 Herne

          Frank Imberger, Insolvency Manager
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


IVEEHA GMBH: Administrator's Report Out January
-----------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against IVEEHA GmbH on Oct. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 4, 2004 to register their claims with
court-appointed provisional administrator Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 4, 2005, 10:40 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  IVEEHA GMBH STAHLBAU
          Apparatebau, Metallaufbereitung
          Entsorgung, Brockenblick 9, 38871 Ilsenburg
          Contact:
          Bernd-Rudiger Schwarz, Manager

          Dr. Nikolaus Schmidt, Insolvency Manager
          Hoher Weg 12 b, 38820 Halberstadt
          Phone: 03941/624993
          Fax: 03941/624997


IVEZ GMBH: Creditors' Claims Due Next Week
------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against IVEZ GmbH Industrievertretung Elektro und Zubehor on
Oct. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 26, 2004 to register their claims with court-appointed
provisional administrator Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 22, 2004, 10:20 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  IVEZ GMBH INDUSTRIEVERTRETUNG ELEKTRO UND ZUBEHOR
          Stresemannstr. 8, 06484
          Contact:
          Detlef Weidner, Manager
          Lehofsweg 12, 06484 Quedlinburg

          Andre Schirrmeister, Insolvency Manager
          Magdeburger Str. 23, 06112 Halle
          Phone: 0345/2311111
          Fax: 0345/2311199


JENOPTIK AG: Partners with Sinar in Digital Photography
-------------------------------------------------------
The Jenoptik subsidiary JENOPTIK Laser, Optik, Systeme GmbH,
Jena and the SINAR AG (Switzerland) are combining their
expertise in the area of professional digital photography.  With
immediate effect both companies will be working closely together
in the area of technological development and manufacture as well
as opening up the market for professional digital photography
and in future will coordinate their products for optimum effect.

Through this partnership Jenoptik is strengthening the worldwide
presence of its EyelikeT products.  The worldwide distribution
network of the Swiss firm of SINAR AG, which has a long history
of tradition, makes it the ideal partner.  In addition, the
product portfolios of the two companies complement each other.
At PHOTOKINA 2004 Jenoptik had a highly successful launch of the
new EyelikeT- eMotion22, a high-quality digital camera back for
mobile use, independently of the computer.  With its modular
camera system and award-winning Sinarback 54 M Sinar offers the
recommended solution for studio use.

The close collaboration between the two companies on the
professional camera market will create an important partnership,
which will jointly offer a universal camera system, digital
camera backs and an innovative modular system (in other words
digital camera back, components and closing system can be
combined at any time) for all areas of application in
professional photography.

As a result of the technical advances in the field of
professional digital photography both companies expect to
further increase their market shares in the future.

"The constantly increasing demand for highly flexible total
solutions amongst professional photographers provides us with
the challenge to offer a range of coordinated products -- from
lens to image exposure software.  Jenoptik possesses unique
digital know-how and products, which are geared towards the
future, whilst Sinar has the camera system and the access to the
worldwide market.  The new partnership will give the two
companies the advantage of being able to supply these markets
with excellent products very quickly," said Hans-Carl Koch,
Chairman of the Board of Directors of SINAR AG.

JENOPTIK Laser, Optik Systeme GmbH -- http://www.jenoptik-
los.com/ -- was founded in 1995 and is a fully owned subsidiary
of the JENOPTIK AG technology group of Jena, Germany (ISIN
DE0006229107).  In the fields of laser technology, optics and
sensor systems, the company develops, produces and distributes
laser beam sources, optical components, modules and system
solutions as well as the technologies used in the precise
measurement, imaging, structuring and analysis of a variety of
materials.  The company's success is anchored in its use of the
latest in technology and its custom-designed applications.

Sinar -- http://www.sinarcameras.com/-- was founded in 1948 and
is a family-owned company that manufactures camera systems for
the world of professional photography.  Sinar is a world market
leader in specialist cameras.  Since 1992 Sinar has been the
leading provider of digital photo systems in the high-end range.
The logically constructed modular system encompasses digital
camera backs, digital lenses, image exposure software and camera
components.  This enables the user to put together a perfectly
coordinated camera system to suit the relevant task so that
he/she can produce the highest quality photos as efficiently as
possible.

                            *   *   *

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

CONTACT:  Jenoptik Aktiengesellschaft
          Carl-Zeiss-Strasse 1
          07739 Jena, Germany
          Phone: +49-3641-65-0
          Fax: +49-3641-42-4514
          Web site: http://www.jenoptik.com


JOHANN STEFFENS: Creditors' Meeting Set December
------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Johann Steffens Baugeschaft GmbH on Nov. 2, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 27, 2004
to register their claims with court-appointed provisional
administrator Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 8:55 a.m. at the district court
of Aachen, 52070 Aachen, 2nd Floor, Room 21 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.

CONTACT:  JOHANN STEFFENS BAUGESCHAFT GMBH
          Goebenstr. 18, 52351 Duren

          Caroline Schmitz
          Insolvency Manager
          Waisenhausstr. 3, 52349 Duren
          Phone: 02421/20908-0
          Fax: 02421/20908-18


MEDEQCO MEDICAL: Succumbs to Bankruptcy
---------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Medeqco Medical Technologies GmbH on Oct. 29, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 22, 2004
to register their claims with court-appointed provisional
administrator Martin Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 11:00 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.

CONTACT:  MEDEQCO MEDICAL TECHNOLOGIES GMBH
          Am Bahndamm 6, 32584 Lohne
          Contact:
          Burkart Weber, Manager
          Konigstr. 19, 48341 Altenberge

          Martin Kienitz
          Insolvency Manager
          Rugenweg 14, 32427 Minden


MEGA MEDIA: Meeting of Creditors Set Next Year
----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Mega Media Productions GmbH on Nov. 1, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 27, 2004
to register their claims with court-appointed provisional
administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 1, 2005, 9:10 a.m. at the district court of
Aachen Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Zimmer 21 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.

CONTACT:  MEGA MEDIA PRODUCTIONS GMBH
          Borsigstr. 35, 52525 Heinsberg
          Contact:
          Klaus Moser, Manager
          Borsigstr. 35, 52525 Heinsberg

          Johannes Klefisch
          Insolvency Manager
          Rotter Bruch 6, 52068 Aachen
          Phone: 0241/949740
          Fax: 0241/870203


MGI MOTOREN: Hamburg Court Sets Claims Deadline Next Month
----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against SALUD dreiundsechzigste Verwaltungsgesellschaft mbH on
Oct. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 13, 2004 to register their claims with court-appointed
provisional administrator Joachim Buttner.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 10:35 a.m. at the district court
of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MGI MOTOREN- UND GETRIEBE-INSTANDSETZUNGS GMBH
          Grossmoorbogen 15, 21079 Hamburg
          Contact:
          Elena Belenko, Manager

          Joachim Buttner, Insolvency Manager
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


OTTE & WEISS: Charlottenburg Court Appoints Insolvency Manager
--------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Otte & Weiss Baugesellschaft mbH on Nov. 1,
2004.  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 Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005 9:35 a.m. at the district court of
Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218 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.

CONTACT:  OTTE & WEISS BAUGESELLSCHAFT MBH
          Durerstrasse 24, 12203 Berlin

          Dr. Bjorn Gehde
          Insolvency Manager
          Goethestr.  85, 10623 Berlin


PRIMACOM AG: Board Member Resigns
---------------------------------
Tony Abraham Merin resigned in mutual agreement from his
position as Member of the PrimaCom AG Board on Nov. 15.

Mr. Merin's duties will be assumed by the existing Management
Board consisting of Mr. Wolfgang Preuss and Mr. Hans-Werner
Klose.

Primacom AG (Prime Standard, Frankfurt: "PRC" or ID No. "625910"
and OTC BB "PCAGY") is a significant private cable network
operator with over five percent market share in Germany and the
Netherlands.  It offers a wide range of analog, digital and
interactive broadband services.  Customers, connected to the
upgraded 862 MHz networks, have access to more than 100 TV and
radio programs, to interactive Video on Demand, and to high
speed Internet.  It currently passes two million homes and
serves 1.3 million subscribers, 1.0 million in Germany and
300,000 in the Netherlands.

PrimaCom is currently restructuring its EUR1 billion debt to
avoid insolvency.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3,
          55124 Mainz
          E-mail: info@primacom.com
          Web site: http://www.primacom.de

          Investor Relations
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          E-mail: investor@primacom.de


PROCITY AUTOHAUS: Hires Martin Dreschers as Insolvency Manager
--------------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Procity Autohaus GmbH on Oct. 30, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 28, 2004 to
register their claims with court-appointed provisional
administrator Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 10:40 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Raum Saal 14 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. 31, 2005, 9:20 a.m. at the same
venue.

CONTACT:  PROCITY AUTOHAUS GmbH
          Dresdener Str. 9, 52068 Aachen
          Contact:
          Wilfried Stollenwerk, Manager
          Dresdener Str. 9, 52068 Aachen

          Dr. Martin Dreschers, Insolvency Manager
          Frankenstr. 12 - 16, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


SAUNABAU HAMBURG: Administrator's Report Out January
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Saunabau Hamburg SR Vertriebs GmbH on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 13, 2004
to register their claims with court-appointed provisional
administrator Herbert Durkop.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 10:15 a.m. at the district court
of Hamburg at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SAUNABAU HAMBURG SR VERTRIEBS GMBH
          Wandsbeker Chaussee 37, 22089 Hamburg
          Contact:
          Michael Pitzka, Manager

          Herbert Durkop, Insolvency Manager
          Neuer Wall 86, 20354 Hamburg
          Phone: 040/361307-0


SOLBAD RAVENSBERG: Sets Creditors' Meeting Next Month
-----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Solbad Ravensberg 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, 11:00 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.

