TCREUR_Public/041124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 24, 2004, Vol. 5, No. 233

                            Headlines

B E L G I U M

REAL SOFTWARE: Reports EUR5.7 Million 3rd-quarter Net Loss


G E R M A N Y

BUSSKAMP HOCH: Administrator to Deliver Report January
C.A. SEYDEL: Anwaltskanzlei Siemon Appointed Administrator
DDP NACHRICHTENAGENTUR: Creditors' Meeting Set January
D.I.N.S.E. GMBH: Court Sets Creditors' Meeting Next Month
DUNKEL TIEFBAU: Construction Firm Files for Bankruptcy

HUNDEBORN GBR: Cologne Court Appoints Provisional Administrator
KARSTADTQUELLE AG: Gives up Local Starbucks Franchise
NETUNIT AG: Provisional Administrator Takes over Firm
PRESSURE 1: Creditors' Claims Due Next Week
REIFENERNEUERUNGS GMBH: Sets First Creditors' Meeting January
ZEURO MOBELWERKE: Gives Creditors Until December to File Claims


H U N G A R Y

MALEV HUNGARIAN: Latest Sale Tender Disappoints


I T A L Y

ALITALIA SPA: Hires Merrill Lynch as Restructuring Advisor
CIRIO FINANZIARIA: San Miguel Bidding for Del Monte Pacific
VOLARE GROUP: Grounds Planes; Leaves 1,000 Passengers Stranded
VOLARE GROUP: Mulls Parmalat-like Receivership


M A L T A

BANK OF VALLETTA: Individual Rating Affirmed at 'C'


N E T H E R L A N D S

GETRONICS N.V.: Confirms Original Conditions of Pinkroccade Bid


N O R W A Y

DNO ASA: Sets Extraordinary General Meeting Next Week
PAN FISH: Reports NOK69.7 Million After-tax Loss in 3rd Qtr.
PETROPLUS INTERNATIONAL: Books EUR3.0 Mln 3Q Net Income


P O L A N D

KREDYT BANK: Individual Rating Affirmed at 'D/E'
MOSTOSTAL WARSZAWA: Receives EUR5.5 Mln for Real Estate Holding


R U S S I A

BUGULMA-AGRO-KHIM-SERVIS: Under Bankruptcy Supervision
ENERGETIK: Deadline for Proofs of Claims Expires Next Week
FACTORY OF BUILDING: Bankruptcy Hearing Resumes January
FACTORY OF PLASTIC: Names B. Kantor Insolvency Manager
IZBERDEYEVSKAYA INCUBATOR-POULTRY: Under Bankruptcy Supervision

MEGAFON SA: US$375 Million Notes Rated 'BB-'
METROMEDIA INTERNATIONAL: Trustees Warn of Possible Default
MICHURINSKAYA: Declared Insolvent
OMSK-CAOUTCHOUC-REM-STROY: Insolvency Manager Takes over Helm
RYAZHSKAYA GRAIN: Undergoes Bankruptcy Supervision Procedure

SEL-KHOZ-TEKHNIKA: Hires A. Timoshkevich as Insolvency Manager
SILICATE WALLING: Creditors Have Until Next Month to File Claims
YUKOS OIL: Menatep Threatens to Sue Buyer


U K R A I N E

AVANGARD: Temporary Insolvency Manager Takes over Helm
BEST MARKS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
BORISLAV' AUTO: Under Bankruptcy Supervision
FAVORIT-X: Court Grants Debt Moratorium
PANATSEYA: Insolvency Manager to Temporarily Oversee Business

SANTEKS LTD.: Harkiv Court Appoints Insolvency Manager
ULYANIVKA: Proofs of Claim Deadline Expires this Week
VALENTINA: Court Appoints Liquidator


U N I T E D   K I N G D O M

247 DM: Creditors to Meet Friday
ADAM ONE: Creditors' Meeting Set Next Month
ALEXANDER GOW: Hires Leonard Curtis as Administrator
ALLEN-BRADLEY: Creditors' Meeting Set December
APEX STEEPLEJACKS: Sets Final Meeting of Creditors

ASTROCREST SERVICES: Members Opt to Dissolve Company
BARCLAYS BUSINESS: Sets Final Meeting Next Month
BOWERS OF BOLTON: Hires Administrators from PwC
BOXCLEVER: Could be Sold Before Year Ends
BRITISH ENERGY: Posts Energy Production Figures for October

BRITISH ENERGY: Plant Shutdowns Delay Restructuring Program
CARE TRANSPORT: Owners Agree to Wind up Business
CARPLANE LIMITED: Hires D. A. Jeal as Liquidator
C COLLIN: Members Final General Meeting Set Next Month
DEJIMA EUROPE: Hires Joint Liquidators from Moore Stephens

FUYO GENERAL: Members Pass Special Winding up Resolution
GILMOUR VENTILATION: Appoints Liquidator from BDO Stoy Hayward
GRAND PRIX: Director Disqualified from Holding Executive Post
HANSON FUNDING: Liquidator's Report Out Mid-December
HELP CONTRACTING: Regulator Serves Four-year Ban on Director

JUPITER ENHANCED: Brings in Liquidators from Ernst & Young
KRONOS INTERNATIONAL: Proposed EUR90 Mln Notes Rated 'BB-'
OK PLASTICS: Liquidator to Present Final Report December
PHOENIX HOMES: Calls in Liquidator from Ian Franses Associates
POLAR FOODS: Creditors Opt for Liquidation

POWL CONSTRUCTION: Appoints Chamberlain & Co. Administrator
RICHARDS: 200-year-old Textile Factory Falls into Receivership
RYBARN LIMITED: Calls in Administrators from Grant Thornton
SECONDSOUT LIMITED: Insolvency Service Bans Two Directors
SPORTING OPTIONS: Names Menzies Administrator

STRONTIAN HOTEL: Meeting of Creditors Set First Week of December
SUITE IDEAS: Calls in Administrators from Begbies Traynor
SURE SERVE: In Administrative Receivership
TELEWEST COMMUNICATION: Rating Raised to 'BB-'; Off CreditWatch


                            *********


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


REAL SOFTWARE: Reports EUR5.7 Million 3rd-quarter Net Loss
----------------------------------------------------------
Third-quarter results highlights:

(a) Operational Profit improvement EUR3 million; quarterly
    Turnover decline (21%); both in line with expectations;

(b) New Board and New Management.

Results for third quarter of 2004[1]

(a) Turnover - Group turnover for the third quarter of 2004 is
    EUR29.8 million, a decline of 21% compared to the comparable
    Figures[2] for the third quarter of last year (EUR37.6
    million).  Year-to-Date (YTD) turnover is EUR98.8 million, a
    decline of 16.2% compared to last year[2] (EUR117.8
    million).

(b) Operational Profit - Operational profit for the third
    quarter of 2004 is EUR0.1 million, an increase of EUR3.0
    million compared to the third quarter of last year[3](-EUR
    2.9 million) and an increase of EUR0.6 million compared to
    the previous quarter.  YTD operational profit is EUR0.4
    million, an increase of EUR 1.9 million compared to last
    year[3](-EUR1.5 million).  These improvements result from
    improved cost control and overhead reduction through
    functional integration of the former distinct vertical
    businesses.

(c) Non-Operational and Extraordinary Income and Losses
    Financial result of -EUR3.6 million in Q3 compared to
    -EUR3.8 million last year[3].  Includes EUR1.8 million
    depreciation of goodwill and EUR1.8 million accrued interest
    on loans.  Extraordinary result of -EUR2.1 million in Q3
    compared to -EUR0.9 million last year[3].  This is mainly
    due to provisions set up for contingent liabilities related
    to the reassessment of software projects.

(d) Net Result - The Net Group Result for the third quarter of
    2004 is -EUR5.7 million compared to -EUR7.8 million[3]
    which is entirely due to the operational margin improvement.

(e) Net Cash Flow - Q3 Net Cash Flow was -EUR2.8 million; no
    impact on cash position due to positive change in working
    capital.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] These figures are not audited.

[2] Compared with the same consolidation scope.  In 2003 the
    results of the Swiss subsidiary FSS, which was bought back
    at the end of 2003 by its former owners, were included for
    the first 10 months of 2003.

[3] Excluding FSS and corrected for development expenses
    capitalized at year-end 2003.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

New Board and New Management

During the third quarter of 2004 the Management Team and Board
of the company were renewed.  Peter Op de Beeck has been
nominated as new CEO of the company.  Jos Nijns was appointed as
Chief Financial Officer of the group.

On Sept. 24, the Board of Directors decided to reduce the total
number of board members from 15 to 9.  Three new high-level
independent directors with a significant business experience
were nominated, confirming the Board's commitment to full
respect of corporate governance rules. The recently modified
Board has appointed Ashley W. Abdo as its chairman and Peter H.
Op de Beeck as CEO-Managing Director.

Prospects for 2004

For full 2004, expectations remain as previously communicated.
The group expects turnover of the second half of 2004 to be in
line with the results of the first semester with an improvement
of the operational margin (EBIT).

The full copy of this third quarter results is available free of
charge at http://bankrupt.com/misc/RealSoftware_3Q2004.pdf.

CONTACT:  REAL SOFTWARE
          Prins Boudewijnlaan 26
          2550 Kontich
          Phone: +32 3 290 23 11
          Fax: +32 3 290 23 00

          Dina Boschmans
          Corporate Communications Manager
          E-mail: Dina.Boschmans@realsoftware.be
          Web site: http://www.realsoftwaregroup.com


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


BUSSKAMP HOCH: Administrator to Deliver Report January
------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Busskamp Hoch-, Tief- und Holzbau GmbH on Oct. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 23, 2004
to register their claims with court-appointed provisional
administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 12:30 a.m. at the district court
of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2-6, 48149
Munster, I., Saal 101 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BUSSKAMP HOCH-, TIEF- UND HOLZBAU GMBH
          Zur Wieske 12, 48366 Laer
          Contact:
          Edeltraud Busskamp, Manager

          Andreas Sontopski, Insolvency Manager
          Gnoiener Platz 1, 48493 Wettringen
          Phone: 02557/9384-0
          Fax: +492557938450


C.A. SEYDEL: Anwaltskanzlei Siemon Appointed Administrator
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against C.A. Seydel Sohne GmbH on Oct. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 1, 2004 to register their
claims with court-appointed provisional administrator Klaus
Siemon of Anwaltskanzlei Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 21, 2004, 9:30 a.m. at Saal 24,
Gerichtsgebaude Furstenstrasse 21, Chemnitz 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.

