TCREUR_Public/041125.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

          Thursday, November 25, 2004, Vol. 5, No. 234

                            Headlines

C Z E C H   R E P U B L I C

IPB BANKA: Receiver Auctioning CZK40 Billion Worth of Claim
KOMERIO TRADE: Administrator Fails to Dispose of Claims


F R A N C E

DRIMMER SA: Falls into Receivership
LIBERATION SA: Predicts Another Full-year Loss
MARSAN: Opts to Liquidate Business


G E R M A N Y

ALTHOF AUTOTEILE: Creditors' Claims Due January
DAIMLERCHRYSLER AG: Faces New Allegations of Fraud
GEBRUDER LEHMANN: Leipzig Court Appoints Administrator
HOTEL AM KURPARK: Creditors' Meeting Set December
INABAU INNENAUSBAU: Gives Creditors Until January to File Claims

INABAU TISCHLEREI: Under Bankruptcy Administration
KTE GESELLSCHAFT: Bankruptcy Administrator Takes over Operations
KTE KLINIKEN: Applies for Bankruptcy Proceedings
KURVERWALTUNG BAD: Creditors Have Until January to File Claims
MENY & PARTNER: Mosbach Court Sets Claims Deadline December
REHA-KLINIK: Gives Creditors Until February to File Claims


I R E L A N D

ELAN CORPORATION: Credit, Debt Ratings Raised to 'B'


I T A L Y

APRILIA SPA: European Commission Okays Takeover with Provisions
CIRIO: Settles Row Over Brazilian Arm
VOLARE GROUP: Government Promises to Intervene; Hints Rescue
VOLARE GROUP: Authorities to Quiz Managers on Collapse


N E T H E R L A N D S

VERSATEL TELECOM: Unit Wins EUR3.8 Million Worth of Contracts


R U S S I A

ARCHEDINSKIY LIME-PIT: Court Appoints Insolvency Manager
BALTASINSKIY INTERECONOMIC: Declared Insolvent
BUILDER: Creditors Have Until Next Month to File Claims
ENERGY-SAVING TECHNOLOGIES: Declared Insolvent
KAMAZ-AGRO: Undergoes Bankruptcy Supervision Procedure

KIROV-AUTO-MOST: Kirov Court Opens Bankruptcy Proceedings
MILLER: Mariy El Court Appoints Insolvency Manager
RUS': Under External Management Procedure
RZHEVSKIY COMBINE: Bankruptcy Supervision Begins
UVINSKOYE GRAIN: Udmurtiya Court Appoints Insolvency Manager
YUKOS OIL: Tax Officials Intent on Collecting Fines


S W E D E N

CONCORDIA BUS: Senior Implied Rating Downgraded to 'Caa1'
SKANDIA INSURANCE: Back in Black


U K R A I N E

AZOV: Court Appoints Temporary Insolvency Manager
CONCERN PRIVILLYA: Bankruptcy Proceedings Begin
DMITRIV: Claims Deadline Expires Today
DNIPROSPETSBUD: To Hold Public Auction this Week
NIZHNYANSKE: Under Bankruptcy Supervision

SHPANIV' FOOD: Deadline for Filing of Claims Nears
SPETSAVTOMATIKA: Bankruptcy Supervision Begins
SUGAR FINANCIAL: Liquidator Takes over Helm
VOVKIVSKE: Declared Insolvent
ZORYANE: Hmelnitskij Court Names Insolvency Manager


U N I T E D   K I N G D O M

ABBEY NATIONAL: Closes Sale of French Operation to BNP Paribas
A HOLDSWORTH: Winding up Resolutions Passed
ARGONAUT GAMES: Share Trading Suspended
ARROW GLAZING: Extraordinary Winding up Resolution Passed
BCG SALES: Calls in Liquidators from Middleton Partners

BIP LTD.: Hires Administrators from KPMG
BLUE BISTROS: Names Poppleton & Appleby Liquidator
BODY SYSTEMS: Hires Liquidator from Ernst & Young
CANNOCK GATES: Names Begbies Traynor Administrator
CAROLINE WHEATLEY: Calls in Liquidator from Valentine & Co.

CASECOM LIMITED: Creditors to Meet Second Week of December
CHEQUE IN: Creditors to Receive Final Report
ELLIOTT SPENCER: Names BWC Business Solutions Liquidator
EQUITABLE LIFE: Negligence Suit Trial Likely to Proceed
FIELDNORTH LIMITED: Appoints Portland Business Administrator

FORTRADE LIMITED: Calls in C. Morris Liquidator
G & A PLANT: Hires Liquidator from Findlay James
HANBURY ENGINEERING: Calls in Smith & Williamson Administrator
HANCOCK WARD: Winding up Resolutions Passed
INFO-TECHTRONICS LIMITED: Appoints Administrators

INTERNATIONAL POWER: Ratings Remain on CreditWatch Negative
IVEL POLYMER: Names Joint Administrators from Baker Tilly
LONDON FORFAITING: Appoints KPMG Liquidator
LOW'S BAKERY: Calls First Creditor's Meeting
LUCAS SRE: Sets Creditors' Meeting Next Month

MAPFRE RE MANAGEMENT: Special Winding up Resolution Passed
NORTHERN ELECTRICAL: Liquidator to Present Winding up Report
OBJECT FACTORY: Sets Final Meeting of Creditors
OLDCO LIMITED: Winding up Report Due Second Week of December
P & F CONGLETON: Appoints BDO Stoy Hayward Administrator

PRECISION CUTTING: Administrators from Tenon Recovery Move in
SAVE & INVEST: Creditors to Choose Liquidator December
WATERFORD WEDGWOOD: Calls Extraordinary General Meeting


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


IPB BANKA: Receiver Auctioning CZK40 Billion Worth of Claim
-----------------------------------------------------------
The receiver of IP Banka, Lenka Duskova, is selling a billion-
dollar disputed claim on CSOB in relation to its purchase of IP
Banka four years ago, Ceske Noviny reports.

The auction organized by Clanroy Sales is set on Dec. 20 in
Prague.  The asking price is CZK76 million.  Former IPB
shareholder, Nomura of Japan, says the claim is worth CZK40
billion (US$1.693 billion), but CSOB, disagrees.

"CSOB considers the claim to be doubtful and fabricated at
Nomura's request," CSOB spokesman Milan Tomanek said.  According
to him, two independent appraisals set IPB's value at the time
of its sale at negative tens of billions of crowns.

Nomura spokesman Jiri Hrabovsky said: "Nomura is analyzing the
conditions of the auction and only then will it decide if it
takes part in it."

The claim is still being disputed in an arbitration court in
Vienna.  The court may yet conclude that the debt does not
exist.

CONTACT:  IP BANKA a.s.
          6410 V Celnici 10 Praha 1
          117 21
          Phone: 221033131
          Fax: 221033150
          Web site: http://www.ipbanka.cz


KOMERIO TRADE: Administrator Fails to Dispose of Claims
-------------------------------------------------------
The bankruptcy manager of former brokerage firm Komerio has yet
to sell claims on the group's assets, Czech News Agency says.

Bankruptcy administrator Jiri Krejcirik is trying to sell
Komerio's assets valued at more than CZK100 million.  Two lots
of claims were offered for sale, according to Mr. Krejcirik.
The administrator called off the sale of the first lot after
receiving insufficient offers and suspended the auction of the
second block due to disputes.

CONTACT:  KOMERIO TRADE a.s.
          Seifertova 53
          13000 Praha 3
          Okres Praha 1
          Phone: +420 272 116 666
          E-mail: info@komerio-hk.cz
          Web site: http://www.komerio.cz


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


DRIMMER SA: Falls into Receivership
-----------------------------------
A commercial court has placed decorative furniture and luxury
light fittings manufacturer Drimmer S.A. into receivership, Les
Echos says.

The court likewise ordered the group to undergo a six-month
extendable observation period.  The court is waiting for Drimmer
to present a rescue plan.  Drimmer experienced a 15% drop in its
turnover, registering only EUR11 million for 2003.  The group
suffered from losses after its slight margin was not able to
compensate debts of around EUR2 million.  Drimmer has applied
for voluntary bankruptcy.

Following the Drimmer's receivership, trade unions expressed
fear for job cuts, which affected nine employees in February.
The group intends to submit a rescue plan that involves
launching around 100 franchises until 2010.  Drimmer currently
has around 20 shops and franchises, which sells products
directly to consumers.

CONTACT:  DRIMMER S.A.
          Zi De Cantaranne
          12850 Onet Le Chateau
          Phone: +33 565 67 00 21
          Fax: +33 565 42 88 56


LIBERATION SA: Predicts Another Full-year Loss
----------------------------------------------
Daily newspaper Liberation expects to post a consolidated net
loss of around EUR2.2 million this year, Les Echos says.

The figure is based on the group's performance for the first ten
months of 2004.  The daily attributes its losses to poor sales,
increased costs and a slumping advertising market.  Liberation
managed to reduce its losses from EUR2.1 million in 2002 to
EUR.555 million in 2003.  The paper is currently holding talks
with entrepreneur Vincent Bollore, who is interested in
acquiring a stake.

