TCREUR_Public/041123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 23, 2004, Vol. 5, No. 232

                            Headlines

G E R M A N Y

AUTOHAUS JANSEN: Gives Creditors Until December to File Claims
AVM RENT: Munich Court Brings in Provisional Administrator
GFG GETRANKEFACHGROSSHANDEL: Creditors' Meeting Set Next Month
INFINEON TECHNOLOGIES: BF Consulting Rejects Settlement Offer
KARSTADTQUELLE AG: Banks Extend Credit Facility

MASSIVHAUS SCHAEFER: Cologne Court Appoints Administrator
MBP MICHAEL: Creditors' Claims Due Next Month
M.E.R. BAUTRAGER: Under Bankruptcy Administration
MOBELWERKE QUEDLINBURG: Creditors' Meeting Set December
PHOENIX ROHSTOFF: Administrator to Deliver Report December
SGS MASCHINENBAU: Administrator's Report Out January
ZECH BAUUNTERNEHMEN: Administrator Takes over Helm


I R E L A N D

AN POST: 400 Not 270 Will Lose Jobs in SDS Closure, Says Union


I T A L Y

PARMALAT FINANZIARIA: BofA Vows to do Anything to Enforce Claims
PARMALAT FINANZIARIA: Citigroup Loses Bid to Move Case to N.Y.
PARMALAT FINANZIARIA: Investigators Sift Through Damning E-mails
PARMALAT FINANZIARIA: Parmatour Funds Missing
PARMALAT FINANZIARIA: Opening of Parmatour Bids Set this Week
VOLARE GROUP: Mulls Proposed Spin-off of Some Operations


N O R W A Y

AKER KVAERNER: GE Coaxes Kjell Inge Rokke into Selling Stake


P O L A N D

ELEKTRIM SA: Looking for Investors in Patnow Project


R U S S I A

KHABAROVSKIY FACTORY: Insolvency Manager Takes over Operations
KOMSOMOLETS: Undergoes Bankruptcy Supervision Procedure
MIKHAYLOVSKAYA SEL-KHOZ-KHIMIYA: Files for Bankruptcy
NORTH SCIENTIFIC: Creditors Have Until Next Month to File Claims
OGODZHA: Amur Court Opens Bankruptcy Proceedings

SECONDARY METALS: Hires A. Kharlanov as Insolvency Manager
SYKTYVKARSKIY-BRICKWORKS: Sets Deadline for Proofs of Claim
THERMAL NETWORKS: Sakhalin Court Appoints Insolvency Manager
UGLOVSKIY TIRE: Bankruptcy Proceedings Begin
ULYANOVSK-SLATE: Appoints A. German Insolvency Manager

YUKOS OIL: Authorities Put Top Lawyer on Wanted List
YUKOS OIL: Govt to Auction Major Stake in Main Unit December
YUKOS OIL: Condemns Proposed Sale of Main Production Unit
YUKOS OIL: Unit Probed for Violating Competition Laws


S L O V A K   R E P U B L I C

DEXIA BANK: Individual Rating Upgraded to 'C/D'


U K R A I N E

ARDISCENTRE: Succumbs to Insolvency
ECONOMY DEVELOPMENT: Sets Date for Claims Verification
ENERGOMASH: Insolvency Manager to Temporarily Oversee Business
KAMKOR: Sets Public Auction Friday
KYRGYZ CHEMICAL: Government Giving up 70.04% Stake

ONEGAPROM: Kyiv Court Opens Bankruptcy Proceedings
PRIMEXPRESS: Insolvency Manager Takes over Helm
SARY-KOO: Bidding Period Ends Thursday
TEMIRLAN A: To Review Creditors' Claims January
TOP-TRADE: Under Bankruptcy Supervision
ZAPORIZHYA' ENERGY: Temporary Insolvency Manager Takes over Helm
ZOLOTIJ BUDINOK: Odesa Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

AGENTCHART LIMITED: Receiver to Present Report December
AGGREGATE ENERGY: Sets Meeting of Unsecured Creditors December 7
A J S ENTERPRISES: Hires Liquidator from Gilderthorps
ALPHA CEMENT: Owners Opt to Wind up Operations
ALUPLAS LIMITED: Insolvency Service Disqualifies Top Honcho

ANGLOGRACE LIMITED: Special Winding up Resolution Passed
ARROWBAY LTD.: Director Receives 7-year Ban from Holding Office
AVONBLADE LIMITED: Names Moore Stephens Liquidator
AVO TECHNICAL: Names PricewaterhouseCoopers Liquidator
BESS LIMITED: Calls Creditors' Meeting

BRITISH SKY: Rating Affirmed at 'BBB-'; Outlook Positive
CAPITAL PRINT: Appoints Joint Receivers from Tenon Recovery
COMPUTER RESALE: Names Rothman Pantall & Co. Liquidator
COTTON BOTTOMS: Bank of Scotland Calls in Receiver
FRANK RICHMOND: Members Decide to Liquidate Company

GIIT REALISATIONS: Calls in Joint Liquidators from Ernst & Young
GREEN T: Hires Ernst & Young as Liquidator
HOLIDAY RETIREMENT: Names RSM Robson Rhodes Liquidator
INVESCO CONTINENTAL: Brings in Liquidator from PwC
JST SECURITIES: Hires Liquidators from Ernst & Young

LANDPRINT LIMITED: Members Pass Winding up Resolutions
LEICA GEOSYSTEMS: Names Baker Tilly Liquidator
MODELCAR LIMITED: Creditors' Meeting Set Next Month
MULTIPLASTICS LIMITED: Meeting of Unsecured Creditors Next Week
NORTH LONDON: Regulator Serves Directors Eleven-year Ban

PINEAPPLE FABRICATIONS: Creditors' Meeting Set Next Week
RAFFLEX LIMITED: Liquidation Report Due Second Week of December
REEVES WIRELINE: Calls in Joint Liquidators from PwC
SEAGRAM EUROPEAN: Liquidators from Mazars Move in
SKILLS INSIGHT: Winding up Resolution Passed

SSNT SECURITIES: Joint Liquidators Take over Firm
SURE SERVE: Creditors' Meeting Next Week
TAY FABRICS: Liquidator to Give Winding-up Report Next Month
THAMES INFORMATION: Extraordinary Winding up Resolution Passed
WATERFORD WEDGWOOD: Reports EUR8.9 Mln First-half Pre-tax Profit

* Large Companies with Insolvent Balance Sheets


                            *********


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


AUTOHAUS JANSEN: Gives Creditors Until December to File Claims
--------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Autohaus Jansen GmbH on Oct. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 10, 2004 to register their
claims with court-appointed provisional administrator Andreas
Amelung.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 8:30 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 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.

The company sells and repairs vehicles.

CONTACT:  AUTOHAUS JANSEN GMBH
          Neusser Str. 385, 50733 Koln
          Phone: (0221) 97 65 70- 0
          Telefax: (0221) 97 65 70-22
          E-mail: info@autohausjansen.de
          Web site: http://www.autohausjansen.de

          Torsten Jansen, Manager
          Niehler Kirchweg 39, 50733 Koln
          Rudolf Hackenbroich, Manager
          Alfons-Keever-Str. 16, 52388 Norvenich

          Andreas Amelung, Insolvency Manager
          Mediapark 6 B, 50670 Koln
          Phone: 57437910
          Fax: +4922157437938


AVM RENT: Munich Court Brings in Provisional Administrator
----------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against AVM Rent a Car Mietwagen 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 Dr. Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 9:15 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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.
26, 2005, 9:00 a.m. at the same venue.

CONTACT:  AVM RENT A CAR MIETWAGEN GMBH
          Augustenstr. 13 in 80333 Munchen
          Phone: 089-596161
          Fax: 089-593884
          E-mail: info@avm-autovermietung.de
          Web site: http://www.avm-autovermietung.de/

          Dr. Kurt Bruder, Insolvency Manager
          Herzog-Wilhelm-Str. 17, 80331 Munchen
          Phone: 089/236858-0
          Fax: 089/2603440


GFG GETRANKEFACHGROSSHANDEL: Creditors' Meeting Set Next Month
--------------------------------------------------------------
Creditors and other parties interested in GFG
Getrankefachgrosshandel GmbH are encouraged to attend a meeting
on Dec. 15, 2004, 10:15 a.m. at the district court of Magdeburg
Liebknechtstrasse 65-91, Sitzungssaal B, Gebaude 4 at which time
the administrator will present his first report of the
insolvency proceedings.  Creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager during
the meeting.

CONTACT:  GFG GETRANKEFACHGROSSHANDEL GMBH
          Menzer Str. 9, 39114 Magdeburg

          Manfred Steinbach, Manager
          Morikestr. 5, 39114 Magdeburg

          Andreas Kienast, Insolvency Manager
          Lennestr. 10, 39112 Magdeburg


INFINEON TECHNOLOGIES: BF Consulting Rejects Settlement Offer
-------------------------------------------------------------
Semiconductor group Infineon Technologies failed to settle a
court dispute with Swiss sponsoring firm BF Consulting, says
Frankfurter Allgemeine Zeitung.

BF Consulting sued Infineon after the semiconductor firm
cancelled a contract with the Swiss company earlier this year.
BF Consulting won sport-sponsoring engagements for Infineon, the
bulk of which is in motor racing.  Infineon cancelled the
contract, claiming breach of trust.  An Infineon board member
allegedly demanded and received EUR.3 million to secure the
contract for BF Consulting.  Infineon denied the concerned board
member was former chairman and amateur racing driver Ulrich
Schumacher.  The court will decide whether to admit the case on
January 26, 2005.