C.A. Seydel makes musical instruments.

CONTACT:  C. A. SEYDEL SOHNE GMBH
          Robert-Koch-Strasse 1, 08248 Klingenthal
          Contact:
          Gerhart Raker, Manager

          Klaus Siemon, Insolvency Manager
          Strasse der Nationen 51, 09111 Chemnitz
          Web site: http://www.kanzlei-siemon.de


DDP NACHRICHTENAGENTUR: Creditors' Meeting Set January
------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against ddp Nachrichtenagentur GmbH Panoramastr on
Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Jan. 27, 2005 to register their claims with court-appointed
provisional administrator Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:10 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 24, 2005, 10:05 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  DDP NACHRICHTENAGENTUR GMBH
          Panoramastr. 1 a, 10178 Berlin

          Christian Kohler-Ma, Insolvency Manager
          Kurfurstendamm 212, 10719 Berlin


D.I.N.S.E. GMBH: Court Sets Creditors' Meeting Next Month
---------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against D.I.N.S.E. Juwelen GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 27, 2005
to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 23, 2005, 10:00 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  D.I.N.S.E. Juwelen GmbH
          Edelsteine, Blissestr. 12,10713 Berlin

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


DUNKEL TIEFBAU: Construction Firm Files for Bankruptcy
------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
infrastructure company Dunkel Tiefbau GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 28, 2004
to register their claims with court-appointed provisional
administrator Dirk Obermuller.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 28, 2005, 9:40 a.m. at the district court of
Bonn Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.22 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:  DUNKEL TIEFBAU GMBH
          Im Rohnweiler 30, 53797 Lohmar
          Contact:
          Uwe Dunkel, Manager
          Diemstrasse 19, 53797 Lohmar
          Ralf Dunkel, Manager
          Lowenburgstrasse 10, 53797 Lohmar
          Reinhard Kaiser, Manager
          Wichernweg 16, 65549 Limburg

          Dirk Obermuller, Insolvency Manager
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 81 000 45
          Fax: 81000820


HUNDEBORN GBR: Cologne Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Hundeborn GbR on Oct. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 22, 2004 to register their claims with
court-appointed provisional administrator Dr. Heinz Dieter
Klein.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 11:00 a.m. at the district court
of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HUNDEBORN GBR
          Mildred-Scheel-Strasse 12, 50996 Koln
          Contact:
          Michael Hundeborn, Manager
          Dechant-Krey-Strasse 6, 51379 Leverkusen
          Georg Hundeborn, Manager
          Alte Aachener Strasse 1, 50226 Frechen

          Dr. Heinz Dieter Klein, Insolvency Manager
          Am Waldpark 11, 50996 Koln
          Phone: 0 22 36 / 6 60 11
          Fax: +492236322996


KARSTADTQUELLE AG: Gives up Local Starbucks Franchise
-----------------------------------------------------
Starbucks Coffee International, a wholly owned subsidiary of
Starbucks Corporation, acquired its licensed operations in
Germany from its partner, KarstadtQuelle AG.

"This transaction underlines KarstadtQuelle's intention to
strengthen its focus on its core business," said Dr. Christoph
Achenbach, chairman of the Board of Directors, KarstadtQuelle
AG.  "We came to a mutually beneficial agreement on the
acquisition of the Starbucks business so we can refocus our
resources on the development of our core business.

"Starbucks coffeehouses will remain part of our strategy to
integrate attractive brands into the overall concept of Karstadt
department stores," added Mr. Achenbach.  "Despite giving up our
financial interest in the operations, the original goal of
creating strong market synergies will remain.  I am confident
Starbucks will have a great future in Germany."

KarstadtQuelle recently announced plans to restructure its
business to increase attention on its core competencies such as
the operation and expansion of department stores.  Following its
decision to refocus on its core business, Starbucks agreed to
buy back the operations from KarstadtQuelle following its early
success in the German market.

The joint venture between KarstadtQuelle AG and Starbucks Coffee
International was established in the autumn of 2001 with 82% and
18% respective ownership.  In May 2002, the first two Starbucks
coffeehouses were opened in Berlin.  Starbucks now operates 37
retail locations in 15 German cities.

"One of Starbucks strategic priorities is to increase the
Company's investment in key markets," said Julio Gutierrez,
president of Starbucks Coffee Europe, Middle East and Africa.
"This acquisition is in line with our expansion plans and it
allows us greater influence over the brand in Germany as we
continue to grow in this important market.  Germany has the
potential to be one of the biggest markets for us in Europe, and
we are strongly committed to long-term growth.

"KarstadtQuelle has been a dedicated and professional partner in
establishing Starbucks as one of the leading brands of specialty
coffees in Germany in just over two years," continued Mr.
Gutierrez. "We have a talented and seasoned team in place to
optimize the long-term potential of our brand as we continue our
expansion."

"We have successfully established a strong foundation for
continued growth of the Starbucks business in Germany through
our partners' (employees) exceptional commitment," said
Cornelius Everke, managing director of Karstadt Coffee GmbH.
"Our partners have done an outstanding job delivering the
Starbucks Experience to our customers in Germany and we are very
proud of their accomplishments.

"In two short years Starbucks has created 450 jobs in Germany,
and we plan to provide increased employment opportunities as we
continue to develop the business.  We look forward to building
on the strong momentum we have established in the German
marketplace," added Mr. Everke.

This cash purchase is expected to close by the end of November
2004.  The specific terms of the agreement were not disclosed.
Following the acquisition, the operating results for Germany
will be included in Starbucks reported consolidated earnings.
Starbucks does not expect this acquisition to impact its
financial goals for fiscal 2005.

About KarstadtQuelle AG

KarstadtQuelle AG, based in Essen/Germany, is Europe's largest
department store and mail order group.  The group achieved sales
of EUR15.3 billion in the business year 2003.  The Group's
business activities comprise over-the-counter retail, mail
order, services and real estate.  The KarstadtQuelle Group has
around 101,000 employees.  More information can be found at
http://www.karstadtquelle.com.

About Starbucks

Starbucks Corporation is the leading retailer, roaster and brand
of specialty coffee in the world, with more than 8,700 retail
locations in North America, Latin America, Europe, the Middle
East and the Pacific Rim.  The Company is committed to offering
the highest quality coffee and the Starbucks Experience while
conducting its business in ways that produce social,
environmental and economic benefits for communities in which it
does business.

CONTACT:  STARBUCKS COFFEE INTERNATIONAL
          Carole Pucik
          Phone: 206-318-5538
          E-mail: cpucik@starbucks.com
          or

          KARSTADTQUELLE AG
          Phone: +49 (0)201/727-96 63
          E-mail: presse@karstadtquelle.com
          or
          Web site: http://www.businesswire.com/cnn/sbux.shtml


NETUNIT AG: Provisional Administrator Takes over Firm
-----------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Netunit AG on Oct. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 17, 2004 to register their claims with
court-appointed provisional administrator Dr. Heinz Dieter
Klein.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 18, 2005, 10:30 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.

CONTACT:  NETUNIT AG
          Justinianstr. 9, 50679
          Contact:
          Carsten Draheim, Director
          Obergrundemich 3, 51491 Overath

          Dr. Heinz Dieter Klein, Insolvency Manager
          Am Waldpark 11, 50996 Koln
          Phone: 0 22 36 / 6 60 11
          Fax: +492236322996


PRESSURE 1: Creditors' Claims Due Next Week
-------------------------------------------
The district court of Munich opened bankruptcy proceedings
against Pressure 1, Druck and mehr GmbH on Oct. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 3, 2004 to
register their claims with court-appointed provisional
administrator Dr. Christine Berg-Grunenwald.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 9:15 a.m. at the district court of
Munich at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  PRESSURE 1, DRUCK UND MEHR GMBH
          Ehrengutstr. 15 in 80469 Munchen

          Dr. Christine Berg-Grunenwald, Insolvency Manager
          Leopoldstr. 139, 80804 Munchen
          Phone: 361930-0
          Fax: 361930-499


REIFENERNEUERUNGS GMBH: Sets First Creditors' Meeting January
-------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Reifenerneuerungs GmbH C.A.R.S. (HRB 13579) on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 20, 2004
to register their claims with court-appointed provisional
administrator Frank Rudiger of Tiefenbacher.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 10:00 a.m. at Saal 24,
Gerichtsgebaude Furstenstrasse 21, Chemnitz 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:  REIFENERNEUERUNGS GMBH C.A.R.S.
          Paul-Seifert-Strasse 2, 08548 Syrau
          Contact:
          Andreas Sinkovicz, Manager

          Frank Rudiger Scheffler, Insolvency Manager
          Ulmenstrasse 14, 09112 Chemnitz
          Web site: http://www.tiefenbacher.de


ZEURO MOBELWERKE: Gives Creditors Until December to File Claims
---------------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Zeuro Mobelwerke GmbH & Co. KG on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 30, 2004 to register their
claims with court-appointed provisional administrator J.
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 9:30 a.m. at the district court of
Gera 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:  ZEURO MOBELWERKE GMBH & CO. KG
          Albin-May-Strasse 3, 07937 Zeulenroda

          J. Schneider, Insolvency Manager
          Tatzendpromenade 2a, 07745 Jena


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


MALEV HUNGARIAN: Latest Sale Tender Disappoints
-----------------------------------------------
The government cancelled anew the sale of loss-making national
carrier Malev Rt. after receiving only one bid, says Budapest
Business Journal.

State Privatization and Holding Rt. (APV) declared a failure of
bidding after Aviation Solution International Kft. did not meet
conditions for the sale.  "The bidder didn't meet to a
satisfactory extent the terms of the tender that was put out
based on a government decree about Malev's privatization," APV
said in a statement.

Owned by Russian carrier OAO Aerofloat, Aviation Solution
International offered to acquire a 99.95% stake in Hungarian
airline.  The Russian reportedly offered HUF150 million, a far
cry from APV's asking price of HUF3.5 billion.