CONTACT:  SOLBAD RAVENSBERG GMBH
          Osnabrucker Str. 71, 33829 Borgholzhausen
          Contact:
          Rainer Lechtenfeld, Manager
          Brunnenstr. 1, 33829 Borgholzhausen

          Frank M. Welsch
          Insolvency Manager
          Barkeystrasse 30, 33330 Gutersloh


U + B PLANCONSULT: Rostock Court Sets Creditors Meeting December
----------------------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against U+B Planconsult GmbH on Oct. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 15, 2004 to register their
claims with court-appointed provisional administrator Bjorn
Junge.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 9:00 a.m. at the district court of
Rostock, Zochstrasse, 18057 Rostock, Saal 330 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  U + B PLANCONSULT GMBH
          Contact:
          Alfred Lienkamp, Manager
          Beginenberg 25-26, 18055 Rostock

          Bjorn Junge, Insolvency Manager
          Graf-Schack-Str. 14, 18055 Rostock


UNILINK INTERNATIONAL: Courier Under Bankruptcy Administration
--------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Unilink International GmbH on Oct. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 13, 2004 to
register their claims with court-appointed provisional
administrator Karsten Totter.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 11:15 a.m. at the district court
of Hamburg at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  UNILINK INTERNATIONAL GMBH
          Volksdorfer Weg 215a, 22393 Hamburg
          Contact:
          Yun Xu, Manager
          Nordmarkstrasse 79, 22047 Hamburg

          Karsten Totter, Insolvency Manager
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301246


VFG VERWALTUNGSGESELLSCHAFT: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against VfG Verwaltungsgesellschaft mit beschrankter Haftung fur
Grundbesitz on Oct. 20.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Dec. 6, 2004 to register their claims with court-
appointed provisional administrator Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 6, 2005, 11:30 a.m. at the district court of
Hamburg at which time the administrator will present his first
report of the insolvency proceedings.  The court will 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:  VFG VERWALTUNGSGESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          FUR GRUNDBESITZ
          Holstenwall 19, 20355 Hamburg
          Contact:
          Hilda Werner, Manager
          Holstenwall 18, 20355 Hamburg

          Michael W. Kuleisa, Insolvency Manager
          Speersort 4-6, 20095 Hamburg
          Phone: 040/303010


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


SYNERGON GROUP: Nine-month Net Loss Drops to HUF85 Million
----------------------------------------------------------
During the first nine months of 2004, the Synergon Group managed
to achieve its planned targets and strategies.  There is a
significant improvement tendency visible in terms of the profit
indicators of the Group compared to the same period of 2003.

The Group's consolidated sales (+10%), its service content
(+9%), contribution (+12%) and the value of the EBITDA indicator
increased, while losses were reduced by 62% in terms of
operating profit whereas to one-fifth in terms of profit before
tax and net profit.  As the result of such improvements, net
sales were HUF13,627 million, at a service content of 42% and a
contribution of HUF3,121 million.  Despite its net profit of
HUF85 million, the EBITDA generated by Synergon and its
operating companies amounted to HUF351 million.

Of the companies within the Group, Fibex (+82%) and Synergon
Atos Origin achieved the highest growth, exceeding the plan.
While the operation of Synergon plc showed steady growth with a
-15% increase in sales, the operation of the two foreign
operating companies Infinity and Span were below both the plan
and the base.

                          Group Results

In Hungary, Synergon operated on a growing market, affected
slightly by the restriction of government expenditure and the
change of the government.  The private sector has been
characterized by a rational demand for value-added services
prompted by the anticipation of a boom on the market and the
minimum requirement of preventing the competitive pressure
expected by EU accession.  Considering the above, Synergon
achieved steady growth, structuring its operations in an
effective manner.

The dynamic growth of Fibex was due to the change of its
business strategy and the realignment of the organization, which
has good prospects for the future.  Since its traditional
markets have shrunk and these products have lately been sold at
significantly reduced prices, it has compensated for its lost
revenue through technological innovation and the expansion of
its portfolio.  The performance problems of Infinity have been
due to internal reasons within the company, whereas the Czech
and Slovak markets provide the appropriate perspective for a
business ready for dynamic growth.  The structural renewal of
Infinity has begun and is expected to be completed by the
appointment of the permanent CEO by the beginning of the coming
year.

The results of the reorganization will not be felt at the
operating company before 2005.  Span is currently focusing its
efforts on improving its internal professional organization,
along with the corresponding gradual reorganization of its
management structure.

Major structural reorganization has been completed for some
operating companies of the Group, while at others, it is at an
advanced phase.  According to forecasts, their markets may start
to grow, which could provide a sufficient basis for steady
operation in the future.

Besides internal reorganization efforts, the operating companies
have paid increased attention to improving cooperation within
the Group.  The building of a center of regional competences has
begun, with the purpose of integrating the operating companies'
existing helpdesks (desktop and server operation, network
communication services) into a virtual regional service,
enabling the customers of the Group to detect errors and resolve
problems using a uniform methodology and identical database
accessible in the local language.  On the basis of its
experience, Synergon is helping Span to exploit the potentials
of PHARE and CARDS projects.

                         Financial Data

During the first nine months of 2004, Synergon Information
Systems plc, including the consolidated operating companies,
achieved a sales revenue of HUF13,627 million, which, calculated
on HUF basis, is 10% higher than that of the base period.
Within the Group, Fibex achieved the highest increase of its
sales (+82%), while in Hungary, Synergon continued to show a
steady growth of 15%.  The performance of Infinity and Span
stagnated in comparison with the base period.  In the sector-by-
sector breakdown of the sales of the Synergon Group, the
telecommunications and the financial sectors accounted for 14%
and 12% respectively, industrial companies and the public
utilities and transport industries represented an overall 29%,
whereas the public sector accounted for 20% during the period
under review. Other, unclassified sales represented 25%.

The rate of the increase of cost of sales (9%) was lower than
that of net sales in the comparison of the first three quarters
of 2003 (HUF9,632 million) and 2004 (HUF10,506 million).
Contribution amounted to HUF3,121 million during the period
January 1 - September 30 2004, as opposed to HUF2,776 million
during the same period of 2003, representing a growth of 12%.
Contribution amounted to 23% of the Group's net sales during the
period under review in 2004.

During the period January - September 2004, the Group's
operating loss was reduced by over 62%, to HUF212 million
compared to the HUF560 million of the same period of 2003.  As
an overall result, the EBITDA indicator was HUF351 million,
which is incomparably better than the value achieved during the
base period (HUF26 million).  Net financial income amounted to
HUF86 million during the period under review in 2004, generating
an income 35% higher than that of the same period of 2003 (HUF63
million).

As the result of improving profits and the steady level of
expenses, the Synergon Group achieved a pre-tax loss of HUF120
million during the first three quarters of 2004, as compared to
the loss of HUF496 million during the same period of 2003.  The
net loss was reduced to HUF85 million during the period under
review as compared with the net loss of HUF488 million of the
same period of 2003.

                            *   *   *

As reported by TCR-Europe in March, the Budapest Stock Exchange
dropped Synergon Rt from its capitalization weighted-index.  The
Hungarian IT group recorded a net loss of HUF1.396 billion in
2003, HUF98 million of which was for the fourth quarter alone.

The majority of the loss was the result of the settlement of
non-recurring extraordinary items, consisting mainly of the
settlement of amortization of goodwill related to foreign
subsidiaries, brought forward to 2003, totaling HUF1 billion for
the year.

CONTACT:  SYNERGON INFORMATION SYSTEMS PLC.
          H-1047 Budapest,
          Baross utca 91-95.
          Phone: +36 1 399 5500
          Fax: +36 1 399 5599
          E-mail: info@synergon.hu
          Web site: http://www.synergon.hu


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


CAPITALIA SPA: Okays CNP's Acquisition of FinecoVita Stake
----------------------------------------------------------
The Boards of Directors of Capitalia and FinecoGroup approved
CNP Assurances' bid for the acquisition of a 57.5% shareholding
in FinecoVita S.p.A., as part of a broader partnership in
bancassurance.

The consideration agreed upon with CNP Assurances amounts to
EUR575 million, which reflects a FinecoVita's valuation of EUR1
billion.  The sale will generate a capital gain of EUR170
million for Capitalia (after minorities), at consolidated level,
and of EUR388 million for FinecoGroup.

CNP Assurance, a company listed on the French Stock Exchange, is
one of Europe's leading players in bancassurance, with over 14
million customers and bout 20 billions in premium income.
Thanks to its solid 150-year experience in the industry,
especially in the creation and management of customized
insurance products, it is an undisputed leader in the French
insurance market with a market share of 18%.

The agreement with CNP Assurances contains a conditional clause
whereby the transfer of title to the shares in FinecoVita is
subject to ISVAP authorization.  Pending authorization
processing, the parties will jointly assess the antitrust
implications of the agreement and, in particular, the disclosure
requirement with respect to the deal as a business
concentration.

The deal will enable Fineco Vita to acquire new competences in
bancassurance, expand the breadth and depth of the product
portfolio and grow its know how in market segments which are
characterized by high growth potentials.

FinecoGroup is confident that authorizations required under the
law will be received in time to enable the recognition of the
sale in the 2004 annual financial statements.

CNP and FinecoGroup will sign a shareholders' agreement
containing FinecoVita's governance rules.  Said agreement will
assign management powers to CNP Assurances and significant
minority shareholder's powers to FinecoGroup.

The shareholders' agreement will also regulate the business
aspects of the partnership, setting out that, until the final
term of December 31, 2014, FinecoVita will continue to have
access to the distribution networks of the Capitalia Group (the
branches of Banca di Roma, Banco di Sicilia, Bipop Carire, and
FinecoBank financial planner network), in accordance with the
terms and conditions currently in force.  Since that term falls
after the natural expiration of the distribution agreements
currently in force (set at June 30, 2012, as agreed between
Capitalia and FinecoGroup upon the formation of their respective
groups in 2002), FinecoGroup has in turn agreed with Capitalia
the renewal of distribution agreements upon their expiration up
until December 31, 2014.

The agreement with CNP also sets out the commitment of
Capitalia, in its role as Parent Company, to exploring together
with CNP any further possible collaborations, in accordance with
the spirit of partnership underlying the whole deal.  Vis-a-vis
the commitments undertaken, which significantly contributed to
enhance the potential synergies resulting from the partnership,
FinecoGroup shall pay a consideration of EUR45 million to
Capitalia after FinecoVita shares have been transferred to CNP.

Citigroup Global Markets Limited, FinecoGroup's independent
advisor, has provided a fairness opinion as to the fairness,
from a financial point of view, to Fineco Group and its
shareholders, of CNP Assurances bid price and of the
consideration, as indicated above, payable to Capitalia.

The sale of shares in FinecoVita, the related shareholders'
agreement between CNP and FinecoGroup and the agreements between
Capitalia and FinecoGroup, as described above, shall be
disclosed in a specific document after the conclusion of the
deal, in accordance with the term and the manner required by
Consob Regulation No. 11971/1999.