CONTACT:  LIBERATION S.A.
          11, Rue Beranger
          75154 Paris Cedex 03
          Phone: 01 42 76 17 89
          Fax: 01 42 72 94 93
          Telex: 217 656 F
          Web site: http://www.liberation.fr


MARSAN: Opts to Liquidate Business
----------------------------------
Industrial bakery group Marsan is being liquidated after efforts
to sell the business failed, Les Echos reports.  The collapse
will render 80 jobless.

The company went into receivership in March after a disastrous
expansion program.  The move that added two more companies into
the group depleted funds for developing machineries.
Compounding the situation was the tendency of large supermarket
chains to bake their own goods.

Marsan is based the Gironde department of southwest France.


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


ALTHOF AUTOTEILE: Creditors' Claims Due January
-----------------------------------------------
The district court of Aschaffenburg opened bankruptcy
proceedings against Althof Autoteile Gesellschaft mit
beschrankter Haftung on Oct. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 15, 2005 to register their claims with
court-appointed provisional administrator Gerd Stapp.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 8, 2005, 11:30 a.m. at the district court of
Aschaffenburg, Schlossplatz 5, 63739 Aschaffenburg 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:  ALTHOF AUTOTEILE GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Mainzer Str. 61, 63897 Miltenberg

          Gerd Stapp, Insolvency Manager
          Auweg 10a, 63920 Grossheubach
          Phone: 09371/66672
          Fax: 09371/66772


DAIMLERCHRYSLER AG: Faces New Allegations of Fraud
--------------------------------------------------
A former DaimlerChrysler AG employee, who alleged possible
financial cover-ups in the company, has filed a federal lawsuit
for unlawful dismissal.

Christine Holtzmann lodged a case against the automaker on
Thursday at the U.S. District Court in Detroit, according to
Associated Press.  She claims in court documents the company did
not conduct preliminary investigations before she was fired in
December 2003.

She said she worked 18 years at DaimlerChrysler and its
predecessor unit in the U.S., Chrysler Corporation.  She was
administrator of Chrysler's Business Practices Office at the
time she was dismissed.  Her team reviews allegations of
improper business practices and is responsible for filing
reports to DaimlerChrysler's audit committee about its
activities.  DaimlerChrysler was allegedly keeping secret
complaints to the audit committee.

Laura Fentonmiller, a Royal Oak lawyer representing Ms.
Holtzmann, told The Detroit News: "There were some high-level
cases that were being kept in a separate file cabinet."  Some
complaints were falsely backdated as closed years before they
were actually opened, she said.

"These cases were intentionally being removed from the radar,"
according to her.  "Shareholders needed to know that."

Ms. Holtzmann's lawsuit follows that of former DaimlerChrysler
auditor David Bazzetta, who claimed DaimlerChrysler maintained
at least 40 secret bank accounts to bribe government officials
in South America.  He said he was fired after 21 years in the
company in January when he told senior company officials about
the accounts.

The U.S. Securities and Exchange Commission is investigating
both allegations.  The company declined to comment on the
accusations, except to say it is cooperating with the
investigations.

CONTACT:  DaimlerChrysler AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


GEBRUDER LEHMANN: Leipzig Court Appoints Administrator
------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Gebruder Lehmann Maschinenbau & Handel GmbH on Nov. 1.
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 Gorge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 2:30 a.m. at Saal 056, Amtsgericht
Leipzig 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:  GEBRUDER LEHMANN MASCHINENBAU & HANDEL GMBH
          Leipziger Str. 29, 04880 Dommitzsch

          Gorge Scheid, Insolvency Manager
          Jacobstr. 25, 04105 Leipzig


HOTEL AM KURPARK: Creditors' Meeting Set December
-------------------------------------------------
The district court of Bad Hersfeld opened bankruptcy proceedings
against Hotel am Kurpark GmbH & Co Betriebs
Kommanditgesellschaft on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 20, 2004 to register their claims with
court-appointed provisional administrator Raimund Schraad.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 17, 2004, 10:00 a.m. at Saal 6, EG,
Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 4, 2005, 9:30
a.m. at the same venue.

CONTACT:  HOTEL AM KURPARK GMBH & CO. BETRIEBS
          KOMMANDITGESELLSCHAFT
          Kurpark 19-21, 36251 Bad Hersfeld

          HOTEL AM KURPARK GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Contact:
          Gotz Lautenbach, Manager
          Zeilweg 42, 60439 Frankfurt am Main

          Raimund Schraad, Insolvency Manager
          Dudenstrasse 14, D-36251 Bad Hersfeld
          Phone: 06621/50780
          Fax: 06621/507840


INABAU INNENAUSBAU: Gives Creditors Until January to File Claims
----------------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Inabau Innenausbau Adlershof GmbH on Nov.
29.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 30,
2005 to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 10:45 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, 10:40 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  INABAU INNENAUSBAU ADLERSHOF GMBH
          Segelfliegerdamm 94-98,12487 Berlin

          Dr. Dirk Wittkowski, Insolvency Manager
          Kirchblick 11, 14129 Berlin


INABAU TISCHLEREI: Under Bankruptcy Administration
--------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Inabau Tischlerei GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 30, 2005
to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 10:40 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, 10:35 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  INABAU TISCHLEREI GMBH
          Segelfliegerdamm 94 - 98,12487 Berlin

          Dr. Dirk Wittkowski, Insolvency Manager
          Kirchblick 11, 14129 Berlin


KTE GESELLSCHAFT: Bankruptcy Administrator Takes over Operations
----------------------------------------------------------------
The district court of Bad Hersfeld opened bankruptcy proceedings
against KTE Gesellschaft fur Krankenhaus und
Therapieeinrichtungen GmbH & Co. Verwaltung KG on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 20, 2005
to register their claims with court-appointed provisional
administrator Ulrich Josephs.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 28, 2005, 9:50 a.m. at Saal 6, EG,
Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 18, 2005, 9:45
a.m. at Saal 6, EG, Amtsgerichtsgebaude, Dudenstrasse 10, 36251
Bad Hersfeld.

CONTACT:  KTE GESELLSCHAFT FUR KRANKENHAUS- UND
          THERAPIEEINRICHTUNGEN MBH
          Contact:
          Gotz Lautenbach, Manager
          Zeilweg 42, 60439 Frankfurt am Main

          Ulrich Josephs, Insolvency Manager
          Wilhelmshoher Allee 270, 34131 Kassel
          Phone: 0561/3166-311
          Fax: 0561/3166-312


KTE KLINIKEN: Applies for Bankruptcy Proceedings
------------------------------------------------
The district court of Bad Hersfeld opened bankruptcy proceedings
against KTE Kliniken und Therapieeinrichtungen
Aktiengesellschaft on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 15, 2005 to register their claims with
court-appointed provisional administrator Dr. Fritz Westhelle.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 10:45 a.m. at Saal 8, EG,
Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 15, 2005, 10:00
a.m. at the same venue.

CONTACT:  KTE KLINIKEN UND THERAPIEEINRICHTUNGEN
          AKTIENGESELLSCHAFT
          Am Kurpark 13, 36251 Bad Hersfeld
          Contact:
          Dieter Bogel, Director
          Udo Roters, Director
          Gunter Kerzmann, Director
          Dr. Clemens Veltrup, Director

          Dr. Fritz Westhelle, Insolvency Manager
          Wilhelmshoher Allee 270, D-34131 Kassel
          Phone: 0561/3166-311
          Fax: 0561/3166-312


KURVERWALTUNG BAD: Creditors Have Until January to File Claims
--------------------------------------------------------------
The district court of Bad Hersfeld opened bankruptcy proceedings
against Kurverwaltung Bad Hersfeld GmbH & Co. Betriebs
Kommanditgesellschaft on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 20, 2005 to register their claims with
court-appointed provisional administrator Ulrich Josephs.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 28, 2005, 10:10 a.m. at Saal 6, EG,
Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 18, 2005, 10:00
a.m. at the same venue.

CONTACT:  KURVERWALTUNG BAD HERSFELD GMBH & CO. BETRIEBS
          KOMMANDITGESELLSCHAFT
          Kurpark, 36251 Bad Hersfeld

          KURVERWALTUNG BAD HERSFELD GMBH
          Kurpark, 36251 Bad Hersfeld
          Contact:
          Gotz Lautenbach, Manager
          Zeilweg 42, 60439 Frankfurt

          Ulrich Josephs, Insolvency Manager
          Wilhelmshoher Allee 270, 34131 Kassel
          Phone: 0561/3166-311
          Fax: 0561/3166-312


MENY & PARTNER: Mosbach Court Sets Claims Deadline December
-----------------------------------------------------------
The district court of Mosbach opened bankruptcy proceedings
against Meny & Partner Brandschutzmontagen GmbH on Oct. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 10, 2004
to register their claims with court-appointed provisional
administrator Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 2:00 p.m. at the district court of
Mosbach, Lohrtalweg 2, 74821 Mosbach, Raum 12 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:  MENY & PARTNER BRANDSCHUTZMONTAGEN GMBH
          Contact:
          Helmut Meny, Manager
          Romerring 9, 74821 Mosbach-Diedesheim

          Jochen Horch, Insolvency Manager
          Wilhelmstrasse 23, 74072 Heilbronn
          Phone: 07131/780133


REHA-KLINIK: Gives Creditors Until February to File Claims
----------------------------------------------------------
The district court of Bad Hersfeld opened bankruptcy proceedings
against Reha-Klinik Naturana GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 3, 2005 to register their
claims with court-appointed provisional administrator Ulrich
Josephs.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 28, 2005, 10:30 a.m. at Saal 6, EG,
Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 18, 2005, 10:30
a.m. at the same venue.