This is the latest and fourth failed attempt to sell the
troubled airline since Hungary broke away from communism in
1989.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Phone: 06-40-212121
          Web site: http://www.malev.hu


=========
I T A L Y
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ALITALIA SPA: Hires Merrill Lynch as Restructuring Advisor
----------------------------------------------------------
The finance ministry has tapped the services of U.S. investment
bank Merrill Lynch to serve as advisor in the privatization of
ailing state carrier Alitalia, IL Sole 24 Ore says.

Under its three-year business plan running from 2005-2008,
Alitalia intends to cut 3,769 jobs, a third of which will come
from carrier's corporate division.  The carrier also intends to
resume direct flight from Milan's Malpensa airport to China,
after abandoning the route three years ago.  From December 2, it
will fly three times a week to Shanghai.

Alitalia is seeking a EUR1.75 billion capital increase to bring
down the government's stake from 62% to not more than 49%.

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


CIRIO FINANZIARIA: San Miguel Bidding for Del Monte Pacific
-----------------------------------------------------------
The Philippines' beverage and food conglomerate San Miguel Corp.
will submit a "conditional" offer to acquire a 40% stake in Del
Monte Pacific Ltd., a company insider told The Inquirer.

The report came after San Miguel confirmed it has completed a
due diligence on the firm, and discovered it has about US$60
million in back tax debts to the Philippine government.

"[W]e'll make it clear that our offer was conditional, subject
to the settlement of back taxes and with clearance from the
Philippine government," an SMC insider told the paper.

After an audit, Del Monte Pacific was supposedly found to have
remitted only 5-6% of earnings as tax for several years when 25%
was required.  The source did not disclose how much it would
offer but said the decision of a major European bank would be
significant in the bidding for the stake, which is held by
bankrupt Italian firm Cirio Finanziara S.p.A.

"The shares of the Italian company in Del Monte were foreclosed
by that bank," the source explained.  The bids are due within
the week.

The Lorenzo family of the Macondray group, is the second biggest
stockholder in Del Monte Pacific with a 21% stake.  It has an
option to match the best offer.  Aside from San Miguel, other
bidders include Sumitomo Corp. of Japan, HJ Heinz Co., and Fresh
Del Monte Produce Inc.

Del Monte Pacific owns the brand rights for Del Monte products
in the Philippines and in the Indian subcontinent.  It is listed
on the Singapore stock Exchange.


VOLARE GROUP: Grounds Planes; Leaves 1,000 Passengers Stranded
--------------------------------------------------------------
Ailing low-cost airline group Volare has suspended all flights
after failing to pay lease charges, Il Sole 24 Ore says.

Aside from its inability to cover lease payments, Volare also
cited the expiration of its planes' insurance, as reason for the
grounding.  Volare chairman Mauro Gambaro said the management is
doing its best to save the troubled carrier and will "do its
utmost to look after its passenger."  Sources say banks are not
keen to provide more loans to Volare.

A recent study on airline passenger check-in figures in Italy
reveals Volare planes booked in October a load factor of only
49%, falling further to 38% in the first two weeks of November.
Around 1,000 Volare commuters were stranded Sunday at various
local airports as the grounding cancelled around 20 flights.

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


VOLARE GROUP: Mulls Parmalat-like Receivership
----------------------------------------------
Trade and industry minister Antonio Marzano plans to put
troubled carrier Volare into special receivership, La Stampa
says.  The minister said Sunday he might apply the same legal
framework used to salvage dairy giant Parmalat.  Labor minister
Roberto Maroni made a similar statement to a local news agency.

Meanwhile, Volare suspended all flights and ticket sales Friday
after failing to pay its lease charges.  The group's shareholder
will meet on November 29 to approve its nine-month financial
report to September.  Volare is also seeking a EUR60 million
capital increase.  The group reportedly approached Lupo
Rattazzi, former owner of Volare's charter unit Air Europe, to
either participate in the capital increase or lease a portion of
the business.

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


=========
M A L T A
=========


BANK OF VALLETTA: Individual Rating Affirmed at 'C'
---------------------------------------------------
Fitch Ratings affirmed Malta's Bank of Valletta's (BOV) ratings
at Long-term 'A-', Short-term 'F2', Individual 'C' and Support
'2'.  The Outlook is Negative.

The Long-term, Short-term and Individual ratings reflect BOV's
important market position within the Maltese financial system,
improving profitability and sound capitalization.  However, they
also consider the challenges of reducing doubtful loans, low
reserve coverage of these loans by international standards, as
well as the uncertainties surrounding the proposed sale of
Maltese government's and Banco di Sicilia's shares in BOV.  The
planned stake sale was announced in October 2004.

BOV, established in 1974, is the largest retail and commercial
bank in Malta.  Its largest shareholders are the Maltese
government and Banco di Sicilia, with stakes of 25.2% and 14.6%,
respectively.  The bank's strategy is based on improving
customer satisfaction, developing BOV's image as the largest
national bank and expanding into countries in the Mediterranean
rim.

A detailed report on BOV is available on the agency's subscriber
Web site http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Banu Saracci, London
          Phone: +44 20 7417 4222

          Paolo Fioretti, Milan
          Phone: +39 02 879 087 202

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

          BANK OF VALLETTA
          Web site: http://www.bov.com


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


GETRONICS N.V.: Confirms Original Conditions of Pinkroccade Bid
---------------------------------------------------------------
Getronics N.V. CEO, Klaas Wagenaar, said of its PinkRoccade N.V.
offer: "During the process of determining and negotiating the
intended public offer to acquire PinkRoccade, Getronics was
aware of the interest in PinkRoccade from other parties.  The
intended offer, as announced jointly with PinkRoccade on Nov. 1,
2004 is based on the outcome of detailed discussions with
PinkRoccade's management, a compelling strategic rationale and a
due diligence exercise, and takes into account PinkRoccade's
current strengths and weaknesses and the future benefits of the
Getronics-PinkRoccade combination.

"Since the original joint announcement on Nov. 1, 2004 positive
feedback has been received from analysts, clients, alliance
partners, and employees in both the United Kingdom and The
Netherlands.  In light of this, Getronics confirms the original
terms and strategic rationale of its intended public offer to
acquire PinkRoccade."

This announcement is a public announcement as meant within
Section 9b, paragraph 1 under the Dutch Securities Supervision
Decree (Besluit toezicht effectenverkeer 1995).

About Getronics N.V.

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.4 billion, Getronics is one of the
world's leading providers of vendor independent Information and
Communication Technology (ICT) solutions and services.
Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics designs,
integrates and manages ICT infrastructures and business
solutions for many of the world's largest global and local
companies and organizations, helping them maximize the value of
their information technology investments.

Getronics' headquarters are in Amsterdam, with regional offices
in Boston and Singapore. Getronics' shares are traded on
Euronext Amsterdam (GTN).

                            *   *   *

In Oct. Getronics reported net result of -EUR9 million for the
year to October.  Net result for full year 2004 is expected to
be positive.

Not for release, publication or distribution, in whole or in
part, in or into the United States, Canada, Australia or Japan.

CONTACT:  GETRONICS N.V.
          Investor Relations
          Phone: +31 20 586 1581
          Fax:   +31 20 586 1455
          E-mail: investor.relations@getronics.com


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


DNO ASA: Sets Extraordinary General Meeting Next Week
-----------------------------------------------------
An extraordinary general meeting in DNO A.S.A. has been convened

on Dec. 1, 2004 at 1:00 p.m.  The extraordinary general meeting
will address a proposal from the Board of Directors for
extraordinary distribution of (i) cash NOK0.50 per share and
(ii) 1 share in DNO will entitle to distribution of 1 share in
Independent Oil Tools A.S.A.

              Agenda Extraordinary General Meeting

(a) Opening by the Chairman of the Board, registration of
    shareholders and shares represented by proxy,

(b) Election of chairman to preside over the meeting and a
    shareholder to sign the minutes of the extraordinary general
    meeting together with the chairman of the meeting,

(c) Approval of notice and agenda,

(d) Extraordinary distributions to shareholders

Notice of the extraordinary general meeting and proposed
resolution is attached to this stock exchange notification.
These documents as well as attendance slip and proxy form will
also be made available at http://www.dno.no.

Notice of the extraordinary general meeting including attendance
slip and proxy form has been sent to shareholders with known
address.

DNO A.S.A.
Berge G. Larsen
Chairman of the Board

                            *   *   *

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

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

          Haakon Sandborg
          Chief Financial Officer
          Phone: 23 23 84 80


PAN FISH: Reports NOK69.7 Million After-tax Loss in 3rd Qtr.
------------------------------------------------------------
Pan Fish A.S.A. (OSE:PAN) continued to make financial and
operational progress in the third quarter 2004, as compared to
the third quarter of the previous year, despite the fact that
sales volumes were significantly lower.  The progress made
during the third quarter is the result of wide-ranging cost-
cutting measures, as well as the organizational restructuring
undertaken during 2003 and 2004.  Pan Fish now has an
operational structure that will allow it to reclaim its position
as a leading global aquaculture group.

Continued focus on costs: Pan Fish has entered a phase in which
the defined long-term objectives with regard to production costs
and volumes in each region will be closely monitored.
Throughout Pan Fish there is an intense focus on cutting
production costs, and efforts are continually being made to both
improve the biological output and reduce the group's fixed
costs.  This will also have an positive impact on liquidity.

Positive cash flow: Pan Fish had a positive cash flow in the
third quarter amounting to NOK219.5 billion, of which NOK169.8
million can be ascribed to the share issue that was conducted in
September.  Net cash flow from operating activities during the
quarter amounted to NOK99.9 million, of which NOK126.4 million
was derived from a reduction in working capital.  Cash and cash
equivalents amounted to NOK338.4 million at the end of the third
quarter 2004.

"Pan Fish's performance has developed according to plan," says
CEO Atle Eide, "and the wide-ranging measures that have been
implemented to improve the company's profitability have produced
the expected results.  At the same time we must acknowledge that
we are not getting much help from the market at the moment.  The
demanding situation currently facing the market makes Pan Fish's
strategy of becoming the lowest-cost supplier of Atlantic salmon
even more important."