CONTACT:  INFINEON TECHNOLOGIES AG
          St. Martin Str. 53
          81669 Munich
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com


KARSTADTQUELLE AG: Banks Extend Credit Facility
-----------------------------------------------
Creditor banks of troubled retail giant KarstadtQuelle have
extended the group's credit line, Die Welt says.

This came after public banks Nord/LB and LBBW finally gave
agreed to extend KarstadtQuelle's EUR1.75 billion long-term
loans.  Market experts believe the credit line extension would
enable KarstadtQuelle to secure the approval of the capital
increase to avoid insolvency.

KarstadtQuelle is currently trying to persuade a group of banks,
including U.S. investment bank Goldman Sachs, to participate in
a EUR500 million capital increase.  The capital increase would
be in the form of a long-term, subordinated capital.
KarstadtQuelle plans to use the amount to prop up its coffers.

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


MASSIVHAUS SCHAEFER: Cologne Court Appoints Administrator
---------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Massivhaus Schaefer & Wagner GmbH on Oct. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 19, 2004
to register their claims with court-appointed provisional
administrator Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 9:00 a.m. at the district court of
Koln Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MASSIVHAUS SCHAEFER & WAGNER GMBH
          Gartenstrasse 3, 51379 Leverkusen
          Contact:
          Hans-Jorg Schaefer, Manager

          Hans-Gerd Jauch, Insolvency Manager
          Sachsenring 81, 50677 Koln
          Phone: 33660130
          Fax: +492213366085


MBP MICHAEL: Creditors' Claims Due Next Month
---------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against mbp Michael basche promotion Gesellschaft fur
Kommunikationsarbeit mbH on Oct. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 19, 2004 to register their claims with
court-appointed provisional administrator Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 10:45 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MBP MICHAEL BASCHE PROMOTION GESELLSCHAFT FUR
          KOMMUNIKATIONSARBEIT MBH
          Friedendsstr. 57, 51147 Koln
          Contact:
          Michael Frank Barsche, Manager
          Schonrather Str. 15, 51103 Rosrath

          Dr. Sabine Feuerborn, Insolvency Manager
          Else-Lang-Str. 1, 50858 Koln
          Phone: 285 547-0
          Fax: +4922128554729


M.E.R. BAUTRAGER: Under Bankruptcy Administration
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against M.E.R. Bautrager GmbH on Oct. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 19, 2004 to register their
claims with court-appointed provisional administrator Karl-
Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 10:35 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  M.E.R. BAUTRAGER GMBH
          Fohrenweg 7, 51491 Overath
          Contact:
          Rainer Wittenius, Manager
          Fohrenweg 7, 51491 Overath

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


MOBELWERKE QUEDLINBURG: Creditors' Meeting Set December
-------------------------------------------------------
Creditors and other parties interested in Mobelwerke Quedlinburg
GmbH are encouraged to attend the meeting on Dec. 15, 2004,
10:30 a.m. at the district court of Magdeburg, Liebknechtstrasse
65-91, Sitzungssaal B, Gebaude 4 at which time the administrator
will present his first report of the insolvency proceedings.
Creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  MOBELWERKE QUEDLINBURG GMBH
          Magdeburger Str. 13, 06484 Quedlinburg

          Artur Garke
          Billungstr. 2, 06484 Quedlinburg

          Arne Brumm, insolvency Manager
          Jahnring 29, 39104 Magdeburg


PHOENIX ROHSTOFF: Administrator to Deliver Report December
----------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against Phoenix Rohstoff Trading GmbH on Oct. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 9:30 a.m. at Infanteriestr. 5,
Sitzungssaal 102, Prufungstermin am Donnerstag 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.  The claims were due Nov. 19, 2004.

CONTACT:  PHOENIX ROHSTOFF TRADING GMBH
          Kesselbergstr. 6 in 81539 Munchen

          Dr. Kurt Bruder, Insolvency Manager
          Herzog-Wilhelm-Str. 17, 80331 Munchen
          Phone: 089/236858-0
          Fax: 089/2603440


SGS MASCHINENBAU: Administrator's Report Out January
----------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against SGS Maschinenbau GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 1, 2005 to register their
claims with court-appointed provisional administrator Wilhelm
Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 18, 2005, 10:10 a.m. at the district court
of Krefeld Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage,
Raum 214 at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on March 29, 2005,
9:05 a.m. at the same venue.

SGS manufactures and sells all kinds of equipment, including
textile fabrication machines.

CONTACT:  SGS MASCHINENBAU GMBH
          Gladbacher Str. 469, 47805 Krefeld
          Phone: 0 21 51 87 78 70
          Fax: 0 21 51 87 78 88
          E-mail: info@sgs-maschinenbau.de
          Web site: http://www.sgs-maschinebau.de/

          Contact:
          Jorg Krusat, Manager
          Bruckersche Str. 62, 47839 Krefeld

          Wilhelm Klaas, Insolvency Manager
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: (02151) 80 58 0
          Fax: +4902151805858


ZECH BAUUNTERNEHMEN: Administrator Takes over Helm
--------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Bauunternehmen GmbH on Oct. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 8, 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. 5, 2005, 9:50 a.m. at Saal D,
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:  ZECH BAUUNTERNEHMEN GMBH
          Wipertistr. 5, 06484 Quedlinburg
          Contact:
          Klaus Zech, Manager
          Eichenring 28, 06507 Gernrode

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


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


AN POST: 400 Not 270 Will Lose Jobs in SDS Closure, Says Union
--------------------------------------------------------------
Three An Post Directors are planning to consult legal experts
regarding the firm's plan to shut its parcel delivery service
SDS, utv reports.

The move came after the Communications Workers Union published
an independent review questioning An Post's reasons for the
closure.  The company said it was forced to take the action due
to serious financial loss.

An Post earlier said SDS lost EUR20 million the past two years.
The company is seeking 270 voluntary redundancies among its 450
staff with a plan of transferring the remaining employees to
other positions within the group.  The union argues that up to
400 additional staff could also be affected by the closure.

CONTACT:  An Post
          Phone: 1850 262 362
          E-mail: pressoffice@anpost.ie
          Web site: http://www.anpost.ie


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


PARMALAT FINANZIARIA: BofA Vows to do Anything to Enforce Claims
----------------------------------------------------------------
Bank of America Vice President Jaap Dutry warns of a possible
case against Parmalat Finanziaria, as a measure to secure
creditor status, according to Agence France-Presse.

Mr. Dutry has reportedly told Correra della Sera newspaper the
bank may file cases in the U.S. and Italy to ensure that the
principle of equality of treatment between creditors are
respected.

Bank of America and another U.S. bank, Citigroup, have been
excluded from the initial list of companies with creditor
status, thus may claim damages, the report said.  The matter is
pending before the Parma court presided by judge Giuseppe
Coscioni.

The two are facing lawsuits in the U.S. filed by Parmalat
administrator Enrico Bondi, claiming US$10 billion in damages.
Mr. Bondi has alleged that services provided by the banks were
prejudicial to Parmalat.  Bank of America has rejected the
claims.

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

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


PARMALAT FINANZIARIA: Citigroup Loses Bid to Move Case to N.Y.
--------------------------------------------------------------
A U.S. judge refused to let Citigroup Inc. transfer a US$10
billion fraud suit filed against it by Parmalat Finanziaria from
a New Jersey state court to a federal court in New York.

District Judge Dennis Cavanaugh said Parmalat's state court
claims weren't related to legal claims in the company's
bankruptcy, which is pending in a federal court in New York,
according to Bloomberg News.

Parmalat administrator Enrico Bondi filed the suit in
Hackensack, New Jersey in July saying Citigroup helped it
manipulate finances leading to its bankruptcy late last year.
Citigroup has denied wrongdoing.

Mr. Bondi's side argued the transfer would delay proceedings and
prevent them from gaining quick access to Citigroup documents.
One of Mr. Bondi's lawyers, Brian Timmons, said Parmalat's
damage claim would be the same regardless of which court the
judge designated.

Mr. Bondi is also suing Bank of America Corp., UBS AG, Deutsche
Bank AG, Credit Suisse First Boston, and accounting firms
Deloitte Touche Tohmatsu and Grant Thornton International for
their role in the collapse.

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

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


PARMALAT FINANZIARIA: Investigators Sift Through Damning E-mails
----------------------------------------------------------------
Milan and Parma prosecutors investigating the collapse of dairy
giant Parmalat are examining a series of e-mails linking Bank of
America to the group's demise, Il Sole 24 Ore says.

E-mails showed that Luca Sala, a former BofA manager who became
a Parmalat consultant, remained connected to the bank while
arranging a EUR300 million Parmalat bond placement that BofA was
to manage in the summer of 2003.  The transaction did not
materialize.

The messages also showed that Mr. Sala received suggestions from
a BofA manager on how to explain his controversial transfer to
investors during a road show for a placement.  The manager
likewise advised Mr. Sala to give assurances of BofA's ongoing
business relations with Parmalat, after hearing qualms from
investors.  After Parmalat's collapse in December 2003, BofA
issued a statement claiming they had severed ties with Mr. Sala
and fired him for blowing up his expense claims.

Even before, the bank already expected Parmalat administrator
Enrico Bondi to use these evidences to bolster his claim against
the bank.  Mr. Bondi alleges that BofA abetted Parmalat to
deceive investors by concealing the food group's true financial
condition while organizing transactions that increased its
liabilities.  Aside from BofA, prosecutors are also probing the
role of several financial institutions in Parmalat's collapse.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: Parmatour Funds Missing
---------------------------------------------
Parmalat investigators reveal around EUR400 million are missing
from the coffers of sister company and insolvent tour operator
Parmatour, Il Sole 24 Ore says.

