TCREUR_Public/041126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 26, 2004, Vol. 5, No. 235

                            Headlines

F I N L A N D

BENEFON OYJ: Reports EUR1.7 Million Third-quarter Net Loss


G E R M A N Y

BKA BETRIEBS: Succumbs to Bankruptcy
CARGO SYSTEM: Filing Period for Claims Ends Next Week
CSL CARGO: Celle Court Sets Creditors' Meeting December
EM.TV AG: Posts EUR2.5 Million Net Loss in Third Quarter
GBM BODO: Administrator to Deliver Report Next Month

GBR MARTIN: Liepzig Court Confirms Bankruptcy
GLOBAL NETWORK: Under Bankruptcy Administration
HALLENBAU SUDWEST: Creditors Have Until Next Week to File Claims
HOHNER GMBH: Furniture Firm Files for Bankruptcy
HOHNER VERWALTUNGS: Administrator Takes over Operations

INFINEON TECHNOLOGIES: Elevates Asia Pacific Head to Board
INTERTAINMENT AG: Latest Results in Black Despite Fraud Scandal
KARSTADTQUELLE AG: Seeks Better Offer for Logistics Unit
KARSTADTQUELLE AG: Shareholders Okay Plan to Increase Capital
KARSTADTQUELLE AG: Sustainability Plan Among Top 50 Worldwide

KRANKENTRANSPORT HINZ: Applies for Bankruptcy Proceedings
MWG BIOTECH: Offers Convertible Bond at 6% Interest Per Year
R + C BAUTEAM: Magdeburg Court Appoints Administrator
WCM GROUP: Nine-month EBITDA Down 50% to EUR45.6 Million


H U N G A R Y

MAGYAR HIRLAP: Former Employees Acquire Publishing Rights


I T A L Y

IMPREGILO SPA: Accounting Irregularity Probe Rattles Investors
PARMALAT FINANZIARIA: Fraud Case Set for Trial January 2005
VOLARE GROUP: Aviation Authority Suspends License
VOLARE GROUP: KPMG Details Accounting Scam
VOLARE GROUP: Ex-managers Lead Suspects in Accounting Scandal


N E T H E R L A N D S

ROYAL AHOLD: ICA Share Purchase Hits Third-quarter Results


N O R W A Y

PETROLEUM GEO-SERVICES: Sets Conference Call Next Week


P O L A N D

ELEKTROMONTAZ WARSZAWA: Mysterious Share Price Rise Stumps Execs


R U S S I A

BATYREVSKAYA SEL-KHOZ-KHIMIYA: Under Bankruptcy Supervision
BELOGLINSKIY: Court Hearing Resumes April Next Year
BELOM-AVTO: Sets Public Auction Next Week
DALNEVOSTOCHNAYA MOUNTAIN: Insolvency Manager Takes over Helm
IZHEVSKIY BAKERY #5: Proofs of Claim Deadline Expires December

NELIDOVSKIY: Insolvency Manager to Temporarily Run Business
OBYACHEVSKIY DAIRY: Undergoes Bankruptcy Supervision Procedure
PESTOVSKIY: Selling Production Building
TOMSK-GAS: Tomsk Court Appoints Insolvency Manager
YUKOS OIL: Top Officials Scramble to Get Out of Russia


S P A I N

INDUSTRIA APPARECCHIATURA: Succumbs to Receivership


U K R A I N E

AGROCOMINE BOGODUHIVSKIJ: Court Confirms Insolvency
DUBOVOGAYIVSKE: Claims Deadline Expires This Week
GORODOTSKIJ RAJAGROPROMBUD: Insolvency Manager Takes over Helm
INTER-VIST: Zaporizhya Court Opens Bankruptcy Proceedings
IZUMSKIJ BUILDING: Bankruptcy Supervision Begins

LISSERVICE: Insolvency Manager Takes over Operations
METALIST: Risks Being Liquidated
METALURGREPAIR-2: Names Anton Zibin Temporary Insolvency Manager
NPP BIOTIS: Undergoes Bankruptcy Supervision Procedure
VINNITSYA LAMP: Proofs of Claim Deadline Set
ZHITNITSYA: Poltava Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ABBEY NATIONAL: Reorganizes to Speed up Turnaround Plans
ADAMS RICARDO: Hires Administrators from Bishop Fleming
BRANDRICK HOLDINGS: Regulator Disqualifies Former Director
BRITISH SKY: Earns Upgrade for Strong Results
CALDERBURN LIMITED: Bank of Scotland Appoints KPMG Receiver

CARRICK ROOFLINE: Hires Liquidator from Deloitte & Touche
CAUSEWAY INVESTMENTS: Members Opt to Dissolve Company
CITYSIDE REGENERATION: Calls in Liquidator from D. Wald & Co.
CLAYTON LYON: Hires Tenon Recovery as Administrator
CROMWELLS MADHOUSE: Sets Creditors' Meeting Next Month

CUCKFIELD EAST: KPMG Liquidator Takes over Helm
CUZZANO (UK): Owners Decide to Liquidate Company
EURO-SCOT: Court Brings in Liquidator
FIRST CALL: Administrators Move in
F. J. ALDERMAN: Meeting of Creditors Set Next Week

FLOWERS DIRECT: Regulator Hands 12-year Ban for Directors
GHILLIE KILTS: Creditors Opt for Liquidation
GLOW CLIENT: Names Anthony Batty & Co. Administrator
HALIFAX INVESTMENT: Hires Joint Liquidators from KPMG
JFIT SECURITIES: Appoints Ernst & Young Liquidator

METROBELLE BEAUTY: Brings in Administrator from Marshall Peters
MYTRAVEL GROUP: Court Upholds Restructuring Scheme
NATIONWIDE CARPETS: Top Honcho Banned for Nine Years
NETHWAY DEVELOPMENTS: Special Winding up Resolution Passed
POINT 2 POINT: Gives Creditors Until January to File Claims

RED S.O.L.E.: Christian Louboutin Brings in Receiver
SBFI LIMITED: In Administrative Receivership
SOLAR DIGITAL: Appoints Finn Associates Administrator
TEC LIMITED: Calls in Administrators from Jackson Jolliffe Cork
THE RED: National Westminster Appoints Menzies Receiver
VEDANTA RESOURCES: Foreign Currency Rated 'BB'; Outlook Positive
WOOKEY HOLE: Hires Administrator from Milsted Langdon


                            *********


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


BENEFON OYJ: Reports EUR1.7 Million Third-quarter Net Loss
----------------------------------------------------------
The reorganization program proposed for Benefon Oyj was
confirmed on March 19, 2004 as the resolutions of the
extraordinary general meeting of Feb. 26, 2004 came in force.

The details of the package handled by the general meeting in
Feb. 26, 2004 as well as information about the reorganization
program were made public in market bulletins issued on Jan. 26,
2004 and Feb. 27, 2004, in the listing prospectus made public on
Feb. 9, 2004 and in the result report bulletin of Feb. 19, 2004.

The ordinary general meeting of May 28, 2004, in addition to
resolving the ordinary items on the agenda, decided also to
amend the details of the shareholder's Rights Issue, being part
of the reorganization program, regarding the timing of the Issue
and the treatment of the un-subscribed shares, and to replace
the equity issue authority granted to the Board on Feb. 26, 2004
with a new one.  Both decisions have been reported in detail in
the market bulletin issued on May 28, 2004.

The general meeting of Sept. 30, 2004 resolved to amend the
subscription price per share in the said Rights Issue to be the
trading volume weighted average price of the S-share of the
company, traded on the I-list of Helsinki Exchanges, in the
period Sept. 22, 2004 to Oct. 8, 2004, discounted by 15% and
rounded down to the nearest lower full eurocent, but not more
than the previously decided EUR0.22649839, however.

With this decision, the subscription price per share in the
Rights Issue was set at EUR0.14 which, according to the
resolution by the said general meeting, also became to be the
exercise price per share with the options reserved for personnel
according to the amount of shares left unsubscribed in the
Rights Issue and in the subsequent share offering to outside
investors.  The Financial Supervision organ RATA approved on
Sept. 24, 2004 the listing prospectus prepared for the Rights
Issue.  The prospectus was supplemented on Oct. 12, 2004 and on
Nov. 4, 2004.

In the shareholders' Rights Issue, with the subscription period
of Oct. 15 - 29, 2004, the entitled shareholders and recipients
of subscription right, altogether 632 parties, subscribed for a
total of 6,359,527 shares at a subscription price per share of
EUR0.14, or at a total subscription price of EUR890,333.78.  Of
these, 626 subscriptions for a total of 6.175.597 shares at a
total subscription price of EUR864.583,58 were accepted.  The
corresponding increase of share capital was registered on Nov.
15, 2004 and the corresponding new shares (BNFSV) were listed
for public trading on Nov. 16, 2004.

In the offering to outside investors, arranged after the Rights
Issue with the authority the Board received on May 28, 2004 and
with the subscription period of Nov. 2 - 10, 2004, the
participating investors, altogether 35 parties, subscribed for a
total of 4,516,989 shares with the said share price of the
Rights Issue of EUR0.14 at a total subscription price of
EUR632,378.46 with all subscriptions accepted.  These figures
include the six late arrived subscriptions in the Rights Issue
for 184,356 shares at the total subscription price of
EUR25,809.84, about which the Board decided to resolve together
with the subscriptions by investors.

The combined amount of shares subscribed at the share price of
EUR0.14 in the said Rights Issue and in the subsequent offering
to investors was a total of 10,692,586 shares for a total
subscription price of EUR1,496,962.04.

On Sept. 14, 2004, Benefon sent a renewed offer to the
shareholders of the French company Ismap S.A., in which a
maximum of 400,000 new Benefon S-shares was offered for the
entire stock of Ismap, providing that a minimum of 80% of Ismap
shares would participate in the share swap.  The company offered
to buy the remaining not more than 20% of Ismap shares at
EUR0.17 for each block of Ismap shares entitling to one Benefon
share according to the swap offer.  The Company reported on Nov.
18, 2004, that a majority holding about 86% of Ismap shares had
approved the offer.  Therefore, the share swap and the cash
purchase of the remaining shares are now due to be implemented
by Dec. 30, 2004, as latest.

The Board of the Company has proposed to the extraordinary
general meeting convening on Nov. 25, 2004 that, for the
remaining term of the Board elected on May 28, 2004, the number
of Board members would be increased from present three to four,
and that Phil Parker of Shell Chemical Company would be elected
as the fourth member of the Board.

Sales, Marketing and Business Development

The business of the Company is to offer mobile telematics
terminals, software and solutions for securing lives and
property and for improving field management.

Mobile telematics sales are directed to about 20 countries and
the sales efforts were focused especially on customer projects
in Europe and in U.S.A.  The share of mobile telematics sales of
all sales was in excess of 90 %.

The range of mobile telematics products covers personal security
applications as well as field management applications, vehicular
and machine communications (M2M) applications and asset
tracking.  The objective is to continue introductions of novel
terminal and software products and product versions in the most
central markets for increased sales opportunities.  Connected
with this, the Company is in the process of starting a new
product program centering on year 2005.

Financial Performance in the Period

The sales of the Company in the third quarter were about 5%
above the sales in the prior quarter.  The continued
appreciation of euro against U.S.-dollar in the period
interfered with the sales especially in North America but also
in other markets outside the euro-zone.

In the interim financial statements January to September 2004
the Company wrote off uncertain receivables caused by the
implemented changes in the distribution network worth about
EUR240,000 in addition to which the Company implemented an
additional write-off of inventories, totaling about EUR858,000
caused by the faster than planned run-down of old NMT production
and by the lower than planned over-all sales in the first half
of 2004.  With this correction, the inventory valuation was
updated after the write-offs of about EUR7,700,000 made in the
financial statements from fiscal year 2003.

The net sales of the company in July to September 2004 were
EUR1,790,000 when they were EUR1,706,000 in the preceding
quarter April to June 2004.  The net sales in the same quarter
July to September 2003 a year before were EUR1,722,000.

The operating result in period July to September 2004 before
one-off items was -EUR590,000.  The comparable figure in the
previous quarter April to June 2004 was -EUR865,000 and the same
in the same quarter July to September 2003 a year before was
-EUR1,016,000.  The net result in period July to September 2004
was -EUR1,700,000.