(NOK mill)        3Q 2004   3Q 2003  YTD 2004   YTD 2003   2003
Gross operating
revenues           544.3     722.6    1786.4     2205.1  3013.7
EBITDA              14.5     -46.4     164.8     -296.8  -277.8
Depreciation       -41.0      49.5    -136.3      163.1  -223.2
EBIT               -26.5     -95.9      28.5    -1149.7 -1360.0
Profit/loss
before tax         -69.6    -168.6     -90.1     1507.6 -1824.3
Profit/loss
after tax          -69.7    -171.4     -90.0    -1856.1 -2258.5

Market and future outlook

Exports of fresh salmon from Norway to the E.U. were almost 7%
higher in the third quarter this year compared with the
corresponding period in 2003.  The average export price (FOB)
for this fish was NOK22.23 per kilo, compared with a price of
NOK19.02 per kilo in 2003.  Growth in demand is strongest in the
"new" E.U. countries, while demand from the two most important
salmon importing countries, Denmark and France, has fallen so
far this year.  Norwegian exports to Russia have also grown
well.  The company's biomass (stocks of live fish) in Norway was
marginally higher at the end of the third quarter than at the
same time last year.

"At a time when prices are under pressure and the there is
uncertainty about the E.U.'s final decision with regard to
quotas and minimum prices, it is extremely important that Pan
Fish maintain its focus on cutting production costs even
further.  This will be achieved at the same time as production
levels are built back up to a level that is appropriate to the
value of the company's fixed assets.  The long-term objective is
to produce 80,000-100,000 tons gutted weight," says Mr. Eide.

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

CONTACT:  PAN FISH A.S.A.
          Atle Eide, CEO
          Phone: +47 911 52 977


PETROPLUS INTERNATIONAL: Books EUR3.0 Mln 3Q Net Income
-------------------------------------------------------
Petroplus International announces its 2004 third quarter
results.  The third quarter net income including non-recurring
items was EUR3.0 million compared to a loss of EUR4.9 million in
the same period last year.

Over the first nine months of 2004, the net income adjusted for
non-recurring items, was EUR4.6 million against a loss of EUR7.3
million in 2003.  The net income including non recurring items
over the first nine months of 2004 was EUR53.5 million (includes
EUR46 million proceeds from the sale of Tango) against a loss of
EUR47.3 million in 2003 (included a EUR40 million provision for
the write down and reorganization of the Antwerp refinery).

EUR (000)                                  January - September

Q3 2004    Q3 2003  %change  Petroplus    2004    2003   %change
       Unaudited                                Unaudited

1,795,492 1,452,381   24%   Net Sales  4,608,897 4,697,356  -2%

53,093    48,270     10%  Gross Profit  159,399   155,846   2%
52,776    48,270      9%  Adjusted GP[*]156,499   155,846   0%

16,034     8,183     96%    EBITDA       97,306    38,103 155%
15,717     8,183     92%   Adjusted
                             EBITDA[*]    48,063    38,103  26%

  8,125       226   3495%  Net Operating
                              Income      73,154   (26,151) n.a.
  7,808       226   3355%  Adjusted NOI[*]23,911    13,849  73%

  3,009     (4,854)  n.a.  Net Income     53,486   (47,290) n.a.
  2,692     (4,854)  n.a.  Adjusted Net
                             Income[*]     4,620   (7,290)  n.a.


                           Earnings per
                               Share      EUR1.73 (EUR1.57) n.a.

                           Adjusted EPS[*]EUR0.15 (EUR0.24) n.a.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Adjusted = excludes non recurring items
Note: Gross Profit and EBITDA are not stated in the audited and
reviewed financial accounts
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Petroplus' 2004 third quarter earnings reflect a quarter with
above mid-cycle refining margins.  The impact of the good
margins was however negatively impacted by the weak U.S. dollar
and record high oil prices.  In addition, the costs associated
with a restructuring of the refining margin hedging policy from
a short term to a long term oriented strategy negatively
impacted the results.  The results of the fourth quarter will
also be negatively influenced by this restructuring.  The
Marketing division had a fair quarter, which was negatively
impacted by the losses from both the German wholesale activities
and the Dubai Supply & Trading office.  The results in the
Logistics division showed a slight improvement relative to the
weak second quarter, but continue to be negatively impacted by
the high oil product prices and backwardation in the market.

In the third quarter, the cash position of Petroplus as stated
in the balance sheet further increased.  Of the current EUR172
million shown in cash at bank and in hand, an amount of
approximately EUR96 million is tied to the day to day activities
and supports the trade finance activities and working capital
finance of various subsidiaries.

In connection with the intended public offer, Petroplus intends
to have a formal review of its 2004 third quarter financials to
be carried out by its external auditors.

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

CONTACT: PETROPLUS INTERNATIONAL N.V.
         Executive Board
         Marcel van Poecke (co-chairman)
         Willem Willemstein (co- chairman)
         Paul van Poecke
         Theo Zwijnenberg

         Investor Relations Manager
         Martijn Schuttevaer,
         Phone: +31 10 242 5900

         Web site: http://www.petroplusinternational.com


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


KREDYT BANK: Individual Rating Affirmed at 'D/E'
------------------------------------------------
Fitch Ratings affirmed Poland's Kredyt Bank's ratings at Long-
term 'A', Short-term 'F1', Individual 'D/E' and Support '1'.
The Outlook is Stable.

The Long-term, Short-term and Support ratings reflect the
support KB could expect to receive from its majority
shareholder, the Belgian KBC Bank (KBC, rated 'AA-') in case of
need.

Despite the new capital provided and other measures taken by KBC
in 2003/2004, KB's Individual rating is affirmed at 'D/E'
because the bank's capital position is, in Fitch's opinion,
still weak.  The bank's free capital is compromised by the high
level of fixed assets and equity investments, as well as high
net classified loans and concentrations.  The Individual rating
was last downgraded in November 2003 as a result of the large
losses reported during 2003.

However, Fitch has also noted the positive changes introduced by
the bank's new management in controlling and managing risk,
updating the product base and introducing profitability targets.

KB is Poland's seventh largest bank by total assets, with around
5% market share.  It is active in bancassurance together with
KBC's insurance subsidiary, Warta, and also owns significant
stakes in consumer credit, leasing and investment companies.

CONTACT:  FITCH RATINGS
          Claudia Nelson
          Tim Beck, London
          Phone: +44 20 7417 4222

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

          Kredyt Bank S.A. Centrala
          ul. M. Kasprzaka 2/8
          01-211 Warszawa
          Phone:  0 801 360 360
          E-mail: kb24@kredytbank.pl
          Web site: http://www.kredytbank.pl


MOSTOSTAL WARSZAWA: Receives EUR5.5 Mln for Real Estate Holding
---------------------------------------------------------------
Construction holding Mostostal Warszawa has sold its Towarowa
Park real estate to Spanish Nesco Entrecanales cubiertas for
EUR5.5 million, according to Warsaw Business Journal.

The transaction is expected to improve the firm's financial
results after an PLN18 million loss in the third quarter.
Mostostal's management board said: "The value of the transaction
should exceed the value of capital investments and financial
obligations related to the real-estate."

In May, the company's president, Santiago de la Fuente Ramirez,
said the firm will return to black at the end of the year,
provided it receives a strong capital injection.

Nesco is a subsidiary of Acciona, which controls 49.9% of
Mostostal.


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


BUGULMA-AGRO-KHIM-SERVIS: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Bugulma-Agro-Khim-Servis.  The case is docketed as A65-
19015/2004-SG4-21.  Mr. V. Semenov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 420029, Russia,
Tatarstan republic, Kazan, Post User Box 44.  A hearing will
take place at Russia, Tatarstan republic, Kazan, Kreml, building
1, entrance 2, 2nd floor, Room 2 on February 20, 2005, 8:40 a.m.

CONTACT:  BUGULMA-AGRO-KHIM-SERVIS
          Russia, Tatarstan republic, Bugulma

          Mr. V. Semenov
          Temporary Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 44


ENERGETIK: Deadline for Proofs of Claims Expires Next Week
----------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy proceedings against Energetik after finding the close
joint stock company insolvent.  The case is docketed as A08-
12395/04-2.  Mr. A. Evstigneyev has been appointed insolvency
manager.

Creditors have until November 29, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager
    308002, Russia, Belgorod,
    Generala Lebedya Str. 2

(b) Energetik
    Russia, Belgorod region, Veydelevka,
    Stroiteley Str. 48


FACTORY OF BUILDING: Bankruptcy Hearing Resumes January
-------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on open joint stock company
Factory of Building Machines.  The case is docketed as A47-
11334/2004-14GK.  Mr. D. Samoylov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 460000, Russia,
Orenburg, Gaya Str. 23A.  A hearing will take place on January
26, 2005, 1:30 p.m.

CONTACT:  FACTORY OF BUILDING MACHINES
          462403, Russia, Orenburg region,
          Orsk, Orskoye Shosse, 1

          The Arbitration Court of Orenburg region
          460000, Russia, Orenburg,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-40-26


FACTORY OF PLASTIC: Names B. Kantor Insolvency Manager
------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy proceedings against Factory of Plastic
Goods after finding the state unitary enterprise insolvent.  The
case is docketed as A20-3285/02.  Mr. B. Kantor has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 360000, Russia, Kabardino Balkariya republic,
Nalchik, Lermontova Str. 54, Apartment 203.

CONTACT:  FACTORY OF PLASTIC GOODS
          Russia, Kabardino Balkariya republic,
          Baksanskiy region, Katkhanova Str. 77

          Mr. B. Kantor
          Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54, Apartment 203


IZBERDEYEVSKAYA INCUBATOR-POULTRY: Under Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on state unitary enterprise cooperation
Izberdeyevskaya Incubator-Poultry Station.  The case is docketed
as A64-2149/04-2.  Mr. A. Voronin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to Russia, Tambov region, Michurinskiy region, Zavoronwezhskoye,
Stroiteley Str. 20, Apartment 15.