In the deal FinecoGroup was assisted by MCC, the Capitalia Group
investment bank, which acted as exclusive financial advisor, and
by KPMG Corporate Finance as business advisor.

CONTACT:  Capitalia S.p.A.
          via Marco Minghetti 17
          00187 Rome, Italy
          Phone: +39-06-54451
          Fax: +39-06-5445-2351
          Web site: http://www.capitalia.it


FIAT SPA: Takeover of Magneti Marelli Gets E.U. Nod
---------------------------------------------------
The European Commission has cleared the proposed acquisition of
Magneti Marelli Sistemi Elettronici, a supplier of electronic
components, by Fiat S.p.A.  The operation is purely vertical and
does not give rise to any foreclosure effects.

Magneti Marelli Sistemi Elettronici (MMSE) is an Italian company
active worldwide in the manufacture of automotive electronic
components whereas the FIAT Group is mainly active in the
manufacture of cars, commercial vehicles and machines for
agriculture and construction.  The operation, which was notified
for clearance under the Merger Regulation on 11 Oct., does not
present any horizontal overlaps since the companies are active
in different product markets.

The examination also showed that MMSE is already FIAT's main
supplier of electronic components and that the acquisition did
not give rise to any particular foreclosure concerns, given that
the markets for electronic components remain competitive and
their customers have a strong bargaining power.

CONTACT:  Fiat S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Web site: http://www.fiatgroup.com


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


ALA-TOO: Bidding Period Ends Friday
-----------------------------------
The State Committee of the Kyrgyz Republic on State Property is
selling a portion of its stake in JSC Hotel and Restaurant
Complex Ala-Too.  The public auction will take place on November
26, 2004, 3:00 p.m. at Bishkek, Moskovskaya Str. 151.  Following
the sale, the government stake will be reduced to 59.34%.

Information on JSC Hotel and Restaurant Complex Ala-Too as of
October 10, 2004:

(a) Location: Bishkek, Erkindik Avenue, 1

(b) Activity: hotel and restaurant services

(c) Total shares: 234,447

(d) Type of shares: simple nominal

(e) Authorized capital stock: KGS23,444,695

(f) Assets: KGS23,420,360

(g) Liabilities: KGS7,510,860

(h) Account receivables: KGS3,530,600

(i) Land area: 9,200 square meters

Auction conditions:

(a) Highest bidder will be declared winner;

(b) Complete the construction of the hotel and start its
    operation before December 2005; and

(c) Clear the company's liabilities (EUR5,532,345) to The
    Ministry of Finance of Kyrgyz Republic.

Participants must submit all necessary documents on or before
November 26, 2004, 12:00 noon at Bishkek, Moskovskaya Str. 151,
Room 223.  The auction winner must pay a commission equivalent
to seven percent of the final price.  For more information, call
(0-312) 21-65-38 or 21-66-97.


KLIRINGCENTER MINISTRY: Sets Public Auction Wednesday
-----------------------------------------------------
The bidding organizer and insolvency manager of Kliringcenter
Ministry of Foreign Trade and Industry offer for sale the firm's
accounts receivable on November 24, 2004, 11:00 a.m. at Bishkek,
Chui Avenue, 106, room 134.  For sale is Kliringcenter's
receivable from JSC Severnaya PMK.  Starting price is
KGS22,715,904.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of Kliringcenter Ministry
of Foreign Trade and Industry on or before November 24, 2004.
Bids must be submitted to the temporary insolvency manager at
Bishkek, Chui Avenue, 106, Room 134.  For more information, call
(0-312) 62-52-31.


MERUERT: Creditors to Meet Later this Week
------------------------------------------
Mr. Taalaibek Ashyrbaev (License 0229), who has been appointed
temporary insolvency manager of Meruert since November 1, 2004,
calls a meeting of creditors for November 26, 2004, 10:00 at
Bishkek, Baytik-Baatyr Str. 35.  Creditors must submit their
proofs of claim and register with the temporary insolvency
manager seven days prior to the meeting.  Proxies must have
authorization to vote.  For more information, call (0-312) 54-
44-19.


NORTH ZONE TECHNICAL: Creditors' Meeting Set Next Week
------------------------------------------------------
The temporary insolvency manager of Management of Technical
Development of Customs Infrastructure under the North Zone will
hold a creditors' meeting on November 29, 2004 at 2:00 p.m.

Agenda:

(a) Report of the temporary insolvency manager of Management of
    Technical Development of Customs Infrastructure under the
    North Zone;

(b) Review of liquidation procedure; and

(c) Others

For more information, call (0-502) 41-73-11 or (0-312) 98-02-53.


SYN-TASH: To Auction Assets this Week
-------------------------------------
The bidding organizer and insolvency manager of Agricultural
Manufacturing Co-Operative Syn-Tash will sell its properties on
November 23, 2004, 10:00 a.m. at Issyk-Ata, Telman.

For sale are:

(a) Lot 1: Repair shop with equipment.  Starting price is
    KGS463,000;

(b) Lot 2: Two units of shed.  Starting price is KGS56,000;

(c) Lot 3: Apartment.  Starting price is KGS5,000; and

(d) Lot 4: Steel light tower.  Starting price is KGS3,375.

To participate, bidders should deposit an amount equivalent to
10% of the starting price to cashier of Agricultural
Manufacturing Co-Operative Syn-Tash.  Bids should be submitted
on or before November 22, 2004.

For more information, call (0-502) 60-51-31.


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


HAGEMEYER N.V.: Sells Tech Pacific for EUR83.4 Million
------------------------------------------------------
Hagemeyer N.V. announced the completion of the sale of Tech
Pacific to Ingram Micro, following regulatory approvals for this
transaction.

As a result of the sale of its 31.5% stake in Tech Pacific,
Hagemeyer received a net cash consideration of EUR83.4 million,
which will be used to pay off part of Hagemeyer's senior debt.
The financing facilities available to Hagemeyer will be reduced
accordingly.

This amount excludes a small part of the final consideration,
which will be kept in escrow until a later date, as part of
contractual obligations.

Based on the current book value of its 31.5% participation in
Tech Pacific, Hagemeyer will realize a book gain of
approximately EUR56.5 million in the current financial year.

Further details on the transaction can be found in the press
release announcing the sale of Tech Pacific, dated Sept. 27,
2004.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          1411 GE Naarden
          The Netherlands
          Phone: +31 (0)35 6957676
          Fax: +31 (0)35 6944395
          Web site: http://www.hagemeyer.com


SAMAS GROEP: Half-year Losses Balloon to EUR37.3 Million
--------------------------------------------------------
Main points of half-year figures (April to September 2004):

(a) Renewed strong reduction in demand for office furniture; Net
    turnover declines 9.2% to EUR164 million; (1st half
    2003/2004: EUR181 million);

(b) Operating result before restructuring costs and
    extraordinary expenses EUR16.1 million negative (1st half of
    2003/2004: EUR10.9 million negative);

(c) Net result EUR373 million negative (1st half 2003/2004:
    EUR18.6 million negative) including restructuring costs
    (EUR23.7 million) and extraordinary expenses (EUR2.8
    million);

(d) Solvability declines mainly due to rise in non-recurring
    restructuring costs to 40.7%; Cash flow from operating
    activities EUR14.9 million negative;

(e) Order intake for September and October increased for the
    first time in three years (+9%); and

(f) Turnover and operating result before impairment expected to
    improve in the second half of the financial year compared
    with the first half of 2004/2005.

Hans van der Ven, CEO of Samas-Groep, said: "The non-recurring
costs for the previously announced restructuring in Freiburg
(Germany) and integration of a number of production locations,
accompanied by logistic problems, notably in France, strongly
impacted the negative result for the first six months of this
financial year.  This will lead to a higher net loss for the
current financial year.  However, the efforts now underway will
make a strong contribution to the structural reduction of our
cost levels."

Progress of Reorganisation and Enhancement Programs

Cost reduction and enhancement programs are underway across the
entire group to bring the cost structure in line with our lower
turnover levels, and to ensure that the company operates more
decisively and effectively.  The current operational excellence
program includes a range of actions of which the most important
are:

The set up of a new logistics center in Noyon (France) for the
more centralized and efficient handling of distribution
activities.  The start up of this project experienced
significant difficulties during the period under review.  The
closedown of the production operation at Freiburg (Germany) and
its relocation to other centers, thus optimizing Samas' total
production capacity.

A total of 114 (4.2%) permanent jobs were lost during the past
half year.

Financial Results

First half of 2004/2005 turnover was down 9.2% at EUR164 million
(1st half 2003/2004: EUR181 million).  This was due to the
renewed strong decline in demand for office furniture,
especially in the Netherlands and Germany.

The gross margin was under continued strong pressure during the
past half year, due to strong price competition and higher
prices of raw materials, in particular of steel.  In comparison
with the first half of the previous financial year the
normalized gross margin declined by 0.9% to 55.3% (1st half
2003/2004: 56.2%).

The normalized operating result before restructuring costs and
non-operating expenses was

-EUR16.1 million (1st half 2003/2004: -EUR10.9 million).  The
normalized operational margin (operational result as a
percentage of turnover) declined to -9.8% (1st half 2003/2004: -
5.9%).  Excluding restructuring and extraordinary costs,
operating costs were reduced by 4.6% in the past half year.

As announced on 29 October 2004 the non-recurring restructuring
costs of EUR23.7 million relate to the concentration of the
production structure at Samas over the next several months.  Of
these costs EUR13.8 million relate to the impairment of
buildings and land and EUR9.9 million relates to reorganization
costs and the merger of production locations.  Most important is
the closure of the production location at Freiburg (Germany),
where the number of FTEs will be reduced by 140.

Non-operating expenses incurred, totaling EUR2.8 million relate
to additional costs for the Dutch pension fund and temporary
personnel for the start-up of the new logistics center in
France.

The outcome of financial income and costs in the first six
months of 2004/2005 stood at EUR1.9 million negative compared
with EUR0.1 million positive in the previous year.  This is
largely due to the closure of derivatives in the first half-year
of 2003/2004 which then led to a EUR1.5 million income.  On
balance the result from ordinary activities before tax came to
EUR44.5 million negative (1st half 2003/2004: EUR24.8 million
negative).  The share of third parties remained virtually
unchanged.

The release of deferred tax resulted in income of EUR7.2 million
(1st half 2003/2004 EUR5.9 million).  Hence, the net loss came
to EUR37.3 million (1st half 2003/2004: -EUR18.6 million).