CONTACT:  KTE GESELLSCHAFT FUR KRANKENHAUS- UND
          THERAPIEEINRICHTUNGEN MBH
          36251 Bad Hersfeld
          Contact:
          Gotz Lautenbach, Manager
          Zeilweg 42, 60439 Frankfurt

          Ulrich Josephs, Insolvency Manager
          Wilhelmshoher Allee 270, 34131 Kassel
          Phone: 0561/3166-311
          Fax: 0561/3166-312


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I R E L A N D
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ELAN CORPORATION: Credit, Debt Ratings Raised to 'B'
----------------------------------------------------
Standard & Poor's Ratings Services raised the corporate credit
and senior unsecured debt ratings on specialty pharmaceutical
maker Elan Corp. to 'B' from 'B-'.  The rating action reflects
the Dublin, Ireland-based company's increased liquidity and
anticipates the upcoming market launch of its very promising
multiple sclerosis treatment Antegren, a drug that could
generate annual sales well in excess of US$1 billion.

At the same time, Standard & Poor's raised its ratings on
subsidiary Elan Finance plc's recently completed offering of
US$1.15 billion in senior unsecured notes to 'B' from 'B-'.
These consist of US$850 million in 7.75% fixed-rate notes due
2011 and US$300 million in floating rate notes due 2011.  In
addition, Standard & Poor's raised the ratings on Elan
Pharmaceutical Investments III Ltd.'s (EPIL III) US$390 million
in subordinated notes to 'B' from 'CCC'.  The senior unsecured
debt rating on Elan Corp.'s US$460 million in convertible notes
was raised to 'CCC+' from 'CCC'.  (These are subordinate to the
EPIL III notes.)

All the ratings have been removed from CreditWatch, where they
were placed Nov. 1, 2004, after the company announced it would
issue senior unsecured notes to refinance a significant portion
of the EPIL III notes and increase liquidity ahead of the
planned Antegren launch.  The recently completed debt offering
and subsequent retirement of US$351 million of EPIL III's notes
adds roughly US$800 million to the coffers of Elan Corp.  The
outlook is positive.

Elan specializes in the development and marketing of treatments
for pain, central nervous system ailments, infectious disease,
and autoimmune problems.  Its key products include the anti-
infectives Maxipime and Azactam.

The successful commercialization of Antegren, however, is
essential to Elan's long-term financial health given that sales
from the company's existing portfolio are not expected to grow
meaningfully and given that the company's operations consume
(rather than generate) cash.  The company has supported its
operations by raising more than US$2 billion from non-core asset
divestitures over the past several years.

"Despite the improved liquidity and the anticipation surrounding
Antegren, the ratings still reflect the negative cash flows and
the high reliance on the new drug to restore Elan's
profitability," said Standard & Poor's credit analyst Arthur
Wong.  "If Antegren is successfully commercialized in the near
term, Standard & Poor's expects Elan to return to profitability
in 2006 and become cash flow positive soon after."

Sales from Elan's core portfolio were essentially flat for the
first nine months of 2004, as was income from royalties and
contract manufacturing operations.  No meaningful growth is
expected. Revenue and earnings growth will thus depend heavily
on the addition of new products.

The company's near-term product pipeline has two promising
prospects: not only Antegren (for both multiple sclerosis and
Crohn's disease) but Prialt (for pain).  Antegren, by far the
product with the higher sales potential, is being co-developed
with Biogen Idec Inc. (BB+/Positive/--).

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.

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

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


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I T A L Y
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APRILIA SPA: European Commission Okays Takeover with Provisions
---------------------------------------------------------------
Scooter-maker Piaggio S.p.A. has won the nod of the European
Commission to acquire ailing motorcycle group Aprilia S.p.A.,
Agencia Giornalistica Italia says.

E.C. earlier declined to rule on the acquisition on concerns
that the merger would dominate the market for scooters with 50cc
engines.  E.C. outlined in its approval a number of conditions
designed to protect competition and consumer interests on the
small scooter market, a sector wherein Piaggio and Aprilia are
dominant.  The regulator required the scooter groups to reduce
the impact of the merger on market competition.  E.C. also asked
the groups to commit to supplying new Liberty 50cc engine
technology to interested competitors.  E.C. said these
commitments allow the market to remain competitive.

Following the ruling, Piaggio is expected to close deals with
banks common to both group and complete Aprilia's takeover for
the next few weeks.

Piaggio has expressed satisfaction with the ruling.

CONTACT:  APRILIA S.p.A.
          Web site: http://www.aprilia.com/

          PIAGGIO S.p.A.
          23, Viale Rinaldo Piaggio
          56025 Pontedera, Pisa, Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com


CIRIO: Settles Row Over Brazilian Arm
-------------------------------------
Collapsed food group Cirio has settled a long-standing dispute
with a shareholder of its Brazilian subsidiary and detergent
manufacturer Bombril, Il Sole 24 Ore says.

Cirio and Mr. Ferreira have been clashing over the ownership of
Bombril, which was put under the control of a court-appointed
administrator in July 2003.  A Brazilian court earlier approved
Bombril's sale upon Mr. Ferreira's request.  Luigi Farenga, a
Cirio commissioner, said the food group and Mr. Ferreira are
expected to sign a formal contract, the proceeds of which would
be used to reimburse Cirio's creditors.

Meanwhile, Italy's antitrust regulator has given food-processing
consortium Conserve Italia the green light to acquire Cirio's
domestic divisions, Cirio De Rica and Sopragol.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani,
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


VOLARE GROUP: Government Promises to Intervene; Hints Rescue
------------------------------------------------------------
Troubled low-cost carrier Volare Group declared insolvency
Monday amid a throng of financial setbacks, Associated Press
Worldstream says.

Press officer Federica Menichino said the decision was made
following a board meeting Monday.  Volare's insolvency would
allow the state to appoint an extraordinary commissioner and
extend a rescue package similar to that of Parmalat S.p.A.  The
new Volare commissioner would be known by weekend, Labor
Minister Roberto Maroni said in a Tuesday interview with daily
La Repubblica.

"We will intervene with every means to guarantee the security of
2,000 jobs," Mr. Maroni said.

Menichino said Volare has requested the government to provide
one-month support to employees affected by the crisis.  Volare
has reportedly failed to pay its employees for months.  The
group grounded its planes Friday and suspended all its flights
after failing to pay lease charges and renew the insurance of
its fleet.  Busto Arsizio prosecutors are moving to investigate
Volare's case, La Repubblica added.

Volare Group is a holding company composed of Volare Airlines,
which takes care of regular flights; and AirEurope, which
operates the group's charter business.  The group has 24 planes
covering 20 routes across Europe.

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: Authorities to Quiz Managers on Collapse
------------------------------------------------------
Prosecutors are ready to grill officials of Volare Group after
receiving a report of possible false accounting and embezzlement
in the airline.

Antonio Pizzi, chief investigating magistrate in Busto Arsizio,
outside Milan, told Reuters: "Over the next few days we'll
question all the managers, executives, everyone who formed part
of management during the period in question."  He said the
investigation was conducted by forensic accountants of KPMG.

"We are confiscating all the relevant documents, the accounts of
the last 10 years, the company's books, administrative records,"
he added.

Former managers, who left the company and formed rival
Myair.com, are included in the investigations.  When asked
regarding possible probe on Myair, he said: "Not for now.  We'll
see, we'll wait for what emerges from this probe.  We will
investigate all possible avenues."

The company declared insolvency on Monday citing heavy losses
and debts.  Auditors Deloitte & Touche said Tuesday they had
warned the firm of its financial problems as early as 2002.
Deloitte audited Volare Group's consolidated accounts in 2002
and 2003.

Volare is Italy's third largest airline.  Its brands include the
low-cost Volareweb.com and AirEurope.  It operates international
and domestic scheduled flights, as well as chartered 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


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


VERSATEL TELECOM: Unit Wins EUR3.8 Million Worth of Contracts
-------------------------------------------------------------
Versatel Nederland B.V. signed a long-term contract with Free
Record Shop.  In addition, Versatel will expand its service for
ABN Amro Nederland.  The total value of both the new contract
with Free Record Shop and the additional service for ABN Amro is
approximately EUR3.8 million.

Versatel will connect 5 offices and 300 stores of Free Record
Shop to a Virtual Private Network.  In addition, Versatel will
introduce an IP-pin system at the Free Record Shop stores.  This
is done in close cooperation with Fujitsu Services, responsible
for the supply of the so-called pinpads.  The additional service
for ABN Amro consists of a bandwidth upgrade of the current IP
VPN network of the company.

Atilla Gultuna, Managing Director of Versatel Nederland: "These
contracts underline the leading role of Versatel when it comes
to IP VPN.  The introduction of the IP-pin system at Free Record
Shop is an important asset to our product portfolio.  And the
upgrade of the ABN Amro Nederland network shows how user-
friendly this scaleable service is."

With VPN services, the customer's networks can be connected
efficiently, transparently and with a flexible future upgrade
path.  Versatel supplies and controls the entire network,
including the customer premise equipment and if requested,
provides extensive end-user reporting packages.