CONTACT:  IZBERDEYEVSKAYA INCUBATOR-POULTRY STATION
          Russia, Tambov region,
          Petrovskiy region, Petrovka

          Mr. A. Voronin
          Temporary Insolvency Manager
          Russia, Tambov region, Michurinskiy region,
          Zavoronwezhskoye, Stroiteley Str. 20, Apartment 15


MEGAFON SA: US$375 Million Notes Rated 'BB-'
--------------------------------------------
Fitch Ratings assigned MegaFon S.A.'s planned US$375 million
issue of senior unsecured loan participation notes an expected
'BB-' rating with Stable Outlook.  The bond is rated on par with
OAO MegaFon's Senior Unsecured foreign currency 'BB-' rating
with Stable Outlook assigned on Nov. 4.

The bond's rating reflects the fact that loan participation
notes will be structured pari passu with claims of other
MegaFon's unsecured creditors.  It will be guaranteed by both
parent OAO MegaFon and its operating subsidiaries.  The bond
will be issued with a number of attached covenants intended to
impose certain restrictions on MegaFon's operating and financial
profile, including that the total debt-to-adjusted EBITDA ratio
must not exceed 4.0x.  The company will also be restricted in
its ability to pay dividends, have share buy-backs or redeem
early its other debt.  However, MegaFon will be allowed to use
any IPO proceeds for such purposes.

Bond documentation also includes a negative pledge provision.
Any mergers or divestments must not result in MegaFon's
consolidated leverage ratio exceeding 4.0x.  Transactions with
affiliates are required to be on 'arms-length' terms while
assets must be realized at their fair market values.  MegaFon is
prohibited from expanding into non-core business segments.  It
is also facing certain restrictions on sale/leaseback
transactions.

Most shareholder loans with a total amount of US$91.3 million as
of 30 June 2004 will be subordinated to the new bond.  Loans
backed by export credit agencies are currently secured with
telecom equipment; however, MegaFon is in negotiations to remove
asset pledges.

Fitch expects the new bond will be partially applied to
refinance existing debts and thus will extend the company's
maturity profile.

The ratings reflect MegaFon's position as one of the three
nationwide cellular operators with the largest license coverage
extending across the entire territory of Russia.  The company's
market share has been steadily improving since 2002 to reach
around 19% at end-September.  The Russian mobile market is still
in rapid development, providing exceptional growth opportunities
for all operators including MegaFon.

CONTACT: FITCH RATINGS
         Nikolai Lukashevich, Moscow
         Phone: +7 095 956 9901
         E-mail: nikolai.lukashevich@fitchratings.com

         Raymond Hill, London
         Phone: +44 (0) 20 7417 4314
         E-mail: raymond.hill@fitchratings.com

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


METROMEDIA INTERNATIONAL: Trustees Warn of Possible Default
-----------------------------------------------------------
Metromedia International Group, Inc. received notification from
the trustee of its Series A and B 10 1/2 % Senior Discount Notes
Due 2007 concerning compliance with the covenants as outlined in
the indenture governing the Senior Notes.

The trustee reported that the Company had not yet filed with the
U.S. Securities and Exchange Commission (S.E.C.) and furnished
to the trustee, the Company's Quarterly Report on Form 10-Q for
the quarter ended Sept. 30, 2004, the timely public filing of
which is required under Section 4.3(a) of the Indenture.

The trustee reported that, under the terms of the Indenture, the
Company must resolve this compliance matter no later than Jan.
18, 2005, the sixtieth day following the receipt of the
trustee's letter in order to avoid an event of default.  If such
default were declared, the trustee or holders of at least 25%
aggregate principal value of Senior Notes outstanding could
demand all Senior Notes to be due and payable immediately.

The Company presently expects that it will both file the Third
Quarter 2004 Form 10-Q with the S.E.C. and furnish a copy of
such to the Trustee within the 60-day period required for
compliance with the Indenture.

About Metromedia International Group

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

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


MICHURINSKAYA: Declared Insolvent
---------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
proceedings against Michurinskaya after finding the state-owned
poultry farm insolvent.  The case is docketed as A64-3131/04-2.
Mr. A. Voronin has been appointed insolvency manager.  Creditors
may submit their proofs of claim to Russia, Tambov region,
Michurinskiy region, Zavoronwezhskoye, Stroiteley Str. 20,
Apartment 15.

CONTACT:  MICHURINSKAYA
          Russia, Tambov region,
          Michurinskiy region, Zavoronezhskoye

          Mr. A. Voronin
          Insolvency Manager
          Russia, Tambov region, Michurinskiy region,
          Zavoronwezhskoye, Stroiteley Str. 20, Apartment 15


OMSK-CAOUTCHOUC-REM-STROY: Insolvency Manager Takes over Helm
-------------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on close joint stock company Omsk-
Caoutchouc-Rem-Stroy (TIN 5501020053).  The case is docketed as
K/E-126/04.  Mr. V. Vinogradov has been appointed temporary
insolvency manager.  Creditors have until November 29, 2004 to
submit their proofs of claim to Russia, 644065, Russia, Omsk, 50
Let Profsoyuzov Str. 61.  A hearing will take place on December
17, 2004.

CONTACT:  OMSK-CAOUTCHOUC-REM-STROY
          664035, Russia, Omsk, Gubkina Pr. 3

          Mr. V. Vinogradov
          Temporary Insolvency Manager
          644065, Russia, Omsk,
          50 Let Profsoyuzov Str. 61


RYAZHSKAYA GRAIN: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on close joint stock company Ryazhskaya
Grain Company.  The case is docketed as A54-3507/04-S6.  Mr. A.
Androsov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 390039, Russia,
Ryazan, Post User Box 269.  A hearing will take place at Russia,
Ryzan, Pochtovaya Str. 43/44 on February 3, 2005, 10:00 a.m.

CONTACT:  RYAZHSKAYA GRAIN COMPANY
          Russia, Ryazan region,
          Ryazhsk, Rabochikh Str. 57

          Mr. A. Androsov
          Temporary Insolvency Manager
          390039, Russia, Ryazan,
          Post User Box 269


SEL-KHOZ-TEKHNIKA: Hires A. Timoshkevich as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy proceedings against Sel-Khoz-Tekhnika after finding
the open joint stock company insolvent.  The case is docketed as
A33-3261/04-s4.  Mr. A. Timoshkevich has been appointed
insolvency manager.  Creditors have until December 29, 2004 to
submit their proofs of claim to 662060, Russia, Krasnoyarsk
region, Bogotol, Kolkhoznaya Str. 60, Office 1.

CONTACT:  SEL-KHOZ-TEKHNIKA
          Russia, Krasnoyarsk region, Bogotol

          Mr. A. Timoshkevich
          Insolvency Manager
          662060, Russia, Krasnoyarsk region,
          Bogotol, Kolkhoznaya Str. 60, Office 1


SILICATE WALLING: Creditors Have Until Next Month to File Claims
----------------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy proceedings against Factory of Silicate Walling
Materials after finding the open joint stock company insolvent.
The case is docketed as A08-3286/04-2 "B".  Mr. V. Bushuev has
been appointed insolvency manager.  Creditors have until
December 29, 2004 to submit their proofs of claim to 309505,
Russia, Belgorod region, Starooskolskiy region, prom. area
"Silikatanaya 2".

CONTACT:  FACTORY OF SILICATE WALLING MATERIALS
          309504, Russia, Belgorod region,
          Starooskolkiy region, prom. area "Silikatnaya 2"

          Mr. V. Bushuev
          Insolvency Manager
          309505, Russia, Belgorod region,
          Starooskolskiy region, prom. area "Silikatanaya #2"
          Phone: (0725) 24-83-51


YUKOS OIL: Menatep Threatens to Sue Buyer
-----------------------------------------
Group Menatep, the main shareholder in Yukos Oil, promises a
lengthy litigation to whoever buys the firm's main production
unit in an auction next month, according to The Guardian.

The group has filed legal proceedings under the international
energy charter against Kremlin, which recently offered Yukos'
Siberian unit, Yuganskneftegaz, for sale.  It said it will sue
the company that wins the process.

The Russian government scheduled an auction for Yuganskneftegaz
on Dec. 19.  The starting price for the asset is set at US$8.65
billion, far less than the US$14.7 billion to US$17.3 billion
valuation by the government-appointed investment bank Dresdner
Kleinwort Wasserstein.  Proceeds of the sale will be used to pay
Yukos' back-tax bill, which has already grown to US$24 billion
(GBP13 billion).  Observers say the company faces further sell-
offs to cover the tax bill of which it has so far paid only US$4
billion.

Company executives suggested the auction may force Yukos into
bankruptcy ahead of a scheduled extraordinary shareholders'
meeting for Dec. 20.

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


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


AVANGARD: Temporary Insolvency Manager Takes over Helm
------------------------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
supervision procedure on Agricultural LLC Avangard (code EDRPOU
30835482).  The case is docketed as 15/160B.  Mr. Vasil Petrenko
(License Number AA 719787) has been appointed temporary
insolvency manager.

Creditors have until November 26, 2004 to submit their proofs of
claim to:

(a) AVANGARD
    87111, Ukraine, Donetsk region,
    Telmanivskij district, Starolaspa,
    Fedkov Str. 28

(b) Mr. Vasil Petrenko
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Universitetska Str. 78/34

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


BEST MARKS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Bearings of the Best Marks (code EDRPOU
31659715) on October 7, 2004 after finding the close joint stock
company insolvent.  The case is docketed as B 29/92/02. Arbitral
manager Mr. Leonid Talan has been appointed
liquidator/insolvency manager.

CONTACT:  BEARINGS OF THE BEST MARKS
          Legal address:
          49034, Ukraine, Dnipropetrovsk region,
          Bilostotskij Str. 86/28

          Actual address:
          49127, Ukraine, Dnipropetrovsk region,
          Avtoparkova Str. 7

          Mr. Leonid Talan
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 158
          Phone: (0562) 92-53-18

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


BORISLAV' AUTO: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on OJSC Borislav' Auto Transport
Enterprise 24659 (code EDRPOU 03881722).  The case is docketed
as 6/191-4/102.  Arbitral manager Mr. I. Yakima (License Number
AA 140422) has been appointed temporary insolvency manager.  The
company holds account number 26007301450095 at Prominvestbank,
Borislav branch, MFO 325406.