Cash Flows, Investments and Financing

Cash flow from operating activities was EUR14.9 million
negative.  Other movements include restructuring costs to the
amount of EUR23.7 million.  In the past half-year capital
expenditure totaled EUR6.8 million (1st half 2003/2004: EUR4.2
million).  The investments mainly concerned machinery and tools
for production of new office furniture products at various
operating companies.  Cash flow from financing activities (short
term loans taken up and outstanding liquidities) stood at
EUR14.8 million.

Balance Sheet Ratios

Group capital declined by EUR36.9 million to EUR107 million (end
2003/2004: EUR144 million) and as a percentage of the balance
sheet to 40.7% (ultimo 2003/2004: 51.1%)

Within the framework of the recently announced restructuring,
talks are ongoing with the banks on the definition of the new
covenants for the duration of the existing credit facilities
(December 2006).  In addition Rabobank, ABN AMRO and Fortis Bank
have increased the credit facility up to 29 April 2005 by a
total of EUR10 million, for the financing of working capital.
The banks waived the covenants for the existing credit agreement
until 1 January 2005.  In France a loan of EUR4.5 million with
Credit Lyonnais has been converted into a factoring facility
with GE.

The reduction of provisions from EUR38.3 million to EUR34.8
million was mainly due to a EUR8.1 million decrease in deferred
taxes and a EUR4.4 million increase in the provision for
restructuring.  The balance of short-term interest bearing debt
and outstanding liquidities rose by EUR23.9 million.
Inventories rose by EUR1.9 million and trade debtors by EUR1.2
million.  Most of these movements were due to a higher order
intake in September and a strong improvement in the stock turn
in Germany.

Order book

For the first time in years last September and October saw a 9%
increase in incoming orders on the same period last year.  All
Samas' important markets, the Netherlands, Germany, the United
Kingdom, France and Switzerland contributed.  We acquired a very
attractive international order stretching over several years
from Deutsche Telekom.  This represents the largest order in the
continental European office furniture sector this year.  Other
major multi-year projects came from clients including Fortis,
Sparkasse and Credit Agricole.  Despite these successes it is
still too early to talk in terms of any market recovery and the
visibility of the order book forward continues to be limited.

Decertification

During the Annual General Meeting on 24 August it was decided to
amend the Articles of Association of the company in such a way
as to enable decertification.  The Articles of Association have
since been amended and the depositary receipts of ordinary
shares and the depositary receipts of cumulative convertible
financing preference shares have been converted into ordinary
shares and cumulative convertible financing preference shares
respectively.  The listing of both types of shares commenced on
15 Nov. 2004.  For further details please refer to the
advertisement published on 5 Nov. 2004.

Prospects

The market presents a mixed outlook for Samas.  The French
furniture market appears to have bottomed-out and the
international seating market shows the first signs of recovery.
Given the continuing price competition and the higher prices of
raw materials, the second half-year is likely to bring further
pressure on the margin.  However, the reorganizations underway,
and the current improvement programs will mean a further
reduction in cost levels.  The effects of these and previously
taken and completed measures will be visible within Samas'
results, as soon as the market recovery sets in.

Based on the above turnover is expected to improve in the second
half of the financial year, with a lower operating loss before
restructuring costs and non-operating expenses, compared with
the first half of this financial year.  With unchanged market
circumstances improved results are expected in the financial
year 2005/2006.

Hans van der Ven, CEO of Samas-Groep, said: "Although the
current financial year has unfortunately yet to bring any
improvement in results, it is very encouraging to note the
response of our dealers and major clients to the Samas
presentation at the world's largest office furniture trade show
in Cologne.  For the first time Samas presented itself as a
group with splendid, wide raging and highly innovative offering
of products and services.  In view of the positive reactions and
very considerable interest this produced among our clients, we
expect to acquire a number of prestigious new projects in the
half-year ahead."

Full copy of the results is available free of charge at:
http://bankrupt.com/misc/Samas_1H2004.pdf

CONTACT:  Samas-Groep NV
          Baarnsche Dijk 10
          3741 LS Baarn
          P.O. Box 427
          3740 AK Baarn
          Phone: 035-5487654
          Fax: 035-5411017
          Web site: http://www.samas.nl


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


AGRO-PROM-ENERGO: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Agro-Prom-Energo.  The case is docketed as A43-15513/04-24-314.
Mr. N. Chertanovskiy has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 603029, Russia,
Nizhniy Novgorod, Pamirskaya Str. 11.  A hearing will take place
on February 1, 2005, 9:15 a.m.

CONTACT:  AGRO-PROM-ENERGO
          606360, Russia, Nizhniy Novgorod region,
          Murashkino, Zadomenko Str. 5

          Mr. N. Chertanovskiy
          Temporary Insolvency Manager
          603029, Russia, Nizhniy Novgorod,
          Pamirskaya Str. 11


BIRSKIY TINNED: Bashkortostan Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy proceedings against Birskiy Tinned Food Factory after
finding the state-owned enterprise insolvent.  The case is
docketed as A07/5375/02-A-ADM.  Mr. D. Gindullin has been
appointed insolvency manager.   Creditors may submit their
proofs of claim to 452920, Russia, Bashkortostan republic,
Agidel, Pervykh Stroiteley Str. 1.

CONTACT:  BIRSKIY TINNED FOOD FACTORY
          452450, Russia, Bashkortostan republic,
          Birsk, Nelidova Str. 9

          Mr. D. Gindullin
          Insolvency Manager
          452920, Russia, Bashkortostan republic,
          Agidel, Pervykh Stroiteley Str. 1
          Phone: 8-917-75-516-95
          Fax: (code 8 34714) 4-96-58


BREEDING POULTRY-FARM: Bankruptcy Hearings Resume February
----------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on
Breeding Poultry-Farm Factory LLC.  The case is docketed as A56-
23071/04.  Mr. E. Ibragimov has been appointed temporary
insolvency manager.

Creditors have until November 22, 2004 to submit their proofs of
claim to 188513, Russia, Leningrad region, Lomonosovskiy region,
Razbegayevo.  A hearing will take place on February 22, 2005.

CONTACT:  BREEDING POULTRY-FARM FACTORY
          188513, Russia, Leningrad region,
          Lomonosovskiy region, Razbegayevo

          Mr. E. Ibragimov
          Temporary Insolvency Manager
          188513, Russia, Leningrad region,
          Lomonosovskiy region, Razbegayevo


GARODISHE-AGRO-PROM-SNAB: Proofs of Claim Deadline Nears
--------------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
proceedings against Garodishe-Agro-Prom-Snab (TIN 5812003269)
after finding the state-owned enterprise insolvent.  The case is
docketed as A49-474/04-21b/26.  Mr. E. Tsimring has been
appointed insolvency manager.  Creditors have until December 22,
2004 to submit their proofs of claim to 440600, Russia, Penza,
Suvorova Str. 46, Apartment 12.

CONTACT:  GARODISHE-AGRO-PROM-SNAB
          Russia, Penza region,
          Gorodishe, Moskovskaya Str. 11

          Mr. E. Tsimring
          Insolvency Manager
          440600, Russia, Penza,
          Suvorova Str. 46, Apartment 12


KALUZH-TRANS-STROY: Sets Public Auction Wednesday
-------------------------------------------------
The bidding organizer of transport building Kaluzh-Trans-Stroy
will sell the firm's properties on Nov. 24, 2004, 1:00 p.m.  The
public auction will be held at 243300, Russia, Bryansk region,
Unecha, Sovetskaya Str. Building 1.  Up for sale is an immovable
property that carries a starting price of RUB715,360 (inclusive
of VAT).

The list of documentary requirements is available free of charge
at 243300, Russia, Bryansk region, Unecha, Sovetskaya Str.,
Building 1.  To participate, bidders must deposit an amount
equivalent to 10% of the starting price to the settlement
account 40702810722240101004, correspondent account
30101810100000000612, at Kaluzhskoye OSB 8608, Kaluga, BIC
042908612.

CONTACT:  KALUZH-TRANS-STROY
          243300, Russia, Bryansk region,
          Unecha, Sovetskaya Str. building 1.
          Phone: 8 (08351) 2-16-41; 8 (0842) 56-51-48


KIZNERSKIY: Names O. Perevoshikov Insolvency Manager
----------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy proceedings against Kiznerskiy after finding the flax
factory insolvent.  The case is docketed as A71-96/2003-G21.
Mr. O. Perevoshikov has been appointed insolvency manager.
Creditors have until December 22, 2004 to submit their proofs of
claim to 427793, Russia, Udmurtiya republic, Mozhga,
Neftyannikov Str. 54.

CONTACT:  KIZNERSKIY
          427708, Russia, Udmurtiya republic,
          Kiznerskiy region, Kizner, Lenina Str. 24

          Mr. O. Perevoshikov
          Insolvency Manager
          427793, Russia, Udmurtiya republic,
          Mozhga, Neftyannikov Str. 54


KYZYLSKAYA: Insolvency Manager to Temporarily Oversee Business
--------------------------------------------------------------
The Arbitration Court of Tyva republic has commenced bankruptcy
proceedings against Kyzylskaya after finding the close joint
stock company insolvent.  The case is docketed as A69-979/03-4.
Mr. M. Oyun has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 667000, Russia, Tyva
republic, Kyzyl, Internatsionalnaya Str. 3.

CONTACT:  Mr. M. Oyun
          Insolvency Manager
          667000, Russia, Tyva republic, Kyzyl,
          Internatsionalnaya Str. 3
          Phone: 3-699-84


MELEKESSKIY: Hires D. Monogarov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy proceedings against Melekesskiy (TIN 7310005940)
after finding the buckwheat factory insolvent.  The case is
docketed as A72-1505/04-19/16-B.  Mr. D. Monogarov has been
appointed insolvency manager.  Creditors have until December 22,
2004 to submit their proofs of claim to 433513, Russia,
Ulyanovsk region, Dimitrovograd, Post User Box 962.

CONTACT:  MELEKESSKIY
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Chaykinoy Str. 85

          Mr. D. Monogarov
          Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Post User Box 962


MEZHEVSKOYE TIMBER: Public Auction Tomorrow
-------------------------------------------
Mezhevskoye Timber Industry Enterprise will sell its properties
on Nov. 23, 2004, 12:00 noon.  The public auction will be held
at 243300, Russia, Kostroma region, Unecha, Sovetskaya Str.
Building 1.  Up for sale is a sewing shop.  Starting price:
RUB1,062,000.