The Panzani family, who owns both Parmalat and Parmatour,
brushed aside reports they still have the money.  Reports have
been circulating that the family invested in a number of
apartments in Italy and abroad.

Parmatour recently disclosed its debts have reached EUR826
million, which include EUR353 million in banking debt.  The
travel company booked EUR48 million in turnover and EUR118
million in business volume for the first half.  Parmatour's
businesses include travel agencies, tour operators, holiday
villages in Italy and abroad.  The group also operates a travel
Web site.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: Opening of Parmatour Bids Set this Week
-------------------------------------------------------------
Parmatour administrators will start reviewing bids on November
26, 2004, Il Sole 24 Ore says.

Administrators expect to identify binding offers and complete
the sale at the end of the year.  Bidders include German travel
group Tui and local tour operator Viaggi del Ventaglio.
Property firm Pirelli Real Estate is reportedly raring to buy
Parmatour's holiday villages in the country.

Industry minister Antonio Marzano insists Parmalat and Parmatour
administrator Enrico Bondi should sell the travel group as one
lot.  Parmatour recently announced a six-month debt of EUR826
million, of which EUR353 million are bank loans.  The travel
group, which continued to trade while in bankruptcy, also booked
EUR118 million in sales.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net

          TUI A.G.
          Karl-Wiechert-Allee 4
          D-30625 Hanover, Germany
          Phone: +49-511-566-00
          Fax: +49-511-566-1098
          Web site: http://www.tui.com

          VIAGGI DEL VENTAGLIO S.p.A.
          Via dei Gracchi, 35
          20146 Milan
          Web site: http://www.ventaglio.com


VOLARE GROUP: Mulls Proposed Spin-off of Some Operations
--------------------------------------------------------
Troubled low-cost carrier Volare, with financial adviser Lazard,
is reportedly assessing a proposal to split off some parts of
its operations and create a new company, Il Sole 24 Ore says.

The group also postponed its shareholders meeting from November
22 to November 29 to gain ample time to complete its financial
report for the nine months ending September.  The company
reportedly booked higher sales amounting to EUR538 million, but
profit for the period dropped.  At the meeting, shareholders are
expected to approve a EUR60 million capital increase, which the
company intends to use to reduce its EUR300 million debt.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it


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


AKER KVAERNER: GE Coaxes Kjell Inge Rokke into Selling Stake
------------------------------------------------------------
General Electric is interested in buying Kjell Inge Rokke's 58%
stake in Aker Kvaerner.  Local financial paper Dagens
Maeringsliv said the parties have already started negotiations,
and General Electric is studying the potential acquisition.  The
American company is particularly attracted by Kvaerner's oil and
gas operation.

The possible deal is not the first for the companies.  In 1999
General Electric bought Kvaerner's hydroelectric power
production for about US$70 million.

The original Aker Kvaerner A.S.A. oil services, engineering,
construction and shipbuilding group was created in late 2001
when Aker rescued rival Kvaerner from bankruptcy in a merger.
This year, the group was split into three companies with
separate listings: Aker Kvaerner, Aker Yards and Kvaerner A.S.A.

Aker Kvaerner reported turnover of NOK25 billion (US$4 billion)
for the last nine months.  It has a market value of about NOK7.8
billion (US$1.25 billion).

CONTACT:  AKER KVAERNER
          Media:
          Torbjorn Andersen
          SVP Group Communications
          Phone: +47 67 51 30 36
          Mobile: +47 928 85 542

          Investor relations:
          Lasse Torkildsen
          Vice President
          Phone: +47 67 51 30 39


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


ELEKTRIM SA: Looking for Investors in Patnow Project
----------------------------------------------------
Power and telecom group Elektrim S.A. is in talks with potential
investors that could assume its role in the construction of the
Patnow II power plant, according to Interfax-Europe.

The company and its subsidiary PAK, jointly owned with the
state, have already completed 47% of the project, spending some
EUR210 million.  But for lack of funds and disagreement with
Poland's Treasury regarding deadline, it was forced to suspend
construction in May last year.  The construction deadline was
later extended to March 2005.

Elektrim was close to securing a syndicated loan in recent
months, but talks fell through early in November due to concerns
about Patnow II's profitability.  PSE and its subsidiary PSE
Electra have not signed energy purchase contracts.  A deal would
have ensure revenues for the generator once the government voids
long-term power purchase contracts to comply with European
Commission demands, likely in 2005.

Elektrim Vice President Roman Jarosinski told MPs at
parliamentary economy committee on Wednesday: "The situation
between Elektrim and [Polish power grid] PSE is impossible to
solve.  We have fulfilled bank demands, but, due to reasons we
don't understand, PSE's position has firmed, so we are
conducting talks with potential branch investors which could
replace us in this investment."

The Treasury is now considering selling its stake in PAK.  It
said that even if Elektrim finds an investor, it may still sell
its 50% stake in PAK to a third party that would further develop
PAK.  Elektrim owns only 38% stake in PAK, but it holds majority
voting rights.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl

          ELEKTROWNIA PATNOW
          62-510 Konin
          ul. Kazimierska 45
          Phone: +48(63) 247-30-00
          Fax: +48(63) 247-30-30
          Web site: http://www.zepak.com.pl


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


KHABAROVSKIY FACTORY: Insolvency Manager Takes over Operations
--------------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy proceedings against Khabarovskiy Factory of Building
Ceramics after finding the limited liability company insolvent.
The case is docketed as A73-9469/2003-40.  Mr. M. Vozzhin has
been appointed insolvency manager.  Creditors may submit their
proofs of claim to 680020, Russia, Khabarovsk, Promyshlennaya
Str. 20.

CONTACT:  KHABAROVSKIY FACTORY OF BUILDING CERAMICS
          Russia, Khabarovsk,
          Blagodatnyj Per. 45

          Mr. M. Vozzhin
          Insolvency Manager
          680020, Russia, Khabarovsk,
          Promyshlennaya Str. 20


KOMSOMOLETS: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on Egoryevskiy Machine-Tool Plant
Komsomolets.  The case is docketed as A41-K2-19810/04.  Mr. V.
Dushin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 130400, Russia,
Moscow region, Egoryevsk, Profsoyuznaya Str. 34.

CONTACT:  KOMSOMOLETS
          130400, Russia, Moscow region,
          Egoryevsk, Profsoyuznaya Str. 34

          Mr. V. Dushin
          Temporary Insolvency Manager
          130400, Russia, Moscow region,
          Egoryevsk, Profsoyuznaya Str. 34


MIKHAYLOVSKAYA SEL-KHOZ-KHIMIYA: Files for Bankruptcy
-----------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
proceedings against Mikhaylovskaya Sel-Khoz-Khimiya after
finding the open joint stock company insolvent.  The case is
docketed as A-04-3379/04-6/156 B.  Ms. L. Fedotova has been
appointed insolvency manager.  Creditors have until December 22,
2004 to submit their proofs of claim to 675000, Russia,
Blagoveshensk, Institutskaya Str. 11, Apartment 14.

CONTACT:  MIKHAYLOVSKAYA SEL-KHOZ-KHIMIYA
          676860, Russia, Amur region,
          Poyarkovo, Amurskaya Str. 232

          Ms. L. Fedotova
          Insolvency Manager
          675000, Russia, Blagoveshensk,
          Institutskaya Str. 11, Apartment 14


NORTH SCIENTIFIC: Creditors Have Until Next Month to File Claims
----------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy proceedings against North Scientific Research
Institute after finding the open joint stock company insolvent.
The case is docketed as A05-4217/04-27.  Mr. D. Shurakov has
been appointed insolvency manager.  Creditors have until
December 29, 2004 to submit their proofs of claim to 163061,
Russia, Arkhangelsk, Novgorodskiy Pr. 74, Office 61.

CONTACT:  NORTH SCIENTIFIC RESEARCH INSTITUTE
          163061, Russia, Arkhangelsk,
          Novgorodskiy Pr. 74

          Mr. D. Shurakov
          Insolvency Manager
          163061, Russia, Arkhangelsk,
          Novgorodskiy Pr. 74, Office 61


OGODZHA: Amur Court Opens Bankruptcy Proceedings
------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
proceedings against Ogodzha after finding the state-owned
enterprise insolvent.  The case is docketed as A40-637/04-10/42
"B".  Ms. G. Chmutina has been appointed insolvency manager.
Creditors have until December 22, 2004 to submit their proofs of
claim to 675000, Russia, Amur region, Blagoveshensk, Ostrovskogo
Str. 39, Apartment 2.

CONTACT:  OGODZHA
          676567, Russia, Amur region,
          Selemdzhinskiy region, Ogodzha, Sadykova Str. 23

          Ms. G. Chmutina
          Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Ostrovskogo Str. 39, Apartment 2


SECONDARY METALS: Hires A. Kharlanov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against Factory Processing Secondary
Metals (TIN 3428981339) after finding the close joint stock
company insolvent.  The case is docketed as A12-4695/04-s55.
Mr. A. Kharlanov has been appointed insolvency manager.
Creditors have until December 29, 2004 to submit their proofs of
claim to 400087, Russia, Volgograd, Post User Box 1100.

CONTACT:  FACTORY PROCESSING SECONDARY METALS
          404140, Russia, Volgograd region,
          Sredneakhtubinskiy Region, Uralskiy

          Mr. A. Kharlanov
          Insolvency Manager
          400087, Russia, Volgograd,
          Post User Box 1100


SYKTYVKARSKIY-BRICKWORKS: Sets Deadline for Proofs of Claim
-----------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
proceedings against Syktyvkarskiy-Brickworks (TIN 1101037312)
after finding the limited liability company insolvent.  The case
is docketed as A29-5732/04-3B.  Mr. E. Anchugov has been
appointed insolvency manager.  Creditors have until December 29,
2004 to submit their proofs of claim to 167023, Russia, Komi
republic, Syktyvkar, Parkova Str. 36.