The total of the balance sheet at the end of period July to
September 2004 was EUR4,926,000.  The total of the balance sheet
at the end of the previous quarter April to June 2004 was
EUR6,520,000 and at the end of the same period July to September
2003 a year before it was EUR1,383,600.  The share of
shareholders' equity of the balance sheet at the end of July to
September 2004, including capital loans, was EUR337,000, or 8%,
when at the end of prior quarter April to June 2004 it was
EUR2,037,000, or 32%.  In the mother company, at the end of
period July to September 2004, the shareholders' equity was
EUR837,000, which was 71% of the share capital.  The interest-
carrying net debt was EUR1,570,000.

The total liabilities at the end of the period July to September
2004 were EUR4,547,000, when they were EUR4,441,000 at the end
of the prior quarter April to June 2004 and EUR19,187,000 at the
end of the same quarter July to September 2003 a year before.
Of the total liabilities at the end of July to September 2004,
non-current liabilities were EUR1,860,000 and current
liabilities EUR2,687,000.  Cash at hand and in the banks at the
end of the period was EUR70,000.

Liquidity in Period July 2004 to September 2005

The account on the sufficient cash flow provided hereinafter is
based on the latest business plan.  Existing order stock does
not make a significant part of the estimated sales in the
period.  The account includes the re-payments of the
reorganization debt according to the re-org program and the
proceeds from the Rights Issue and the offering to investors.

Cash flow account of period
October 2004 - December 2005                    EUR1000

Operating result before extraordinary items
(presuming the said new product program)        -3,277
Depreciations                                  258
Increase of current receivables               -559
Reduction of inventories                    1,077
Change of non-interest bearing debt               -161
Payment of re-organization debt 2004 and 2005   -887
Paid interests                                  -74
Investments                                       -159
Paid share issue Oct. - Nov. 2004              1,497
Financing package for the new product program  2,500
Change of interest bearing debt                 0
Change of cash at hand                            215

Should the future development deviate from current information
or estimates, it may significantly affect the construed cash
flow account.

Investments

The total investments in the period were insignificant

Personnel

The number of employed personnel in the July to September 2004
averaged 90.  At the end of the period the number of personnel
was 88 when at the end of the prior quarter April to June 2004
it was 92 and at the end of the same quarter July to September
2003 a year before it was 132.  In period April to June 2004,
alternate forced leaves touched about 36 people of the employed
personnel.

Future Outlook

The company concentrates now on increasing the sales of current
and new mobile telematics products mainly in current markets
together with continuing efforts to improve operational
efficiency especially in France after the Ismap-acquisition has
been secured.  The objective is to reach improved profitability
and result with this.  Uncertain sales outlook may, however,
adversely affect the financial development of the company.  For
the said new product program, an additional financing of
approximately EUR2.5 million is needed during year 2005.

Equity Issue Authority of the Board

The ordinary general meeting of May 28, 2004 decided to cancel
the authorization granted on Feb. 26, 2004, and authorized the
Board of Directors, within the time limit of one year from the
meeting granting the authorization, to decide on the increase of
share capital by rights issue, issue of options or convertible
bonds in one or more installments so that in the issue of
convertible bonds or options or in the rights issue a total
maximum of 23,332,804 new investment shares with a book parity
value of EUR0.01 per share shall be entitled to be subscribed
for.  Therefore, the share capital may, based on the
authorization, be increased by a maximum of EUR233,328.04.

The authorization includes the right to deviate from the pre-
emptive right of the shareholders, referred to in Chapter 4,
Section 2 of the Companies Act, to subscribe for new shares,
convertible bonds or options and the right to decide on prices
of the subscriptions, those entitled to subscription, the terms
and conditions of the subscription and the terms and conditions
of the convertible bonds and options.  The authorizations may be
used in deviation from the shareholders' pre-emptive right
provided that there is a weighty financial reason from the
company's point of view, such as financing of corporate
acquisition or other arrangement relating to the development of
the company's business operations or strengthening the company's
balance sheet, to do so.

When the share capital is increased by a rights issue on other
basis than convertible bonds or options, the Board of Directors
is authorized to decide that the shares can be subscribed for in
kind, using the right of set-off or on other specific terms.

For the time being, this authority has not been used but, in
connection with the Ismap share swap, it is planned to be used
for issuing a maximum of 400,000 shares directed in deviation of
the shareholders' first right to Ismap shareholders by the end
of this year.

Benefon OYJ
Tomi Raita
CEO

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

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          E-mail: salesoffice@benefon.fi
          Web site: http://www.benefon.com


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


BKA BETRIEBS: Succumbs to Bankruptcy
------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BKA Betriebs GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 1, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 2004, 9:40 a.m. at the district court
of Charlottenburg, 14057 Berlin, II. Cane hall 218 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 8, 2005, 9:35 a.m. at
the same venue.

CONTACT:  BKA BETRIEBS GMBH
          Mehringdamm 34, 10961 Berlin

          Dr. Christoph Schulte-Kaubrugger
          Insolvency Manager
          Genthiner Str. 48, 10785 Berlin


CARGO SYSTEM: Filing Period for Claims Ends Next Week
-----------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against Cargo System Luxembourg Profitcenter Wietze GmbH & Co.
KG on Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 5, 2004 to register their claims with court-appointed
provisional administrator Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 10:00 a.m. at Saal 014,
Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4,
29221 Celle 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:  CARGO SYSTEM LUXEMBOURG PROFITCENTER WIETZE GMBH & CO.
          Raffineriestr. 49, 29323 Wietze

          Dr. Oliver Liersch, Insolvency Manager
          Karl-Wiechert-Allee 1c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


CSL CARGO: Celle Court Sets Creditors' Meeting December
-------------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against CSL Cargo Einkaufszentrale GmbH & Co. KG on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 5, 2004 to
register their claims with court-appointed provisional
administrator Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 10:20 a.m. at Saal 014,
Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4,
29221 Celle 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:  CSL CARGO EINKAUFSZENTRALE GMBH & CO. KG
          Raffineriestr. 47/49, 29323 Wietze

          Laher Heide 33, 30659 Hannover

          Dr. Oliver Liersch, Insolvency Manager
          Karl-Wiechert-Allee 1c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


EM.TV AG: Posts EUR2.5 Million Net Loss in Third Quarter
--------------------------------------------------------
Sales and profits of the EM.TV Group developed in line with
expectations in the third quarter of 2004 and continued to show
a substantial net profit after the first nine months even
disregarding the substantial restructuring gain in the first
quarter.

Sales reached EUR151.6 million in the first nine months.
EUR130.3 million (86%) thereof was attributable to the Sports
Segment (DSF, Sport1 and PLAZAMEDIA), which has developed much
better than originally planned during the course of the year to
date.  Sales in the Entertainment Segment (children and youth
programs) amounted to EUR21.3 million (14%).

In the corresponding period in the previous year, consolidated
sales of the former EM.TV & Merchandising AG amounted to
EUR177,4 million; however, comparability is very much restricted
due to the radical portfolio changes within the Group.  The
third quarter, which is traditionally weaker in the ordinary
course of EM.TV's business, showed consolidated sales of EUR45.0
million.

Consolidated earnings before interest, taxation, depreciation
and amortization (EBITDA) amounted to EUR62.2 million in the
first nine months of the year.  Positive EBITDA of EUR5.7
million was generated in the third quarter together with
earnings before interest and taxes (EBIT) of EUR0.5 million.
Consolidated earnings before tax (EBT) amounted to EUR140.1
million in the first nine months.  This includes the one-off
gain of EUR94.4 million arising from the restructuring of the
2000/2005 convertible bond.

After taxes and monitory interests, the Group shows a nine-month
net profit of EUR133.3 million; it amounted to EUR38.9 million
after adjusting for the restructuring gain.  A consolidated net
loss of EUR2.5 million is shown in the third quarter after
minority interests, with this being mainly attributable to
current interest charges and the recording of deferred taxes.

The operating cash flow of the EM.TV Group in the first nine
months of the year amounted to EUR20.2 million, of which EUR4.2
million was generated in the third quarter.  The free cash flow
from January to September, including the deconsolidation effect
in connection with the holding in the Tele Munchen Gruppe,
reached EUR55.8 million.  At September 30, 2004, the Group had
liquid funds of EUR102.6 million, equivalent to 26% of the
balance sheet total.

The Management Board is still anticipating consolidated sales of
at least EUR200 in the whole year 2004.  Excluding the
substantial restructuring gain in the first quarter, it is
anticipating earnings after taxes in the range of EUR40 to EUR50
million.

A full copy of the financial result is available free of charge
at: http://bankrupt.com/misc/EMTV_Q32004.pdf.

CONTACT:  EM.TV AG
          Beta-Strasse 11,
          85774 Unterfohring
          Phone: +49 (0) 89 - 99 500 0
          Fax: +49 (0) 89 - 99 500 111

          Press Relation:
          Sabine Lais
          Phone: +49 (0) 89 - 99 500 461
          Fax: +49 (0) 89 - 99 500 466

          Investor Relation:
          Jens Stahmann
          Phone: +49 (0) 89 - 99 500 436
          Fax: +49 (0) 89 - 99 500 433

          Kommunikation fur Unternehmen GmbH
          Frank Elsner
          Phone: +49 (0) 5404 - 91 92 0
          Fax: +49 (0) 5404 - 91 92 29


GBM BODO: Administrator to Deliver Report Next Month
----------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against GBM Bodo Gerhard GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 5, 2004 to register their
claims with court-appointed provisional administrator Hans-Peter
Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 11:30 a.m. at Saal 014,
Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4,
29221 Celle 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:  GBM BODO GERHARD GMBH
          Schildenstr. 22, 29221 Celle
          Contact:
          Wolfgang Henjes, Manager

          Hans-Peter Valentiner, Insolvency Manager
          Bahnhofstr. 30A, 29221 Celle
          Phone: 05141/28011
          Fax: 05141/24722


GBR MARTIN: Liepzig Court Confirms Bankruptcy
---------------------------------------------
The district court of Liepzig opened bankruptcy proceedings
against GbR Martin Schubert & Swen Kranz Akustikbau on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 29, 2004
to register their claims with court-appointed provisional
administrator Dr. Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 28, 2005, 10:30 a.m. at Saal 145,
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:  GBR MARTIN SCHUBERT & SWEN KRANZ AKUSTIKBAU
          Neue Str. 9, 04229 Leipzig

          Dr. Florian Stapper, Insolvency Manager
          Karl-Heine-Strasse 16, 04229 Leipzig


GLOBAL NETWORK: Under Bankruptcy Administration
-----------------------------------------------
The district court of Celle opened bankruptcy proceedings
against Global Network Telephone GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 6, 2004 to
register their claims with court-appointed provisional
administrator Peter Knopfel.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 17, 2004, 11:00 a.m. at Saal 014,
Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4,
29221 Celle 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:  GLOBAL NETWORK TELEPHONE GMBH
          Grosser Plan 8, 29221 Celle

          Lyoner Str. 15 -- Atricom Wing A, 5. Stock
          Contact:
          Thorsten Weber, Manager

          Peter Knopfel, Insolvency Manager
          Hallerstr. 76, 20146 Hamburg
          Phone: 040/4146380
          Fax: 040/445635


HALLENBAU SUDWEST: Creditors Have Until Next Week to File Claims
----------------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Hallenbau Sudwest GmbH on Oct. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 3, 2004 to register their
claims with court-appointed provisional administrator Christian
Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005 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:  HALLENBAU SUDWEST GMBH
          Eckdrift 93, 19061 Schwerin
          Contact:
          Peter Nielsen, Manager

          Christian Ahrendt, Insolvency Manager
          Johannes-Stelling-Str. 1, 19053 Schwerin


HOHNER GMBH: Furniture Firm Files for Bankruptcy
------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Hohner GmbH on Nov. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 27, 2004 to register their claims with
court-appointed provisional administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 10:50 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HOHNER GMBH & CO. KG
          Mobelvertrieb, Kampstr. 36, 32584 Lohne-Gohfeld

          HOHNER VERWALTUNGS-BETEILIGUNGSGESELLSCHAFT MIT
          BESCHRéNKTER HAFTUNG
          Kampstr. 36, 32584 Lohne-Gohfeld
          Joachim Hohner, Manager

          Hans-Achim Ernst, Insolvency Manager
          Bunsenstr. 3, 32052 Herford


HOHNER VERWALTUNGS: Administrator Takes over Operations
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Hohner Verwaltungs- und Beteiligungsgesellschaft mit
beschrankter Haftung on Nov. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 27, 2004 to register their claims with
court-appointed provisional administrator Hans-Achim.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 11:20 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HOHNER VERWALTUNGS- UND BETEILIGUNGSGESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Kampstr. 36, 32584 Lohne-Gohfeld

          Hans-Achim Ernst, Insolvency Manager
          Bunsenstr. 3, 32052 Herford


INFINEON TECHNOLOGIES: Elevates Asia Pacific Head to Board
----------------------------------------------------------
Loh Kin Wah (50) joins Infineon's Management Board effective
Dec. 1, 2004.  This was resolved at a meeting of the Supervisory
Board Tuesday.  He will contribute his wide-ranging
international experience to the board, in particular due to his
many years of successful business development in the growth
region Asia.