Creditors have until November 26, 2004 to submit their proofs of
claim to:

(a) BORISLAV' AUTO TRANSPORT ENTERPRISE 24659
    82300, Ukraine, Lviv region,
    Borislav, Brativ Lisikiv Str. 1

(b) Mr. I. Yakima
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Grinchenko Str. 16/8

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


FAVORIT-X: Court Grants Debt Moratorium
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Favorit-X (code EDRPOU 22918493) on
September 17, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 23/570-b.  Mr.
Sergij Kitsula (License Number AA 487782) has been appointed
temporary insolvency manager.  The company holds account number
26004007810 at OJSC Bank Ukrainian Capital, MFO 320371.

Creditors have until November 26, 2004 to submit their proofs of
claim to:

(a) FAVORIT-X
    Ukraine, Kyiv region,
    Golosiyivska Str. 7

(b) Mr. Sergij Kitsula
    Temporary Insolvency Manager
    03127, Ukraine, Kyiv region,
    Lomonosov Str. 11/1
    Phone: (044) 257-38-02
            8 (067) 295-08-03

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


PANATSEYA: Insolvency Manager to Temporarily Oversee Business
-------------------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Panatseya (code EDRPOU 20121119) on October
11, 2004 after finding the limited liability company insolvent.
The case is docketed as 7/111-B.  Mr. Yurij Kozak has been
appointed liquidator/insolvency manager.  The company holds
account number 26009301149 at CB Zahidinkombank, Lutsk branch,
MFO 303484.

Creditors have until November 26, 2004 to submit their proofs of
claim to:

(a) PANATSEYA
    43010, Ukraine, Volinska region,
    Lutsk, Kiyivskij Square, 7

(b) Mr. Yurij Kozak
    Liquidator/Insolvency Manager
    43025, Ukraine, Volinska region,
    Lutsk, Suvorov Str. 11/5

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


SANTEKS LTD.: Harkiv Court Appoints Insolvency Manager
------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Santeks Ltd. (code EDRPOU 25184395) on
October 11, 2004 after finding the limited liability company
insolvent.  The case is docketed as B-24/78-04.  Mrs. Ludmila
Zayikina has been appointed liquidator/insolvency manager.  The
company holds account number 26009300268 at JSCB Merkurij,
Harkiv branch, MFO 351663.

Creditors have until November 26, 2004 to submit their proofs of
claim to:

(a) SANTEKS LTD.
    Ukraine, Harkiv region,
    Pisochin, Lenin Str. 94

(b) Mrs. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Donetsk region,
    Mariupol, 50 Rokiv SRSR Str. 55/62

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


ULYANIVKA: Proofs of Claim Deadline Expires this Week
-----------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Ulyanivka (code EDRPOU 01196650) on
September 30, 2004 after finding the close joint stock company
insolvent.  The case is docketed as 2/240.  Arbitral manager Mr.
Stalina Ratinska (License Number AA 78037) has been appointed
liquidator/insolvency manager.

Creditors have until November 26, 2004 to submit their proofs of
claim to:

(a) ULYANIVKA
    Ukraine, Mikolaiv region,
    Novoodeskij district, Ulyanivka

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


VALENTINA: Court Appoints Liquidator
------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Valentina (code EDRPOU 00376219) on October
12, 2004 after finding the close joint stock company insolvent.
The case is docketed as 27/27 B.  Arbitral manager Mr. Miroslav
Fomin (License Number AA 783117) has been appointed
liquidator/insolvency manager.  The company holds account number
26005193195001 at CB Privatbank, Krasnoarmijsk branch, MFO
335236.

CONTACT:  VALENTINA
          85300, Ukraine, Donetsk region,
          Krasnoarmijsk, Lunacharskij Str. 126

          Mr. Miroslav Fomin
          Liquidator/Insolvency Manager
          85400, Ukraine, Donetsk region,
          Selidove, Zhovtnevoyi Revolutsiyi Boulevard, 4/14

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


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


247 DM: Creditors to Meet Friday
--------------------------------
The creditors of 247 DM Limited will meet on Nov. 26, 2004
commencing at 3:30 p.m.  It will be held at Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh SO53 3TZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Highfield Court, Tollgate,
Chandlers Ford, Eastleigh, Hampshire SO53 3TZ not later than
12:00 noon, Nov. 25, 2004.

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


ADAM ONE: Creditors' Meeting Set Next Month
-------------------------------------------
Name of companies:
Adam One Limited
Adam Two Limited
Aribage Limited
Barclays Asset Finance Limited
Barclays Nominees (Depository Services) Limited
Barclays Vehicle Management Services Limited
BMBF (No.30) Limited
BM Dormant (No.5) Limited
BM Dormant (No.6) Limited
Byrom House Nominees Limited
Camalot Cars Limited
GS Collections Limited
Highland Machinery Limited
Mercantile Leasing Company (No.15) Limited
Mercantile Leasing Company (No.72) Limited
Mercantile Leasing Company (No.81) Limited
Mercantile Leasing Company (No.105) Limited
Mercantile Leasing Company (No.117) Limited
Mercantile Leasing Company (No.129) Limited
Mercantile Leasing Company (No.153) Limited

The final meeting of these companies will be on Dec. 22, 2004
commencing from 9:45 a.m. to 3:45 p.m.  It will be held at
Athene Place, 66 Shoe Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Shareholders who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Deloitte & Touche LLP, Athene Place, 66 Shoe
Lane, London EC4A 3WA not later than 12:00 noon, Dec. 21, 2004.

CONTACT:  DELOITTE AND TOUCHE LLP
          Athene Place,
          66 Shoe Lane, London EC4A 3WA
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


ALEXANDER GOW: Hires Leonard Curtis as Administrator
----------------------------------------------------
A. Poxon and J. J. Schapira (IP Nos 8620, 5784) have been
appointed administrators for Alexander Gow Limited.  The
appointment was made Nov. 12, 2004.

The company offers accounting and legal services.  Its
registered office is located at DTE House, Hollins Mount,
Hollins Lane, Bury B19 8AT.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


ALLEN-BRADLEY: Creditors' Meeting Set December
----------------------------------------------
Name of companies:
Allen-Bradley (Overseas) Limited
Condition Monitoring Limited
IRD Condition Monitoring Limited
Nelsa Limited
Sigma Controls Limited

The final meetings of these companies will be on Dec. 21, 2004
commencing at 11:00 a.m. and thereafter at 15-minute intervals.
It will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than Dec. 20, 2004.

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


APEX STEEPLEJACKS: Sets Final Meeting of Creditors
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Apex Steeplejacks Ltd.
                         (In Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
Apex Steeplejacks Ltd. will be held within the offices of
Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS
on December 15, 2004, at 10:00 a.m. for the purposes of
receiving the Liquidator's account of the winding-up together
with any explanations that may be given.  The Liquidator will
seek his release at the meeting.

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

A creditor will be entitled to attend and vote at the meeting
only if a claim has been lodged with me at or before the meeting
and it has been accepted for voting purposes in whole or in
part.  Proxies may also be lodged with me at the meeting or
before the meeting at my office.

Robert M. Dallas, Liquidator
November 9, 2004

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


ASTROCREST SERVICES: Members Opt to Dissolve Company
----------------------------------------------------
At the extraordinary general meeting of the Astrocrest Services
Limited on Nov. 11, 2004 held at 641 Green Lanes, London N8 0RE,
the subjoined extraordinary resolution to wind up the company
was passed.  Ninos Koumettou of Alexander Lawson & Co, 641 Green
Lanes, London N8 0RE has been appointed liquidator for the
purpose of such winding-up.


BARCLAYS BUSINESS: Sets Final Meeting Next Month
------------------------------------------------
Name of companies:
Barclays Business Credit Limited
Barclays Commercial Services (Holdings) Limited
Barclays Commercial Services Limited
Barclays Invoice Discounting Limited
Barclays Structured Finance Limited
Bexco Limited
Fleetway House Limited
IMD International Limited
Rootbourne Limited
Shipdiams Investments Limited

The final meeting of these companies will be on Dec. 22, 2004
commencing from 9:45 a.m. to 3:45 p.m.  It will be held at
Athene Place, 66 Shoe Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Deloitte & Touche LLP, Athene Place, 66 Shoe Lane, London
EC4A 3WA not later than 12:00 noon, Dec. 21, 2004.

CONTACT:  DELOITTE AND TOUCHE LLP
          Athene Place,
          66 Shoe Lane, London EC4A 3WA
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


BOWERS OF BOLTON: Hires Administrators from PwC
-----------------------------------------------
Michael Horrocks and David James Costley-Wood (IP Nos 8026,
5285) have been appointed administrators for Bowers Of Bolton
Limited.  The appointment was made Nov. 15, 2004.  The company
sells motor vehicles.

CONTACT:  PRICEWATERHOUSECOOPERS L.L.P.
          101 Barbirolli Square
          Lower Mosley Street, Manchester M2 3PW
          Phone: [44] (161) 236 9191
          Fax: [44] (161) 247 4000 (ABAS)
                          245 2902/3/6/7 (TLS)
                          245 2910(MCS)
                          245 2905 (FAS)
          Web site: http://www.pwcglobal.com


BOXCLEVER: Could be Sold Before Year Ends
-----------------------------------------
The sale of television rentals business BoxClever is now likely
to push through after terms were improved to satisfy one of its
lenders.

Disagreement between lenders French bank CDC and German bank
WestLB AG stalled the sale of the business to American fund
Fortress Investment Group earlier in the year.  The bidder
offered GBP350 million, but CDC objected since it would recoup
only half of what the company was supposedly worth.  CDC holds
GBP130 million worth of bonds in BoxClever.

According to This is London, French bank CDC is now expected to
collect more cash from the transaction, making an agreement
possible within weeks.  A sale could be signed by Christmas, the
report said.

BoxClever put Endeva, its service support arm into
administration last year when the unit failed to expand as
quickly as expected.