Versatel Nederland B.V. is part of Versatel Telecom
International N.V. (Euronext: VRSA).  Versatel, based in
Amsterdam, is a competitive communications network operator and
a leading alternative to the former monopoly telecommunications
carriers in its target market of The Netherlands, Belgium and
Germany. Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.  Versatel operates a facilities-based local access
broadband network that uses the latest network technologies to
provide business customers with high bandwidth voice, data and
Internet services.  Versatel is a publicly traded company on
Euronext Amsterdam under the symbol "VRSA".  News and
information are available at http://www.versatel.com.

                            *   *   *

Versatel's net loss for the quarter ended June 30, 2004 was EUR4
million compared with a net loss of EUR12 million in 2Q03 and a
net loss of EUR7 million in 1Q04

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Wouter van de Putte
          Investor Relations
          Phone: +31-20-750-2362
          E-mail: investor.relations@versatel.nl

          Wouter de Kleyn
          Corporate Communications Executive
          Phone: +31-20-750-2413
          Mobile: + 31 655 11 5668
          E-mail: wouter.dekleyn@versatel.nl


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


ARCHEDINSKIY LIME-PIT: Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against Archedinskiy Lime-Pit after
finding the close joint stock company insolvent.  The case is
docketed as A12-10653/04-s55.  Mr. E. Savchenko has been
appointed insolvency manager.  Creditors have until December 22,
2004 to submit their proofs of claim to 400039, Russia,
Volgograd, Post User Box 3195.

CONTACT:  ARCHEDINSKIY LIME-PIT
          Russia, Volgograd region,
          Frolovskiy region, Shurupovskiy

          Mr. E. Savchenko
          Insolvency Manager
          400039, Russia, Volgograd,
          Post User Box 3195


BALTASINSKIY INTERECONOMIC: Declared Insolvent
----------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Baltasinskiy Intereconomic after
finding the mixed fodder factory insolvent.  The case is
docketed as A65-6152/2004-SG4-27.  Mr. I. Kuchumov has been
appointed insolvency manager.

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

(a) Baltasinskiy Intereconomic
    422030, Russia, Tatarstan republic, Batasi

(b) Insolvency Manager
    420103, Russia, Tatarstan republic,
    Kazan, Post User Box 1

(c) The Arbitration Court Of Tatarstan Republic
    420104, Russia, Tatarstan republic,
    Kazan, Building 1, Entrance 2


BUILDER: Creditors Have Until Next Month to File Claims
-------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy proceedings against Builder after finding the open
joint stock company insolvent.  The case is docketed as A79-
4271/04-SK1-4181.  Mr. A. Gryadinskiy has been appointed
insolvency manager.  Creditors have until December 22, 2004 to
submit their proofs of claim to 429120, Russia, Chuvashiya
republic, Shumerlya, Chaykovskogo Str. 15, Apartment 38.

CONTACT:  BUILDER
          Russia, Chuvashiya republic,
          Shumerlya, Kalininskoye Shosse, 7

          Mr. A. Gryadinskiy
          Insolvency Manager
          429120, Russia, Chuvashiya republic,
          Shumerlya, Chaykovskogo Str. 15, Apartment 38


ENERGY-SAVING TECHNOLOGIES: Declared Insolvent
----------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy proceedings against Energy-Saving Technologies after
finding the close joint stock company insolvent.  The case is
docketed as A60-29090/2003-S2.  Mr. S. Merzlyakov has been
appointed insolvency manager.  Creditors have until December 22,
2004 to submit their proofs of claim to 624222, Russia,
Sverdlovsk region, Nizhnyaya Tura, Ilyicha Str. 11.

CONTACT:  ENERGY-SAVING TECHNOLOGIES
          654460, Russia, Sverdlovsk region,
          Krasnoturyinsk, Komsomola Str. 25/314

          Mr. S. Merzlyakov
          Insolvency Manager
          624222, Russia, Sverdlovsk region,
          Nizhnyaya Tura, Ilyicha Str. 11


KAMAZ-AGRO: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on limited liability company
Kamaz-Agro.  The case is docketed as A65-18611/2004-SG4-21.  Mr.
B. Suvorov has been appointed temporary insolvency manager.  A
hearing will take place on February 10, 2005, 8:20 a.m.

CONTACT:  KAMAZ-AGRO
          423800, Russia, Tatarstan republic,
          Tukaevskiy region, Komsomolets

          Mr. B. Suvorov
          Temporary Insolvency Manager
          420126, Russia, Tatarstan republic,
          Kazan, Post User Box 309


KIROV-AUTO-MOST: Kirov Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Kirov-Auto-Most after finding the close
joint stock company insolvent.  The case is docketed as A28-
93/04-115/6.  Mr. A. Krotov has been appointed insolvency
manager.  Creditors have until December 22, 2004 to submit their
proofs of claim to 610014, Russia, Kirov, Shorsa Str. 95, Office
117.

CONTACT:  KIROV-AUTO-MOST
          610040, Russia, Kirov, Mostovaya Str. 30

          Mr. A. Krotov
          Insolvency Manager
          610014, Russia, Kirov,
          Shorsa Str. 95, Office 117


MILLER: Mariy El Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy proceedings against Miller after finding the trading
house insolvent.  The case is docketed as A38-2804-9/200-04.
Mr. S. Kamilov has been appointed insolvency manager.

CONTACT:  MILLER
          424016, Russia, Mariy El republic,
          Yoshkar-Ola, Elevatornyj proezd, 5

          Mr. S. Kamilov
          Insolvency Manager
          424031, Russia, Mariy El republic,
          Yoshkar-Ola, Post User Box 106


RUS': Under External Management Procedure
-----------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
external management bankruptcy procedure on agricultural
industrial company Rus'.  The case is docketed as A71-29/2004-
G26.  Mr. A. Rybakov has been appointed external insolvency
manager.

CONTACT:  RUS'
          426057, Russia, Udmurtiya republic,
          Izhevsk, Militsionnaya Str. 2

          Mr. A. Rybakov
          External Insolvency Manager
          426008, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 3051

          The Arbitration Court of Udmurtiya republic:
          426057, Russia, Udmurtiya republic,
          Izhevsk, Svobody Str. 139


RZHEVSKIY COMBINE: Bankruptcy Supervision Begins
------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on open
joint stock company Rzhevskiy Combine Of Grain Products.  The
case is docketed as A56-33968/04.  Mr. M. Menshikov has been
appointed temporary insolvency manager.  A hearing will take
place at the Arbitration Court of Saint-Petersburg and the
Leningrad region on February 22, 2005, 11:30 a.m.

CONTACT:  RZHEVSKIY COMBINE OF GRAIN PRODUCTS
          197342, Russia, Saint-Petersburg,
          Torzhkovskaya Str. 4

          Mr. M. Menshikov
          Temporary Insolvency Manager
          624001, Russia, Sverdlovsk region,
          Sysertskiy region, Aramil, Shkolnaya Str. 46a
          Phone/Fax: (343) 221-91-74

          The Arbitration Court of Saint-Petersburg and the
          Leningrad region
          Russia, Saint-Petersburg, Suvorovskiy Pr. 50/52


UVINSKOYE GRAIN: Udmurtiya Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy proceedings against Uvinskoye Grain Receiving
Enterprise after finding the state unitary enterprise insolvent.
The case is docketed as A71-24/2004-G26.  Ms. N. Gorodilova has
been appointed insolvency manager.  Creditors have until
December 22, 2004 to submit their proofs of claim.

CONTACT:  UVINSKOYE GRAIN RECEIVING ENTERPRISE
          427260, Russia, Udmurtiya republic,
          Uva, K. Marksa Str. 2


YUKOS OIL: Tax Officials Intent on Collecting Fines
---------------------------------------------------
Tax authorities on Tuesday requested the Moscow Arbitration
Court to uphold some US$2.5 billion (EUR1.9 billion) in fines
against Yukos Oil, reports say.

The officials needed the court's ruling before they can collect
the 2002 fines, which are included in Yukos' total back tax bill
of more than US$24 billion (EUR18 billion).

The move sent Yukos shares down nearly 22% on Moscow's RTS
exchange Tuesday.  This is a further blow to the company after
the announcement that the government is selling a 77% stake in
its main production unit Yuganskneftegaz.

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


===========
S W E D E N
===========

CONCORDIA BUS: Senior Implied Rating Downgraded to 'Caa1'
---------------------------------------------------------
Moody's Investors Service downgraded the rating for the EUR130
million in senior secured notes of Concordia Bus Nordic AB to
Caa1 from B2.  At the same time, it lowered the senior implied
rating for Concordia Bus AB to Caa1 from B1, and its senior
unsecured issuer rating to Caa2 from B3.  The rating on the
EUR160 million senior subordinated notes of the firm was lowered
to Caa3 from Caa1.  The ratings remain under review.

The rating action reflects Concordia's continued financial
under-performance, which is worse than what Moody had expected.
Its LTM pre-exceptional items EBITDAR was approximately SEK632.0
million, total net debt was approximately SEK2,668.0 million
while annual bond interest cost is SEK262.0 million.