Loh Kin Wah will continue to be responsible for the Asia Pacific
region and will work out of Singapore.  Since the foundation of
Infineon in April 1999 he was President and Managing Director of
Infineon Technologies Asia Pacific.  Under his leadership,
Infineon has become one of the fastest growing semiconductor
manufacturers in Asia. Infineon Technologies Asia Pacific now
contributes around one third of the company's global revenues.

In 1997, Mr. Loh was the first employee from Asia to be
appointed as Managing Director of Siemens Microelectronics and
retained this role after transferring to Infineon.  Between 1993
and 1996, he was General Manager (Production) of Siemens
Components Singapore. During this appointment, Siemens
established its facilities in Batam, Indonesia and Wuxi, China.
In 1995, he was presented with the Siemens Semiconductor Total
Quality Management Award, the highest accolade conferred by the
Siemens Semiconductor Group worldwide.  He held a number of
senior positions in Malaysia and Germany.  Mr. Loh began his
career at Siemens Components Malacca in 1978 as a quality
engineer after earning an Honours Degree in Chemical Engineering
from the University of Malaya in Kuala Lumpur.

Born in Malaysia, Mr. Loh, trained in business administration,
speaks English, German, Mandarin and, of course, Malay fluently.
Mr. Loh was conferred the title of Visiting Professor of Xidian
University, China, in 2004 and is also a member of the Singapore
Higher Education Accreditation Council under the Ministry of
Trade & Industry.  Previously, he held positions on the Board of
Directors of National Science and Technology Board (Singapore)
and Institute of Microelectronics (Singapore).

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products.  With a global
presence, Infineon operates in the U.S. from San Jose, CA, in
the Asia-Pacific region from Singapore and in Japan from Tokyo.
In fiscal year 2004 (ending September), the company achieved
sales of EUR7.19 billion with about 35,600 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX).  Further information is available at
http://www.infineon.com

                            *   *   *

Infineon's net income in the fourth quarter was EUR44 million,
up from a net loss of EUR56 million sequentially.  Fourth
quarter EBIT increased to EUR113 million, up from EUR2 million
in the prior quarter.  EBIT was negatively affected by
impairment and antitrust related charges of EUR132 million in
the fourth quarter compared to EUR186 million in the prior
quarter.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com


INTERTAINMENT AG: Latest Results in Black Despite Fraud Scandal
---------------------------------------------------------------
Intertainment AG, concluded the first nine months of the current
year with a profit.  The consequences of the fraud perpetrated
by U.S. film producer Franchise Pictures and others on
Intertainment continued to impact on the figures.

The consolidated net income for the accounting period was EUR0.9
million after the first three quarters of this year.  In the
comparable year-earlier period, Intertainment reported a loss
amounting to -EUR6.5 million.  All other profit indicators
underwent substantial improvement.  EBIT for the first three
months of 2004 was EUR1.4 million, after -EUR5.5 million in the
equivalent year-earlier period.  Earnings from ordinary
activities climbed to EUR1.1 million (equivalent year-earlier
period -EUR5.8 million).  And earnings per share amounted to
EUR0.08 after -EUR0.55.

Sales of Intertainment climbed to EUR17.4 million, compared with
EUR4.1 million after the first nine months of 2003.  The
increase in sales is due to exploitation of the thriller
"Twisted" during the first half of 2004.

During the third quarter itself, Intertainment generated no
further sales from exploitation of the film.  Sales of the Group
fell during the third quarter to EUR0.1 million after EUR2.0
million in the equivalent year-earlier period.  However, the
loss for the accounting period at -EUR1.4 million was
EUR0.3 million less than in the third quarter of 2003.  Earnings
from ordinary activities at -EUR0.8 million during this year's
third quarter compare with -EUR1.6 million in the equivalent
year-earlier period.

Cash and cash equivalents of Intertainment amounted to EUR1.4
million on September 30, 2004.  On June 30, 2004, Intertainment
had liquid assets of EUR1 million.  At the close of 2003, they
were EUR2.1 million.

CONTACT:  INTERTAINMENT AG
          Osterfeldstrasse 84,
          85737 Ismaning, Germany
          Phone: +49 (0) 89 21699-0
          Fax: +49 (0) 89 21699-11
          E-mail: investor@intertainment.de
          Web site: http://www.intertainment.de


KARSTADTQUELLE AG: Seeks Better Offer for Logistics Unit
--------------------------------------------------------
Troubled retail giant KarstadtQuelle is looking for more bidders
for its logistics division, Die Welt says.

This came after the retail and mail order group received only
one offer for its whole logistics division and two offers for
parts of the same unit: Postal service operator Deutsche Post
bidding for the entire logistics division; Fiege raring for
storage activities; and Swiss logistics group Kuhne & Nagel for
the air and sea freight transport.

Fiege, which has been operating a KarstadtQuelle warehouse for
around ten years, has already acquired the retail giant's
distribution warehouse.  KarstadtQuelle has yet to find
potential buyers for its remaining activities.  It is expected
that there would be disagreements over the final price, as
KarstadtQuelle employees demand that the new owner retain a
number of the logistic division's staff.

KarstadtQuelle plans to hold talks regarding subsidiaries
Optimus Logistik and Service-Logiq, which supply goods to
Karstadt department stores.  Optimus, which also supplies
household equipment and furniture to customers, is considered
the country's 13th largest logistics companies.

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


KARSTADTQUELLE AG: Shareholders Okay Plan to Increase Capital
-------------------------------------------------------------
The extraordinary general meeting of KarstadtQuelle AG
shareholders on Monday resolved a capital increase ensuring
revenue of at least EUR500 million.

Altogether 99.76% of the shareholders attending voted for the
Management Board's proposed capital increase.

The major shareholders, the Madeleine Schickedanz Pool and
Dresdner Bank AG, had already given a prior undertaking to
support the capital increase.

"I am certain that by this decision we have passed a further
milestone on the road to reorganization and reconstruction of
the KarstadtQuelle Group," commented Dr. Christoph Achenbach,
Chairman of the KarstadtQuelle AG Management Board, in
Dusseldorf.

"Thanks to the capital increase, the syndicated loan and the
convertible bond option we have decisively increased our
financial scope," continued Achenbach.  "The important thing now
is to get our core segments, Department stores and Mail order,
back to positive sales and earnings."

By the capital increase KarstadtQuelle AG has taken a further
step towards securing its finances.  First, on October 14, 2004,
an agreement was reached with staff councils and the ver.di
union to reduce the group's staff costs by EUR760 million.
Then, on Nov. 10, 2004, the Roland Berger Corporate Consultancy,
with its report for the creditor banks, gave the go-ahead for
the Management Board's reconstruction plan.  Finally, on Nov.
19, 2004, the company's 16 creditor banks agreed to an extension
of the loans totaling EUR1.75 billion to three years.

                            *   *   *

Not for distribution in the U.S.A.

CONTACT:  KARSTADTQUELLE AG
          Press contact:
          Director Corporate Communications
          Jorg Howe
          Phone: + 49 (0) 201/727-25 38
          E-mail: joerg.howe@karstadtquelle.com


KARSTADTQUELLE AG: Sustainability Plan Among Top 50 Worldwide
-------------------------------------------------------------
The KarstadtQuelle Group's "Besser miteinander" sustainability
report, which was issued for the first time in 2004, is among
the top 50 world-wide, according to an international benchmark
study.

The study was carried out jointly by the London business
consultancy SustainAbility Ltd. and UNEP, the United Nations'
Environment Program, and Standard & Poor's.  Out of more than
350 reports submitted KarstadtQuelle and four other German
companies made it into the final selection.  These top 50
reports were subjected to an even more searching analysis by an
independent group of international experts.

Amongst retail companies KarstadtQuelle is in second place
worldwide.  Best in the business was the Finnish retailer Kesko,
ranked 14th.  Amongst the German participants KarstadtQuelle,
together with RWE, ranks 25th in the overall evaluation.
Overall, of the German companies assessed KarstadtQuelle is thus
in second place behind Volkswagen (ranked 22nd).

The criteria for the selection of the top reports were, amongst
other things, the presentation of a coherent, conclusive vision
for sustainability, the prioritizing of major challenges, the
balance between economic, social and ecological data and the
scope and quality of stakeholder statements.

SustainAbility started the "The Global Reporters" benchmark
analysis in 2000 as the first international comparison.  Since
then sustainability reports by international companies have been
assessed no fewer than six times.  This year, under the motto
"Risk & Opportunity", the ranking was conducted for the first
time in collaboration with the U.S. rating agency Standard &
Poor's.

CONTACT:  KARSTADTQUELLE AG
          Press contact:
          Director Corporate Communications
          Jorg Howe
          Phone: + 49 (0)201/727-25 38
          E-mail: joerg.howe@karstadtquelle.com


KRANKENTRANSPORT HINZ: Applies for Bankruptcy Proceedings
---------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Krankentransport Hinz GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 21, 2005
to register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:40 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 14, 2005, 9:25 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  KRANKENTRANSPORT HINZ GMBH
          Stettiner Str. 55,13357 Berlin

          Dr. Wolfgang Schroder, Insolvency Manager
          Genthiner Str. 48, 10785 Berlin


MWG BIOTECH: Offers Convertible Bond at 6% Interest Per Year
------------------------------------------------------------
The Management Board of MWG Biotech AG, Ebersberg, (ISIN:
DE0007300105) with the approval of the Supervisory Board, has
decided to issue a convertible bond to the amount of up to EUR10
million.  The bond interest is 6% per year.  The bond term is
until Dec. 14, 2007.  It can be converted into up to 10 million
shares of MWG Biotech AG.

One convertible bond share in the nominal value of EUR1.00
entitles the bearer to a conversion into one new share
(conversion ratio 1:1).  To make the conversion more attractive
to the shareholders, a capital decrease in the ratio of at least
3 to 1 will be proposed to the next annual general meeting.  Due
to the convertible bond conditions, however, the conversion
ratio remains unaffected by the capital decrease, i.e. each bond
share in the nominal value of EUR1.00 continues to entitle its
bearer to convert it into one (then converted) share.

The convertible bond will be offered to all shareholders in the
framework of a purchase right emission.  For 3.4 existing shares
one convertible bond share at a price of EUR1.00 per convertible
bond share can be purchased.

Shareholders can also exert an excess purchase right.  The bond
will not be publicly offered.  Bond shares not underwritten by
existing shareholders will be placed with institutional
investors.  The Company's two main shareholders will participate
in the capital increase to a total amount of over 20 %.

The proceeds of the convertible bond will be used to finance the
substantial reorganization of the Company and its concentration
on its core competencies.

Almost all measures for a successful implementation have by now
been initiated.

CONTACT:  MWG Biotech
          Anzinger Str. 7a
          D-85560 Ebersberg, Germany
          Phone: +49-08092-8289-0
          Support-Hotline: +49-8092-8289-77
          Fax: +49-08092-21084
          E-mail: info@mwgdna.com
          Web site: http://www.mwg-biotech.com


R + C BAUTEAM: Magdeburg Court Appoints Administrator
-----------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against R + C Bauteam GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 2, 2005 to register their claims with
court-appointed provisional administrator Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 1, 2005, 9:30 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  R + C BAUTEAM GMBH
          Strasse der Opfer des Faschismus 24/25, 38820
          Halberstadt

          Klaus Wrede, Insolvency Manager
          Lennestrasse 10, 39112 Magdeburg
          Phone: 0391/5973315
          Fax: 0391/5973333


WCM GROUP: Nine-month EBITDA Down 50% to EUR45.6 Million
--------------------------------------------------------
The results of ordinary business activity in the WCM Group
totaled -EUR10.6 million in Q3 2004 (EUR26.3 million).  In the
first nine months, the results of ordinary business activity
amounted to -EUR27.5 million (EUR2.7 million).