BRITISH ENERGY: Posts Energy Production Figures for October
-----------------------------------------------------------
A summary of net output from all of British Energy's power
stations in October is given in the table together with
comparative data for the previous financial year:

                                    2003/04
                         October              Year to Date
                  Output       Load       Output         Load
                   (TWh)    Factor(%)      (TWh)      Factor(%)

U.K. Nuclear        4.61          65       37.87            77
U.K. Other          0.88          61        3.12            31


                                    2004/05

                         October              Year to Date
                  Output         Load       Output         Load
                   (TWh)    Factor(%)      (TWh)      Factor(%)

U.K. Nuclear        4.44          62       33.12            67
U.K. Other          0.46          32        3.53            35


Planned Outages

(a) A refueling outage was carried out on one unit at Dungeness
    B;

(b) Low load refueling was carried out on one unit at
    Hunterston B, one unit at Heysham 2 and both units at
    Torness;

(c) A statutory outage continued on one unit at Heysham 1; and

(d) Both units at Hartlepool remained shutdown to carry out
    statutory outage work and planned work on cast iron
    pipework.

Restart

Both units at each of Heysham 1 and Hartlepool remain shutdown.
Although work to demonstrate the integrity of certain boilers
has been virtually completed, we are continuing to make other
modifications to Hartlepool and Heysham 1 before they are
restarted.  The Company does not currently expect Heysham 1 and
Hartlepool to return to service before mid-December.

Output

In light of this, the Company has reduced its target for nuclear
output for the financial year 2004/2005 to 59.5 TWh.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride
          South Lanarkshire G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


BRITISH ENERGY: Plant Shutdowns Delay Restructuring Program
-----------------------------------------------------------
Further to the announcements on 22 Oct. 2004, both units at each
of Heysham 1 and Hartlepool remain shutdown.  Although work to
demonstrate the integrity of certain boilers has been virtually
completed, we are continuing to make other modifications to
Hartlepool and Heysham 1 before they are restarted which is not
expected to be before mid-December.

In light of this, the Company has reduced its target for nuclear
output for the financial year 2004/2005 to 59.5 TWh.

British Energy is continuing to work hard to complete the Agreed
Restructuring in late January 2005.  However in the light of the
delay to the restart of Hartlepool and Heysham 1, the Company
has decided it is prudent to seek an extension to the present
Restructuring Long Stop Date of 31 Jan. 2005.  An extension
requires the agreement of holders of a simple majority of the
bond and RBS claims, a two-thirds majority of the Eggborough
bank debt and swap claims and a simple majority of the Enron,
Teesside and Total claims (now held by Deutsche Bank AG,
London), and BNFL and the Secretary of State for Trade and
Industry.  The Company expects to reach such an agreement
shortly.

The Agreed Restructuring remains subject to large number of
important conditions and significant uncertainties.  If for any
reason the Company is unable to implement the Agreed
Restructuring prior to the present or any extended Restructuring
Long Stop Date, it may be unable to meet its financial
obligations as they fall due, in which case it may have to take
appropriate insolvency proceedings.  If the Company were to
commence insolvency proceedings, distributions, if any, to
unsecured creditors may represent only a small fraction of their
unsecured liabilities and it is highly unlikely there would be
any return to shareholders.

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Phone: 020 7831 3113 (Media Enquiries)

          John Searles
          Phone: 01355 262202 (Investor Relations)
          Web site: http://www.british-energy.com


CARE TRANSPORT: Owners Agree to Wind up Business
------------------------------------------------
At the extraordinary general meeting of the members of the Care
Transport (London) Limited on Nov. 11, 2004 held at the offices
of UHY Hacker Young, St Alphage House, 2 Fore Street, London
EC2Y 5DH, the extraordinary and ordinary resolutions to wind up
the company were passed.  Andrew Andronikou and Ladislav Hornan
of UHY Hacker Young, St Alphage House, 2 Fore Street, London
EC2Y 5DH have been appointed joint liquidators for the purpose
of such winding-up.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


CARPLANE LIMITED: Hires D. A. Jeal as Liquidator
------------------------------------------------
At the extraordinary general meeting of the Carplane Limited on
Nov. 3, 2004 held at The Old Farmhouse Cottage, Trevelgue Road,
Porth, Newquay, Cornwall TR7 3LY, the special resolution to wind
up the company was passed.  Derek A. Jeal of Parkway House, 1
Pityme Business Centre, St Minver, Wadebridge, Cornwall PL27 6NU
has been appointed liquidator for the purpose of such winding-
up.

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


C COLLIN: Members Final General Meeting Set Next Month
------------------------------------------------------
The final general meeting of the members of C Collin Limited
will be on Dec. 17, 2004 commencing at 3:00 p.m.  It will be
held at the offices of Baker Tilly, First Floor, International
House, Queens Road, Brighton, East Sussex BN1 3XE.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, First Floor, International House, Queens Road,
Brighton, East Sussex BN1 3XE not later than 12:00 noon, Dec.
16, 2004.

CONTACT:  BAKER TILLY
          First Floor, International House, Queens Road,
          Brighton, East Sussex BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          Web site: http://www.bakertilly.co.uk


DEJIMA EUROPE: Hires Joint Liquidators from Moore Stephens
----------------------------------------------------------
At the extraordinary general meeting of the Dejima Europe Ltd.
on Nov. 2, 2004 held at 4698 Woodrose Circle, Dublin, California
94568, the resolutions to wind up the company were passed.
Steven Draine and David Rolph of Moore Stephens Corporate
Recovery have been appointed joint liquidators of the company
for the purpose of the voluntary winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Web site: http://www.moorestephens.co.uk


FUYO GENERAL: Members Pass Special Winding up Resolution
--------------------------------------------------------
At the extraordinary general meeting of the Fuyo General Lease
(UK) Plc on Oct. 29, 2004 held at 3-3-23, Misaki-cho, Chiyoda-
ku, Tokyo 101-8380, Japan, the special resolution to wind up the
company was passed.  Alan Lovett and Patrick Joseph Brazzill of
Ernst & Young LLP, One 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


GILMOUR VENTILATION: Appoints Liquidator from BDO Stoy Hayward
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Gilmour Ventilation Services Ltd.

Notice is hereby given that I, David J. Hill of BDO Stoy Hayward
LLP, 168 West George Street, Glasgow G2 2PT, was appointed
liquidator of Gilmour Ventilation Services Ltd. on November 9,
2004.

David J. Hill Liquidator
November 9, 2004

CONTACT:  BDO STOY HAYWARD
          Ballantine House
          168 West George Street
          Glasgow, G2 2PT
          Phone: 0141 248 3761
          Fax: 0141 332 5467
          E-mail: glasgow@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


GRAND PRIX: Director Disqualified from Holding Executive Post
-------------------------------------------------------------
The director of a motorcycle retailing business that failed with
debts of more than GBP517,000 has been disqualified in the
Exeter County Court from acting as a company director for five
years.

Mark Graham Reece, 44, of Queen Street, Newton Abbot, Devon was
a director of Grand Prix Motor Cycles Ltd., which carried on
business from premises at 177-187 Queen Street, Newton Abbot,
Devon TQ12 2BW.

The Disqualification Order, made on November 16, 2004, prevents
Mr. Reece 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.

Grand Prix Motorcycles Ltd. was placed into voluntary
liquidation on April 26, 2002 with estimated debts of GBP517,000
owed to its creditors.

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

Matters of unfit conduct, found by the Court and not disputed by
Mr. Reece included, were that:

(a) He ought to have known that the company was insolvent by
    July 2000 and that by causing it to continue to trade
    thereafter he caused the company to incur substantial crown
    and trade creditor liabilities at the date of liquidation;

(b) He caused the misuse of the company's bank account in that
    over 250 items were presented at times when the account held
    insufficient funds to honor these demands.  As a consequence
    the company incurred avoidable bank charges totaling GBP6281
    of which inhibited the company's ability to make payments to
    creditors; and

(c) The accounting records for the company also show that
    payments were made from the company to Mr. Reece and his
    wife during the period in which he ought to have known the
    company to be insolvent.

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


HANSON FUNDING: Liquidator's Report Out Mid-December
----------------------------------------------------
The final general meeting of the members of Hanson Funding (I)
Plc will be on Dec. 16, 2004 commencing at 10:00 a.m.  It will
be held at the offices of Ernst & Young, Cloth Hall Court, 14
King Street, Leeds LS1 2JN.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Ernst & Young, Cloth Hall Court, 14 King Street, Leeds LS1
2JN not later than 12:00 noon, Dec. 15, 2004.

CONTACT:  ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


HELP CONTRACTING: Regulator Serves Four-year Ban on Director
------------------------------------------------------------
The director of a construction industry labor supply business
that failed with total debts, estimated at GBP1.6 million, has
given an Undertaking not to hold directorships or take any part
in company management for four years.

The Undertaking by Thomas Paul Delaney, 41, of Lulworth, Agar
Grove Estate, London NW1, was given in respect of his conduct as
a director of Help Contracting Services Limited (Help), which
carried on business from premises at 226 Blythe Road, London W14
OHH.

Acceptance of the Undertaking, on November 12, 2004, prevents
Mr. Delaney 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 four
years.

Help was placed into compulsory liquidation by Order of the High
Court on 10 July 2002 on the petition of H M Customs & Excise
for GBP689,553 claimed in respect of VAT due.

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

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

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

(a) He caused or allowed Help to trade to the detriment of The
    Crown by retaining VAT, due to H M Customs & Excise,
    amounting to GBP935,860 and Construction Industry Scheme
    (CIS) tax due to the Inland Revenue amounting to at least
    GBP739,053, while making other payments amounting to a sum
    that is estimated to have been at least GBP8 million;

(b) He caused or allowed Help to fail to meet its statutory
    obligations to submit VAT returns and payments by the due
    dates; and

(c) He caused or allowed Help to fail to keep or, alternatively,
    preserve or deliver up accounting records.

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


JUPITER ENHANCED: Brings in Liquidators from Ernst & Young
----------------------------------------------------------
At the extraordinary general meeting of the holders of Jupiter
Enhanced Income Investment Trust Plc on Nov. 1, 2004 held at 1
Grosvenor Place, London SW1X 7JJ, 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 of the company
for the purpose of the 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


KRONOS INTERNATIONAL: Proposed EUR90 Mln Notes Rated 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Kronos International Inc.'s (KII) proposed EUR90 million senior
secured notes issue, an add-on to the company's existing EUR285
million 8.875% senior secured notes due June 2009.

At the same time, Standard & Poor's affirmed its 'BB' corporate
credit ratings for Valhi Inc. and KII, and revised the outlooks
to negative from stable.  KII is a majority owned indirect
subsidiary of Dallas, Texas-based Valhi.