The list of documentary requirement is available free of charge
at Russia, Kostroma, Moskovskaya Str. 55.  To participate,
bidders must deposit an amount equivalent to 5% of the starting
price.

CONTACT:  MEZHEVSKOYE TIMBER INDUSTRY ENTERPRISE
          Russia, Kostroma region,
          Mezhevskoy region, Kolkhoznaya Str. 6


NOVOKUYBYSHEVSKIY OIL-CHEMICAL: Bidding Period Ends Tomorrow
------------------------------------------------------------
Mr. A. Totmakov, the bidding organizer and insolvency manager of
OJSC Novokuybyshevskiy Oil-Chemical Combine, will sell the
firm's properties on Nov. 24, 2004, 11:00 a.m. (local time).
The public auction will be held at Russia, Samara region,
Novokuybyshevsk.

The assets for sale are:

(a) Constructions and equipment.  Starting price: RUB20,000,000;

(b) Long-term financial investments.  Starting price:
    RUB1,500,000.

Preliminary examination and reception of bids are done until
Nov. 23, 2004 from 10:00 a.m. to 4:00 p.m.  The list of
documentary requirement is available at 446214, Russia, Samara
region, Novokuybyshevsk, Novokuybyshevskiy Oil-Chemical Combine.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810270000000303 at ACB Gasbank, Samara, correspondent
account 30101810400000000863, BIC 043601863.

CONTACT:  NOVOKUYBYSHEVSKIY OIL-CHEMICAL COMBINE
          Russia, Samara region, Novokuybyshevsk
          Phone: (8462) 76-89-66
              Or (846-235) 3-08-95


OAO GAZPROM: Currency Ratings Outlook Revised to Positive
---------------------------------------------------------
Fitch Ratings revised OAO Gazprom's 'BB' Senior Unsecured
foreign currency and local currency ratings to Rating Watch
Positive from Rating Watch Evolving, following the upgrade of
Russia's sovereign rating to 'BBB-' from 'BB+' on Nov. 18, 2004.

The Rating Watch revision reflects the increased likelihood of
an upgrade for Gazprom due to its strategic linkage to the state
and synergies to be gained from an increase of state ownership
following its merger with Rosneft, which is still pending
regulatory approval.  At the same time, a downgrade seems less
likely as a result of the Rosneft merger.  Instead, any negative
news associated with this event would likely lead Fitch to
affirm the rating at its current level and maintain a two-notch
difference with the Sovereign rating.

"Although the merger is still pending and the merger-related
leverage issues have yet to be resolved to Fitch's satisfaction,
the increased rating differential between Gazprom and the
Sovereign has led to the decision to revise the Rating Watch,"
says Jeffery Woodruff, Director for Fitch's Energy team.

Fitch has previously outlined Gazprom's strategic importance to
the state and has factored in a degree of state support into the
current ratings.  In September, Fitch placed the company on
Rating Watch Evolving following the announcement of the proposed
merger with Rosneft.  At that time the agency outlined how
increased state ownership could possibly lead to an upgrade as
it could positively affect how Gazprom determines its domestic
pricing and increase the group's influence over legislation.

Increased state ownership would also strengthen management
control, and improve production licensing and financial planning
of the business.  Furthermore, it would increase the
government's vested interest in keeping Gazprom as a going
concern.  The acquisition would also help Gazprom increase its
international presence and rival major western oil companies in
assets.  It would also provide Gazprom with greater political
influence to negotiate future business deals with foreign
partners.

At the same time, Fitch has expressed concern that the
acquisition could lead to a significant increase in consolidated
leverage, especially short-term debt.  Additionally, Rosneft has
approximately US$2.0 billion in existing net debt that will need
to be serviced or refinanced by Gazprom upon formation of the
new corporate entity.

The state now holds a 38% direct stake in Gazprom and another
17% indirectly in subsidiaries; after the Rosneft acquisition,
the state's stake will likely increase to 50% plus one share.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Isaac Xenitides, London
          Phone: +44 20 7417 4300

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

          OAO Gazprom
          16 Nametkina
          117997 Moscow, V-420, Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


OIL-COM: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on limited liability
company Oil-Com.  The case is docketed as A75-281-B/04.  Mr. Y.
Zholudev has been appointed temporary insolvency manager.

Creditors have until November 22, 2004 to submit their proofs of
claim to:

(a) Oil-Com
    628609, Russia, Tyumen region, Khanty-Mansiyskiy autonomous
    region, Nizhnevartovsk, Mira Str. 68B

(b) Temporary Insolvency Manager
    628624, Russia, Khanty-Mansiyskiy autonomous region,
    Nizhnevartovsk, Druzhby Narodov Str. 31/21

(c) The Arbitration Court of Khanty-Mansiyskiy
    Autonomous Region
    Russia, Khanty-Mansiyskiy autonomous region,
    Khanty-Mansiysk, Lenina Str. 54/1


POGAR-SEL-KHOZ-KHIMIYA: Last Day for Filing of Bids Friday
----------------------------------------------------------
The bidding organizer of OJSC Pogar-Sel-Khoz-Khimiya will sell
its properties on Dec. 1, 2004, 2:00 p.m.  The public auction
will be held at 243550, Russia, Bryansk region, Pagarskiy
region, Pogar, Polevaya Str. 6.

The assets for sale are:

Lot 1: Warehouse with spare parts.  Starting price: RUB60,000;

Lot 2: Garage for machinery storage.  Starting price:
       RUB300,000;

Lot 3: Workshop.  Starting price: RUB200,000;

Lot 4: Warehouse for chemical fertilizers.  Starting price:
       RUB45,000

The list of documentary requirements is available free of charge
at 243550, Russia, Bryansk region, Pagarskiy region, Pogar,
Polevaya Str. 6.  To participate, bidders must deposit an amount
equivalent to 20% of the starting price to the settlement
account of Pogar-Sel-Khoz-Khimiya not later than November 25,
2004.

CONTACT:  POGAR-SEL-KHOZ-KHIMIYA
          243550, Russia, Bryansk region,
          Pagarskiy region, Pogar, Polevaya Str. 6
          Phone: (08349) 2-17-34


RODINA: Gives Creditors Until Next Month to File Claims
-------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
proceedings against Rodina after finding the company insolvent.
The case is docketed as K/E-110/04.  Ms. O. Kuzmina has been
appointed insolvency manager.  Creditors have until December 22,
2004 to submit their proofs of claim to 644076, Russia, Omsk, 50
Let VLKSM Str. 8A, Apartment 85.

CONTACT:  RODINA
          646906, Russia, Omsk region,
          Kormilovskiy region, Nemirovka

          Ms. O. Kuzmina
          Insolvency Manager
          644076, Russia, Omsk,
          50 Let VLKSM Str. 8A, Apartment 85
          Phone: (3812) 44-35-68


SCIENTIFIC RESEARCH: Moscow Court Brings in Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
proceedings against Scientific Research Institute of Tire
Industry (TIN 7720067202, OGRN 1037739728190) after finding the
state-owned enterprise insolvent.  The case is docketed as A40-
34980/01-124(78)-83B.  Mr. Sh. Fazailov has been appointed
insolvency manager.  Creditors have until December 22, 2004 to
submit their proofs of claim to 119049, Russia, Moscow,
Shabolovka Str. 26, Building 4.

CONTACT:  SCIENTIFIC RESEARCH INSTITUTE OF TIRE INDUSTRY
          105118, Russia, Moscow, Burakova Str. 27

          Mr. Sh. Fazailov
          Insolvency Manager
          119049, Russia, Moscow,
          Shabolovka Str. 26, Building 4
          Phone: 785-69-65


SEVERSK: Creditors Have Until December to File Claims
-----------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
proceedings against Seversk (TIN 7017064809) after finding the
wood working company insolvent.  The case is docketed as A67-
505/04.  Mr. A. Miftakhov has been appointed insolvency manager.

Creditors have until December 22, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager
    634021, Russia,
    Tomsk-21, Post User Box 1795

(b) The Arbitration Court of Tomsk Region
    634050, Russia,
    Tomsk, Kirova Pr. 10.

(c) Seversk
    634027, Russia,
    Tomsk, Mira Pr. 41-27


TOBOLSK-ENERGO-MONTAZH: Sets Deadline for Proofs of Claim
---------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
proceedings against Tobolsk-Energo-Montazh (OGRN 1027201293063)
after finding the close joint stock company insolvent.  The case
is docketed as A70-4079/3-2004.  Mr. D. Pushkaryev has been
appointed insolvency manager.  Creditors have until December 22,
2004 to submit their proofs of claim to 626150, Russia, Tyumen
region, Tobolsk, 4th location, 85, Office 407.

CONTACT:  Mr. D. Pushkaryev
          Insolvency Manager
          626150, Russia, Tyumen region, Tobolsk,
          4th location, 85, Office 407


VIKULOVSKAYA: Tyumen Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
proceedings against Vikulovskaya after finding the poultry farm
insolvent.  The case is docketed as A70-1529/3-2004.  Mr. S.
Zaytsev has been appointed insolvency manager.  Creditors have
until December 22, 2004 to submit their proofs of claim to
625000, Russia, Tyumen, Main Post Office, Post User Box 705.

CONTACT:  VIKULOVSKAYA
          621570, Russia, Tyumen region,
          Vikulovskiy region, Vikulovo, Svobody Str. 225

          Mr. S. Zaytsev
          Insolvency Manager
          625000, Russia, Tyumen,
          Main Post Office, Post User Box 705


VOSKHOD: Insolvency Manager Takes over Helm
-------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy proceedings against Voskhod after finding the company
insolvent.  The case is docketed as A63-156/2004-S5.  Mr. S.
Rudomanov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 356800, Russia, Stavropol
region, Budennovsk, Location 1, 17.

CONTACT:  VOSKHOD
          Russia, Stavropol region,
          Neftekumsk, Transportnaya Str. 4

          Mr. S. Rudomanov
          Insolvency Manager
          356800, Russia, Stavropol region,
          Budennovsk, Location 1, 17


ZAVOLZHSKIY BREAD: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on open joint stock company Zavolzhskiy
Bread Combine.  The case is docketed as 1213/14-B.  Mr. I.
Borzov has been appointed temporary insolvency manager.