EBIT in Q3 2004 was EUR3.0 million (EUR46.2 million).  In the
first nine months, EBIT was EUR11.4 million (EUR58.5 million).
EBITDA was EUR14.8 million compared to EUR57.7 million year-on-
year.  In the first nine months, EBITDA was EUR45.6 million
(EUR90.1 million).

Figures for the previous year are always adjusted for the
effects of the deconsolidation of GEHAG.

The changes as against the figures for the previous year
primarily relate to other operating income, which was EUR61.8
million higher in the previous year, largely as a result of the
disposal of equity holdings and appreciation of securities.
Adjusted for income from non-recurring factors, EBITDA improved
by EUR20 million year-on-year, of which around EUR14 million
related to the first-time consolidation of Bremische.

Quarterly Figures Affected by Consolidation and Debt Reduction

(a) Financial result up 28%,

(b) Improvement in operational development of divisions against
    previous year,

(c) Year-on-year comparison hampered by consolidation effects
    and non-recurring income in the previous year,

(d) Group result to improve slightly by year-end

In the first nine months, the result of ordinary business
activity for the Group as a whole amounted to EUR27.5 million as
against EUR2.7 million (not including GEHAG) in the previous
year.  The change as against the figures for the previous year
primarily relates to other operating income, which was EUR61.8
million higher in the previous year, largely as a result of the
disposal of equity holdings and appreciation of securities.

EBITDA for the Group as a whole amounted to EUR45.6 million as
against EUR90.1 million (not including GEHAG) in the first nine
months.  Adjusted for income from non-recurring factors, EBITDA
improved by EUR20 million year-on-year, of which around EUR14
million relates to the first-time consolidation of Bremische.

Positive Impact of Debt Reduction

The financial result improved significantly from -EUR55.9
million in the first nine months of 2003 to -EUR39.8 million in
the current year.  The main drivers behind this were disposals
of equity holdings and ongoing debt reduction.  Liabilities due
to banks as of 30 September 2003 amounted to EUR2.4 billion, as
against EUR1.4 billion as of 30 September 2004.

Residential Property Division EBITDA Improves by EUR5.4 Million

In the first nine months, EBITDA in the Residential Property
division amounted to EUR40.6 million as against EUR59.2 million
in the prior-year period.  The previous year's figure included
EUR24 million in non-recurring effects, of which around EUR12
million related to block sales in Kiel, and around a further
EUR12 million to intragroup settlement with the holding/equity
holdings segment.  To aid comparison, the effects of changes in
the companies included in consolidation, therefore the first-
time consolidation of Bremische and the deconsolidation of EHAG,
were taken into consideration in the prior-year result shown.

The figure for the previous year not including changes in
consolidation amounted to EUR86.8 million.  The improvement in
EBITDA in the Residential Property division after deducting non-
recurring effects was, therefore, in line with expectations.

Positive Development in Industrial Equity Holdings

Ongoing business developed well for the companies of the
Industry segment in 2004.  While sales declined as against the
previous year, at the same time there was an improvement in
EBIT.  At EUR12.8 million, EBIT for the first nine months of
2004 was up more than EUR4 million year-on-year.

As expected, the quarterly result in the Industry segment
improved as against the first and second quarters of 2004.  The
accounting result of ordinary business activity for the first
nine months amounted to EUR10.9 million as against EUR6.8
million in the previous year.

Outlook

We are assuming that our industrial activities in 2004 will
match the result for the previous year.  In the Residential
Property division, we are anticipating the conclusion of the
sale of our 15% interest in GEHAG in Q4, which will have a
positive impact on the segment results.  Taking current
activities into consideration, the Group result of ordinary
business activity for 2004 as a whole will improve slightly as
against the period ending 30 September 2004.  We forecast
positive EBIT in the double-digit millions.

CONTACT:  WCM GROUP
          Ms. Maren Moisl
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          E-mail: presse@wcm.de


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


MAGYAR HIRLAP: Former Employees Acquire Publishing Rights
---------------------------------------------------------
A company co-owned by former Magyar Hirlap staff has bought the
publishing rights of the defunct daily from former owner Ringer
Publishing Kft, Budapest Business Journal reports.  The rights
were sold at fair value, estimated to exceed HUF100 million.

Magyar stopped circulating earlier this month on failure to find
new investors.  Shortly after, former employees, who lost their
jobs, launched a new daily entitled Pont.  Now they are the new
owner of Magyar Hirlap through Pont MH Publishing Ltd.

Magyar Hirlap has chalked up more than HUF1.5 billion in losses
since 2001.

CONTACT:  RINGIER AG
          Dufourstrasse 23
          CH-8008 Zurich
          Phone: +41 1 259 60 51
          Fax: +41 1 259 86 35
          E-mail: info@ringier.ch


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


IMPREGILO SPA: Accounting Irregularity Probe Rattles Investors
--------------------------------------------------------------
Shares in construction company Impregilo S.p.A. were suspended
temporarily on Wednesday after it emerged that prosecutors were
investigating officials for possible false accounting.

According to the Financial Times, both Chairman Paolo Savona and
Chief Executive Pier Giorgio Romiti received notices they were
under probe over a loan to Impregilo's unit in liquidation.
Authorities in the Italian city of Monza are trying to see how
the company booked a EUR296 million (US$390 million) loan to
Imprepar in its 2003 accounts.  The prosecutors said the
notification was legal formality and did not imply accusations.

The company assured it used correct valuation criteria in
recording the loan, valuing it to reflect expected proceeds from
the liquidation of assets.  Shares in the company went down 34%
at EUR0.34 that day when trading resumed, as investors feared a
repeat of the Parmalat and Cirio scandals.

Impregilo's biggest shareholder is Gemini, a holding company
controlled by the Romiti family, one of Italy's most influential
business and financial dynasties.   It employs about 13,000
people and regards itself as one of the world's leading
companies in building dams and hydroelectric plant.

The company has EUR550 million of bonds due next May and June.
It said in July that it wanted to raise as much as EUR400
million in stock or convertible bond sales to help repay debt
and fund expansion.

CONTACT:  IMPREGILO S.p.A.
          V.le Italia, 1
          20099 SESTO S.GIOVANNI (MI) ITALY
          E-mails: (sales) impregilo@impregilo.it
                   investor.relations@impregilo.it
          Web site: http://www.impregilo.it


PARMALAT FINANZIARIA: Fraud Case Set for Trial January 2005
-----------------------------------------------------------
A Milan court will start trying the case filed against Parmalat
for alleged market-rigging on January 25, 2005, Il Sole 24 Ore
says.

The court will also release on the same the day the list of
personalities who will serve as civil parties in the case.
Around 7,500 parties filed the request including auditor Grant
Thornton and Bank of America (BofA).  Prosecutor Carlo Nocerini
had unsuccessfully tried to block the requests of the auditor
and BofA, as both institutions are indictees in the case.

Legal representatives of auditor Deloitte & Touche have also
asked the court to exclude from the list investors who bought
Parmalat bonds after it collapsed.  Deloitte & Touche also asked
for the exclusion of bond buyers who transacted with Parmalat
two months prior to its default, claiming the dairy group's
interim accounts filed in October 2003 had already revealed
palpable financial strain.

Prior to the trial, the court will hold one more preliminary
hearing on November 30.

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

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


VOLARE GROUP: Aviation Authority Suspends License
-------------------------------------------------
Ente Nazionale per l'Aviazione Civile (ENAC), the civilian
aviation authority, has suspended the flight license of ailing
low-cost carrier Volare, Reuters says.

In a statement Wednesday, ENAC cited the airline's financial and
operational troubles as reasons for the one-month suspension.
Volare's license will be reinstated as soon as its condition
improves.

The company declared insolvency after grounding its planes and
suspending flights and tickets sales Friday.  The state is
mulling to place the carrier under extraordinary administration
-- a move the government also used to rescue food group Parmalat
-- to safeguard the group from creditors and to allow Volare to
resume operations.

"In the light of the measures that might be taken by an
extraordinary commissioner put in charge of the airline, ENAC
will examine Volare's situation shortly to allow the company to
resume its activities in the interest of the entire air
transport sector," ENAC said.

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: KPMG Details Accounting Scam
------------------------------------------
Prosecutors investigating possible accounting fraud at insolvent
low-cost carrier Volare received Tuesday vital information from
three KPMG accountants, La Stampa says.

Volare's current management tapped the services of KPMG auditors
to review the 2002 and 2003 accounts for possible irregularities
that were allegedly committed by former managers.  The review
uncovered a gaping EUR270 million hole in Volare's account.
Auditors say EUR110 million of this sum were losses from
business activities; the other EUR160 million were written down
from the group's entire share capital.

Meanwhile, Volare vice-chairman Roberto Naldi asked Ente
Nazionale per l'Aviazione Civile (ENAC), the civilian aviation
authority, to defer the suspension of the carrier's license to
give way for government intervention.  Volare expects the
government to put the carrier under a special bankruptcy
procedure similar to Parmalat.

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: Ex-managers Lead Suspects in Accounting Scandal
-------------------------------------------------------------
Prosecutors probing the alleged accounting scam at Volare are
all set to quiz the carrier's former management, Europe
Intelligence Wire says.

Antonio Pizzi, chief prosecutor at Busto Arsizio, said they
would probe all personalities who played a role in the alleged
misstatement of Volare's 2002 and 2003 accounts.  Mr. Pizzi
said, "Over the next few days, we'll question all the managers,
executives, everyone who formed part of management during the
period in question."

Mr. Pizzi also received Tuesday a report from KPMG, which
reviewed the questionable accounts.  He said, "We are
confiscating all the relevant documents, the accounts of the
last 10 years, the company's books and administrative records."

Police recently raided Volare's offices to search for vital
clues.  Investigators are also probing Volare's former managers,
including those who left to set up another low-cost carrier,
Myair.com.

Italy's No.3 carrier declared insolvency after grounding its
planes and suspending flights and ticket sales last week.  The
carrier cited heavy losses and debt as reasons for grounding its
fleet.  The flight suspensions stranded around 1,000 passengers
and shocked its 1,400 employees.

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


ROYAL AHOLD: ICA Share Purchase Hits Third-quarter Results
----------------------------------------------------------
(a) Net loss EUR166 million (Q3 2003: net loss EUR100 million),

(b) Net loss impacted primarily by an exceptional loss related
    to the ICA AB share transactions of EUR87 million and long-
    lived asset impairments of EUR130 million (Q3 2003: EUR52
    million),

(c) Operating loss EUR37 million (Q3 2003: operating income EUR
    34 million),

(d) Net sales EUR12.0 billion, a decrease of 8.3% compared to
    Q3 2003,

(e) Net sales growth was 0.8% excluding currency impact and
    impact of divestments,

(f) Net cash flow from operating activities EUR396 million (Q3
    2003: EUR195 million)

Royal Ahold on Nov. 24, 2004 published its third quarter 2004
results.

"This quarter again shows that 2004 is very much a year of
transition," commented Anders Moberg, Ahold President and CEO.

"Since the start of the third quarter, we've concluded several
open issues and continued to focus our business.  In brief,
we've recently completed the ICA AB share transactions, reached
final settlement with the [U.S.] S.E.C. and the Dutch Public
Prosecutor, divested our Spanish operations, transferred our
controlling interest in Disco to Cencosud and started divesting
our remaining 13 large Polish hypermarkets."

"Albert Heijn, Giant-Carlisle and U.S. Foodservice showed an
improved underlying performance in the third quarter," Anders
Moberg continued.

"Our results at Stop & Shop and Giant-Landover continue to
reflect competitive pressure and integration issues.  However,
we are pleased to say that the integration of Stop & Shop,
Giant-Landover and U.S. retail corporate functions into one
business arena has been substantially completed."

"Overall, we've made good progress on our Road to Recovery in
the third quarter," Anders Moberg concluded.