Proceeds from the transaction will be distributed to Kronos
Worldwide Inc., the direct parent of KII, to pay off inter-
company notes due to affiliates NL Industries Inc. and Valhi.
Pro forma for the transaction, Valhi will have approximately
US$742 million in total debt outstanding.

"The outlook revision reflects concerns about the proposed
increase to external debt and an acquisitive policy that could
increase leverage, despite the improvement in operating
results," said Standard & Poor's credit analyst George Williams.

Although proceeds from the transaction will be used to settle an
inter-company loan, the increase in Valhi's external debt load
raises the company's risk profile and leverage.  Standard &
Poor's expects that the proceeds will eventually be used for
targeted acquisitions in titanium dioxide (TiO2) or within
Valhi's other businesses.  While not anticipated, the cash
proceeds could also be used to finance a dividend to Contran
Corp., a privately owned company that owns approximately 90% of
Valhi's outstanding common stock.

The rating on KII's proposed senior secured notes, which are
secured by 65% of the shares of its first-tier subsidiaries, is
one notch below KII's corporate credit rating to reflect the
disadvantaged position of these creditors in the event of
bankruptcy.  Standard & Poor's expects that the security will
provide only limited protection to the noteholders, who are
structurally subordinated to the claims of creditors at key
operating subsidiaries.  Ratings on KII also reflect its
strategic importance to, and the credit quality of its ultimate
parent, Valhi Inc.

The ratings on Valhi reflect a below-average business profile,
derived from its solid market position among the leading global
TiO2 producers and a niche component products business
(ergonomic computer support systems, precision ball-bearing
slides for furniture, and security products), and an aggressive
financial profile.  The company also maintains equity positions
in Titanium Metals Corp. and Waste Control Specialists, a small
waste management company.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.com. All ratings affected by
this rating action can be found at
http://www.standardandpoors.com.


OK PLASTICS: Liquidator to Present Final Report December
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF OK Plastics Limited
                        (In Liquidation)

Notice is hereby given pursuant to Section 106 of the Insolvency
Act 1986, that a general meeting of the members of OK Plastics
Limited will be held at Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh, EH10 4EX on December 14, 2004 at 10:00 a.m.
to be followed at 10.15am by the final meeting of creditors for
the purposes of having an account laid before them, showing how
the winding up of the company has been conducted and the
property of the company has been disposed of and of hearing any
explanations that may be given by the liquidator.

K. V. Anderson, Liquidator
November 8, 2004

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


PHOENIX HOMES: Calls in Liquidator from Ian Franses Associates
--------------------------------------------------------------
At the extraordinary general meeting of the Phoenix Homes
(Welwyn) Limited on Nov. 8, 2004 held at 29 Glebe Road, Welwyn,
Hertfordshire AL6 9PB, the subjoined special resolution to wind
up the company was passed.  Ian Franses of Ian Franses
Associates, 24 Conduit Place, London W2 1EP has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place, London W2 1EP


POLAR FOODS: Creditors Opt for Liquidation
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Polar Foods Limited

Notice is hereby given that I, David Forbes Rutherford of Cowan
& Partners CA, 60 Constitution Street, Leith, Edinburgh, EH6
6RR, was appointed liquidator of Polar Foods Limited on November
4, 2004.

David Forbes Rutherford, Liquidator
November 4, 2004

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk


POWL CONSTRUCTION: Appoints Chamberlain & Co. Administrator
-----------------------------------------------------------
Michael Chamberlain (IP No 8735) has been appointed
administrator for Powl Construction Limited.  The appointment
was made Nov. 12, 2004.

CONTACT:  CHAMBERLAIN & CO
          Aireside House,
          24-26 Aire Street, Leeds LS1 4HT
          Phone: 0113 242 0808
          Fax:   0113 242 0866
          Web site: http://www.chamberlain-co.co.uk/


RICHARDS: 200-year-old Textile Factory Falls into Receivership
--------------------------------------------------------------
Aberdeen's last textile factory, Richards, is closing down after
calling in receivers, reports say.  The shutdown will result to
the redundancies of 196 workers.

Management failed to answer why the company collapsed when
unions and workforce claim its order books are healthy.  The
receivers promised to investigate.

The fall is the second time in three years.  Richards survived
an uncertain future two years ago after Ian Suttie bought it out
of receivership.  The company has been operating for two hundred
years, becoming one of the city's largest private sector
employers at one point.

The Aberdeen City Council has pledged to do all it can to help
find new jobs for those affected by the news.


RYBARN LIMITED: Calls in Administrators from Grant Thornton
-----------------------------------------------------------
Samantha Keen and Nigel Morrison (IP Nos 9250, 8938) have been
appointed administrators for Rybarn Limited.  The appointment
was made Nov. 12, 2004.  The company is engaged in general
construction and civil engineering.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


SECONDSOUT LIMITED: Insolvency Service Bans Two Directors
---------------------------------------------------------
Two directors of a professional ice hockey team business that
failed with total debts estimated at around GBP157,000 have
given Undertakings not to hold directorships or take any part in
company management for three years each.

The Undertakings by Philip Bernard Wing, 44, of Great North
Road, Stibbington, Peterborough and by Robert Charles Housden,
aged 45, of Wood Street, Chatteris, Cambridgeshire, were given
in respect of their conduct as directors of Secondsout Limited,
which carried out business from premises at 1 Mallard Road,
Bretton, Peterborough, PE3 8YN.

Acceptance of the Undertakings on November 15, 2004 and November
17, 2004 prevent Mr. Wing and Mr. Housden respectively 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 the above periods.

Secondsout was placed into liquidation on November 15, 2002 with
estimated debts of GBP157,000 owed to creditors.

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

Matters of unfit conduct, not disputed by Mr. Wing and Mr.
Housden:

(a) They caused Secondsout to trade to the detriment of its
    creditors when they knew that the company was insolvent;

(b) They failed to submit payments to the Inland Revenue as and
    when they fell due, an amount of GBP26,947 is still owed in
    respect of PAYE and NIC for the tax year 2000/2001
    2001/2002; and

(c) They caused payments totaling GBP20,770 to be made to
    employees, without disclosing PAYE and NIC liabilities to
    the Inland Revenue.

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

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

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


SPORTING OPTIONS: Names Menzies Administrator
---------------------------------------------
Paul John Clark and Andrew John Duncan (IP Nos 8570, 9319) have
been appointed administrators for Sporting Options Plc.  The
appointment was made Nov. 15, 2004.  The company is engaged in
gambling and betting activities.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


STRONTIAN HOTEL: Meeting of Creditors Set First Week of December
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Strontian Hotel Limited
                         (In Liquidation)

Notice is hereby given pursuant to section 95 of the Insolvency
Act 1986 that a meeting of creditors of Strontian Hotel Limited
will be held at KPMG, 191 West George Street, Glasgow, G2 2LJ on
December 2, 2004 at 10:00 a.m. for the purposes provided for in
Section 95, 100 and 101 of the Insolvency Act 1986.

The resolutions to be taken at the meeting may include a
resolution specifying the terms on which the liquidators are to
be remunerated.  The meeting may also receive information about,
or may be called upon to approve, the costs of preparing the
statement of affairs and convening the meeting.

Proxies to be used at the meeting must be lodged not later than
12:00 noon on December 1, 2004 at the registered office of the
company, KPMG, 191 West George Street, and Glasgow G2 2LJ.  A
list of names and addresses of the company's creditors will be
available for inspection, on November 30, 2004, two business
days preceding the meeting.

Blair C. Nimmo, Liquidator
November 9, 2004

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


SUITE IDEAS: Calls in Administrators from Begbies Traynor
---------------------------------------------------------
Richard Albert Brock Saville and Paul Finnity (IP Nos 7829,
8768) have been appointed administrators for Suite Ideas
Limited.  The appointment was made Nov. 12, 2004.

The company sells furniture.  Its registered office is located
at Regency House, 21 The Ropewalk, Nottingham NG1 5DU.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


SURE SERVE: In Administrative Receivership
------------------------------------------
The Royal Bank of Scotland Commercial Services Limited called in
Anthony Murphy, Roger Tulloch (Office Holder Nos 8716, 9174) and
Anthony Spicer (Office Holder No 9071) joint administrative
receivers for Sure Serve Limited (Reg No 03124259).  The
application was filed Sept. 1, 2004.  The company offers vending
machine installation and services.

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

          SMITH AND WILLIAMSON LIMITED
          No. 1 Riding House Street,
          London W1A 3AS
          Web site: http://www.smith.williamson.co.uk


TELEWEST COMMUNICATION: Rating Raised to 'BB-'; Off CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on U.K.-based telephony, cable TV, and
Internet provider Telewest Communications Networks Ltd. (TCN) to
'BB-' from 'CCC+', following the group's announcement of
underwritten refinancing.  The ratings were removed from
CreditWatch, where they were placed on Aug. 20, 2004.  The
outlook is stable.

At the same time, Standard & Poor's assigned its 'BB' long-term
senior secured rating and a recovery rating of '1' to TCN's
proposed GBP1.55 billion (US$2.80 billion) bank facilities.  The
debt rating is one notch above the corporate credit rating,
indicating a high expectation of full recovery of principal in
the event of a default.  In addition, a 'B+' long-term rating
was assigned to TCN's proposed GBP250 million second lien loan
due 2014.  All issue ratings are subject to final documentation.

"The ratings on TCN are constrained by the group's competitive
operating environment, significant leverage, modest cash
generation, and demanding amortization schedule," said Standard
& Poor's credit analyst Simon Redmond.  "The group benefits,
however, from a substantially complete, high-quality network, a
customer base of about 1.8 million, and improving operating
performance."

"Standard & Poor's expects that TCN will become better
positioned at the current rating level over the coming year,
with gradual operating improvements and deleveraging," added Mr.
Redmond.  We also expect continued management focus on
strengthening both cash generation and the balance sheet.  Cash
acquisitions or significant debt increases are not factored into
the ratings.  Standard & Poor's does, however, recognize the
potential for consolidation in the TV content arena and also for
a final consolidation of the U.K. cable industry in time.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

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

This material is copyrighted and any commercial use, resale or
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                 * * * End of Transmission * * *