CONTACT:  SYKTYVKARSKIY-BRICKWORKS
          Russia, Komi republic,
          Syktyvkar, Sysolskoye Shosse, 32

          Mr. E. Anchugov
          Insolvency Manager
          167023, Russia, Komi republic,
          Syktyvkar, Parkova Str. 36


THERMAL NETWORKS: Sakhalin Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Sakhalin region has commenced
bankruptcy supervision procedure on state-owned enterprise
Thermal Networks.  The case is docketed as A59-3401/04-S12.  Mr.
G. Dolin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 693000, Russia,
Yuzhno-Sakhalinsk, Amurskaya Str. 187.

CONTACT:  THERMAL NETWORKS
          693000, Russia, Yuzhno-Sakhalinsk,
          Amurskaya Str. 187

          Mr. G. Dolin
          Temporary Insolvency Manager
          693000, Russia, Yuzhno-Sakhalinsk,
          Amurskaya Str. 187


UGLOVSKIY TIRE: Bankruptcy Proceedings Begin
--------------------------------------------
The Arbitration Court of Primorskiy region has commenced
bankruptcy proceedings against Uglovskiy Tire Repair Plant after
finding the open joint stock company insolvent.  The case is
docketed as A51-11650/2004 15-170b.  Mr. V. Grishenko has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 690091, Russia, Vladivostok, Krasnoznamennyj Per. 7.

CONTACT:  UGLOVSKIY TIRE REPAIR PLANT
          Russia, Primorskiy region, Artyem,
          Uglovoye, 1st Rabochaya Str. 28

          Mr. V. Grishenko
          Insolvency Manager
          690091, Russia, Vladivostok,
          Krasnoznamennyj Per. 7
          Phone/Fax: (4232) 43-27-54, 22-87-54


ULYANOVSK-SLATE: Appoints A. German Insolvency Manager
------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy proceedings against Ulyanovsk-Slate after finding the
open joint stock company insolvent.  The case is docketed as
A72-1241/04-20/12-B.  Ms. A. German has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 432071, Russia, Ulyanovsk, Krymova Str., 47.

CONTACT:  ULYANOVSK-SLATE
          433300, Russia, Novoulyanovsk, prom. area

          Ms. A. German
          Insolvency Manager
          432071, Russia, Ulyanovsk, Krymova Str. 47


YUKOS OIL: Authorities Put Top Lawyer on Wanted List
----------------------------------------------------
A Moscow court last week upheld an arrest warrant on Yukos Oil's
top lawyer as police arrested an executive of its managing unit.

Dmitry Gololobov, the lawyer defending the company in court and
representing it to the media, is accused of embezzling shares of
Yukos' Siberian oil unit Tomskneft in 1998.

He said in a statement from London: "I believe that charges
against me are falsified and politically motivated to force me
as a lawyer to give evidence against my clients -- oil company
Yukos and its shareholders."

Meanwhile, according to the Prosecutor General's Office
spokesman Vasily Glushchenko, Russian authorities on Thursday
arrested Yukos-Moskva executive Alexei Kurtsin.  Mr. Kurtsin, a
little-known executive, is also facing embezzlement charges.

The Tax Ministry has served Yukos a total of US$18.5 billion in
back tax claims for 2000, 2001 and 2002.  Many see the assault
as a Kremlin-inspired campaign to punish its main owner, Mikhail
Khodorkovsky, for his political activities.  Mr. Khodorkovsky is
now on trial on charges of fraud and tax evasion.  He faces up
to 10 years in prison if convicted.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

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


YUKOS OIL: Govt to Auction Major Stake in Main Unit December
------------------------------------------------------------
The Russian government is selling a majority stake in Yukos
Oil's main production unit, suggesting it might in the long run
sell off the entire business, reports citing the Interfax say.

The report said the state already welcomed initial bids for
Yuganksneftegaz on Friday.  The starting price was set at US$8.6
billion, significantly lower than the most conservative
assessment of its value.  The auction date is Dec. 19.

JP Morgan, the international investment bank, which was
commissioned by management to evaluate Yugansk, values it at
between US$16 billion to US$20 billion.

Investment bank Dresdner Kleinwort Wasserstein previously placed
the value of Yugansk at between US$15 billion and US$17 billion.
A conservative valuation puts it at US$10 billion.  The
assessment was commissioned in light of the unit's possible sale
to cover Yukos' tax liabilities, which now totals US$18.5
billion.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

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


YUKOS OIL: Condemns Proposed Sale of Main Production Unit
---------------------------------------------------------
Yukos Oil Company President and CEO Steven Theede comments on
the announced sale of Yuganskneftegaz by the Russian Government:

"This is a sad day for Russia and its people.

[Fri]day's announcement is both stunning and expected.  Stunning
because it is such a bold demonstration of the contempt the
government has for the rule of law.  Expected because given the
way this case has developed the outcome was determined long ago.

Yukos has consistently maintained that there are fundamental
flaws with the government's proposed actions.  Among them:

(a) The sale is clearly illegal under Russian law, which states
    that non-core assets are to be disposed of first in tax
    settlement cases.  Yuganskneftegaz is the heart of Yukos,
    and its sale will lead to the destruction of the most
    efficient Russian oil company, and the one that has
    attracted the most western investment.  The President, the
    Russian administration, and the Russian government, by
    ignoring the illegalities being perpetrated, are in effect
    condoning the illegalities.

(b) This expropriation makes a mockery of the protection of
    private property so eloquently championed by the President
    earlier in the week.  The sale is made possible by the
    government's creation of a completely artificial cash crisis
    brought on by the freeze of assets and bank accounts, and
    through preposterous and absurd tax claims in excess of the
    company's revenues.

(c) The starting bid price bears no resemblance to the true
    value of Yuganskneftegaz, one of the world's premier oil
    production companies, and amounts to theft of Yukos assets.
    Yukos has fueled the rebirth of the Russian oil industry
    since 1999, largely through its development of
    Yuganskneftegaz.  The sale of Yuganskneftegaz at a low price
    increases the probability that the Russian government will
    then proceed to steal more of Yukos assets through
    artificial sales to meet artificial tax bills.

Since 1991, Russia has been on a slow but steady path towards
building the foundations of a modern market economy.
[Wednes]day's decision marks a setback that the world community,
and international investors, must condemn.

What we are witnessing is, simply put, a government organized
theft to settle a political score.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

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


YUKOS OIL: Unit Probed for Violating Competition Laws
-----------------------------------------------------
Krasnoyarsk's Federal Antimonopoly Service directorate is
investigating the local branch of Yukos-Moscow Trading House for
possible anti-trust violations, Gateway to Russia reports.

"Yukos-M's dominant position in terms of establishing
unreasonably high prices on lubricants in Krasnoyarsk Territory"
is the grounds for the investigation, the directorate's deputy
head, Oleg Kharchenko, said.

The proceedings were in relation to anti-competitive practices
complaint lodged against the unit in September.  The company is
accused of "setting unreasonably high prices on popular types of
petrol and diesel fuel".

The unit risks losing all its revenues once the directorate
finds it guilty of using its dominant position in the wholesale
deliveries of oil products against rivals.  It may also be
forced to bring down prices on lubricants significantly in the
region.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

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


=============================
S L O V A K   R E P U B L I C
=============================


DEXIA BANK: Individual Rating Upgraded to 'C/D'
-----------------------------------------------
Fitch Ratings upgraded Slovakia-based Dexia Bank Slovensko's
Long-term rating to 'A+' from 'A'.  The bank's other ratings are
affirmed at Short-term 'F1', Individual 'C/D' and Support '1'.
The Outlook is Stable.

The upgrade reflects DBS' growing integration with, and support
from Dexia (rated Long-term 'AA+').  In addition to assistance
with its core municipal finance business, DBS has been able to
draw on management expertise from Dexia group banks in
developing its retail franchise, resulting in a growing, albeit
still small, share of the retail deposit market.

The Individual rating reflect DBS' leading position in the
Slovakian municipal banking market and good profitability given
its low risk profile.  They also consider its currently narrow
franchise, increasing competition for municipal customers, and
falling margins.

Founded in 1993 as Prva Komunalna Banka, DBS is one of the 10
largest banks in Slovakia and specializes in providing finance
to municipalities, where it has a market share of 69%.  It
changed its name to DBS in 2003.  Based in Zilina, northern
Slovakia, it operates through 50 branches and has 665 staff.

Dexia Credit Local, part of the Dexia group, acquired DBS in
2000.  The Dexia group is the largest provider of public finance
in Europe.

An update on Dexia Bank Slovensko will shortly be available at
http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Chris Birney
          Claudia Nelson, London
          Phone: +44 20 7417 4222

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

          DEXIA BANKA SLOVENSKO A.S.
          Hodzova 11, 010 11, Zilina
          Phone numbers:
          domestic code: 041
          international area code: +421 41
          operator: 5111 135
          E-mail: info@dexia.sk
          Web site: http://www.dexia.sk


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


ARDISCENTRE: Succumbs to Insolvency
-----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ardiscentre (code EDRPOU 318118113) on
October 5, 2004 after finding the limited liability company
insolvent.  The case is docketed as 15/1690-b.  Mrs. G. Vronska
(License Number AA 484232) has been appointed
liquidator/insolvency manager.