Summary Q3 2004

Lower Net Sales, Mainly Due to Weaker U.S. Dollar

In the third quarter of 2004, net sales amounted to EUR12.0
billion, a decrease of 8.3% compared to the same period in 2003.
Net sales were significantly impacted by lower currency exchange
rates, in particular that of the U.S. dollar.  Net sales
excluding currency impact decreased by 2.8%.  Net sales growth
excluding currency impact and the impact of divestments was 0.8%
in the third quarter.

Operating loss was impacted by exceptional loss related to the
purchase of additional shares in ICA AB, impairment charges and
an addition to the loss reserve for self-insurance.

We recorded an operating loss of EUR37 million in the third
quarter of 2004 (Q3 2003: operating income EUR34 million).  At
U.S. retail, operating income was lower compared to the third
quarter of 2003, due to higher self-insurance costs, higher
impairments of tangible and intangible fixed assets, intensive
competition and the integration activities.  Our European retail
operations recorded a lower operating income, due to a write-off
of capitalized commercial expenses at Schuitema and impairments
of tangible and intangible fixed assets.  U.S. Foodservice made
important strides on its recovery initiatives.  This resulted in
a significant decline in the operating loss due to higher net
sales in U.S. dollars and higher margins compared to the third
quarter of 2003.

Our third-quarter 2004 results were negatively impacted by these
items:

(a) impairments of tangible and intangible fixed assets of EUR87
    million (Q3 2003: EUR52 million);

(b) an exceptional loss of EUR87 million related to the ICA AB
    share transactions, as announced on Oct. 25, 2004;

(c) an addition to the loss reserve for self-insurance for our
    U.S. operations amounting to EUR43 million;

(d) EUR43 million impairment charge in respect of a loan to
    Luis Paez, our Spanish joint venture.

Net loss increased, despite lower net interest expenses in the
third quarter of 2004, we recorded a net loss of EUR166 million
(Q3 2003: net loss EUR100 million).  Net interest expenses were
EUR53 million lower in the third quarter of 2004 than in the
comparable quarter of 2003.  This was primarily due to the early
repayment of debt in the second quarter of 2004 and during 2003.

Net Debt Slightly Increased

Net debt increased slightly from EUR7.4 billion at the end of
the second quarter of 2004 to EUR7.5 billion at the end of the
third quarter of 2004, primarily as a result of the repurchase
of certain properties in previously sold leveraged lease
transactions and accounting treatment of capitalized lease
commitments in the U.S. retail operations.

Net Cash Flow

The net cash flow from operating activities increased from
EUR195 million in the third quarter of 2003 to EUR396 million in
the third quarter of this year.  In the third quarter of 2004 a
cash flow before financing activities of EUR55 million was
reported (Q3 2003: EUR181 million), mainly due to a lower cash
flow from divestments.

Ahold Reiterates its Outlook for 2004: A Year of Transition

This is a year focused on continued efforts to strengthen the
organization, and restructure and integrate the businesses in
order to build a solid platform for future growth and
profitability.  Management remains focused on achieving our
previously announced Road to Recovery performance objectives by
the end of 2005 and beyond.

We continue to strengthen and improve our internal controls and
corporate governance, as well as solidify compliance with the
regulatory environment in 2004.  All of these changes are
important cornerstones of our Road to Recovery program.  They
have required and will continue to require considerable
resources and effort from our operations and corporate office in
2004.

Our retail operations, particularly in the U.S., continue to
face increased competition and promotional activity.  Operating
income before impairment and amortization of goodwill and
exceptional items in U.S. dollars at U.S. Foodservice is
expected to be positive for 2004 and exceed the level of 2002 no
later than 2006.

Our operating expenses will continue to be impacted by costs
related to legal proceedings and investigations.  In addition,
they will be impacted by initiatives underway to begin reporting
under International Financial Reporting Standards and ongoing
work to comply with the U.S. Sarbanes-Oxley Act.

As previously announced, the accumulated foreign currency
adjustments (CTA losses) related to certain divestments, of
which a substantial portion was booked in the first quarter of
2004, will have a significant impact on net income for 2004.
However, this will have no net impact on equity or cash.

Our divestment program is on track to be completed as planned by
the end of 2005.  Based on the current state of the processes
underway, we currently expect to close the divestment of our
operations in Spain later this year and also expect to announce
an agreement on the sale of BI-LO/Bruno's later this year.

Ahold prepares its financial statements in accordance with
accounting principles generally accepted in the Netherlands
(Dutch GAAP).  Dutch GAAP differs in certain material respects
from accounting principles generally accepted in the United
States (U.S. GAAP).  All financial information in this press
release is based on Dutch GAAP unless otherwise indicated.

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

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


PETROLEUM GEO-SERVICES: Sets Conference Call Next Week
------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE: PGS; OTC: PGEOY) will
release its 2004 third quarter financial results on Tuesday,
November 30, 2004 at approximately 3:00 p.m. Central European
Time (CET) (9:00 a.m. Eastern Time (ET)).  A Webcast and
conference call have been scheduled that same day at 3:30 p.m.
CET (9:30 a.m. ET), to discuss PGS' third quarter financial
results.

The news release concerning the 2004 third quarter financial
results and a corresponding slide presentation will be posted at
http://www.pgs.com. Interested parties can listen to the
conference call and management's remarks to the slide
presentation over the Internet or by telephone.

To participate on the simulcast of the conference call over the
Internet, please visit http://www.pgs.com,at least 15 minutes
early, to register and to download and install any necessary
audio software.

Alternatively, to access the live broadcast of the conference
call by telephone, please dial-in at the number provided below,
corresponding to your location:

Location
Dial-In Number

U.S. and Canada (Toll-Free): +1 866-261-2650

**
International (Toll-Free): +00 800 4363 7976

International (Toll): +1 703-639-1221

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[**] Participants dialing in from Finland (990), Australia
(0011), Hong Kong (001), Japan (001), Korea (002), Singapore
(001), or Thailand (001) should use the designated International
Access Code (+) specified here in place of (00).

The telephone will be open for questions at the conclusion of
management's remarks.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

For those who cannot listen to the live conference call, a
replay of the Webcast will be made available at
http://www.pgs.com. Alternatively, a digital reply will be
available shortly after the conclusion of the conference call,
through Tuesday, Dec. 7, 2004 at +1 888-266-2081 (U.S. and
Canada Toll Free) or +1 703-925-2533 (International Toll).
Reference Access Code 759220.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs)
and owns a small oil and gas company.  PGS operates on a
worldwide basis with headquarters at Lysaker, Norway.  For more
information on Petroleum Geo-Services visit http://www.pgs.com.

                            *   *   *

The company's second-quarter net loss was US$28.1 million, down
from a net loss of US$51.8 million in the same period last year.

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Ola Bosterud
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400

          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


ELEKTROMONTAZ WARSZAWA: Mysterious Share Price Rise Stumps Execs
----------------------------------------------------------------
Shares in Elektromontaz Warszawa, which filed for bankruptcy two
weeks ago, surprisingly rose 42% on Tuesday.  Initially detected
on Monday, the rise suggests that demand remained unsatisfied
Warsaw Business Journal said.

It is estimated that 10.5% of the capital (900,000 shares)
changed hands Tuesday.  Both the parent company Mostostal Export
and Elektromontaz's management board are puzzled by the sudden
turn of events following the bankruptcy filing.

The firm's general director Ryszard Urban said: "I have no idea
who is buying Elektromontaz stocks."

CONTACT:  ELEKTROMONTAZ - WARSZAWA S.A
          ul. Obrzezna 3
          02-691 Warszawa
          Phone: Sekretariat (+ 48 22) 847 23 31
          Phone: Centrala (+ 48 22) 843 02 31
          Fax: (+ 48 22) 847 26 51
          E-mail: biuro@elektromontaz.pl
          Web site: http://www.elektromontaz.pl


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


BATYREVSKAYA SEL-KHOZ-KHIMIYA: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Batyrevskaya Sel-Khoz-Khimiya.  The case is docketed as A79-
4371/04-SK1-4185.  Mr. Y. Stepanov has been appointed temporary
insolvency manager.  Creditors have until December 29, 2004 to
submit their proofs of claim to Russia, Chuvashiya republic,
Batyryevskiy region, Batyryevo, Komarova Str. 13.

CONTACT:  BATYREVSKAYA SEL-KHOZ-KHIMIYA
          Russia, Chuvashiya republic, Batyryevo

          Mr. Y. Stepanov
          Temporary Insolvency Manager
          Russia, Chuvashiya republic, Batyryevskiy region,
          Batyryevo, Komarova Str. 13

          The Arbitration Court of Chuvashiya republic
          Russia, Cheboksary, Lenina Str. 13


BELOGLINSKIY: Court Hearing Resumes April Next Year
---------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
agro-combine Beloglinskiy.  The case is docketed as A-32-
10494/2004-44/150B.  Mr. V. Deryagin has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 350080, Russia, Krasnodar, Post User Box 4110.  A
hearing will take place on April 25, 2005.

CONTACT:   BELOGLINSKIY
           353040, Russia, Krasnodar region, Beloglinskioy
           region, Belaya Glina, Krasnaya Str. 160

           Mr. V. Deryagin
           Temporary Insolvency Manager
           350080, Russia, Krasnodar, Post User Box 4110


BELOM-AVTO: Sets Public Auction Next Week
-----------------------------------------
The insolvency manager of close joint stock company Belom-Avto
will sell its properties on Dec. 4, 2004, 2:00 p.m.  The public
auction will take place at 186500, Russia, Kareliya republic,
Belomorsk, Rabochaya Str. 38.  Up for sale are 11 property
complex.

Preliminary examination and reception of bids are done daily
from 2:00 p.m. to 4:00 p.m.  The list of documentary
requirements is available at Russia, Petrozavodsk, Moskovskaya
Str. 6, Apartment 5.  To participate, bidders must deposit an
amount equivalent to 10% of the starting price.

CONTACT:  BELOM-AVTO
          186500, Russia, Kareliya republic,
          Belomorsk, Rabochaya Str. 38


DALNEVOSTOCHNAYA MOUNTAIN: Insolvency Manager Takes over Helm
-------------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
proceedings against Dalnevostochnaya Mountain Company (TIN
2801076090) after finding the open joint stock company
insolvent.  The case is docketed as A04-2576/04-4/126 "B".  Ms.
N. Peshkun has been appointed insolvency manager.

Creditors have until December 29, 2004 to submit their proofs of
claim to 675000, Russia, Amur region, Blagoveshensk, Zeyskaya
Str. 140, office 41.  A hearing will take place on March 9,
2005, 9:00 a.m.

CONTACT:  DALNEVOSTOCHNAYA MOUNTAIN COMPANY
          675000, Russia, Amur region,
          Blagoveshensk, Ignatyevskoye Shosse, 19

          Ms. N. Peshkun
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Zeyskaya Str. 140, Office 41


IZHEVSKIY BAKERY #5: Proofs of Claim Deadline Expires December
--------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy proceedings against Izhevskiy Bakery #5 after finding
the open joint stock company insolvent.  The case is docketed as
A71-10/2004-G21.  Mr. A. Rybakov has been appointed insolvency
manager.

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

(a) Izhevskiy Bakery
    426006, Russia, Udmurtiya republic,
    Izhevsk, Razdelnyj Per. 20

(b) Insolvency Manager
    426008, Russia, Udmurtiya republic,
    Izhevsk, Post User Box 3051

(c) The Arbitration Court of Udmurtiya Republic
    426057, Russia, Udmurtiya republic,
    Izhevsk, Svobody Str. 139


NELIDOVSKIY: Insolvency Manager to Temporarily Run Business
-----------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
proceedings against Nelidovskiy after finding the state-owned
factory of reinforced concrete goods insolvent.  The case is
docketed as A66-2108-04.  Ms. G. Galkina has been appointed
insolvency manager.

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

(a) Insolvency Manager
    170011, Russia, Tver, 1st Str. za liniyey OZHD 2

(b) The Arbitration Court Of Tver Region
    Russia, Tver, Sovetskaya Str. 23B

(c) Nelidovskiy
    172527, Russia, Tver region,
    Nelidovo, Severnoye Shosse, 5


OBYACHEVSKIY DAIRY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on agricultural consumer processing
cooperative Obyachevskiy Dairy.  The case is docketed as A29-
3365/04-3B.  Mr. A. Parollo has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 167000, Russia, Komi republic, Syktyvkar, Ordzhonikidze Str.
49 A, Room 303A.