Creditors have until November 22, 2004 to submit their proofs of
claim to 155420, Russia, Ivanovo region, Zavolzhsk, Lenina Pr.
31.  A hearing will take place on March 21, 2005, 10:00 a.m.

CONTACT:  ZAVOLZHSKIY BREAD COMBINE
          155420, Russia, Ivanovo region,
          Zavolzhsk, Lenina Pr. 31

          Mr. I. Borzov
          Temporary Insolvency Manager
          155420, Russia, Ivanovo region,
          Zavolzhsk, Lenina Pr. 31


ZHELEZNOVODSKIY BREAD: Last Day for Filing of Bids Today
--------------------------------------------------------
Mr. G. Pushkarniy, the bidding organizer and insolvency manager
of Zheleznovodskiy Bread Combine, will sell the firm's
properties on November 24, 2004, 2:00 p.m.  The public auction
will be held at Russia, Pyatigorsk, Ermolova Str. 38.  Up for
sale are warehouse, workshops and buildings located at Russia,
Zheleznovodsk, Zavodskaya Str. 9.  Starting price: RUB138,000.

Preliminary examination and reception of bids are done until
Nov. 22, 2004 from 10:00 a.m. to 3:00 p.m.  The list of
documentary requirements is available at Russia, Pyatigorsk,
Ermolova Str. 38.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810800010004196 at ACB Sevkav-invest-bank, correspondent
account 30101810200000000774, BIC 040708774 at RKTs Pyatigorsk.

CONTACT:  ZHELEZNOVODSKIY BREAD COMBINE
          Russia, Pyatigorsk, Ermolova Str. 38
          Phone: (87933) 709-61


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


IZAR: Government to Revise Rescue Plan
--------------------------------------
The government is amending its viability plan for troubled
shipbuilder Izar, but insists the debt-ridden group's split must
still occur, Expansion says.

Finance minister Pedro Solbes made the announcement Wednesday in
reaction to the European Commission's statement that it would
not allow regional savings banks to hold stakes in the troubled
shipbuilder.  Mr. Solbes said the amended plan will remain
acceptable to unions, as it would retain as many jobs as
possible.  The finance minister added the government is
negotiating with the commission regarding necessary amendments
to the plan.

Under the submitted plan, state-owned holding company Sociedad
Estatal de Participaciones Industriales (SEPI) would separate
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 allotted 20% to 30% of the civilian company to
savings bank and will sell the remaining stakes to private
investors.  The European Commission opposed the plan saying
majority of the new civilian firm must be owned by private
entities.

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

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


IZAR: Employees Fear SEPI Would Revive 'Old' Plan
-------------------------------------------------
Employees of Izar staged a strike Wednesday last week in
reaction to the European Commission's opposition to the troubled
shipbuilder's viability plan, Europe Intelligence Wire says.

The commission expressed doubts over Sociedad Estatal de
Participaciones Industriales' (SEPI) proposed shareholding
structure for the new merchant shipbuilding company, saying the
government would still own a majority stake in the civilian
firm.  Under the plan, the state would hold a 49% stake in the
civilian firm while savings bank would control around 20% to 30%
of the firm.  The remaining stakes would be sold off to private
investors.

The unions asked the Madrid-based central government to take
control of negotiations over the future of the debt-ridden
shipbuilder.  Workers are worried the previous plan would
replace the current one.  Both plans entail splitting Izar's
military and civilian divisions and retaining the former.  The
old plan involves selling off Izar's civilian yards.  Massive
protests forced SEPI to revise that plan and require the
government to retain a stake in the civilian company.

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


ATOM ENERGO: Insolvency Manager to Temporarily Run Operations
-------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Atom Energo Invest (code EDRPOU 23164833) on
September 27, 2004 after finding the closed joint stock company
insolvent.  The case is docketed as 43/791.  Mrs. Lunkova
Svitlana has been appointed liquidator/insolvency manager.  The
company holds account number 26004100001 at JSCB Integral-Bank,
MFO 320735.

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

(a) ATOM ENERGO INVEST
    03190, Ukraine, Kyiv region,
    Bauman Str. 23/2

(b) Mrs. Lunkova Svitlana
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


DUKAT: Bankruptcy Proceedings Begin
-----------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
proceedings against Dukat (code EDRPOU 24262153) after finding
the limited liability company insolvent.  The case is docketed
as 24/544-b.  Arbitral manager Mrs. T. Dorohova (License Number
AA 668331) has been appointed liquidator/insolvency manager. The
company holds account number 260031205 at JSPPB Aval, Third Kyiv
region branch, MFO 322960 and account number 26009012823574 at
OJSC Ukreksimbank, MFO 322313.

CONTACT:  DUKAT
          Ukraine, Kyiv region,
          Kostyolna Str. 15, Office 1

          Mrs. T. Dorohova
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Ahmatova Str. 11/180
          Phone: (044) 550-80-53
                 (044) 238-20-62
          Fax: (044) 238-20-62

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


HARKIVSPECOBLADNANNYA: Names Lubov Miroshnichenko Liquidator
------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Harkivspecobladnannya (code EDRPOU 3233520)
on October 6, 2004 after finding the limited liability company
insolvent.  The case is docketed as B-31/21-04.  Arbitral
manager Mrs. Lubov Miroshnichenko (License Number AA 6300272004)
has been appointed liquidator/insolvency manager.  The company
holds account number 260033014565 at JSCB Zoloti vorota, MFO
351931.

CONTACT:  HARKIVSPECOBLADNANNYA
          Ukraine, Harkiv region,
          Ribalok Str. 11/37

          Mrs. Lubov Miroshnichenko
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Poltavskij Shlyah Str. 6/4-a

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


MARIUPOL' PHARMACEUTICAL: Succumbs to Bankruptcy
------------------------------------------------
The Economic Court of Donetsk region declared Mariupol'
Pharmaceutical Factory (code EDRPOU 05484007) insolvent on
September 6, 2004.  The case is docketed as 5/144 B.  Mr. Sergij
Pilipenko (License Number AA 630060) has been appointed
liquidator/insolvency manager.  The company holds account number
260089802211 at JSCB Ukrsocbank, Mariupol branch, MFO 334285.

CONTACT:  MARIUPOL' PHARMACEUTICAL FACTORY
          87532, Ukraine, Donetsk region,
          Mariupol, Semenishin Str. 4

          Mr. Sergij Pilipenko,
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Mariupol, Metalurgiv Avenue, 25/81
          Phone: 8 (29) 34-31-37

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


MONOLIT: Liquidator Enters Firm
-------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Agency Monolit on September 14, 2004 after
finding the close joint stock company insolvent.  The case is
docketed as B-19/68-04.

Creditors had until November 21, 2004 to submit their proofs of
claim to:

(a) MONOLIT
    Ukraine, Harkiv region,
    Engels Str. 29a

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


POLYTRADE PLUS: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Polytrade Plus (code EDRPOU 31863416) on
September 27, 2004 after finding the limited liability company
insolvent.  The case is docketed as 43/792.  Mrs. Valentina
Plushakova has been appointed liquidator/insolvency manager.
The company holds account number 2600898051120 at CB
Proeconombank, Dnipropetrovsk branch, MFO 306481.

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

(a) POLYTRADE PLUS
    04127, Ukraine, Kyiv region,
    40-Richya Zhovtnya Avenue, 120, Body 1

(b) Mrs. Valentina Plushakova
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


RENN: Insolvency Manager to Temporarily Oversee Business
--------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Renn (code EDRPOU 30260680) on October 4,
2004 after finding the limited liability company insolvent.  The
case is docketed as B 29/167/04.  Mr. Levchenko Igor has been
appointed liquidator/insolvency manager.  The company holds
account number 2600830215001 at JSB Credit-Dnipro, MFO 305749.

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

(a) RENN
    Ukraine, 49905, Dnipropetrovsk region,
    Dnipropetrovsk district, Oleksandrivka,
    Doslidna Str. 28

(b) Mr. Levchenko Igor
    Liquidator/Insolvency Manager
    49100, Ukraine, Dnipropetrovsk region,
    Slavi Str. 14/73

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


RIZHAVSKIJ SUGAR: Court Appoints Liquidator
-------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Rizhavskij Sugar Plant on August 20, 2004
after finding the open joint stock company insolvent.  The case
is docketed as 08/776.  Arbitral manager Mr. Valerij Pavlenko
(License Number AA 630055) has been appointed
liquidator/insolvency manager.

CONTACT:  Mr. Valerij Pavlenko
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Porik Avenue, 15/60
          Phone: 8 (067) 440-48-61

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


TMT: Bankruptcy Proceedings Begin
---------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against TMT (code EDRPOU 13504707) on October 13,
2004 after finding the limited liability company insolvent.  The
case is docketed as 5/169B.  LLC Financial Council (Donetsk) has
been appointed liquidator/insolvency manager.   Creditors had
until November 20, 2004 to submit their proofs of claim to the
Economic Court of Donetsk Region, 83048, Ukraine, Donetsk,
Artema Str. 157.


UKRAINIAN WHOLESALE: Declared Insolvent
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrainian Wholesale Company (code EDRPOU
24375503) on September 27, 2004 after finding the limited
liability company insolvent.  The case is docketed as 43/793.
Mrs. Valentina Plushakova has been appointed
liquidator/insolvency manager.  The company holds account number
26006026435671 at JSCB Ukrsocbank, Kyiv region city branch,
MFO 322012.

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

(a) UKRAINIAN WHOLESALE COMPANY
    01006, Ukraine, Kyiv region,
    Burmistenko Str. 3

(b) Mrs. Valentina Plushakova
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


VOLINTRANSNAFTOPRODUCT: Under Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on Volintransnaftoproduct (code EDRPOU
21752974).  The case is docketed as 1/71-B.  Mr. Volodimir
Temchishin (License Number AA 630072) has been appointed
temporary insolvency manager.  The company holds account number
260093014055 at JSCB Zoloti vorota, Harkiv branch.

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

(a) VOLINTRANSNAFTOPRODUCT
    43010, Ukraine, Lutsk region,
    Dubnivska Str. 36

(b) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk region,
    Voli Avenue, 54-a


VOLOCHISKE: Court Prescribes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Volochiske (code EDRPOU 30943186)
The case is docketed as 2/152-B.  Mrs. Kovalchuk Irina (License
Number AA 719840) has been appointed temporary insolvency
manager.  The company holds account number 26008525284001 at
CJSC CB Privatbank, Hmelnitskij branch.