CONTACT:  ARDISCENTRE
          Ukraine, Kyiv region,
          Kikvidze Str. 26

          Mrs. G. Vronska
          Liquidator/Insolvency Manager
          Phone: (044) 228-88-68

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


ECONOMY DEVELOPMENT: Sets Date for Claims Verification
------------------------------------------------------
Economy Development Center, recently liquidated by Issyk-Kul
Regional State Administration on orders of the liquidation
commission, will consider all proofs of claim on January 10,
2005.

CONTACT:  LIQUIDATION COMMISSION
          Karakol, Abdrahmanov Str. 105,
          Rooms 63, 75 and 79
          Phone: (03922) 5-00-07, 5-10-22, 2-64-59.
          Fax: (03922) 5-22-22


ENERGOMASH: Insolvency Manager to Temporarily Oversee Business
--------------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Energomash (code EDRPOU 21704159).
The case is docketed as 43/386.  Mrs. G. Vronska (License Number
AA 484232) has been appointed temporary insolvency manager.

The company holds account numbers 26002007890 and 2635007890 at
OJSC Bank Ukrainian capital, MFO 320371; 260018400075 and
26002274 at JSPPB Aval, MFO 300335; and 260348400075 and
260398100040 at OJSC Creditprombank, MFO 300863.

CONTACT:  ENERGOMASH
          01020, Ukraine, Kyiv region,
          M. Grushevskij Str. 1

          Mrs. G. Vronska
          Temporary Insolvency Manager
          Phone: 228-88-68

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


KAMKOR: Sets Public Auction Friday
----------------------------------
The bidding organizer and insolvency manager of Close JSC Kamkor
will sell its assets on November 26, 2004, 10:00 at Bishkek,
Abdrahmanov Str. 105

For sale are:

(a) Lot 1: Vacant office located at Bishkek, Bokombaev Str.
    104.  Starting price is KGS2,106,039;

(b) Lot 2: Mercedes-Benz 230.  Starting price is KGS133,933;

(c) Lot 3: VAZ 21310 (1984).  Starting price is KGS186,825;

(d) Lot 4: Daivo Espero 5965.  Starting price is KGS296,125;

(e) Lot 5: Chevrolet-Cavalier.  Starting price is KGS486,082;

(f) Lot 6: Two-room apartment located at Karakol, Moscow Str.
    125, Apt. 23.  Starting price is KGS84,000.

Bids must be submitted on or before November 25, 2004 at
Bishkek, Abdrahmanov Str. 105.  For more information, call (0-
312) 28-46-93, 28-42-86 or 28-93-74.


KYRGYZ CHEMICAL: Government Giving up 70.04% Stake
--------------------------------------------------
Chui-Bishkek-Talass Territory Estate Administration of Kyrgyz
Republic will sell a 70.06% shareholding in JSC Kyrgyz Chemical-
Metallurgical Farm on December 10, 2004, 2:00 p.m.  Starting
price is KGS107,551,200.  The public auction will take place at
Bishkek, Moskovskaya Str. 151, Conference Hall.

Information on JSC Kyrgyz Chemical-Metallurgical Farm as of
January 1, 2004:

(a) Activity: Metal manufacturing

(b) Land Area: 253.29 hectares

(c) Condition of immovable assets: satisfactory

(d) Staff: 456

(e) Authorized capital stock: KGS49,006,000

(f) Debt: KGS65,486,000

(g) Receivables: KGS6,744,000

(h) Net profit: KGS22,000

(i) Non-registered shares: 6,860,700

(j) Outstanding shares: 4,806,642

Participants must submit all necessary documents on or before
November 2, 2004.  The auction winner must pay an amount
equivalent to 7% of the selling price.  For more information,
call (0-312) 21-67-22.


ONEGAPROM: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Onegaprom (code EDRPOU 23538587) on October
5, 2004 after finding the limited liability company insolvent.
The case is docketed as 15/176-b.  Mrs. G. Vronska (License
Number AA 484232) has been appointed liquidator/insolvency
manager.

CONTACT:  ONEGAPROM
          Ukraine, Kyiv region,
          Strutinskij Str. 8

          Mrs. G. Vronska
          Liquidator/Insolvency Manager
          Phone: (044) 228-88-68

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


PRIMEXPRESS: Insolvency Manager Takes over Helm
-----------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against Primexpress (code EDRPOU 14275384) on
September 21, 2004 after finding the company insolvent.  The
case is docketed as 2-32/60-03-3149.  Arbitral manager Mr.
Sergij Miroshnichenko (License Number AA 7831065) has been
appointed liquidator/insolvency manager.  The company holds
account number 260063001108 at JSCB Ukrsocbank, Odesa regional
branch, MFO 328016.

CONTACT:  PRIMEXPRESS
          Ukraine, Odesa region,
          Primorska Str. 49

          Mr. Sergij Miroshnichenko
          Liquidator/Insolvency Manager
          65111, Ukraine, Odesa region,
          Dnipropetrovska Doroga Str. 134/1, a/b 92

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


SARY-KOO: Bidding Period Ends Thursday
--------------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Sary-Koo will sell the firm's properties on November 26,
2004, 11:00 a.m. at Chui region, Jaiyl district, Altyn.

For sale are:

(a) Lot 1: Milk and commodity farm. Starting price is
    KGS1,636,932;

(b) Lots 2-3: Manufacturing facilities and equipment; and

(c) Lots 4-27: Cars, equipment, farm houses.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of Agricultural Farm Sary-
Koo.  Bids must be submitted to the temporary insolvency manager
on or before November 25, 2004, c/o Chui region, Jaiyl district,
Altyn.  For more information, call (0-517) 73 66 64 or (0-502)
39 33 78.


TEMIRLAN A: To Review Creditors' Claims January
-----------------------------------------------
Agricultural Manufacturing Co-operative Temirlan A, which
recently became insolvent, will consider all proofs of claim on
January 10, 2005.

CONTACT:  AGRICULTURAL MANUFACTURING CO-OPERATIVE TEMIRLAN A
          Karabuurinsk,
          Chimkent, Manas Str.
          Raimkulova G.J.


TOP-TRADE: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Top-Trade (code EDRPOU 31482337).
The case is docketed as 43/387.  Mr. I. Mihno (License Number AA
668303) has been appointed temporary insolvency manager.

CONTACT:  TOP-TRADE
          01000, Ukraine, Kyiv region,
          Barbyus Str. 5A

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


ZAPORIZHYA' ENERGY: Temporary Insolvency Manager Takes over Helm
----------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Zaporizhya' City Energy Company
(code EDRPOU 23880647).  The case is docketed as 25/187.
Arbitral manager Mr. Andrij Tsibulevskij (License Number AA
779262) has been appointed temporary insolvency manager.  The
company holds account number 10000000086002 at Department of
State Treasury in AR Krym region, Simferopol, MFO 824026.

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

(a) ZAPORIZHYA' CITY ENERGY COMPANY
    69059, Ukraine, Zaporizhya region,
    Paramonov Str. 15A

(b) Mr. Andrij Tsibulevskij
    Temporary Insolvency Manager
    69076, Ukraine, Zaporizhya region,
    Yuvilejnij Avenue, 26/169

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


ZOLOTIJ BUDINOK: Odesa Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against Zolotij Budinok (code EDRPOU 22480880) on
September 7, 2004 after finding the company insolvent.  The case
is docketed as 32/55-03-2668.  Arbitral manager Mr. Sergij
Miroshnichenko (License Number AA 7831065) has been appointed
liquidator/insolvency manager.  The company holds account number
2600230019031 at JSCB Ukrsocbank, Odesa regional branch, MFO
328016.

CONTACT:  ZOLOTIJ BUDINOK
          Ukraine, Odesa region,
          Frantsuzkij Boulevard, 33

          Mr. Sergij Miroshnichenko
          Liquidator/Insolvency Manager
          65111, Ukraine, Odesa region,
          Dnipropetrovska Doroga Str. 134/1, a/b 92

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


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


AGENTCHART LIMITED: Receiver to Present Report December
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Agentchart Limited
           Trading as Cook Engineering and Fabrication
                        (In Receivership)

Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of Agentchart Limited will
be held within the offices of PKF, 78 Carlton Place, Glasgow, G5
9TH on December 1, 2004 at 12:00 noon, for the purpose of
presenting the Report of the Receiver and, should the meeting
think fit, of determining whether or not to establish a
Committee of Creditors and who are to be the Members of that
Committee, if established.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims (and proxies) have been submitted and accepted at
the meeting or lodged beforehand at the address below. A
resolution will be passed when a majority of those voting have
voted in favor of it.

Notice is hereby given pursuant to Section 67(2)(b) of the
Insolvency Act 1986 that any unsecured creditor wishing to
obtain a copy of the Report prepared by the Receiver, free of
charge, should write to the address below.

Bryan A. Jackson, Receiver

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


AGGREGATE ENERGY: Sets Meeting of Unsecured Creditors December 7
----------------------------------------------------------------
Name of companies:
Aggregate Energy
Ferndale Aggregates Limited

The unsecured creditors of these companies will meet on Dec. 7,
2004 commencing at 10:00 a.m. and 11:00 a.m. respectively.  It
will be held at KPMG LLP, St Nicholas House, Park Row,
Nottingham NG1 6FQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, St Nicholas House, Park Row, Nottingham
NG1 6FQ not later than 12:00 noon, Dec. 6, 2004.

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


A J S ENTERPRISES: Hires Liquidator from Gilderthorps
-----------------------------------------------------
At the extraordinary general meeting of the members of the A J S
Enterprises Limited on Nov. 4, 2004 held at Tenon, One
Goldcroft, Yeovil, Somerset BA21 4DX, the special resolutions to
wind up the company were passed.  Robert Stanley Gilderthorp of
Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA
has been appointed liquidator for the purpose of such winding-
up.