CONTACT:  OBYACHEVSKIY DAIRY
          Russia, Komi republic, Obyachevo

          Mr. A. Parollo
          Temporary Insolvency Manager
          167000, Russia, Komi republic, Syktyvkar,
          Ordzhonikidze Str. 49 A, Room 303A


PESTOVSKIY: Selling Production Building
---------------------------------------
The insolvency manager of state-owned flax factory Pestovskiy
will sell its properties on Dec. 6, 2004, 2:00 p.m.  The public
auction will take place at Russia, Novgorod region, Pestovo,
Yubileynaya Str. 10.  Up for sale is a production building with
retting shop (2,421 sq. meters).  Starting price: RUB537,500.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40703810915000000010 at OSB 1944 of Novgorodskoye OSB 8629,
Velikiy Novgorod, BIC 044959648, TIN 5313004161.

CONTACT:  PESTOVSKIY
          Russia, Novgorod region,
          Pestovo, Yubileynaya Str. 10


TOMSK-GAS: Tomsk Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
proceedings against Tomsk-Gas after finding the open joint stock
company insolvent.  The case is docketed as A67-3423/00.  Mr. A.
Krasnozhenov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 634034, Russia, Tomsk,
Kuleva Str. 33.

CONTACT:  TOMSK-GAS
          Russia, Tomsk, Bolshaya Podgornaya Str. 73

          Mr. A. Krasnozhenov
          Insolvency Manager
          634034, Russia, Tomsk, Kuleva Str. 33


YUKOS OIL: Top Officials Scramble to Get Out of Russia
------------------------------------------------------
Senior Yukos Oil executives have all fled Russia to escape the
trail of prosecutors who have been issuing warrants for their
arrest.

"There is not a single member of the management board left in
Russia," a person familiar with the situation told the Financial
Times.

Chief Financial Officer Bruce Misamore told the paper he was on
a business trip when prosecutors summoned him for questioning
this week.  "I am not going to sacrifice my life for [Russia's]
political purposes," he told FT in London.

The assault on Yukos is widely seen as the government's ploy to
punish company founder Mikhail Khodorkovsky, now in jail, for
his political ambitions.  The tax ministry has also served the
firm with more than US$20 billion tax claims, and is selling its
main production asset Yuganskneftegaz to cover the bill.

A Moscow court recently upheld an arrest warrant on Yukos Oil's
top lawyer Dmitry Gololobov.  Mr. Misamore said the police have
also raided the offices of chief executive Steven Theede.  Mr.
Theede is understood to be in London.

Observers say the latest actions by law enforcement agencies are
aimed at paralyzing company.

"The mechanism of proper management does not work any more.
People are fighting for survival.  You can't set the strategy
for the company from London.  It is absurd," Alexei Kondaurov, a
former KGB general who worked for Yukos until last year, told
the Financial Times.

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


INDUSTRIA APPARECCHIATURA: Succumbs to Receivership
---------------------------------------------------
Industria Apparecchiatura Refrigerante Iberica S.A. has filed
for receivership at a Barcelona court citing a EUR28.2 million
debt load, Expansion reports.  The debt includes EUR11.7 million
owed by financial institutions.  The balance is owed to a group
of more than 400 small creditors and suppliers.

The company sells electrical equipment, and household
appliances.  It is a subsidiary of Italian white goods
manufacturer IAR Siltal.

CONTACT:  INDUSTRIA APPARECCHIATURA REFRIGERANTE IBERICA S.A.
          Ctra De Ribes
          Km 14 08110
          Moncada I Reixac
          Barcelona Spain
          Phone: +34 935 64 17 00
          Fax: +34 935 64 38 42


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


AGROCOMINE BOGODUHIVSKIJ: Court Confirms Insolvency
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Agrocomine BOGODUHIVSKIJ (code EDRPOU
22660116) on August 17, 2004 after finding the limited liability
company insolvent.  The case is docketed as B-19/22-04.
Arbitral manager Mr. Ivan Panasuk (License Number AA 779162) has
been appointed liquidator/insolvency manager.

CONTACT:  AGROCOMINE BOGODUHIVSKIJ
          Ukraine, Harkiv region,
          Bogoduhiv, Zaliznichna Str. 14

          Mr. Ivan Panasuk
          Liquidator/Insolvency Manager
          61098, Ukraine, Harkiv region,
          Poltavskij Shlyah Str. 154/84
          Phone: (057) 757-59-72

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


DUBOVOGAYIVSKE: Claims Deadline Expires This Week
-------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on OJSC Dubovogayivske on October 14,
2004.  The case is docketed as 5/159 B.  Arbitral manager Mrs.
Irina Stuk (License Number AA 485235) has been appointed
temporary insolvency manager.

Creditors have until November 27, 2004 to submit their proofs of
claim to:

(a) DUBOVOGAYIVSKE
    17590, Ukraine, Chernigiv region,
    Priluki district,
    Dubovij Gaj, Lenin Str. 50

(b) Mrs. Irina Stuk
    Temporary Insolvency Manager
    14008, Ukraine, Chernigiv region,
    Nahimov Lane, 50

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


GORODOTSKIJ RAJAGROPROMBUD: Insolvency Manager Takes over Helm
--------------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Gorodotskij Rajagroprombud (code EDRPOU
03585053) on October 6, 2004 after finding the close joint stock
company insolvent.  The case is docketed as 6/375-4/282.
Arbitral manager Mr. Gula Yaroslav (License Number AA 419202)
has been appointed liquidator/insolvency manager.

CONTACT:  GORODOTSKIJ RAJAGROPROMBUD
          81500, Ukraine, Lviv region,
          Gorodok, Panas Mirnij Str. 6

          Mr. Gula Yaroslav
          Liquidator/Insolvency Manager
          79005, Ukraine, Lviv region,
          I. Franko Str. 9
          Phone: (0322) 96-54-96

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


INTER-VIST: Zaporizhya Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Inter-Vist (code EDRPOU 30907326) on October
11, 2004 after finding the limited liability company insolvent.
The case is docketed as 19/162(04).  Arbitral manager Mrs. Olena
Klyashtorna (License Number AA 315411) has been appointed
liquidator/insolvency manager.  The company holds account number
26003301302230 at Prominvestbank, Ordzhonikidzivske branch in
Zaporizhya region, MFO 313333; and 26001001000312 at OJSC Bank
BIG Energy, Zaporizhya branch, MFO 313708.

Creditors have until November 28, 2004 to submit their proofs of
claim to:

(a) INTER-VIST
    69035, Ukraine, Zaporizhya region,
    Lenin Avenue, 192/132

    Mailing address:
    69035, Ukraine, Zaporizhya region,
    Peremogi Str. 63/215

(b) Mrs. Olena Klyashtorna
    Liquidator/Insolvency Manager
    69000, Ukraine, Zaporizhya region,
    Peremogi Str. 75, Office 68

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


IZUMSKIJ BUILDING: Bankruptcy Supervision Begins
------------------------------------------------
The Economic Court of Harkiv region has commenced bankruptcy
supervision procedure on JSCCT Izumskij Plant of Building
Materials (code EDRPOU 03575712).  The case is docketed as B-
24/81-04.  Mr. Volodimir Matsokin (License Number AA 249724) has
been appointed temporary insolvency manager.  The company holds
account number 26007052296561 at CB Privatbank, Izumskij branch,
MFO 351533.

Creditors have until November 27, 2004 to submit their proofs of
claim to:

(a) IZUMSKIJ PLANT OF BUILDING MATERIALS
    Ukraine, Harkiv region,
    Izumskij district, Kamyanka,
    Kurortna Str. 1

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


LISSERVICE: Insolvency Manager Takes over Operations
----------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Lisservice (code EDRPOU 30432767) on August
31, 2004 after finding the subsidiary of OJSC
Zhitomirspetslismash insolvent.  The case is docketed as 7/117
B.  Zhitomir Regional State Tax Inspection has been appointed
liquidator/insolvency manager.  The company holds account number
26004167640001 at CB Privatbank, Zhitomir branch.

CONTACT:  LISSERVICE
          10000, Ukraine, Zhitomir region,
          Kosovskij Str. 93

          Liquidator/Insolvency Manager
          10014, Ukraine, Zhitomir region,
          Peremogi Square, 2
          Phone: 37-47-76

          ECONOMIC COURT OF ZHITOMIR REGION
          10002, Ukraine, Zhitomir region,
          Putyatinski Square, 3/65


METALIST: Risks Being Liquidated
--------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against state-owned company Metalist (code EDRPOU
21218246) on October 13, 2004 after finding the company
insolvent.  The case is docketed as B-24/79-04.  Arbitral
manager Mrs. Olga Guz (License Number AA 250400) has been
appointed liquidator/insolvency manager.

CONTACT:  METALIST
          Ukraine, Harkiv region,
          Kupyansk, Zaoskillya

          Mrs. Olga Guz
          Liquidator/Insolvency Manager
          64625, Ukraine, Harkiv region
          Lozivskij district, Yakovlivka, Lenin Str. 102
          Phone: 8 (050) 302-28-84

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


METALURGREPAIR-2: Names Anton Zibin Temporary Insolvency Manager
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on Dnipropetrovsk CJSC
Metalurgrepair-2 (code EDRPOU 00192005).  The case is docketed
as B 29/40/3/04.  Arbitral manager Mr. Anton Zibin (License
Number AA 047942) has been appointed temporary insolvency
manager.  The company holds account number 26007120474051 at
CJSC CB Privatbank, Petrovske branch, MFO 305299.

Creditors have until November 28, 2004 to submit their proofs of
claim to:

(a) METALURGREPAIR-2
    49019, Ukraine, Dnipropetrovsk region,
    Chervonogvardijska Str. 1-b

(b) Mr. Anton Zibin
    Temporary Insolvency Manager
    49041, Ukraine, Dnipropetrovsk region,
    zh/m Topolya-3, 3/16
    Phone: (0562) 31-73-44

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


NPP BIOTIS: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on NPP Biotis (code EDRPOU 31610342).  The
case is docketed as 23/566-b.   Arbitral manager Mr. Farit
Kachkurov has been appointed temporary insolvency manager.

Creditors have until November 27, 2004 to submit their proofs of
claim to:

(a) Mr. Farit Kachkurov
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    O. Bojchenko Str. 8/319
    Phone: 451-85-96

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


VINNITSYA LAMP: Proofs of Claim Deadline Set
--------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on OJSC Vinnitsya Lamp Plant (code EDRPOU
14307535).  The case is docketed as 10/123-04.  Mrs. Nina Demets
(License Number AA 419225) has been appointed temporary
insolvency manager.  The company holds account number
260053011014/980 at Prominvestbank, Vinnitsya regional branch,
MFO 302571.

Creditors have until November 28, 2004 to submit their proofs of
claim to:

(a) Mrs. Nina Demets
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region, a/b 5894
    Phone: 35-63-09

(b) ECONOMIC COURT OF VINNITSYA REGION
    Ukraine, Vinnitsya region, Hmelnitske Shose, 7


ZHITNITSYA: Poltava Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Zhitnitsya (code EDRPOU 25165676) on
September 28, 2004 after finding the limited liability company
insolvent.  The case is docketed as 10/106.  Mr. U. Teleshun
(License Number AA 484197) has been appointed
liquidator/insolvency manager.  The company holds account number
260082359 at JSCB MT-bank, Kremenchuk branch, MFO 331304.

CONTACT:  ZHITNITSYA
          39600, Ukraine, Poltava region,
          Kremenchuk, 1905-go Roku Str. 21

          Mr. U. Teleshun
          Liquidator/Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti Square, 1 B, room 18
          Phone: 50-80-66

          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


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


ABBEY NATIONAL: Reorganizes to Speed up Turnaround Plans
--------------------------------------------------------
Abbey announced changes to its organizational structure with
immediate effect, following the acquisition of Abbey by Banco
Santander Central Hispano[1].  It is designed to help the
company achieve the revenue benefits and cost savings previously
announced, and to keep business disruption to a minimum during
the transition period following new ownership.