The rating action also reflects concerns over the firm's limited
liquidity headroom in the context of no material improvements in
contract portfolio returns.  Further, it reflects renewed
challenges to control core operating costs.  The firm's
operating margins were weakened by wage increases in Sweden and
higher diesel prices.

Lastly, the rating action reflects Moody's concern with respect
to the firm's poor prospect of operating profitability and cash
flow improvements.  As at 31 August 2004, Concordia's cash
balance amounted to approximately SEK202.0 million.  Moody's
said the amount should be adequate to support the business and
enable it to honor debt obligations until February next year
provided there are no unforeseen additional operating costs.


SKANDIA INSURANCE: Back in Black
--------------------------------
Third Quarter

(a) New sales of unit-linked assurance rose 13% in local
    currency;

(b) Total sales rose 29% in local currency, to SEK24.1 billion;

(c) During the fourth quarter of 2004 a provision for
    restructuring costs will be made for a total amount of
    approximately SEK350 million, of which approximately SEK300
    million pertains to the Swedish operation;

(d) The result before tax (according to Swedish GAAP) improved
    to SEK375 million (-SEK244 million);

(e) Result and return measurements according to the embedded
    value method:

     (i) The result of operations was SEK756 million (SEK493
         million),

    (ii) The operating result was SEK696 million (SEK 234
         million),

   (iii) The calculated profit margin for new sales of unit
         linked assurance was 18.3%, compared with 17.8% for the
         second quarter of 2004,

    (iv) Cash flow from operating activities was SEK -0.3
         billion, compared with -SEK0.3 billion during the
         second quarter of 2004.

January-September

(a) Sales and funds under management:

     (i) Sales rose 33% (11%) in local currency, to SEK72.9
         billion,

    (ii) New sales of unit linked assurance rose 13% (3%) in
         local currency,

   (iii) Funds under management increased to SEK368 billion
         (SEK309 billion at the start of the year);

(b) Result according to Swedish GAAP:

     (i) The result before tax increased to SEK1,017 million
         (-SEK183 million),

    (ii) Earnings per share were SEK0.84 (-SEK0.21);

(c) Result and return measurements according to the embedded
    value method:

     (i) The result of operations was SEK2,366 million (SEK1,595
         million),

    (ii) The operating result increased to SEK2,551 million
         (SEK1,496 million),

   (iii) The calculated profit margin for new sales of unit
         linked assurance was 17.5%.  The profit margin for the
         full-year 2003, recalculated to new assumptions, was
         19.6%.  Markets with below-average profit margins
         showed stronger growth,

    (iv) The operational return on net asset value before tax
         for unit linked assurance increased to 12.0%, compared
         with 11.3% for the full-year 2003 (excluding one-time
         effects);

(d) Cash flow from operating activities was charged with one-
    time payments of -SEK0.8 billion, as reported previously,
    and amounted to -SEK1.7 billion (-SEK1.5 billion);

(e) The group's financial position strengthened:

     (i) Net asset value rose 8% to SEK 32.9 billion,

    (ii) Shareholders' equity increased by 11% to SEK17.1
         billion,

   (iii) Borrowings decreased to SEK3.3 billion (SEK4.0 billion
         at the start of the year,

    (iv) The sale of If was completed on 6 May 2004, entailing a
         liquidity improvement of SEK4.5 billion.


Significant Post-balance Events

(a) On 26 October 2004 Skandia announced that ongoing
    investigations by regulators in the U.S. regarding market
    timing are likely to lead to proceedings and/or settlement.
    It is currently not possible to estimate what financial
    impact this will have on Skandia.

(b) On 29 October 2004 it was announced that Skandia and former
    Skandia Executive Vice President Ulf Spang have reached a
    settlement during the on going arbitration process.

January-September (including discontinued operations)

In 2004 discontinued operations pertain to the Japanese
operation, while in 2003 they also pertain to the U.S. operation
and the banking operation in Switzerland.

(a) Sales through September amounted to SEK72,862 million
    (SEK66,780 million), of which discontinued operations
     accounted for (SEK12,553 million);

(b) The result after tax (according to Swedish GAAP) was
    SEK1,695 million (-SEK217 million).  The result includes
    SEK834 million in items affecting comparability and the
    result for discontinued operations.  The gain on the sale of
    the Japanese operation was SEK834 million;

(c) Earnings per share, before dilution, were SEK1.66 (-
    SEK0.21).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Does not include LivfOrsakringsaktiebolaget Skandia, which is
run on a mutual basis.  All return measurements for
shareholders' equity, net asset value and capital employed as
per September 2004 pertain to moving twelve-month figures.  All
comparison figures pertain to September 2003 unless stated
otherwise.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of these results is available free of charge at
http://bankrupt.com/misc/Skandia_Interim9mos2004.htm.

CONTACT:  SKANDIA INSURANCE PLC
          Jan Erik Back, Chief Financial Officer
          Phone: +46-8-788 3720
          Harry Vos, Head of Investor Relations
          Phone: +46-8-788 3643

          Bjorn Bjornsson, Vice Chairman
          Phone: +46-8-788 2500


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


AZOV: Court Appoints Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on Agricultural LLC Azov (code EDRPOU
00853346).  The case is docketed as 25/155.  Mr. Oleksandr
Osipenko (License Number AA 783079) has been appointed temporary
insolvency manager.  The company holds account number 260072755
at JSPPB Aval, Zaporizhya regional branch, MFO 313827.

Creditors have until November 25, 2004 to submit their proofs of
claim to:

(a) AZOV
    70330, Ukraine, Zaporizhya region,
    Rozivskij district, Azov

(b) Mr. Oleksandr Osipenko
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Primorsk, Shevchenko Str. 76

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


CONCERN PRIVILLYA: Bankruptcy Proceedings Begin
-----------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Concern Privillya (code EDRPOU 00443217) on
July 19, 2004 after finding the company insolvent.  The case is
docketed as 10/123b.  Arbitral manager Mr. S. Shevchenko
(License Number AA 630120 of December 19, 2003) has been
appointed liquidator/insolvency manager.  The company holds
account number 260050085 at JSB Azhio, MFO 304609.

CONTACT:  CONCERN PRIVILLYA
          94500, Ukraine, Lugansk region,
          Krasnij Luch, Engels Str. 45

          Mr. S. Shevchenko
          Liquidator/Insolvency Manager
          Ukraine, Lugansk region,
          Levchenko Quarter, 8a/133

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square, 3a


DMITRIV: Claims Deadline Expires Today
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Agricultural LLC Dmitriv on September
15, 2004.   The case is docketed as 6/257-29/230.  Mr. Pavlo
Duplika (License Number AA 250381) has been appointed temporary
insolvency manager.

Creditors have until November 25, 2004 to submit their proofs of
claim to:

(a) DMITRIV
    80250, Ukraine, Lviv region,
    Radehiv district, Dmitriv

(b) Mr. Pavlo Duplika
    Temporary Insolvency Manager
    82100, Ukraine, Lviv region,
    Drogobich, Kotlyarevskij Str. 55
    Phone: (03244) 3-83-94

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


DNIPROSPETSBUD: To Hold Public Auction this Week
------------------------------------------------
Branch of Agency of Bankruptcy Questions in Mikolaiv region will
the properties of OJSC Dniprospetsbud (case B15/24/104/00) on
November 26, 2004, 11:00 a.m. at Ukraine, Dnipropetrovsk,
Komsomolska Str. 48, Room 2.

The properties for sale are:

(a) Children Sanitary Complex Yunist, located at Ukraine, AR
    Krym region, Yevpatoriya, Zaozerne, 60 Rokiv SRSR Str. 11.
    Starting price is UAH8,395,100 (inclusive of VAT); and

(b) Unoccupied premises at the 7th floor of an administrative
    building located at Ukraine, Dnipropetrovsk, Naberezhna
    Imeni V. I. Lenina Str. 29A.  Starting price is UAH2,354,100
    (inclusive of VAT).

Auction conditions:

(a) Absence of creditor's indebtedness to Dniprospetsbud;

(b) Registration of buying-selling agreement is made at the
    expense of buyer;

(c) Redrafting of right of usage of land areas, those are
    adjoined to the buildings and constructions, which are for
    sale and made at the expense of buyer;

(d) Obligations of buyer concerning monthly compensation to
    Dniprospetsbud of expenses on service of land areas that
    are adjoined to the buildings and constructions, which are
    for sale, from the day of determination of winner of
    auction until the moment of redrafting of right of usage of
    land areas on buyer.

To participate, bidders must deposit an amount equivalent to 5%
of the starting price of the property being sold and pay a
registration fee of UAH17.  The amount must be deposited to
account number 26006351680200 at JSPPB Aval, MFO 305653, EDRPOU
26252710.

CONTACT:  Auction Committee
          49000, Ukraine, Dnipropetrovsk,
          Komsomolska Str. 48, Rooms 2 and 3
          Phone: 8 (056) 744-19-31


NIZHNYANSKE: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Hmelnitskij region has commenced
bankruptcy supervision procedure on OJSC Nizhnyanske (code
EDRPOU 00412487).  The case is docketed as 13/234-B.  Arbitral
manager Mr. Arkadij Gorban (License Number AA 485236) has been
appointed temporary insolvency manager.  The company holds
account number 260014994 at JSPPB Aval, Hmelnitskij regional
branch, MFO 315966.