CONTACT:  GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


ALPHA CEMENT: Owners Opt to Wind up Operations
----------------------------------------------
Name of companies:
Alpha Cement Limited
BFL Readymix Limited
Birmabright Limited
GMC Recycling Limited
Merlin Wyld Limited
Power, Water And Waste Limited
Q (AC) Limited
Steetley Industrial Products And Services Limited
Steetley Overseas Holdings Limited
Waste And Power International Limited

At the extraordinary general meeting of these companies on 29
October 2004, the special and ordinary resolutions to wind up
the companies were passed.  Richard Setchim and Jonathan Sisson
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of these companies.

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


ALUPLAS LIMITED: Insolvency Service Disqualifies Top Honcho
-----------------------------------------------------------
The director of a double-glazing business that failed with total
liabilities estimated at around GBP157,000 has given an
Undertaking not to hold directorships or take any part in
company management for three years.

The Undertaking by David Meek, 54, of Old Mill Lane, Bray,
Berkshire, was given in respect of his conduct as director of
Aluplas Limited, which carried on business from premises at
Silicon Business Centre, 26 Wadsworth Road, Perivale, UB6 7JZ.

Acceptance of the Undertaking, on November 15, 2004, prevents
Mr. Meek from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for three
years.

Aluplas Limited was placed into compulsory liquidation by Order
of the High Court on October 30, 2002 on the petition of Trinity
Newspapers Southern Limited and Trinity Mirror Southern Limited
for GBP6,274 owed in respect of unpaid invoices for advertising
services.  Aluplas Limited had an estimated total deficiency of
GBP157,069.

The Official Receiver at Reading conducted the investigation and
disqualification procedure.

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

Unfit conduct not disputed by Mr. Meek was that he caused
Aluplas to trade to the detriment of the Inland Revenue from
January 2000 until cessation of trade on September 9, 2002.

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

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

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


ANGLOGRACE LIMITED: Special Winding up Resolution Passed
--------------------------------------------------------
At the extraordinary general meeting of the Anglograce Limited
on Nov. 8, 2004 held at Highgate House, Merton Lane, London N6
6NA, the subjoined special resolution to wind up the company was
passed.  Martin N. Widdowson of Brebner Allen & Trapp, The
Quadrangle, 180 Wardour Street, London W1F 8LB has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  BREBNER ALLEN & TRAPP
          The Quadrangle,
          180 Wardour Street, London W1F 8LB
          Phone: 0207 734 2244
          Fax: 0207 287 5315
          E-mail: partners@brebner.co.uk
          Web site: http://www.brebner.co.uk


ARROWBAY LTD.: Director Receives 7-year Ban from Holding Office
---------------------------------------------------------------
The director of a property development business that failed with
debts of more than GBP274,000 has been disqualified by the
Edinburgh Sheriff Court from acting as a company director for
seven years.

Michael Louis Karus, 43, of Gloucester Square, Edinburgh was a
director of Arrowbay Ltd., which carried on business from
premises at 14 Gloucester Place, Edinburgh, EH3 6EF.

The Disqualification Order, made on November 10, 2004, prevents
Michael Karus from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.

Arrowbay Limited was wound up at Edinburgh Sheriff Court at the
petition of Fife Council on October 11, 2002 with estimated
debts of GBP274,000 owed to its creditors.

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

Matters of unfit conduct, contained within the Summary
Application before the Court, were that:

(a) Failure to maintain, preserve or deliver accounting records
    to the Liquidator;

(b) Failure to co-operate with the Liquidator by failing to
    disclose fully the assets and liabilities of the company;
    and

(c) Failure to lodge accounts with the Registrar of Companies
    from time-to-time.

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

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

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


AVONBLADE LIMITED: Names Moore Stephens Liquidator
--------------------------------------------------
Name of companies:
Avonblade Limited
Bazac Limited (formerly M & M Timber Company Limited)
Gadsbury Limited (formerly M & M Structures Limited)

At the extraordinary general meeting of these companies on Nov.
8, 2004 held at DHJH Accountants, Springhill House, 94-98
Kidderminster Road, Bewdley, Worcestershire DY12 1DQ, the
special and ordinary resolutions to wind up the company were
passed.  Nigel Price of Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, be
appointed Liquidator for the purpose of such winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street, Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


AVO TECHNICAL: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------
Name of companies:
Avo Technical Services Limited
H.W. Sullivan Limited
Record Electrical Company Limited

At the meeting of these companies on Nov. 10, 2004, the special
and ordinary resolutions to wind up the companies were passed.
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been appointed joint
liquidators of the companies for the purpose of such windings-
up.

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


BESS LIMITED: Calls Creditors' Meeting
--------------------------------------
The creditors of Bess Limited will meet on Nov. 30, 2004
commencing at 2:00 p.m.  It will be held at The Holiday Inn,
London Road, Wrotham Heath, Sevenoaks, Kent TN15 7RS.  Creditors
who want to be represented at the meeting may appoint proxies.


BRITISH SKY: Rating Affirmed at 'BBB-'; Outlook Positive
--------------------------------------------------------
Fitch Ratings affirmed British Sky Broadcasting Group plc's
Senior Unsecured rating at 'BBB-'.  The Outlook remains
Positive.

"BSkyB's financial profile remains strong for the rating
category.  Successful implementation of its new strategic
changes, and a clarification of the company's longer term
shareholder return policy, notwithstanding the recently approved
5% share buyback, are key to a rating upgrade," says Susan
Hunter, Director at Fitch's Corporates team.

The rating continues to reflect BSkyB's strong and improving
financial metrics and credit protection measures. Net leverage
fell to 0.5x at Q105 from 0.6x at FYE04 and interest cover
continued to strengthen to 9.3x from 8.7x, reflecting lower
interest payments from the reduced debt.  The company recently
signed a new GBP1 billion revolving credit facility that will
mature in 2010, replacing the existing GBP600 million facility.

BSkyB is in the process of reshaping its capital structure; it
has gained approval for a share buyback of up to 5% of share
capital in FY05 and recommenced dividend payments in FYE04.
Dividends are anticipated to grow in line with profits.
However, there continues to be limited distributable reserves,
which currently restrict the ability of the company to return
capital to shareholders.  This is expected to be resolved by
means of a Scheme of Arrangement, although this is subject to
both shareholder and court approval, and the scale and timing of
any such return remain uncertain.  Further clarification on this
matter and the proposed capital structure, combined with strong
operational performance, may lead to a rating upgrade.

Fitch notes that BSkyB faces some execution risk in the new
strategy announced by the CEO, James Murdoch in August 2004.  It
remains too early to determine the success of these measures
since the marketing campaign only started in October 2004.
Fitch will monitor the rate of subscriber additions in
conjunction with the key metrics of average revenue per user,
subscriber acquisition cost and subscriber turnover to ensure
the company remains on track to achieve its targets.

CONTACT:  FITCH RATINGS
          Susan Hunter, London
          Phone: +44 (0) 20 7417 6347

          Richard Petit
          Phone: +44 (0) 207 862 4103

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

          BRITISH SKY BROADCASTING GROUP PLC
          Grant Way, Isleworth
          London TW7 5QD, United Kingdom
          Phone: +44-20-7705-3000
          Fax: +44-20-7705-3060
          Web site: http://www.sky.com


CAPITAL PRINT: Appoints Joint Receivers from Tenon Recovery
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Capital Print Ltd.
                        (In Receivership)

I, Thomas Campbell MacLennan, Chartered Accountant of Tenon
Recovery, 1 Royal Terrace, Edinburgh, EH7 5AD, give notice that
on October 29, 2004, Kenneth Robert Craig, and I were appointed
Joint Receivers of the whole property and assets of Capital
Print, in terms of section 51 of the Insolvency Act 1986.

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

T. C. MacLennan, Joint Receiver
November 12, 2004

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.ey.com


COMPUTER RESALE: Names Rothman Pantall & Co. Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the Computer Resale
Brokers Limited on Nov. 3, 2004 held at the offices of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP, the subjoined special resolutions to wind up the
company were passed.  Stephen Ryman and Robert Smailes of
Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP have been appointed joint liquidators for the
purpose of such winding-up.

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


COTTON BOTTOMS: Bank of Scotland Calls in Receiver
--------------------------------------------------
Bank of Scotland called in Gareth Wyn Roberts and Paul William
Ellison (Office Holder Nos 1162/01, 7254/03) joint
administrative receivers for Cotton Bottoms Limited (Reg No
03829051, Trade Classification: 46).  The application was filed
Nov. 4, 2004.  The company sells and franchises baby accessory
products.

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


FRANK RICHMOND: Members Decide to Liquidate Company
---------------------------------------------------
Name of companies:
Frank Richmond Limited
Guardforce International (UK) Limited
John Sheffield (Fire Protection) Limited
KS Conquest Security Limited
L Bowman & Sons Limited

At the extraordinary general meetings of these companies on 9
November 2004, the special and ordinary resolutions to wind up
the companies were passed.  Jonathan Sisson and Richard Setchim
of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A
4HT have been appointed joint liquidators of these companies.

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


GIIT REALISATIONS: Calls in Joint Liquidators from Ernst & Young
----------------------------------------------------------------
At the extraordinary general meeting of the GIIT Realisations 1
Limited on Oct. 29, 2004 held at 1 More London Place, London SE1
2AF, the special resolution to wind up the company was passed.
Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed joint liquidators for the purpose of such winding-up.