The main changes are:

(a) The IT and Customer Operations divisions will be merged,
    reflecting Banco Santander's structure.  The new division
    will be called Manufacturing, and will be responsible for
    cost control across the business as well as operational
    efficiency.  It will be run by Tony Wyatt, the current
    Customer Operations Director;

(b) A new division combining Insurance and Asset Management will
    be created, signaling the importance of these markets to
    Abbey.  The head of this division, who is yet to be
    recruited, will sit on the Executive Committee;

(c) The Finance and Markets Director and the Chief Risk Officer
    will join the Executive Committee;

(d) Two Executive Directors are to leave Abbey.  Mark Pain,
    Customer Sales Director, has decided to leave Abbey and
    Yasmin Jetha, IT Director, has been made redundant as a
    result of the creation of the Manufacturing division;

(e) Four Santander executives will join the Abbey Board as non-
    executive directors.  They will be joined by Keith Woodley,
    a non-executive director from the previous Board.  Lord
    Burns continues in his role as Chairman.

Francisco Gomez-Roldan, Chief Executive, Abbey, said "My goal is
to accelerate Abbey's turnaround plan, and start achieving the
revenue benefits and cost savings identified by Santander when
it made its offer to acquire Abbey.  Abbey has the potential to
be one of the most efficient and profitable banks in the U.K.,
and the new structure is a decisive first step towards achieving
that goal."

Full detail of Board positions

Executive director positions:

(a) Chief Executive               Francisco Gomez-Roldan
                                  (appointed 15 Nov 04)

(b) Customer Sales                Mark Pain
                                  (will be replaced from April
                                  2005)

(c) Customer Propositions         Angus Porter (no change)

(d) Manufacturing                 Tony Wyatt (expanded role)

(e) Human Resources               Priscilla Vacassin
                                  (no change)

Additional executive committee members:

(a) Finance and Markets           Nathan Bostock

(b) Risk                          Ian Jenkins

(c) Insurance and Asset           To be recruited
    Management

Non-executive directors:

(a) Lord Burns, Chairman          No change

(b) Keith Woodley                 No change

(c) Juan R. Inciarte              European Consumer Finance
                                  Director, Grupo Deputy
                                  Chairman Santander.
                                  Played a key role in the
                                  Acquisition of Abbey.
                                  Former Director of Royal
                                  Bank of Scotland.

(d) Jose Maria Fuster             Chief Information Officer,
                                  Grupo Santander

(e) Antonio Horta                 Chief Executive, Totta
                                  (Santander's bank in
                                  Portugal)

(f) Jose Maria Carballo           Has held senior positions in
                                  Banco Santander and Banco
                                  Bilbao, working in London
                                  and New York as well as
                                  Madrid.

Mark Pain and Yasmin Jetha

Mark Pain's decision to leave Abbey is unconnected with the
restructure.  He has decided to leave because after 16 years
with the company, he wants to move on to something new.  Mark
will leave at the end of March 2005 and the search for a
successor will now begin.  Yasmin Jetha will leave the company
on 30 November.

CONTACT:  ABBEY NATIONAL
          Media enquiries:
          Christina Mills
          Abbey Media Relations
          Phone: 020 7756 4212
          Matt Young
          Abbey Media Relations
          Phone: 020 7756 4232


ADAMS RICARDO: Hires Administrators from Bishop Fleming
-------------------------------------------------------
Stephen Anthony John Ramsbotton and Jeremiah Anthony O'Sullivan
(IP Nos 8990, 8333) have been appointed administrators for Adams
Ricardo Limited.  The appointment was made Nov. 18, 2004.

CONTACT:  BISHOP FLEMING
          19 Portland Square,
          Bristol BS2 8SJ
          Phone: 0117 924 8077
          Fax: 0117 924 8081
          E-mail: bristol@bishopfleming.co.uk
          Web site: http://www.bishopfleming.co.uk


BRANDRICK HOLDINGS: Regulator Disqualifies Former Director
----------------------------------------------------------
The director of a commercial vehicle sales company and a vehicle
leasing company that failed with total debts estimated at around
GBP1,770,000 and GBP1,350,000 respectively has given an
Undertaking not to hold directorships or take any part in
company management for 9 years.

The Undertaking by Mr. David Keith May, 50, of Martin Close,
Stratford Upon Avon, Warwickshire, was given in respect of his
conduct as a director of Brandrick Holdings Limited and Otis
Vehicle Rentals Limited which both carried out business from
premises at Otis House, Wolverhampton Road, Oldbury, Warley,
West Midlands, B69 4RJ.

The acceptance of the Undertaking on 8 September 2004 prevents
Mr. May from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.

Brandrick Holdings Limited was placed into liquidation on July
15, 2002 with estimated debts of GBP1,767,000 owed to creditors.
Otis Vehicle Rentals Limited was placed into liquidation on
July 15, 2002 with estimated debts of GBP1,350,000 owed to
creditors.

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

The matter of unfit conduct, not disputed by David May, was that
he caused and allowed Brandrick Holdings Limited (BHL) and Otis
Vehicle Rentals Limited (OVR) to breach finance agreement
settlement terms and failed to report the breach.  These terms
were breached by selling vehicles subject to third party finance
banking proceeds and not making payment to the finance company
involved for the settlement due, although monthly repayments
were maintained.  At the date of the Administration Order there
were an estimated 41 vehicles involved with an estimated
GBP467,063.19 finance outstanding in this manner in respect of
BHL and an estimated 156 rentals vehicles involved with an
estimated GBP619,890.36 finance outstanding in this manner in
respect of OVR.

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

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

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


BRITISH SKY: Earns Upgrade for Strong Results
---------------------------------------------
Moody's Investors Service raised the long-term unsecured bond
rating of British Sky Broadcasting plc, citing sustained solid
operating and strong financial performance.  The senior
unsecured rating was raised to Baa2 from Baa3.  The outlook is
stable.

The rating agency noted the company's higher profitability, cash
flow generation, and debt reduction over the last year.  It said
it would calibrate further capital distributions of the company
to the group's commitment to maintain an investment grade rating
and financial flexibility going forward.  BskyB's favorable
working capital profile and good operating cash flows should
continue to generate sizeable free cash flows despite a planned
additional GBP450 million of capital expenditure over the next
four years, Moody's said.

According to the rating agency, the stable outlook reflects
expectations that BskyB should be able to maintain its leading
position within U.K. pay-TV broadcasting amidst tougher
competitive environment.  This should continue to underpin its
current strong business and financial risk profile over the
medium-term, it said.

CONTACT:  BRITISH SKY BROADCASTING GROUP PLC
          Analysts/Investors:
          Neil Chugani
          Phone: +44 20 7705 3837
          Alison Dolan
          Phone: +44 20 7705 3623
          E-mail: investor-relations@bskyb.com


CALDERBURN LIMITED: Bank of Scotland Appoints KPMG Receiver
-----------------------------------------------------------
Name of companies:
Calderburn Limited
Clares Equipment Group Limited
Clares Group Limited

The Bank of Scotland called in Myles Antony Halley and David
John Crawshaw (Office Holder Nos 6658, 8814) joint
administrative receivers for these companies.  The application
was filed Nov. 17, 2004.

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


CARRICK ROOFLINE: Hires Liquidator from Deloitte & Touche
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Carrick Roofline Limited
                       (In Liquidation)

I, James Bernard Stephen of Deloitte & Touche LLP, Lomond House,
9 George Square, Glasgow G2 1QQ, hereby give notice that I was
appointed Liquidator of Carrick Roofline Limited, at a meeting
of creditors, held on November 5, 2004.  A liquidation Committee
was not established.

I do not propose to summon a further meeting of the Company's
creditors for the purposes of establishing a Liquidation
Committee unless one-tenth, in value, of the creditors require
me to do so in terms of Section 142(3) of the Insolvency Act
1986.

James Bernard Stephen, Liquidator
November 8, 2004

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


CAUSEWAY INVESTMENTS: Members Opt to Dissolve Company
-----------------------------------------------------
Name of companies:
Causeway Investments Limited
NCI Limited
New Kingsway Improvements Limited
Kingsway Property Investments Limited

At the general meeting of these companies, the special and
ordinary resolutions to wind up the companies were passed.  J.
R. D. Smith and N. J. Dargan of Athene Place, 66 Shoe Lane,
London EC4A 3WA have been appointed joint liquidators of the
companies.

CONTACT:  DELOITTE & TOUCHE LLP
          PO Box 810, Athene Place,
          66 Shoe Lane, London EC4A 3WA
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


CITYSIDE REGENERATION: Calls in Liquidator from D. Wald & Co.
-------------------------------------------------------------
At the extraordinary general meeting of the members of the
Cityside Regeneration Limited on Nov. 17, 2004 held at 65
Brushfield Street, London E1 6AA, the resolution to wind up the
company was passed.  D. I. L. Wald of D. Wald & Co, 18 Sapcote
Trading Centre, Dudden Hill Lane, London NW10 2DH has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  D. WALD & CO.
          18 Sapcote Trading Centre,
          Dudden Hill Lane, London NW10 2DH


CLAYTON LYON: Hires Tenon Recovery as Administrator
---------------------------------------------------
S. R. Thomas and T. J. Binyon (IP No 8920, 9285) have been
appointed administrators from jazz club Clayton Lyon Promotions
Limited.  The appointment was made Nov. 16, 2004.

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


CROMWELLS MADHOUSE: Sets Creditors' Meeting Next Month
------------------------------------------------------
The creditors of Cromwells Madhouse Plc will meet on Dec. 8,
2004 commencing at 10:20 a.m.  It will be held at New Connaught
Rooms, 61-65 Great Queen Street, London WC2B 5DA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Deloitte & Touche LLP, PO Box 810, Athene Place,
66 Shoe Lane, London EC4A 3BQ not later than 12:00 noon, Dec. 7,
2004.

CONTACT:  DELOITTE & TOUCHE LLP
          PO Box 810, Athene Place,
          66 Shoe Lane, London EC4A 3WA
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


CUCKFIELD EAST: KPMG Liquidator Takes over Helm
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Cuckfield East Kilbride Limited
                        (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, Saltire Court, 20
Castle Terrace, Edinburgh, EH1 2EG, United Kingdom, hereby give
notice, that on October 25, 2004, I was appointed Liquidator of
the above named Company by Resolution of the first Meeting of
Creditors. No Liquidation Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

B. C. Nimmo, Liquidator

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


CUZZANO (UK): Owners Decide to Liquidate Company
------------------------------------------------
At the extraordinary general meeting the Cuzzano (UK) Company on
Nov. 8, 2004 held at the offices of Volaw Trust & Corporate
Services Limited, PO Box 415, Templar House, Don Road, St
Helier, Jersey JE4 8WH, the special resolution to wind up the
company was passed.  Stephen Goderski of Geoffrey Martin & Co,
8-12 Brook Street, London W1K 5BU has been appointed liquidator
of the company for the purpose of the voluntary winding-up.

CONTACT:  GEOFFREY MARTIN & CO
          8-12 Brook Street, London W1K 5BU


EURO-SCOT: Court Brings in Liquidator
-------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Euro-Scot Storage & Distribution Ltd.
                  (In Compulsory Liquidation)

I, David K. Hunter, hereby give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Euro-Scot Storage & Distribution Ltd. by an order
of the court under Section 138(5) of the Insolvency Act 1986 on
2nd November 2004.

A Liquidation Committee was not formed, I do not intend to
summon another meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
company's creditors.

David K. Hunter, Liquidator
November 4, 2004

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


FIRST CALL: Administrators Move in
----------------------------------
Richard Andrew Segal (IP No 002685) has been appointed
administrator for First Call Nursing Services Limited.  The
appointment was made Nov. 12, 2004.  The company offers nursing
services.

CONTACT:  221-223 Chingford Mount Road,
          London E4 8LP


F. J. ALDERMAN: Meeting of Creditors Set Next Week
--------------------------------------------------
The creditors of F. J. Alderman Limited will meet on Dec. 1,
2004 commencing at 12:00 noon.  It will be held at Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP.

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


FLOWERS DIRECT: Regulator Hands 12-year Ban for Directors
---------------------------------------------------------
The directors of a florist business that failed with debts of
more than GBP703,000 have been disqualified in the Yeovil County
Court from acting as company directors for a total of 12 years.