Creditors have until November 25, 2004 to submit their proofs of
claim to:

(a) NIZHNYANSKE
    Ukraine, Hmelnitskij region,
    Derazhnyanskij district, Nizhnye

(b) Mr. Arkadij Gorban
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Skovoroda Str. 14/151

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


SHPANIV' FOOD: Deadline for Filing of Claims Nears
--------------------------------------------------
The Economic Court of Rivne region has commenced bankruptcy
supervision procedure on State Enterprise Shpaniv' Experimental
Plant of Food Extracts (code EDRPOU 00375020).  The case is
docketed as 4/39.  Mr. Popovich Valentin (License Number AA
719873) has been appointed temporary insolvency manager.  The
company holds account number 2600801651320 at Ukreksimbank,
Rivne branch, MFO 333539.

Creditors have until November 25, 200 to submit their proofs of
claim to:

(a) STATE ENTERPRISE SHPANIV' EXPERIMENTAL PLANT OF FOOD
    EXTRACTS
    35301, Ukraine, Rivne region,
    Rivne district, Shpaniv, Zavodska Str. 1

(b) Mr. Popovich Valentin
    Temporary Insolvency Manager
    04080, Ukraine, Kyiv region,
    Turovska Str. 18/20, office 56

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


SPETSAVTOMATIKA: Bankruptcy Supervision Begins
----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Scientific-Production Association
Spetsavtomatika (code EDRPOU 30196186) on October 18, 2004.  The
case is docketed as 7/118-04.  Mrs. Ludmila Talagayeva (License
Number AA 783019) has been appointed temporary insolvency
manager.

Creditors have until November 25, 2004 to submit their proofs of
claim to:

(a) SPECAVTOMATIKA
    41600, Ukraine, Sumi region,
    Konotop, Chervonozavodska Str. 5

(b) Mrs. Ludmila Talagayeva
    Temporary Insolvency Manager
    41600, Ukraine, Sumi region,
    Konotop, Usp.-Triyitska Str. 39, a/b 4

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Ribalko Str. 2


SUGAR FINANCIAL: Liquidator Takes over Helm
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Sugar Financial-Industrial Company (code
EDRPOU 31456197) on October 5, 2004 after finding the limited
liability company insolvent.  The case is docketed as 15/174-b.
Arbitral manager Mr. Dashko Oleksandr (License Number AA 487828)
has been appointed liquidator/insolvency manager.

CONTACT:  SUGAR FINANCIAL-INDUSTRIAL COMPANY
          Ukraine, Kyiv region,
          Malishko Str. 1

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


VOVKIVSKE: Declared Insolvent
-----------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Vovkivske (code EDRPOU 30827665) on
September 27, 2004 after finding the limited liability company
insolvent.  The case is docketed as 12/40-04.  Arbitral manager
Mr. Zakorko Vadim (License Number AA 719836) has been appointed
liquidator/insolvency manager.

CONTACT:  VOVKIVSKE
          Ukraine, Sumi region,
          Romenskij district, Vovkivtsi,
          Shkilna Str. 12

          Mr. Zakorko Vadim
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Ribalko Str. 2


ZORYANE: Hmelnitskij Court Names Insolvency Manager
---------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Agricultural LLC Zoryane (code EDRPOU
23841825) on September 20, 2004 after finding the limited
liability company insolvent.  The case is docketed as 2/92-B.
Mr. Volodimir Bilik (License Number AA 487801) has been
appointed liquidator/insolvency manager.

CONTACT:  ZORYANE
          31100, Ukraine, Hmelnitskij region,
          Starokostyantiniv district, Cherna

          Mr. Volodimir Bilik
          Liquidator/Insolvency Manager
          31100, Ukraine, Hmelnitskij region,
          Starokostyantiniv, Popov Str. 15/63

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


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


ABBEY NATIONAL: Closes Sale of French Operation to BNP Paribas
--------------------------------------------------------------
Abbey National plc announces that, with all conditions having
been satisfied, the sale of Abbey National France to BNP Paribas
has completed.

Abbey is a major financial services group in the U.K., where it
is the second largest provider of residential mortgages.  It
employs more than 26,000 people and has 740 U.K. branches and
approximately 17.8 million customers.  On 12 Nov. 2004, Abbey
National plc was acquired by Banco Santander Central Hispano,
S.A.  Banco Santander is tenth largest bank in the world in
terms of market capitalization and the fourth largest bank in
Europe.

BNP Paribas (http://www.bnpparibas.com)is an international
financial services group, with solid roots in Europe, a
significant and growing presence in the United States and
leading positions in Asia.  BNP Paribas has one of the largest
international banking networks, present in over 85 countries
with 89,100 employees, including 67,400 in Europe.  The group
has three core businesses: Corporate and Investment Banking,
Asset Management & Services, and Retail Banking.

CONTACT:  ABBEY NATIONAL
          Media Relations
          Matthew Young
          Phone: +44 20 775 64232

          BNP PARIBAS
          Michele Sicard
          Phone: +33 1 42 98 13 36
          Christelle Maldague
          Phone: +33 1 42 98 56 48
          Henri de Clisson
          Phone: +33 1 40 14 65 14


A HOLDSWORTH: Winding up Resolutions Passed
-------------------------------------------
At the extraordinary general meeting of the members of the A
Holdsworth & Co. Limited on Nov. 11, 2004 held at O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley, West
Yorkshire WF17 9EJ, the extraordinary and ordinary resolutions
to wind up the company were passed.  Peter O'Hara and Simon Weir
of O'Hara & Co, Wesley House, Huddersfield Road, Birstall,
Batley, West Yorkshire WF17 9EJ have been appointed joint
liquidators for the purpose of such winding-up.

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


ARGONAUT GAMES: Share Trading Suspended
---------------------------------------
Argonaut Games plc announced on Nov. 15 it requested the
suspension of shares pending clarification of its financial
position and a possible capital reconstruction.

Immediately prior to the announcement, the Company initiated
interviews with, and following the announcement, engaged,
insolvency practitioners.

However, the Company's financial position was such that it was
not possible to effect the capital reconstruction.  In the
circumstances the boards of Argonaut's three trading
subsidiaries had no alternative but to formally appoint
administrators to those companies and this took place on 22
October 2004.  On the same date, Mr. Jez San and Mr. Ronnie San
resigned as directors of Argonaut.  The Board was informed that
the administrators of the subsidiaries, David Rubin and
Partners, had circulated details of the businesses and assets to
various interested parties.

The administrators announced on 29 October 2004 that they had
sold the businesses and assets of Just Add Monsters Limited
(JAM) and Morpheme Limited (Morpheme) to purchasers associated
with Mr. Jez San.  In addition the Board has been informed that
the administrator of Argonaut Software Limited (ASL) has made
all staff of ASL redundant due to a lack of funds whilst a buyer
for ASL's business and assets is sought.  Argonaut is the
principal creditor of ASL, which in turn is the principal
creditor of JAM and Morpheme.

Following the sale of JAM & Morpheme the administrators have
informed the Board that, after settlement of preferential
claims, the costs of the exercise and any realization of assets
from ASL, at best, only a nominal dividend is likely to be
received by Argonaut from ASL.  The administrators have further
informed the Board that a dividend (if any is paid) is unlikely
to be received from ASL for at least six months.

The Board does not currently consider it necessary to commence
insolvency proceedings although it has no funds to meet any new
obligations.  The Board is awaiting a more accurate indication
of any dividend receivable by Argonaut from ASL.  Once this
indication has been received, the Board will be in a position to
further assess the financial position of Argonaut and will issue
a further statement.

CONTACT:  Argonaut Games PLC
          Argonaut House
          369 Burnt Oak Broadway
          Edgware Middlesex. HA8 5XZ United Kingdom
          Phone: +44 (020) 8 9516000
          Fax: +44 (020) 8 9516050
          Web site: http://www.argonaut.com


ARROW GLAZING: Extraordinary Winding up Resolution Passed
---------------------------------------------------------
At the extraordinary general meeting of the members of the Arrow
Glazing Systems Limited on Oct. 29, 2004 held at Stanton House,
41 Blackfriars Road, Salford, Manchester M3 7DB, the
extraordinary resolution to wind up the company was passed.
Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been nominated liquidator for the
purpose of the winding-up.

CONTACT:  CRAWFORDS
          Stanton House, 41 Blackfriars Road,
          Salford, Manchester M3 7DB


BCG SALES: Calls in Liquidators from Middleton Partners
-------------------------------------------------------
At the extraordinary general meeting of the BCG Sales & Hire
Limited on Nov. 8, 2004 held at 65 St Edmund's Church Street,
Salisbury, Wiltshire SP1 1EF, the extraordinary and ordinary
resolutions to wind up the company were passed.  Michael Francis
Stevenson of Middleton Partners, 3 The Carronades, New Road,
Southampton, Hampshire SO14 0AA has been appointed liquidator
for the purpose of such winding-up.

CONTACT:  MIDDLETON PARTNERS
          3 The Carronades, New Road,
          Southampton, Hampshire SO14 0AA
          Phone: 0845 061 6000
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk


BIP LTD.: Hires Administrators from KPMG
----------------------------------------
BIP Limited, the long established plastics and chemicals
manufacturer and distributor based in Oldbury, West Midlands,
has gone into administration.  Alan Graham and Mark Orton from
KPMG were appointed joint administrators Monday.