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


GREEN T: Hires Ernst & Young as Liquidator
------------------------------------------
At the extraordinary general meeting of the Green T Asset
Management Limited on Nov. 4, 2004 held at 40 Berkeley Square,
London W1J 5AL, the special resolutions to wind up the company
were passed.  Patrick Joseph Brazzill and Alan Lovett of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed joint liquidators for the purpose of such winding-up.

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


HOLIDAY RETIREMENT: Names RSM Robson Rhodes Liquidator
------------------------------------------------------
At the extraordinary general meeting of the Holiday Retirement
Limited on Nov. 8, 2004 held at Holiday Retirement Corp., 2250
McGilchrist Street S.E., Suite 200, Salem, OR 97302, USA the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Simon Peter Bower and Michael John Hore of
Robson Rhodes LLP, 186 City Road, London EC1V 2NU have been
appointed joint liquidators for the purpose of such winding-up.

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


INVESCO CONTINENTAL: Brings in Liquidator from PwC
--------------------------------------------------
At the extraordinary general meeting of Invesco Continental
Smaller Companies Trust Plc on 11 November 2004, the special
resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson both of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
the company for the purpose of such winding-up.

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


JST SECURITIES: Hires Liquidators from Ernst & Young
----------------------------------------------------
At the extraordinary general meeting of the JST Securities
Limited on Oct. 14, 2004, the special resolution to wind up the
company was passed.  Patrick Joseph Brazzill and Margaret
Elizabeth Mills of Ernst & Young LLP, 1 More London Place,
London SE1 2AF have been appointed liquidators for the purpose
of such winding-up.

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


LANDPRINT LIMITED: Members Pass Winding up Resolutions
------------------------------------------------------
At the extraordinary general meeting of the Landprint Limited on
Nov. 8, 2004 held at Holiday Retirement Corp, 2250 McGilchrist
Street S.E., Suite 200, Salem, OR 97302, USA, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Simon Peter Bower and Michael John Hore of Robson
Rhodes LLP, 186 City Road, London EC1V 2NU have been appointed
joint liquidators for the purpose of such winding-up.

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


LEICA GEOSYSTEMS: Names Baker Tilly Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of the Leica
Geosystems Finance Plc on Oct. 25, 2004 held at Heerbrugg
Switzerland, the special resolutions to wind up the company were
passed.  Graham Paul Bushby and Guy Edward Brooke Mander of
Baker Tilly, 5th Floor, Exchange House, 446 Midsummer Boulevard,
Central Milton Keynes have been appointed as joint liquidators
for the purpose of such winding-up.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


MODELCAR LIMITED: Creditors' Meeting Set Next Month
---------------------------------------------------
The creditors of Modelcar Limited will meet on Dec. 1, 2004
commencing at 11:30 a.m.  It will be held at Begbies Traynor,
Elliot House, 151 Deansgate, Manchester M3 3BP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be lodged together with written debt
claims to Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP not later than 12:00 noon, Nov. 30, 2004.

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


MULTIPLASTICS LIMITED: Meeting of Unsecured Creditors Next Week
---------------------------------------------------------------
The general meeting of the unsecured creditors of Multiplastics
Limited will be on Dec. 2, 2004 commencing at 10:00 a.m.  It
will be held at the offices of BDO Stoy Hayward LLP, 8 Baker
Street, London W1U 3LL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, Dec. 1, 2004.

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


NORTH LONDON: Regulator Serves Directors Eleven-year Ban
--------------------------------------------------------
The directors of an aggregate construction materials business
that failed, with total liabilities estimated at around
GBP399,000, have given Undertakings not to hold directorships or
take any part in company management for 11 years each.

The Undertakings by Carlos Darmoo, 34, of Darwin Drive,
Southall, Middlesex, and Vicknesh Warran, 33, of Farndale
Crescent, Greenford, Middlesex were given in respect of their
conduct as directors of North London Recycling Limited (North),
which carried on business from premises at 40 Millhouse,
Southall, Middlesex, UB2 4NJ.

Acceptance of the Undertakings by Mr. Darmoo on November 10,
2004 and Mr. Warran on November 11, 2004 prevents them from
being directors of a company or, in any way, whether directly or
indirectly, being concerned or taking part in the promotion,
formation or management of a company for 11 years each.

North was placed into compulsory liquidation by Order of the
High Court on January 15, 2003 on the petition of HM Customs &
Excise for GBP12,398.40, owed in respect of value added taxation
(VAT).  North had an estimated total deficiency of GBP399,631.

The Official Receiver at Reading conducted the investigation and
disqualification procedure.

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

The matter of unfit conduct, not disputed by both Mr. Warran and
Mr. Darmoo, was that they submitted VAT returns based on
fictitious invoices and failed to account to HM Customs & Excise
for the true amount of VAT received, with the result that North
evaded payment of VAT in the amount of GBP355,525.

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

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

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


PINEAPPLE FABRICATIONS: Creditors' Meeting Set Next Week
--------------------------------------------------------
The creditors of Pineapple Fabrications Limited will meet on
Nov. 29, 2004 commencing at 11:00 a.m.  It will be held at
Haines Watts, Canterbury House, 85 Newhall Street, Birmingham B3
1LH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Haines Watts, Canterbury House, 85 Newhall
Street, Birmingham B3 1LH not later than 12:00 noon, Nov. 26,
2004.

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


RAFFLEX LIMITED: Liquidation Report Due Second Week of December
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Rafflex Limited
                  (In Voluntary Liquidation)

A meeting of members of Rafflex Limited has been summoned by the
liquidator for the purpose of receiving an account showing the
manner in which the winding up has been conducted and the
property of the company disposed of and of hearing any
explanation which may be given by the liquidator under section
94 of the Insolvency Act 1986.

The meeting will be held on December 10, 2004, 12:00 noon at
KPMG, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG.

Blair Carnegie Nimmo, Liquidator

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


REEVES WIRELINE: Calls in Joint Liquidators from PwC
----------------------------------------------------
At the extraordinary general meeting of Reeves Wireline
International Limited (formerly Wireline Holdings
(International) Limited, Kelvane Limited) on 4 November 2004,
the special and ordinary resolutions to wind up the company were
passed.  Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers
LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have
been appointed joint liquidators of the company for the purpose
of such winding-up.

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


SEAGRAM EUROPEAN: Liquidators from Mazars Move in
-------------------------------------------------
At the extraordinary general meeting of the Seagram European
Customer Services Limited on Nov. 10, 2004 held at Central
House, 3 Lampton Road, Hounslow, Middlesex TW3 1HY, the
subjoined special resolution to wind up the company was passed.
David Richard Thorniley and Roderick John Weston of Mazars LLP,
24 Bevis Marks, London EC3A 7NR have been appointed joint
liquidators for the purpose of such winding-up.

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


SKILLS INSIGHT: Winding up Resolution Passed
--------------------------------------------
At the extraordinary general meeting of the Skills Insight on
Nov. 11, 2004 held at Institute of Employment Studies, Mantell
Building, University of Sussex, Brighton BN1 9RF, the subjoined
special resolution to wind up the company was passed.  Anthony
Murphy and Roger Tulloch of Smith & Williamson Limited have been
appointed joint liquidators of the company for the purpose of
such winding-up.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Web site: http://www.smith.williamson.co.uk


SSNT SECURITIES: Joint Liquidators Take over Firm
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF SSNT Securities Limited
                       (in liquidation)

Notice is hereby given that we, Patrick Joseph Brazzill of Ernst
& Young LLP, 1 More London Place, London SE1 2AF, and Margaret
Elizabeth Mills of Ernst & Young LLP, 1 More London Place,
London SE1 2AF, were appointed joint liquidators of SSNT
Securities Limited on October 29, 2004.

P. J. Brazzill,
Margaret Elizabeth Mills,
Joint Liquidators
November 3, 2004

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


SURE SERVE: Creditors' Meeting Next Week
----------------------------------------
The creditors of Sure Serve Limited will meet on Dec. 1, 2004
commencing at 11:30 a.m.  It will be held at the offices of
Smith & Williamson Limited, 1 Bishops Wharf, Walnut Tree Close,
Guildford, Surrey GU1 4RA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, 1 Bishops Wharf,
Walnut Tree Close, Guildford, Surrey GU1 4RA not later than
12:00 noon, Nov. 30, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          1 Bishops Wharf, Walnut Tree Close,
          Guildford, Surrey GU1 4RA
          Phone: 01483 407 100
          Fax:   01483 301 232
          Web site: http://www.smith.williamson.co.uk


TAY FABRICS: Liquidator to Give Winding-up Report Next Month
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Tay Fabrics Limited
                         (In Liquidation)

A meeting of members of the Tay Fabrics Limited has been
summoned by the liquidator for the purpose of receiving an
account showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanation which may be given by the liquidator
under section 94 of the Insolvency Act 1986.

The meeting will be held on December 10, 2004, 11:00 a.m. at
KPMG, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG.

Blair Carnegie Nimmo, Liquidator

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


THAMES INFORMATION: Extraordinary Winding up Resolution Passed
--------------------------------------------------------------
At the extraordinary general meeting of the Thames Information
System Group Limited on Nov. 8, 2004 held at Rothman Pantall &
Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, the
subjoined extraordinary resolution to wind up the company was
passed.

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


WATERFORD WEDGWOOD: Reports EUR8.9 Mln First-half Pre-tax Profit
----------------------------------------------------------------
Waterford Wedgwood, the luxury lifestyle group, on Friday
reports a pre-tax profit of EUR8.9 million for the six months to
30 Sept. 2004, compared with a loss before tax of EUR44.8
million for the same period in 2003.  This pre-tax profit
includes an exceptional profit of EUR103.2 million from the sale
of All-Clad, the U.S.-based premium cookware business.
Operating loss for the period was EUR21.4 million compared with
a EUR4.2 million profit for the same period in 2003.