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

(a) VOLOCHISKE
    31200, Ukraine, Hmelnitskij region,
    Volochisk

(b) Mrs. Kovalchuk Irina
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Pushkin Str. 9/25

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


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


ALPA INDUSTRIES: Names Tenon Recovery Administrator
---------------------------------------------------
S. B. Coltman and T. J. Binyon (IP Nos 9181, 9285) have been
appointed administrators for Alpa Industries Limited.  The
appointment was made Nov. 10, 2004.

The company manufactures office machinery.  Its registered
office is located at Sherlock House, 73 Baker Street, London W1U
6RD.

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


BAE SYSTEMS: Rating on Watch Negative Over Fraud Probe
------------------------------------------------------
Fitch Ratings placed BAE Systems Plc's Senior Unsecured 'BBB+'
and Short-term 'F2' ratings on Rating Watch Negative.  This
rating action follows BAE's announcement that the U.K.'s Serious
Fraud Office (SFO) has included the company in the investigation
for false accounting of contracts with two companies, in
relation to defense deals closed with the Kingdom of Saudia
Arabia.

Timing for the resolution of the Rating Watch Negative is likely
to depend on the closing of the investigation.  Nonetheless,
Fitch will monitor the developments closely and a rating action
may occur in advance to the closing, depending on reported
progress of the investigation.

Fitch is concerned that the allegations, if proven, could
undermine BAE's ethical and reputation standing, in addition to
having a medium-term impact on its sizeable commercial ties with
the Kingdom and potentially also with the U.K. Ministry of
Defense.

BAE supplies defense hardware, in addition to design,
construction, training and support to Saudi Arabia through the
Al-Yamamah contract.  This contract is the U.K.'s biggest-ever
defense export contract and has been ongoing for nearly 20
years.  It is reported to account for more than 70% of the
GBP2.2 billion (in FY03) revenues of BAE's customer solution &
support division, which is the company's most profitable
division and represented 42% of total group profit in FY03.

BAE is Europe's largest defense equipment company and a 20%
shareholder in aircraft manufacturer Airbus.

BAE has also announced that it will be extending its full co-
operation to the SFO.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 87 90 87213

          Monica Klingberg Insoll, London
          Phone: +44 (0) 20 7417 4281

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

          BAE SYSTEMS plc
          Warwick House, PO Box 87, Farnborough Aerospace Center
          Farnborough Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252 373232
          Fax: +44-1252 383000
          Web site: http://www.baesystems.com


BPC HOLDINGS: Appoints Citroen Wells Administrator
--------------------------------------------------
Mark Richard Phillips and Murzban Khurshed Mehta (IP Nos 9320,
6224) have been appointed administrators for BPC Holdings
Limited.  The appointment was made Nov. 8, 2004.

The company manages sports and social clubs.  Its registered
office is located at Ferry House, The Dingle, Stapenhill,
Burton-on-Trent, Staffordshire DE15 9HF.

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


CALDENE CONSTRUCTION: Names BWC Business Solutions Administrator
----------------------------------------------------------------
David Leighton Cockshott and Paul Andrew Whitwam (IP Nos 8974,
8346) have been appointed administrators for Caldene
Construction Company Limited.  The appointment was made Nov. 9,
2004.

The company is engaged in general construction.  Its registered
office is located at BWC Business Solutions, 8 Park Place, Leeds
LS1 2RU.

CONTACT:  BWC Business Solutions
          8 Park Place, Leeds LS1 2R


CINNACOY LIMITED: Hires Antony Batty & Co. as Administrator
-----------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for Cinnacoy Limited.  The appointment was made
Nov. 8, 2004.

CONTACT:  ANTONY BATTY & COMPANY
          24 New House,
          67-68 Hatton Garden, London EC1N 8JY


FAB-TECH AUTOMOTIVE: Hires Administrators from PKF
--------------------------------------------------
Ian James Gould and Edward Terence Kerr (IP Nos 7866, 9020) have
been appointed administrators for Fab-Tech Automotive Limited.
The appointment was made Nov. 9, 2004.

The company manufactures air conditioning systems.  Its
registered office is located at New Guild House, 45 Great
Charles Street, Queensway, Birmingham B3 2LX

CONTACT:  PKF
          New Guild House, 45 Great Charles Street,
          Queensway, Birmingham B3 2LX
          Phone: 0121 212 2222
          Fax:   0121 212 2300
          E-mail: info.birmingham@uk.pkf.com
          Web site: http://www.pfk.co.uk


FBG TRIDENT: Hires Joint Administrators from Hurst Morrison
-----------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison (IP Nos 1162, 7254)
have been appointed joint administrators for FBG Trident
Limited.  The appointment was made Nov. 9, 2004.  The company
manufactures cosmetic and pharmaceutical glass containers.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley-on-Thames,
          Oxfordshire RG9 2JR
          Phone: 01491 579740
          Fax:   01491 575073


FELLOWS DISTRIBUTION: Names PricewaterhouseCoopers Administrator
----------------------------------------------------------------
Mark Bowen and Alistair Grove (IP Nos 8711, 7913) have been
appointed joint administrators for Fellows Distribution Services
Limited.  The appointment was made Nov. 11, 2004.  The company
is engaged in freight transport by road.

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


FULLERTON & COLEMAN: Calls in Administrator from Turpin Barker
--------------------------------------------------------------
Martin C. Armstrong (IP No 6212) has been appointed
administrator for Fullerton & Coleman Electrical Mechanical
Services Limited.  The appointment was made Nov. 10, 2004.  Its
registered office is located at Allen House, 1 Westmead Road,
Sutton, Surrey SM1 4LA.

CONTACT:  TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


GASLANE PIPEWORK: Names David Rubin & Partners Administrator
------------------------------------------------------------
Paul Appleton and Asher Miller (IP Nos 8883, 9251) have been
appointed administrator for Gaslane Pipework Services Limited.
The appointment was made Nov. 4, 2004.  the company supplies and
maintains air conditioning system.

CONTACT:  DAVID RUBIN & PARTNERS
          1st Floor, 26-28 Bedford Row,
          London WC1R 4HE


MOSHI MOSHI: Hires Rothman Pantall & Co. as Administrator
---------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman (IP Nos 8975,
4731) have been appointed joint administrators for restaurant
company Moshi Moshi Sushi Limited.  The appointment was made
Nov. 4, 2004.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street, London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


ROYAL MAIL: Returns to Operating Profit in First Half
-----------------------------------------------------
Royal Mail made a GBP217 million profit on its operations and
delivered a significant improvement in customer service in the
first half of 2004-05 financial year.

The latest results show Royal Mail is on target to complete its
turnaround from a position where it was losing well over GBP1
million a day in 2002, and was facing future cash flow
difficulties which put in doubt its ability to trade as a going
concern.  The company is now making more than GBP1 million a day
on its operations.

The financial turnaround has been achieved alongside operational
changes, which are providing the basis for consistent, long-
term, high-quality customer service.

The latest quality of service report shows that 92.1% of First
Class letters arrived the day after posting during July to
September, among the best performances in a decade and almost
four points better that the 88.3% achieved in April to June
2004.

There has been significant improvement in service performance
for 14 of the 15 targets.  Seven target levels were exceeded
during July to September.  Service quality is also higher than
in 2001-02, the year before Royal Mail launched its three-year
renewal plan when the First Class annual performance was just
under 90%.

Royal Mail's Chairman, Allan Leighton, said: "No-one should
doubt or under-estimate the scale of task we have tackled. We
are delivering a massive modernization  program, restoring
profitability and driving up service to customers. Royal Mail is
being transformed.

"Recently, there have been few plaudits for postmen and women
but I believe they can take pride in the progress achieved since
Royal Mail's three-year renewal plan was launched 2 years ago.

"The focus on achieving consistent, high quality service --
Royal Mail's number one priority -- is showing positive results.

"We are succeeding in modernizing the letters business.  Nearly
20 years after it was first proposed, a single daily delivery to
every address has become a reality.

"Losses have been cut in Post Office Ltd and revenue has grown
as a result of the expanding range of financial services the
network provides.  Parcelforce Worldwide's income is up, its
losses have been halved and it continues to benefit from its
focus on express services for businesses.  Our European parcels
business, GLS, has moved into profit with increased volumes,
incomes and margins in a tough market.

"Overall, across the whole business, profitability has improved
and the jobs of nearly 195,000 people have been changed --
probably the biggest transformation program in U.K. industry in
a quarter century." said Mr. Leighton.

                 Investing in People and Quality

He pointed out that Royal Mail had recorded losses of more than
GBP1.7 billion in two years.  "A company that was losing well
over GBP1 million a day is now making more than GBP1 million a
day on its operations and investing in its people and in
improving service to customers," said Mr. Leighton.

"In 2002, pay was too low and our people were working a six-day
week -- a major factor behind Royal Mail's reputation for having
one of the U.K.'s worst strike records.  Customers were
suffering the loss of nearly 30 million letters a year and the
First Class performance in the year before the renewal plan was
launched was one of the worst in the last decade.

"No change was not an option.  We were in an industrial
backwater and had to get out of it," said Mr. Leighton.

"Thirty months into the renewal plan, it's clear we have made
huge progress," he said.

"We're back in profit, figures for lost mail have been halved,
customer service is improving, major operational change has been
implemented, and postmen and women are on a five-day week with
the majority now getting at least GBP300 a week basic,
pensionable pay as result of a groundbreaking 14.5% pay deal
linked to productivity.  The company is also openly tackling
bullying and harassment, and the Equal Opportunities Commission
has suspended its investigation into Royal Mail."

Mr. Leighton said the company was on target to achieve a GBP400
million profit on operations for the whole of 2004-05.  This was
the trigger point for giving employees a Share in Success
payment of at least GBP800.  It will be one of the biggest
single transfers of profit back to employees in corporate
history.

"The GBP400 million target is achievable if everyone in Royal
Mail keeps focusing on improving service and efficiency.  A
Share in Success payment will be recognition that it's the
postmen and women's dedication and commitment that is turning
round Royal Mail," said Mr. Leighton.

Adam Crozier, Chief Executive, stressed that the operational
changes to introduce a single daily delivery, streamline the
transport operation and improve efficiency at mail centers were
now almost complete -- and had mostly been accomplished in a 12-
week period last spring.  Rival postal administrations had taken
much longer to achieve what Royal Mail had done in months.