BIP was the first company to patent urea-formaldehyde resins in
1924.  Since then, BIP has evolved into a leading technology
innovator delivering thermoset moulding materials, textile
chemicals and paper chemicals.

BIP Ltd. has a turnover of around GBP20 million, employs 173
people and operates internationally from the Oldbury site.

The group has suffered from losses over the last two to three
years and has not been able to complete a restructuring of its
operations.

Mark Orton, the joint administrator from KPMG in Birmingham,
said: "BIP Ltd is still operational and we are actively looking
to sell all or part of the business as a going concern."

CONTACT:  KPMG
          Rachael Morgan, Corporate Communications
          Phone: 020 7694 2692
          Mobile: 07904 528106
          E-mail: Rachael.morgan@kpmg.co.uk

          Press Office
          Phone: 0207 694 8773


BLUE BISTROS: Names Poppleton & Appleby Liquidator
--------------------------------------------------
At the extraordinary general meeting of the Blue Bistros Limited
on Nov. 9, 2004 held at 35 Ludgate Hill, Birmingham B3 1EH, the
resolution to wind up the company was passed.  M. T. Coyne of
Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


BODY SYSTEMS: Hires Liquidator from Ernst & Young
-------------------------------------------------
At a meeting of the Body Systems UK Limited on Oct. 28, 2004,
the resolution to wind up the company was passed.  Simon Allport
and Garry Wilson of Ernst & Young LLP, 100 Barbirolli Square,
Manchester M2 3EY have been appointed joint liquidators for the
purpose of such winding-up.

CONTACT:  ERNST & YOUNG
          100 Barbirolli Square
          Lower Mosley Street, Manchester M2 3EY
          Phone: +44 [0]161 333 3000
          Fax: +44 [0]161 333 3001
          Web site: http://www.ey.com


CANNOCK GATES: Names Begbies Traynor Administrator
--------------------------------------------------
W. John Kelly and James P. N. Martin (IP Nos 004857, 008316)
have been appointed joint administrators for Cannock Gates
Limited.  The appointment was made Nov. 11, 2004.

The company manufactures and sells wrought iron gate, beds and
garden products.  Its registered office is located at Unit 16,
Martindale Industrial Estate, Hawks Green, Cannock,
Staffordshire WS11 2XT.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Newater House
          11 Newhall Street, Birmingham B3 3NY
          Phone: 0121 200 8150
          Fax: 0121 200 8160
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


CAROLINE WHEATLEY: Calls in Liquidator from Valentine & Co.
-----------------------------------------------------------
At the extraordinary general meeting of the members of the
Caroline Wheatley Associates Ltd. (t/a CWA Events & Conferences)
on Nov. 10, 2004 held at The Wessex Hotel, Paternoster Road,
Winchester, Hampshire, the extraordinary and ordinary
resolutions to wind up the company were passed.  Robert
Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS
has been appointed liquidator for the purpose of such winding-
up.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


CASECOM LIMITED: Creditors to Meet Second Week of December
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Casecom Limited
                        (In Liquidation)

Notice is hereby given that, pursuant to Section 146 of the
Insolvency Act 1986, that the final meeting of creditors of
Casecom Limited will be held on December 13, 2004 at 10:30 a.m.
within the offices of Scott & Paterson, Bruntsfield House, 6
Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose of
receiving the liquidator's report on the conduct of the winding
up.

T. Ritchie Campbell, Liquidator
November 8, 2004

CONTACT:  SCOTT & PATERSON
          Conference House
          152 Morrison Street
          The Exchange
          Edinburgh EH3 8EB
          Phone: 0131 248 2638
          Fax: 0131 248 2608
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


CHEQUE IN: Creditors to Receive Final Report
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Cheque In Cash Out Limited
                        (In Liquidation)

Notice is hereby given that, pursuant to Section 146 of the
Insolvency Act 1986, that the final meeting of creditors of
Cheque In Cash Out Limited will be held on December 13, 2004 at
11:00 a.m. within the offices of Scott & Paterson, Bruntsfield
House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose
of receiving the liquidator's report on the conduct of the
winding up.

T. Ritchie Campbell, Liquidator
November 8, 2004

CONTACT:  SCOTT & PATERSON
          Conference House
          152 Morrison Street
          The Exchange
          Edinburgh EH3 8EB
          Phone: 0131 248 2638
          Fax: 0131 248 2608
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


ELLIOTT SPENCER: Names BWC Business Solutions Liquidator
--------------------------------------------------------
At the extraordinary general meeting of the members of the
Elliott Spencer Limited on Nov. 12, 2004 held at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU, the extraordinary and
ordinary resolutions to wind up the company were passed.  David
Leighton Cockshott and Gary Edgar Blackburn of the firm of BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU have been
appointed as joint liquidators for the purpose of the winding-
up.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place, Leeds LS1 2RU


EQUITABLE LIFE: Negligence Suit Trial Likely to Proceed
-------------------------------------------------------
Ernst & Young has dismissed rumors of potential out-of-court
settlement with its former client Equitable Life, according to
The Telegraph.

The report cited Victoria Cochrane, Ernst & Young's general
counsel, saying there have been no discussions regarding a
settlement that could pre-empt a trial.

Vanni Treves, the chairman of Equitable Life, previously
indicated he expected an agreement by Christmas, four months
before the trial is set to start.

Equitable Life is seeking a GBP2 billion negligence claim
against the auditor for its role in the near collapse of the
insurer in 2000.  The society is accusing Ernst & Young of
failing to advise it properly on guaranteed annuity rates risks,
and has lodged a legal suit in April 2002.

Both parties are confident of winning the legal battle.  "We
feel stronger in our case now than when proceedings started,"
Ms. Cochrane said.  Equitable Life also claims to have been
advised it has a very strong case.  Legal costs could exceed
GBP60 million, according to the report.

CONTACT:  The Equitable Life Assurance Society
          Walton Street Aylesbury
          Buckinghamshire HP21 7QW, United Kingdom
          Phone: +44-20-0870-901-0052
          Web site: http://www.equitable.co.uk


FIELDNORTH LIMITED: Appoints Portland Business Administrator
------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 008125,
008767) have been appointed joint administrators for Fieldnorth
Limited.  The appointment was made Nov. 12, 2004.  The company
is engaged in couriers.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham, Hampshire PO15 7AH


FORTRADE LIMITED: Calls in C. Morris Liquidator
-----------------------------------------------
At the extraordinary general meeting of the members of the
Fortrade Limited on Nov. 11, 2004 held at The Quality Inn,
Merthyr Road, Tongwynlais, Cardiff, Glamorgan CF15 7LD, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Clive Morris has been appointed liquidator for the
purpose of such winding-up.


G & A PLANT: Hires Liquidator from Findlay James
------------------------------------------------
At the extraordinary general meeting of the members of the G & A
Plant Services Limited on Nov. 9, 2004 held at Express by
Holiday Inn, Fowlers Farm, Cressing Road, Braintree, Essex CM77
8DH, the extraordinary and ordinary resolutions to wind up the
company were passed.  Alisdair J. Findlay of Findlay James,
Saxon House, Saxon Way, Cheltenham GL52 6QX has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  FINDLAY JAMES
          Saxon House, Saxon Way,
          Cheltenham GL52 6QX


HANBURY ENGINEERING: Calls in Smith & Williamson Administrator
--------------------------------------------------------------
Anthony Murphy, Roger Tulloch and Neil Hickling (IP Nos 8716,
9174, 5449) have been appointed joint administrators for Hanbury
Engineering Services Limited.  The appointment was made Nov. 10,
2004.  The company offers engineering 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


HANCOCK WARD: Winding up Resolutions Passed
-------------------------------------------
At the extraordinary general meeting of the members of the
Hancock Ward Architects Limited on Nov. 10, 2004 held at Langley
and Partners, Langley House, Park Road, East Finchley, London N2
8EX, the extraordinary and ordinary resolutions to wind up the
company were passed.  Philip E. Simons has been appointed
liquidator for the purpose of such winding-up.


INFO-TECHTRONICS LIMITED: Appoints Administrators
-------------------------------------------------
Geoffrey Martin and John Twizell (IP Nos 0/002207/01,
0/007822/01) have been appointed administrators for Info-
Techtronics Limited.  The appointment was made Nov. 15, 2004.

The company is engaged in hardware consultancy and other
computer related activities.  Its registered office is located
at St James's House, 28 Park Place, Leeds LS1 2SP.

CONTACT:  GEOFFREY MARTIN & CO.
          St James's House,
          28 Park Place, Leeds LS1 2SP


INTERNATIONAL POWER: Ratings Remain on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' long-term
issuer credit and senior unsecured debt ratings on U.K.-based
global power developer International Power PLC (IPower) remain
on CreditWatch with negative implications.  Its ambitious
acquisition schedule is not yet completed, despite some
progress.

The ratings were placed on CreditWatch on July 30, 2004, owing
to IPower's involvement in a number of transactions at the same
time (see "International Power PLC 'BB' Ratings on CreditWatch
Negative on Acquisitions Announcement", on RatingsDirect,
Standard & Poor's Web-based credit analysis system).