Highlights

(a) Net debt is EUR280.7 million, down from EUR429.9 million at
    30 September 2003.  The All-Clad proceeds substantially
    reduced long-term debt and facilitated ongoing balance sheet
    restructuring;

(b) As announced on 21 October 2004, sales for the six months to
    September 30 were EUR356.0 million.  On a like-for-like
    basis (adjusted for the All-Clad disposal and currency
    movements), this was 5% down on 2003;

(c) Reported sales (including All-Clad and at actual exchange
    rates) fell more sharply, from EUR405.8 million to EUR356.0
    million;

(d) The changes outlined in our Plan for Growth in June are in
    progress.  These interim results include a charge of EUR25.3
    million for working capital reduction program.  Substantial
    inventory reduction is currently being implemented.  Price
    increases have been announced in major markets, to be
    implemented in the first quarter of calendar 2005;

(e) Current trading remains very challenging.  October sales
    were 10% down on the same period last year on a like-for-
    like basis (excluding All-Clad and currency movements)
    although indications on trading in November suggest some
    improvement.

Royal Doulton Update

(a) Discussions with Royal Doulton about a possible recommended
    offer are progressing.  There can be no certainty that a
    formal offer will be made;

(b) A circular will be issued to shareholders shortly to convene
    an extraordinary general meeting at which various
    shareholder approvals will be sought.  These approvals are
    required for the purpose of the proposed underwritten Rights
    Issue announced on 21 October.

Redmond O'Donoghue, Group Chief Executive, commented: "As
previously advised, although market share was maintained, sales
in the six months were disappointing.  Our Group and our
industry continue to face challenging times.

"While we enjoy market-leading positions in each of our product
areas, we accept that these results are not good enough.  We
have considerably strengthened senior management and mapped out
our Plan for Growth.  We are committed to implementing this
strategy as quickly as possible.

"A successful acquisition of Royal Doulton would increase the
volume through our factories without substantially increasing
production costs, as well as providing further synergistic
benefits.  Evaluation of the possible offer for Royal Doulton,
announced at our AGM on 21 Oct. 2004, is progressing.
Consistent with this, the posting of the shareholder circular is
a tangible step forward.

"Current trading remains difficult.  However, indications on
trading in November suggest some improvement."

Chief Executive's Statement

"At this stage last year, we reported some signs of improvement.
Unfortunately, the improvements proved to be a temporary respite
and the six months to 30 September 2004 have been very
difficult, illuminated only by the sale of All-Clad, our U.S.
premium cookware business, for a very favorable price, and by
our negotiation of a new bank lending facility with more
flexible terms.

As announced on 21 October 2004, total sales for the six months
to 30 Sept. 2004 were EUR356.0 million, down 5% on a like-for-
like basis (at constant currency and excluding All-Clad).  At
actual exchange rate and including All-Clad, sales were down 12%
from EUR405.8 million.  Sales were lower for a number of reasons
including reduced revenues from the United States due to the
weakness of the U.S. Dollar and a softening of customer demand
in the core markets of the U.K. and the U.S. Weaker demand was
experienced across the industry.

Although we benefited from reduced costs in the period, these
reductions were not enough to shield us from the impact of lower
sales revenues and the falling value of the U.S. Dollar.
Operating profit of EUR4.2 million in the same period last year
thus became an operating loss of EUR21.4 million in the period
under review.

Financing costs were EUR43.8 million, up from EUR12.9 million.
This was largely due to a series of one-off payments relating to
the new financing arrangements put in place during the half-
year.  EUR13.7 million was written off for the costs of previous
refinancing.  In addition, there were EUR5.8 million of make-
whole payments to holders of Private Placement Notes, EUR4
million of fees to our former bank syndicate and EUR2.7 million
of amortization of the previously incurred financing costs.  The
balance was due to interest payments.

In addition to these non-recurring financing charges, we have
implemented certain strategic decisions that have impacted these
half-year results, such as inventory reduction charges, the cost
of downtime at our manufacturing plants and a decision to exit
certain retail channels in the United States incompatible with
our brands' image.  We feel that these strategic decisions will
be of benefit going forward.

The sale of All-Clad for US$250 million cash (EUR206 million)
and the resultant gain enabled the Group to return to
profitability despite losses at an operating level.  The gain on
the All-Clad disposal was EUR103.2 million which helped to
mitigate the effects of the substantial financing-related
charges, further dollar weakness and the charge of EUR25.3
million to our profit and loss account caused by our program to
reduce working capital.  The net effect was to turn the
operating loss into a pre-tax profit of EUR8.9 million compared
with a pre-tax loss of EUR44.8 million a year earlier.

Trading since the end of the half-year has continued to be
difficult.  Sales in October were down 10% on the same period
last year on a like-for-like basis (excluding All-Clad and
currency movements), although indications on trading in November
suggest some improvement.

As outlined in June, we are implementing a six-point Plan for
Growth, which is intended to substantially reduce costs, improve
margins and restore our Group to operating profitability and
long-term growth.  For example, we have already reduced our
Stock Keeping Units ('SKUs') by 40%, thereby reducing our
working capital requirement, and have announced price increases
in major markets, to be implemented in the first quarter of
calendar 2005.

The possible recommended offer for Royal Doulton is a very
attractive prospect, which we believe would contribute to the
consolidation of the ceramics industry.  These discussions are
progressing and we will issue further updates in due course;
however, there can be no certainty that a formal offer will be
made.  A circular will be issued shortly to convene an
extraordinary general meeting at which independent shareholder
approval will be sought for a waiver under Rule 9 of the Irish
Takeover Rules which has been granted by the Irish Takeover
Panel; additionally, shareholder approval will be sought for an
increase in authorized share capital and renewal of various
allotment authorities, each for the purposes of the proposed
Rights Issue.

Despite current difficulties, we remain confident of the long-
term prospects of this business for these reasons:

(a) We have world-leading brands with strong market positions in
    some of the world's leading economies including the U.S.,
    Japan and the U.K.;

(b) Those brands are in remarkably good shape and continue to
    enjoy premium pricing;

(c) Our plants are world-class and have had huge capital and
    state-of-the-art restructuring investment (c. EUR300
    million) in recent years.  Our incremental unit costs are
    comparable to China, resulting in a direct benefit to the
    bottom line from any growth in sales;

(d) The All-Clad experience demonstrates how we can transfer our
    marketing skills to new product areas;

(e) Our strong designer alliances (e.g. Vera Wang, John Rocha,
    Jasper Conran) remain an important and growing part of our
    Business.

Sector Overview

Crystal The Group's crystal brands recorded sales of EUR120.8
million (2003: EUR135.4 million), down 7.1% at constant exchange
rates (10.8% at prevailing rates), mainly due to continued
weaker trading for Waterford Crystal in the United States.
Crystal sales in most other territories including Ireland, the
U.K. and mainland Europe maintained or improved on the same
period last year.  To address this, John Foley, chief executive
of Waterford Crystal, has been given the added responsibility
for the Waterford business in the United States and is now based
in this important market, from which he is giving renewed focus
and energy to Waterford's worldwide business.  In October, we
launched a new range, Black by John Rocha.  The alliance with
John Rocha has been successful for a number of years.

Ceramics Sales of ceramic products were EUR158.4 million (2003:
EUR170.3 million), down 7.1% at constant exchange rates (7.0% at
prevailing rates) due to continuing market softness in the U.S.
and U.K.  More encouragingly, sales in the important Japanese
market remained level.  A number of new ranges will be presented
to the market in the near future.

Other products Our other products sales were EUR52.6 million
(2003: EUR55.6 million), up 0.4% at constant exchange rates
(down 5.4% at prevailing rates).  This segment includes Spring,
our Swiss-based premium cookware company, which enjoyed growth
of 19%.

Plan for Growth

In June, we announced our six point Plan for Growth, the key
strategy to return your group to financial health.  We have made
progress under each of the headings:

Sale of All-Clad

All-Clad has been sold for an attractive price; this has
facilitated our actions to reduce working capital.

Working Capital

The business uses too much working capital.  This is being
reduced, principally through a reduction in inventory.  We have
introduced short-time working throughout our manufacturing
operations.  This has reduced our cash costs and is helping to
lower inventory.

Marketing Spend

We are committed to increase marketing expenditure over the next
two years in order to drive revenue growth, notwithstanding the
current difficulties of the business.

Marketing Initiatives

Waterford, Wedgwood and Rosenthal are each developing a set of
exciting marketing initiatives to be introduced next year.
These are expected to contribute to sales growth in fiscal 2006
and beyond.  Black by John Rocha has been launched to
encouraging indications.

Increased Factory Utilization

Over the past seven years, we have invested about EUR300 million
in technology and rationalization of plants.  This gives us low
incremental unit costs.  A successful acquisition of Royal
Doulton would increase the volume through our factories without
substantially increasing production costs.

Strengthened Management

During the period, Peter Cameron was appointed Chief Operating
Officer, Paul D'Alton was appointed Chief Financial Officer and
John Foley, who was given worldwide responsibility for Waterford
Crystal, has relocated to the U.S., our most important market.

Redmond O'Donoghue
Group Chief Executive
19 November 2004

A full copy of its financial statement is available free of
charge at http://bankrupt.com/misc/waterfordresults.htm.

CONTACT:  Waterford Wedgwood plc
          1-2 Upper Hatch St.
          Dublin, 2, Ireland
          Phone: +353-147-81855
          Fax: +353-147-84863
          Web site: http://www.waterfordwedgwood.com


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326     (977)
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus Sysytem         DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (29)         142      (29)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (122)         167       (2)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


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