"Unfortunately, quality of service dipped during the spring
given the intensity and range of the operational changes we were
implementing.  We have apologized for the dip in service and our
thanks go to customers for their patience during this period.
Although we still have some way to go, I'm pleased that in the
second quarter of the year, there have been significant
improvements across the range of our products with significant
service improvements for both large and small businesses, and
for individual consumers," said Mr. Crozier.

                      Hitting Target Levels

Second Class mail performance in quarter two was 98.6%, above
the 98.5% target level, and several of the business mail
services also hit levels in the high nineties.  Overall, the
seven most used products, covering nearly 80% of mail -- First
and Second Class stamped and meter mail, Mailsort 1, 2 and 3 for
bulk mail services, and Presstream 1 and 2 for delivery of
newspapers and magazines -- all improved in quarter two with six
of these exceeding their target level.  Performance against a
seventh target, for Standard Parcels, was also exceeded.

"Improving quality of service remains Royal Mail's number one
priority.  We are very determined to succeed in delivering high-
quality service, day-in, day-out, to all our customers."

Mr. Crozier said there had also been improvements in the
integrity of the mail service.  All new recruits were being
vetted to ensure that the few who attempted to conceal past
convictions were detected and prevented from joining the
company.

The number of temporary employees had been massively reduced -
from more than 20,000 in the spring down to 2,500.  A pool of
experienced, trained temps was being established to ensure that
when there was a short-term need for manpower, Royal Mail could
quickly deploy the best possible people.  Training had been
improved too and new recruits were being assigned a mentor to
help them pick up the job more swiftly.

There had also been an admission by Channel 4 that its
Dispatches documentary program on Royal Mail last spring had
inaccurately claimed that a credit card alleged to have been
stolen from Royal Mail had, in fact, never been in the postal
system.  The program further admitted it had not found any
evidence in six months of undercover filming to back up a
mocked-up advertisement for the program purporting to show a
postman stealing cash from a birthday card.

Mr. Crozier said: "It was very important that we put the record
straight. The huge bulk of mail -- 99.92% -- arrives safely at
its destination.  Only 0.005% of letters are affected by theft
and 90% of the incidents of theft are when criminals attack
postmen and women."

Mr. Crozier said rival companies were already operating in the
U.K. and customers, especially business mailers, would
increasingly find a choice, especially as the regulator was
proposing to open the mail market to full competition in January
2006, just over a year away.

"It's right that customers have choice," said Mr. Crozier.  "But
it must also be right that the regulator gives Royal Mail the
freedom to compete fairly and that means having a light-touch
regulatory regime.  The handcuffs must come off.

"Royal Mail is subject to the tightest regulatory control in
Europe with 14 letter targets against one in The Netherlands and
two in Germany.  An excess of targets -- many of them not even
recognized by customers -- is not helping Royal Mail focus even
more on the few targets which are really important to our
customers, like next-day First Class delivery.

"Royal Mail's prices are the best value in Europe but we have a
price structure that is not related to our costs yet it remains
tightly controlled by the regulator.

"We need to have the ability to rebalance our prices over the
next few years so that all cross-subsidies in our price
structure end.  Royal Mail wants to offer all its customers a
fair, commercial pricing structure, closely related to our
costs, so that we can compete effectively with rivals who have
the freedom to set their prices at any level they choose," said
Mr. Crozier.

      To Be the World's Best and Most Trusted Mail Company

He said: "The progress we have made in improving both our
service and profitability supports our vision to be demonstrably
the best and most trusted mail company in the world.

"We are determined to consistently provide the highest quality,
dependable mail services, and that includes innovative products
for all our customers as well as the one-price-goes-anywhere
universal service to the U.K.'s 27 million addresses.  The
challenge now is to make a commercial return that's acceptable
to our shareholder and, above all, allows us to make the
investments we need in both our people and in improving quality
further."

Issued by Royal Mail Group plc
148 Old Street
LONDON EC1V 9HQ

CONTACT:  Royal Mail Holdings plc
          148 Old St.
          London EC1V 9HQ, United Kingdom
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SKYEPHARMA PLC: Resets Terms of Convertible Notes, Warrants
-----------------------------------------------------------
The Issuer and a majority of the holders of the Issuer's 12%
Senior Secured Convertible Notes due 2008 and the Issuer's
warrants expiring Dec. 16, 2008, agreed to reset effective Oct.
15, 2004 the conversion price of the Convertible Notes and the
exercise price of the Warrants to US$0.25, and the number of
securities issuable upon exercise of each Warrant has been
adjusted upward in accordance with the terms of Section 5 of the
Warrants (the Reset Agreement).  SkyePharma consented to this
adjustment on Nov. 16, 2004.

As a result of the Reset Agreement, SkyePharma beneficially owns
14,553,194 shares of Common Stock (including 307,493 shares of
Common Stock to which SkyePharma is entitled as liquidated
damages pursuant to the terms of the December Registration
Rights Agreement as amended as described in Item 6 below),
1,000,000 shares of Series D Convertible Preferred Stock, par
value US$0.001 per share, of the Issuer (the Preferred Stock)
currently convertible into 1,000,000 shares of Common Stock,
US$1,000,000 aggregate principal amount of the Convertible Notes
currently convertible into 4,000,000 shares of Common Stock and
Warrants expiring Dec. 16, 2008 exercisable for 4,000,000 shares
of Common Stock at an exercise price of US$0.25, or 29.9% of the
78,721,183 shares that would be outstanding if SkyePharma
converted its Preferred Stock and Convertible Notes and
exercised its Warrants (based upon 69,721,183 shares of Common
Stock as reported to be outstanding as of Aug. 6, 2004 as
reported by the Issuer in its Form 10-QSB filed with the
Securities and Exchange Commission on Aug. 16, 2004).

Pursuant to the Reset Agreement, in exchange for and
concurrently with the reduction of the exercise price of the
Warrants and the conversion price of the Convertible Notes
outlined above,

     (i) the terms of the Convertible Notes were amended so that
         beginning with the interest payment due in Dec. 2004,
         the Issuer is entitled to pay all interest due on the
         Convertible Notes in either cash or Common Stock and

    (ii) the December Registration Rights Agreement, as defined
         below, was amended as described in Item 6 and
         SkyePharma was issued 307,493 shares of Common Stock in
         lieu of cash penalties.

     Pursuant to the Stockholders' Agreement, dated as of Aug.
     20, 2003, as amended on Jan. 13, 2004 between the Issuer
     and Stuart Benson, Donald Hannah (the "Founders Group"),
     Fifth Avenue Capital, Inc. and Stephen Morris (Mr. Morris,
     and with Fifth Avenue Capital, the "Morris Group"), and
     SkyePharma (collectively, the "Stockholders"), each
     Stockholder agreed to vote its Common Stock and other
     voting securities and take other action necessary to elect
     directors as provided therein.  Mr. Benson is the
     beneficial owner of 4,985,000 shares of Common Stock
     representing approximately 7.1% of the outstanding Common
     Stock.  Mr. Hannah is the beneficial owner of 843,425
     shares of Common Stock representing approximately 1.2% of
     the outstanding Common Stock.  Fifth Avenue Capital is the
     beneficial owner of 8,860,575 shares of Common Stock
     representing approximately 12.7% of the outstanding Common
     Stock.

Mr. Morris is a principal of Fifth Avenue Capital.  Mr. Morris
is individually the beneficial owner of 30,000 shares of Common
Stock representing approximately 0.04% of the outstanding Common
Stock.  SkyePharma has sole power to dispose of the Common Stock
beneficially owned by it and, by virtue of the Stockholders'
Agreement, may be deemed to have shared power to vote the Common
Stock owned by it.  SkyePharma disclaims beneficial ownership of
the 14,719,000 shares of Common Stock owned by Mr. Benson, Mr.
Hannah, Mr. Morris and Fifth Avenue Capital, each of whom has
shared power to vote or direct the vote and sole power to
dispose or direct the disposition of such shares of Common Stock
beneficially owned by such person.

Mr. Benson, a citizen of the United States of America, is the
Chief Executive Officer, President and Secretary of Vital
Living.  Mr. Hannah, a citizen of the United States of America,
is a Non-executive Director of Vital Living.  The business
address for Mr. Benson and Mr. Hannah is 5080 North 40th Street,
Suite 105, Phoenix, Arizona 85018.  Mr. Morris, a citizen of the
United Kingdom, is the sole officer and director of ENI and
president of Fifth Avenue Capital.  His principal address is 8
the Meadows, Camps Bay, Cape Town, South Africa.  Fifth Avenue
Capital, a British Virgin Islands corporation, is a company that
invests in international business opportunities, with its
principal offices located at Suite 1601-1603, Kinwick Centre, 32
Hollywood Road, Central Hong Kong.

To the knowledge of SkyePharma, none of such persons during the
last five years, has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or has
been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.

No person other than SkyePharma has the right to receive or the
power to direct the receipt of dividends from, or the proceeds
from the sale of, its Common Stock, Preferred Stock, Convertible
Notes or Warrants.

Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer is hereby supplemented to
include: The Reset Agreement also amended the Registration
Rights Agreement between the Issuer and the investors listed
therein, dated as of Dec. 15, 2003, the terms of which required
the Issuer to file with the Commission on or before Jan. 14,
2004 a registration statement to permit the offering and sale of
the Common Stock issuable on the conversion of the Convertible
Notes and the exercise of the Warrants, and Common Stock
issuable as payments of interest on the Convertible Notes and
which also required the Issuer to use reasonable best efforts to
have the 2004 Registration Statement declared effective by the
Commission as promptly as practicable and no later than April
15, 2004.  The Reset Agreement amended the Registration Rights
Agreement so that liquidated damages required to be paid by the
Issuer as a result of its failure to have the Registration
Statement declared effective by April 15, 2004 may be paid in
shares of the Issuer's Common Stock.

Signature

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.

November 18, 2004            SkyePharma PLC



                     By: /s/ Donald Nicholson
                     ------------------------
                      Name: Donald Nicholson
                      Title: Finance Director

                            *   *   *

Skyepharma reported a retained loss of GBP10.194 million in the
first half, down from GBP 18.689 million during the same period
a year ago.

CONTACT:  SkyePharma PLC
          105 Piccadilly
          London W1J 7NJ, United Kingdom
          Phone: +44-20-7491-1777
          Fax: +44-20-7491-3338
          Web site: http://www.skyepharma.com


                            *********


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

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

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

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Information contained herein is obtained from sources believed
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