"The CreditWatch placement is expected to be resolved before
year-end.  In order to resolve it, we must have further
discussions with the company regarding IPower's future
acquisition strategy, financial policy, and the related quality
of future cash flow," said Standard & Poor's credit analyst
Magdalena Richardson.  The financing of the acquisition of
Edison Mission's 5,381 MW international power portfolio (the EME
portfolio) will also have been put in place at that time.

Since the CreditWatch placement, IPower has successfully closed
its share rights issue and raised GBP290 million (US$538
million).  It is also making progress in the acquisitions of the
EME portfolio and Turbogas, a 990 MW Portuguese power plant.

"The resolution of the CreditWatch is predominantly dependent on
the finalization of the EME portfolio acquisition, as this will
largely determine IPower's future financial profile," continued
Ms Richardson.  The acquisition is subject to approval by
shareholders, and to regulatory approvals.  An extraordinary
general meeting to seek shareholder approval will take place on
Nov. 25, 2004.

IPower has followed a consistent strategy since its
establishment in 2000, focusing on four core geographical areas:
The U.S., Australia, Europe, and the Middle East.  The company
owns interests in 11,953 MW net generating capacity worldwide.

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
          InfrastructureEurope@standardandpoors.com


IVEL POLYMER: Names Joint Administrators from Baker Tilly
---------------------------------------------------------
Adrian David Allen (IP No 6619) and Graham Paul Bushby (IP No
7243) have been appointed joint administrator from Ivel Polymer
Products Limited.  The appointment was made Nov. 11, 2004.  The
company manufactures plastic and rubber products.

CONTACT:  BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


LONDON FORFAITING: Appoints KPMG Liquidator
-------------------------------------------
At the extraordinary general meeting of the London Forfaiting
Vostock Ltd. on Oct. 29, 2004 held at International House, 1 St
Katherine's Way, London E1W 1XA, the special and ordinary
resolutions to wind up the company were passed.  Jeremy Spratt
and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB, United Kingdom has been appointed joint liquidators
for the purpose of such winding-up.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square, London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


LOW'S BAKERY: Calls First Creditor's Meeting
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Low's Bakery Limited
                        (In Liquidation)

Notice is hereby given that by Interlocutor of Aberdeen Sheriff
Court on October 26, 2004, Blair C. Nimmo, CA and Neil A.
Armour, CA, KPMG, 37 Albyn Place, Aberdeen, AB10 1JB were
appointed Joint Interim Liquidators of Low's Bakery Limited,
previously having its registered office at 6A Queens Road,
Aberdeen, AB15 4NU.

Pursuant to Section 138(3) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting
of Creditors will be held at KPMG offices, 37 Albyn Place,
Aberdeen, AB10 1JB on December 7, 2004 at 11:30 a.m. for the
purposes of choosing a person to be Liquidator of the Company,
determining whether to establish a Liquidation Committee and
considering any other Resolution specified in Rule 4.12(3).

Creditors' claims should be made up to October 4, 2004.

A Creditor is entitled to vote only if a claim has been
submitted to the Joint Interim Liquidators and his claim has
been accepted for voting purposes in whole or in part.  Proxies
may be lodged at or before the Meeting at the offices of the
Joint Interim Liquidators. A resolution of the meeting is passed
if a majority of those voting vote in favor of it.

The provision of Rules 4.15-4.17 and of Part 7 of the Insolvency
(Scotland) Rules 1986 apply.

Blair C. Nimmo, Joint Interim Liquidator
November 4, 2004

CONTACT:  KPMG LLP
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax: (01224) 590909
          Web site: http://www.kpmg.co.uk


LUCAS SRE: Sets Creditors' Meeting Next Month
---------------------------------------------
The creditors of Lucas Sre Limited will meet on Dec. 7, 2004
commencing at 10:00 a.m.  It will be held at Holiday Inn
Birmingham City Central, Smallbrook Queensway, Birmingham B5
4EW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton, Enterprise House, 115 Edmund
Street, Birmingham B3 2HJ not later than 12:00 noon, Dec. 6,
2004.

CONTACT:  GRANT THORNTON U.K. LLP
          Enterprise House, 115 Edmund Street
          Birmingham B3 2HJ
          Phone: 01827 305071
                 0121 212 4000
                 07967 710598
          Fax: 0121 233 9857
          Web site: http://www.grant-thornton.co.uk


MAPFRE RE MANAGEMENT: Special Winding up Resolution Passed
----------------------------------------------------------
At the extraordinary general meeting of the Mapfre Re Management
Services UK Company Limited on Nov. 4, 2004 held at Paseo de
Recoletos 25, 28004 Madrid, Spain, the subjoined special
resolution to wind up the company was passed.  David Richard
Thorniley and Roderick John Weston of Mazars LLP, 24 Bevis
Marks, London EC3A 7NR have been appointed joint liquidators for
the purpose of such winding-up.

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


NORTHERN ELECTRICAL: Liquidator to Present Winding up Report
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Northern Electrical Services (Aberdeen) Limited
                         (In Liquidation)

Notice is hereby given in accordance with section 146 of the
Insolvency Act 1986 that the final meeting of creditors of
Northern Electrical Services (Aberdeen) Limited will be held at
11:00 a.m. on Thursday, December 23, 2004 at 12 Carden Place,
Aberdeen, AB10 1UR for the purposes of receiving an account of
the winding-up from the liquidator, together with any
explanation that may be given by him.

The meeting will also consider these resolutions:

(a) To approve the liquidator's release; and

(b) To authorize the liquidator to dispose of the company's
    accounting records three months after the date of the final
    meeting.

Michael J. M. Reid CA, Liquidator
November 4, 2004

CONTACT:  MESTON REID & CO
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com


OBJECT FACTORY: Sets Final Meeting of Creditors
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Object Factory Limited
                        (In Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
Object Factory Limited will be held within the offices of Kroll
Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF on
December 13, 2004, at 11:30 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 be seeking
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.

F. J. Gray, Liquidator
November 5, 2004

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


OLDCO LIMITED: Winding up Report Due Second Week of December
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Oldco Limited
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Oldco Limited
will be held at 1 Royal Terrace, Edinburgh, EH7 5AD on December
14, 2004 at 10:00 a.m. for the purposes of receiving the
Liquidator's report on the winding up and to determine whether
the Liquidator should be released.

T C MacLennan, Liquidator

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


P & F CONGLETON: Appoints BDO Stoy Hayward Administrator
--------------------------------------------------------
Dermot Justin Power and David Swaden (IP Nos 6006/01, 5495/01)
have been appointed joint administrators from P & F Congleton
Limited.  The appointment was made Nov. 12, 2004.  The company
is engaged in pressing and fabrications.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax:   0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


PRECISION CUTTING: Administrators from Tenon Recovery Move in
-------------------------------------------------------------
A. J. Pear (IP No 9016) and C. S. Jackson (IP No 8860) have been
appointed administrators for Precision Cutting And Drilling
Limited.  The appointment was made Nov. 17, 2004.

The company is engaged in concrete flooring.  Its registered
office is located at Lyndean House, 43-46 Queens Road, Brighton,
East Sussex BN1 3XB.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com

          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


SAVE & INVEST: Creditors to Choose Liquidator December
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Save & Invest (Glasgow) Limited
                         (In Liquidation)

I, F J Gray of Kroll Limited, Afton House, 26 West Nile Street,
Glasgow, G1 2PF, hereby give notice that I was appointed Interim
Liquidator of Save & Invest (Glasgow) Limited on October 27,
2004, by Interlocutor of the Court of Session

Notice is hereby given pursuant to Section 138 of the Insolvency
Act 1986, that the first meeting of creditors of the company
will be held within Merchants House, 7 West George Street,
Glasgow on December 6, 2004, at 11:00 a.m. for the purpose of
choosing a Liquidator and determining whether to establish a
Liquidation Committee.

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 vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, creditors should note that the date of commencement of
the Liquidation is October 8, 2004.  Proxies may also be lodged
with me at the meeting or before the meeting at my office.

F. J. Gray, Interim Liquidator
November 8, 2004

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


WATERFORD WEDGWOOD: Calls Extraordinary General Meeting
-------------------------------------------------------
Waterford Wedgwood announces that a document giving notice of an
extraordinary general meeting has been posted to shareholders
(the Circular).

The Circular convenes an Extraordinary General Meeting of the
Company to be held at The Shelbourne Hotel, 27 St. Stephen's
Green, Dublin 2, Ireland at 10.00 a.m. on 14 December, 2004 at
which the resolutions to approve a waiver granted by the Irish
Takeover Panel in respect of the underwriting arrangements
relating to the Rights Issue (details of which were previously
announced), and to approve an increase in the authorized share
capital of the Company, and associated allotment authorities and
disapplication of rights of  pre-emption are proposed, each to
facilitate the Rights Issue.

Document Availability

A copy of the Circular, and of the form of proxy for use at the
EGM, has been submitted to the Irish Stock Exchange and the U.K.
Listing Authority, and will shortly be available for inspection
at:

Company Announcements Office
Irish Stock Exchange
28 Anglesea Street
Dublin 2.
Phone: + 353 1 6174200

Financial Services Authority,
25 The North Colonnade
Canary Wharf
London E14 5HS
United Kingdom
Phone: + 44 207 066 1000

                            *   *   *

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


                            *********


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

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

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

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