Robert Henry Dudson, 59, of East Coker, Yeovil, and his daughter
Louise Victoria Nanchen, 31, of Cloverfields, Gillingham Dorset
were the directors of Flowers Direct (Worldwide) Ltd., which
carried on business from premises at East Coker Garage, East
Coker, Yeovil, Somerset BA22 9HY.

Flowers Direct (Worldwide) Limited was placed into voluntary
liquidation on February 20, 2002 with estimated debts of
GBP703,000 owed to its creditors.

The Disqualification Order, made on November 18, 2004, prevents
Mr. Dudson and Mrs. Nanchen from being directors of a company
or, in any way, whether directly or indirectly, being concerned
in or taking part in the promotion, formation or management of a
company for six years each.

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

Matters of unfit conduct, found by the Court and not disputed by
Mr. Dudson and Mrs. Nanchen, were that:

(a) They allowed the company to continue to trade at a time when
    they would have known the company to be insolvent.  This
    resulted in significant losses to crown and trade creditors;

(b) They allowed the company to misuse its bank account of which
    incurred financial penalties and to make payments to Mrs.
    Nanchen and her connected businesses, which were of benefit
    to Mrs. Nanchen but to the detriment of the general body of
    creditors; and

(c) They acted in breach of s.216 Insolvency Act 1986 by
    continuing as directors of Flowers Direct (Worldwide)
    Limited, which was a prohibited name, following the
    liquidation of an earlier company named Flowers Worldwide
    Ltd.

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

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

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


GHILLIE KILTS: Creditors Opt for Liquidation
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Ghillie Kilts & Trews Ltd.
                         (In Liquidation)

I, Douglas B Jackson, Chartered Accountant, 25 Bothwell Street,
Glasgow, G2 6NL, hereby give notice, pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986, that on October 11, 2004,
I was appointed Liquidator of Ghillie Kilts & Trews Ltd. by a
Resolution of the First Meeting of Creditors held in terms of
Section 138(3) of the Insolvency Act 1986.  No Liquidation
Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

Creditors who have not already done so are requested to lodge
formal claims with me before January 31, 2005.

Douglas B. Jackson, Liquidator
November 5, 2004

CONTACT:  MOORE STEPHENS
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


GLOW CLIENT: Names Anthony Batty & Co. Administrator
----------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for Glow Client Services Limited.  The appointment
was made Nov. 16, 2004.

CONTACT:  ANTHONY BATTY & CO.
          New House, Suite 24, 67-68 Hatton Garden,
          London EC1N 8JY


HALIFAX INVESTMENT: Hires Joint Liquidators from KPMG
-----------------------------------------------------
At the extraordinary general meeting of the Halifax Investment
Advisers Limited on Nov. 11, 2004 held at 33 Old Broad Street,
London EC2N 1HZ, the special and ordinary resolutions to wind up
the company were passed.  Jeremy Simon Spratt and Finbarr Thomas
O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have
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


JFIT SECURITIES: Appoints Ernst & Young Liquidator
--------------------------------------------------
At the extraordinary general meeting of the JFIT Securities
Limited on Nov. 10, 2004 held at 1 More London Place, London SE1
2AF, the special resolution to wind up the company was passed.
Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed joint liquidators for the purposes of such winding-up.

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


METROBELLE BEAUTY: Brings in Administrator from Marshall Peters
---------------------------------------------------------------
Clive Morris (IP No 8820) has been appointed administrator for
Metrobelle Beauty At Greens Ltd.  The appointment was made Nov.
15, 2004.  The company is engaged in health and beauty
treatment.

CONTACT:  MARSHALL PETERS
          Heskin Hall Farm, Wood Lane,
          Heskin, Lancashire PR7 5PA


MYTRAVEL GROUP: Court Upholds Restructuring Scheme
--------------------------------------------------
MyTravel Group plc is pleased that the High Court has now given
directions for the meetings required to implement the company's
scheme of arrangement.  They will take place on 13 December
2004.  This will allow the company to complete the restructuring
in accordance with its plans.

The Board believes this is an important milestone in the
restructuring process and the way is now clear for the
restructuring to complete by the end of the year.

In the event that there is an appeal against the court's
decision, the company will proceed with the scheme process while
the appeal process takes its course.

                            *   *   *

The key points of the proposed restructuring are:

(a) The conversion into MyTravel equity of approximately GBP800
    million of unsecured debt and facilities, including:

     (i) GBP250 million revolving credit facility,

    (ii) US$100 million U.S. private placement,

   (iii) GBP210 million minority interest preference shares,

    (iv) certain elements of aircraft lease financing
         arrangements,

     (v) GBP216 million of convertible bonds

(b) On completion of the restructuring:

     (i) Converting creditors (other than bondholders) would be
         issued new shares representing 88% of the company's
         enlarged share capital;

    (ii) Converting bondholders would be issued new shares
         representing 8% of the company's enlarged share
         capital.  This allocation has been made on a
         similar basis to the other converting creditors;

   (iii) Shareholders would retain 4% of the enlarged share
         capital.

(c) The provision at no material cost to the company of new 5-
    year committed facilities by the parties to the company's
    GBP400 million bonding facility and providers of bilateral
    guarantee and letters of credit facilities (amounting in
    aggregate to approximately GBP167 million).

(d) The company has proposed a timetable for the restructuring
    that would see it completed by the end of 2004.

(e) On completion of the restructuring, the company's debt will
    be approximately GBP140 million of aircraft finance leases.

CONTACT:  BRUNSWICK GROUP LLP
          Phone: 020 7404 5959
          Fiona Antcliffe
          William Cullum


NATIONWIDE CARPETS: Top Honcho Banned for Nine Years
----------------------------------------------------
The Director of a carpet distributor business that failed with
debts of more than GBP103,000 has been disqualified at the Court
of Session from acting as a company director for nine years.

Kenneth Skey, 48, of Hyndland, Glasgow was a director of
Nationwide Carpets Limited, which carried on business from
premises at Shaftesbury House, 5 Waterloo Street, Glasgow, G2
6AJ.

The Disqualification Order, made on November 4, prevents Kenneth
Skey from being a director of a company or, in any way, whether
directly or indirectly, being concerned in or taking part in the
promotion, formation or management of a company for the above
period.

Nationwide Carpets Limited was placed into compulsory
liquidation on April 18, 2001 on the winding up order at the
instance of the Company with estimated debts of GBP103,521 owed
to its creditors.

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

Matters of unfit conduct, set out in the Court Petition against
Kenneth Skey, were that:

(a) He caused the Company to trade when there was no reasonable
    prospect of the Company avoiding insolvent liquidation or
    some insolvency process, which continued trading prejudiced
    its creditors;

(b) Failed to preserve adequate accounting records or at least a
    failure to deliver up the books and records of the Company
    to the liquidator;

(c) Failed to co-operate with the liquidator, which resulted in
    the liquidator being unable to deal fully with the
    administration of the liquidation;

(d) Failed to deliver the Company accounts timely to the
    Registrar of Companies, which failure also occurred in
    relation to 13 additional companies in which Kenneth Skey
    was involved; and

(e) Failed to submit P35 and P14 end of year returns to the
    Inland Revenue and failure to account for PAYE.

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

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

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


NETHWAY DEVELOPMENTS: Special Winding up Resolution Passed
----------------------------------------------------------
At the extraordinary general meeting of the members of the
Nethway Developments Limited on Nov. 10, 2004 held at St Georges
House, Greenhill, Sherborne, Dorset DT9 4HF, the special
resolution to wind up the company was passed.  Laurence Russell
of Albert Goodman, Mary Street House, Mary Street, Taunton,
Somerset TA1 3NW has been appointed liquidator of the company
for the purpose of the voluntary winding-up.

CONTACT:  ALBERT GOODMAN
          Mary Street House, Mary Street,
          Taunton, Somerset TA1 3NW


POINT 2 POINT: Gives Creditors Until January to File Claims
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Point 2 Point Scotland Limited
                        (In Liquidation)

I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that
I was appointed liquidator of Point 2 Point Scotland Limited on
November 9, 2004, by resolution of the first meeting of
creditors convened in terms of Section 138 of the Insolvency Act
1986.  The meeting declined to establish a Liquidation
Committee.

It is not my intention to summon a further meeting of the
creditors to establish a Liquidation Committee unless requested
to do so by one-tenth in value of the company's creditors.

All creditors who have not already done so are required on or
before January 6, 2005 to lodge their claims with me.

Graham H. Martin, Liquidator
November 9, 2004

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


RED S.O.L.E.: Christian Louboutin Brings in Receiver
----------------------------------------------------
Christian Louboutin SARL called in Lee Antony Manning and
Nicholas Guy Edwards joint administrative receivers for Red
S.O.L.E. Limited (Reg No 03366512, Trading Name: Christian
Louboutin).  The application was filed Nov. 17, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com


SBFI LIMITED: In Administrative Receivership
--------------------------------------------
The Bank of Scotland called in Myles Antony Halley and David
John Crawshaw (Office Holder Nos 6658, 8814) joint
administrative receivers for SBFI Limited (Reg No 01251787,
Trade Classification: 36140).  The application was filed Nov.
17, 2004.  The company manufactures furniture.

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


SOLAR DIGITAL: Appoints Finn Associates Administrator
-----------------------------------------------------
Peter Adrian Finn (IP No 008098) has been appointed
administrator for Solar Digital Technologies Limited.  The
appointment was made Nov. 15, 2004.

The company offers IT and Database services.  Its registered
office is located at Mansfield Business Centre, Ashfield Avenue,
Mansfield NG18 2AE.

CONTACT:  FINN ASSOCIATES
          Tong Hall, Tong, West Yorkshire BD4 0RR


TEC LIMITED: Calls in Administrators from Jackson Jolliffe Cork
---------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis (IP Nos 8106, 9180)
have been appointed administrators for Tec Limited.  The
appointment was made Nov. 12, 2004.  The company manufactures
high purity gas and chemical systems.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


THE RED: National Westminster Appoints Menzies Receiver
-------------------------------------------------------
National Westminster Bank plc called in Andrew Gordon Stoneman
and Jason James Godefroy (Office Holder Nos 8728, 9097) joint
administrative receivers for The Red Lion Blending Co. Limited
(Reg No 954071, Trade Classification: 12).  The application was
filed Nov. 12, 2004.

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


VEDANTA RESOURCES: Foreign Currency Rated 'BB'; Outlook Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
foreign currency corporate credit rating to London-based
diversified mining company Vedanta Resources PLC (Vedanta).  At
the same time, Standard & Poor's assigned its 'BB' foreign
currency debt rating to the company's proposed senior unsecured
bond, which is subject to documentation.  The outlook is
positive.

"The ratings are constrained by the risks associated with
operating in India -- where the majority of Vedanta's operations
are based -- the risks inherent in major production expansions,
and the relatively small size of aluminum and copper
activities," said Standard & Poor's credit analyst Tommy Trask.

The ratings are supported by Vedanta's low-cost position in zinc
production and copper conversion, its diversified asset base,
its low-cost mining assets, and a low net debt position.

The positive outlook on Vedanta mirrors the positive foreign
currency outlook on the Republic of India (foreign currency
BB/Positive/B), which reflects the country's improving external
liquidity and better prospects for the government's debt burden
to stabilize.

"If the foreign currency sovereign credit rating on India is
raised by one notch to 'BB+', the foreign currency ratings on
Vedanta are also likely to be raised by one notch," added Mr.
Trask.

Vedanta is expected to maintain gross interest coverage of more
than 5x and funds from operations to gross debt of more than 20%
over the cycle, while maintaining significant cash balances.  No
major additional investments are envisaged in the next two to
three years, until the existing expansion projects are
completed.

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

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


WOOKEY HOLE: Hires Administrator from Milsted Langdon
-----------------------------------------------------
Timothy Alexander Close (IP No 8023) has been appointed
administrator for public house Wookey Hole Inn Limited.  The
appointment was made Nov. 17, 2004.  Its registered office is
located at 20 Chamberlain Street, Wells, Somerset BA5 2PF.

CONTACT:  MILSTED LANGDON
          Winchester House, Deane Gate Avenue
          Taunton TA1 2UH
          Phone: 01823 445566
          Fax: 01823 445555
          E-mail: advice@milsted-langdon.co.uk
          Web site: http://www.milsted-langdon.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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